Tag Archives: might

Philippine equity capital raising might reach $4 bln next year -bourse

MANILA Dec 11 Philippine companies could improve equity capital raising on the local stock exchange to 200 billion pesos ($ four.two billion), the head of the country’s bourse stated, adding that eight to 10 firms were probably to pursue a listing.

Market place volatility has taken its toll on listings this year with home firm D.M. Wenceslao and Associates Inc delaying a $ 150-200 million IPO and homebuilder and contractor Datem Inc postponing an offering of up to $ 75 million.

Equity fundraising via the bourse, via either listings or secondary share offerings, has so far come to 184.6 billion pesos, exchange information showed.

A figure above 200 billion pesos subsequent year would mark the highest level considering that 2012 when a record 219 billion pesos was raised.

“Possibly about 200 billion pesos is a great target,” Philippine Stock Exchange CEO Hans Sicat told Reuters late on Thursday.

Investors are expected to be cautious till presidential and regional elections in Could are over and clear policies are revealed by the new administration.

Right after a sturdy six-year run, the Philippines benchmark index has fallen 6.7 % so far this year as foreign investors exit emerging markets ahead of an expected U.S. rate hike.

But the decline has not been as steep as some other Southeast Asian nations with Thailand’s principal index falling 13.7 percent and Indonesia’s benchmark index tumbling 15.two %. ($ 1 = 47.2250 Philippine pesos) (Reporting by Neil Jerome Morales Editing by Edwina Gibbs)

MIDEAST STOCKS-Oil’s tumble might dampen Gulf Egypt may possibly test resistance

DUBAI Dec 3 A fresh tumble of oil rates overnight looks probably to dampen Gulf stock markets on Thursday, even though Egypt may continue testing technical resistance.

Brent oil, hit by expectations that OPEC will preserve its output ceiling unchanged at this week’s meeting, sank far more than four % to under $ 43 a barrel overnight – to just above a six-year low.

Also, hawkish comments by U.S. Federal Reserve Chair Janet Yellen reinforced the case for a U.S. interest rate hike later this month.

The markets had already been expecting a rate hike, but it could be damaging for the Gulf by slightly increasing pressure for capital outflows and top eventually to tighter monetary policy in the area.

Saudi Arabia’s index, which last closed at 7,347 points, is technically brief-term bullish and has been in an uptrend given that mid-November, but the threat of oil hitting fresh lows could hurt sentiment at least temporarily. The index has technical help at its mid-November high of 7,161 points.

In Egypt, the index, which jumped 3.5 percent on Wednesday to 6,650 points, is set to test minor chart resistance on the late November peak of six,642 points. Any clean break would trigger a double bottom formed by the November lows and pointing up to just beneath 7,000 points.

Egypt’s central bank plans to inject dollar liquidity into the market this month and plans an exceptional foreign exchange auction, the Egyptian presidency said late on Wednesday, the latest move to end a lengthy-running currency crisis.

Authorities’ new energy in tackling the crisis is welcome to the industry, but it remains unclear exactly where Egypt will acquire the difficult currency to improve dollar supplies, and a lot of economists consider a devaluation at some point remains inevitable. So foreign investors could stay cautious.

Speculation might continue more than the fate of Global Telecom , which surged its ten % limit to 1.87 Egyptian pounds on Wednesday in its heaviest trading in five weeks.

In a brief statement, it mentioned a newspaper, which it did not name, had published a story on rumours that European firm Vimpelcom had offered to buy out Global at a price of two.30 pounds per share. Vimpelcom currently owns about 52 % of International, according to the most current data.

The business does not respond to rumours and confirms that the business does not have any material events unannounced,” Global mentioned with no elaborating. Contacted by Reuters in Amsterdam, Vimpelcom stated: “As a matter of policy, we do not comment on market rumours and speculation.”

