Google+ Followers

Friday, 31 July 2015

EU lifts sanctions on two Iranian oil producers - BBC News

EU lifts sanctions on two Iranian oil producers - BBC News:



"The European Union has removed two Iranian oil companies from its sanctions list, the first such action since Iran reached a nuclear agreement with world powers earlier this month.



Petropars Operation and Management and Petropars Resources Engineering had argued there was insufficient evidence to include them.



The companies are part of a group involved in extracting natural gas from Iran's South Pars field."



'via Blog this'

Investing opportunities in the current market | Authers' Note - YouTube

Investing opportunities in the current market | Authers' Note - YouTube: ""



'via Blog this'

Iran needs around $100b to revamp oil industry | GulfNews.com

Iran needs around $100b to revamp oil industry | GulfNews.com:



"Iran needs around $100 billion to bring its oil industry back to the level it was five years ago, the country’s Industry Minister Mohammad Reza Nematzadeh told Austrian newspaper Wiener Zeitung in an interview published on Thursday.



At a business conference in Vienna last week, the first such event since this month’s deal between Tehran and world powers on its nuclear programme, Iran outlined a pro-market economic policy package designed to win foreign investment.



Asked about Western estimates that Iran needed $300 billion to get its oil industry back to the level it had before sanctions crippled its economy, Nematzadeh was quoted as saying: “This number is far too high, according to my knowledge. I think that we can make do with around a third of that sum.” Iranian officials last week said the country, a member of the oil producer group Opec, was targeting oil and gas projects worth $185 billion by 2020."



'via Blog this'

'Job cuts' reported in oil and gas industry in UAE | GulfNews.com

'Job cuts' reported in oil and gas industry in UAE | GulfNews.com:



"A number of companies in the oil and gas industry in the UAE have shed some of its workers as they opt to reduce operational costs in the hopes of surviving the downturn, industry sources have confirmed.



The job cuts have affected employees with engineering background and those who worked on a contract basis. There is no specific data on how many businesses have trimmed down their workforce but concerns are high that there could be spillover effects into other sectors such as retail and hospitality.



A source also confirmed that banks are not hiring more than they used to and that they have now become more selective on recruitment.  Jobseekers from abroad are also not finding it easy to find an employer in the UAE."



'via Blog this'

Templeton Cedes Ground on Ukraine Writeoff as Debt Payment Looms - Bloomberg Business

Templeton Cedes Ground on Ukraine Writeoff as Debt Payment Looms - Bloomberg Business:



"Franklin Templeton has come to grips with the fact that it won’t be able to avoid losses on its $7 billion investment in Ukrainian bonds.



The investment firm and three other bondholders this week offered the eastern European nation a small amount of debt relief, the first time they’ve entertained the possibility of a writedown on their principal holdings. The size of the so-called haircut they proposed is 5 percent, a person familiar with the negotiations said on Thursday. That compares with the 40 percent Ukraine was said to have asked them for last month.



While investors are hailing the offer as a step toward ending a standoff, Ukraine is running out of time to get a deal in place before its first Eurobond matures Sept. 23. The nation needs to alter terms on $19 billion of debt as a condition for International Monetary Fund aid aimed at pulling the economy out of a recession that’s deepened in the 16 months since a battle with pro-Russian separatists started in the east."



'via Blog this'

China stock sell-off hits confidence | Analysis Review - YouTube

China stock sell-off hits confidence | Analysis Review - YouTube: ""



'via Blog this'

Thursday, 30 July 2015

MIDEAST STOCKS-Telecoms weigh on Gulf markets after poor Q2 results | Reuters

MIDEAST STOCKS-Telecoms weigh on Gulf markets after poor Q2 results | Reuters:



"Gulf stock markets were narrowly mixed on Thursday as a series of disappointing corporate earnings reports, especially in the telecommunications sector, offset the positive impact of improving global sentiment.



Saudi Arabia's main index inched down 0.1 percent as blue chip Saudi Telecom (STC) tumbled 4.5 percent.



STC, the Gulf's biggest telecommunications operator by market value, tumbled 5.6 percent after it posted an 8.7 percent fall in second-quarter profit which it blamed on rising costs."



'via Blog this'

"Some” Fed statement | Authers' Note - YouTube

"Some” Fed statement | Authers' Note - YouTube: ""



'via Blog this'

MIDEAST STOCKS-Most Gulf markets edge up on oil, but Dubai Investments sags | Reuters

MIDEAST STOCKS-Most Gulf markets edge up on oil, but Dubai Investments sags | Reuters:



"Most stock markets in the Gulf rose slightly in early trade on Thursday, tracking oil prices and global equities, but Dubai fell after conglomerate Dubai Investments reported a sharp drop in second-quarter profit.



The Dubai index edged down 0.4 percent as Dubai Investments dropped 3.0 percent. The firm, which has interests in property, manufacturing, healthcare and education, posted a 58.6 percent drop in second-quarter net profit on Wednesday, which it blamed on a one-off gain in the prior-year period.



Telecommunications company du, which has yet to report second-quarter earnings, fell 1.1 percent after several other Gulf operators posted declining profits and missed analysts' estimates."



'via Blog this'

How losses on Greek banks might be distributed | FT Markets - YouTube

How losses on Greek banks might be distributed | FT Markets - YouTube: ""



'via Blog this'

The renminbi: growth of a global currency | FT Business - YouTube

The renminbi: growth of a global currency | FT Business - YouTube: ""



'via Blog this'

Middle East funds turn negative as oil drops again | Reuters

Middle East funds turn negative as oil drops again | Reuters:



"Middle East fund managers have on
balance turned negative towards the region and especially its
biggest equity market, Saudi Arabia, after oil prices gave up
most of the gains made in the last six months, a monthly Reuters
survey shows.



The survey of 15 leading investment firms, conducted over
the past three days, shows only 13 percent expect to raise their
equity allocations to the Middle East in the next three months,
while 20 percent expect to reduce them.



Last month, fund managers were neutral on balance towards
regional equities, with 7 percent intending to increase equity
allocations and the same number expecting to cut them."



'via Blog this'

A Marriage on the Rocks? Saudis Look Beyond U.S. After Iran Deal - Bloomberg Business

A Marriage on the Rocks? Saudis Look Beyond U.S. After Iran Deal - Bloomberg Business:



"Former Saudi Foreign Minister Prince Saud al-Faisal once compared the bond with the U.S. to a “Muslim marriage,” or one that wasn’t necessarily monogamous.



The kingdom’s recent overtures to other partners suggest the relationship is going through another reappraisal because of the landmark accord with regional rival Iran. After visiting Russia and France last month, Deputy Crown Prince Mohammed bin Salman returned home with $23 billion of aircraft and energy contracts.



“Trust between Saudi Arabia and the U.S. has been damaged by the Iran nuclear deal,” said Paul Sullivan, a Middle East specialist at Georgetown University in Washington. “Many in Saudi Arabia feel abandoned by the U.S.”"



'via Blog this'

Qatar-Backed Mining Fund Said to Scrap Expansion Plans on Rout - Bloomberg Business

Qatar-Backed Mining Fund Said to Scrap Expansion Plans on Rout - Bloomberg Business:



"QKR Corp., a mining fund headed by former JPMorgan Chase & Co. banker Lloyd Pengilly and backed by Qatar’s sovereign wealth fund, has scrapped plans to expand amid a plunge in commodities, according to four people familiar with the situation.



QKR won’t make any new investments, the people said, who asked not to be named because the matter is confidential. The fund, which made its only acquisition in July last year, struggled to gain support from its Qatari backer for further deals following management changes at the country’s $100 billion sovereign wealth fund earlier this year, they said.



Set up in 2012 to tap distressed sellers of mining assets amid waning prices, QKR’s ambitions have been stymied by a decline in commodity prices to the lowest in 13 years. The company paid $110 million to buy the Navachab gold mine in Namibia last year from AngloGold Ashanti Ltd."



'via Blog this'

U.A.E. Bonds Gain as Fuel-Subsidy Halt Boosts Abu Dhabi Coffers - Bloomberg Business

U.A.E. Bonds Gain as Fuel-Subsidy Halt Boosts Abu Dhabi Coffers - Bloomberg Business:



"OPEC’s third-biggest oil producer just ended fuel subsidies and investors are rewarding the move.



