Google+ Followers

Monday, 24 April 2017

Italians probe Emirati for alleged insider trading in UniCredit

Italians probe Emirati for alleged insider trading in UniCredit:

"Italian prosecutors are investigating a former Emirati sovereign wealth fund official over allegations of insider trading in UniCredit shares in 2010 as the fallout from the Malaysian 1MDB scandal spreads through Abu Dhabi’s overseas investment portfolio.

Prosecutors in Milan placed Khadem al-Qubaisi, the jailed former managing director of Abu Dhabi’s International Petroleum Investment Company (Ipic), under investigation “several months ago,” said a person briefed on the probe. 

The Italian prosecutor's office confirmed the probe and said it is “currently working to collect the final elements” for the investigation. A spokesman for the office declined to comment further."



'via Blog this'

Oil recovers lost ground, but market remains under pressure | Reuters

Oil recovers lost ground, but market remains under pressure | Reuters:

"Oil prices recovered lost ground on Monday following big losses last week, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 added 32 cents, or 0.64 percent, by 0649 GMT(2:49 a.m. ET), but were still just below the $50 mark pierced on Friday at $49.84 a barrel. Brent crude futures LCOc1 rose 35 cents, or 0.67 percent, to $52.31 per barrel."



'via Blog this'

If Saudi Future's So Bright, Why Can't These Banks Find Buyers? - Bloomberg

If Saudi Future's So Bright, Why Can't These Banks Find Buyers? - Bloomberg:

"Saudi Arabia is about to cast off its oil-dependence, build brand-new industries and open its economy to foreign investment, according to the government. That might make it a good time to buy into a Saudi bank. And substantial stakes in two of them are up for sale. But in both cases, it’s international lenders who are seeking to get out -- and there are no big-name global banks eager to buy, according to analysts and people familiar with the transactions; what interest there is comes from local or regional groups. That reflects concerns about prospects under Saudi Arabia’s ambitious reform program, as Deputy Crown Prince Mohammed bin Salman cuts back the government spending that’s traditionally buoyed the economy. One result of austerity is the worst growth since the world recession of 2009, and it’s forecast to slow further this year. New construction projects are scarce, and payments to builders got held up last year. That’s hurting banks that lend to them, including the two on the market. Royal Bank of Scotland Group Plc has reportedly been seeking for years to sell its 40 percent stake in Alawwal Bank, while Credit Agricole SA is considering a sale of its 31 percent stake in Banque Saudi Fransi, according to people familiar with the matter."



'via Blog this'

MIDEAST STOCKS-Mobily slump weighs on Saudi shares, Alhokair jumps | Reuters

MIDEAST STOCKS-Mobily slump weighs on Saudi shares, Alhokair jumps | Reuters:

"Saudi Arabia's second largest telecoms firm, Mobily, slumped on a disappointing set of first quarter results on Monday, as profit-taking hit other shares. Riyadh's index slipped 0.3 percent, retreating from a 1.0-percent gain in the previous session on Saturday's news that the government had reversed the public sector workers' allowance cut. Consumer cyclical shares, which were the chief performers on Sunday, fell with home improvement retailer Saudi Hardware Company down 1.9 percent."



'via Blog this'