Final Thursday, Vimpelcom mentioned it and Worldwide would combine their organization in Pakistan with Warid Telecom, which may have prompted speculation about further consolidation. (Added reporting by Anthony Deutsch in Amsterdam Reporting by Andrew Torchia)

In Erdogan’s Turkey, dissent might be poor for enterprise

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* Chairman of retailer Boyner publicly defied Erdogan

* Firm ordered to raise fresh capital

* ‘Revenge politics’ could enhance in Turkey -analyst

* Erdogan foes no stranger to government crackdown

By Asli Kandemir

ISTANBUL, Dec 1 The head of a single of Turkey’s biggest retailers, after consigned by Tayyip Erdogan to the ranks of “riff-raff”, might be forgiven for obtaining sensed the hand of the president lately when Istanbul Stock exchange raised alarm with a terse warning to his business.

Cem Boyner’s department shop organization joined a list of firms that have faced legal or regulatory stress soon after falling out with Erdogan or the ruling AK Party he founded. Investors are increasingly worried that in Turkey, dissent is poor for enterprise.

“At danger are organizations that are perceived to be close to opposition forces, or firms whose bosses’ public remarks may possibly have antagonised the government,” mentioned Wolfango Piccoli, managing director of Teneo Intelligence.

Erdogan has raised concern at property and in the European Union Turkey seeks to join, with his open conflict with media firms and company heads. The president, still the most popular leader in decades, says he is fighting domestic and foreign attempts to slur him with graft accusations and undermine the country.

This year, the government has seized the assets of Islamic lender Bank Asya, which was founded by followers of U.S.-primarily based Muslim cleric Fethullah Gulen, an ally-turned-foe Erdogan accuses of attempting to engineer a coup against him.

In October authorities took over 22 firms owned by unlisted Koza Ipek Holding, including its opposition media outlets. Like Bank Asya, Koza Ipek has links to Gulen.

“It is a distinct possibility that there are further episodes of these ‘revenge politics’ ahead,” Piccoli said.

The pro-government Sabah every day described a regulatory order against Boyner as “a warning to the riff-raff Boyner from the stock exchange”. The term echoed Erdogan’s characterisation of thousands, Boyner integrated, who protested in 2013 against what they saw as his increasingly authoritarian rule.

The Boyner Holding Chairman, who once himself nurtured political ambitions, carried a banner taunting Erdogan with the words “I am neither a rightist nor a leftist, I am riff-raff”.

The stock exchange warned Boyner on Nov. 17 to shore up its balance sheet, citing a current 82 percent slide in its capital. It didn’t specify an amount for the increase.

But Boyner had already applied to delist, raising queries as to why the exchange was even bothering to single it out.

“They may possibly not even be traded by the time they would raise any extra capital,” said a single analyst, who declined to be identified. Only about 3 % of Boyner’s shares are traded on the stock exchange and it is due to be delisted by the finish of the year.

The drop in capital was largely due to accounting procedures connected to acquisition of another retailer, the analyst mentioned.

INVESTORS CONCERNED

Nonetheless, investors have been concerned.

“I could not count how a lot of worried investors called to ask what was behind the order to Boyner,” mentioned a prime executive of a brokerage. “This is a highly politicised and definitely not an investor-friendly climate.”

Government officials declined to comment, as did Boyner, whose organizations consist of the Boyner department shops chain and Beymen garments shops.

An Istanbul Stock Exchange official told Reuters the exchange produced such warnings to all organizations, in line with listing regulations.

In one particular of the ideal known clashes in between Erdogan and a media physique, Dogan Media Group was fined $ 2.5 billion for unpaid taxes in 2009. Numerous critics saw the move as an attempt to crush criticism following its coverage of corruption allegations against people close to him some thing Erdogan denied.

Prosecutors started investigating Dogan in September for alleged “terrorism propaganda”. Opposition newspaper Cumhuriyet, whose leading two journalists have been arrested final week on charges of espionage and terrorist propaganda, also faces an investigation into its tax accounts, its chief executive says

Contrasting fortunes of companies mirror a broader shift in Turkish commerce in the years since AKP came to power in 2002.

