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Thursday, 11 December 2014

Ukraine Premier Raises Risk of Default In Pressing for More Aid - NASDAQ.com

Ukraine Premier Raises Risk of Default In Pressing for More Aid - NASDAQ.com:



"Lawmakers gave initial approval Thursday to a government program containing the outline for an economic overhaul aimed at stabilizing the country's finances, as Western backers prepare a new aid package.



Prime Minister Arseniy Yatsenyuk had raised the risk of possible default in calling on parliament to support the measures, although his finance minister played down the likelihood of that scenario.



Ukraine's international creditors have demanded sweeping economic changes, including spending cuts and other politically painful measures, as a condition for any further assistance."



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Depth of reconciliation questioned as Gulf rulers end squabble - FT.com

Depth of reconciliation questioned as Gulf rulers end squabble - FT.com:



"

Qatar's Emir Sheikh Tamim bin Hamad al-Thani (third from left) flanked (from L to R) by Saudi Arabia's deputy prime minister Prince Muqrin bin Abdulaziz al-Saud, UAE prime minister Sheikh Mohammed bin Rashid al-Maktoum, and Emir of Kuwait Sheikh Sabah al-Ahmad al-Sabah during a Gulf Co-operation Council summit in Riyadh
Qatar has paid a heavy price for its controversial pro-Islamist policy over the past year. Dispensing with the pretence of brotherly relations, three of its hawkish neighbours, led by Saudi Arabia, withdrew their ambassadors from Doha in May and put the Qatari emir on notice. Months of heated rhetoric and leaks that went to the point of suggesting an invasion of Qatar, followed.



And then, in mid-November, Gulf rulers kissed and made up. “Truce Declared”, “New Page Opened”, splashed regional newspapers, with pictures of Sheikh Tamim bin Hamad al-Thani, the emir, planting a kiss on the forehead of the Saudi ruler in Riyadh.



Soon after, Sheikh Mohammed bin Zayed, the Abu Dhabi crown prince, who was said to be even more livid with Qatar than his Saudi colleagues, arrived unexpectedly in Doha, where the newfound warmth was on display as he and the emir walked hand in hand."



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MIDEAST STOCKS-Oil sinks Gulf markets; Dubai down 7.4 pct | Reuters

MIDEAST STOCKS-Oil sinks Gulf markets; Dubai down 7.4 pct | Reuters:



"Gulf stock markets fell sharply on Thursday as panic selling spread across the region after oil dropped to a fresh five-year low; Dubai's main index sank 7.4 percent, its biggest daily loss in six years.



Brent crude tumbled on Wednesday to $63.56 per barrel on comments by Saudi Arabia's oil minister again implying that Riyadh would make no output cut to support prices. It ticked up early on Thursday but was still trading below $65 when most markets in the region closed.



Dubai's index slid to 3,595 points, breaking major technical support at 3,731 points, the July trough, and hitting its lowest level since January. There is no major chart support left in the vicinity."



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BG sells pipeline to cut debt - YouTube

BG sells pipeline to cut debt - YouTube: ""



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Explaining Bahrain's land reclamation controversy - YouTube

Explaining Bahrain's land reclamation controversy - YouTube: ""



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Markets' macro speedbump - YouTube

Markets' macro speedbump - YouTube: ""



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Dubai shares sink, panic selling spreads across Gulf markets | GulfNews.com

Dubai shares sink, panic selling spreads across Gulf markets | GulfNews.com:



"Dubai’s stock index tumbled on Thursday, heading for its biggest daily drop in five years, after Brent crude oil dropped to a fresh five-year low.



The emirate’s main index sank 7.2 percent to 3,604 points, falling below major technical support at 3,731 points, its July trough.



Other Gulf markets were also bleeding."



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Russian Firms Lost Billions on Ruble Derivatives, Interfax Says - Bloomberg

Russian Firms Lost Billions on Ruble Derivatives, Interfax Says - Bloomberg:



"Russian companies lost tens of billions of rubles on foreign-exchange derivatives amid a rout in the ruble, Interfax reported, citing Sergey Moiseev, the head of financial stability at the central bank.



Companies were forced to close out the contracts after the central bank’s move to a free-floating exchange rate exposed them to the world’s highest currency volatility amid a slump in oil prices, Moiseev said, according to Interfax. Most of the transactions were terminated ahead of schedule, triggering penalties, or were restructured, the report said.



The losses underscore the financial risks of the ruble’s 32 percent retreat during the past three months, which has also fueled inflation and may prompt the central bank to increase interest rates today. Swings in the currency surged after the Bank of Russia last month accelerated a plan to allow it to trade freely in a bid to preserve foreign reserves as crude oil fell to a five-year low."



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Dubai Shares Sink to Lowest in 11 Months as OPEC Cuts Forecast - Bloomberg

Dubai Shares Sink to Lowest in 11 Months as OPEC Cuts Forecast - Bloomberg:



"Dubai stocks retreated to the lowest since January following global equities lower after OPEC reduced its estimate for 2015 oil demand and crude prices extended a slump.



The DFM General Index (DFMGI) dropped 6.6 percent at 11:48 a.m. local time to 3,628.09, the weakest since Jan. 20, bringing its decline so far this week to 13 percent, the worst since October. Emaar Properties PJSC (EMAAR), the real estate developer that accounts for almost 18 percent of the gauge, slipped to the lowest level since February. The ADX General Index in neighboring Abu Dhabi, home to almost 6 percent of the world’s proven oil reserves, sank 4 percent to the weakest in 11 months.



“We are highly correlated at least psychologically with the international markets, especially the reaction towards oil price,” Wadah Al Taha, chief investment officer at Al Zarooni Group, said by telephone. “We will probably head down further in the next few sessions. Some foreigners may be exiting the market, probably selecting other attractive emerging markets that may benefit from a decline in oil prices.”"



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Oil Won't Get Back to Over $100, Adam Sieminski Says: Video - Bloomberg

Oil Won't Get Back to Over $100, Adam Sieminski Says: Video - Bloomberg: ""



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Oil Price Hit by OPEC Numbers as Saudis Stand Firm on Output - Bloomberg

Oil Price Hit by OPEC Numbers as Saudis Stand Firm on Output - Bloomberg:



"Crude took a fresh drubbing yesterday as OPEC reduced its estimate for 2015 demand, Kuwait offered new discounts to Asian customers and the Saudi oil minister questioned the need for an output cut.



“Why should I cut production?” Ali Al-Naimi, Saudi Arabia’s oil minister, said in response to reporters’ questions yesterday in Lima, where he’s attending United Nations climate talks. “This is a market and I’m selling in a market. Why should I cut?”



The Organization of Petroleum Exporting Countries cut the forecast for how much crude it will need to produce next year by about 300,000 barrels a day to 28.9 million, the least since 2003. The group’s three largest members, Saudi Arabia, Iraq and Kuwait, are offering oil to Asian buyers at the deepest discounts in at least 6 years."



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