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Friday, 30 October 2015

Complex interaction | Authers' Note - YouTube

Complex interaction | Authers' Note - YouTube: ""



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Atlas Jewellery owner fails to settle Dh34m case, will remain in jail | GulfNews.com

Atlas Jewellery owner fails to settle Dh34m case, will remain in jail | GulfNews.com:

"The owner of Atlas Jewellery will remain in custody until a ruling is handed out next month in a case involving two bounced cheques worth Dh34 million. Despite having been granted three adjournments by the Dubai Misdemeanours Court to settle the outstanding amount of the bounced cheques, M.M. Ramachandran did not present any settlement or waiver in courtroom 20 on Thursday.

Ramachandran, a 73-year-old Indian businessman, had issued two cheques worth Dh4 million and Dh30 million to a local bank. The bank complained against him once after cheques bounced and he failed to settle the outstanding dues in August.

In August, Dubai Police arrested the Ramachandran, who has been in detention since then."



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Thursday, 29 October 2015

MIDEAST STOCKS-Saudi, Dubai rise but close far off highs | Reuters

MIDEAST STOCKS-Saudi, Dubai rise but close far off highs | Reuters:

"Stock markets in Saudi Arabia and
Dubai rebounded on Thursday but closed far off their highs after
late bouts of selling, in a sign that investors remain jittery
about low oil prices and the prospect of fiscal tightening in
the region next year.

The Saudi index, which dropped earlier this week on
concern about expected government spending and subsidy cuts,
climbed as much as 1.4 percent during the day, bouncing from
near technical support at its August low of 6,921 points.

But it closed just 0.1 percent higher at 7,125 points. Blue
chip Al-Rajhi Bank climbed 0.5 percent. City Cement Co
surged 7.2 percent after its board proposed a 1 riyal
per share dividend for the period to September."



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Iran eyes Iraq trade decades after war - FT.com

Iran eyes Iraq trade decades after war - FT.com:

"The war memorials that dot the Arvand river are a vivid reminder of a bloody decade-long conflict between Iran and Iraq, in which hundreds of thousands of people were killed.
There are still old tanks to be seen in the streets of Abadan and Khorramshahr, towns once devastated by the fighting that occurred nearly 30 years ago."



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When hawks cry | Authers' Note - YouTube

When hawks cry | Authers' Note - YouTube: ""



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UAE businesses brace for credit squeeze | The National

UAE businesses brace for credit squeeze | The National:

"Business borrowers are steeled for a tough year ahead following a slew of warnings from banks over a looming credit squeeze.

As the funding pool shrinks small firms are already struggling.

“One of the main things we expect to see in the GCC, including the UAE, is that liquidity will become tighter,” said Marios Maratheftis, chief economist at Standard Chartered bank, at a briefing in Dubai yesterday."



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Middle East funds turn negative on equities -survey | Reuters

Middle East funds turn negative on equities -survey | Reuters:

"Middle East fund managers have on balance turned negative towards equities in the region because of low oil prices, instability in the global economy and the prospect of monetary tightening, a monthly Reuters survey shows.

The survey of 14 leading investment firms, conducted over the past week, shows 21 percent expect to cut their regional equity allocations in the next three months, and 7 percent to raise them.

That is a big shift from last month's survey, when 33 percent said they expected to raise equity allocations and 7 percent anticipated cutting them."



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MIDEAST STOCKS-Gulf markets rebound moderately, Q3 earnings aid Qatar | Reuters

MIDEAST STOCKS-Gulf markets rebound moderately, Q3 earnings aid Qatar | Reuters:

"Gulf stock markets rebounded early on Thursday, helped by some better-than-expected corporate earnings from Qatar and a stabilisation of the Saudi market the previous day after declining for several days.

Qatar's index gained 0.4 percent as telecommunications giant Ooredoo surged 2.8 percent. It doubled third-quarter net profit to 756 million riyals ($207.6 million), handily beating analysts' forecasts of 416-475 million riyals.

Petrochemical producer Industries Qatar rose 1.3 percent. It posted a 25 percent drop in third-quarter net profit to 1.41 billion riyals; analysts had forecast an average of 1.13 billion riyals."



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Saudi September Foreign Reserves Drop to Near Three-Year Low - Bloomberg Business

Saudi September Foreign Reserves Drop to Near Three-Year Low - Bloomberg Business:

"Saudi Arabia’s net foreign assets dropped for the eighth month in September as the plunge in oil prices prompt the government to draw down on the financial reserves it accumulated over the past decade.
Net foreign assets declined $7.7 billion to $646.9 billion, the lowest level since November 2012, the Saudi Arabian Monetary Agency said in its monthly report. The central bank’s investments in foreign securities plunged $23 billion, the data show, taking the drop since February to more than $90 billion. Bank lending to private businesses grew 7.1 percent, the slowest pace since April 2011, the data show.
The biggest Arab economy may run out of financial assets needed to support spending within five years if the government maintains current policies, the International Monetary Fund said this month. Authorities are already considering spending cuts and the government is selling domestic bonds for the first time since 2007 to shore up public finances."



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Wednesday, 28 October 2015

Where does Britain draw the line with Saudi Arabia and China? | World news | The Guardian

Where does Britain draw the line with Saudi Arabia and China? | World news | The Guardian:

"Did you notice that the Saudi ambassador to London has stamped his foot to warn that relations between our two countries may suffer if we don’t stop talking about them in the abusive tone recently adopted?

You can see Prince Mohammed bin Nawaf bin Abdulaziz’s point. Up to a point anyway. The British establishment has spent most of the past week kowtowing to Xi Jinping, authoritarian president of nominally communist China, a regime whose past excesses against its own people makes the House of Saud look like a coven of Guardian readers. Kowtow is a Chinese word, I seem to remember – not necessarily pejorative either.

But governments all over the world have to deal with people they don’t approve of. I wouldn’t be surprised if Saudis and Chinese who know their history don’t harbour a few reservations about pasty-faced Europeans who have done them harm in the past. It doesn’t stop them using some of their spare cash to buy up swaths of Britain."



