Thursday, 30 June 2011
The meetings in Asia, Europe and the Middle East kick off on July 6 and come as a pair of other United Arab Emirates' firms shelved touted bond issuances due to market conditions.
The meetings will be arranged by HSBC, RBS, BNP Paribas, Standard Chartered and National Bank of Abu Dhabi.
Parliament's budget committee has opposed a government plan to raise spending by additional 1.8 billion dinars mainly on wage and benefit increases for Kuwaiti citizens, which would have taken the expenditure to 19.7 billion.
In January, Finance Minister Mustapha al-Shamali said expenditure for the world's No. 4 oil exporter was expected to come in at 17.9 billion dinars, a 10 percent rise from the 2010/11 budget.
|TASI (Saudi Stock Market)||6576||0.69%|
|DFM (Dubai Financial Market)||1516.93||0.62%|
|ADX (Abudhabi Securities Exchange)||2704.19||-0.26%|
|KSE (Kuwait Stock Exchange)||6211.7||-0.24%|
|BSE (Bahrain Stock Exchange)||1316.77||-0.87%|
|MSM (Muscat Securities Market)||5916.47||0.20%|
|QE (Qatar Exchange)||8334.51||0.53%|
|LSE (Beirut Stock Exchange)||1331.58||-0.26%|
|EGX 30 (Egypt Exchange)||5283.9||-2.03%|
|ASE (Amman Stock Exchange)||2086.47||-0.32%|
|TUNINDEX (Tunisia Stock Exchange)||4308.4||0.19%|
|CB (Casablanca Stock Exchange)||11512.8||-0.93%|
|PSE (Palestine Securities Exchange)||495.69||-0.42%|
Wednesday, 29 June 2011
The firm reduced its share-price target for Etisalat to Dh12.1 from Dh13.6. "[The] failure to cement Zain bid, increasing domestic pressures domestically and problems in India all weigh on [the] investment case," it said.
It also reduced its price target for Zain to 1.04 Kuwaiti dinars from 1.22. It attributed this to a special dividend paid by the company, adding that the business is "self sustaining but [its] strategic direction [is] unclear."
The International Energy Agency's (IEA) attempts to bring down the oil price have sparked a war of words with Opec, the 12-country cartel that produces 40pc of the world's crude ouput.
Opec is also divided between groups of members such as Saudi Arabia and Kuwait which would be happy with lower prices, and others such as Iran and Venezuela, which do not want to raise production and dampen prices.
Yesterday, Brent crude increased by $2.20 (£1.38) to $108.19, amid concerns about tensions in the oil market and a falling dollar.
The political turmoil sweeping the Arab world has dealt a harsh blow to the Jordanian economy, deepening the kingdom’s budget crisis and forcing the country to rely increas-ingly on financial support from the US and the Gulf.
Jordan’s resource-starved economy has been under pressure since the start of the year, pounded by the twin forces of regional instability and the sharp rise in commodity prices. The government hopes to limit this year’s budget deficit to 5.5 per cent of GDP, but warns that it will need more foreign aid to reach that target.
“Today, with the Arab spring, we in Jordan do have a crisis, but it is an economic crisis not a political crisis,” said Jafar Hassan, minister for planning and international co-operation. Jordan, he added, was in talks with G8 countries as well as Arab states to provide further grants to cover the funding gaps.
Amid global worries over a Greek default, growing investor skittishness about emerging markets is a worrisome development for Turkey.
A comparative star in the sluggish global financial scene, Turkey in 2010 posted a Gross Domestic Product growth rate of 8.9 percent; growth this year is estimated at 5.5 percent, according to a recent expectations survey carried out by the Central Bank. By comparison, the European Union faces a projected 2011 growth rate of 1.8 percent.
Despite the sheen of economic health generated by the growth projections, Turkey is grappling with substantial economic challenges, especially unemployment. According to Turkstat, Turkey’s government statistics agency, unemployment decreased to 10.8 percent in March, down 2.9 percent from the same period in 2010. A recent report from the left-leaning Confederation of Progressive Trade Unions, however, argues that the real unemployment rate is much higher, 17.68 percent.
