Google+ Followers

Wednesday, 30 September 2015

Citigroup Said to Win Approval to Trade Saudi Arabian Stocks - Bloomberg Business

Citigroup Said to Win Approval to Trade Saudi Arabian Stocks - Bloomberg Business:

"Citigroup Inc. has won approval to trade Saudi Arabian equities, its first banking license since exiting the country in 2004, according to two people with knowledge of the matter.
The U.S. bank has already started directly investing in companies listed on the Saudi Stock Exchange after receiving the Qualified Foreign Investment license from the Capital Market Authority, the people said, asking not to be identified as the information is private. Citigroup joins banks including HSBC Holdings Plc and asset manager Ashmore Group in obtaining the license after the Arab world’s biggest stock market opened to direct foreign investment in June.
The license marks a breakthrough for the U.S. bank in the Middle East’s largest economy after it sold a 20 percent stake in Samba Financial Group more than a decade ago. The U.S. bank said at the time its strategy was to invest in countries where it could have majority control of banks it ran. The closure ended an almost 50 year presence in the kingdom and was called a “mistake” in 2007 by Mohammed al-Shroogi, the bank’s then managing director for the Middle East. Samba is now the third largest bank in Saudi Arabia by assets and profits, according to data compiled by Bloomberg."



'via Blog this'

How the banks ignored the lessons of the crash | Joris Luyendijk | Business | The Guardian

How the banks ignored the lessons of the crash | Joris Luyendijk | Business | The Guardian:

"Ask people where they were on 9/11, and most have a memory to share. Ask where they were when Lehman Brothers collapsed, and many will struggle even to remember the correct year. The 158-year-old Wall Street bank filed for bankruptcy on 15 September 2008. As the news broke, insiders experienced an atmosphere of unprecedented panic. One former investment banker recalled: “I thought: so this is what the threat of war must feel like. I remember looking out of the window and seeing the buses drive by. People everywhere going through a normal working day – or so they thought. I realised: they have no idea. I called my father from the office to tell him to transfer all his savings to a safer bank. Going home that day, I was genuinely terrified.”

A veteran at a small credit rating agency who spent his whole career in the City of London told me with genuine emotion: “It was terrifying. Absolutely terrifying. We came so close to a global meltdown.” He had been on holiday in the week Lehman went bust. “I remember opening up the paper every day and going: ‘Oh my God.’ I was on my BlackBerry following events. Confusion, embarrassment, incredulity ... I went through the whole gamut of human emotions. At some point my wife threatened to throw my BlackBerry in the lake if I didn’t stop reading on my phone. I couldn’t stop.”

Other financial workers in the City, who were at their desks after Lehman defaulted, described colleagues sitting frozen before their screens, paralysed – unable to act even when there was easy money to be made. Things were looking so bad, they said, that some got on the phone to their families: “Get as much money from the ATM as you can.” “Rush to the supermarket to hoard food.” “Buy gold.” “Get everything ready to evacuate the kids to the country.” As they recalled those days, there was often a note of shame in their voices, as if they felt humiliated by the memory of their vulnerability. Even some of the most macho traders became visibly uncomfortable. One said to me in a grim voice: “That was scary, mate. I mean, not film scary. Really scary.”"



'via Blog this'

MIDEAST STOCKS-Markets rise on better global backdrop but turnover thin | Reuters

MIDEAST STOCKS-Markets rise on better global backdrop but turnover thin | Reuters:

"Middle East stock markets rose on
Wednesday after oil prices and the global market environment
improved, but modest trading volumes showed investors were not
prepared to bet on an extended rally.

Brent crude was just above $48 a barrel, slightly
higher than its levels during Gulf hours on Tuesday, and this
helped Saudi Arabia's stock index climb 0.9 percent on
the back of petrochemicals, which are sensitive to oil prices.

Saudi Basic Industries rose 1.3 percent and oil
shipper Bahri jumped 8.1 percent."



'via Blog this'

FirstFT – Equities gloom, climate change - YouTube

FirstFT – Equities gloom, climate change - YouTube: ""



'via Blog this'

MIDEAST STOCKS-Saudi Arabia stabilises, Egypt edges up | Reuters

MIDEAST STOCKS-Saudi Arabia stabilises, Egypt edges up | Reuters:

"Saudi Arabia's stock market stabilised on Wednesday, supported by firmer petrochemical shares after oil prices stopped falling, while Egypt's bourse edged up in response to an improved global market environment.

The Saudi stock index was up 0.2 percent in modest turnover after 45 minutes of trade with Saudi Basic Industries adding 0.3 percent.

It and other petrochemical stocks had sagged on Tuesday because of weak oil prices, but on Wednesday, oil was slightly above where it was on Tuesday afternoon in the Gulf, with Brent crude just above $48 a barrel."



'via Blog this'

MIDEAST STOCKS-Gulf edges up in thin trade after global environment improves | Energy & Oil | Reuters

MIDEAST STOCKS-Gulf edges up in thin trade after global environment improves | Energy & Oil | Reuters:

"Gulf stock markets edged up in early trade on Wednesday after the global market environment improved, but modest trading volumes indicated investors were not prepared to bet on an extended rally.

Regional stocks sank on Tuesday because of weak oil prices and a sell-off across emerging markets, especially in commodity-related shares.

But on Wednesday, oil was roughly where it was on Tuesday afternoon in the Gulf, with Brent crude just below $48 a barrel, while MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.9 percent."



'via Blog this'

Fraud Office in secret battle over Barclays evidence - FT.com

Fraud Office in secret battle over Barclays evidence - FT.com:

"A judge must decide whether evidence vital to a criminal investigation and held by Barclays can be accessed by the Serious Fraud Office in a secret court hearing that can only now be reported.
In a high-stakes legal battle, the SFO has applied to a crown court to decide whether evidence must be turned over as part of the agency’s criminal probe into Barclays’ £5.8bn emergency cash call at the height of the financial crisis."



'via Blog this'

Investors tread carefully on ending of Iran sanctions - FT.com

Investors tread carefully on ending of Iran sanctions - FT.com:

"The deal reached earlier this year over the Iranian nuclear programme still has one big step to go before Iran can be plugged back into the global economy. Even so, foreign investors are already getting set for the moment when sanctions are lifted and business can be resumed.

Under the deal, all energy, economic and financial sanctions imposed by the US and EU, with most applied by the UN, will be lifted on “implementation day”, when Iran has demonstrated it has complied with limits on its nuclear operations designed to prevent it from building a bomb."



'via Blog this'

Testing the bottom | Authers' Note - YouTube

Testing the bottom | Authers' Note - YouTube: ""



'via Blog this'

Oil, security and IPOs loom large in Dubai Financial Market US roadshow | The National

Oil, security and IPOs loom large in Dubai Financial Market US roadshow | The National:

"In a couple of weeks, a top-level delegation from Dubai Financial Market, accompanied by the cream of the emirate’s listed companies, will touch down at John F Kennedy International Airport in New York to begin two days of intensive meetings with American investors.

The “investment roadshow” has been a regular fixture since its launch in 2007 in London. It gives an opportunity for the Dubai market and Dubai corporates to get up close and personal with the biggest institutional investors in the world.

Formal presentations by the DFM authorities, led by Essa Kazim, the chairman, and the big hitters such as Emaar Properties, Emirates NBD and DP World (the latter is listed on Nasdaq Dubai, but shares a common trading platform with DFM companies) are followed by a whirlwind of one-to-one meetings that is virtually financial “speed dating”. It’s a gruelling schedule."



'via Blog this'

Fiscal adjustments unlikely to fill growing budget gap of GCC governments | GulfNews.com

Fiscal adjustments unlikely to fill growing budget gap of GCC governments | GulfNews.com:

"The impact of fiscal policy responses by Gulf Cooperation Council (GCC) sovereigns to lower oil prices are likely to be small compared to the loss of revenues over 2015 and 2016, according to Fitch Ratings.

Some policy responses deployed by other oil exporting-sovereigns are harder to enact, or carry greater risks for GCC sovereigns. For example, the rating agency do not expect any change to exchange rate pegs in the region to ease fiscal adjustments. Pegs are key nominal anchors against inflation, are backed by huge reserves and receive strong political commitment, and the private sector has no experience of exchange rate volatility.

Low oil prices are having a negative impact on the GCC sovereign ratings; this is primarily because the low oil prices are causing a deterioration in their fiscal positions and in the external position."



