Wednesday, 30 March 2011
ENBD, Dubai's largest bank by market value, reported sharply higher fourth-quarter profit last month but impairments on non-performing, or bad loans and on investments hit its yearly results.
"There will be further restructurings going on, there will be further provisions, the content of that I cannot say. We are not out of the provision phase yet," Chief Executive Rick Pudner told reporters on the sidelines of a conference.
|TASI (Saudi Stock Market)||6562.85||0.67%|
|DFM (Dubai Financial Market)||1542.94||-0.81%|
|ADX (Abudhabi Securities Exchange)||2632.92||-0.07%|
|KSE (Kuwait Stock Exchange)||6294.5||-0.45%|
|BSE (Bahrain Stock Exchange)||1432.91||0.44%|
|MSM (Muscat Securities Market)||6225.36||-1.79%|
|QE (Qatar Exchange)||8386.87||-0.14%|
|LSE (Beirut Stock Exchange)||1424.8||0.00%|
|EGX 30 (Egypt Exchange)||5480.94||1.32%|
|ASE (Amman Stock Exchange)||2171.38||0.31%|
|TUNINDEX (Tunisia Stock Exchange)||4383.23||-0.62%|
|CB (Casablanca Stock Exchange)||12387.7||-0.11%|
|PSE (Palestine Securities Exchange)||499.4||-0.14%|
The benchmark rose 0.7 percent to 6,563 points and is up 10.5 percent in March.
"For short-term technical indicators, we do show a diversion on the volume indicator, which indicates high possibility of market correction down to 6,380," said Youssef Kassantini, a Saudi-based financial analyst. "Overall, we do expect a pull back for the next seven to ten days."
It later regained some ground after investors bought pounds to invest in a stock market rally, bankers said.
The pound traded at 5.9640 to the dollar after hitting 5.9765 earlier in the day, a the lowest since January 2005. It was down 0.29 percent from Tuesday's close.
However, some CBO departments will operate on Thursdays to facilitate the banking sector.
CBO has issued a note to its employees saying that the change will come into immediate effect.
The emirate is “blessed by prime location” and there’s “real appetite” for investing there, he said at a conference today. Infrastructure development, foreign investment and geographical location are driving growth, he said.
Dubai’s economy, the second-biggest of seven that make up the United Arab Emirates, is recovering from the credit crisis, helped by a revival in trade and tourism. Real gross domestic product grew 2.2 percent in 2010, the statistics bureau said on its website March 21. Growth is likely to accelerate to 4 percent this year, Standard Chartered Plc said in December.
According to Alexander McGeoch, Head/Employment & General Legal Services at Hadef & Partners, Dubai, the impact of the easing of certain restriction on switching sponsors may not be as big as some employees are hoping for.
“It is doubtful whether, in the UAE, we will see greatly increased flexibility in the sponsorship transfer process – still less the complete abolition of the ‘sponsor’ requirement – either this year or in the foreseeable future,” he told Emirates 24|7.
With Brent Crude at $115 a barrel, it is little surprise to see the International Energy Agency talking in terms of oil remaining at $100 for 2011. And if it does, the organisationexpects OPEC members to generate over $1,000bn in export revenues for the first time, as the FT reported on Wednesday.
Little wonder that Saudi Arabia and the Gulf states, which dominate the 13-nation cartel, can afford to splash out on big public spending plans to help quell social unrest. But it is expensive – Saudi Arabia now needs an oil price of $83 a barrel to balance its 2011 budget. And it may not work: history suggests that as countries grow richer, their citizens want rights as well as rewards.
Political scientists are still refining the theory but they generally accept its central tenets. The development of Europe, east Asia and Latin America has produced many examples of countries where, as incomes have risen, authoritarian regimes have been replaced with more democratic systems.
Answer: We just don’t know.
But it’s all very intriguing nonetheless.
FT Alphaville has reported at length (here, here and here for example) how the Libya crisis has resulted in a large deficit of light sweet crude in the European market place, a problem which has not been easy to rectify. It turns out it’s simply not that straightforward substituting Libyan crude.
Etisalat is unhappy with the 25 percent revenue share demanded by Syria, London-based MEED said, citing anonymous sources close to the deal.
Etisalat was not immediately available for comment. The bid would have been worth a minimum of $122 million, MEED said.
|TASI (Saudi Stock Market)||6519.13||0.17%|
|DFM (Dubai Financial Market)||1547.51||-0.51%|
|ADX (Abudhabi Securities Exchange)||2638.15||0.13%|
|KSE (Kuwait Stock Exchange)||6255.8||-1.06%|
|BSE (Bahrain Stock Exchange)||1428.82||0.16%|
|MSM (Muscat Securities Market)||6254.09||-1.34%|
|QE (Qatar Exchange)||8387.33||-0.13%|
|LSE (Beirut Stock Exchange)||1422.53||-0.16%|
|EGX 30 (Egypt Exchange)||5409.43||3.01%|
|ASE (Amman Stock Exchange)||2164.76||0.47%|
|TUNINDEX (Tunisia Stock Exchange)||4410.76||-1.01%|
|CB (Casablanca Stock Exchange)||12400.9||-0.48%|
|PSE (Palestine Securities Exchange)||500.1||0.47%|
Trading will begin at 10:30 a.m. local time (0830 GMT) and close at 2:30 p.m., the official said. The market had been closing an hour early since trading resumed last week.