While the average yield on developing-country debt has increased 13 basis points since the July 22 announcement of fuel-price deregulation in the United Arab Emirates, the yield on bonds of Abu Dhabi, the richest of the country’s seven sheikhdoms, has declined four basis points. The yield on bonds of the neighboring emirate of Dubai maturing in 2018 fell 1 basis point over the period.



With about 6 percent of the world’s proven oil reserves, the U.A.E. became the first country in the Persian Gulf region to scrap fuel subsidies as it seeks to shore up government coffers amid a plunge in crude prices in the past year. Budgets of the six-nation Gulf Cooperation Council depend on income from oil sales to prop up spending aimed at maintaining social stability after revolts toppled governments in Tunisia, Egypt and Libya."



'via Blog this'

Wednesday, 29 July 2015

MIDEAST STOCKS-Gulf mixed, Egypt rebounds; UAE's Etisalat tumbles | Reuters

MIDEAST STOCKS-Gulf mixed, Egypt rebounds; UAE's Etisalat tumbles | Reuters:



"Gulf stock markets diverged on Wednesday, reflecting a mixed global backdrop and contrasting corporate earnings, while Egypt's bourse jumped after a string of positive news.



Chinese stock indexes, which had tumbled earlier this week, rebounded, easing the jitters of investors globally. But Brent crude oil prices, to which the Gulf oil exporting states are sensitive, were down 0.5 percent at $53.06 per barrel.



Saudi Arabia's main stock index edged up 0.2 percent, supported by lenders such as Saudi British Bank , which jumped 2.5 percent, and Al Rajhi Bank , which rose 0.5 percent."



'via Blog this'

Ready for the Fed | Authers' Note - YouTube

Ready for the Fed | Authers' Note - YouTube: ""



'via Blog this'

Is capitalism dead? Paul Mason | Guardian Live Highlights - YouTube

Is capitalism dead? Paul Mason | Guardian Live Highlights - YouTube: ""



'via Blog this'

Dubai property transactions tumble 69 per cent | The National

Dubai property transactions tumble 69 per cent | The National:



"The stand-off between sellers and buyers of residential property in Dubai has led to the number of deals completed falling by more than two-thirds, according to JLL.



In its Dubai Q2 Market Report issued today, the firm’s Mena head of research Craig Plumb said Dubai Land Department figures show a 69 per cent drop in residential transactions during the first half of 2015, with 7,400 deals completed, compared to 23,800 in the same period last year.



The aggregate value of sales also dropped by 66 per cent to Dh12.7 billion."



'via Blog this'

Etisalat profit tumbles 40% on Mobily fixes | GulfNews.com

Etisalat profit tumbles 40% on Mobily fixes | GulfNews.com:



"Etisalat said its second-quarter net profit tumbled by 40 per cent to Dh1.5 billion compared to Dh2.5 billion a year earlier due to its affiliate’s Etihad Etisalat (Mobily) accounting errors and forex losses.



Mobily’s fortunes started to unravel last November when it began disclosing accounting errors and restated 18 months of its earnings due to excessive booking of revenue from wholesale broadband leases and mobile promotional campaigns. 




Etisalat, which owns 27.45 per cent of Mobily, said last month that the Saudi telecom operator’s revisions and provisions will negatively impact its consolidated net profit by around Dh204 million this year."



'via Blog this'

MIDEAST STOCKS-Gulf indexes edge up but UAE's Etisalat falls on poor Q2 | Reuters

MIDEAST STOCKS-Gulf indexes edge up but UAE's Etisalat falls on poor Q2 | Reuters:



"Gulf stock indexes crept up in early trade on Wednesday after global equities firmed and the oil price retreat slowed.



Chinese stock indexes, which had tumbled earlier this week, rebounded, with the CSI300 index of the largest listed companies in Shanghai and Shenzhen up 2.4 percent and the Shanghai Composite up 2.6 percent.



Brent crude oil was down 0.3 percent at $53.13 per barrel compared with Tuesday's intra-day low of $52.28."



'via Blog this'

BP's profits hit by spill charge | Video | Reuters.com

BP's profits hit by spill charge | Video | Reuters.com:



'via Blog this'

Emaar IPO Flop Pops Red Flag for Egypt Bet on Property Boom - Bloomberg Business

Emaar IPO Flop Pops Red Flag for Egypt Bet on Property Boom - Bloomberg Business:



"The Emaar Properties banners adorning the facade of the Cairo Stock Exchange radiated confidence as shares started trading in Egypt’s biggest initial public offering since the 2011 Arab Spring. Three weeks and a 7.4 percent decline later, investors are lining up to get out.



Egypt needed the IPO of Emaar Properties PJSC’s local unit to be a winner to rebuild investor confidence in its property market after mega-projects feted by President Abdel-Fattah El-Sisi stalled. About a month before the company’s stock-market debut on July 5, the exchange changed its rules to allow newly listed companies like the luxury-home builder to join its benchmark index.



In the event, Emaar Misr for Development SAE fell more in the first week of trading than any Egyptian debut stock since 2008. Some investors balked at a valuation that didn’t reflect the dim outlook for high-end home demand, or the government’s growing preference for creating partnerships with developers, making it harder for companies to buy land and finance development projects."



'via Blog this'

KKR, Majid Al Futtaim Said to Weigh Bids for Abu Dhabi’s Dunia - Bloomberg Business

KKR, Majid Al Futtaim Said to Weigh Bids for Abu Dhabi’s Dunia - Bloomberg Business:



"KKR & Co. and Dubai’s Majid Al Futtaim Holding are among companies weighing a bid for Abu Dhabi consumer finance firm Dunia Finance LLC, according to three people with knowledge of the matter.



Dunia’s shareholders, which include sovereign wealth fund Mubadala Development Co. and Temasek Holdings Pte unit Fullerton Financial, are seeking about four to five times book value for the company, two of the people said, asking not to be identified as the information is private. That may value Dunia at about $800 million to $1 billion, they said. Bids for the business are due this week, the people said.



Majid Al Futtaim, also known as MAF, is working with Citigroup Inc. on its planned bid, two of the people said. International investors are seeking to team up with local parties to adhere to local regulations, which allow foreign firms to own a maximum of 40 percent of a consumer finance company in the United Arab Emirates, they said. Other regional banks and private-equity firms are also weighing bids, the people said."



'via Blog this'

Tuesday, 28 July 2015

MIDEAST STOCKS-Most Gulf markets fall as oil drops further | Reuters

MIDEAST STOCKS-Most Gulf markets fall as oil drops further | Reuters: "Most



Middle East stock markets fell on Tuesday as oil prices dipped to their lowest point since February, but Saudi Arabia and Egypt stabilised and edged up after leading losses in the previous session.



Brent crude was down 0.9 percent by the time all markets in the region closed, as a rout in the Chinese stock market cast further doubt over the outlook for crude demand in the world's top commodities consumer.



But the main Saudi stock index inched up 0.1 percent, after dropping 2.4 percent in the previous session in response to oil's weakness."



'via Blog this'

MIDEAST STOCKS-Saudi Arabia, Egypt stabilise after sell-offs | Reuters

MIDEAST STOCKS-Saudi Arabia, Egypt stabilise after sell-offs | Reuters:



"Stock markets in Saudi Arabia and Egypt moved little in early trade on Tuesday, stabilising after sharp declines earlier this week.



The main Saudi stock index inched up 0.1 percent after dropping 2.4 percent in the previous session in response to oil's weakness.



Banking blue chips, such as Al Rajhi, up 1.0 percent, and Samba Financial Group, which added 0.7 percent, were the main supports for the benchmark."



'via Blog this'

Slowing down again | Authers' Note - YouTube

Slowing down again | Authers' Note - YouTube: ""



'via Blog this'

UAE consumer confidence drops as job concerns rise | GulfNews.com

UAE consumer confidence drops as job concerns rise | GulfNews.com:



"UAE’s consumer confidence index dropped in the second quarter due to declining sentiment over job prospects and personal finances.



The latest Nielsen Consumer Confidence Index showed that the residents’ level of optimism is still highest in the Middle East and Africa region, but it dropped by seven index points from the first quarter to a score of 108. The quarterly decline is the biggest in six years.