'via Blog this'

Mideast funds heavily favour UAE equities in region -survey | Reuters

Mideast funds heavily favour UAE equities in region -survey | Reuters:

"Middle East fund managers favour United Arab Emirates stock markets over other bourses by a large margin as the region struggles with low oil prices and an unstable global environment, a monthly Reuters survey shows.

Gulf stock markets are in a difficult period as cheap oil slashes the state revenues of energy exporting countries and begins to tighten liquidity in banking systems.

But the survey of 15 leading investment firms, conducted over the past 10 days, shows them still prepared to put new money into UAE stocks. Some said the start of the reporting season for third-quarter corporate earnings in late October could be the trigger for such allocations."



'via Blog this'

Tuesday, 29 September 2015

Qatar sovereign wealth fund suffers $12bn paper loss - FT.com

Qatar sovereign wealth fund suffers $12bn paper loss - FT.com:

"Qatar’s sovereign wealth fund has had a quarter to forget — suffering as much as $12bn of losses on Volkswagen, Glencore and Agricultural Bank of China, three of the biggest equity investments of its roughly $250bn fund.
With two days of the third quarter to go, the Qatar Investment Authority is likely to be nursing losses on eight of its top 10 holdings, according to Financial Times calculations based on Bloomberg compilations of regulatory filings."



'via Blog this'

MIDEAST STOCKS-Weak oil, global equities hit Gulf; Saudi, Qatar drop most | Reuters

MIDEAST STOCKS-Weak oil, global equities hit Gulf; Saudi, Qatar drop most | Reuters:

"Weak oil prices and global equity
prices hit Gulf stock markets on Tuesday, with Saudi Arabia and
Qatar dropping the most as they reopened after a long Eid
al-Adha break.

The Saudi stock index closed 1.4 percent lower.
Brent crude had dropped about 3 percent to below $48 a
barrel since the Saudi bourse last traded on Sept. 21; this
weighed on Saudi petrochemical shares, with Saudi Basic
Industries down 0.6 percent and Saudi Industrial
Investment Group losing 4.3 percent.

Miner Ma'aden slipped 0.7 percent amid a global
sell-off in commodity-related shares because of concern about
flagging economic growth in Asia."



'via Blog this'

MIDEAST STOCKS-Saudi hit by weak oil, commodities; Egypt down modestly | Reuters

MIDEAST STOCKS-Saudi hit by weak oil, commodities; Egypt down modestly | Reuters:

"Weak oil prices and commodity-related shares hit Saudi Arabia's stock market on Tuesday as it reopened after a long Eid al-Adha break. Egypt's market edged down only slightly, reflecting an improving technical outlook for that market.

The Saudi stock index sank 1.4 percent in the opening minutes. Brent crude has dropped about 3 percent to around $47.50 a barrel since the Saudi bourse last traded on Sept. 21; this weighed on Saudi petrochemical shares, with Saudi Basic Industries down 1.6 percent.

Miner Ma'aden slipped 2.4 percent amid a global sell-off in commodity-related shares because of concern about flagging economic growth in Asia."



'via Blog this'

MIDEAST STOCKS-Gulf slips as oil prices, Asian equities sag | Reuters

MIDEAST STOCKS-Gulf slips as oil prices, Asian equities sag | Reuters:

"Gulf stock markets fell in thin early trade on Tuesday, hit by weakness in oil and Asian share prices.

Dubai's index slipped 1.3 percent with all 10 of the most heavily traded stocks lower. GFH Financial, the most traded, fell 2.2 percent and blue chip Emaar Properties lost 1.6 percent.

Abu Dhabi sank 1.0 percent and Qatar, reopening after a long Eid al-Adha break, dropped 1.1 percent. Top Qatari lender Qatar National Bank slid 1.4 percent."



'via Blog this'

Monday, 28 September 2015

Islamic Finance market set to reach $3.25 trillion by 2020 | GulfNews.com

Islamic Finance market set to reach $3.25 trillion by 2020 | GulfNews.com:

"World Islamic finance market is set to almost double by 2020 from the current $1.81 trillion to $3.25 trillion, led by banking and Takaful assets, a study has revealed.

Commercial banking contributes to about $1.34 trillion, while $33.4 billion is contributed by takaful insurance, while sukuks contribute to about $295 billion of the world Islamic Finance market.

“It is growing at about 10 per cent per annum, with the significant concentration of wealth in Islamic banking,” said Mustafa Adel, Acting Head of Islamic Finance at Thomson Reuters, adding commercial banking assets is projected to reach $2.6 trillion by 2020."



'via Blog this'

Qatar Planning $35 Billion of U.S. Investments to Diversify - Bloomberg Business

Qatar Planning $35 Billion of U.S. Investments to Diversify - Bloomberg Business:

"Qatar plans to invest $35 billion in the U.S. over the next five years as it seeks to diversify assets.
The Qatar Investment Authority, which helps manage the country’s energy-generated wealth, opened an office in New York to "better access new and existing investment partners," the sovereign fund said in a statement Monday. It will target various sector of the U.S. economy and help create American jobs, Qatar’s ambassador to Washington, D.C., Mohammed Al Kuwari, said in Twitter postings, without giving more details on potential investments.
The Doha-based fund, which controls more than $250 billion, has deployed the nation’s riches on assets ranging from British bank Barclays Plc to Total SA and commodities trader Glencore Plc, with most of its investments so far confined to Europe. It led a group of investors that agreed in January to buy London’s Canary Wharf financial district in a deal that valued owner Songbird Estates Plc at about 2.6 billion pounds ($3.94 billion)."



'via Blog this'

MIDEAST STOCKS-Foreigners boost Egypt as it reopens after Eid; Gulf mixed | Reuters

MIDEAST STOCKS-Foreigners boost Egypt as it reopens after Eid; Gulf mixed | Reuters:

"Egypt's stock market climbed on
the back of buying by foreign investors as it reopened on Monday
after a long Eid al-Adha holiday, while Gulf bourses were
narrowly mixed as oil prices stayed low.

The main Cairo index rose 0.9 percent from last
Tuesday's close to finish at 7,409 points in active trade, with
exchange data showing Arab and non-Arab foreign investors were
net buyers.

The rise was technically bullish as it confirmed a positive
short-term reversal pattern for the market, which has been in a
downtrend since February."



'via Blog this'

MIDEAST STOCKS-CIB lifts Egypt as market reopens after Eid | Reuters

MIDEAST STOCKS-CIB lifts Egypt as market reopens after Eid | Reuters:

"Commercial International Bank (CIB) lifted Egypt's stock market early on Monday as the bourse reopened after a long Eid al-Adha holiday.

The main Cairo index climbed 0.7 percent from last Tuesday's close to 7,398 points. The rise was technically bullish as it confirmed a positive short-term reversal pattern for the market, which has been in a downtrend since February.

The index's rise above the early September peak of 7,324 points triggered a bullish right triangle formed by the highs and lows since late August; the height of the pattern points the index up to the 8,000-point area in coming weeks."



'via Blog this'

Catalonia independence boost, Arctic move | FirstFT - YouTube

Catalonia independence boost, Arctic move | FirstFT - YouTube: ""



'via Blog this'

MIDEAST STOCKS-Markets mixed as investors return from Eid | Energy & Oil | Reuters

MIDEAST STOCKS-Markets mixed as investors return from Eid | Energy & Oil | Reuters:

"Gulf stock markets were mixed in quiet, early trade on Monday as more investors returned from Eid al-Adha holidays.

Dubai's stock index slipped 0.3 percent as trading continued to focus on low-priced, speculative shares favoured by local retail investors. Al Madina for Finance and Investment climbed 4.7 percent but GFH Financial, the most heavily traded stock, fell 0.2 percent.

Abu Dhabi's index gained 0.5 percent but this was mainly because of a 9.8 percent jump in thinly traded Abu Dhabi National Energy Co, which stayed inside its trading range of the past month. Five of the 10 most heavily traded stocks were flat."



'via Blog this'

Saudi Arabia withdraws overseas funds - FT.com

Saudi Arabia withdraws overseas funds - FT.com:

"Saudi Arabia has withdrawn tens of billions of dollars from global asset managers as the oil-rich kingdom seeks to cut its widening deficit and reduce exposure to volatile equities markets amid the sustained slump in oil prices.
The Saudi Arabian Monetary Agency’s foreign reserves have slumped by nearly $73bn since oil prices started to decline last year as the kingdom keeps spending to sustain the economy and fund its military campaign in Yemen."



