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Tuesday, 31 March 2015

Instability and oil price plunge in the Arab world end boom years - FT.com

Instability and oil price plunge in the Arab world end boom years - FT.com:



"The dual challenges of rising terrorism and falling oil prices hover over the Middle East and north Africa, dashing hopes of a sustained focus on economic growth this year.



As the recurring theme of political upheaval weighs heavier on the region, the sharp decline in oil prices has started to slam the brakes on the Gulf’s powerful growth momentum.



Political tumult has spread, with the jihadi threat to Iraq and Syria reproducing itself in the civil conflict of oil-exporting Libya. Violence has also marred the post-Arab spring transition in emerging democracy Tunisia."



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UAE moving towards allowing 100% foreign ownership of businesses outside free zones | The National

UAE moving towards allowing 100% foreign ownership of businesses outside free zones | The National:



"Plans for a law to allow full foreign ownership of companies outside free zones in strategic sectors are at an advanced stage, the Minister of Economy said.



At a the Annual Investment Meeting in Dubai on Monday, Sultan Al Mansouri promised a new “law of Foreign Direct Investment that allows 100 per cent ownership in some sectors outside free zones”.



The law is intended to encourage innovation and technology transfer. It will likely require foreign companies that are granted 100 per cent ownership rights to provide support or expertise to sectors identified by the government as strategically important. It would only apply to some industry sectors."



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Abraaj raises $1.3bn for African investment funds - FT.com

Abraaj raises $1.3bn for African investment funds - FT.com:



"Emerging markets private equity group Abraaj has raised more than $1.3bn for two funds investing in Africa, the largest amount amassed for direct deals across the continent, people aware of the matter say.



The two funds mark further global investor interest in Africa as private equity groups bet on strong growth as Sub-Saharan economies develop and the middle class grows, while stability returns to parts of north Africa wracked by unrest for the past four years.



Dubai-based Abraaj, which has been fundraising for these funds for eight months, has capped the Sub-Saharan Africa fund at $990m, higher than the $800m the company had originally sought to raise. The North African fund will probably end up oversubscribed at $340m, exceeding its $250m target."



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Globalisation to localisation? - YouTube

Globalisation to localisation? - YouTube: ""



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Miliband tries to woo business - YouTube

Miliband tries to woo business - YouTube: ""



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Lex — Universal banking - YouTube

Lex — Universal banking - YouTube: ""



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UPDATE 1-MIDEAST STOCKS-DAMAC lifts Dubai, other Gulf markets mixed | Markets | Reuters

UPDATE 1-MIDEAST STOCKS-DAMAC lifts Dubai, other Gulf markets mixed | Markets | Reuters:



"Shares in Dubai real estate developer DAMAC surged in early trade on Tuesday after the company reported strong first-quarter sales, while other Gulf stocks were mixed as oil prices remained soft.



Oil fell as Iran and six world powers ramped up the pace of negotiations to reach a preliminary deal by the end of the day that could ease sanctions and allow more Iranian crude onto world markets. Brent crude has slipped 0.8 percent and U.S. oil fell 1.4 percent.



Dubai's stock index inched up 0.2 percent as DAMAC surged 5.1 percent. A company executive told Reuters on Monday its first-quarter sales hit 2.8 billion dirhams ($762 million), increasing from the previous quarter thanks to robust demand from foreign buyers."



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Oil extends losses as deadline for Iran nuclear deal looms | Reuters

Oil extends losses as deadline for Iran nuclear deal looms | Reuters:



"Oil futures extended losses on Tuesday, as Iran and six world powers ramped up the pace of negotiations to reach a preliminary deal that could ease sanctions and allow more Iranian crude onto world markets.



With a deadline less than 24 hours away, United States, Britain, France, Germany, Russia and China were trying to break an impasse in negotiations aimed at stopping Iran from having the capacity to develop a nuclear bomb, in exchange for an easing of international sanctions.



Officials said talks on a framework accord, which is intended as a prelude to a comprehensive agreement by the end of June, could yet fall apart over disagreements on enrichment research and the pace of lifting sanctions."



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It's Too Expensive to Live in Dubai, So People Deal With the Gridlock Commute - Bloomberg Business

It's Too Expensive to Live in Dubai, So People Deal With the Gridlock Commute - Bloomberg Business:



"Walid Zahra has a 25-minute trip home from his office in Dubai -- if you don’t count the two hours he spends waiting at a café for the traffic to clear.



“I decided it’s better to spend that time reading papers than getting stressed in my car,” the 27-year-old human-resources worker said.



Like about half the people who work in Dubai, Zahra, a Lebanese father of one, can’t afford to live there, requiring his commute from the neighboring United Arab Emirates sheikhdom of Sharjah. As the roads grow increasingly clotted, the city is introducing ways to add modestly priced homes to a mix dominated by luxury villas and high-end apartments."



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Monday, 30 March 2015

MIDEAST STOCKS-Saudi Arabia underperforms Gulf as banks slide on fee worries | Reuters

MIDEAST STOCKS-Saudi Arabia underperforms Gulf as banks slide on fee worries | Reuters:



"Most Middle East stock markets edged up on Monday, but banks and petrochemicals dragged down Saudi Arabia because of concern about regulatory intervention and weak oil prices.



Oil continued to drop as Iran and six world powers tried to reach a deal that could add oil to the market if sanctions against Tehran are lifted. The two sides aim to reach a preliminary agreement by Tuesday.



The main Saudi stock index fell 1.3 percent as petrochemicals giant Saudi Basic Industries Co edged down 0.7 percent. Ex-dividend Savola Group and Sahara Petrochemical Co, down 1.7 and 7.1 percent respectively, were also among the main drags."



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UPDATE 1-MIDEAST STOCKS-Gulf markets diverge on mixed news, dividends | News by Country | Reuters

UPDATE 1-MIDEAST STOCKS-Gulf markets diverge on mixed news, dividends | News by Country | Reuters:



"Middle East stock markets were mixed by midday on Monday, driven by weaker oil and company-specific news as well as stocks going ex-dividend.



Oil prices extended losses from the previous session as Iran and six world powers tried to reach a deal that could add oil to the market if sanctions against Tehran are lifted. The two sides aim to reach a preliminary agreement by Tuesday.



The main Saudi index slipped 0.2 percent as petrochemicals giant Saudi Basic Industries Co edged down 0.4 percent. Another major drag was ex-dividend Savola Group, which dropped 2.0 percent."



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Guest post: seven reasons why India will cut rates on April 7 | beyondbrics

Guest post: seven reasons why India will cut rates on April 7 | beyondbrics:



"The general drift in the financial trenches is that Governor Raghuram Rajan of the Reserve Bank of India (RBI) will stay on hold at the bank’s April 7 policy meeting. After all, he just cut rates – in a second consecutive out-of-meeting action – in early March. What’s more, consumer price inflation moved up in February; this will constrain the RBI from easing. Finally, following the surprise rate cut in January, the RBI had stayed on hold at its February policy meeting; it will repeat this behaviour next month.



For these reasons, hardly anyone expects a rate cut next week. However, valid as these arguments are, they are overshadowed by factors that make a stronger case for another cut.



The debate is not really about whether Rajan will cut rates at least once more. The key point is the timing of his next move. The governor has three options: cut rates again on April 7; announce another out-of-policy move; or wait for the RBI’s June policy meeting."



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Swiss banking model is ‘dead’, says Abu Dhabi finance centre chief - FT.com

Swiss banking model is ‘dead’, says Abu Dhabi finance centre chief - FT.com:



"Abu Dhabi intends to set itself up as a new hub for wealth management, with the head of its nascent international financial centre declaring Switzerland’s old model of private bank secrecy to be “dead”.



Abu Dhabi Global Markets is an expression of world ambition, intended to elevate the oil-and-gas-rich emirate to the tables of the most influential global institutions, such as the Basel Committee on Banking Supervision and the Group of 20 Nations, using Singapore rather than Switzerland as its model, its chairman told the Financial Times.