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Last post sounds the end of the ArabianMoney website « ArabianMoney

Last post sounds the end of the ArabianMoney website « ArabianMoney:

"This is the last post ever on the ArabianMoney website, ‘a sad indictment on the digital era’ as Frank Kane very kindly wrote in The National (click here). But we would rather go out on an optimistic note and have been singing the praises of what ought to replace this site, the ‘Dubai Financial Review’, a multimedia website to serve as the ‘Financial Times’ or ‘Wall Street Journal’ of the Dubai financial sector (click here).

Looking back this website started its life as the editor and publisher’s personal blog in early 2008. In May 2010, as the dust cleared from the Global Financial Crisis and Great Recession, the blog converted into a commercial website with a paid-for subscription newsletter."



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MIDEAST STOCKS-Saudi stabilises but Gulf mostly weak | Reuters

MIDEAST STOCKS-Saudi stabilises but Gulf mostly weak | Reuters:

"Gulf stock markets mostly fell on
Wednesday amid concern over weak oil prices, but Saudi Arabia
regained some stability after a plunge on the previous day
caused by fears that the government would tighten fiscal policy
considerably.

The Saudi index had sunk 3.0 percent on Tuesday
after the oil minister confirmed the government was considering
whether to raise domestic energy prices - one of several steps
that it may take next year to reduce a huge budget deficit
caused by low oil prices.

On Wednesday, the index slipped as low as 6,991 points
during the day but closed up 0.3 percent at 7,118 points. It has
technical support at its August low of 6,921 points."



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The Grim Economic Legacy of the #ArabSpring Poster Children - Bloomberg Business

The Grim Economic Legacy of the Arab Spring Poster Children - Bloomberg Business:

"A cry for economic inclusion and social justice sparked uprisings in 2010 and 2011 that spread across North Africa and the Middle East. But what happened to Tunisia and Egypt, where the protests originated and delivered, at least on paper, the semblance of political change?
In six charts, we answer that question. "



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Saudi Wealth Fund Said to Seek Bankers in Global Deals - Bloomberg Business

Saudi Wealth Fund Said to Seek Bankers in Global Deals - Bloomberg Business:

"Saudi Arabia’s Public Investment Fund is seeking to hire bankers for international deals to help the kingdom acquire overseas technology and expertise, four people with knowledge of the matter said.
The sovereign wealth fund, which holds about $100 billion worth of stakes in local companies, is looking to appoint Saudi nationals with experience at both local and international investment banks, the people said, asking not to be identified as the talks are private. The hires will help the fund make strategic acquisitions in industries including transport, manufacturing and technology that will give Saudi Arabia access to foreign expertise and know-how, according to the people.
The PIF holds the government’s stakes in companies including Saudi Basic Industries Corp., the world’s second-biggest chemicals manufacturer, and National Commercial Bank, the Middle East’s second-largest lender. Yasir Al Rumayyan, former chief executive officer at Credit Agricole-backed Saudi Fransi Capital and now an adviser to the Royal Court, is driving recruitment and the PIF’s push overseas, according to three of the people."



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The Oil Market May Need Until 2016 for Iran Supply Boost - Bloomberg Business

The Oil Market May Need Until 2016 for Iran Supply Boost - Bloomberg Business:

"Iran’s crude exports are likely to remain restricted until the first half of next year, when it’s “reasonable” to expect international sanctions against the OPEC producer to be lifted, according to a U.S. government official.
Overseas shipments will probably stay at 1 million to 1.1 million barrels a day until the terms of a deal between Iran and world powers over the Persian Gulf state’s nuclear program are implemented, allowing sanctions to be lifted, said Amos Hochstein, special envoy and coordinator for international energy affairs at the U.S. Department of State. The U.S. is keeping a “very close” watch on Iranian oil exports, he said in an interview in Singapore.
Iran is preparing to increase shipments at a time when crude prices are near six-year lows amid a global glut sparked by the U.S. shale boom. The Middle East producer, which was the second-biggest supplier in the Organization of Petroleum Exporting Countries before sanctions curbed its exports, has vowed to retake market share it lost to producers including Saudi Arabia, Mexico and Russia."



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MIDEAST STOCKS-Gulf edges down on oil, Saudi concerns | Reuters

MIDEAST STOCKS-Gulf edges down on oil, Saudi concerns | Reuters:

"Gulf stock markets edged down in early trade on Wednesday because of weak oil prices and concern about the region's biggest market, Saudi Arabia, which sank 3 percent on Tuesday after the oil minister said domestic energy prices might be raised.

The Dubai index dropped 0.5 percent after 45 minutes of trade. Second-tier property stocks remained soft after Deyaar reported on Monday that third-quarter profit dropped; Deyaar shares slipped a further 1.3 percent and Union Properties lost 1.6 percent.

Abu Dhabi edged down 0.1 percent, although the 10 most heavily traded stocks moved little and were roughly evenly split between gainers and losers."



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A ripening Apple | Authers' Note - YouTube

A ripening Apple | Authers' Note - YouTube: ""



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Tuesday, 27 October 2015

MIDEAST STOCKS-Saudi tumbles as energy price rises considered | Reuters

MIDEAST STOCKS-Saudi tumbles as energy price rises considered | Reuters:

"Saudi Arabia's stock market fell
sharply on Tuesday after the oil minister said the government
was considering whether to raise domestic energy prices, a
reform that could initially at least hurt consumer spending and
corporate profits.

Asked on the sidelines of a mining conference if he expected
domestic energy prices to increase in the near term, Ali
al-Naimi said: "What you are asking is: is it under study? And
the answer is yes."

Naimi did not give any details of the possible changes,
which could form part of a major tightening of fiscal policy
next year as the government reduces a budget deficit estimated
at well over $100 billion in 2015."



