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Ashmore to buy 40% Petron stake
The Philippines cleared Ashmore, the emerging markets investment fund, to buy Saudi Aramco’s 40 per cent stake in Petron Corp, the country’s biggest petrol refiner, for $550m
Closer look for bargain assets
Zabeel Investments, an equity investor with ties to Dubai’s ruling family, is making forays into the US property market with an eye on the opportunities available there
Arcapita seeks to get its hands dirty
The Islamic investment bank is focusing on pushing into the Middle East and Asia as its blend of private equity, real estate and infrastructure investment seeks new markets
Middle East operator eyes MTN
The prospect of a bidding war for MTN, a fast-growing mobile phone operator in emerging markets, increased after a leading Middle East telecoms group expressed interest in the Johannesburg-listed group
Shell and Repsol drop Iran gas project
Pair’s withdrawal from the $10bn-plus development deals heavy blow a blow to Tehran’s attempts to expand its energy exports in the face of US and international sanctions
Spanish gas groups fear reliance on Algeria
Some executives are wary of Sonatrach’s entry into southern Europe’s gas market, going so far as to describe the African state’s energy company as a ‘Gazprom on the Med’
Editorial Comment: Living in a world of $200 oil
Another doubling in oil prices is about conceivable. It would cause serious economic disruption, global tension and currency crises for some poor nations
Dubai’s Minerva bid ends months of speculation
The Dubai government has launched a takeover approach for the London developer, after a period of months in which other suitors revealed their interest
Citi moves executive to Middle East
Citigroup is preparing to signal the growing importance of Middle East clients for its investment banking division by moving one of its global heads to the region
Austin Reed intends to expand
The clothing retailer announces increased profits 18 months after it was taken private by Dawnay,Day, the investment group
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