Older conglomerates that dominated commerce in pre-Erdogan instances have discovered themselves sidelined. Ankara cancelled a $ 5.7 billion bridges and runway privatisation won by a consortium which includes Koc Holding in 2013. The government also cancelled a warship production tender awarded to a Koc business.

If these who cross Erdogan can anticipate small sympathy, then a new generation of enterprises has found favour.

Constructing and power firms close to Erdogan have prospered, such as Calik Holding, run until the end of 2013 by Erdogan’s son-in-law Berat Albayrak, now Turkey’s power minister.

Turkuvaz Group, owned by Calik Holding, now runs the pro-government Sabah newspaper, whilst the Demiroren group owns Vatan and Milliyet dailies. Ethem Sancak, who runs the pro-government Aksam every day, not too long ago won a lot of tenders from the government, like for his truck and bus producer BMC.

Dogan Holding CEO Yahya Uzdiyen sees tough occasions ahead.

“Our energy has substantially been drained due to the fact of the social and psychological stress in our media company as effectively as worldwide economic problems,” he said not too long ago. (Added reporting by Ceyda Caglayan and Birsen Altayli in Istanbul and Orhan Coskun in Ankara Editing by David Dolan and Ralph Boulton)

Turkish opposition says police bullet might have killed Kurdish lawyer

ISTANBUL A prominent Kurdish lawyer gunned down in southeastern Turkey appeared to have been shot by a policeman who was firing on suspects fleeing the scene of an attack on fellow officers, a deputy from Turkey’s pro-Kurdish opposition said on Monday.

Diyarbakir city chief prosecutor Ramazan Solmaz stated prosecutors and police forensic teams operating at the site of Elci’s killing were forced to flee on Monday when militants opened fire and threw explosives at an armored police automobile.

Saturday’s killing of Tahir Elci, a lawyer and human rights activist, and Monday’s short incident underlined tensions in the mostly Kurdish region that have grown since a ceasefire with Kurdistan Workers Celebration (PKK) militants collapsed in July.

Prime Minister Ahmet Davutoglu has said Elci might have been caught in the crossfire between police and the militants.

Meral Danis Bestas, a deputy for the pro-Kurdish Peoples’ Democratic Party (HDP), sent an e-mail to the interior minister soon after viewing a video of the incident which took spot in a narrow street throughout a shootout in between police and militants.

In the video, plain-clothing police standing close to Elci are noticed firing automatic pistols at gunmen fleeing the scene of the attack in Diyarbakir, the region’s biggest city.

ATTACK ON POLICE

“The footage shows a figure operating in the direction of Tahir Elci and the police opening fire in the path of that individual,” Bestas wrote. “A plain-clothes policeman dressed in brown is shown opening fire in the path of Tahir Elci and then he appears as if to see whether or not the cameras are filming him.”

“The autopsy report and the camera footage point to Elci dying as a outcome of a police bullet,” Bestas mentioned.

Shortly before Elci’s killing, two police officers had been shot dead after they stopped a “suspicious automobile” in a nearby street in what Solmaz, the chief prosecutor, stated was an attack by PKK militants.

President Tayyip Erdogan, who founded the governing AK Celebration, has vowed to destroy Kurdish militant fighters since a ceasefire collapsed in July, reigniting a conflict in which some 40,000 men and women have died because it began in 1984.

The HDP, which is represented in parliament and has called for an end to the violence, said Elci had complained of death threats.

“Tahir Elci…was the target of some deep structures which are recognized to have carried out unsolved killings and which these days give open help to the AKP government,” it said.

Unsolved political killings have been frequent at the height of the conflict amongst the state and the PKK in the 1990s.

Elci was facing trial for saying the banned PKK was not a terrorist organization, as it is described by Turkey, the European Union and United States. But he had also condemned PKK violence.

The autopsy showed one bullet had penetrated the back of Elci’s neck. The driver of the taxi in which the suspects arrived at the scene was detained and an arrest warrant was issued for one identified suspect, the prosecutor said.

(Editing by Nick Tattersall)

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