Most UAE residents are now not in the mood to spend, with more than two-thirds (70 per cent) saying they are serious about finding ways to cut household spending. Consumers are extra careful not to overspend on clothes, as well as on “take-out” meals."



'via Blog this'

MIDEAST STOCKS-Gulf markets slip as oil extends losses | Reuters

MIDEAST STOCKS-Gulf markets slip as oil extends losses | Reuters:



"Gulf stock markets slipped in early trade on Tuesday after oil prices slid again on concern about global oversupply.



Crude prices fell towards four-month lows, dropping for a fifth straight session. Brent futures traded just above $53 per barrel.



Dubai's bourse edged down 0.6 percent with most stocks in the red. Builder Arabtec fell 1.3 percent and was the most traded stock."



'via Blog this'

Standard Chartered Said to Pick U.A.E. CEO, Islamic Head - Bloomberg Business

Standard Chartered Said to Pick U.A.E. CEO, Islamic Head - Bloomberg Business:



"Standard Chartered Plc has selected global head of audit Julian Wynter as its chief executive officer for the United Arab Emirates, according to four people with knowledge of the matter.



Wynter’s appointment has yet to be announced internally, the people said, asking not to be identified as the information isn’t public. Wynter, based in London and previously CEO of the bank’s Malaysian business, will replace Mohsin Nathani, who resigned in April. The U.A.E. is among the lender’s top five markets.



Standard Chartered is experiencing a management exodus after Bill Winters took over as CEO from Peter Sands last month amid falling earnings and a 35 percent drop in its share price in the last two years. Departures include Viswanathan Shankar, the former head of Europe, the Middle East, Africa and the Americas, Jaspal Bindra, the ex-Asia head, and Africa CEO Diana Layfield. Chairman John Peace is set to leave next year."



'via Blog this'

Oil Extends Decline in Bear Market Amid Signs Glut Will Persist - Bloomberg Business

Oil Extends Decline in Bear Market Amid Signs Glut Will Persist - Bloomberg Business:



"Oil extended declines in a bear market amid signs producers from the Middle East to the U.S. will continue adding supplies to a global glut.



Futures slid as much as 1 percent in New York, dropping for a fifth day. Oil exports from southern Iraq rose to a record this month, while a Bloomberg survey forecasts U.S. crude stockpiles expanded for a second week through July 24. Brent in London closed Monday more than 20 percent lower than its peak reached in May, meeting the common definition of a bear market.



Oil’s rebound from a six-year low has faltered on signs the global surplus will persist as the U.S. produces near the fastest rate in three decades and leading OPEC members pump at a record. The Bloomberg Commodity Index dropped for a fourth straight session Monday, extending its plunge to a 13-year low."



'via Blog this'

Five reasons investors shun frontier markets | beyondbrics

Five reasons investors shun frontier markets | beyondbrics:



"There is no doubt that frontier equity markets are appealing as a concept. They are seen as future growth engines in the world economy, available at an entry point that may be similar to the opportunity offered by emerging markets twenty years ago.



A $100 sum invested in a broad emerging markets index in 2001 would be worth about $285 today, versus $154 for the same amount invested in developed global markets*.



So, why are investors generally not investing in frontier markets, which may offer a similar upside? Here are five probable reasons why, along with a reasoned assessment of each."



'via Blog this'

A complacent west is failing Ukraine | beyondbrics

A complacent west is failing Ukraine | beyondbrics:



"The west is in danger of losing Ukraine unless there is a significant change in the scale and nature of its engagement with the country over the coming weeks and months. That is the somber reality European and US policy makers need to grasp as Ukraine is hit by a wave of protests, terrorist attacks and continued violations of the ceasefire by separatists in the east. Against a background of deepening hardship and rising political frustration, there is a very real risk that the reformist drive of the last few months will give way to a new populism that takes Ukraine backwards and opens the door to renewed Russian influence. Complacent western leaders must act before it’s too late.



Popular disaffection came to a head this month when the Ukrainian parliament narrowly passed a constitutional bill recognising the separatist enclaves in Donetsk and Luhansk. With the economy expected to contract by 9 per cent this year, inflation projected at 46 per cent and a poverty rate approaching 33 per cent, many Ukrainians wanted to know why welfare benefits and other financial transfers should be resumed to separatists who continue to kill Ukrainian troops. Recognising the special status of the so-called ‘people’s republics’ was the eleventh and final point of the Minsk Agreement. It has now been accepted unilaterally despite the fact that Russia and its proxies have made no meaningful effort to comply with points one to 10.



The vote was only carried thanks to the arm-twisting intervention of Victoria Nuland, US Assistant Secretary of State, leaving many Ukrainians fearful that they have fallen victim to a traditional Great Power stitch-up. There is circumstantial evidence to support this. Nuland’s visit to Kiev came as Barack Obama publicly thanked Vladimir Putin for his role in securing the historic nuclear agreement with Iran, giving every impression of a trade-off. It is easy to dismiss talk of a new Munich or new Yalta as an over-reaction. What matters is that Ukraine’s fear of abandonment is real and likely to undermine the country’s progress in the absence of stronger international support."



'via Blog this'

Monday, 27 July 2015

China selling shifts to blue chips | FT Markets - YouTube

China selling shifts to blue chips | FT Markets - YouTube: ""



'via Blog this'

MIDEAST STOCKS-Oil, earnings and global equities weigh on Gulf | Reuters

MIDEAST STOCKS-Oil, earnings and global equities weigh on Gulf | Reuters:



"Middle East stock markets extended losses on Monday because of mostly disappointing earnings announcements, a fresh drop in oil prices, and a decline in global equities following a fresh rout in China.



Brent dropped 2 percent and all major stock benchmarks fell after the CSI300 index of the largest listed companies in Shanghai and Shenzhen tumbled 8.5 percent.



The main Saudi stock index fell 2.4 percent, its biggest daily drop in four months, as stocks in the petrochemicals sector led losses."



'via Blog this'

MIDEAST STOCKS-Saudi, Egypt fall in line with oil, global equities | Reuters

MIDEAST STOCKS-Saudi, Egypt fall in line with oil, global equities | Reuters:



"Stock markets in Saudi Arabia and Egypt fell in early trade on Monday, dragged down by second-quarter earnings and the poor performance of oil and global bourses.



The main Saudi stock index fell 1.2 percent as stocks in the petrochemicals sector led losses.



Heavyweight Saudi Basic Industries dropped 2.8 percent after NBK Capital downgraded the stock to "hold" from "buy" and said its earnings had most likely peaked for the short term. The company had reported better-than-expected second-quarter earnings on Sunday."



'via Blog this'

Beijing faces dilemma after China stock market rout - FT.com

Beijing faces dilemma after China stock market rout - FT.com:



"After China’s stock market experienced its second-worst day on Monday, all eyes are on Beijing, where the government faces a stark dilemma and a serious challenge to its credibility.



The unprecedented intervention measures already rolled out in the past month include a ban on short selling and initial public offerings, forced purchases of shares by state-owned investors, a ban on sales by leading shareholders and direct credit support from the central bank.



For three consecutive weeks, China’s benchmark index has rallied from the low it hit in early July, when the government unveiled most of these measures following a collapse of more than 30 per cent in less than a month."



'via Blog this'

Qatar’s Ezdan Holding second quarter net profit rises 30% | GulfNews.com

Qatar’s Ezdan Holding second quarter net profit rises 30% | GulfNews.com:



"Qatar’s Ezdan Holding reported a 30 per cent rise in second-quarter net profit on Sunday.



Ezdan, founded by members of the ruling Al Thani family, made a net profit of 335.7 million riyals (Dh337 million, $92.2 million) in the three months to June 30, up from 257.4 million riyals in the same period a year ago.



Ezdan was added to MSCI’s emerging index as part of a rebalancing of the benchmark in a report published on May 15."



'via Blog this'

ADX issues new law on trading, clearing and depositary system | GulfNews.com

ADX issues new law on trading, clearing and depositary system | GulfNews.com:



"The Abu Dhabi Securities Exchange said on Sunday it has issued new law for trading, clearing and depositary system for its investors.



