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Japan's ruling parties agree to cut corporate taxes
(The Peninsula - 30/12/2014)

TOKYO--Japan's ruling coalition agreed on Tuesday to cut the corporate tax rate, one of the world's highest, as a key part of Prime Minister Shinzo Abe's bid to stoke growth. Abe's Liberal Democratic Party (LDP) and junior coalition partner Komeito

Russian economy contracts for first time since 2009
(The National - 30/12/2014)

Russia’s economy had its first decline since October 2009 last month as manufacturing and investment shrank amid the rouble’s worst rout in a decade. GDP shrank 0.5 per cent in November from a year earlier after a 0.5 per cent increase in October, the

ADB’s $2.9b business plan for Pakistan
(The Gulf Today - 29/12/2014)

The Asian Development Bank (ADB) will launch its three-year Country Operations Business Plan (COBP) for Pakistan in January 2015. The indicative resources for ADB’s sovereign operations will amount to $2.9 billion in loans comprising $1.9bn in ordinary

India targets Rs3 trillion power sector investment
(Times of Oman - 29/12/2014)

With an ambitious target to give electricity to all, the government is eyeing Rs3 trillion worth investments in power transmission and distribution business, as it gears up to free the sector from a gridlock of fuel scarcity, regulatory clogs and other

Basel urges standardised capital model for banks
(Trade Arabia - 28/12/2014)

The Basel global banking supervisory body has proposed introducing a standardised model to calculate a minimum level of capital banks would need to keep in reserve. The so-called capital floor 'will be based on revised standardised approaches for credit,

European equities diverge in quiet Christmas Eve trade
(AFP - 25/12/2014)

European stock markets diverged in Christmas Eve trade on Wednesday, after a global rally that was sparked by stellar economic growth figures from the United States. Volumes were low, with most investors away for the festive break, and with London and

Dow edges to new record; US stocks mostly up
(AFP - 25/12/2014)

The Dow edged Wednesday to a fresh record in a holiday-shortened session, one day after topping 18,000 points for the first time ever. The Dow Jones Industrial Average gained 6.04 points (0.03 percent) to 18,030.21, posting its sixth straight gain. The

IMF predicts 5 per cent growth for Pakistan
(The Gulf Today - 25/12/2014)

The International Monetary Fund (IMF) has predicted five per cent growth for Pakistan in the medium-term and easing of inflation to below 8 per cent in fiscal 2014-15. In its latest report on Pakistan’s economic performance, the IMF warns that political

Pakistan and Russia sign $1.7 billion energy deal
(The Gulf Today - 24/12/2014)

Pakistan and Russia have signed a most sought-after energy deal of $1.7 billion for laying a liquefied natural gas (LNG) pipeline from Karachi to Lahore. The supply of LNG is expected before March next year, official sources here confirmed on Tuesday. It

RAM reaffirms rating at AAA(s) for LKPP’s Islamic debt securities
(CPI Financial - 23/12/2014)

RAM Ratings has reaffirmed the AAA(s)/stable rating of Lembaga Kemajuan Perusahaan Pertanian Negeri Pahang’s (LKPP or the Group) MYR 300 million Bai’ Bithaman Ajil Islamic Debt Securities (2005/2015) (BaIDS). “The enhanced rating reflects an

Draghi starts squaring QE circle in persuasion month
(Bloomberg - 23/12/2014)

Mario Draghi has one month to win consensus on quantitative easing by reassuring those worried the European Central Bank risks losing its own money. As officials prepare to consider sovereign-bond purchases on January 22, the ECB president is working to

Russia entering full-fledged economic crisis, ex-minister says
(Gulf News - 23/12/2014)

Russia’s government has pushed the country into an economic crisis by not tackling its financial problems fast enough, former finance minister Alexei Kudrin said on Monday, warning the full effects would be felt next year. Kudrin — a darling of investors

Ratings of MRCB Southern Link's Senior and Junior Sukuk downgraded
(CPI Financial - 18/12/2014)

RAM Ratings has downgraded the respective ratings of MRCB Southern Link Berhad’s MYR 845 million Senior Sukuk and MYR 199 million Junior Sukuk to BB1 (from BBB3 previously) and B1 (from BB1 previously). Both ratings carry a negative outlook. MRCB

