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Friday, 11 April 2014

Iran likely exporting higher crude oil volumes than allowed, says IEA - FT.com

Iran likely exporting higher crude oil volumes than allowed, says IEA - FT.com:



"Iran is likely to have exported oil at higher levels than allowed under western sanctions for a fifth straight month in March, according to the developed world’s energy watchdog.



In its closely watched monthly report, the International Energy Agency said Iran had exported 1.65m barrels of oil per day in February and probably close to that level again in March.



“Preliminary data for March show imports from Iran [to OECD and non-OECD countries] declined to 1.05m b/d but that figure will likely be revised upwards closer to February levels on receipt of more complete data,” the report said."



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Saudi banks reject Algosaibi meeting on US$5.9 billion default - bi-me.com

Saudi banks reject Algosaibi meeting on US$5.9 billion default - Business Intelligence Middle East - bi-me.com - News, analysis, reports:



"A group of Saudi Arabian lenders has rejected an invitation from Ahmad Hamad Algosaibi & Brothers Co. to attend a meeting next month to discuss their claims on $5.9 billion of debt.



“The banks have no interest in attending the meeting proposed,” according to a letter to Algosaibi from a law firm representing the unnamed Saudi lenders and seen by Bloomberg News. The letter, dated April 3, didn’t give a reason why the banks don’t want to attend.



Algosaibi and billionaire Maan al-Sanea’s Saad Group missed payments on at least $15.7 billion of debt in 2009 in the Middle East’s biggest default, as the global financial crisis froze credit markets and asset prices slumped. The two family holding companies, which are related by marital ties, have been locked in legal disputes ever since."



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Economics in crisis - YouTube

Economics in crisis - YouTube: ""



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Mubadala hires six banks for Eurobond issue | GulfNews.com

Mubadala hires six banks for Eurobond issue | GulfNews.com:



"Abu Dhabi’s Mubadala has hired six banks to lead manage a new Eurobond issue, according to several market sources. The state-owned fund has appointed Bank of America Merrill Lynch, Credit Agricole CIB, Deutsche Bank, Goldman Sachs, HSBC and National Bank of Abu Dhabi to manage a potential offering, said the sources. Mubadala itself was last in the market in April 2011 through a $1.5 billion five- and 10-year trade. However, Mubadala-related entities including Dolphin Energy, Shuweihat 2 and Aldar Properties have accessed bond markets since."



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U.S. Warns Russia of More Sanctions as G-7 Studies Ukraine Aid - Bloomberg

U.S. Warns Russia of More Sanctions as G-7 Studies Ukraine Aid - Bloomberg:



"The U.S. threatened Russia with more sanctions for its incursion into Ukraine as global finance chiefs debated how best to deliver aid to the beleaguered former Soviet republic.



With Group of Seven finance ministers and central bankers meeting yesterday in Washington, U.S. Treasury Secretary Jacob J. Lew delivered the warning in talks with his Russian counterpart, Anton Siluanov. It was made just hours after Russian President Vladimir Putin threatened to halt natural gas shipments to Ukraine.



“Secretary Lew emphasized that Russia’s ongoing occupation and purported annexation of Crimea is illegal and illegitimate,” the Treasury said in a statement after the officials met. “The United States is prepared to impose additional significant sanctions on Russia if it continues to escalate the situation in Ukraine.”"



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Russian Deals Face Scrutiny, Firms Urged to List at Home - Bloomberg

Russian Deals Face Scrutiny, Firms Urged to List at Home - Bloomberg:



"After a decade of snuggling up together, Russia Inc. and the global capital markets that finance it are starting to drift apart.



Russia’s first deputy prime minister, Igor Shuvalov, this week encouraged domestic companies to delist their shares from overseas stock exchanges, where giants like OAO Gazprom (GAZP) and OAO Sberbank (SBER) trade, for the sake of “economic security.” At the same time, U.S. and European banks such as Citigroup Inc. (C) and Deutsche Bank AG are putting their business with Russian companies under the microscope as the Ukraine crisis continues.



The moves on both sides herald a partial decoupling of Russia from the global financial system as the E.U. and U.S. threaten economic retaliation for President Vladimir Putin’s annexation of Crimea. That would make it harder for Russian companies to obtain foreign capital while hurting efforts by global banks to expand in an important emerging market."



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WTI Heads for Weekly Gain as Discount to Brent Shrinks on Libya - Bloomberg

WTI Heads for Weekly Gain as Discount to Brent Shrinks on Libya - Bloomberg:



"West Texas Intermediate headed for a weekly gain amid speculation that U.S. fuel demand will increase as employment recovers. The discount to Brent shrank to the least since September after Libya signaled it’s ready to boost crude exports.



Futures were little changed in New York and up 1.9 percent this week. Fewer Americans filed applications for jobless benefits last week than at any time since before the recession, according to Labor Department data. Brent’s premium to WTI narrowed to $4.06 a barrel yesterday as state-run National Oil Corp. lifted force majeure at its Hariga terminal, which rebels handed over to the Libyan government.



“There are reasonable grounds for an ongoing improvement in the U.S. labor market in the next month or two and that’s good for demand and oil,” said Ric Spooner, a chief strategist at CMC Markets in Sydney who predicts investors may sell West Texas contracts if prices rise to $105.20 a barrel. “The other driving factor for oil is Libya and the negotiations about whether they’re going to restore some of their capacity.”"



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Turkish Lira Drops Most in Three Weeks as Moody’s Cuts Outlook - Bloomberg

Turkish Lira Drops Most in Three Weeks as Moody’s Cuts Outlook - Bloomberg:



"Turkey’s lira dropped the most in three weeks after Moody’s Investors Service lowered its outlook on the nation’s debt rating to negative from stable.



Moody’s cited “increased pressure on external financing position driven by heightened political uncertainty, lower global liquidity and slowing near-term economic outlook” as reasons for the decision. The rating was affirmed at Baa3, the lowest of 10 investment grades and on a par with India and Ireland.



The prospect of Turkey losing its investment-grade status may cool demand for its bonds and halt a rebound in the lira, which sank to a record low in January, prompting the central bank to more than double interest rates. Foreign capital inflows into Turkish debt totaled $1.3 billion in the week to April 4, the most since Oct. 25, according to central bank data published yesterday."



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