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Asset managers suffer as oil funds withdraw cash - FT.com

Asset managers suffer as oil funds withdraw cash - FT.com:

"Global asset managers are facing a double hit to their fees, as sovereign wealth funds withdraw billions to support their oil-dependent economies — and switch to a cheaper in-house investment approach.
A collapse in the price of oil since June 2014 is taking its toll on the investment management industry, as oil-producing countries pull money from their wealth funds to make up for a loss of export earnings. Of the world’s 50 sovereign wealth funds, which collectively oversee about $6.5tn, one-third have reported a reduction in their invested assets. Of those affected, half derive their capital from oil, according to data provider Preqin."



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Risk to Saudi Typhoon jet contract after prison row - FT.com

Risk to Saudi Typhoon jet contract after prison row - FT.com:

"A delicate negotiation to sell UK-built fighter jets to Saudi Arabia could be at risk after the Saudi ambassador attacked Britain for cancelling a prison contract over criticism of Riyadh’s human rights record.
In a rare public intervention, Prince Mohammed bin Nawaf bin Abdulaziz said that “if the extensive trade links between the two countries are going to be subordinate to certain political ideologies, then this vital commercial exchange is going to be at risk”."



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Yanis Varoufakis: why Britain must stay in Europe | Guardian Live - YouTube

Yanis Varoufakis: why Britain must stay in Europe | Guardian Live - YouTube: ""



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Low energy markets | Authers' Note - YouTube

Low energy markets | Authers' Note - YouTube: ""



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Emirates NBD’s nine-month net profits up 27 per cent to Dh5 billion | GulfNews.com

Emirates NBD’s nine-month net profits up 27 per cent to Dh5 billion | GulfNews.com:

"Emirates NBD (ENBD), on Tuesday reported a nine-month net profit  of Dh5 billion up 27 per cent compared to same period last year.

The strong operating performance was helped by an increase in net interest income, a modest increase in costs and a lower impairment charge.

Total income for the first nine months grew by 2 per cent to Dh11.2 billion. Net interest income grew 8 per cent to Dh7.6 billion due to growth in retail assets and a lower cost of funds."



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UPDATE 1-UK defence contractor Chemring warns on full-year results | Reuters

UPDATE 1-UK defence contractor Chemring warns on full-year results | Reuters:

"Chemring Group Plc, a British defence contractor, said it expected its underlying operating profit for the full year to be reduced by nearly a third due to a delay in revenues from a contract in the Middle East.

Chemring, which makes ejector seats for fighter jets and flares used to counter heat-seeking missiles, has been struggling with delays in Middle Eastern contracts as well as defence budget cuts in its key markets.

The company announced in September that it had received orders worth more than 100 million pounds for the supply of 40mm ammunition in the Middle East."



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MIDEAST STOCKS-Gulf markets consolidate; Dubai real estate firms weak | Reuters

MIDEAST STOCKS-Gulf markets consolidate; Dubai real estate firms weak | Reuters:

"Gulf stock markets consolidated in modest volumes early on Tuesday, dampened by weak oil prices and global equities.

Dubai's index edged down 0.4 percent as second-tier property developer Deyaar fell 2.4 percent after reporting a 38 percent slump in profit. Peer Union Properties dropped 1.9 percent.

Abu Dhabi climbed 0.4 percent as National Bank of Ras al Khaimah added 1.8 percent; it reported roughly flat profit for the third quarter compared to a year earlier."



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Monday, 26 October 2015

UAE Minister of Energy: 2016 will be year of oil price correction | The National

UAE Minister of Energy: 2016 will be year of oil price correction | The National:

"The UAE’s minister of energy said on Monday that he expected an upward correction of oil prices next year.

“We are expecting an upward correction - 2016 will be a year of correction, to what level we will see,” Suhail Al Mazroui told reporters on the sidelines of an international business conference in Abu Dhabi.

He stressed that the UAE would not try to impose a correction on the market, but that market fundamentals - including a faster-than-expected recovery in demand - were indicating there would be one."



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UAE banks may face tougher times amid slowing growth in loans | The National

UAE banks may face tougher times amid slowing growth in loans | The National:

"UAE banks may face a tough slog next year as loan growth slows amid lower oil prices, according to Alex Thursby, the chief executive of National Bank of Abu Dhabi.

As a result of the slowing rate of economic growth, Mr Thursby said he expected UAE loan growth to rise by about 5 per cent, nearly half the expansion rate over the past few years.

“I think financial services over the next 18 months will be a much tougher business than it has been in the previous 18 months, and the reason I say that is people have generated growth through growth of assets,” he said in an exclusive interview. “That’s slowing down, margin compression is continuing and markets are growing less.”"



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What Role Does China Play in the Middle East? - Bloomberg Business

What Role Does China Play in the Middle East? - Bloomberg Business:

"Angus Blair, chief executive officer and founder at Signet Institute, talks about China's political and business role in the Middle East. He speaks on "Bloomberg Surveillance." (Source: Bloomberg)"



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MIDEAST STOCKS-Saudi bounces as some blue chips pare losses | Reuters

MIDEAST STOCKS-Saudi bounces as some blue chips pare losses | Reuters:

"Saudi Arabia's top stock index
rebounded on Monday as some blue chips were bought back after
several days of punishing falls on concerns that low oil prices
would force the government into spending and subsidy reductions
as well as tax rises.

The index fell 6.7 percent over the four previous
trading but towards the end of the session, petrochemical
producer Saudi Basic Industries rose 1.8 percent,
mining group Ma'aden 3.8 percent and oil shipper Bahri
3.3 percent.

This helped the index close 0.6 percent higher. Turnover
remained modest, however, and some stocks continued sliding on
expectations of a tighter state budget. City Cement
fell 0.3 percent to a 31-month low, extending a decline that has
taken it down about 10 percent in the last two weeks."



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IMF calls on Arabian Gulf states to speed up spending cuts | The National

IMF calls on Arabian Gulf states to speed up spending cuts | The National:

"The IMF expects Arabian Gulf countries to move faster on cutting spending rather than introducing taxes to help balance their budgets.