“This law will determine the best practices in the financial markets in order to achieve specific tasks market works that reflect and confirm the strength and durability of the economic situation of the United Arab Emirates,” the exchange said in a statement.



This law was approved at its last meeting after a thorough discussion chaired by Hamad Abdullah Al Shamsi and membership Excellencies both Khalifa Salem Al Mansouri, Ahmad Jassem Al Zaabi, and Muhammad Najm Al Qubaisi, and Khalifa Ali Al-Qamzi, and Ghannam Butti Al Mazroui."



'via Blog this'

Oil price sentiments are still downbeat | GulfNews.com

Oil price sentiments are still downbeat | GulfNews.com:



"The oil market is languishing and the trend is downward judging by the movement of benchmark crude prices. The price of Opec’s basket of crude oils posted $53.79 a barrel on July 20, down from $64.96 on May 6.



Brent crude oil prices posted $56.67 a barrel, down from $69.63 during the same period.



The reasons are many. Most importantly, concerns about more than 2 million barrels a day (mbd) of oversupply is what really matters. Opec production is now 31.7 mbd according to IEA and 31.4 mbd according to Opec, which is well above the ceiling of 30 mbd decided by the organization."



'via Blog this'

MIDEAST STOCKS-Oil, Fed concerns and earnings may weigh on Gulf | Reuters

MIDEAST STOCKS-Oil, Fed concerns and earnings may weigh on Gulf | Reuters:



"Gulf stock markets may remain under pressure on Monday after oil prices extended losses and as investors prepare for a U.S. Federal Reserve meeting this week that may take another small step towards lifting interest rates. The latest batch of corporate earnings in the Gulf is neutral to negative.



Brent crude for September slipped 12 cents to $54.50 a barrel as of 0500 GMT after dropping 65 cents in the previous session to $54.62, its lowest close since March 19.



The Fed starts a two-day policy meeting on Tuesday that could result in a September interest rate hike that would strengthen the U.S. dollar - and further weaken dollar-denominated commodities such as oil."



'via Blog this'

Sunday, 26 July 2015

Explaining Bahrain's land reclamation controversy - FT World - World & Global Economy Video - FT.com

Explaining Bahrain's land reclamation controversy - FT World - World & Global Economy Video - FT.com:



"Dec 10, 2014 : As Bahrain continues to expand through land reclamation, critics say the ruling elite is benefiting from land deals."

'via Blog this'

MIDEAST STOCKS-Markets fall after oil hits four-month low | Reuters

MIDEAST STOCKS-Markets fall after oil hits four-month low | Reuters:



"Middle East stock markets fell on Sunday after oil prices dropped to their lowest levels since March, and even better-than-expected earnings from the region's biggest listed firm, Saudi Basic Industries, could not offset the overall gloom. 




Brent and U.S. crude futures on Friday posted their fourth straight weekly decline as weak economic data from China and a rise in U.S. oil drilling rigs pressured them.



Gulf investors had ignored smaller oil price movements in the last few weeks, but with Brent below $55 per barrel and U.S. oil under $50, crude once again grabbed their attention."



'via Blog this'

Oil groups have shelved $200bn in new projects as low prices bite - FT.com

Oil groups have shelved $200bn in new projects as low prices bite - FT.com:



"The world’s big energy groups have shelved $200bn of spending on new projects in an urgent round of cost-cutting aimed at protecting investors’ dividends as the oil price slumps for a second time this year.



The sell-off in oil has been matched by a broader slump in copper, gold and other raw materials, pushing the Bloomberg commodities index to a six-year low over concerns of weaker Chinese growth and rising supplies across the board.



The plunge in crude prices since last summer has resulted in the deferral of 46 big oil and gas projects with 20bn barrels of oil equivalent in reserves — more than Mexico’s entire proven holdings — according to consultancy Wood Mackenzie."



'via Blog this'

Emirates Global Aluminium gross revenue up 30 per cent to $5.4 billion | The National

Emirates Global Aluminium gross revenue up 30 per cent to $5.4 billion | The National:



"Emirates Global Aluminium, the world’s fourth-largest maker of the metal, reported a 75 per cent rise in net income last year amid rising aluminium prices and cost cuts.



EGA, created by the merger of Dubai Aluminium and Emirates Aluminium, did not specify its net income for last year or 2013. It said, however, that gross revenue rose 30 per cent to US$5.4 billion last year, without giving a corresponding figure for 2013.



“Sustained focus on reducing costs resulted in a drop in controllable costs,” said the company, which did not reply to a request for more details."



'via Blog this'

MIDEAST STOCKS-Dubai falls, Emirates NBD the main drag | Reuters

MIDEAST STOCKS-Dubai falls, Emirates NBD the main drag | Reuters:



"Dubai's stock market edged down in early trade on Sunday while other bourses in the region moved little against a mixed background of positive earnings expectations and poor performance by global commodities and equities.



The Dubai benchmark fell 0.8 percent as all but a handful of stocks declined. Lender Emirates NBD, down 2.3 percent, was the main drag on the index and the most traded stock. It had risen 10.4 percent last week on strong second-quarter results.



Air Arabia was one of the few gainers, climbing 1.2 percent. The low-cost carrier, which has yet to post quarterly earnings, may benefit from cheaper oil and fuel."



'via Blog this'

Others could follow UAE’s move to cut fuel subsidies, says Fitch | The National

Others could follow UAE’s move to cut fuel subsidies, says Fitch | The National:



"The ratings agency Fitch said the recent move by the UAE to remove the subsidy on transport fuel could encourage other countries in the region to follow suit if it is successful.



“We think that governments in the region understand the benefits of subsidy reform, including both fiscal cost savings, and more efficient resource allocation and energy consumption,” Fitch said. “However, reforms have so far been uneven and incomplete.”



Fuel prices in the UAE will be deregulated from next month and a new policy linked to global prices will be adopted, the Ministry of Energy said last week."



'via Blog this'

Sabic’s Second-Quarter Profit Drops Less Than Estimated - Bloomberg Business

Sabic’s Second-Quarter Profit Drops Less Than Estimated - Bloomberg Business:



"Profit at Saudi Basic Industries Corp. declined less than analyst estimates as the Middle East’s biggest petrochemicals company seeks ways to weather volatility in oil prices.



Sabic’s second-quarter net income dropped 4.5 percent to 6.17 billion riyals ($1.65 billion) from 6.46 billion riyals a year earlier, the Riyadh-based company said in a statement to the Saudi bourse. The company’s profit is 25 percent higher than the 4.95 billion riyal mean estimate of nine analysts compiled by Bloomberg. It will pay a dividend of 2.5 riyals a share for the first half.



“Given the volatility in oil prices, we are looking at ways to optimize our feedstock production,” acting Chief Executive Officer Yousef Al Benyan said in news conference in Riyadh."



'via Blog this'

Saturday, 25 July 2015

Iran eyes return to SWIFT system, foreign stakes in privatisations | GulfNews.com

Iran eyes return to SWIFT system, foreign stakes in privatisations | GulfNews.com:



"Iran expects to rejoin the international electronic payment system SWIFT three months after sanctions imposed on it are lifted and it will also become easier for foreign firms to take part in privatisations in Iran, a senior Iranian official said.



His remarks suggested Iran’s long isolated but high-potential, energy-based economy will be open for investment once sanctions are removed as a result of its July 14 deal with world powers placing limits on its disputed nuclear programme. 




Industry Minister Mohammad Reza Nematzadeh also said Iran’s foreign reserves total between $115 billion (Dh463.5 billion) and $125 billion, including assets in its sovereign wealth fund."



'via Blog this'

Qatar backs Iran deal, hopes Tehran will take ‘positive’ stance | GulfNews.com

Qatar backs Iran deal, hopes Tehran will take ‘positive’ stance | GulfNews.com:



"Qatar supports the Iran nuclear deal and hopes it will produce a “positive” approach by the Islamic republic to its immediate region, Qatari state news agency QNA reported on Thursday.



“Qatar is one of the first countries to support and encourage settling this issue through peaceful means,” Foreign Minister Khaled Al Attiyah was quoted as saying in a CNN interview.



