Google+ Followers

Tuesday, 18 November 2014

Shares in Kuwait’s IFA sink as group reports loss of Dh69m | The National

Shares in Kuwait’s IFA sink as group reports loss of Dh69m | The National:



"International Financial Advisors (IFA) swung to a loss in the third quarter, sending its shares down 8 per cent.



The Kuwait investment group reported a total loss of 5.5 million Kuwaiti dinars (Dh69.4m), down from a profit of 1.4m dinars in the same period last year. Its total comprehensive loss for nine months ending September 30 was 17.2m dinars, down from a profit of 6.4m dinars.



IFA was not immediately available for a comment.

"



'via Blog this'

Big UAE banks ‘not using Al Etihad Credit Bureau reports’ | The National

Big UAE banks ‘not using Al Etihad Credit Bureau reports’ | The National:



"The head of the country’s main bankers’ group says big banks are not using a new system for checking creditworthiness because of confusion over liability for inaccurate data.



The Al Etihad Credit Bureau, which began issuing credit reports last week, now has more than 95 per cent of financial data on individual customers in its systems. 




But banks have so far not used the reports – which include data provided by their competitors – to assess the creditworthiness of clients, said Abdul Aziz Al Ghurair, chairman of the UAE Banks’ Federation."



'via Blog this'

To cut or retain market share is Opec’s dilemma | GulfNews.com

To cut or retain market share is Opec’s dilemma | GulfNews.com:



"As ministers from the 12 members of the Organization of the Petroleum Exporting Countries (Opec) prepare to fly to Vienna for their 166th meeting next week, the quiet consultations and soundings have already begun. Opec must decide whether and how to respond to the 30 per cent decline in oil prices since the middle of June, in what may be the organisation’s toughest test in five years.



Slower oil demand growth and rising competition from non-Opec suppliers, especially US shale producers, pose a common threat to all the organisation’s members. But formulating a common response will be hard because the slowdown in demand and the shale revolution have had a very different impact from member to member.



Saudi Arabia, Kuwait and the UAE are producing and exporting close to their highest-ever levels of crude, according to the BP Statistical Review of World Energy. All three have built large financial reserves so they could weather a prolonged period of lower prices without too much effect on their day-to-day government operations."



'via Blog this'

Bahrain’s Arcapita Raises $100 Million After Exiting Chapter 11 - Bloomberg

Bahrain’s Arcapita Raises $100 Million After Exiting Chapter 11 - Bloomberg:



"Bahrain’s Arcapita Bank BSC has raised $100 million from shareholders to fund a return to dealmaking a year after it emerged from bankruptcy.



The new equity will be used to fund Shariah compliant private equity and real-estate investments in Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Oman and Kuwait, the bank said today in a statement. Arcapita will also look at U.S., Asian and European investments at a later stage, it said.



Arcapita emerged from bankruptcy in September 2013 after securing a $350 million loan from Goldman Sachs Group Inc. (GS) The bank filed for bankruptcy in March 2012 after negotiations with creditors over a $1.1 billion syndicated loan failed. Under the terms of its debt restructuring, a new company called RA Holding Corp. was created to manage Arcapita’s $3 billion of assets. Arcapita earned $10.1 million in the fiscal year ended June, mostly from fees for managing RA on behalf of creditors."



'via Blog this'

Oil Below $80 Yet to Upset Bond Market Seeing Arab Wealth - Bloomberg

Oil Below $80 Yet to Upset Bond Market Seeing Arab Wealth - Bloomberg:



"The 29 percent plunge in oil prices this year has yet to unnerve bond investors in some of the world’s biggest crude-producing nations in the Middle East.



The yield on Abu Dhabi’s April 2019 dollar-denominated security fell four basis points since Brent crude reached its year-to-high on June 19, with the yield 46 points lower in 2014, according to data compiled by Bloomberg. The rate on Qatar’s January 2022 bond has also declined since oil peaked.



Persian Gulf producers are better prepared this time than when crude tumbled amid the financial crisis in 2008. The benchmark Brent grade has averaged $109 a barrel since January 2011, enabling the region’s wealthiest producers to amass cash. Saudi Arabia has boosted foreign-exchange reserves 68 percent to $739 billion since 2008, while Kuwait, Qatar and the United Arab Emirates have grown at faster rates, data compiled by Bloomberg show."



'via Blog this'