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Thursday, 4 December 2014

Russia Faced With 'Massive' Liquidity Problem Says Sberbank Chief | News | The Moscow Times

Russia Faced With 'Massive' Liquidity Problem Says Sberbank Chief | News | The Moscow Times:



"The head of Sberbank, Russia's largest lender, said Thursday that the banking sector was grappling with huge liquidity problems and warned that there was no easy money for Russian companies to be found in Asia, the Prime economic news agency reported.



"We have a massive, grand liquidity dislocation and already 13 percent of banking sector funding is "short" money from the Central Bank," German Gref told a conference in Moscow. The Central Bank offers short-term loans to financial institutions as part of its monetary policy.



Gref added that the liquidity problems were making it much harder, if not impossible, for banks to fund long-term projects, particularly those relating to infrastructure and transport."



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UPDATE 2-MIDEAST STOCKS-Gulf markets upbeat as oil prices rise | Reuters

UPDATE 2-MIDEAST STOCKS-Gulf markets upbeat as oil prices rise | Reuters:



"Most Gulf stock markets gained on Thursday as oil prices rose on U.S. stockpile data.



Brent crude was up 0.3 percent at $70.10 a barrel at 0840 GMT after data showed U.S. crude stocks fell more than expected last week as refineries hiked output.



Saudi Arabia's index rose 1.1 percent. Major gainers included blue chips Saudi Basic Industries, which jumped 3.9 percent, and Al Rajhi Bank, up 1.7 percent."



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Daily Dec: High-yield bonds underperform - YouTube

Daily Dec: High-yield bonds underperform - YouTube: ""



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UAE ranked least corrupt nation in Arab world by Transparency International | The National

UAE ranked least corrupt nation in Arab world by Transparency International | The National:



"The UAE is the least corrupt nation in the Arab world, according to a report from Transparency International.



The UAE was ranked 25th out of 175 countries in the group’s perception of corruption list – the highest result in the Middle East and above France, Portugal, Poland, and Spain – showing that even developed European nations are not immune to graft.



The UAE advanced one place in the index, from 26th to 25th. But there is more work to be done, the group said."



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Qatar replaces head of $300b fund | GulfNews.com

Qatar replaces head of $300b fund | GulfNews.com:



"The Qatar Investment Authority, which manages as much as $300 billion (Dh1.1 trillion) including significant stakes in Barclays, Credit Suisse and London department store Harrods, has appointed a member of the Qatari royal family to replace its chief executive.



Shaikh Abdullah Bin Mohammad Bin Saud Al Thani will take over from Ahmad Al Sayed as the new head of one of the world’s most powerful sovereign wealth funds, according to the Qatar News Agency.



The change comes only a year after Al Sayed took up the role in the days after Shaikh Hamad Bin Khalifa Al Thani passed the reins of power of the Gulf country to his son Shaikh Tamim Bin Hamad Al Thani."



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Russia ETF Rush Halted as Kremlin Forecasts Recession - Bloomberg

Russia ETF Rush Halted as Kremlin Forecasts Recession - Bloomberg:



"Investors who piled into the biggest exchange-traded fund tracking Russian stocks at a record pace last month have started pulling out as the government acknowledged that the country is headed toward a recession.



Traders withdrew $22.7 million from the Market Vectors Russia ETF (RSX) on Dec. 2, the biggest outflow since mid-July, data compiled by Bloomberg show. The redemptions were the first since August and came about two weeks after the number of shares outstanding in the fund touched all-time high of 99.3 million. 




Sentiment is shifting as the Economy Ministry said Dec. 2 that gross domestic product may shrink 0.8 percent next year, compared with a previous forecast for 1.2 percent growth. It would be Russia’s first recession since 2009. The revised outlook shows the impact of tumbling oil prices and the plunging ruble on an economy already squeezed by international sanctions linked to the Ukraine conflict."



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Shipping Can Thank OPEC Policy for $29 Billion in Savings - Bloomberg

Shipping Can Thank OPEC Policy for $29 Billion in Savings - Bloomberg:



"

When OPEC sent oil prices tumbling last week by deciding not to tackle a global glut of crude, shipping companies the world over should have cracked open the Dom Perignon.



The CHART OF THE DAY shows how tanker owners’ earnings from hauling one-time, or spot, cargoes surged by almost 25 percent since the start of January even as oil companies and traders paid less to hire the vessels. The two lines have diverged since September when ship fuel, the industry’s single expense, tracked a crash in global crude prices.



Maintained for one year, the fuel-price slump since last November would amount to almost $29 billion of savings for shipping firms based on the industry’s total consumption, data compiled by Bloomberg show. Since the Organization of Petroleum Exporting Countries announced on Nov. 27 that it would maintain oil production in the face of a surplus, the annualized savings in the industry’s main grade of ship fuel would amount to almost $4 billion."



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Saudi Arabia Seen Widening Asia Oil Discount on Shale Surge - Bloomberg

Saudi Arabia Seen Widening Asia Oil Discount on Shale Surge - Bloomberg:



"Saudi Arabia will probably deepen discounts for crude supplies to Asia after leading OPEC to maintain the group’s output target amid a global battle for market share.



The world’s biggest oil exporter will announce January official selling prices to buyers in Asia this week, after lifting its Arab Light grade from the lowest level in almost six years a month earlier. The largest producer in the Organization of Petroleum Exporting Countries may offer bigger discounts, according to 12 of 13 respondents in a Bloomberg News survey of traders. One participant forecast differentials to be unchanged.



Saudi Arabia is discounting its crude as OPEC’s decision to maintain production quotas prompts speculation the group is prepared to let prices fall to defend its market share against more expensive U.S. shale output. Benchmark futures contracts have collapsed almost 40 percent from a June peak as competition between suppliers increased amid slowing demand."



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Biggest Winners and Unluckiest Losers of Global Oil Price Crash - Bloomberg

Biggest Winners and Unluckiest Losers of Global Oil Price Crash - Bloomberg:



"Oil prices around the world have fallen more than 37 percent since the year’s high in June.



Among the winners are airlines, which are saving on fuel and not reducing fares for customers. Bank of America Corp. predicts earnings will gain 73 percent in 2015.



Saudi Arabia flexed its muscle at November’s OPEC meeting by overruling other members, showing that it’s still the dominant producer. The desert kingdom needs oil at $83.60 a barrel to balance its budget, according to the International Monetary Fund, but it’s got $736 billion banked up."



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