Iran’s central bank claims billions from German stock exchange

The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, on January 10, 2018. (REUTERS)
Updated 18 January 2018
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Iran’s central bank claims billions from German stock exchange

FRANKFURT AM MAIN: German stock market operator Deutsche Boerse said Thursday that Iran’s central bank had levelled claims for billions of dollars against its Luxembourg subsidiary Clearstream, which blocked the funds after the US accused Tehran of funding terrorism.
The central bank (Bank Markazi) demands some $4.9 billion (4.0 billion euros) of assets it says are held in Clearstream accounts belonging to it and to Italian bank UBAE, plus interest, Deutsche Boerse said in a statement.
If the assets themselves cannot be recovered, the Iranian institution wants damages in the same amount.
The long-running, complex case involves some $2.0 billion frozen in Clearstream accounts while court cases against Iran are heard in the US and Luxembourg, as well as some $1.9 billion Clearstream has already transferred to the US based on a 2013 court ruling.
That judgment saw Iran ordered to compensate around 1,000 American plaintiffs, including families of some 214 soldiers killed in a double suicide bombing in Lebanese capital Beirut in 1983 that claimed 299 lives.
Victims of a 1996 attack in Saudi Arabia that killed 19 Americans were also compensated.
“Clearstream believes that the claims against it are unfounded,” Deutsche Boerse said in its statement.


Saudi Arabia flat, Drake and Scull International lifts Dubai

Updated 20 May 2018
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Saudi Arabia flat, Drake and Scull International lifts Dubai

  • The Saudi index was little changed, while the Dubai index closed up 0.2 percent
  • Shares in Saudi oil and gas and petrochemical companies were mostly down

DUBAI: Gulf stock markets were mostly flat on Sunday amid low trading volumes and a lack of significant events.
The Saudi index was little changed, while the Dubai index closed up 0.2 percent. The rest of the region closed down, but with losses limited.
Global stocks dipped last Friday because of persistent concerns over trade tensions. Oil prices also slipped on Friday, with Brent crude futures falling 79 cents, or 1 percent, to settle at $78.51 a barrel. But the dip came after a sixth week of gains, with prices breaking through $80 a barrel last week for the first time since November 2014.
Shares in Saudi oil and gas and petrochemical companies were mostly down on Sunday, despite some gains earlier in the day. Blue-chip Saudi Basic Industries (SABIC) shed 0.2 percent, while Saudi Kayan Petrochemical edged down 0.1 percent.
Most of the trading was concentrated on real estate developer Dar Al Arkan Real Estate Development Co., which was up 0.4 percent, and Alinma Bank, down 0.1 percent.
Real estate developer Jabal Omar Development was among the best performers, up 3.9 percent at the close – and it had been up more than 6 percent in earlier trading – after announcing an agreement with Albilad Capital to sell 90 housing units for 1.1 billion riyals ($293 million).
In Dubai, the index was lifted by gains of 2 percent and 1.7 percent by Dubai Financial Market and building contractor Drake and Scull International, respectively.
Drake and Scull International, by far the most traded stock in the market, reported last week a net profit attributable to shareholders of 16.2 million dirhams ($4.4 million) for the first quarter, swinging from a net loss of 722.5 million dirhams in the corresponding period last year.
Heavyweight Emaar Properties climbed 0.2 percent after a weak start earlier on Sunday.
The Abu Dhabi index edged down 0.1 percent, pressured by Sharjah Cement and Industrial Development Company, which lost 4.8 percent and was the most traded stock.
The Egyptian index lost 0.6 percent, but the most traded stock was Orascom Telecom Media & Technology Holding , which gained 2.4 percent.