The fund projected a wider fiscal deficit of 13 per cent for the Gulf region in a report released last week because of the oil price slump, compared with 8 per cent forecast in its May report.

“Realistically, some spending cuts are likely to come before the tax starts paying off,” said Masood Ahmed, director of the IMF’s Middle East and Central Asia department. “In the conversations we have had, a number of them [Gulf countries] are looking at ways at which to consolidate. People are looking at investments. They are looking at efficiency savings in current expenditures.”"



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UAE Minister of Energy: 2016 will be year of oil price correction | The National

UAE Minister of Energy: 2016 will be year of oil price correction | The National:

"The UAE’s minister of energy said on Monday that he expected an upward correction of oil prices next year.

“We are expecting an upward correction - 2016 will be a year of correction, to what level we will see,” Suhail Al Mazroui told reporters on the sidelines of an international business conference in Abu Dhabi.

He stressed that the UAE would not try to impose a correction on the market, but that market fundamentals - including a faster-than-expected recovery in demand - were indicating there would be one."



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MIDEAST STOCKS-Saudi consolidates; Egypt still dominated by Amer Group | Reuters

MIDEAST STOCKS-Saudi consolidates; Egypt still dominated by Amer Group | Reuters:

"Saudi Arabia's stock market was broadly stable early on Monday as petrochemical shares steadied following sharp falls, while trade in Amer Group and its affiliate Porto continued to dominate volumes in Egypt.

The Saudi stock index was almost flat as Saudi Basic Industries added 0.6 percent. Most of the 10 most heavily traded stocks moved narrowly though City Cement slid a further 1.5 percent to a 31-month low, continuing a decline that has taken it down about 10 percent in the last two weeks.

The market is worried that low oil prices could force the Saudi government into major spending and subsidy cuts, and possibly tax rises, in next year's state budget, which could hurt a wide range of industries including construction."



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MIDEAST STOCKS-Gulf markets edge down on Saudi concerns | Reuters

MIDEAST STOCKS-Gulf markets edge down on Saudi concerns | Reuters:

"Gulf stock markets edged down in early trade on Monday as investors remain concerned about the outlook for the Saudi Arabian market, where shares have been falling because of concern about next year's state budget.

The Saudi index closed down 1.4 percent on Sunday, bringing its losses over four trading days to 6.7 percent, on worries that low oil prices would force Riyadh into spending cuts and tax increases.

Saudi Arabia's weakness is dampening the entire region, even in countries such as the United Arab Emirates, which are relatively well placed to cope with an era of cheap oil."



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Sunday, 25 October 2015

MIDEAST STOCKS-Saudi continues sliding, most other Gulf bourses firm | Reuters

MIDEAST STOCKS-Saudi continues sliding, most other Gulf bourses firm | Reuters:

"Saudi Arabia's stock market fell
further on Sunday because of worries that low oil prices would
force Riyadh into spending cuts and tax increases, although most
other Gulf markets rose in response to a strong tone for global
equities.

The Saudi stock index edged up in early trade but
soon resumed falling and closed down 1.4 percent, bringing its
losses over four trading days to 6.7 percent.

Leading petrochemical producer Saudi Basic Industries
, its margins squeezed by low oil prices and facing the
possibility that the government could raise gas prices to save
money, fell 2.7 percent."



'via Blog this'

SMEs in the Emirates struggle to cope as oil fall bites | The National

SMEs in the Emirates struggle to cope as oil fall bites | The National:

"Small and medium-sized enterprises in the UAE felt the heat from the plunge in the price of oil in the third quarter amid belt tightening as payment collection and raising finance became more difficult, according to a survey by Gulf Finance.

SMEs are also grappling with a slowdown in orders, and they cited a drop in the third quarter compared to the second quarter, Gulf Finance, the financing unit of the Dubai-based investment bank Shuaa Capital, said in the survey results published today.

Looking ahead, Gulf Finance’s chief executive said the lull in the price of oil, a key driver of growth in the Middle East, may yet dampen business confidence some more."



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Saudi economy remains resilient despite challenges | GulfNews.com

Saudi economy remains resilient despite challenges | GulfNews.com:

"Despite the withering effect from the oil price plunge and the hostilities in Yemen, the Saudi economy still has the fundamentals to fall back on. Certainly, this is true for the short term while sustaining it in the medium and long-term requires careful planning.

The latest statistics put the value of Saudi Arabia’s sovereign wealth fund (SWF) at $672 billion (Dh2.47 trillion) — one of the richest globally. The reserves are held by the Saudi Arabian Monetary Authority. Within the Gulf and the broader region, only the UAE holds higher reserves.

Evidently, budgetary surpluses of recent years have contributed to the sizeable SWF. The budget posted a surplus of $103 billion in fiscal year 2012 when oil prices averaged $109 per barrel but this fell to $53 billion in 2013 on the back of lower oil prices. The threat of budgetary deficits emerged in the second half of 2014 with the extraordinary fall in oil prices."



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MIDEAST STOCKS-Saudi, Egypt stabilise; SABIC rebounds | Reuters

MIDEAST STOCKS-Saudi, Egypt stabilise; SABIC rebounds | Reuters:

"The Saudi Arabian and Egyptian stock markets stabilised early on Sunday after falling late last week, with a strong tone in global equities encouraging investors to buy back blue chips.

The Saudi index slipped last week because of worries that low oil prices would force Riyadh into spending cuts and other fiscal reforms that would hurt economic growth and corporate profits.

In the opening minutes of Sunday the index edged up 0.1 percent, however, with leading petrochemical producer Saudi Basic Industries adding 0.9 percent."



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MIDEAST STOCKS-Dubai, Qatar climb; Gulf Navigation surges | Reuters

MIDEAST STOCKS-Dubai, Qatar climb; Gulf Navigation surges | Reuters:

"Stock markets in Dubai and Qatar rebounded in early trade on Sunday in response to strong global markets, though Abu Dhabi was dampened by weak earnings from Union National Bank.