'via Blog this'

Iran to test investor confidence with debt issue - FT.com

Iran to test investor confidence with debt issue - FT.com:

"Iran will issue Islamic Treasury Bills, its version of short-term sovereign debt, for the first time on Monday in an attempt to provide a fresh fiscal stimulus for its cash-strapped economy, according to people involved in the move.
About $300m-worth of the Treasury Bills — a sharia law-compliant way for the government to raise money — will be offered to investors at a steep discount to their face value in a sign of how nascent capital markets are developing in Iran."



'via Blog this'

Oil prices fall on slowing global economic growth outlook | GulfNews.com

Oil prices fall on slowing global economic growth outlook | GulfNews.com:

"Oil prices dropped in Asian trading hours on Monday despite a fall in U.S. drilling activity for the fourth straight week, with analysts pointing to a poor economic growth outlook as the main reason for low crude prices.

China's August industrial profits dropped 8.8 percent from the same month last year, and January to August industry profits were down 1.9 percent.

"The growth problem endures. Asia isn't about to bounce," said Frederic Neumann, co-head of Asia Economics Research at HSBC in Hong Kong on Monday in a note to clients."



'via Blog this'

Sunday, 27 September 2015

Iran earns more from tax than oil for first time in almost 50 years | World news | The Guardian

Iran earns more from tax than oil for first time in almost 50 years | World news | The Guardian:

"The Iranian government is earning more from tax than oil for the first time in almost half a century as the country shifts its traditional reliance on crude to taxation revenues in the face of plummeting oil prices.

President Hassan Rouhani’s economic strategy is to significantly reduce the government’s dependency on oil and instead collect tax more systematically, according to Ali Kardor, the deputy managing director of the national Iranian oil company (NIOC).

“For the first time in 50 years, the government’s share of the oil revenue is less than what it is earning from tax, including VAT,” he told the Guardian on the sidelines of the second Europe-Iran forum in Geneva. “Only around 10% of Iran’s GDP is currently dependent on oil.” Almost 20% of oil income goes into a sovereign wealth fund, which is reserved for development purposes.

"



'via Blog this'

Dubai housing squeeze pushes middle-income expats out to the suburbs | GulfNews.com

Dubai housing squeeze pushes middle-income expats out to the suburbs | GulfNews.com:

"While Dubai continues to pump out new apartment blocks, for a rising number of expatriates the city no longer offers the luxury lifestyle that lured many foreigners to the Gulf.

A shortage of affordable homes and a reduction in overseas allowances since the global financial crisis are pushing foreign staff on middle incomes out to less glamorous areas of the city far from the office, or to neighbouring Sharjah.

Investment bankers, lawyers and top managers at multinationals may enjoy seven-figure salaries but other expats — from architects, accountants and IT managers to legal secretaries and HR executives — are often on household incomes of 10,000-30,000 UAE dirhams ($2,720-$8,170) a month, says property consultants JLL."



'via Blog this'

MIDEAST STOCKS-UAE markets edge down in thin trade | Reuters

MIDEAST STOCKS-UAE markets edge down in thin trade | Reuters:

"United Arab Emirates stock
markets edged down in thin trade on Sunday as they reopened
after a break for Eid Al-Adha, with no major corporate news to
move shares and the global market environment slightly negative.

The Dubai stock index slipped 0.6 percent in its
lowest daily trading volume since April 2013, with many
investors still on holiday. Activity focused on
smaller-capitalised, low-priced stocks favoured by local retail
investors rather than institutions.

GFH Financial Group, the most heavily traded stock,
rose 0.6 percent, but builder Arabtec dropped 2.7
percent and Shuaa Capital lost 6.2 percent."



'via Blog this'

Ukraine to pay around $230 per thousand cubic meters for gas in fourth quarter — Russian energy minister | GulfNews.com

Ukraine to pay around $230 per thousand cubic meters for gas in fourth quarter — Russian energy minister | GulfNews.com:

"Ukraine will pay a price for Russian gas of around $230 (Dh844) per thousand cubic metres in the fourth quarter, including a discount, Russia’s Energy Minister Alexander Novak said on Saturday, Russian news agencies reported.

Russia cut off its gas supplies to Ukraine in July when an existing contract expired. Ukraine had refused to keep paying the price of $247 per thousand cubic metres that it had paid in the second quarter.

The two countries have been haggling since then over the price that would be embodied in a new agreement to secure winter gas supplies."



'via Blog this'

MIDEAST STOCKS-UAE markets to consolidate; global backdrop sluggish | Reuters

MIDEAST STOCKS-UAE markets to consolidate; global backdrop sluggish | Reuters:

"United Arab Emirates stock markets look set to consolidate in quiet trade on Sunday as they reopen after a break for Eid Al-Adha, with the global market environment slightly negative.

The Dubai stock index, which last closed at 3,633 points in thin trade, faces technical resistance around 3,700 points, which has capped it since the end of August.

Global market moves late last week do not suggest Dubai will stage a strong test of this resistance. Since Dubai last closed, Brent oil has edged down nearly 1 percent to $48.60 a barrel, while MSCI's all-country world equities index has dropped 0.6 percent."



'via Blog this'

Thursday, 24 September 2015

More than a small repair for Volkswagen | Lex - YouTube

More than a small repair for Volkswagen | Lex - YouTube: ""



'via Blog this'

Fed's fumble | FT Markets - YouTube

Fed's fumble | FT Markets - YouTube: ""



'via Blog this'

London leapfrogs New York to become world’s top financial centre - FT.com

London leapfrogs New York to become world’s top financial centre - FT.com:



"London has swapped places with New York to become the world’s leading financial centre, according to a detailed study of 86 cities.
Michael Mainelli, chairman of the think-tank Z/Yen which produced the report, attributed London’s better showing to reduced uncertainty following the general election, which produced a surprise win for the Conservatives."



'via Blog this'

Manufacturing a market problem | Short View - YouTube

Manufacturing a market problem | Short View - YouTube: ""



'via Blog this'

Emerging markets and institutions | Authers' Note - YouTube

Emerging markets and institutions | Authers' Note - YouTube: ""



'via Blog this'

Tuesday, 22 September 2015

MIDEAST STOCKS-Gulf consolidates; ex-dividend stocks weigh on Dubai | Reuters

MIDEAST STOCKS-Gulf consolidates; ex-dividend stocks weigh on Dubai | Reuters:

"Most Gulf stock markets hardly
moved in thin trade on Tuesday ahead of the Eid al-Adha holiday
while ex-dividend stocks dragged down Dubai and Egypt rose on
foreign inflows.

Saudi Arabia's bourse was already closed for Eid, and most
other markets in the Middle East will follow suit from Wednesday
and reopen next week.

Dubai's index fell 0.8 percent as property
developer DAMAC and telecommunications operator du
fell 2.3 and 3.0 percent respectively as the period for
claiming the next dividend on the stocks ended."



'via Blog this'

Monday, 21 September 2015

MIDEAST STOCKS-Gulf markets rise as oil prices jump | Reuters

MIDEAST STOCKS-Gulf markets rise as oil prices jump | Reuters:

"Most Gulf equity markets rose on
Monday as oil prices jumped on reports of a slowdown in U.S.
drilling activity.

Oil rose by more than 2 percent on Monday after data showed
U.S. drilling slowed and a report said $1.5 trillion worth of
planned production was uneconomic at current prices.

Saudi Arabia's stock index rose 1.0 percent and most
sectors were positive. Petrochemicals heavyweight Saudi Basic
Industries added 1.0 percent."



'via Blog this'

MIDEAST STOCKS-Saudi banks rebound after sell-off; Egypt also up | Reuters

MIDEAST STOCKS-Saudi banks rebound after sell-off; Egypt also up | Reuters:

"Rebounding banking stocks lifted Saudi Arabia's market in early trade on Monday. Egypt's bourse was also positive in thin trade before an extended break.

The main Saudi stock index edged up 0.4 percent. Lenders Samba Financial Group, up 1.3 percent, and Al Rajhi Bank which rose 0.9 percent, were the main supports.

Saudi banks had come under pressure in the previous few sessions due to concerns about their exposure to large construction firm Saudi Binladin Group, which was suspended from taking new contracts after a crane accident in Mecca that killed 107 people."



