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Monday, 26 September 2016

How will Twitter’s suitors reap its value? — FT.com

How will Twitter’s suitors reap its value? — FT.com:

"Twitter may finally be running out of time.

News at the end of last week that Google and cloud software company Salesforce have both held preliminary discussions about a possible acquisition have underlined waning Wall Street confidence in the social media group’s attempts to reinvigorate growth and maintain its independence.

Fifteen months after the return of co-founder and product visionary Jack Dorsey, Twitter has failed to come up with the new ideas needed to reach a wider group of users. It also admitted after its last quarterly earnings that it was not doing enough for advertisers to justify its current pricing."



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Oil market has low expectations for Opec production deal - FT.com

Oil market has low expectations for Opec production deal - FT.com:

"Saudi Arabia has set out its terms to join the first co-ordinated Opec production cut since the financial crisis. The only problem for an oversupplied oil market is few think it will be achieved.
As the world’s largest oil producers descend on Algeria this week for crunch talks on ending a two-year old supply glut, Opec’s biggest members remain far apart.
Several Opec delegates have sought to manage expectations saying the meeting would be informal and would only lay the groundwork for the next official Opec meeting in November, or perhaps a follow-up gathering next month."



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Qatar withdraws from race for Grosvenor House and New York Plaza - FT.com

Qatar withdraws from race for Grosvenor House and New York Plaza - FT.com:

"The Qatar Investment Authority has abandoned talks to buy London’s Grosvenor House Hotel and two hotels in New York, increasing the likelihood that the trophy properties will be acquired by the UK’s richest men, the Reuben brothers.
The QIA’s withdrawal, confirmed by three people briefed on the situation, prolongs the troubles of India’s Sahara Group, which owns the Grosvenor House and majority stakes in New York’s Plaza and Dream Downtown hotels."



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Sharjah fashions itself as a magnet for start-ups | The National

Sharjah fashions itself as a magnet for start-ups | The National:

"From Amman to Cairo, several cities have been tipped as the Silicon Valley of the Arab world. But there is a new contender for the crown as the region’s star start-up centre: Sharjah.

Many of the UAE’s most dynamic entrepreneurial ventures have sprung up in Dubai, making it a magnet for the regional offices of established global players like Facebook, Twitter and LinkedIn.

But two new initiatives designed to boost Sharjah’s start-up status could result in the Middle East’s elusive Silicon Valley edging northwards."



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Pain persists without an Opec agreement | The National

Pain persists without an Opec agreement | The National:

"As Opec and Russia are preparing to meet in Algiers to discuss the prospect for an output agreement, oil producers have been watching their fiscal revenues slump. Failure to agree would only prolong the macroeconomic crisis faced by some and the fiscal predicament of others. Supply and demand-side factors suggest that the oil price is likely to stay low for longer than initially thought. But at this point, it’s easier to address supply-side dynamics.


The collapse of the oil price has exposed the mismanagement and dysfunctions sustained during the boom years. On a large scale, the size and probable persistence of this external shock means that all oil exporters will have to further adjust by reducing spending and increasing revenue.

Venezuela’s economy is in perpetual crisis. Economic mismanagement and the low oil price have led to shortages of foods like corn and rice, which it once easily imported using the national oil company’s vast foreign currency revenues. Essential medicines such as antibiotics have disappeared. The economy is set to contract by 10 per cent by the end of the year and is already experiencing triple-digit inflation. The price of bread alone has doubled from month to month, now about 50 cents a loaf in many places, at a time when the oil workers here say they are making less than a dollar a day because of the inflation. The state oil company is hobbled by debt, two thirds of its exports go to paying off its lenders. The desperate condition of Venezuela’s state oil company has international oil traders concerned that its collapse could shock an otherwise oversupplied global market."



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Oil Holds Near $45 as Saudi Offer Opens Door to Future OPEC Deal - Bloomberg

Oil Holds Near $45 as Saudi Offer Opens Door to Future OPEC Deal - Bloomberg:

"Oil held near $45 a barrel as Saudi Arabia’s offer to cut output opened the door to a future OPEC deal, even though the kingdom doesn’t expect an agreement this week when members of the group meet.

Futures added 0.1 percent in New York after slumping 4 percent on Friday. While Saudi Arabia and Iran didn’t reach an agreement after two days of preparatory talks in Vienna, the Saudis did offer to pump less crude if Iran caps output, according to two people familiar with the negotiations. Saudi Arabia proposed to cut its production to January levels, Algerian Energy Minister Noureddine Boutarfa said Sunday."



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MIDEAST STOCKS-Saudi banks rally on central bank monetary action | Reuters

MIDEAST STOCKS-Saudi banks rally on central bank monetary action | Reuters:

"Saudi banking shares rallied on Monday after the central bank said it would deposit about 20 billion riyals at commercial lenders and introduce two new money market instruments to fight a surge in market interest rates caused by low oil prices.

Riyadh's main index was up 0.6 percent after 15 minutes of trade as four-fifth of the banking shares rose. Samba Financial Group was the top gainer in the industry, up 2.3 percent to 18.20 riyals ($4.85).

Banking shares have been underperforming the general index in several months, hit by an illiquid construction sector, which makes up a large portion of corporate loans. Samba, for example, is trading at a 26 percent discount to its average fair value as estimated by 13 analysts, according to Reuters data."



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