The Dubai stock index added 1.2 percent as Gulf Navigation, the most heavily traded stock, gained 6.3 percent.

Integrated Capital, controlled by Abu Dhabi Financial Group, raised its stake in Gulf Navigation to 5.19 percent in mid-August and has since increased it further to 6.01 percent, exchange data shows."



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Friday, 23 October 2015

China’s Xi Jinping urges UK to stay in EU - FT.com

China’s Xi Jinping urges UK to stay in EU - FT.com:

"President Xi Jinping of China wants the UK to remain in the EU, adding his voice to world leaders worried about the country’s proposed referendum on membership of the bloc.
Mr Xi’s remarks, made during a meeting on Thursday evening at Chequers, the UK prime minister’s country residence, were paraphrased by China’s foreign ministry in a statement on Friday, the last day of the president’s state visit."



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Kweku Adoboli: a rogue trader’s tale - FT.com

Kweku Adoboli: a rogue trader’s tale - FT.com:

"On an unseasonably sunny autumn day in the City of London, a group of about a dozen traders at a commodities brokerage firm were perched around a conference room table, the light sifting in as they listened to a compliance seminar. As it drew to a close, a new speaker stood up and walked to the head of the table. The traders sat up in their chairs. Some pulled out their phones and started googling pictures to see if it was really him, trying to discreetly show their colleagues for confirmation.

The man smiled knowingly and asked them a question. “Can you think of a time when you felt a completely brand new emotion?” he began. “Perhaps the day you got married or the first time you held your baby, or when you became a trader or got your last promotion? Those types of moments when life feels magically perfect and your desire is to protect that situation and to make it last? The strength of your positive emotion is the intensity to which I was experiencing something negative. You haven’t experienced anything that negative before. Most people don’t go through such suffering.”"



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FirstFT - Microsoft sparkles, HSBC could move HQ to US - YouTube

FirstFT - Microsoft sparkles, HSBC could move HQ to US - YouTube: ""



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Uncorrected - YouTube

Uncorrected - YouTube: ""



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CEO of Russia's Rosneft Criticizes Saudi Oil-Market Strategy - Bloomberg Business

CEO of Russia's Rosneft Criticizes Saudi Oil-Market Strategy - Bloomberg Business:

"Saudi Arabia’s move to maintain its share of the global oil market and expand in Europe will backfire, said the chief executive officer of Russia’s largest oil producer.

“The strategy that Saudi Arabia has chosen doesn’t bring any significant victories,” Igor Sechin, CEO of OAO Rosneft, said Thursday at the Eurasian Forum in Verona, Italy. “More likely the opposite.”

After the U.S. cut imports amid a boom in domestic production, exporters from the Middle East are increasing output and seeking new markets, a move that isn’t helpful for the global industry, Sechin said. After oil prices slumped amid a global surplus, Middle Eastern governments have to use “billions of dollars” from sovereign funds, raise large external loans or cut spending on new cars and furniture to make up the shortfall in revenues, he said."



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Samsung Engineering in $1 bln rights issue after huge loss; shares dive | Reuters

Samsung Engineering in $1 bln rights issue after huge loss; shares dive | Reuters:

"Samsung Engineering Co Ltd said it was planning a $1.1 billion rights issue after a record quarterly operating loss on oil and gas projects in the Middle East, wiping out nearly a fifth of its market value.

Citing a "lack of preparation and capability" for handling large, complex projects, the construction arm of South Korea's biggest conglomerate booked a 1.5 trillion won ($1.3 billion) operating loss in the third quarter and also flagged the sale of its headquarters building.

While much of South Korea's construction industry has been hit by declining margins in the Middle East, Samsung Engineering is more exposed than rivals as most of its revenue comes from overseas projects."



'via Blog this'

MIDEAST STOCKS-Budget jitters hurt Saudi Arabia; CDS rising again | Reuters

MIDEAST STOCKS-Budget jitters hurt Saudi Arabia; CDS rising again | Reuters:

"Worries that Saudi Arabia may cut
subsidies and state spending and raise taxes to cover its budget
deficits in an era of cheap oil once again hurt its stock market
on Thursday, with a negative effect on neighbouring markets.

The International Monetary Fund said on Wednesday that
Riyadh was considering a wide range of fiscal reforms - many of
which could hurt corporate profits, at least initially - to cope
with a budget gap that would total well over $100 billion this
year.

That pushed the Saudi stock index down 2.7 percent on
Wednesday and it slid a further 1.3 percent on Thursday.
Petrochemical blue chip Saudi Basic Industries dropped
1.2 percent; the government could raise money by lifting
subsidised, ultra-low gas feedstock prices for the industry."



'via Blog this'

Thursday, 22 October 2015

MIDEAST STOCKS-Budget worries hit Saudi, Egypt soft as Amer resumes trade | Reuters

MIDEAST STOCKS-Budget worries hit Saudi, Egypt soft as Amer resumes trade | Reuters:

"Worries that Saudi Arabia may cut subsidies and state spending and raise taxes to cover its budget deficits in an era of cheap oil hurt its stock market early on Thursday. Egypt's market was soft as the split of Amer Group into two firms dominated trade.

The International Monetary Fund said on Wednesday that Riyadh was considering a wide range of fiscal reforms - many of which could hurt corporate profits, at least initially - to cope with a budget gap that would total well over $100 billion this year.

That pushed the Saudi stock index down 2.7 percent on Wednesday and it slid a further 1.6 percent early on Thursday. Petrochemical blue chip Saudi Basic Industries dropped 2.0 percent as the government could raise money by lifting subsidised, ultra-low gas feedstock prices for the industry."



'via Blog this'

Europe and Asia oil groups target Iran - FT.com

Europe and Asia oil groups target Iran - FT.com:

"As energy executives from Europe and Asia met their Iranian counterparts in Tehran on Tuesday, for one man it felt more like a reunion than the biggest opening of Iran’s economy in 35 years.
A.R. Ramzgooyan started his career working for BP in the UK in the 1980s. Now a managing director at Atlas Shipping Company, a subsidiary of Iran’s national oil company, he said the lifting of sanctions and return of foreign oil companies would be much welcomed."