'via Blog this'

Sunday, 20 September 2015

Commercial Bank International plans to raise funds for expansion | The National

Commercial Bank International plans to raise funds for expansion | The National:



"Commercial Bank International (CBI) plans to raise capital within the next 12 to 18 months for an expansion plan to boost lending to individual customers and extend its reach in trade and Islamic finance.

The Dubai-based lender, of which Qatar National Bank owns 40 per cent, is seeking to make its presence felt in the market more keenly, according to Mark Robinson, CBI’s chief executive and a former senior executive of ANZ Bank.

Sine joining CBI last October, Mr Robinson has made about 20 senior appointments."



'via Blog this'

MIDEAST STOCKS-Saudi underperforms Gulf as Fed decision hits banks | Reuters

MIDEAST STOCKS-Saudi underperforms Gulf as Fed decision hits banks | Reuters:



"Gulf stock markets were mixed on
Sunday, responding to weaker oil prices and the decision by the
U.S. Federal Reserve to leave interest rates unchanged. Egypt's
market suffered after its central bank also kept rates on hold.

Saudi Arabia's stock index fell 1.4 percent, with
local banks hit by the Fed's decision on Thursday not to raise
interest rates. The banking sector index dropped 2.2
percent.

Some investors had hoped that higher U.S. interest rates
would boost the margins of Saudi Arabian banks as their deposits
are largely interest free. "



'via Blog this'

Arabian Gulf states have flexibility and resources to surmount economic challenges, says Citibank | The National

Arabian Gulf states have flexibility and resources to surmount economic challenges, says Citibank | The National:

"Citibank, the giant American financial group, believes that Arabian Gulf countries have the resources and flexibility to withstand “headwinds” in the regional and global economies.

The bank, one of the biggest in the world with operations in 101 countries, said at a two-day “summit” at its London headquarters that there were serious challenges facing the world economy as a result of changing trade patterns and concerns about some of the biggest economies, notably China.

Farouk Soussa, Citibank’s chief economist for the Middle East, said there were global worries of recession next year. But he added: “The GCC economies have shown flexibility in the past, and we expect they will be able to do again.”"



'via Blog this'

MIDEAST STOCKS-Most Gulf markets edge up after Fed keeps rates on hold | Reuters

MIDEAST STOCKS-Most Gulf markets edge up after Fed keeps rates on hold | Reuters:

"Most Gulf stock markets were up in early trade on Sunday, supported by the U.S. Federal Reserve's decision to keep interest rates on hold, although weaker oil prices pressured some stocks.

Abu Dhabi's bourse was 0.7 percent higher with most blue chips positive, although Abu Dhabi National Energy Co , sensitive to oil prices, dropped 3.6 percent.

Qatar's benchmark edged up 0.5 percent. Property firm United Development climbed 1.3 percent after saying it had completed the first auction for townhouses at its new development. It did not disclose the revenue from the auction."



'via Blog this'

Friday, 18 September 2015

FOMC: The wait continues | Authers' Note - YouTube

FOMC: The wait continues | Authers' Note - YouTube: ""



'via Blog this'

UAE oil and gas jobs on the wane amid price rout and regional security concerns | The National

UAE oil and gas jobs on the wane amid price rout and regional security concerns | The National:

"Recruitment is waning in the UAE’s oil and gas sector amid the oil price rout and regional security concerns, a new report says.

According to the Monster Employment Index report for last month, the index reading for online listings of oil and gas jobs in the UAE fell about 30 per cent to 73 from 103 in August last year.

In the Middle East, hydrocarbons industry job postings declined 21 per cent."



'via Blog this'

Mubadala’s net profits down 53% in H1 | GulfNews.com

Mubadala’s net profits down 53% in H1 | GulfNews.com:

"Mubadala Development Company (Mubadala) on Thursday reported Dh625.5 million in net profits in the first half of 2015, marking a 53.4 per cent drop from the Dh1.3 billion reported in the same period in 2014 as increased income from investments was offset by higher costs.

Meanwhile, revenues were almost flat, with Dh15.9 billion recorded in the first half of the year compared to the Dh16 billion in the same period last year, the Abu Dhabi state-owned investment fund said in a statement.

The plunge in net profits stems from lower commodity prices, with Mubadala recording Dh2.6 billion in energy revenue in H1 2015 — down from the Dh3.1 billion recorded in H1 2014."



'via Blog this'

HSBC Bank Middle East to move place of incorporation to DIFC | GulfNews.com

HSBC Bank Middle East to move place of incorporation to DIFC | GulfNews.com:

"HSBC Middle East Limited (HBME) in official filings to London Stock Exchange and Irish Stock Exchange on Thursday said it intends to transfer its place of incorporation and head office to the Dubai International Financial Centre.

“HBME, an indirect wholly-owned subsidiary of HSBC Holdings plc, which is currently incorporated and has its head office in Jersey, confirms that it intends to transfer its place of incorporation and head office to the Dubai International Financial Centre. This is subject to regulatory and all other applicable approvals,” the bank said in a statement.

Following the relocation, HBME will be lead-regulated by the Dubai Financial Services Authority (DFSA). This relocation is expected to complete during 2016."



'via Blog this'

Ukraine Bond Deal at Risk Again as Rebel Investors Demand Change - Bloomberg Business

Ukraine Bond Deal at Risk Again as Rebel Investors Demand Change - Bloomberg Business:

"A group of investors in Ukraine’s shortest-dated bonds stepped up pressure on Franklin Templeton to adjust the terms of an $18 billion restructuring agreement they argue is biased against them, saying they have the power to block the deal.
Holders of the $500 million Eurobond due on Sept. 23 have a so-called blocking stake in the security, Shearman & Sterling LLP, the law firm representing them, said in an e-mailed statement on Thursday. That means they own the 25 percent needed to potentially thwart a vote on the agreement finalized last month with a committee of some of Ukraine’s biggest bondholders.
Holdouts may threaten a ratification process that’s behind schedule due to delayed sign-off on the deal by the eastern European nation’s parliament. The war-ravaged country needs to restructure its external debt to qualify for a $17.5 billion International Monetary Fund loan, which is already at risk because of Russia’s insistence on being repaid in full for a bond due in December."



'via Blog this'

Thursday, 17 September 2015

MIDEAST STOCKS-Gulf markets pull back alongside oil; Egypt flat | Reuters

MIDEAST STOCKS-Gulf markets pull back alongside oil; Egypt flat | Reuters:



Most Gulf equity markets fell on
Thursday as volatile oil gave up early gains and slid on weak
Japanese data, while concerns about a major Saudi Arabian
construction firm also weighed on the Riyadh stock exchange.



The main Saudi stock index fell 0.7 percent with
Alinma Bank, down 5.1 percent, one of the main drags.



Another lender, Al Rajhi, fell 0.9 percent while
National Commercial Bank, the kingdom's biggest bank,
dropped 2.7 percent."



'via Blog this'

How does UK inheritance tax compare with that in other countries? | Money | The Guardian

How does UK inheritance tax compare with that in other countries? | Money | The Guardian: "
"



'via Blog this'

MIDEAST STOCKS-Banks weigh on Saudi; Egypt inches up | Reuters

MIDEAST STOCKS-Banks weigh on Saudi; Egypt inches up | Reuters:



"Saudi Arabia's stock market fell in early trade on Thursday, largely because of weaker banks, while Egypt was mixed but marginally positive.

The main Saudi stock index fell 0.8 percent with Alinma Bank, down 3.8 percent, one of the main drags.

Another lender, Al Rajhi, fell 1.3 percent while National Commercial Bank, the kingdom's biggest bank, was down 1.4 percent."



'via Blog this'

MIDEAST STOCKS-Gulf markets mixed ahead of Fed rate decision | Reuters

MIDEAST STOCKS-Gulf markets mixed ahead of Fed rate decision | Reuters:



"Gulf stock markets were narrowly mixed in early trade on Thursday as investors tried to guess whether the U.S. Federal Reserve would raise interest rates later in the day.

Dubai's index, dominated by property companies which could benefit from a longer period of low rates, climbed 0.5 percent.

Developer DAMAC, the most traded stock, rose 0.3 percent and its larger competitor Emaar Properties climbed 0.5 percent."