“Innovation is coming from this new, emerging market. This is why Asian financial centres are sitting on Basel committees and legislating for the west, because they didn’t make one mistake in 15 years,” Ahmed Ali al-Sayegh said in London as he set out ADGM’s stall to banks. “We have a similar ambition.”"



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Grexit nerves limited to Greece - YouTube

Grexit nerves limited to Greece - YouTube: ""



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MAF counts on bonds and sukuk to double in size in five years | The National

MAF counts on bonds and sukuk to double in size in five years | The National:



"Majid Al Futtaim plans to use bonds and sukuk to finance its ambitious plan to double in size within five years, the conglomerate’s chief executive said yesterday.


The news came as a report said that the UAE’s Sharia finance sector is poised for robust growth in the coming years. The report, from the consultancy Ernst & Young, said that Sharia-compliant assets in the UAE are on track to reach a value of US$263 billion by 2019, more than double last year’s value of $127bn.



The UAE is already the third-largest Islamic banking market by value after Saudi Arabia and Malaysia, the consultancy said."



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Rebuilding Iraq’s oil industry |GulfNews.com

Rebuilding Iraq’s oil industry |GulfNews.com:



"Adil Abdul Mahdi was born 1942 in Baghdad. He is a trained economist who left Iraq in 1969 for exile in France. He worked for French think tanks and edited magazines in French and Arabic. He was educated in France. His father was a minister during the royal era in Iraq. He attended high school at Baghdad College, an elite American Jesuit secondary school.



A politician and an economist, he became vice-president of Iraq from 2005 to 2011. He was formerly the finance minister in the interim government after 2003. 




Iraq has the world’s fifth largest proven petroleum reserves in the world with an estimated 115 billion barrels, although a large amount of its reserves are undeveloped."



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Iran Reserves Again Coveted by Big Oil After Decades of Conflict - Bloomberg Business

Iran Reserves Again Coveted by Big Oil After Decades of Conflict - Bloomberg Business:



"Outside the boardroom of BP Plc’s headquarters on London’s swanky St. James’s Square, a display case houses the geological data from Masjid-i-Solaiman, Iran’s first oil well.



The discovery of crude in 1908 laid the foundations for the company that would become British Petroleum and opened one of the richest opportunities that western oil companies have ever enjoyed in the turbulent Middle East. Since then, the industry’s history in Iran is intertwined with CIA-backed coups, colonial exploitation and the anti-western resentment surrounding the 1979 Islamic Revolution.



Now, as Iran and the U.S. enter 11th hour negotiations to reach a nuclear deal and ease sanctions, the Middle Eastern country is emerging again as a potential prize for western oil companies such as BP, Royal Dutch Shell Plc, Eni SpA and Total SA. The Chinese can also be expected to enter the race, while U.S. companies, more burdened by sanctions and legacy, will be further down the pack."



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EU referendum will play havoc with business, Ed Miliband warns | Politics | The Guardian

EU referendum will play havoc with business, Ed Miliband warns | Politics | The Guardian:



"Ed Miliband will attempt to win over a reluctant business community on Monday by warning that an EU referendum proposed by David Cameron would trigger a bitter two-year campaign in which a re-elected Tory party would tear itself apart over whether the UK should remain in Europe.



As the Labour leader launches the party’s business manifesto, aides are suggesting the proposed referendum would be a recipe for chaos as would-be successors to Cameron fight for support from an overwhelmingly sceptical party membership. 




The attack has been launched as Cameron prepares to see the Queen on Monday afternoon to seek the dissolution of parliament, signalling the official start of the general election campaign."



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Sunday, 29 March 2015

Chairman of Dubai’s Drydocks World Resigns - WSJ

Chairman of Dubai’s Drydocks World Resigns - WSJ:



"Khamis Buamim, the chairman of Dubai’s shipyard arm Drydocks World, has stepped down and has been replaced by an official from the emirate’s department of finance, according to a person familiar with the matter.



Mr. Buamim took the helm of Drydocks in 2010 at a time when the company was struggling with a pile of debt it accumulated to fund an overseas acquisition and as the global economy went into a tailspin. Drydocks in 2012 agreed to a $2.2 billion debt restructuring with its creditors.



Mr. Buamim will be replaced by Abdulrahman Al Saleh, director general of Dubai’s department of finance, the person familiar with the matter said."



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UAE dividend payouts grow at double-digit pace to hit new record | The National

UAE dividend payouts grow at double-digit pace to hit new record | The National:



"Dividends paid out by the UAE’s leading listed companies grew at a double-digit rate to a record last year – and they are expected to do the same in the current year.



Research by the Dubai-based investment bank Arqaam Capital shows that the payouts have grown each year since 2010 as the country’s economy recovered from the global economic crisis.



Money managers say the big payouts are a sign that companies and banks are not worried that the drop in the price of oil, a key component of economic growth in this part of the world, and regional political turbulence will dent earnings too badly."



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Egypt cannot let go of the baton now |GulfNews.com

Egypt cannot let go of the baton now |GulfNews.com:



"A successful Egypt is at the heart of the vision that both the UK and the UAE have for this region. But this is not just about governments.



British and Emirati companies working together have unique potential now to power Egypt’s recovery as it moves from aid to investment and growth.



Both the UK and UAE believe that a strong, reviving Egyptian economy is the essential foundation of all else that we and Egyptians want to see: stability, job opportunities for all, and an open, modern society with empowered citizens and accountable institutions. In the words of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, our support for Egypt “is not a favour, but a duty”."



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Saudi Stocks Lead Arab Market Rally as King Vows Yemen Stability - Bloomberg Business

Saudi Stocks Lead Arab Market Rally as King Vows Yemen Stability - Bloomberg Business:



"Saudi Arabian stocks jumped the most in six weeks, leading a rally across Arab equity markets, after the country’s king pledged to restore stability in Yemen.



The Tadawul All Share Index, the main gauge for the world’s biggest oil exporter, added 2.2 percent at 12:07 p.m. local time, the sharpest increase since Feb. 15. Qatar’s QE Index climbed for the first time in three days, and Abu Dhabi’s ADX General Index headed for the highest close in two weeks. The Bloomberg GCC 200 Index, a gauge of the Gulf Cooperation Council’s top 200 equities, was on course for the biggest advance in more than a month.



Equity markets across the Middle East were caught in a selloff last week as a Saudi-led coalition started bombing targets in Yemen after Shiite rebels advanced on the southern port of Aden, where forces loyal to President Abdurabuh Mansur Hadi have rallied. Saudi Arabia’s King Salman yesterday told Arab leaders the coalition would press its military offensive until stability in Yemen is restored."



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Saturday, 28 March 2015

What’s $3 Billion Between Enemies? #Ukraine and #Russia Battle Over Debt Terminology - Real Time Economics - WSJ

What’s $3 Billion Between Enemies? Ukraine and Russia Battle Over Debt Terminology - Real Time Economics - WSJ:



"Of the many battles Ukraine and Russia are fighting, an argument about whether to call the $3 billion Kiev owes Moscow at the end of this year “official” or “private” debt may seem insignificant.



In fact, says Anders Åslund, a Russia expert and senior fellow at the Peterson Institute for International Economics, the verbal skirmish highlights a fundamental problem: Ukraine needs far more cash than Western countries have currently promised to keep the conflict-ridden economy afloat.



“It’s under-funded,” said Mr. Åslund. Even though the International Monetary Fund and other creditors just boosted their emergency bailout financing, Mr. Åslund said he expects Europe and the U.S. will have to contribute at least another $10 billion."



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America's biggest airlines are accusing Persian Gulf carriers of cheating - Vox

America's biggest airlines are accusing Persian Gulf carriers of cheating - Vox:



"Three of America's four largest airlines — American, United, and Delta — have teamed up with the labor unions representing their workers to form a coalition called Americans for Fair Skies, which is demanding US government action against three major airlines based in the Persian Gulf that are cheating on existing international agreements. Bill Shuster, the Republican chair of the House Transportation Committee, says the complaint has merit, and the Obama administration has agreed to review the matter.