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Set out spending cuts, IMF tells Saudis - FT.com

Set out spending cuts, IMF tells Saudis - FT.com:

"The IMF has asked Saudi Arabia for more details of its plans to deal with its ballooning fiscal deficit, warning the world’s biggest oil producer could deplete its financial reserves within five years unless it builds on efforts to balance the budget.
Masood Ahmed, the IMF’s regional director, pressed Riyadh to outline details of its proposed spending cuts and clarify its position on additional revenue generation measures such as taxes, as it deals with a fiscal deficit hovering around 20 per cent this year and next."



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Scandal hit Malaysia fund battles critics - YouTube

Scandal hit Malaysia fund battles critics - YouTube: ""



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EU has made UK economy more dynamic, says Bank of England chief | Politics | The Guardian

EU has made UK economy more dynamic, says Bank of England chief | Politics | The Guardian:

"Mark Carney, the governor of the Bank of England, has said that EU membership opened up the UK economy and made it more dynamic, but also left it more exposed to financial shocks.

In an intervention likely to be seen as strengthening David Cameron’s hand as he prepares to enter negotiations with Britain’s EU partners, Carney challenged the prime minister to demand “clear principles” to safeguard Britain’s interests outside the euro, as he warned that botched European integration could threaten financial stability.

Carney, speaking in Oxford on Wednesday evening, said Britain was possibly “the leading beneficiary” of the EU’s single market, and that being in the bloc had been one of the drivers of its strong economic performance in the four decades since it first joined."



'via Blog this'

MIDEAST STOCKS-Gulf markets edge down amid oil worries | Reuters

MIDEAST STOCKS-Gulf markets edge down amid oil worries | Reuters:

"Gulf stocks edged down early on Thursday as worries about the impact of low oil prices on the region continued to deter fresh buying, even in wealthy countries relatively well insulated from cheap oil such as the United Arab Emirates and Qatar.

Dubai's stock index fell 0.5 percent as Emaar Properties slipped 1.1 percent and construction firm Drake & Scull fell by a similar margin.

Abu Dhabi edged down 0.2 percent as National Bank of Abu Dhabi dropped 0.4 percent."



'via Blog this'

OPEC Is About to Crush the U.S. Oil Boom - Bloomberg Business

OPEC Is About to Crush the U.S. Oil Boom - Bloomberg Business:

"After a year suffering the economic consequences of the oil price slump, OPEC is finally on the cusp of choking off growth in U.S. crude output.
The nation’s production is almost back down to the level pumped in November 2014, when the Organization of Petroleum Exporting Countries switched its strategy to focus on battering competitors and reclaiming market share. As the U.S. wilts, demand for OPEC’s crude will grow in 2015, ending two years of retreat, the International Energy Agency estimates.
While cratering prices and historic cutbacks in drilling have taken their toll on the U.S., OPEC members have also paid a heavy price. A year of plunging government revenues, growing budget deficits and slumping currencies has left several members grappling with severe economic problems. The fact that the U.S. oil boom kept going for about six months after the group’s November decision also means OPEC has so far succeeded only in bringing the market back to where it started."



'via Blog this'

Norway Gas Output Set for Record as Monster Field Is Revived - Bloomberg Business

Norway Gas Output Set for Record as Monster Field Is Revived - Bloomberg Business:

"The Troll A platform rocks like a boat as North Sea waves pound its four gigantic concrete legs, but monitors inside the control room show a steady flow of natural gas continues unabated -- enough to meet the needs of 10 million homes in Europe.
Norway is on track for record gas production this year after Statoil ASA put an end to technical issues that limited Troll’s capacity. And deep within the windswept jumble of pipes and machinery that top the platform 65 kilometers (40 miles) off the Nordic nation’s coast, two newly installed compressors stand ready to maintain the field’s unequaled capacity well into the next decade.
“These compressors provide an extra muscle, they strengthen the Norwegian gas machine,” Grete Haaland, senior vice president for asset management at Statoil’s marketing, midstream and processing business unit, said in a presentation on the Troll platform Wednesday. “They increase Troll’s ability to deliver more gas in the short and long term. That’s extremely important for us.”"



'via Blog this'

Wednesday, 21 October 2015

Saudi Arabia warned financial assets may be drained within five years | The National

Saudi Arabia warned financial assets may be drained within five years | The National:

"The IMF has warned that regional economies could burn through their financial buffers within five years as they face a $700 billion deficit.

The fund lowered its projection for Gulf growth to 3.3 per cent this year, down from a 3.4 per cent projection in May, as lower oil prices batter the region.

It expects regional growth to slow further next year to about 2.8 per cent."



'via Blog this'

Slip in profit for Mashreq suggests bull run for UAE banks ending | The National

Slip in profit for Mashreq suggests bull run for UAE banks ending | The National:

"Mashreq, the Dubai-based lender led by Abdul Aziz Al Ghurair, said its third-quarter profit fell 7.6 per cent as it earned less from fees and commissions.

The decline comes amid increasing signs that the bull run banks have enjoyed in recent years is starting to wane amid lower oil prices.

Sharjah-based United Arab Bank said last week that it had booked a loss after recording a rise in bad loans from some of its commercial customers."



'via Blog this'

Unemployment seen surging across the region | GulfNews.com

Unemployment seen surging across the region | GulfNews.com:

"Unemployment across the oil exporting countries in the region including the GCC is expected surge as governments are poised to cut spending to cope with rising fiscal deficits, according to the IMF’s regional economic outlook.

In the GCC, excluding the UAE, more than 2 million nationals are expected to join the workforce by 2020. If private sector job growth were to follow past trends, and public sector employment growth is consistent with the current fiscal projections, more than half a million job market entrants will end up being unemployed, in addition to the 1 million who are already out of work.