'via Blog this'

Kiev fears default as MPs prepare to vote on debt restructuring - FT.com

Kiev fears default as MPs prepare to vote on debt restructuring - FT.com:

"War-torn Ukraine faces a threat of imminent default and a deep financial and political crisis if its parliament fails to back a $18bn debt restructuring plan on Thursday.
Figures close to the reformist government and, more recently, western policymakers, have become increasingly worried that the plan could fall victim to a political backlash over Ukraine’s economic problems and squabbling within the ruling coalition."



'via Blog this'

Soon we'll know what the Fed is thinking | Authers' Note - YouTube

Soon we'll know what the Fed is thinking | Authers' Note - YouTube: ""



'via Blog this'

UAE companies ready to list when stock markets stabilise | The National

UAE companies ready to list when stock markets stabilise | The National:

"About 10 UAE companies are preparing to list on stock exchanges in spite of recent market volatility, according to a top Securities and Commodities Authority (SCA) official.

Obaid Al Zaabi, the deputy chief executive at SCA, said that recent volatility had led several companies to delay their plans, but that most were expected to continue to pursue listings when markets stabilised.

“The current situation of fluctuating markets may delay or prevent some of them from completing the relevant procedures,” Mr Al Zaabi told The National on the sidelines of the ongoing Arab IPO summit in Dubai."



'via Blog this'

Etihad Airways and equity partners raise $500m | The National

Etihad Airways and equity partners raise $500m | The National:

"Etihad Airways, its airport services business and five of its equity partners on Tuesday raised US$500 million on international markets.

The Abu Dhabi-based carrier was joined by airberlin, Air Serbia, Air Seychelles, Alitalia and Jet Airways in the issue of the five-year debut bond.

The success of the fundraising initiative was a “major endorsement” of the businesses’ shared strategies, said James Hogan, president and chief executive of Etihad."



'via Blog this'

For overseas investors, a reason to return to Dubai realty | GulfNews.com

For overseas investors, a reason to return to Dubai realty | GulfNews.com:

"For overseas investors, now may be as good a time as any to renew their interest in Dubai realty. After suffering declines for the better part of two years, yields that can be generated from freehold property assets here are showing signs of picking up.

In the 12 months to July, yields have shot up to an average 7.42 per cent on “mainstream” residential properties in the city, according to Knight Frank's estimates.

Matters have been helped by the sharp decline — by 12.2 per cent — in home values during the period, as well as the relatively lower — by 1.2 per cent — drop in rentals. (Gross yields are calculated by dividing annual rental income a property can generate by the property’s value and then multiplying by 100. For net yields, factor in associated expenses such as any mortgage or property maintenance payments as well.)"



'via Blog this'

'Dubai rental correction will need to go on' | GulfNews.com

'Dubai rental correction will need to go on' | GulfNews.com:

"There has been a slight correction in the (Dubai) rental market. Average rentals have witnessed a fall of approximately 3-4 per cent in the first-half of the year, a trend attributed to general weakness in the market, which is affecting the sales segment as well.

Many anticipate it as a short-term phenomenon rather than a long-term market adjustment.

This is particularly true for the landlords/property owners who are not releasing their properties in the market at current rentals as they consider it to be “too low’ and they do not want to be locked in lower rentals for three to four years."



'via Blog this'

$50 Oil Puts Saudi Budget Deficit Beyond Reach of Spending Cuts - Bloomberg Business

$50 Oil Puts Saudi Budget Deficit Beyond Reach of Spending Cuts - Bloomberg Business:

"The slump in oil prices has spurred Saudi Arabia’s government to search for savings, contemplate project delays and sell bonds for the first time since 2007. It won’t be enough to prevent the kingdom’s biggest deficit in decades.
“The revenue drop is so severe that it’s unrealistic to expect spending cuts to have any meaningful impact on the deficit in the near term,” said Simon Williams, HSBC’s chief economist for central and eastern Europe, the Middle East and North Africa. The longer oil prices stay weak, “the greater the pressure on the authorities,” he said in an e-mail.
Though Saudi Arabia has reserves to cope, analysts said that using them to avoid further cost-cutting would put its credit rating at risk while delaying policies with a longer-term benefit, including the reduction of subsidies and the introduction of more taxes to diversify revenue beyond oil. Even after the measures already announced, Riyadh-based Samba Financial Group estimates state outlays will rise by 0.4 percent next year."



'via Blog this'

Wednesday, 16 September 2015

Jeremy Corbyn: Labour won't back EU exit - BBC News

Jeremy Corbyn: Labour won't back EU exit - BBC News:

"Labour leader Jeremy Corbyn has told the BBC that he will not campaign for Britain to leave the European Union.
Mr Corbyn said that while policy was "developing" he could not foresee a situation where Labour would campaign for a "Brexit" under his leadership.
He has come under growing pressure from Labour MPs to clarify his position."



'via Blog this'

Norway suffers from oil downturn | FT World Notebook - YouTube

Norway suffers from oil downturn | FT World Notebook - YouTube: ""



'via Blog this'

Has Opec’s strategy slowed US shale output? | FT Markets - YouTube

Has Opec’s strategy slowed US shale output? | FT Markets - YouTube: ""



'via Blog this'

MIDEAST STOCKS-Oil lifts Gulf; bargain-hunting buoys Egypt | Reuters

MIDEAST STOCKS-Oil lifts Gulf; bargain-hunting buoys Egypt | Reuters:



"Most Gulf stock markets rose on
Wednesday, moving in line with oil prices and global equities.
Egypt's bourse extended its rally as investors bought
beaten-down stocks, hoping that the market had bottomed out.



Dubai's index climbed 1.8 percent and property
developer DAMAC was the most traded stock, jumping
2.0 percent after its shareholders approved the firm's first
cash dividend since it listed in Dubai in January.



DAMAC will pay investors 0.1 dirham per share in cash and
make a 10 percent bonus share issue."



'via Blog this'

What next for property in Dubai, Abu Dhabi and beyond? | The National

What next for property in Dubai, Abu Dhabi and beyond? | The National:

"Property has been one of the most dazzling investments since the financial crisis as global hotspots attract wealthy investors from all over the world.

Cities as diverse as London, Hong Kong, Jakarta, Dublin, Vancouver, Miami, Sydney and Istanbul have all posted double-digit annual growth figures in recent times.

The UAE has also been swept up in the property bonanza – notably in 2013, when Dubai posting an incredible 51 per cent growth, according to Cluttons."



'via Blog this'

Oil price volatility, other factors hurting IPO market in GCC | GulfNews.com

Oil price volatility, other factors hurting IPO market in GCC | GulfNews.com:

"Oil price volatility among other factors are hurting the primary issues from companies in the GCC (Gulf Cooperation Council), souring the mood among regional and global investors, industry participants said at a conference on Tuesday.

Brent crude has fallen more than 50 per cent from its 2014 high, and has oscillated in the range of $45-$65 per barrel amid a lot of volatility in 2015, dimming appeal of the equity markets in the GCC countries, dependent on oil.

“Oil prices and geopolitical issues in the region have been contributing to slack in IPO [initial public offering] pipeline,” said Rashed Al Mansouri, chief executive officer at Qatar Stock Exchange, adding, “we should also not forget the cost of IPOs and the regulatory requirements.”"



'via Blog this'

Kuwait plans bond sale this year to fill ’gap’ from falling oil | GulfNews.com

Kuwait plans bond sale this year to fill ’gap’ from falling oil | GulfNews.com:



"Kuwait plans to sell dinar-denominated bonds this year as Gulf Cooperation Council countries seek to plug their budget deficits amid falling oil prices.

“We’re starting with local currency issues and then we’ll be shifting to foreign currencies later if needed,” Finance Minister Anas al-Saleh told reporters at a conference in Kuwait Tuesday. “We’re looking at alternatives to fill the current financial gap, including capital markets.”

Opec’s fifth-biggest producer may also sell dollar- denominated bonds if the dinar sale “has any impact or negative effect on our foreign reserves in the central bank and on the domestic market,” he said."



'via Blog this'

Inside the London megaport you didn't know existed | Art and design | The Guardian

Inside the London megaport you didn't know existed | Art and design | The Guardian:

"Once the capital’s lifeblood, London’s docks have long since faded to little more than a garnish of maritime nostalgia on riverside real estate. Where once burly dockers hauled crates of exotic cargo, now bankers engage in international trade of a less visible kind. The physical economy of heaving stuff to and fro has been replaced by the streamlined global flow of finance, conducted in anonymous glass towers.