The key complaint from the American airlines is that their three state-owned Gulf competitors — Emirates, Etihad, and Qatar — receive government subsidies that violate the terms of the existing Open Skies agreements between the US, the United Arab Emirates, and Qatar.



But the real stakes are less about legal details than about whom US transportation policy should favor: American aviation workers or American travelers. A crackdown on Gulf airlines could mean more jobs and higher pay for US-based aviation workers. But it could also mean higher prices and less choice for American international fliers, especially those bound for Asia."



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The emerging market discount - YouTube

The emerging market discount - YouTube: ""



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Friday, 27 March 2015

Borse Dubai rules out Nasdaq OMX Group stake sale | Reuters

Borse Dubai rules out Nasdaq OMX Group stake sale | Reuters:



"Borse Dubai [BRSDB.UL] ruled out any sale of its shares in Nasdaq OMX Group (NDAQ.O) on Thursday after shedding its entire 17.4 percent stake in the London Stock Exchange (LSE.L) (LSE).



The firm had been the biggest single shareholder in the LSE prior to the sale, which occurred on Wednesday through a so-called book building process which a source familiar with the matter told Reuters on Thursday happened at 22.50 pounds a share.



This would equate to a total sale worth 1.36 billion pounds, according to Reuters calculations. Shares in LSE fell sharply as a result, down 10 percent to 22.83 pounds by 9:10 a.m."



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Guest post: South Korea deepens business ties in the Middle East | beyondbrics

Guest post: South Korea deepens business ties in the Middle East | beyondbrics:



"Over the last half century, the Middle East has been a cornerstone in South Korea’s rapid economic development, or what has become known as the ‘miracle on the Han river’ – a reference to the waterway that carves its way through Seoul. 




Korean expertise in fields such as transportation, construction and technology can help the Middle East accelerate towards a future beyond oil. The relationship has deep historical roots.



Entrepreneurial Arab merchants first traded on the Korean peninsula in the seventh century. Returning westwards, these merchants spread the name ‘Korea’ to Europeans, who had difficulty with the pronounciation of the Goryeo dynasty, which ruled modern day Korea from 918 to 1392."



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Ukraine: An oligarch brought to heel - FT.com

Ukraine: An oligarch brought to heel - FT.com:



"As Moscow annexed Crimea a year ago and pro-Russian separatists started seizing control of town halls across eastern Ukraine, Kiev came up with the novel idea of appointing Ukraine’s richest men as regional governors, in a bid to stop the unrest spreading to the heart of the country. Igor Kolomoisky was the first to sign up.



It was, the billionaire said, a way for the oligarchs “to atone for their guilt before the people by serving the state”.



The policy bore fruit. As governor of Dnipropetrovsk region, Mr Kolomoisky held the line against the Moscow-backed insurgents who now rule large swaths of the east. His financial support for volunteer battalions was critical in blocking the rebels’ advance."



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Why Singapore became an economic success - YouTube

Why Singapore became an economic success - YouTube: ""



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RBS Sells Coutts International to UBP in Latest Swiss Exit - Bloomberg Business

RBS Sells Coutts International to UBP in Latest Swiss Exit - Bloomberg Business:



"Royal Bank of Scotland Group Plc agreed to sell its Coutts International private bank to Switzerland’s Union Bancaire Privee, becoming the latest foreign bank to retreat from the Swiss wealth market.



The price of the transaction was not disclosed by RBS, the biggest U.K. state-owned bank, nor UBP and may depend on how many client assets are transferred. The sale includes business managed from Switzerland, Monaco, the Middle East, Singapore and Hong Kong and assets under management of about 32 billion Swiss francs ($33 billion), RBS said on Friday.



RBS joins lenders such as Bank of America Corp., Morgan Stanley and Lloyds Banking Group Plc in exiting Switzerland, the world’s biggest offshore financial center, over the past three years. Banks are selling their businesses amid low profitability and international scrutiny of the industry."



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Oil prices fall more than $1 as supply threat eases | Reuters

Oil prices fall more than $1 as supply threat eases | Reuters:



"Oil prices fell more than $1 on Friday, after sharp gains in the prior session, as worries of a disruption to supplies due to Saudi Arabia-led air strikes in Yemen eased.



Goldman Sachs said the strikes in Yemen would have little effect on oil supplies as the country was only a small crude exporter and tankers could avoid passing its waters to reach their ports of destination.



Brent LCOc1 was down $1 at $58.19 a barrel at 0817 GMT, after touching $57.93 earlier. U.S. crude CLc1 was down 96 cents at $50.47 a barrel, after hitting $50.25 earlier."



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Thursday, 26 March 2015

MIDEAST STOCKS-Gulf markets end well off lows after panic over Yemen | Reuters

MIDEAST STOCKS-Gulf markets end well off lows after panic over Yemen | Reuters:



"Most Middle East stock markets fell on Thursday after Saudi Arabia and its allies in the region launched air strikes against Yemen's Houthi militia, but they came well off their lows late in the day as the initial panic subsided.



Saudi Arabia's bourse, which is by far the region's biggest market and closes later than others in the Gulf, finished higher.



Warplanes attacked the Yemeni capital Sanaa's airport and its al Dulaimi military airbase on Thursday after the Houthi militia and its army allies advanced towards the city of Aden a day earlier."



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Missing animal spirits - YouTube

Missing animal spirits - YouTube: ""



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Strategy, management and execution are crucial factors in GCC asset management | The National

Strategy, management and execution are crucial factors in GCC asset management | The National:



"The asset management industry in the GCC has blindly followed developed market dictates. The main focus is listed equities. But the GCC markets have neither the depth nor breadth to allow an active strategy to flourish. And a passive strategy does not need asset managers.



The only other truly active asset class in the region is private equity (PE). PE managers have focused predominantly on what they call late stage investing: buying shares of companies shortly before they list. This strategy has performed well on a few notable deals. However, fund performance has been abysmal.



The problem here is where is the value creation? A firm that buys a company and quickly IPOs it is not an asset management firm but an investment bank that is providing underwriting and equity capital market services."



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Dubai, Essa Kazim, London Stock Exchange, DFM | The National

Dubai, Essa Kazim, London Stock Exchange, DFM | The National:



"Dubai has sold its eight-year-old 17.4 per cent stake in the London Stock Exchange, making a 77 per cent gain on its investment.



Essa Kazim, chairman of Borse Dubai, said that the shares had been sold at a price near an all-time record for LSE stock.



“What with currency gains and dividends, we’ve made a good profit. It’s an example of a Dubai overseas investment that has made a profit for the government,” he said."



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Why Bombing This Tiny Oil Producer Is Roiling the Energy Market - Bloomberg Business

Why Bombing This Tiny Oil Producer Is Roiling the Energy Market - Bloomberg Business:



"While Yemen contributes less than 0.2 percent of global oil output, its location puts it near the center of world energy trade.



The nation shares a border with Saudi Arabia, the world’s biggest crude exporter, and sits on one side of a shipping chokepoint used by crude tankers heading West from the Persian Gulf. Global oil prices jumped more than 5 percent on Thursday after regional powers began bombing rebel targets in the country that produced less than Denmark in 2013.



Yemen’s government has collapsed in the face of an offensive by rebels known as Houthis, prompting airstrikes led by Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries. The Gulf’s main Sunni Muslim power says the Houthis are tools of its Shiite rival Iran, another OPEC member, and has vowed to do what’s necessary to halt them."



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U.A.E. Oil Port Beyond Hormuz Sees Expansion on Storage Demand - Bloomberg Business

U.A.E. Oil Port Beyond Hormuz Sees Expansion on Storage Demand - Bloomberg Business:



"Oil storage companies are refinancing debt and planning borrowing to expand terminals at the United Arab Emirates port outside the Hormuz Strait to help traders manage an oil glut with Middle East borrowing rates near a record low.



Fujairah Oil Terminal FZC, a joint venture between China Petroleum & Chemical Corp. and a Singaporean partner, is seeking to refinance a construction loan, according to two people with direct knowledge of the situation. Gulf Petrochem FZC, which operates another storage terminal nearby, is considering financing to expand capacity, according to Paul Nix, general manager for terminal operations.