Indonesia Project Sukuk Plan Sees Fivefold Rise
(Bloomberg - 18/12/2014)

Indonesia is ramping up financing for new President Joko Widodo’s $439 billion development program, planning an almost fivefold increase in sales of project sukuk. The government is seeking to raise 7.14 trillion rupiah ($568 million) from notes that

RAM Ratings reaffirms AA2 rating of Bright Focus’ Sukuk
(CPI Financial - 17/12/2014)

RAM Ratings has reaffirmed the AA2/Stable rating of Bright Focus Berhad’s (Bright Focus or the Group) Sukuk Musharakah of up to MYR 1.35 billion in Nominal Value (2014/2031). Bright Focus is the shareholder of Maju Expressway Sdn Bhd (MESB) which holds

Turkiye Finans applies for 143 mln lira sukuk
(Reuters - 17/12/2014)

Turkish Islamic lender Turkiye Finans Katilim Bankasi has applied to issue 143 million lira ($60.5 million) via sukuk, or Islamic bonds, according to Turkey's Capital Markets Board. The sukuk will be issued through TF Varlik Kiralama, a wholly-owned unit

Strike hits Amazon as festive orders peak
(Reuters - 16/12/2014)

More than 2,000 Amazon staff at German warehouses went on strike yesterday to press demands for better pay and conditions as the online retailer races to ensure Christmas orders are delivered on time. Labour union Verdi said almost 2,300 workers joined

RAM Ratings reaffirms Musteq Hydro’s AAA(bg) Sukuk rating
(CPI Financial - 11/12/2014)

RAM Ratings has reaffirmed the enhanced AAA(bg)/Stable rating of Musteq Hydro Sdn Bhd’s (Musteq or the Company) MYR 80 million Bank-Guaranteed Sukuk Musharakah (2012/2022). The rating reflects an unconditional and irrevocable bank guarantee provided by

Lower Brent to push airfares down by 5% in 2015
(Gulf News - 10/12/2014)

Weakening oil prices are expected to result in lower airfares next year, according to the chief economist at International Air Transport Association (IATA). “If oil prices stay at low levels, or lower than in 2014, then I am sure air travel will be

Moody's assigns definitive rating of Caa1 to Pakistan sovereign Sukuk
(CPI Financial - 07/12/2014)

Moody's Investors Service has assigned a definitive rating of Caa1 to the US dollar Trust Certificates issued by The Second Pakistan International Sukuk Company Limited, a special purpose vehicle established in Pakistan, by the Islamic Republic of

India’s biggest bank launches Shariah-compliant stock fund
(Bloomberg - 07/12/2014)

India’s biggest bank has set up an Islamic equity fund, the highest-profile endorsement of Shariah-compliant finance to date in a nation that is home to the world’s third-largest Muslim population. SBI Funds Management Private Ltd, a venture between the

After Western sukuk debuts, Islamic finance looks to emerging sovereig
(Gulf News - 06/12/2014)

This year’s rush by top-rated non-Muslim countries to tap the burgeoning Islamic finance market may not be repeated next year but a new crop of sovereign entrants, mostly from emerging markets, is waiting around the corner. The United Kingdom, Hong Kong

RAM Ratings reaffirms C2/Stable rating of LEKAS's Sukuk
(CPI Financial - 03/12/2014)

RAM Ratings has reaffirmed the C2/Stable rating of Lebuhraya Kajang-Seremban Sdn Bhd’s (LEKAS or the Company) MYR 633 million Junior Sukuk Istisna’ (Junior Sukuk) (2007/2025). LEKAS is the highway concessionaire for the 44-km Kajang-Seremban Highway (KSH

Thomson Reuters' Sukuk Survey shows expectations of rising issuance
(CPI Financial - 03/12/2014)

The Thomson Reuters Sukuk Perceptions and Forecast 2015 survey of 44 lead arrangers and 106 investors reveals most expect a boost in Sukuk issuance in 2015 of between $150 billion and $174.9 billion. Total global outstanding Sukuk issuance stands at $241

Sharia fund put on hold at the eleventh hour
(Hindustan Times - 03/12/2014)

he State Bank of India Mutual Fund (SBIMF) deferred the launch of its Islamic financial instrument, first of its kind from a government-backed entity in the country at the last moment. The decision to hold the rollout of the sharia-compliant mutual fund

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