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Monday, 1 December 2014

MIDEAST STOCKS-Gulf markets stabilise after panic sell-off | Reuters

MIDEAST STOCKS-Gulf markets stabilise after panic sell-off | Reuters:



"Gulf stock markets steadied and some rebounded on Monday after tumbling a day earlier in response to a plunge in oil prices.



Brent crude fell nearly $2 a barrel to a five-year low below $68 in early trade on Monday but then pared some losses and climbed towards $70. That appeared to soothe Gulf investors' nerves and inspire some late buying.



Saudi Arabia's index rose 1.1 percent as most market sectors rebounded, while petrochemicals were almost flat. The bourse closes at 1230 GMT, hours after its Gulf counterparts, and so reacts more to Western market moves."



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Oil price hits struggling Venezuela - YouTube

Oil price hits struggling Venezuela - YouTube: ""



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Lex: sifting in the rouble - YouTube

Lex: sifting in the rouble - YouTube: ""



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BP to join TANAP in near future - AzerNews

BP to join TANAP in near future - AzerNews:



"British BP, which operates a number of major oil and gas projects on behalf of its co-ventures in Azerbaijan, Georgia, and Turkey, will join the Trans-Anatolian (TANAP) gas pipeline project in the near future.



The news was announced by BP's Regional President for Azerbaijan, Georgia, and Turkey (AGT) Gordon Birrell on November 28.



He told the journalists that the company’s share in the TANAP project will reach 12 percent following the transaction."



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Russia and Turkey have agreed to build a new offshore gas pipeline

Russia and Turkey have agreed to build a new offshore gas pipeline:



"Gas dynamics in Europe have taken a surprise twist with announcement Monday that Russia and Turkey have agreed to build an offshore gas pipeline.



Gazprom’s head Alexey Miller said that a memorandum of understanding had been signed for the construction of an offshore gas pipeline to Turkey with the annual capacity of 63 billion cubic meters, the same volume as the proposed South Stream pipeline.



Speaking about South Stream, Miller said, "That’s all, the project is closed."



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Rouble suffers worst fall since 1998 crisis - FT.com

Rouble suffers worst fall since 1998 crisis - FT.com:



"





The rouble nosedived on Monday, suffering its worst daily fall since Russia’s 1998 crisis amid renewed fears over the impact of tumbling oil prices on the country’s economy.



The currency hit Rbs53.54 against the dollar in Moscow morning trading, down 8.24 per cent from its Friday close and some 40 per cent since the start of the year. At one stage, the rouble had been down 8.98 per cent.



The plummeting currency raises the pressure on the central bank to resume market intervention, from which it had abstained since floating the rouble in early November.
"



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The benefits of a smaller market - YouTube

The benefits of a smaller market - YouTube: ""



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Asean's energy deficit - YouTube

Asean's energy deficit - YouTube: ""



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Dubai finance chief confident on mega-projects even as oil price falls | The National

Dubai finance chief confident on mega-projects even as oil price falls | The National:



"Dubai’s finance chief believes the emirate can pay for the mega-projects planned over the next five years despite the falling oil price.



Speaking exclusively to The National, Abdulrahman Al Saleh, director general of the Dubai Department of Finance, said: “The capital markets have shown full faith in Dubai’s business model and as you have seen, both equity and long term debt is easily accessible to Dubai entities. In addition we have seen the private sector is very keen to participate in the future growth plans of Dubai.



“We are confident that all these projects will be commercially viable and will be able to raise both equity and debt to manage healthy financial ratios,” he added."



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A closer look at secret trading in the UAE | The National

A closer look at secret trading in the UAE | The National:



"As a result of the market turmoil that followed the Arabtec saga, the UAE stock market regulator is shedding light on a practice that blurs the lines between traders and their clients.



The Securities and Commodities Authority (SCA) has appointed four financial institutions to put forward recommendations towards a regulatory reform that will distinguish trades made by banks on behalf of clients from trades made using the bank’s own money.



The SCA has tasked EFG Hermes, HSBC, NBAD and Al Mal Capital with providing a report by the end of December, according to sources familiar with the matter. All four financial institutions declined to comment last week."



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MIDEAST STOCKS-Gulf mkts bleed after OPEC lets oil slide; Egypt steady | Reuters

MIDEAST STOCKS-Gulf mkts bleed after OPEC lets oil slide; Egypt steady | Reuters:



"Gulf stock markets plunged to milestone lows in a panic sell-off on Sunday after OPEC's decision to keep crude output unchanged sent oil prices tumbling.



The price of Brent crude fell about 10 percent to $70.15 per barrel since regional equity markets had last traded on Thursday and Sunday's opening was grim for long-only regional investors.