An oil glut estimated by the U.A.E. at 2 million barrels a day and growing Middle East output of products such as gasoline are boosting demand for storage, benefiting Fujairah, the biggest oil storage port on the Persian Gulf. Refinancing is more attractive with the three-month Emirates interbank offered rate, a benchmark used by banks to price loans, at 0.677 percent last month, matching the lowest since at least 2006."



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Dubai Stocks Lead Mideast Rout as Coalition Bombs Yemeni Targets - Bloomberg Business

Dubai Stocks Lead Mideast Rout as Coalition Bombs Yemeni Targets - Bloomberg Business:



"Dubai stocks led regional equity markets lower after a Saudi-led coalition started air strikes against Yemen’s Shiite Houthi rebels.



The DFM General Index lost 3.7 percent at 12:19 p.m. local time to 3,306.82, the lowest since Dec. 18, bringing its two day losses to 5.7 percent. Saudi Arabia’s Tadawul All Share Index fell as much as 4.2 percent before trading 0.3 percent lower. The Bloomberg GCC 200 Index, a gauge of the Gulf Cooperation Council’s top 200 equities, fell to the weakest level since Jan. 13.



Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Qatar said they responded to a request for help from Yemen’s President Abdurabuh Mansur Hadi, according to a statement carried by the official Saudi Press Agency. Egypt, Pakistan, Morocco and Jordan are also part of the operation, according to Al Arabiya TV, bringing the total number of aircraft involved to 185. The air strikes come after forces loyal to the rebel group marched on the southern port city of Aden, Hadi’s stronghold."



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Wednesday, 25 March 2015

UPDATE 1-MIDEAST STOCKS-Gulf markets neutral to negative in slow trade | Reuters

UPDATE 1-MIDEAST STOCKS-Gulf markets neutral to negative in slow trade | Reuters:



"Most Gulf stock markets moved little in early trade on Wednesday in the absence of fresh catalysts or cues from the oil market, where prices have at least temporarily stabilised.



Brent crude inched up 0.1 percent on Wednesday morning, supported by strengthening European manufacturing data, while U.S. oil edged down 0.3 percent on an inventory build-up. 




Dubai's stock index fell 1.3 percent in low-volume trade which focused on real estate developer Emaar Properties , down 2.6 percent. But Dubai Parks and Resorts bucked the trend and jumped 2.2 percent."



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DIFC Courts expected to unfreeze assets of Dubai businessman following Djibouti dispute | The National

DIFC Courts expected to unfreeze assets of Dubai businessman following Djibouti dispute | The National:



"The London High Court has lifted a worldwide freezing order on the assets of the Dubai-based businessman Abdourahman Boreh, paving the way for his Dubai holdings to be formally unfrozen within weeks.



It is the latest development in a series of bitter disputes between the government of Djibouti and Mr Boreh, formerly chairman of the East African state’s port and free zone authority.



Justice Flaux said that he had been “materially misled” when granting the worldwide freezing order against Mr Boreh, the former head of Djibouti’s port and free zone authority in September 2013, and that the freeze should be lifted immediately."



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Swiss International Airlines joins group alleging Gulf carriers’ unfair competition | The National

Swiss International Airlines joins group alleging Gulf carriers’ unfair competition | The National:



"Swiss International Airlines has joined the growing number of US and European carriers who have alleged that Arabian Gulf rivals have used unfair business practices to become major global players.



In a statement to The National, Swiss International said it believes that access to liberalised markets, such as Europe, should be “contingent to adhering to fair competition rules”.



“All competitors should live up to the principle of equal and fair opportunity. Distortive practices such as subsidies harm liberal markets and competition,” i said."



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Q&A: Iran nuclear talks - FT.com

Q&A: Iran nuclear talks - FT.com:



"The Iran nuclear talks are an international diplomatic effort to permanently restrict Tehran’s ability to build a nuclear weapon in return for an end to the crippling sanctions that have brought the country’s economy to its knees. On the one side are the so-called P5+1 — the five permanent members of the UN Security Council plus Germany; the EU is also represented. On the other side is Iran.



Weren’t these talks supposed to finish last year?



Yes. The talks began in November 2013, when Iran and the P5+1 signed a landmark temporary accord that froze the Iranian nuclear programme, made some timid first steps to rewinding it and granted limited economic relief. The main achievement of the compact, however, was to set up a negotiating framework of six months, after which the P5+1 was supposed to have agreed a full, and permanent binding contract to the satisfaction of all sides. The six months expired in July 2014. It was extended a further four months, but in November, that also ended. Diplomats felt they had made sufficient progress to grant themselves another extension."



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Waves crash in forex - YouTube

Waves crash in forex - YouTube: ""



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India's future built on coal - YouTube

India's future built on coal - YouTube: ""



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MIDEAST STOCKS-Land tax plan shakes up Saudi market; ruler's return boosts Oman | Markets | Reuters

MIDEAST STOCKS-Land tax plan shakes up Saudi market; ruler's return boosts Oman | Markets | Reuters:



"A sell-off in the property sector slowed Saudi Arabia's advance on Tuesday after the government approved a plan to tax undeveloped land, while Oman rallied because of the return of Sultan Qaboos after lengthy medical treatment abroad. 




The main Saudi index inched up 0.1 percent as food maker Savola Group extended its rebound, jumping 2.9 percent.



Another major support was Saudi Cement Co, which rose 2.5 percent. Major builder Abdullah Abdul Mohsin al-Khodari and Sons jumped 2.8 percent and modular building producer Red Sea Housing Services rose 3.7 percent after the Riyadh government took a major step towards implementing its stalled housing programme."



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Tuesday, 24 March 2015

Progress in Iran talks puts oil traders on edge - FT.com

Progress in Iran talks puts oil traders on edge - FT.com:



"Talk of progress in the nuclear negotiations between Iran and the world powers has had oil traders on edge.



With large amounts of Iranian oil already in storage, an injection of hundreds of thousands of barrels a day into the oil market already struggling with a crude overhang could depress prices further.



The prospect of a wave of Iranian crude exports has already hit internationally traded Brent: after rebounding to $60 a barrel last month, it now hovers around $55 a barrel amid expectations of a deal by March 31."



'via Blog this'

UPDATE 1-MIDEAST STOCKS-Gulf positive; Oman rises after ruler's return | News by Country | Reuters

UPDATE 1-MIDEAST STOCKS-Gulf positive; Oman rises after ruler's return | News by Country | Reuters:



"Most Gulf stock markets edged up in early trade on Tuesday and Oman's bourse was among the top gainers after Sultan Qaboos returned home "in complete health" on Monday from an eight-month medical stay in Germany.



Qaboos, 74, has been absolute ruler of the Arabian peninsula state since 1970, but his absence in Germany since July had led to growing concern about his health. 




The Muscat index climbed 0.6 percent as most traded stocks rose. Bank Muscat was the main support, jumping 2.7 percent to 0.528 rial. NBK Capital this week updated the stock's fair value estimate to 0.770 rial following a bonus share issue, with a "buy" recommendation."



'via Blog this'

Europe must send price signals to lure back its LNG

Europe must send price signals to lure back its LNG:



"In a speech about LNG perspectives on the supply side for the European gas sector, at the European Gas Conference in Vienna, Austria, Laurent Vivier, SVP Strategy, Markets & LNG, TOTAL Gas & Power, commented that energy security was the “white elephant in the room.”



His presentation included a chart displaying gas supply-demand balance for the EU 28 plus Norway and Switzerland, which stacked up various sources of supply and showed the delineation between flexible supplies (like spot LNG) and inflexible supplies (like take-or-pay contracts from Gazprom). The demand trajectory in the figure showed a slight uptick around 2022, the time when he said it will be necessary to balance supply with demand.



“When we talk about security of supply, there is enough gas to supply Europe,” commented Mr. Vivier."



'via Blog this'

Omantel shareholders approve $130m sukuk issue |GulfNews.com

Omantel shareholders approve $130m sukuk issue |GulfNews.com:



"Oman Telecommunications (Omantel) said on Monday its shareholders had approved the issuance of Islamic bonds, or sukuk, worth 50 million riyals ($129.9 million; Dh476.7 million).