Or so the story goes.

It might come as a surprise to learn, then, that London’s docks are back – on a bigger scale than ever before. Running almost 3km along the Thames estuary is a £1.5bn new megaport that has literally redrawn the coastline of Essex, and wants to make equally radical shifts to the UK’s consumer supply chain."



'via Blog this'

Investors in gulf property look forward to a less bumpy ride - FT.com

Investors in gulf property look forward to a less bumpy ride - FT.com:

"Dubai is the ultimate case study for anybody who wants to comprehend the profound influence that the globalisation of wealth exerts on the world’s property markets.
Over the past decade, the emirate has been on a real estate roller-coaster ride of boom, crash and recovery. Property values halved between 2008 and 2010, but then rose phoenix-like from the desert to regain most of their losses by 2014."



'via Blog this'

Iraq warns big oil groups on spending curbs in southern oilfields - FT.com

Iraq warns big oil groups on spending curbs in southern oilfields - FT.com:

"Iraq has warned big western oil groups they are likely to have to cut spending on its southern oilfields in the coming year after a collapse in international prices that has left Baghdad with less revenue to pay them.
In a letter seen by the Financial Times, and sent to companies including ExxonMobil, Royal Dutch Shell, BP and Italy’s Eni, the country’s oil ministry says that the government “has sharply reduced the funds available” to it and that this will lead to “corresponding reductions of spending within the ministry”."



'via Blog this'

An inexplicable bond sell off | Authers' Note - YouTube

An inexplicable bond sell off | Authers' Note - YouTube: ""



'via Blog this'

What Fed decision means for Europe and EM | FT Markets - YouTube

What Fed decision means for Europe and EM | FT Markets - YouTube: ""



'via Blog this'

MIDEAST STOCKS-Gulf markets rise alongside oil | Reuters

MIDEAST STOCKS-Gulf markets rise alongside oil | Reuters:

"Most Gulf stock markets rose early on Wednesday, after oil prices edged up and Chinese shares rebounded.

Dubai's index climbed 1.2 percent and property developer DAMAC was the most traded stock, jumping 2.8 percent after its shareholders approved the firm's first cash dividend since it listed in Dubai in January.

DAMAC will pay investors 0.1 dirham per share in cash and make a 10 percent bonus share issue."



'via Blog this'

Tuesday, 15 September 2015

MIDEAST STOCKS-Egypt extends rally, Etisalat lifts Abu Dhabi | Reuters

MIDEAST STOCKS-Egypt extends rally, Etisalat lifts Abu Dhabi | Reuters:



"Egypt's stock market rose for a
third day in a row on Tuesday, supported by foreign inflows,
while Gulf markets were mixed as oil prices remained volatile.

The Cairo index edged up 0.2 percent as Commercial
International Bank, the country's biggest listed
lender, rose 1.0 percent to 51.00 pounds.

Pharos Capital on Tuesday raised its target price for the
stock by 4 percent to 61.14 pounds, citing income tax rate cuts
announced last month."



'via Blog this'

MIDEAST STOCKS-Oil weighs on Saudi; Egypt firm | Reuters

MIDEAST STOCKS-Oil weighs on Saudi; Egypt firm | Reuters:

"Saudi Arabia's stock market fell early on Tuesday as oil struggled to recover from Monday's sharp losses, while Egypt remained positive.

The main Saudi stock index fell 0.5 percent. Petrochemicals giant Saudi Basic Industries, whose profits are sensitive to oil prices, was down 1.6 percent.

Another heavyweight, mining, metals and chemicals firm Ma'aden, fell 2.0 percent. Aluminium is one of the company's main products and economic growth in China, which accounts for half the world's aluminium demand, appears to be slowing."



'via Blog this'

Three-fifths of investors excited about Saudi Arabia opening up - FT.com

Three-fifths of investors excited about Saudi Arabia opening up - FT.com:

"Three-fifths of institutional investors expect large capital inflows into Saudi Arabia despite the triple threat of a low oil price, a declining government surplus and a leading role in the conflict in Yemen.
Nick Tolchard, head of Invesco Middle East said: “The key emphasis [of the study] is not the actual amount of money that will go to Saudi Arabia but the sentiment. It is very exciting that Saudi Arabia is liberalising.” According to the fund house’s latest Middle East asset management study, a net three-fifths of respondents predict net capital inflows into the world’s biggest oil producer. This is a big swing from the 17 per cent predicting net outflows this time last year."



'via Blog this'

FirstFT - EU migrant plan fails, Trump sells Miss Universe - YouTube

FirstFT - EU migrant plan fails, Trump sells Miss Universe - YouTube: ""



'via Blog this'

Russia's rouble troubles rumble on | Lex - YouTube

Russia's rouble troubles rumble on | Lex - YouTube: ""



'via Blog this'

Dubai Diamond Finance Seen Growing as Local Banks Attract Trade - Bloomberg Business

Dubai Diamond Finance Seen Growing as Local Banks Attract Trade - Bloomberg Business:



"Dubai’s diamond trade will grow as the Middle East emirate attracts dealers from the industry’s traditional hub in the Belgian port of Antwerp after one of the city’s main lenders closed, depriving buyers of needed financing, according to National Bank of Fujairah.
“Do we anticipate a big shift of rough diamond traders to Dubai?” Davy Blommaert, unit head for precious metals and diamonds at National Bank of Fujairah, said in an interview Sunday. “Yes, that we foresee,” he said at the lender’s office in Dubai.
Dubai, historically a pearl center, is growing into a trading hub for the $57 billion global diamond market to take advantage of its transport links to India, the world’s biggest importer, and expanding financing available to the industry. Imports into the United Arab Emirates rose to $5.9 billion last year from $5.1 billion in 2013, according to the Kimberley Process, set up to stop the supply of blood diamonds from war zones."



'via Blog this'

QNB Said to Bid for Kuwait Finance House's Malaysian Operations - Bloomberg Business

QNB Said to Bid for Kuwait Finance House's Malaysian Operations - Bloomberg Business:



"Qatar National Bank SAQ, the biggest Middle East lender by market value, is among suitors that submitted final bids for Kuwait Finance House KSC’s Malaysian operations, people with knowledge of the matter said.
Kuwait Finance House is evaluating offers from Qatar National Bank and at least one other party, according to the people. It may not proceed with the sale unless it can agree on a high enough price, one of the people said, asking not to be identified as the information is private.
State-controlled Qatar National Bank has been expanding overseas to reduce its reliance on a home market of 2 million people. It has spent $3 billion on acquisitions since 2012, purchasing Societe Generale SA’s Egyptian unit and increasing its stakes in banks in Togo and Tunisia, data compiled by Bloomberg show."



'via Blog this'

Saudi banks said to still be strong despite oil slump | The National

Saudi banks said to still be strong despite oil slump | The National:



"Saudi Arabian banks’ financial cushion and the government’s commitment to keep spending should enable them to weather a prolonged slump in oil prices, even though loan growth is slowing, Saudi British Bank (Sabb) said.

Sabb’s managing director, David Dew, in an interview with Reuters on Sunday, also said he saw no possibility of the government abandoning the riyal’s peg to the dollar.

The economic cost of lower crude prices in a country whose economy depends on oil exports, means Saudi banks will see lending grow at lower levels than the double-digit figures of recent years, Mr Dew said."



'via Blog this'

Landmark agreement over inheritance laws in Dubai | GulfNews.com

Landmark agreement over inheritance laws in Dubai | GulfNews.com:



"A grey area related to the bequeathing of real estate assets held in Dubai by non-Muslim foreign nationals has been cleared following an agreement reached by the Dubai Land Department and a DIFC (Dubai International Financial Centre) entity.

A “will and probate registry” will be created following the agreement, with the DIFC Dispute Resolution Authority (DRA) — through its ancillary body, the DIFC Wills and Probate Registry — being the other party.

The move will pave the way for probate court orders covering the Dubai assets of those who have registered their wills through the registry."



'via Blog this'

MIDEAST STOCKS-Gulf mostly weak, but Etisalat lifts Abu Dhabi | Reuters

MIDEAST STOCKS-Gulf mostly weak, but Etisalat lifts Abu Dhabi | Reuters:



"Most Gulf stock markets edged down in early trade on Tuesday, following negative global leads, but United Arab Emirates telecommunications firm Etisalat rose as it opened up to foreign and institutional investors.