“This deal might relax Iran and give Iran the confidence that there is no conspiracy theory and will make Iran have (a) better and positive approach toward our region ... in Qatar we would like to see the more positive view, which is Iran getting a little bit more relaxed.”"



'via Blog this'

FT chief sees growth under Nikkei | FT Business - YouTube

FT chief sees growth under Nikkei | FT Business - YouTube: ""



'via Blog this'

Wealth managers and cyber crime | FTFM - YouTube

Wealth managers and cyber crime | FTFM - YouTube: ""



'via Blog this'

Friday, 24 July 2015

Commodities supercycle’s end is nigh - YouTube

Commodities supercycle’s end is nigh - YouTube: ""



'via Blog this'

Ukraine: Europe's other debt crisis | FT Markets - YouTube

Ukraine: Europe's other debt crisis | FT Markets - YouTube: ""



'via Blog this'

Iran eyes $185 billion oil and gas projects after sanctions | Reuters

Iran eyes $185 billion oil and gas projects after sanctions | Reuters:



"Iran on Thursday outlined plans to rebuild its main industries and trade relationships following a nuclear agreement with world powers, saying it was targeting oil and gas projects worth $185 billion by 2020.



Iran's Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh said the Islamic Republic would focus on its oil and gas, metals and car industries with an eye to exporting to Europe after sanctions have been lifted, rather than simply importing Western technology.



"We are looking for a two-way trade as well as cooperation in development, design and engineering," Nematzadeh told a conference in Vienna."



'via Blog this'

MIDEAST STOCKS-Emaar Malls weighs on Dubai; SABIC down before earnings | Reuters

MIDEAST STOCKS-Emaar Malls weighs on Dubai; SABIC down before earnings | Reuters:



"Gulf stock markets traded in a narrow range on Thursday as the operator of the region's biggest mall in Dubai slightly missed earnings forecasts and other bourses lacked strong positive catalysts.



Dubai's index was virtually flat, while Emaar Malls Group (EMG), which operates Dubai Mall, and its parent Emaar Properties fell 1.5 percent and 0.5 percent respectively.



EMG reported a 43 percent rise in second-quarter net profit to 412 million dirhams ($112.2 million). Investment bank EFG Hermes had forecast EMG would make 445 million dirhams and Naeem brokerage had expected 425 million. Quarter-on-quarter, EMG's net profit fell 5 percent."



'via Blog this'

MIDEAST WEEKAHEAD-Speculators back in Dubai as Amlak shares surge | Reuters

MIDEAST WEEKAHEAD-Speculators back in Dubai as Amlak shares surge | Reuters:



"A surge in shares of Amlak Finance since they returned to Dubai's stock market last month has raised concerns about a new wave of unbridled speculation on one of the region's biggest exchanges.



The Islamic mortgage lender has soared about 150 percent since it restarted trading in early June after a six-year suspension due to debt problems.



At its latest close of 2.52 dirhams, the stock is far above levels considered fair value by fund managers, many of whom put its value well below 1 dirham."



'via Blog this'

Thursday, 23 July 2015

MIDEAST STOCKS-Saudi slips as SABIC falls ahead of Q2 results | Reuters

MIDEAST STOCKS-Saudi slips as SABIC falls ahead of Q2 results | Reuters:



"Saudi Arabia's stock market barely moved in early trade on Thursday as heavyweight Saudi Basic Industries (SABIC) fell and investors focused on smaller stocks such as insurance companies which have already reported their earnings. 




The main Saudi index inched down 0.1 percent and SABIC, down 0.7 percent, was the main drag. The company is expected to report second-quarter results on Sunday, although some of its subsidiaries have already posted their own reports. 




Yanbu National Petrochemical Co and Saudi Arabia Fertilizers Co have both reported year-on-year declines in second-quarter earnings, although the falls were not as big as some analysts had expected."



'via Blog this'

MIDEAST STOCKS-Saudi slips as SABIC falls ahead of Q2 results | Reuters

MIDEAST STOCKS-Saudi slips as SABIC falls ahead of Q2 results | Reuters:



"Saudi Arabia's stock market barely moved in early trade on Thursday as heavyweight Saudi Basic Industries (SABIC) fell and investors focused on smaller stocks such as insurance companies which have already reported their earnings. 




The main Saudi index inched down 0.1 percent and SABIC, down 0.7 percent, was the main drag. The company is expected to report second-quarter results on Sunday, although some of its subsidiaries have already posted their own reports. 




Yanbu National Petrochemical Co and Saudi Arabia Fertilizers Co have both reported year-on-year declines in second-quarter earnings, although the falls were not as big as some analysts had expected."



'via Blog this'

MIDEAST STOCKS-Gulf markets slip, Emaar Malls weighs on Dubai | Reuters

MIDEAST STOCKS-Gulf markets slip, Emaar Malls weighs on Dubai | Reuters:



"Gulf equity markets edged down in early trade on Thursday, led by Dubai where Emaar Malls Group (EMG) slightly disappointed investors with its second-quarter earnings.



Dubai's index fell 0.5 percent as EMG and its parent Emaar Properties slipped 1.2 percent each.



EMG reported a 43 percent rise in second-quarter net profit to 412 million dirhams ($112.2 million). Investment bank EFG Hermes had forecast EMG would make 445 million dirhams and Naeem brokerage had expected 425 million. Quarter-on-quarter, EMG's net profit fell 5 percent."



'via Blog this'

Paul Mason - is capitalism dead? | Guardian Live - YouTube

Paul Mason - is capitalism dead? | Guardian Live - YouTube: ""



'via Blog this'

Investment, growth and tax justice: Corbyn outlines economic vision & fairer taxes for Britain 2020 - Jeremy Corbyn for Labour Leader

Investment, growth and tax justice: Corbyn outlines economic vision & fairer taxes for Britain 2020 - Jeremy Corbyn for Labour Leader:



  • "Stronger anti-avoidance rules brought into UK tax law. 
  • The aim of country-by-country reporting for multinational corporations. 
  • Reform of small business taxation to tackle avoidance and evasion. 
  • Enforce proper regulation of companies in the UK to ensure that they pay what they owe. 
  • A reversal of the cuts to staff in HMRC and at Companies House, taking on more staff at both, to   ensure that HMRC can collect the taxes the country so badly needs."




'via Blog this'

Emerging markets can take only so much of a beating - FT.com

Emerging markets can take only so much of a beating - FT.com:



"Here are a few connected facts. Emerging markets have now given back all their outperformance versus developed markets since they became winners on the back of Chinese stimulus in late 2008. Mining stocks in the FTSE World Mining index are back where they stood at their lowest post-Lehman point. And inflation in Brazil just passed 9 per cent for the first time in more than a decade.



Everything connected to commodities, including a large chunk of emerging markets, looks atrocious. Weakness in Chinese demand and a depressed growth outlook have trashed prices of main commodities, hitting miners. Economic and political cracks long covered up by easy profits from commodity production are being revealed as prices crash, with Brazil, Russia and South Africa all suffering.



Investors are responding in the traditional way to a strengthening dollar: they are dumping emerging markets and slashing exposure to commodities."



'via Blog this'

MIDEAST STOCKS-Banks lift Abu Dhabi to 8-month high, most markets up | Reuters

MIDEAST STOCKS-Banks lift Abu Dhabi to 8-month high, most markets up | Reuters:



"Most major Middle East stock markets rose on Wednesday on positive second-quarter earnings and news that the United Arab Emirates would cut domestic diesel prices.



Saudi Arabia's main index added 0.5 percent, supported by National Petrochemical Co (Petrochem), which surprised analysts with strong quarterly earnings.



Petrochem surged 7.4 percent after the company posted a 55 percent increase in net profit that it attributed, among other factors, to cheaper feedstock. It reported just before the extended Eid al-Fitr break which began last week."



