Britain will leave the single market - Secretary for Scotland
EDINBURGH Britain's decision to leave the European Union will also mean leaving the EU single market, one of Prime Minister Theresa May's cabinet ministers said on Thursday.
DUBAI A new 8 billion pounds Qatari investment firm, backed by assets from the sovereign wealth fund, will offer shares to the public in May as part of plans by the tiny Gulf state to share its riches with local citizens and institutions.
Doha Global Investment Co, will have a total capital of 8.1 billion pounds, 50 percent of which will be in the form of paid-up capital, according to a statement from Hussain Ali Al Abdulla, chairman of Qatar Exchange's board.
Qatar unveiled plans to create the investment firm in February and said its sovereign fund arm, Qatar Holding, will transfer 2 billion pounds worth of assets into the new firm, with a similar amount raised in an initial public offering on the Qatar Exchange.
Qatar Holding owns stakes in high-profile global firms such as German sports car maker Porsche (PSHG_p.DE) and British bank Barclays (BARC.L) and has been one of the most aggressive investors globally in recent years.
The initial public offering will only be open to citizens, companies and institutions in Qatar. Foreign investors will only be able to buy the company's shares after it is listed.
The potential listing, which would be one of the biggest IPOs conducted in the Middle East, is seen as part of a strategy by the world's top exporter of liquefied natural gas to distribute its wealth locally.
The Qatar bourse has underperformed some exchanges in the region this year, such as Dubai and Saudi Arabia, due to concerns that listed companies in Qatar are not reaping the benefits of the country's economic growth. The planned listing may help boost liquidity and investor interest in the bourse.
The nominal value of the shares listed will be 10 Qatari riyals (1.12 euro). A subsequent listing of the shares would happen after the end of the offer period, Ali Abdulla said in the statement, without specifying the duration of the offer period.
(Reporting by Dinesh Nair; Editing by Susan Fenton)
LONDON Britain's top share index rose on Thursday in a choppy session, buoyed by well-received results from Barclays, though mid-cap stocks fell as earnings updates led to double-digit slides for AMEC Foster Wheeler and Berendsen.
FRANKFURT Deutsche Boerse's third-quarter adjusted operating profit rose by 8 percent to 286 million euros ($311.40 million) as its commodities and international clearing business made up for a weaker market environment.