Tuesday, 28 June 2011
The federal government of the United Arab Emirates has raised the capital of its indebted fuel retailer Emarat by 50 percent to 9 billion dirhams ($2.45 billion), state news agency WAM reported on Tuesday.
In January, the UAE's Federal National Council (FNC) passed a bill allowing Emarat to borrow the equivalent of up to 50 percent of its capital.
Emarat had debt of around 1.9 billion dirhams, the FNC said in January, as fuel subsidies imposed on gasoline prices by the UAE government hit the company's profits.
When Canada’s Suncor Energy opened a natural gas plant in Syria last year, it promised “Energy for today and tomorrow” in an advertisement that showed one of its workers talking to a keenly interested President Bashar al-Assad.
Now the business is scrambling to deal with a tomorrow that has arrived in an unwelcome form: a country in chaos, headed by a leader whose lethal crackdown on a popular uprising has made him a public relations liability.
Asked about its future in Syria, Suncor said it was making a “great deal” of effort to ensure it could operate responsibly there. “We ... continue to work within our sphere of influence to ensure we are upholding the company’s values,” it added.
The UAE’s increasingly liquid banks are cutting mortgage rates as they look to claw their way back to growth.
The country’s housing markets, especially in Dubai, have been taking a beating for a few years, with prices falling dramatically as supply outpaced demand. Could the easier availability of mortgage finance boost those anemic housing markets?
Don’t get too excited, analysts say.
|TASI (Saudi Stock Market)||6531.17||0.37%|
|DFM (Dubai Financial Market)||1507.61||-1.18%|
|ADX (Abudhabi Securities Exchange)||2711.3||0.25%|
|KSE (Kuwait Stock Exchange)||6226.8||-0.43%|
|BSE (Bahrain Stock Exchange)||1328.34||-0.13%|
|MSM (Muscat Securities Market)||5904.68||-0.82%|
|QE (Qatar Exchange)||8290.39||0.49%|
|LSE (Beirut Stock Exchange)||1335.01||-0.89%|
|EGX 30 (Egypt Exchange)||5393.44||0.33%|
|ASE (Amman Stock Exchange)||2093.1||-0.54%|
|TUNINDEX (Tunisia Stock Exchange)||4297.19||-0.07%|
|CB (Casablanca Stock Exchange)||11646.8||0.17%|
|PSE (Palestine Securities Exchange)||495.69||-0.42%|
Abu Dhabi's Dolphin Energy Limited, 51 percent owned by state fund Mubadala, has delayed plans for an immediate bond issue due to market conditions, leads said on Tuesday.
The bond sale was expected to raise as much as $1.93 billion to refinance existing debt.
Consumer watchdog International Energy Agency's emergency oil release is a desperate measure that threatens to undo two decades of cooperation with OPEC and could fail to calm prices.
Thursday's announcement of a 60 million-barrel release from emergency stocks - only the third in the IEA's 37-year history - came after consumer nations unsuccessfully applied pressure on the Organisation of the Petroleum Exporting Countries to increase its output at a meeting this month.
The talks collapsed in disarray, but top exporter Saudi Arabia said it would still produce as much oil as the market needed.
"The federal government will not issue sovereign bonds before 2012 and only if deemed necessary," Obaid Humaid al - Tayer, minister of state for financial affairs, said in the latest ministry newsletter.
"The UAE is currently working on launching a bond market parallel to the stock markets which will increase initial issuance on a federal level and local level."
If you look at classic economic indicators such as GDP growth, the Tunisian revolution seems surprising.
Of course the revolution did happen, and a recent study by Gallup, the research centre, makes a compelling argument for why economists and those who quote them had been giving too much importance to the wrong numbers all along.
Tunisia’s GDP per capita growth was accelerating, and the country had jumped up international rankings of competitiveness. In 2009 and 2010, according to Gallup, 56 per cent of Tunisians said the Tunisian economy was improving overall—a far better performance than many middle-income nations, where a median of 31 per cent think that.