Omantel did not give any timing for the issue in the bourse filing, which followed the operator’s annual meeting on Sunday.



The former monopoly, which competes with Ooredoo Oman , said earlier this month it would seek shareholder approval for the offering, which would be only the second sukuk from a corporate in the sultanate."



'via Blog this'

Ras Al Khaimah opens books for dollar sukuk |GulfNews.com

Ras Al Khaimah opens books for dollar sukuk |GulfNews.com:



"The emirate of Ras Al Khaimah has opened books for a potential US dollar-denominated 10-year sukuk offer, which could price as early as Tuesday, a document from lead arrangers showed.



Al Hilal Bank, Citigroup, JP Morgan and the National Bank of Abu Dhabi are arranging the investor meetings, which end in London on Monday.



Issuance from the emirate, one of seven which make up the United Arab Emirates, has been rare. The fourth-largest emirate has been enjoying strong budget surpluses since 2009, helped by government-led construction projects and expansion of the tourism sector."



'via Blog this'

Ukraine’s plan to resuscitate the economy - YouTube

Ukraine’s plan to resuscitate the economy - YouTube: ""



'via Blog this'

How ETFs work - YouTube

How ETFs work - YouTube: ""



'via Blog this'

Moving up the investment ladder - YouTube

Moving up the investment ladder - YouTube: ""



'via Blog this'

Oil ETF investors, not just OPEC, hold sway over crude market | Reuters

Oil ETF investors, not just OPEC, hold sway over crude market | Reuters:



"Tumult in Libya, U.S. rig counts, production plans of the oil exporting cartel and a pact on nuclear relations with Iran can all affect crude supply and demand, but oil traders have kept an equally close watch on retail investors in recent weeks. 




Those investors and hedge funds, betting on a reversal of oil's long rout, poured billions of dollars into exchange traded products at the tail end of the slide last year, providing unexpected support that helped prices stabilize.



Even as concerns about U.S. storage capacity triggered renewed slide over the past week investors have stuck with the view that a bottom might be in sight, pouring more money into financial products backed by oil futures."



'via Blog this'

Monday, 23 March 2015

Guest post: the west must show the Kremlin it means business in Ukraine | beyondbrics

Guest post: the west must show the Kremlin it means business in Ukraine | beyondbrics:



"Natalie Jaresko, Ukraine’s finance minister, is in London this week to drum up support for her country’s ailing economy. It is badly needed. The physical destruction of property, the loss of production and the disruption to trade and finance caused by Russia’s military intervention mean that Ukraine has lost around a fifth of its economy in the last year. Forecasts that it will contract by a further 5.5 per cent this year are widely seen as optimistic. With the value of the hryvnia down by 70 per cent, inflation at around 35 per cent and foreign currency reserves running low, the IMF’s recently agreed $17.5bn support package already looks like a sticking plaster solution for an economy that needs a blood transfusion.



Ukraine can withstand Russia’s onslaught if its economy recovers. The west’s unwillingness to provide military support makes the economic dimension more important still. With the Minsk ceasefire largely holding, financial markets are the new frontline in the struggle for Ukraine’s future. Sanctions on Russia are hurting, as Vladimir Putin acknowledged last week. Real wages have fallen by nearly 10 per cent and the country’s financial reserves are shrinking rapidly. Yet those driving Russian policy sense a lack of western resolve and seem to believe that time is on their side. If they can continue to destabilise Ukraine and raise the cost of supporting its government, Washington and Brussels will eventually give in. 




This basic calculation will not change unless clearer messages are sent. If the west is not prepared to outgun Putin, it must at least convince the Russian president that it is willing to outspend him. This should be seen as an investment in our own security. Success in Ukraine would simply enlarge Putin’s irredentist ambitions and move the line of confrontation further west. The long-term costs would be far greater than the sums needed to underwrite Ukraine’s survival today. It therefore makes no sense to approach this question with the mentality of a bank manager, quibbling over budget lines and repayment schedules. Western financial support should be of a scale and nature required to send an unmistakable signal of strategic intent."



'via Blog this'

How Lee Kuan Yew transformed Singapore - YouTube

How Lee Kuan Yew transformed Singapore - YouTube: ""



'via Blog this'

Protecting the message on petroleum | FT Alphaville

Protecting the message on petroleum | FT Alphaville:



"Fresh out of Riyadh…



Saudi Oil Minister Ali Al-Nuaimi Sunday proposed establishment of an association dedicated for petroleum media, which comprised of Gulf and Arab journalists covering energy affairs. Saudi Arabia is ready to support the establishment of this association with the objective of boosting transparency among GCC countries and prepare oil strategies of the Arab Gulf countries… 


Similar thoughts from Kuwait’s Minister of Oil, Dr Ali Al-Omair, speaking at the 2nd GCC Petroleum Media Forum:



Al-Omair, also Minister of State for parliament affairs, said media have been influencing economic policies including the oil ones. Media in the region should defend Gulf oil producers and defend their policies, said Al-Omair, but petroleum media should be “credible, transparent and influential.”"


'via Blog this'

Secured creditors of Espirito Santo Dubai unit to get 82.7 pct payout | Reuters

Secured creditors of Espirito Santo Dubai unit to get 82.7 pct payout | Reuters:



"Liquidators for ES Bankers (Dubai) Ltd (ESBD) have estimated they will pay out 82.7 percent of the $93.5 million owed to depositors in the stricken bank, advisory firm Deloitte said on its website.



However, unsecured creditors of the Dubai arm of the Espirito Santo empire, which stumbled after accounting irregularities were identified at one of its holding companies earlier last year, will get none of the $14 million they are owed, the document added.



In October 2014, a Dubai judge approved an application to liquidate the local business following an earlier freezing of deposits to protect customers."



'via Blog this'

Ukraine Unable to Repay Russian Debt - IMF / Sputnik International

Ukraine Unable to Repay Russian Debt - IMF / Sputnik International:



"Russia will not receive a $3 billion bond owed by Ukraine this year, as International Monetary Fund projections clearly indicate.



The Ukrainian government is squaring up to its international creditors over its plan to restructure the country’s $15 billion debt over the next four years, part of an IMF rescue plan to plug a $40 billion hole in the economically troubled country’s finances, the Financial Times reported.



Anna Gelpern, a law professor at Georgetown University who was previously with the US Treasury, calculated that the IMF has already determined that the bond owned by Russia will be included in the restructuring."



'via Blog this'

MIDEAST STOCKS-Dubai's Arabtec helps UAE outperform sluggish Gulf | Reuters

MIDEAST STOCKS-Dubai's Arabtec helps UAE outperform sluggish Gulf | Reuters:



"A rebound by Dubai builder Arabtec lifted the mood of investors in the United Arab Emirates stock markets on Monday, while other bourses in the Middle East moved very little as oil once again halted its advance.



Brent oil slipped 0.2 percent and traded near $55 per barrel after Saudi Arabia indicated it was now pumping near a record high of 10 million barrels per day, adding to concerns about global oversupply.



Petrochemicals giant Saudi Basic Industries (SABIC), whose earnings are sensitive to oil prices, slipped 0.5 percent, but the kingdom's main stock index added 0.1 percent thanks to foodmakers Savola Group and Almarai ."



'via Blog this'

Singapore after Lee Kuan Yew - YouTube

Singapore after Lee Kuan Yew - YouTube: ""



'via Blog this'

Fewer hotel rooms booked in Dubai |GulfNews.com

Fewer hotel rooms booked in Dubai |GulfNews.com:



"The popular attractions in Dubai, including the musical fountain, Dubai Mall, Burj Khalifa and other major landmarks are still attracting hundreds of visitors each month, but there aren’t as much tourists checking into hotel rooms as they used to be, analysts and hoteliers said.



Hoteliers contacted by Gulf News confirmed that although Dubai is still enjoying good weather, the occupancy rates in their properties last month dropped by as much as five per cent.



