Google+ Followers

Wednesday, 12 February 2014

MidEast Stocks: CIB’s strong earnings lift Egypt; Aldar drags down Abu Dhabi - Daily News Egypt

MidEast Stocks: CIB’s strong earnings lift Egypt; Aldar drags down Abu Dhabi - Daily News Egypt:



"Reuters – Egypt’s bourse rose on Wednesday as the country’s biggest listed bank posted strong fourth-quarter earnings, while markets in the United Arab Emirates weakened after a disappointing earnings report from Abu Dhabi property developer Aldar.



Egypt’s index added 1.0% to 7,571 points after Commercial International Bank (CIB) posted a 29% rise in quarterly net profit to EGP 757m ($109m). The bank’s stock rose 1.9%.



The index is “heading towards 7,600 points after CIB reported strong Q4 earnings numbers,” said Islam Batrawy, Cairo-based head of MENA equity sales at NBK Capital. “CIB was the major contributor to the upward move.”



In the UAE, however, both bourses closed lower after Aldar Properties disappointed some investors despite reporting higher net profit. Its stock fell 4.2% while Abu Dhabi’s index was down 0.1%."



'via Blog this'

Reasons to be fearful, or not - YouTube

Reasons to be fearful, or not - YouTube: ""



'via Blog this'

BBC News - Qatar scales back ambitions amid financial constraints

BBC News - Qatar scales back ambitions amid financial constraints:



"When Sheikh Tamim bin Hamad Al Thani succeeded his father as emir of energy-rich Qatar in June, few observers knew very much about him.



A graduate of the Royal Military Academy Sandhurst, the 33-year-old was said to be conservative and cautious, the antithesis of the image of a flamboyant Gulf prince.



Sheikh Tamim inherited a country whose big ambitions at being a regional - even global - power were foundering.



Its support for Islamist movements in revolutionary Tunisia, Libya, Egypt and Syria was backfiring, straining relations with Western allies and Gulf neighbours alike.



Meanwhile at home, conservatives were increasingly vocal in the criticism of what they perceived to be the wholesale importation of Western cultural and educational institutions and values."



'via Blog this'

Pressure mounts to lift foreign ownership limits on UAE shares | The National

Pressure mounts to lift foreign ownership limits on UAE shares | The National:



"Pressure is building to lift foreign ownership limits in the UAE.



The property developer Deyaar Development has become the latest company to consider opening up to outside buyers.



UAE stocks are expected to be incorporated into MSCI’s emerging markets index in May – a move that is forecast to attract Dh1 billion in investments into listed companies. Last June the international index compiler upgraded the UAE’s classification from frontier market to emerging market.



Deyaar’s board is due to meet tomorrow to discuss allowing foreigners to own company shares."



'via Blog this'

Dubai’s Emirates Group buys Thomas Cook unit | The National

Dubai’s Emirates Group buys Thomas Cook unit | The National:



"Emirates Group has snapped up part of Thomas Cook as the Dubai-based carrier builds a global travel agency business to help to feed its rapidly expanding route network.



It comes as the London-listed travel agent seeks to rebuild its business three years on from the start of the Arab Spring, which had a devastating impact on its package holiday business across North Africa.



Thomas Cook, one of the world’s best-known travel agency businesses, is selling assets in a bid to revive its fortunes. It said yesterday it had sold its Gold Medal Travel Group to Emirates-owned dnata for £45 million (Dh271.8m), as it pared its fourth-quarter loss."



'via Blog this'

UAE on a sustainable growth path, Standard Chartered Group CEO says | GulfNews.com

UAE on a sustainable growth path, Standard Chartered Group CEO says | GulfNews.com:



"The UAE economy is growing at very healthy pace with the overall outlook very positive for sustainable growth over a long period, Peter Sands, group chief executive of Standard Chartered, told Gulf News in an interview.



“In the UAE in general and Dubai in particular, the business mood is very positive and the flow of economic data we see is very encouraging,” Sands said, adding: “Middle East is one of Standard Chartered’s top five global markets and the UAE accounts for a large chunk of our business in the region.”



With leading emerging markets where it operates facing economic slowdown and relatively modest growth in the US and nascent recovery in Europe, Sands expects opportunities in the Middle East and Africa to be the major driver of the bank’s global business growth.



“With already high investments supporting economic growth and more to come as part of Expo 2020, the UAE and Dubai is certainly on a sustainable growth path and what everyone wants is that businesses don’t get over-exuberant and then face a correction,” Sands said."



'via Blog this'

Mobius Says Emerging-Market Rout Near End as Valuations Lure - Bloomberg

Mobius Says Emerging-Market Rout Near End as Valuations Lure - Bloomberg:



"The selloff that triggered the worst start for emerging-market stocks in four years is approaching the end as valuations begin to look attractive, Templeton Emerging Markets Group’s Mark Mobius said.



“We are nearing the point where people are beginning to say ‘hey, it looks pretty good now in terms of valuations,’” Mobius, who oversees more than $50 billion in developing-nation assets as an executive chairman at Templeton, said in an interview on Bloomberg Radio today. “We are probably nearing the end of this big rush out of emerging markets.”



The comments mark a shift in sentiment for Mobius, 77, who said on Feb. 7 that developing nations could “expect a lot more selling.” The MSCI Emerging Markets Index climbed 0.9 percent to a two-week high at 4 p.m. in London, trimming this year’s drop to 5.8 percent. The selloff dragged the index’s valuation to less than 9 times projected 12-month earnings on Feb. 4, the cheapest since August and compared with a multiple of 14 for the MSCI World Index of developed-country equities."



'via Blog this'

Rouhani Seeks Economic Fix as Iran Commemorates Revolution - Bloomberg

Rouhani Seeks Economic Fix as Iran Commemorates Revolution - Bloomberg:



"Iranian President Hassan Rouhani had foreign-policy successes to showcase when he spoke in Tehran’s Azadi Square today to mark the 35th anniversary of Iran’s Islamic revolution. The economic gains will follow, he said. 




Since taking office in August, Rouhani has eased the isolation Iran endured under Mahmoud Ahmadinejad. He spoke by phone with Barack Obama, made concessions that led to a nuclear deal, and visited the World Economic Forum in Davos. The country has mended fences with the U.K., and a stream of ministers and businessmen are visiting Tehran.



Behind the optimism lies economic unease, aggravated by sanctions on oil and banks that remain in place. Millions of Iranians lined up for hours last week to get food handouts and some of them left emptyhanded. The incident prompted a rare apology from Rouhani, who promised during the election campaign that smoother diplomacy would lead to better living standards."



'via Blog this'

Etihad Eyeing Latin America Partnerships to Extend Global Reach - Bloomberg

Etihad Eyeing Latin America Partnerships to Extend Global Reach - Bloomberg:



"Etihad Airways PJSC Chief Executive Officer James Hogan is preparing to unveil a series of Latin American partnerships as the Middle East’s third-largest airline bolsters its global network of local cooperations



“We’ll shortly announce partnerships with a number of South American airlines,” Hogan said in an interview at the Singapore Airshow yesterday.



The agreements will let Etihad expand in the region without deploying its own aircraft. Hogan has relied on a mix of internal growth, with a fleet of 90 jets that is set to grow by 17 jets this year, code-share arrangements and direct investments in carriers such as Air Berlin Plc (AB1) to make up ground to Emirates, the world’s largest airline by long-haul traffic.



“It’s not a race, it’s about running a business and mapping a strategy,” Hogan said. “We are building a balanced network.”"



'via Blog this'