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Thursday, 17 August 2017

MIDEAST STOCKS-Gulf rises, Saudi's Atheeb Telecom jumps after swinging to profit

MIDEAST STOCKS-Gulf rises, Saudi's Atheeb Telecom jumps after swinging to profit:

"Stock markets in the Gulf rose early on Thursday with Saudi Arabia's index gaining strength from positive company-specific news. The Riyadh index was up 0.4 percent in the first hour, as Atheeb Telecommunications surged 8.5 percent after it swing to a quarterly net profit of 55.4 million riyals ($14.8 million) from a loss of 58.1 million a year ago. The result was mainly due to the sale of 500 communications towers, but also reflected an increase in data, internet and voice revenue, the company said."



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From leader to loser: Australia risks missing next LNG wave: Russell

From leader to loser: Australia risks missing next LNG wave: Russell:

"Should the arrival of the last major piece of kit in Australia's $180 billion liquefied natural gas (LNG) spree be a cause for celebration or for a wake? It may seem that the arrival of the Ichthys Venturer floating production, storage and offloading facility would be worthy of breaking out the champagne. The vessel, which will be moored some 220 kilometers (132 miles) off the northwestern coast as part of Inpex's Ichthys project, is the final piece of the jigsaw that completes eight massive new LNG ventures."



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Qatar’s big economic conundrum - The National

Qatar’s big economic conundrum - The National:

"The third month into the diplomatic crisis, the most serious since the founding of the Gulf Cooperation Council in 1981, Qatar’s intransigence towards the quartet of Saudi Arabia, the UAE, Bahrain and Egypt continues. Doha’s defiant stance towards its Arab neighbours has come at a high price. The country, which supplies about a third of the world’s total liquefied natural gas (LNG), has been forced to tap into its foreign currency reserves and borrow from debt markets to support its economy, which is facing the prospect of posting a fiscal deficit. Yesterday the country’s sovereign wealth fund was compelled to reduce its stake in Credit Suisse to 4.94 per cent Trouble for Qatar began when the Arab bloc led by Saudi Arabia severed diplomatic and transport relations with Doha over accusations of meddling in their internal affairs as well the country’s support for “terrorist groups aiming to destabilise the region”. "



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Etihad, partners' bonds drop again as Air Berlin bankruptcy sparks bailout concerns

Etihad, partners' bonds drop again as Air Berlin bankruptcy sparks bailout concerns:

"Etihad Airways' bonds issued through a special purpose vehicle have dropped more than five points in the secondary market a day after Air Berlin, in which Etihad has a large minority stake, filed for bankruptcy protection.

In April, the "EA Partners" bonds dropped by almost 10 cents on the dollar after workers at the Italian carrier Alitalia [CAITLA.UL] – in which Etihad has a 49 percent stake – rejected the company's latest turnaround plan, blocking it from accessing rescue financing.

An "internal debt assumption" agreement between Etihad and Alitalia – revealed through a Fitch note in the days following Alitalia entering special administration, but had been signed earlier – put a floor under the bonds, and they subsequently bounced back almost to par value."



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Qatar's Growth Prospects Dim as Saudi-Led Boycott Takes Toll - Bloomberg

Qatar's Growth Prospects Dim as Saudi-Led Boycott Takes Toll - Bloomberg:

"Qatar’s economy will expand this year at the slowest pace since 1995, according to economists surveyed by Bloomberg this month, as the impact of a Saudi Arabia-led boycott is felt on trade and investor confidence.

Gross domestic product will grow 2.5 percent in 2017 and 3.2 percent next year, compared with 3.1 percent and 3.2 percent respectively in the previous survey conducted in June. Economists now expect a budget deficit of 5.1 percent of GDP this year, up from 4.6 percent, while the forecast for inflation dropped to 2.2 percent from 2.5 percent."



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Saudi Crude Exports Fall Just as Domestic Stockpiles Dwindle - Bloomberg

Saudi Crude Exports Fall Just as Domestic Stockpiles Dwindle - Bloomberg:

"Saudi Arabia, the world’s biggest crude exporter, shipped the least oil in almost three years in June, just as domestic stockpiles are dwindling. 

Exports fell to 6.9 million barrels a day, the lowest since September 2014, from 6.92 million in May, according to data Thursday on the Joint Organisations Data Initiative website. Domestic stockpiles stood at 256.6 million barrels, the lowest since January 2012, the data show.

“You can assume exports will fall even further going forward because they can’t keep running down stockpiles,” said Amrita Sen, an analyst at Energy Aspects in London. “It is clear that the rebalancing process is in full swing, we are drawing down stockpiles everywhere.”"



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