Mass protests that erupted in January to oust President Hosni Mubarak had prompted the shutdown.
New Arab geopolitics to push up oil, gold and silver and crash other financial markets « ArabianMoney
To some extent this is understandable: if you don’t know then do nothing is a perfectly common position. It can also be a very expensive one. Getting rich through sheer ignorance does not often happen. So down on the ground in Dubai, and last night in Deira for the launch party of the Movenpick hotel’s excellent Wok In restaurant, what are people saying?
Well, we heard about the organiser of the conference in Bahrain last year sponsored by ArabianMoney. He has just upped and moved to Dubai with his family. Apparently Bahrainis are also leaving for Dubai. The worry is that the situation in Bahrain looks awfuly like Belfast in 1969 when the British army arrived and stayed for almost 30 years.
Ahmed Hamad Al Gosaibi and Brothers (AHAB), the family's partnership, has filed an action in California that alleges aiding and abetting fraud, breach of fiduciary duty, fraud and fraud conspiracy, and unjust enrichment while he was chief executive of the now bankrupt Bahraini bank.
Mr Stewart, who fled Bahrain last year for his native California, said in an e-mail to The National that he would respond in detail once he had time to study the claims, but denied all the allegations.
International opinion agreed it was a good thing to sweep away aged, stagnant regimes that had become distant from their increasingly young populations, and which were failing to meet their aspirations.
The consensus was that only good could come from the transformations taking place in the Arab world, and that their liberated economies would fly high.
The recently appointed host of the 2022 Fifa World Cup and poster child for liquefied natural gas (LNG) development has been on a roll, and its stock market has largely shrugged off the ill-effects of unrest elsewhere in the Middle East.
But wait: Global Investment House reports this week that profits at listed Qatari companies were an average 9 per cent lower last year than 2009, led by Qatar's service sector, where profits fell 39.3 per cent.
In a report written by the bank's economic analysts in Dubai, HSBC says that, along with Qatar, "confidence in political stability and security remains undimmed" in the UAE.
The country could even benefit from the turmoil. "The problems being experienced elsewhere may offer the economy some support by strengthening its claim to be a safe haven and natural hub in a wealthy but volatile region," said the bank.
More than 100 investors attended the three-hour meeting on Monday at The Address Hotel in Dubai, confronting company officials over why they were not paying a dividend and questioning line items in the financial statements.
Emaar ultimately agreed to pay a 10 per cent dividend, totalling Dh610 million (US$166m), its first distribution of profit to shareholders since the onset of the financial crisis in 2008.
"We think some [businesses] will be directly affected by the events of the last month, especially consumer and tourism spending," said Rasheed al Maraj, the central bank governor, after a meeting with the chief executives of Bahrain's retail banks on Monday.
The meeting was geared towards supporting small and medium enterprises affected by the unrest.
If you turn right rather than continuing up the hill, and carry along a road carved out of the rocks for five minutes, you finally reach a left turn.
The road is rutted, but if you can face the shaking you drive along honeycombed sandstone cliffs before eventually reaching the sea.
Two Saudi officials told Reuters on Tuesday that the extra rig activity would maintain rather than increase the kingdom's oil capacity. It completed a multi-year expansion in 2009 meant to boost spare capacity by more than 3 million barrels per day.
"It's not to expand capacity. It's to sustain current capacity on new fields and old fields that have been bottled up," one of the officials said.
“We have had a fairly positive response from the biggest private investment funds and sovereign funds,” Vladimir Dmitriyev, head of state development bank VEB, told Russian President Dmitry Medvedev.
“In particular from the Abu Dhabi fund, from the China Investment Corporation, from a number of private funds,” Dmitriyev said
Agility was the largest supplier to the U.S. Army in the Middle East during the war in Iraq and the case is politically sensitive in both Washington and Kuwait.
The court said prosecutors correctly served Agility with an indictment in 2009 when it accused the company of overcharging the Army over 41 months on $8.5 billion in supply contracts first signed at the start of the Gulf War in 2003.
The famous high-rise building, located on John Adam Street, is to be sold by its owner Istithmar World - the investment arm of Dubai World – for an asking price of around £265 million.
Istithmar World has instructed CB Richard Ellis to sell the commercial property, which is currently leased by the Department for Work and Pensions, along with financial services tenants.
Operated by Repsol YPF of Spain, the multi-billion-dollar project was seen as a sign that the Libyan energy sector, after 20 years of underinvestment and isolation, was enjoying a revival.
But as political unrest broke out in the north African country in late February, foreign workers at the field rushed to a remote desert airstrip and left, having halted output from the wells. As one executive puts it, the last man, literally, shut down the field.
At a basic level controlling Colonel Gaddafi’s money will shift the balance of power, and spur defections, among his generals and staff. The allied forces have already made some moves in this direction. Now three further steps, amounting to a campaign of surgical financial strikes, are essential to optimising pressure in the coming weeks.
First, the US needs to ensure that those allies and partners who have already frozen assets of Col Gaddafi (along with his family and associates) have not missed any concealed foreign accounts. The aim here must be to force the regime to rely only on the cash it has at hand inside Libya in its battle for survival.