'via Blog this'

BRICS 2.0 and the Metamorphosis of Globalization | Russia Direct

Archive | Russia Direct:



'via Blog this'

Iran's Relations with Arab Neighbours | FT Comment - YouTube

Iran's Relations with Arab Neighbours | FT Comment - YouTube: ""



'via Blog this'

Rates and the irresistible rise of sterling - YouTube

Rates and the irresistible rise of sterling - YouTube: ""



'via Blog this'

Emerging Markets: There and back again | Short View - YouTube

Emerging Markets: There and back again | Short View - YouTube: ""



'via Blog this'

Wednesday, 22 July 2015

MIDEAST STOCKS-Gulf markets edge down as UAE reviews fuel prices | Reuters

MIDEAST STOCKS-Gulf markets edge down as UAE reviews fuel prices | Reuters:



"Gulf stock markets were neutral to negative in early trade on Wednesday after the United Arab Emirates said it would review domestic fuel prices, with gasoline likely to become slightly more expensive but diesel initially getting cheaper. 




Dubai's bourse slipped 0.2 percent after the UAE Energy Ministry said it would switch from fixed gasoline and diesel prices on the domestic market to ones based on global prices and updated monthly. It provided no concrete figures.



A ministry official told Reuters that gasoline prices might rise slightly from next month but diesel was expected to fall, which would help the economy by restraining inflation and reducing transport costs."



'via Blog this'

Libyan investment chief: We need to manage frozen assets | GulfNews.com

Libyan investment chief: We need to manage frozen assets | GulfNews.com:



"The Libyan Investment Authority (LIA) is drafting a proposal to the United States and European Union seeking management of its assets despite challenges from its former chairman who says that the country is too unstable for such a move.



The LIA’s international assets, which constitute a third of the $67 billion (Dh245.9 billion) sovereign wealth fund, have been frozen since 2011 when the country overthrew dictator Muammar Gaddafi. The Libyan government had an option to unfreeze the assets a year later, however, it decided to stick with the status quo. 




The LIA is now proposing that the assets remain frozen but that it be allowed to be in the “driving seat” so that it can manage them “for the benefit of the Libyan people,” Hassan Ahmad Bouhadi, Chairman of the LIA Board, told Gulf News in Dubai on Tuesday."



'via Blog this'

ADCB’s first half net profit up 17 per cent to Dh2.53 billion | GulfNews.com

ADCB’s first half net profit up 17 per cent to Dh2.53 billion | GulfNews.com:



"Abu Dhabi Commercial Bank (ADCB) reported a net profit of Dh2.53 billion in the first half of 2015, up 17 per cent year on year compared to Dh2.16 billion in the same period last year.



For the second quarter of the year the bank’s net profit was up 21 per cent year on year to Dh1.28 billion.



“Our financial results for the first half of the year reflected strong underlying performance across our businesses. Asset quality improved further, with a non-performing loan ratio of 3 per cent and provision coverage of 139 per cent as at 30 June 2015,” said Ala’a Eraiqat, Member of the Board and Chief Executive Officer of ADCB."



'via Blog this'

Goldman Sachs Said to Seek Saudi Stock Trade License - Bloomberg Business

Goldman Sachs Said to Seek Saudi Stock Trade License - Bloomberg Business:



"Goldman Sachs Group Inc., which advises clients on more than $1 trillion of investments, applied to own and trade Saudi Arabian stocks directly after rules were changed last month, two people with knowledge of the plan said.



The New York-based bank is seeking a qualified foreign investor permit from the Capital Markets Authority in the world’s biggest oil-exporting nation, the people said, asking not to be identified because the information isn’t public.



Goldman is considering applying for a permit, though hasn’t yet submitted an application, another person familiar with the matter said."



'via Blog this'

U.A.E. Removes Fuel Subsidy as Oil Drop Hurts Arab Economies - Bloomberg Business

U.A.E. Removes Fuel Subsidy as Oil Drop Hurts Arab Economies - Bloomberg Business:



"The United Arab Emirates, the third-biggest OPEC producer, will link gasoline and diesel prices to global oil markets starting next month, becoming the first country in the oil-rich Persian Gulf to remove transport fuel subsidies.



Fuel prices will be deregulated as of Aug. 1, the Ministry of Energy said in a statement on Wednesday. Diesel prices will also be linked to global markets, and are initially expected to decline, it said.



Gasoline is now subsidized in the U.A.E., the second-biggest Arab economy and home to about 6 percent of the world’s oil reserves. Unleaded gasoline 98 octane in the U.A.E. sells for 1.83 dirhams (50 cents) a liter, according to prices on the ministry’s website. The U.S. price of premium unleaded gasoline is $3.18 a gallon, or 84 cents a liter, according to AAA, the biggest U.S. auto group. That compares with 16 cents in Saudi Arabia, the largest OPEC producer."



'via Blog this'

New Brics bank in Shanghai to challenge major institutions - FT.com

New Brics bank in Shanghai to challenge major institutions - FT.com:



"The new Brics development bank formally launched in Shanghai on Tuesday, with representatives from Brazil, Russia, India, China and South Africa envisioning a nimbler, more responsive alternative to institutions such as the World Bank.



The inauguration of the lender, officially called the New Development Bank, comes less than a month after the launch of the China-led Asia Infrastructure Development Bank, which similarly aims to create a parallel global investment institution in which developing countries have greater influence.



Although it has only five founding members compared with the AIIB’s 57, the NDB will begin with initial capital of $100bn, the same as AIIB. The five countries all have equal voting shares."



'via Blog this'

Russia sees big potential from Iran deal - FT.com

Russia sees big potential from Iran deal - FT.com:



"When the UN Security Council unanimously approved the Iran nuclear deal on Monday, Russia paid tribute with an enthusiastic invitation to the West to co-operate on other fronts.



“We would like this invaluable experience of joint actions, which is not burdened with geopolitical calculations, to be used for resolving other crisis situations where success can only be reached through co-operation,” said Vitaly Churkin, Moscow’s UN ambassador. “Russia is ready for that.”



But even before the ink was dry, Moscow was already invoking the Iran talks to serve its own strategic purposes. Most notably, Sergei Lavrov, the foreign minister, argued that with Iran’s nuclear programme under control, there was now no longer a case to be made for the US to deploy missile defence systems in Europe."



'via Blog this'

International Interest in Iranian Economy after U.N. Resolution | Foreign Policy - Mideast Brief

Foreign Policy - Mideast Brief:



"The U.N. Security Council unanimously approved a resolution formalizing the Iran nuclear agreement reached in Vienna. The resolution will not enter force for 90 days, but some countries are already moving to thaw economic relations with Tehran. Germany will hold an economic summit with Iran sometime later this summer or early this fall, according to an Iranian news agency. It will be the first economic conference between the two countries since 2002, before the imposition of U.N. and European sanctions. Other firms are expected to wait until the U.S. Congress votes on the agreement, sometime within the next two months. “The amount of interest in Iran has been unbelievable,” Tehran-based foreign investment specialist Ramin Rabii told the Guardian. “This is a geopolitical earthquake.”



Some members of the U.S. Congress chafed at the U.N. resolution, saying it undermined their review process. Secretary of State John Kerry responded by noting that the United States had secured the 90-day delay in implementing the U.N. resolution to allow that process of review. “But frankly, some of these other countries were quite resistant to the idea as sovereign nations that they are subject to the U.S. Congress,” he noted. “So we worked out a compromise.”"



'via Blog this'

China opening bond markets | FT Markets - YouTube

China opening bond markets | FT Markets - YouTube: ""



'via Blog this'

Tuesday, 21 July 2015

MIDEAST STOCKS-Most markets up but Dubai slips near chart barrier | Reuters

MIDEAST STOCKS-Most markets up but Dubai slips near chart barrier | Reuters:



"Most stock markets in the Middle East rose slightly on Tuesday, supported by positive earnings and expectations, but Dubai slipped after jumping in the previous session and approaching technical resistance.



Dubai's index slipped 0.1 percent, with most stocks declining, although heavyweight bank Emirates NBD jumped 3.5 percent, extending its gains following the publication of strong second-quarter figures last week.



The Dubai benchmark touched an intraday high of 4,234 points, near technical resistance in the 4,240-4,253 point area, where it peaked in April and June."



'via Blog this'

MIDEAST STOCKS-Blue chips lift Egypt's market | Reuters

MIDEAST STOCKS-Blue chips lift Egypt's market | Reuters:



"Egypt's stock market edged up in early trade on Tuesday, supported by blue chips, but was roughly equally split between gainers and losers.



The Cairo benchmark added 0.6 percent and Commercial International Bank, the country's biggest listed lender, was the main support, rising 1.9 percent. Rating agency Moody's last week improved its outlook on Egypt's banking system to "stable".