In a research note released on Sunday, Emirates NBD said Dubai’s hotel sector is currently facing headwinds, with the average hotel occupancy averaging at 86.2 per cent last February, which is two percentage points lower than in February 2014."



'via Blog this'

Abu Dhabi’s Invest AD Shifts Funds to Egypt as Stability Returns - Bloomberg Business

Abu Dhabi’s Invest AD Shifts Funds to Egypt as Stability Returns - Bloomberg Business:



"Abu Dhabi asset manager Invest AD, part of Abu Dhabi Investment Council, said it’s boosting investments in Egypt on expectation that the country’s renewed political stability and economic reform will help drive growth.



The North African country now accounts for 35 percent of Invest AD’s $50 million Africa equity fund, up from 10 to 15 percent last year, portfolio manager Sherif Salem said in an interview. Nigeria is 5 percent, down from 30 to 35 percent.



“The market is already factoring in quite a positive outcome,” Salem said Sunday in Abu Dhabi. “The trigger was political stability. From an economic standpoint, it’s been reassuring in the past six to eight months, the implementation of economic policies and investments that have been promised.”"



'via Blog this'

Full return of Iran’s oil is just a matter of time | The National

Full return of Iran’s oil is just a matter of time | The National:



"As 80 million people across Iran and around the world celebrate Nowruz – the Iranian new year – many are hoping for a new dawn for their oil industry, economy and relations with the world.



Referring to the continuing nuclear talks, the Iranian foreign minister Javad Zarif tweeted “May Nowrouz indeed usher for the world a new day”. But oil producers are watching with rather more trepidation.



Talks between Iran and six world powers over Tehran’s disputed nuclear programme are to resume this week, with the goal of a framework agreement by March 30 and a full deal by June 30."



'via Blog this'

Arabtec shares plunge nearly 10 per cent in Dubai after profit dives | The National

Arabtec shares plunge nearly 10 per cent in Dubai after profit dives | The National:



"Shares in Arabtec fell to their lowest price in more than 14 months on Sunday as investors reacted to the company’s surprise fourth-quarter loss.



The UAE’s largest listed contractor startled the market by revealing a Dh94.4 million loss for the final three months of 2014, compared with a Dh122.1m profit the same period a year prior, sending shares plummeting 9.92 per cent in trading to close at Dh2.36 each.



The shares of the Burj Khalifa builder are at their lowest level since 15 January 2014 – dropping below even their June low in the aftermath of the departure of the former chief executive Hasan Ismaik."



'via Blog this'

Oil prices drop after Saudi Arabia says it will not cut output alone | Reuters

Oil prices drop after Saudi Arabia says it will not cut output alone | Reuters:



"Oil prices dropped over a percentage point on Monday after Saudi Arabia said over the weekend that the market defined prices and the kingdom would not unilaterally cut its output to defend prices.



Since oil prices started to fall in June 2014, many analysts have expected OPEC's biggest producer to eventually curb its output as it has done many times in the past to support prices.



Yet Riyadh has so far opted to keep its output stable to protect market share against non-OPEC producers such as the United States - where production has soared as a result of the shale exploration boom - and Russia."



'via Blog this'

Sunday, 22 March 2015

Real estate and hospitality boost Dubai Holding entity’s 2014 net |GulfNews.com

Real estate and hospitality boost Dubai Holding entity’s 2014 net |GulfNews.com:



"Lifted by strong numbers generated by its real estate, hospitality and telecom subsidiaries, Dubai Holding’s Commercial Operations Group recorded a 42 per cent year-on-year gain in net profits to total Dh4.7 billion. It was Dh3.3 billion in 2013.



In a statement, the holding company — which comprises the likes of Dubai Properties Group, Tecom Investments, the Jumeirah hotel chain as well as Mall of the World — said gains were made in gross profits and margins, while revenues were up 14 per cent to Dh13.2 billion (Dh11.6 billion in 2013). In another plus, it also brought down its debt-equity ratio to 0.52 against the previous year’s 0.61. 




“We have a number of programmes already running and our Dh4.5 billion bundle of initiatives will help drive Dubai’s agenda to become the innovation capital for more than 2 billion people who live in the region around us,” said Mohammad Abdullah Al Gergawi, Chairman of Dubai Holding, which has completed 10 years of operations."



'via Blog this'

Iran Talks Set for Decisive Week as Leaders Say Deal Reachable - Bloomberg Business

Iran Talks Set for Decisive Week as Leaders Say Deal Reachable - Bloomberg Business:



"Diplomats and leaders seeking an accord on Iran’s nuclear program said a deal is achievable as they prepare to enter a potentially decisive week for the talks.



“We have not yet reached the finish line, but make no mistake, we have the opportunity to try to get this right,” U.S. Secretary of State John Kerry said on Saturday in Lausanne. A six-day session in the Swiss city broke up a day earlier, and talks are due to resume in the coming week.



Negotiators from the U.S. and five other nations are seeking to ensure that Iran’s nuclear program is peaceful in exchange for relief from trade curbs that have squeezed the Islamic Republic’s economy. Issues under discussion include the nuclear capacity Iran should be allowed to keep, the nature of inspections, and the pace of relief from sanctions, especially on oil exports."



'via Blog this'

MIDEAST STOCKS-Saudi Arabia extends rebound; Arabtec dampens Dubai | Reuters

MIDEAST STOCKS-Saudi Arabia extends rebound; Arabtec dampens Dubai | Reuters:



"Saudi Arabia's bourse rebounded further on Sunday after oil prices mounted an end-of-week rally, while other Gulf markets were steady although Arabtec weighed on Dubai following the builder's poor quarterly results.



Brent oil rose 1.6 percent to $55.32 per barrel on Friday while U.S. crude futures for April delivery jumped 4 percent to settle at $45.72 as the dollar posted its biggest weekly decline against the euro in more than three years.



Saudi Arabia's main stock index added 1.5 percent, as petrochemical giant Saudi Basic Industries (SABIC) climbed 1.1 percent and other sectors, such as banks and property firms, were also strong."



'via Blog this'

UPDATE 2-MIDEAST STOCKS-Saudi Arabia edges up despite Savola, Egypt slips | Reuters

UPDATE 2-MIDEAST STOCKS-Saudi Arabia edges up despite Savola, Egypt slips | Reuters:



"Saudi Arabia's stock market edged up in early trade on Sunday after oil extended its rebound, while Egypt's bourse fell.



The main Saudi index added 0.2 percent as investors focused on property stocks. Mecca developer Jabal Omar , up 1.1 percent, was the main support and Emaar Economic City jumped 4.1 percent.



Petrochemicals giant Saudi Basic Industries edged up 0.2 percent after European and U.S. oil benchmarks posted weekly gains on Friday."



'via Blog this'

The data-dependent dollar - YouTube

The data-dependent dollar - YouTube: ""



'via Blog this'

Saudi Arabia's OPEC governor: hard to reach $100-120 oil again | Reuters

Saudi Arabia's OPEC governor: hard to reach $100-120 oil again | Reuters:



"Saudi Arabia's OPEC governor Mohammed al-Madi said on Sunday that he believed it would be difficult for oil to reach a price range of $100-120 per barrel again.



"$100-120 - I think it's difficult to reach 120 another time...We understand that all countries need higher incomes...We want higher incomes, but we want higher incomes for us and future generations," Madi told an energy conference in Riyadh. Brent crude is currently around $55 per barrel.



He also repeated that Saudi Arabia had no political motives in its oil policy."



'via Blog this'

Friday, 20 March 2015

Back where we started - YouTube

Back where we started - YouTube: ""



'via Blog this'

Agthia Group eyes Egyptian market as it focuses on expansion |GulfNews.com

Agthia Group eyes Egyptian market as it focuses on expansion |GulfNews.com:



"Abu Dhabi-based food and beverage company Agthia plans to play an active role in Egypt and expand its business as the Egyptian government embarks on a new programme to attract foreign investment and grow its economy.



Chief executive officer of Agthia Group, Iqbal Hamzah told Gulf News that Egypt provides a lot of opportunities.



“The economic and political situation is improving [in Egypt] and the government is encouraging investments, particularly from the UAE. We as an Abu Dhabi-based company see an opportunity in the country,” Hamzah said."