“The aggregate GCC unemployment rate would increase from 12 per cent to 16 per cent. Clearly, if more fiscal adjustment were to take place, with some of it in the form of reined-in public sector hiring, unemployment rates would be even higher,” said Masoud Ahmad, the IMF’s regional director for Middle East and Central Asia."



'via Blog this'

Are Oil Prices on the Verge of Another Major Selloff? - Bloomberg Business

Are Oil Prices on the Verge of Another Major Selloff? - Bloomberg Business:

"Ed Morse, Citigroup's global head of commodities research, discusses the outlook for oil prices with Bloomberg's Scarlet Fu, Alix Steel and Joe Weisenthal on "What'd You Miss?""



'via Blog this'

Saudi Assets at Risk as Spending Outpaces Oil Revenue - Bloomberg Business

Saudi Assets at Risk as Spending Outpaces Oil Revenue - Bloomberg Business:

"Masood Ahmed, IMF director of Middle East and Central Asia, discusses the risk of Saudi Arabia draining its financial assets within the next five years due to low oil prices. He speaks on "Bloomberg Surveillance." "



'via Blog this'

MIDEAST STOCKS-Saudi index drops on prospect of fiscal reform | Reuters

MIDEAST STOCKS-Saudi index drops on prospect of fiscal reform | Reuters:

"Saudi Arabia's share index
made its largest decline in two months on Wednesday after an
International Monetary Fund (IMF) official said the kingdom was
considering a wide range of fiscal reforms in response to a
record budget deficit.

Other Gulf markets also fell, with renewed weakness in oil
prices and mixed company results sapping investor confidence.

Fiscal reforms in Saudi Arabia, which could include lower
energy subsidies, could hurt corporate profits in some sectors,
especially the petrochemical industry.

Saudi Basic Industries Corp (SABIC), the Gulf's
largest listed company, fell 3.7 percent as 19 of Saudi's 20
biggest stocks declined. "



'via Blog this'

IMF warns on Gulf states growth amid oil price fall and conflict - FT.com

IMF warns on Gulf states growth amid oil price fall and conflict - FT.com:

"Gulf states face slower economic growth as a “large and persistent” drop in oil prices increases the urgency for them to cut spending and diversify revenues, according to the International Monetary Fund.

In its latest regional economic outlook for the Middle East, north Africa and Central Asia, published on Wednesday, the IMF forecast that the six-member Gulf Co-operation Council will see gross domestic product growth slow from 3.25 per cent this year to 2.75 per cent next year.

Council members’ average fiscal deficits are expected to reach 13 per cent of GDP this year, with the region’s largest economy, Saudi Arabia, facing a deficit of 21.6 per cent in 2015 and 19.4 per cent in 2016."



'via Blog this'

Gulf states face slower growth, Ferrari IPO | FirstFT - YouTube

Gulf states face slower growth, Ferrari IPO | FirstFT - YouTube: ""



'via Blog this'

MIDEAST STOCKS-Dubai hits two-week low, other Gulf markets slip | Reuters

MIDEAST STOCKS-Dubai hits two-week low, other Gulf markets slip | Reuters:

"Dubai's stock index slumped to a two-week low in early Wednesday trade as the prolonged drop in oil prices weighs on prices across the market.

Bourse bellwether Emaar Properties fell 1.9 percent, rival developer Deyaar slipped 1.1 percent, and Dubai Financial Market dropped 1.7 percent.

Two small-cap stocks, Gulf Navigation and Amanat Holding, accounted for nearly a third of the 33.3 million shares traded on the index as of 0710 GMT. The former was up 0.2 percent and the latter down 1.1 percent."



'via Blog this'

Tuesday, 20 October 2015

VPS Healthcare latest company to show interest in Al Noor Hospitals | The National

VPS Healthcare latest company to show interest in Al Noor Hospitals | The National:

"VPS Healthcare is the latest company to express an interest in acquiring Al Noor Hospitals, according to an official statement to the London Stock Exchange.

VPS, best known in the Emirates as the owners of the Burjeel hospitals in Abu Dhabi and Dubai, was identified by Al Noor after The National on Monday revealed there had been a third approach to LSE-listed Al Noor.

“The board of Al Noor notes the comments made to the media by chief executive Ronald Lavater, and confirms it has received a highly preliminary indication of interest from VPS Healthcare."



'via Blog this'

Saudi CMA may relax investor rules to join world indices | GulfNews.com

Saudi CMA may relax investor rules to join world indices | GulfNews.com:

"Saudi Arabia would be open to relaxing its rules on foreigners investing directly in its stock market to help it get included in global indices, the chairman of the Saudi financial-markets regulatory agency, the Capital Market Authority, told Reuters.

In his first interview with international media since his appointment in January, Mohammad Al Jadaan also defended the limited trading so far by qualified foreign investors (QFIs) and noted the kingdom was already seeing wider benefits from having direct foreign access to its $470 billion (Dh1.73 trillion) stock market.

On June 15, the Saudi stock exchange, the Tadawul, became one of the last major emerging markets to let foreigners buy shares directly. But licences are granted only to vetted professional investors, who must have $5 billion of assets under management and a five-year investment track record."



'via Blog this'

MIDEAST STOCKS-Oil dampens Saudi, Emaar Misr boosts Egypt | Reuters

MIDEAST STOCKS-Oil dampens Saudi, Emaar Misr boosts Egypt | Reuters:

"Saudi Arabia's stock market fell
on Tuesday in response to weak oil prices while real estate
developer Emaar Misr, seen as a hedge against currency
depreciation, boosted Egypt's index. Gulf markets in general
remained sluggish.

Brent crude sank nearly 4 percent overnight and
remained under pressure in Asian trade on Tuesday. This helped
to push the Saudi stock index down 1.0 percent at the
close.