Investment bank EFG Hermes rose 1.1 percent, having announced a bonus share issue last week of 0.146 new share for each outstanding one."



'via Blog this'

MIDEAST STOCKS-Most Gulf markets edge up; Galfar weighs on Oman | Reuters

MIDEAST STOCKS-Most Gulf markets edge up; Galfar weighs on Oman | Reuters:



"Stock markets in the Gulf edged up in early trade on Tuesday, supported by positive earnings and expectations, but Galfar Engineering dragged down Oman's bourse after its profit slumped.



Dubai's index inched up 0.1 percent as heavyweight bank Emirates NBD jumped 3.5 percent, extending gains following the publication of strong second-quarter figures last week.



But some property stocks pulled back after jumping in the previous session. Emaar Properties edged down 0.3 percent and Union Properties fell 0.8 percent. The two stocks had jumped 2.3 and 5.0 percent respectively on Monday."



'via Blog this'

New Iranian real estate investors could absorb some of Dubai’s residential overcapacity - Middle East Global Advisors

Global trade with Iran could give $100m boost to banks' trade finance revenues - Middle East Global Advisors:



"The nuclear deal between Iran and the world powers will not only boost and revive the Iranian economic landscape but would be a boon for business and investments in some GCC countries, but particularly the UAE. Dubai is expected to act as a base for foreign companies wishing to setup and run businesses to serve or enter the Iranian market. These investors will boost the UAE’s commercial real estate markets as they work to tap a new market of 80 million and a relatively diverse economy for the region. In addition to the investors interested in Iran, the economic reconnection of Iran with the outside world is expected to draw a lot of Iranian investors back into the UAE property market.



Prior to the imposed sanctions, Iranians were amongst the top investors in the UAE’s real estate market. A survey conducted in 2012 by the Reidin, a real estate information company focusing on emerging markets, found that nearly 62% of the Iranian investors’ preferred choice of foreign investment is the UAE. This news fares well for the residential property market in Dubai since the investors preferred real estate in Dubai and most commonly invested in residential real estate.



Dubai’s residential market has slowed down in the past 12 months and prices are expected to remain flat-to-down as a result of oversupply after a large number of residential projects come online in 2016. Traditionally, Dubai’s property market has significantly benefited from the presence of a large Iranian community (an estimated 600,000 Iranian residents live in the UAE) and last year, despite the sanctions, Iranians invested AED 4.5 billion (according to Dubai Land department’s figures) in Dubai’s property market."



'via Blog this'

Gold becomes a tough sell | Short View - YouTube

Gold becomes a tough sell | Short View - YouTube: ""



'via Blog this'

Standard Chartered’s reshuffle | Lex - YouTube

Standard Chartered’s reshuffle | Lex - YouTube: ""



'via Blog this'

Pearson to Explore Sale of Financial Times - Bloomberg Business

Pearson to Explore Sale of Financial Times - Bloomberg Business:



"Pearson Plc is exploring a sale of the Financial Times after receiving interest from potential buyers, according to people familiar with the matter.



London-based Pearson is sounding out possible bidders for the salmon-colored newspaper, said the people, who asked not to be identified because the deliberations are confidential. A sale may value the business at as much as 1 billion pounds ($1.6 billion), two of the people said.



While there is no formal process under way, the Financial Times may draw interest from media companies such as Axel Springer SE as well as investors in Europe, the Middle East and Asia, the people said."



'via Blog this'

Germany, Iran pledge to revive economic ties after long freeze | Reuters

Germany, Iran pledge to revive economic ties after long freeze | Reuters:



"Germany and Iran moved tentatively on Monday toward reviving a once close trade relationship, anticipating the lifting of Western economic sanctions against Tehran following a landmark nuclear deal.



Economy Minister Sigmar Gabriel, making the first top level German government visit to Tehran in 13 years, indicated that a ministerial-level meeting of a long dormant German-Iran economic commission would take place early next year in Tehran.



Gabriel signaled the move at a meeting with Iranian Oil Minister Bijan Namdar Zangeneh during the visit, which is also the first to the country by a senior member of a Western government since the nuclear agreement last week."



'via Blog this'

UN Security Council Backs Iran Deal Congress Set to Review - Bloomberg Business

UN Security Council Backs Iran Deal Congress Set to Review - Bloomberg Business:



"The United Nations Security Council unanimously adopted a resolution endorsing an agreement that places curbs on Iran’s nuclear program in exchange for a lifting of economic sanctions against the Islamic Republic.



All 15 members of the council approved the resolution which authorizes the phased lifting of sanctions once the International Atomic Energy Agency verifies Iran’s implementation of a series of nuclear-related measures.



While the resolution terminates seven previous UN resolutions, it contains a “snap back” mechanism that will at any time restore all former punitive measures if Iran breaches the deal it signed last week with China, France, Russia, the U.K., the U.S. and Germany."



'via Blog this'

Monday, 20 July 2015

MIDEAST STOCKS-UAE markets rise ahead of Q2 results | Reuters

MIDEAST STOCKS-UAE markets rise ahead of Q2 results | Reuters:



"Property companies lifted Dubai's stock market on Monday and banks supported Abu Dhabi as expectations for positive second-quarter results boosted both sectors.



Dubai's index jumped 2.0 percent to a four-week closing high of 4,184 points and the emirate's largest listed developer, Emaar Properties, was the main support, adding 2.3 percent.



The company has yet to report second-quarter results, but another Dubai developer, Deyaar, posted a 37.5 percent jump in quarterly profit last week."



'via Blog this'

Winners and losers from Iran’s eventual return to global energy markets | The National

Winners and losers from Iran’s eventual return to global energy markets | The National:



"One of the most consequential international agreements signed in decades – the nuclear deal reached with Iran in Vienna last week – may also prove to be a turning point in global energy markets. Once implemented, it brings one of the world’s leading holders of oil and gas back into world markets.



Such a shift in energy affairs inevitably brings winners and losers – but even those put at a disadvantage can yet salvage some compensations. So who are the winners?



The Iranian government itself, and its people, of course, should benefit from a release of frozen funds, an increase in oil and petrochemical exports, and the gradual return of foreign investment to the energy sector."



'via Blog this'

Return of Iranian oil may cause more Opec tensions | GulfNews.com

Return of Iranian oil may cause more Opec tensions | GulfNews.com:



"The return of oil from Iran following the landmark nuclear energy deal with world powers could create fresh tensions within Opec but may reinforce the organisation’s output strategy, analysts say.



Tehran and major powers — Britain, China, France, Germany, Russia and the United States — clinched a historic agreement in Vienna on Tuesday aimed at ensuring Iran does not obtain a nuclear bomb, and which paves the way for the removal of sanctions and the gradual return of Iranian oil to the global market next year.



The accord puts strict limits on Iran’s nuclear activities for at least a decade. In return, sanctions that have slashed the oil exports of Opec’s fifth-largest producer will be lifted and billions of dollars in frozen assets unblocked."



'via Blog this'

Post-deal Iran an opportunity but legal minefield too - FT.com

Post-deal Iran an opportunity but legal minefield too - FT.com:



"Depending which banker you talk to, it is either the biggest opportunity in a generation or a legal minefield to avoid at all costs.



This week’s deal between Iran and six world powers to lift all major economic sanctions against the country in return for limiting its nuclear programme has senior rainmakers at some of the world’s biggest financial institutions licking their lips.



“We already have an Iranian colleague telling me how we should be doing more business in Iran,” said one senior executive at a top US investment bank. “Someone from the firm will get on a plane and look at how it is evolving. Once we are allowed to do that we will look at it. But we don’t have an Iranian business plan.”"



'via Blog this'

Oil edges lower as Saudi crude exports fall, U.S. cuts drill rigs | Reuters

Oil edges lower as Saudi crude exports fall, U.S. cuts drill rigs | Reuters:



"Oil prices edged lower on Monday as data showed Saudi Arabian exports fell to the lowest in five months despite record output, while a resurgence in U.S. drilling activity seen earlier this month seemed to fizzle out.



Both international and U.S. crude futures posted their third consecutive weekly losses last week on expectations of increased exports from Iran following a deal to ease sanctions against the OPEC producer.