'via Blog this'

Dubai’s Emaar denies rumours that chairman intends to leave | The National

Dubai’s Emaar denies rumours that chairman intends to leave | The National:



"Emaar Properties, Dubai’s largest listed real estate developer, said on Thursday it categorically denied rumours that its chairman Mohamed Alabbar intended to leave the company.



Mr Alabbar is managing the company’s business on a daily basis and is fully committed to it, Emaar said in a statement.



There was speculation about Mr Alabbar’s role after he participated at an investment conference in Egypt last week in a presentation about the construction of a new $45 billion capital city for the country."



'via Blog this'

DP World’s profits rise to $675m in 2014 |GulfNews.com

DP World’s profits rise to $675m in 2014 |GulfNews.com:



"Dubai Ports (DP) World, one of the world’s largest port operators, reported on Thursday an 11.7 per cent profit increase for 2014 with throughput up 8.7 per cent across its portfolio.



The port operator made $675 million (Dh2.5 billion) for the year ending December 31, 2014, compared to $604 million a year earlier, it said in a statement to Nasdaq Dubai. Revenue was $3.411 billion for the period, up 11 per cent compared to $3.073 billion in 2013.



“We benefited from increased volumes across our global portfolio, including Embraport in Brazil and London Gate win the UK,” DP World Chairman, Sultan Ahmad Bin Sulayem, later said at press conference."



'via Blog this'

What Uber plans to do next - FT Business - Companies & Management Video - FT.com

What Uber plans to do next - FT Business - Companies & Management Video - FT.com:



'via Blog this'

Abraaj, Helios Said to Be Among Possible Bidders for Actis’ EMP - Bloomberg Business

Abraaj, Helios Said to Be Among Possible Bidders for Actis’ EMP - Bloomberg Business:



"Private-equity firms Abraaj Group and Helios Investment Partners are among potential bidders for Actis’s payment services firm Emerging Markets Payments Group, two people with knowledge of the matter said.



A formal bidding process for EMP, which may fetch about $400 million, could start as soon as this month, the people said, asking not to be identified as the information is private. The sale may also draw rivals that want to expand in emerging markets, they said.



Actis, which has about $6.5 billion of funds under management, according to its website, is working with Morgan Stanley to explore a sale of EMP, people with knowledge of the matter said in February."



'via Blog this'

Thursday, 19 March 2015

Deutsche Bank should split - YouTube

Deutsche Bank should split - YouTube: ""



'via Blog this'

Budget 2015: What do the unions want? - YouTube

Budget 2015: What do the unions want? - YouTube: ""



'via Blog this'

MIDEAST STOCKS-Gulf markets rebound as dovish Fed lifts oil | Reuters

MIDEAST STOCKS-Gulf markets rebound as dovish Fed lifts oil | Reuters:



"Gulf stock markets rebounded on Thursday after a dovish statement from the U.S. Federal Reserve lifted oil prices and sparked a rally in global equities, but food maker Savola Group weighed on Saudi Arabia after a profit warning.



Oil prices jumped on Wednesday after the Federal Reserve indicated it would raise U.S. interest rates more slowly than previously thought, overshadowing data showing U.S. crude inventories at a record level. Prices pulled back slightly on Thursday but still traded well off their Wednesday lows.



Saudi Arabia's main stock index edged up 0.4 percent, as petrochemical giant Saudi Basic Industries jumped 2.0 percent after a heavy sell-off in the two previous sessions."



'via Blog this'

UPDATE 1-MIDEAST STOCKS-Gulf markets rebound, following oil | Reuters

UPDATE 1-MIDEAST STOCKS-Gulf markets rebound, following oil | Reuters:



"Gulf stock markets rose in early trade on Thursday after a dovish statement from the U.S. Federal Reserve lifted oil prices and sparked a rally in emerging markets. 




Dubai's index rose 1.8 percent after dropping 3.6 percent in a panic sell-off on Wednesday, when U.S. crude futures slid to a fresh six-year low.



Most stocks in the emirate gained and developer Emaar Properties jumped 3.0 percent, dominating trading volumes."



'via Blog this'

The Fed signals patience without 'patient' - YouTube

The Fed signals patience without 'patient' - YouTube: ""



'via Blog this'

Wednesday, 18 March 2015

Budget 2015 – Osborne bids to woo voters - YouTube

Budget 2015 – Osborne bids to woo voters - YouTube: ""



'via Blog this'

UPDATE 3-MIDEAST STOCKS-Gulf markets drop as U.S. oil hits 6-year low | Reuters

UPDATE 3-MIDEAST STOCKS-Gulf markets drop as U.S. oil hits 6-year low | Reuters:



"Stock markets across the Gulf fell sharply on Wednesday after U.S. crude futures dropped to a fresh six-year low and Brent oil also edged down.



U.S. oil futures dropped about 3 percent and traded just above $42 per barrel on Wednesday after crude inventories rose by 10.5 million barrels to 450 million in the week to March 13, according to data from the American Petroleum Institute. 




Official inventory data will be issued later on Wednesday by the U.S. Energy Information Administration (EIA). Brent crude edged down towards $53 per barrel."



'via Blog this'

RWE Said to Mull 10% Stake Sale to Abu Dhabi Investors - Bloomberg Business

RWE Said to Mull 10% Stake Sale to Abu Dhabi Investors - Bloomberg Business:



"RWE AG is considering selling a 10 percent stake to Abu Dhabi investors as Germany’s second-largest utility contends with sliding prices and surging debt, according to people with knowledge of the matter.



RWE has been in talks with investors in the Emirate about the potential sale since last year and there is no certainty an agreement will be reached, the people said, asking not to be named as the details aren’t public.



RWE was contacted by an investor from the Middle East region a few months ago, spokeswoman Sabine Jeschke said by phone. The company is considering different types of cooperation, she added, declining to comment further."



'via Blog this'

Osborne steps back from Wigan Pier - YouTube

Osborne steps back from Wigan Pier - YouTube: ""



'via Blog this'

Netanyahu claims victory in Israel - YouTube

Netanyahu claims victory in Israel - YouTube: ""



'via Blog this'

Poor time to be in precious metals - YouTube

Poor time to be in precious metals - YouTube: ""



'via Blog this'

MIDEAST STOCKS-Oil may be key driver of cautious Gulf markets | Reuters

MIDEAST STOCKS-Oil may be key driver of cautious Gulf markets | Reuters:



"Gulf stock markets may keep tracking volatile oil prices on Wednesday in the absence of other strong catalysts. Also, investors may be cautious ahead of the U.S. Federal Reserve's policy statement and U.S. oil inventories data due later in the day.



Brent oil edged down towards $53 per barrel in Asian trade on Wednesday as U.S. crude inventories were forecast to have surged for the tenth straight week to a new record high.



Oil's fresh weakness has weighed on all Gulf markets this week, with benchmarks in Dubai and Saudi Arabia showing most volatility."



'via Blog this'

1937 and All That - YouTube

1937 and All That - YouTube: ""



'via Blog this'

Challenges of pricing in Russian risk - YouTube

Challenges of pricing in Russian risk - YouTube: ""



'via Blog this'

Delta Says Gulf Carriers Receiving Tens of Billions in Subsidies - Bloomberg Business

Delta Says Gulf Carriers Receiving Tens of Billions in Subsidies - Bloomberg Business:



"Delta Air Lines Inc. said carriers based in the Persian Gulf are receiving subsidies worth tens of billions of dollars from the governments of the U.A.E. and Qatar, as the war of words between airlines in the U.S. and the Middle East continue.



The U.S. government needs “full transparency to the actual financial condition of these airlines,” and should “respond accordingly” if it finds they’ve received state support, Delta President Edward Bastian said.



U.S. airlines have been lobbying officials in Washington, D.C. and the European Union over the growth of state-owned Gulf carriers Emirates, Qatar Airways and Etihad Airways, saying they’ve received about $42 billion in aid over the past decade. The U.S. should take a close look at the Open Skies agreements that allow these airlines access to U.S. airports, the head of the U.S. House of Representatives transport committee said Tuesday."