Saudi Arabia's bourse, where petrochemicals account for almost a third of total earnings, took the biggest hit among major markets, dropping 4.8 percent to 8,625 points, its lowest close since early January."



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Deloitte Said to Face Saudi Regulator’s Ban on Audit Work - Bloomberg

Deloitte Said to Face Saudi Regulator’s Ban on Audit Work - Bloomberg:



"Deloitte LLP may be blocked from auditing companies in Saudi Arabia after the country’s market regulator told firms registered in the kingdom to stop using its local services, according to a circular obtained by Bloomberg.



The Capital Market Authority said in the circular dated Nov. 27 that publicly traded companies it regulates should avoid working with Deloitte’s Saudi Arabian practice as of June 1. The ban could be revoked if Deloitte resolves a dispute the regulator didn’t specify, according to the circular. The dispute relates to Deloitte’s audit work for Mohammad Al-Mojil Group (MMG), a construction-industry services provider based in Dammam, Saudi Arabia, according to four people with knowledge of the matter.



Deloitte operates in the kingdom as Deloitte & Touche Bakr Abulkhair & Co., and has had a practice there for more than 50 years, according to its website. It audits some of the country’s largest companies, including state-owned Saudi Telecom Co. (STC) and Yanbu National Petrochemicals Co. (YANSAB)

"



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Oil at $40 Possible as Market Transforms Caracas to Iran - Bloomberg

Oil at $40 Possible as Market Transforms Caracas to Iran - Bloomberg:



"Oil’s decline is proving to be the worst since the collapse of the financial system in 2008 and threatening to have the same global impact of falling prices three decades ago that led to the Mexican debt crisis and the end of the Soviet Union. 




Russia, the world’s largest producer, can no longer rely on the same oil revenues to rescue an economy suffering from European and U.S. sanctions. Iran, also reeling from similar sanctions, will need to reduce subsidies that have partly insulated its growing population. Nigeria, fighting an Islamic insurgency, and Venezuela, crippled by failing political and economic policies, also rank among the biggest losers from the decision by the Organization of Petroleum Exporting Countries last week to let the force of the market determine what some experts say will be the first free-fall in decades.



“This is a big shock in Caracas, it’s a shock in Tehran, it’s a shock in Abuja,” Daniel Yergin, vice chairman of Englewood, Colorado-based consultant IHS Inc. and author of a Pulitzer Prize-winning history of oil, told Bloomberg Radio. “There’s a change in psychology. There’s going to be a higher degree of uncertainty.”"



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Oil Tumbles Below $65 as OPEC Seen Failing to Slow Shale - Bloomberg

Oil Tumbles Below $65 as OPEC Seen Failing to Slow Shale - Bloomberg:



"West Texas Intermediate fell below $65 a barrel to the lowest intraday level since July 2009 amid speculation that prices need to drop further before OPEC’s decision to maintain production slows U.S. shale supply.



Futures lost as much as 3.1 percent in New York, while London-traded Brent slid 3.2 percent. Current prices are no guarantee of a significant decline in U.S. shale output, Iran’s Oil Minister Bijan Namdar Zanganeh said in an interview on Nov. 28. Iraq is considering spending cuts amid the price slump, according to a cabinet statement.



Oil has collapsed into a bear market as the U.S. pumps crude at the fastest rate in three decades even amid signs that global demand is slowing. The Organization of Petroleum Exporting Countries last week resisted calls from members including Venezuela, Iran and Iraq to reduce its production target of 30 million barrels a day at a meeting in Vienna."



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Saudi Stocks Enter a Bear Market on OPEC Output; Dubai Slumps - Bloomberg

Saudi Stocks Enter a Bear Market on OPEC Output; Dubai Slumps - Bloomberg:



"Saudi Arabian stocks plunged into a bear market after OPEC took no action to stem a slump in oil, triggering a rout in Middle Eastern equities.



The Tadawul All Share Index (SASEIDX) retreated as much as 6.3 percent, the most since March 2011, before settling 4.8 percent lower at the close in Riyadh. The measure for the Arab world’s biggest bourse has slipped 23 percent to 8,624.89 from a high on Sept. 9. Dubai’s DFM General Index fell 4.7 percent, the most since Oct. 16. Abu Dhabi’s ADX General Index declined 2.6 percent, Oman’s MSM 30 Index lost 6.2 percent and Qatar’s QE Index fell 4.3 percent.



Oil tumbled to the lowest since May 2010 after the 12-nation Organization of Petroleum Exporting Countries maintained its collective production ceiling of 30 million barrels a day. Brent crude, the benchmark for more than half the world’s oil, lost 13 percent last week, the biggest weekly plunge since May 2011, to $70.15 a barrel. Saudi stocks are tumbling four months after the country announced plans to give foreigners access to the bourse for the first time."



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