Etisalat rose 1.4 percent and dominated trading volumes in Abu Dhabi, whose main index edged up 0.2 percent although most other stocks were negative.

As the biggest listed company in the UAE, Etisalat is now very likely to secure a place in emerging market indexes, attracting global funds. Previously, only local retail investors could buy the stock."



'via Blog this'

Monday, 14 September 2015

MIDEAST STOCKS-Egypt upbeat; oil drags down Gulf markets | Reuters

MIDEAST STOCKS-Egypt upbeat; oil drags down Gulf markets | Reuters:



"Egypt's stock market rose on
Monday on encouraging corporate news, while most Gulf bourses
fell, tracking oil prices as they came under pressure from weak
economic data out of China.



The Cairo index rose 1.1 percent and Qalaa Holdings
was one of the main supports. Its shares jumped 3.9
percent after the company announced the second round of its
capital increase had been covered 64.7 percent.



In that exercise, Qalaa's co-investors in various ventures
swapped their stakes for shares in Qalaa, which allowed the firm
to raise its stakes in core assets."



'via Blog this'

MIDEAST STOCKS-Saudi slips alongside oil; Egypt extends gains | Reuters

MIDEAST STOCKS-Saudi slips alongside oil; Egypt extends gains | Reuters:



"Saudi Arabia's stock market edged down in early trade on Monday, tracking oil prices and other Gulf bourses, while Egypt rose on positive news.

The main Saudi stock index fell 0.3 percent with most sectors in the red. Heavyweight Saudi Basic Industries was down 0.7 percent as Brent crude, fell 1.1 percent.

Food maker Halwani Brothers was one of just a few gainers, rising 1.3 percent after the firm said it had submitted a binding offer to buy an Egyptian confectionery company. It did not disclose the value of the potential acquisition."



'via Blog this'

Iraq to return to international bond markets - FT.com

Iraq to return to international bond markets - FT.com:

"Iraq is returning to international bond markets for the first time since the end of the US occupation as volatile oil prices weigh heavily on the country’s finances.
The success of Baghdad’s first issuance, expected as early as this week, is likely to hinge on whether the US Federal Reserve will raise short-term interest rates on Thursday.
Investors said Iraq’s plans to raise up to $6bn via a number of bond issues will bear the brunt of a shift in sentiment away from emerging markets if the Fed raises rates, with both the World Bank and International Monetary Fund warning of possible turmoil."



'via Blog this'

First FT - German border controls, Corbyn picks team - YouTube

First FT - German border controls, Corbyn picks team - YouTube: ""



'via Blog this'

UAE insolvency law to follow US Chapter 11 bankruptcy proceedings | The National

UAE insolvency law to follow US Chapter 11 bankruptcy proceedings | The National:

"The long-awaited insolvency law is expected to contain provisions for corporate bankruptcy modelled on Chapter 11 proceedings in the US, a government official said yesterday.

Fahad Al Raqbani, director general of Abu Dhabi Council for Economic Development, said that the upcoming insolvency law will introduce a corporate bankruptcy procedure similar to the US Chapter 11 bankruptcy process. Chapter 11 proceedings allow companies to renegotiate the terms of their debts with creditors.

“It is a very important law, [and will] encourage people to declare the insolvency of their companies,” Mr Raqbani said. “It will cover investors’ rights … and support the economy.”"



'via Blog this'

Middle East sovereign investors face reduced funding | GulfNews.com

Middle East sovereign investors face reduced funding | GulfNews.com:

"The fall in the oil price is expected to reduce funding and increase withdrawal risk of Middle East sovereign investors but many of these investors are better placed to manage these challenges than in the past, according to Invesco’s Sixth Middle East Asset Management Study 2015.

Established Middle East sovereigns have concerns over withdrawal and funding risk but also feel they are better placed to cope with the challenges than before the global financial crisis. A significant majority (67 per cent) of regional sovereign investors fear funding squeeze due to the sustained fall in oil prices.

“We have highlighted concerns over funding and withdrawals for Middle East sovereigns and the positive perceptions of Middle East risk management processes compared to their pre-global financial crisis position in the oil price theme above,” Nick Tolchard, Head of Invesco Middle East."



'via Blog this'

Government, public sector deposits falling; borrowings on the rise | GulfNews.com

Government, public sector deposits falling; borrowings on the rise | GulfNews.com:



"Deposits across banks in the UAE have been declining while borrowings are on the rise, reflecting a slowdown in economic growth, an economist has said.

According to the latest data compiled by the National Bank of Abu Dhabi (NBAD), outstanding loans in UAE, which include all the funds borrowed by private individuals, reached $370 billion in July 2015, recording a 10 per cent rise year-on-year.

The amount of government deposits dropped by 6.2 per cent year-on-year, while some banks are seeing customer deposits falling by 3 per cent.  However, a key measure of banks’ liquidity which is otherwise known as loan-to-deposit (LTD) ratio, is growing, reaching 95 per cent in July this year,  compared to 87 per cent in June 2014."



'via Blog this'

Shiller on Cape and corrections | FT Markets - YouTube

Shiller on Cape and corrections | FT Markets - YouTube: ""



'via Blog this'

MIDEAST STOCKS-Gulf markets fall, tracking oil, China | Reuters

MIDEAST STOCKS-Gulf markets fall, tracking oil, China | Reuters:



"Gulf stock markets fell early on Monday after oil prices fell again and Chinese equities dropped on poor economic data.

Brent crude was down 0.6 percent at $47.83 per barrel by 0543 GMT, while China's CSI300 index and Shanghai Composite Index fell about 3 percent after growth in investment and factory output missed forecasts in August.

China is one of the main destinations for exports from the Gulf, both of crude oil and products such as petrochemicals, and its weakness may hurt economies in the region."



'via Blog this'

Dubai Plans to Award Solar Power Contract in First Quarter - Bloomberg Business

Dubai Plans to Award Solar Power Contract in First Quarter - Bloomberg Business:



"Dubai’s government-owned utility will probably announce the winners in the first quarter to build the third phase of a $3.3 billion solar energy park.
The project to produce 800 megawatts of electricity from the sun will probably be awarded to more than one company, Saeed Mohammed Al Tayer, chief executive officer of Dubai Electricity & Water Authority, said in Dubai on Sunday. DEWA is still deciding whether to build the plant all at once or at different times to take advantage of lower costs, he said. In January, DEWA tripled its target for solar energy production to take advantage of lower building costs.
Energy companies in the Middle East are turning to solar power to take advantage of plentiful amounts of sun. Saudi Arabia, the world’s biggest crude exporter, has ample solar resources and open land and eventually “won’t need fossil fuels,” Oil Minister Ali Al-Naimi said in May."



'via Blog this'

Leon Black's Apollo Said to Seek First Middle East Deal - Bloomberg Business

Leon Black's Apollo Said to Seek First Middle East Deal - Bloomberg Business:

"Apollo Global Management LLC, the alternative-asset manager run by Leon Black, is bidding for a controlling stake in Saudi Arabian supermarket chain Al-Raya For Foodstuff Co., four people with knowledge of the matter said.
Al-Raya may be valued at as much as 1.7 billion riyals ($460 million) and would be New York-based Apollo’s first acquisition in the Middle East, three of the people said, asking not to be identified as talks are private. Two other United Arab Emirates-based private equity firms, Fajr Capital Ltd and Gulf Capital, have also teamed up to submit a bid, according to the people.
Dubai-based Frontier Management Group sourced the deal for Apollo, the people said. Frontier was licensed to operate in the Dubai International Financial Centre in June, according to the financial centre’s website, and is scouring for other potential transaction as the U.S. firm looks to expand in the Persian Gulf region, the people said. Apollo has $30 billion of dry powder to invest, Chief Executive Officer Leon Black said on an earnings call in July."



'via Blog this'

Sunday, 13 September 2015

America’s Most Unlikely Energy Project Is Rising From a Louisiana Bayou - Bloomberg Business

America’s Most Unlikely Energy Project Is Rising From a Louisiana Bayou - Bloomberg Business:

"From a mile away, at the distant end of a flat, two-lane road, the Sabine Pass Liquefied Natural Gas terminal materializes like an alien city from the haze of the Louisiana bayou. Five white cylinders with domed tops, each 140 feet tall and 225 feet in diameter, rise from the empty horizon. Set on the Texas border 4 miles from the mouth of the Sabine River on the Gulf Coast, the terminal is one of the largest industrial energy facilities under construction in North America. The domes, made of nickel alloy and wrapped in a layer of carbon steel, are essentially giant freezers, each capable of holding 81,000 tons of liquefied natural gas (LNG) at -260F.