'via Blog this'

Deutsche Bank Says Dubai Will Be Hub for Africa Business - Bloomberg Business

Deutsche Bank Says Dubai Will Be Hub for Africa Business - Bloomberg Business:



"Deutsche Bank AG is merging its African business into its Middle Eastern operations as it seeks greater access to the region’s fastest-growing economies.



Ashok Aram, who heads Deutsche Bank in the Middle East, made the announcement today at the Bloomberg Future Cities Forum in Dubai. Aram will expand his responsibilities to take charge of Africa, including South Africa and Nigeria, and said the move has been approved by Deutsche Bank’s board. Dubai will be the hub for the newly-created Middle East and Africa region.



A city of 2.1 million people, Dubai became a regional banking center after opening the Dubai International Financial Centre in 2004 to attract international banks, asset managers and insurers with promises of zero taxes for 50 years. Rivals such as Standard Chartered Plc and Barclays Plc relocated their African businesses to Johannesburg from Dubai in recent years."



'via Blog this'

Tuesday, 17 March 2015

Brent falls below $54 to reverse earlier gains as glut worries drag | Reuters

Brent falls below $54 to reverse earlier gains as glut worries drag | Reuters:



"Brent crude fell below $54 a barrel in choppy trade on Tuesday, reversing gains earlier in the day as concerns over a growing supply glut weighed on the market. 




Prices on the other side of the Atlantic fell for a sixth session to just above a six-year low, keeping their discount to Brent at near $10, a trend that analysts say could deepen.



"The oil market is currently oversupplied, driven in part by the success of North American shale," Morgan Stanley said."



'via Blog this'

MIDEAST STOCKS-Weak oil weighs on Gulf mkts; Q4 hopes support Egypt | Reuters

MIDEAST STOCKS-Weak oil weighs on Gulf mkts; Q4 hopes support Egypt | Reuters:



"Most Gulf stock markets slumped on Tuesday as oil extended its slide, while Egypt stabilised after a profit-taking bout.



Brent crude fell towards $53 per barrel to trade at its lowest level since early February as concerns mountedover a growing supply glut.



Saudi Arabia's stock index dropped 1.4 percent as petrochemicals giant Saudi Basic Industries (SABIC) slid 4.1 percent to 87.25 riyals in heavy trade. The stock came under strong selling pressure after falling below 90 riyals; it had traded above that mark since the start of February."



'via Blog this'

Emirates Airline and Etihad Airways chiefs launch counter-attack in Washington over subsidies allegations | The National

Emirates Airline and Etihad Airways chiefs launch counter-attack in Washington over subsidies allegations | The National:



"The UAE’s major airlines are going on the counter-attack in Washington against allegations of unfair business practices levelled at them by three American airlines.


James Hogan, the Etihad Airways chief executive, and Tim Clark, the president of Emirates Airline, are both in the US capital to argue their case that claims made against them by Delta, United and American airlines, and aviation trade unions, are without foundation.



They will also meet government transport officials to urge the US administration to resist calls by the US carriers to pull back from agreements on the liberalisation of air travel."



'via Blog this'

Dubai’s Daman Investments aims to launch IPO within weeks | The National

Dubai’s Daman Investments aims to launch IPO within weeks | The National:



"Daman Investments, a UAE asset management firm, is in the final stages of obtaining regulatory approval for an initial public offer of shares and hopes to launch it in the next few weeks, a senior executive said on Tuesday.



The company had announced last November that it planned to list on the Dubai Financial Market during the first quarter of 2015 to expand its business and fund new opportunities at home and in the wider region.



Since then weak equity markets in the Gulf, partly due to the plunge of oil prices, have caused at least several UAE companies to suspend IPO plans."



'via Blog this'

Long or short? - YouTube

Long or short? - YouTube: ""



'via Blog this'

Eurozone QE explained - YouTube

Eurozone QE explained - YouTube: ""



'via Blog this'

UK Budget 2015: What to expect - YouTube

UK Budget 2015: What to expect - YouTube: ""



'via Blog this'

Dubai apartments now up to Dh400,000 cheaper | GulfNews.com

Dubai apartments now up to Dh400,000 cheaper | GulfNews.com:



"Did you know that if you buy a one-bedroom apartment in Dubai today, you would spend nearly Dh400,000 less than you would about six or seven years ago?



Analysts said that if you’re planning to buy an apartment or villa, Dubai’s relatively low property prices, coupled with a slight decline in home loan rates, make 2015 one of the best times in years to invest in real estate.



Prices of apartments in Dubai now cost more than 20 per cent less than in 2008, and there is a likelihood that prices will further slow down or stabilise in the next few months, as more projects are expected to be completed before the end of the year."



'via Blog this'

Monday, 16 March 2015

Gulf Arabs Offer More Billions to Help Revive Egypt Economy - Bloomberg Business

Gulf Arabs Offer More Billions to Help Revive Egypt Economy - Bloomberg Business:



"President Abdel-Fattah El-Sisi’s bid to revive Egypt’s economy received a boost at a three-day investor conference on the Red Sea. It also left his country more reliant than ever on Gulf Arab aid and investments.



Saudi Arabia, the United Arab Emirates, Kuwait and Oman pledged more than $12 billion at the event in Sharm El-Sheikh, half of it as deposits in the central bank. GCC investors also signed initial deals to invest in industries ranging from construction to power generation and energy. U.A.E. companies, including Abu Dhabi-owned Aabar Investments PJSC, are taking the lead on projects to build two cities, one of which, is to become Egypt’s new administrative capital.



Gulf Cooperation Council nations have backed Egypt with more than $30 billion since El-Sisi led the ouster of President Mohamed Mursi in 2013, supporting a government that shares their hostility to political Islam. The assistance has helped stabilize an economy battered by turmoil since the 2011 overthrow of Hosni Mubarak in a popular uprising."



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MIDEAST STOCKS-Gulf drops, following oil; Egyptians book profits | Reuters

MIDEAST STOCKS-Gulf drops, following oil; Egyptians book profits | Reuters:



"Gulf stock markets, including the previously resilient Saudi Arabia, extended losses alongside oil on Monday, while Egypt dropped on profit-taking after a strong run and ahead of a fresh public offer of shares.



Brent crude fell to around $54 a barrel, its lowest for more than a month, on rising global inventories and signs of a possible nuclear deal with Tehran that could allow more Iranian oil exports.



Saudi Arabia's stock index posted its biggest single-day loss in two months, dropping 2.0 percent on heavy volume to a two-week low of 9,438 points. The petrochemical sector fell 2.6 percent."



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Sunday, 15 March 2015

MIDEAST STOCKS-Gulf falls after oil dips; investment deals lift Egypt | Reuters

MIDEAST STOCKS-Gulf falls after oil dips; investment deals lift Egypt | Reuters:



"Cheaper oil dragged down Gulf stock markets on Sunday, while Egypt rose after an international conference pledged tens of billions of dollars of investment for the country.



Brent crude settled near a one-month low below $55 a barrel on Friday and fell 9 percent on the week, hit by a renewed rally in the dollar and a warning by the International Energy Agency that the oil glut is still growing.



Prices of many petrochemical products are linked to the price of oil, and cheaper oil squeezes the margins of Gulf producers."



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U.S. Seeks More Crude for Strategic Reserve After 2014 Sale - Bloomberg Business

U.S. Seeks More Crude for Strategic Reserve After 2014 Sale - Bloomberg Business:



"The U.S. government wants to buy up to 5 million barrels of crude to store in its strategic reserve on the Gulf Coast.



The Energy Department wants the crude delivered to its Bryan Mound storage cavern near Freeport, Texas, in June or July, according to a pre-solicitation notice posted on federal websites today. The purchase follows a 5 million-barrel test sale last spring, when oil prices were nearly double what they are now.



The Strategic Petroleum Reserve purchase comes as booming shale oil production has pushed private oil inventories in the U.S. to 449 million barrels, the most in records dating back to 1982. The reserve has 691 million barrels and 36 million barrels of empty space."



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