Brent September crude was 14 cents lower at $56.96 a barrel by 0708 GMT. The benchmark fell nearly 3 percent last week and more than 10 percent for the month."



'via Blog this'

MIDEAST STOCKS-Property stocks support UAE markets | Reuters

MIDEAST STOCKS-Property stocks support UAE markets | Reuters:



"Property companies lifted stock markets in Dubai and Abu Dhabi early on Monday, though trading volumes were low, with many investors in the region still celebrating the Muslim holiday of Eid al-Fitr.



Dubai's index rose 0.9 percent, with developer Union Properties up 5 percent and the most traded stock in the emirate. The company has yet to report second-quarter results, but another Dubai developer, Deyaar , posted a 37.5 percent jump in quarterly profit last week.



Emaar Properties, Dubai's largest listed developer, added 1.1 percent and DAMAC, another property company, was up 0.3 percent."



'via Blog this'

Sunday, 19 July 2015

Proactive weekly oil highlights - Dragon Oil, Tomco, Falcon, Premier Oil, Tethys - Proactiveinvestors (UK)

Proactive weekly oil highlights - Dragon Oil, Tomco, Falcon, Premier Oil, Tethys - Proactiveinvestors (UK):



"The Emirate National Oil Company (ENOC) dismissed the latest criticism of its valuation of Dragon Oil (LON:DGO).



It comes after Elliott Advisors, which represents shareholders with 3.3% of Dragon, joined the list of activist investors that claim ENOC’s takeover is priced too low. Along with Baillie Gifford and Setanta Asset Management, the group of dissenting shareholders now amounts to around 13% of the company.



They say ENOC’s offer does not give enough value to Dragon’s future growth potential.

"



'via Blog this'

Saudi Stock Exchange (Tadawul)

Saudi Stock Exchange (Tadawul):



"Equity Market | Sukuk & Bonds Market
Market Date:2015/07/19 14:25:53
ALL SHARE INDEX


Market Summary
Value Traded 4,684,265,657.15
Volume 158,687,355
Trades 90,736
Symbols Traded 165
Symbols up 94
Symbols Down 54
"



'via Blog this'

Turkey most vulnerable to a fall in capital inflows among ‘fragile five’, says Fitch | The National

Turkey most vulnerable to a fall in capital inflows among ‘fragile five’, says Fitch | The National:



"Of the so-called “fragile five” major emerging markets, Turkey is the most vulnerable to a drop in capital inflows prompted by the anticipated raising of US interest rates this year, according to new research from Fitch Ratings.



However the ratings agency says that the five-member group as a whole, consisting of Brazil, India, Indonesia, Turkey and South Africa, are exhibiting fewer signs of vulnerability across a range of indicators, implying that the most severe effect of the Fed’s tapering programme will be felt by smaller emerging markets.



Turkey was the worst-performing member of the group in Fitch’s most recent heat map of 11 potential vulnerabilities related to external and public finances and the banking sector, released late on Friday."



'via Blog this'

Saudi finances weaken as foreign exchange reserves slide | GulfNews.com

Saudi finances weaken as foreign exchange reserves slide | GulfNews.com:



"Saudi Arabia ramped up oil production to an all-time record high of 10.6m barrels a day in June, 200,000 barrels per day (bpd) higher than in May.



Yet the slide in oil prices to below $60 a barrel means Riyadh is likely to report an “eye-watering” budget deficit of 17.5 per cent of gross domestic product this year, about $130bn, according to Capital Economics.



This is a sharp increase on the 2014 deficit of 2.3 per cent and the biggest shortfall since the early 1990s."



'via Blog this'

The Iran factor in oil’s search for a bottom level | GulfNews.com

The Iran factor in oil’s search for a bottom level | GulfNews.com:



"In physics, momentum is the product of a body’s mass and its velocity or its impetus resulting from its motion. A system can gain or lose momentum only if its mass or velocity changes.



The same thing applies to politics. The European negotiations with Iran gained momentum in 2013 when the permanent members of the Security Council joined the negotiations, and had to end with some result because politicians hate to go home with nothing in their bags.



So much is now written about the deal between the P5+1 and Iran and it remains to be seen how its application will evolve. The road may be bumpy, but let us assume here that all goes well and see what the implications for the oil markets are."



'via Blog this'

Beyond stocks and bonds | FTFM - YouTube

Beyond stocks and bonds | FTFM - YouTube: ""



'via Blog this'

Saturday, 18 July 2015

Merkel wins backing on Greek talks - YouTube

Merkel wins backing on Greek talks - YouTube: ""



'via Blog this'

China market intervention fails to impress - YouTube

China market intervention fails to impress - YouTube: ""



'via Blog this'

Iran Risks Will Curb Investor Enthusiasm Even as Sanctions Ease - Bloomberg Business

Iran Risks Will Curb Investor Enthusiasm Even as Sanctions Ease - Bloomberg Business:



"The end of economic sanctions on Iran under this week’s nuclear deal has been portrayed as a gold-rush opportunity in an oil-rich Gulf state, but returning to business as usual won’t be as easy as the burst of enthusiasm suggests.



Investors who wait months for sanctions to be lifted will then have to gamble that they won’t run afoul of enduring blacklists or the vow by the U.S. and other world powers that sanctions will “snap back” into place if Iran fails to live up to commitments to restrict its nuclear program.



“Hotel rooms in Tehran will be booked solid for months to come, and I think we’ll see some quick movement even by significant players in different markets,” said Suzanne Maloney, an Iran and Persian Gulf energy analyst at the Brookings Institution in Washington."



'via Blog this'

Is this Iran’s time in the Middle East? - BBC News

Is this Iran’s time in the Middle East? - BBC News:



""A wild beast unleashed". This damning verdict from Saudi columnist Abdul Rahman Rashed, writing in the influential Ahsarq Al Awsat newspaper, largely sums up the tone of reaction to Iran's nuclear deal across the Arab media.



And judging from the conversations I've had with ordinary Egyptians here in Cairo - and the conversations on Arabic social media - these fears are very much shared by ordinary people.



For many Sunni Arab governments and their people, the worry is that with international sanctions lifted Shia Iran will be able to expand operations in its client states across the Middle East."



'via Blog this'

Friday, 17 July 2015

Enoc fires warning shot at Dragon refuseniks - FT.com

Enoc fires warning shot at Dragon refuseniks - FT.com:



"Dubai’s national oil group has increased the pressure on minority investors in Dragon Oil to accept its offer to buy the UK-listed Turkmenistan-focused producer, saying the company no longer needed to pay a dividend.



The Emirates National Oil Company (Enoc) is locked in a war of words with minorities led by asset manager Baillie Gifford who believe its offer for Dragon Oil, in which it is the largest shareholder with a 54 per cent stake, is too cheap.



Last month, Dragon Oil accepted a cash bid from Enoc at 750p per share, 47 per cent above the undisturbed price, and valuing the company at £3.7bn."



'via Blog this'

Iran: The oil and gas multibillion-dollar ‘candy store’ - FT.com

Iran: The oil and gas multibillion-dollar ‘candy store’ - FT.com:



"They did not advertise their presence. But in the days and weeks before Tuesday’s nuclear deal between the west and Iran, a steady trickle of visitors from some of the world’s largest energy groups have flown into Tehran.



By some accounts, they have done more than exchange business cards. As one senior western executive puts it, few of the industry’s big players can ignore the “candy store” that is Iran — now preparing to throw open a multibillion-dollar shop window of oil and gas projects.



An array of US and EU oil-related sanctions, in place since 2012, has prevented detailed negotiations. But once these are lifted, serious talks about a return to the country will get under way, with the European majors first."



'via Blog this'

ECB offers treats as Greece toddles on | Short View - YouTube

ECB offers treats as Greece toddles on | Short View - YouTube: ""



'via Blog this'

Swatch: pros and cons of 'Made in Switzerland' | Lex - YouTube

Swatch: pros and cons of 'Made in Switzerland' | Lex - YouTube: ""



'via Blog this'

Sandbu v Ford on the Greek bailout deal | FT Comment - YouTube

Sandbu v Ford on the Greek bailout deal | FT Comment - YouTube: ""



'via Blog this'