Cheniere Energy, based in Houston, has spent more than a decade, and upwards of $20 billion, turning 1,000 acres of swamp into the first LNG export terminal in the continental U.S. When the terminal goes live later this year, it will change the dynamics of the energy market in North America. The U.S. will be on its way to becoming a net exporter of natural gas. About 700 million cubic feet of the stuff will begin arriving each day from all over the country—from Texas, Pennsylvania, Ohio, and as far away as North Dakota—to this spot at the end of America’s natural gas pipeline network.

At the terminal, the gas will circulate through roughly a mile of steel pipes and refrigeration systems organized into metal racks spread out across the plant. The racks aren’t unlike the one on the back of a household refrigerator, except they’re 500 feet wide and a quarter of a mile long. In the heart of each rack are two “cold boxes,” the biggest of which is a 1,400-ton, seven-story steel rectangle. Those boxes are the property of ConocoPhillips. What happens inside is so secret that a Cheniere employee can’t go in without being accompanied by someone from ConocoPhillips."



'via Blog this'

MIDEAST STOCKS-Egypt up after govt reshuffle; Gulf falls alongside oil | Reuters

MIDEAST STOCKS-Egypt up after govt reshuffle; Gulf falls alongside oil | Reuters:

"Most Gulf stock markets fell on Sunday, tracking oil prices, while Egypt rose after the country's oil minister, a successful reformer, was asked to form
a new government.
The Cairo index climbed 0.6 percent with most stocks positive after President Abdel Fattah al-Sisi on Saturday asked Oil Minister Sherif Ismail to name a new cabinet.

The government had submitted its resignation shortly after authorities arrested Egypt's agriculture minister over corruption allegations."



'via Blog this'

MIDEAST STOCKS-Saudi rises on FTSE review; Egypt up after govt reshuffle | Reuters

MIDEAST STOCKS-Saudi rises on FTSE review; Egypt up after govt reshuffle | Reuters:



"Saudi Arabia's stock market rose in early trade on Sunday after index compiler FTSE added the country to its watchlist for potential upgrade and Egypt edged up after the Cairo government resigned.

Saudi Arabia's main stock index rose 1.1 percent and most stocks were positive. Real estate companies did particularly well: Jabal Omar jumped 3.0 percent and Dar Al Arkan was up 2.8 percent.

FTSE on Friday added Saudi Arabia to its watch list for possible inclusion in the emerging markets category, following the opening of its stock market to qualified institutional investors in June."



'via Blog this'

Saudis Are Winning the War on Shale - Bloomberg View

Saudis Are Winning the War on Shale - Bloomberg View:



"If you believe all the recent stories about how Saudi Arabia is losing the price war it started against U.S. tight oil producers last year, the new Oil Market Report from the International Energy Agency offers a reality check. The Saudis are winning, though they're paying a heavy price for it.

The narrative about U.S. shale's resilience in the face of the Saudi decision to drive up production, prices be damned, centers on the American industry's ability to cut costs and use innovative technology to repel the brute force onslaught. There is a kind of David versus Goliath charm to this story, but the data don't bear it out. The IEA, the world's most respected independent source of information about the oil market, has changed its methodology for measuring U.S. output: It now polls producers, instead of relying on data from states. And the switch has caused the agency to revise production data for the first half of 2015, showing a noticeable slowdown. 

The U.S. is still pumping more than it did last year, but the output is declining:"



'via Blog this'

MIDEAST STOCKS-Gulf mixed; Kuwait's Americana drops on stake sale comment | Reuters

MIDEAST STOCKS-Gulf mixed; Kuwait's Americana drops on stake sale comment | Reuters:

"Gulf stock markets were little changed in thin early trade on Sunday, while Kuwait Food (Americana) fell after saying it had received no binding offers from suitors.

Americana shares were down 2.4 percent on a Kuwait stock index off by just 0.09 percent.

The company, backed by Kuwait's billionaire al-Kharafi family, said talks were under way with several parties interested in buying a stake in it."



'via Blog this'

Saturday, 12 September 2015

The dilemma the Gulf faces over low oil prices | GulfNews.com

The dilemma the Gulf faces over low oil prices | GulfNews.com:



"The jury is not yet out on what the adverse effects of sustained low oil prices would have on job opportunities in the Gulf economies. Certainly, expatriate workers are expected to bear the brunt of possible job losses on the back of their substantial representation in the workforce.



Where applicable, private enterprises prefer expatriates over locals for reasons of pay, productivity and performance. Some 17 million expatriates work in the Gulf, and the figure increases to above 23 million by adding family members. This effectively comprises half of the total population in the six-nation grouping.



The statistics are staggering by global standards. Immigrant workers from India alone constitute at least a third of the populations in Bahrain, Qatar and the UAE."



'via Blog this'

Bond ETFs grow despite market stresses | FTFM - YouTube

Bond ETFs grow despite market stresses | FTFM - YouTube: ""



'via Blog this'

Goldman Sachs says oil could fall to $20 a barrel | Business | The Guardian

Goldman Sachs says oil could fall to $20 a barrel | Business | The Guardian:



"The price of oil could more than halve again, to just $20 (£13) a barrel, experts at Goldman Sachs are predicting, a shift which would spell big savings for motorists but cast doubt on the viability of North Sea oilfields.



Homeowners, motorists and many industries would gain although a further price collapse could prompt thousands more job losses in the struggling North Sea sector and could eventually hit Treasury tax revenues.



The value of the benchmark West Texas Intermediate crude has already fallen from $107 last June to less than $44 but analysts at Goldman Sachs forecast another huge plunge in WTI. It last traded at $20 a barrel in 2002."



'via Blog this'

Friday, 11 September 2015

Goldman Sachs says oil could fall to $20 a barrel http://gu.com/p/4cakx?CMP=Share_AndroidApp_Blogger

Emerging markets risky but no implosion | Short View - YouTube

Emerging markets risky but no implosion | Short View - YouTube: ""



'via Blog this'

When interest rates will rise explained | FT World - YouTube

When interest rates will rise explained | FT World - YouTube: ""



'via Blog this'

Oil Supply Outside OPEC to Fall Most Since 1992, IEA Forecasts - Bloomberg Business

Oil Supply Outside OPEC to Fall Most Since 1992, IEA Forecasts - Bloomberg Business:



"Oil supplies outside OPEC will decline next year by the most in more than two decades as the price rout curbs U.S. shale output, according to the International Energy Agency.



Production outside the Organization of Petroleum Exporting Countries will fall by 500,000 barrels a day to 57.7 million in 2016, the Paris-based adviser said Friday in its monthly report. While fuel demand this year will be the strongest since 2010, record-high oil inventories in developed nations won’t start to diminish until the second half of next year, and the revival of Iranian exports with the removal of sanctions may swell supplies further, it said.



Shrinking supplies outside OPEC show that Saudi Arabia’s strategy to defend the group’s market share by pressuring rivals with lower prices “appears to be having the intended effect,” the IEA said. Brent crude futures, a benchmark used around the world, slumped to a six-year low near $42 a barrel on Aug. 24 amid a persisting global glut."



'via Blog this'

Dubai's Luxury-Property Woes Spark Drive for Cheaper Rentals - Bloomberg Business

Dubai's Luxury-Property Woes Spark Drive for Cheaper Rentals - Bloomberg Business:



"Nakheel PJSC, the developer of Dubai’s palm-shaped islands, is building thousands of lower-priced homes in the city to become less dependent on income from luxury accommodation, Chief Executive Officer Sanjay Manchanda said.



Nakheel announced on Tuesday that the Jebel Ali Gardens project in south Dubai will provide 10,000 affordable apartments for rent, spread across 42 towers. The one- to three-bedroom properties will house about 40,000 people, the government-owned company said this week at the Cityscape Global conference. Nakheel declined to say how much the project will cost or how much tenants will pay to live there.



Having a presence in both the “luxury and the budget segments means you have a very stable business model, and this is what we are trying to achieve,” Manchanda said in a Sept. 8 interview."



'via Blog this'