Some shares tumbled in response to poor third-quarter
earnings, with Saudi International Petrochemical Co (Sipchem)
down 8.4 percent after it reported a 55.4 percent
slump in net profit to 71.6 million riyals ($19.1 million).
Analysts had forecast 122.9 million riyals. "



'via Blog this'

MIDEAST STOCKS-Saudi soft on oil, property shares boost Egypt | Reuters

MIDEAST STOCKS-Saudi soft on oil, property shares boost Egypt | Reuters:

"Saudi Arabia's stock market was soft in early trade on Tuesday in response to weak oil prices, while real estate stocks, seen as a hedge against currency depreciation, boosted Egypt.

Brent crude sank nearly 4 percent overnight and remained under pressure in Asian trade on Tuesday. This helped to push the Saudi stock index down 0.3 percent in the opening minutes.

Some shares tumbled in response to poor third-quarter earnings, with Saudi International Petrochemical Co (Sipchem) down 6.1 percent after it reported a 55.4 percent slump in net profit to 71.6 million riyals ($19.1 million). Analysts had forecast 122.9 million riyals."



'via Blog this'

MIDEAST STOCKS-Gulf shares languish, Qatar's Nakilat gains on foreign limit | Reuters

MIDEAST STOCKS-Gulf shares languish, Qatar's Nakilat gains on foreign limit | Reuters:

"Gulf shares lacked direction in thin trading on Tuesday, with a weak oil backdrop making investors shy of increasing risk.

Worries about oversupply and the health of the global economy kept Brent crude gains capped. It edged up to $48.88 per barrel after a nearly 3 percent drop in the previous session.

Dubai's stock index eased 0.2 percent to 3,695 points, keeping to the tight range of 100 points it has traded in for two weeks."



'via Blog this'

China’s central bank readies London debt sale - FT.com

China’s central bank readies London debt sale - FT.com:

"China’s central bank will issue short-term debt in London on Tuesday in a move to strengthen Sino-British ties during President Xi Jinping’s state visit to the UK.
The People’s Bank of China will sell one-year bills with initial price guidance at 3.3 per cent, according to a term sheet seen by the Financial Times. The sale is expected to raise Rmb5bn (£509m), though the final amount could be higher depending on demand. "



'via Blog this'

Fund management: fee wonderland I Authers Note - YouTube

Fund management: fee wonderland I Authers Note - YouTube: ""



'via Blog this'

Monday, 19 October 2015

Xi visit — What's in it for the UK? | FT World - YouTube

Xi visit — What's in it for the UK? | FT World - YouTube: ""



'via Blog this'

Damac chief hits out at Dubai brokerages over property market reports | The National

Damac chief hits out at Dubai brokerages over property market reports | The National:

"Damac Properties has accused some of the real estate sector’s biggest brokerages of “professional malpractice” by publishing Dubai market reports forecasting excess supply.

Ziad El Chaar, managing director of the developer, slammed data put out by property brokers as inaccurate and damaging to market sentiment, in an open letter sent to media yesterday.

Without naming any particular agency, Mr El Chaar criticised reports at the start of the year predicting that as many as 25,000 homes would be handed over in Dubai in 2015."



'via Blog this'

Another Al Noor suitor emerges – but Mediclinic in the box seat | The National

Another Al Noor suitor emerges – but Mediclinic in the box seat | The National:

"A three-way takeover tussle could emerge for Al Noor Hospitals, the Abu Dhabi healthcare group quoted on the London Stock Exchange.

Al Noor has agreed terms with the South African-owned Mediclinic group, while NMC Health of the UAE, also quoted on the LSE, is considering a rival offer.

But Ronald Lavater, the chief executive of Al Noor, has revealed a third approach. “We’ve received another expression on interest. I cannot identify the source of the potential bidder, nor say whether or not it will amount to a bid, but it demonstrates what an attractive proposition we are, and what growth there still is in the regional healthcare market.”"



'via Blog this'

Overpriced Dubai realty unlikely to spark much Iranian interest | GulfNews.com

Overpriced Dubai realty unlikely to spark much Iranian interest | GulfNews.com:

"The removal of sanctions on Iran need not set off a wave of buying by Iranian investors in Dubai property, according to findings released by a consultancy.

The biggest hurdle is the fact that Dubai’s property values are currently 4.4 times more expensive for Iranian buyers than what they were in the fourth quarter of2010.

Since then, the dollar — and the pegged dirham by extension — have appreciated by around 195 per cent against the Iranian rial. (It must be kept in mind here that there is an officially sanctioned exchange rate in Iran as well as those in the more volatile “parallel” marketplace.)"



'via Blog this'

MIDEAST STOCKS-Disappointing Q3 earnings hit Saudi, Egypt rebounds | Reuters

MIDEAST STOCKS-Disappointing Q3 earnings hit Saudi, Egypt rebounds | Reuters:

"Saudi Arabia's stock market fell
on Monday after disappointing third-quarter earnings at several
companies, while Egypt rebounded from two days of losses because
of worries about currency depreciation.

The main Saudi index lost 0.4 percent as industrial
materials maker National Industrialization Co (Tasnee)
tumbled 8.0 percent after reporting a surprise quarterly loss,
which it blamed on "lower average sales prices and lower sales
volumes".

Saudi Arabian Mining Co (Ma'aden) slid 4.3 percent
after reporting third-quarter net profit plunged 83.5 percent
plunge to 79.9 million riyals ($21.3 million); analysts had
forecast 209 million to 265 million riyals. "



'via Blog this'

Iran vows to reach pre-sanctions oil output - FT.com

Iran vows to reach pre-sanctions oil output - FT.com:

"Iran’s energy minister has vowed to reclaim the country’s share of global crude oil exports within months of sanctions being lifted and said Tehran will move quickly to open the doors to international oil companies to help boost production.
Speaking in Tehran at the first international oil and gas conference since a nuclear deal was struck in July, Bijan Namdar Zanganeh told representatives of some of the world’s biggest energy companies he is prioritising a return to Iran’s pre-sanctions export levels, the development of energy sector technology and access to international financial markets."



'via Blog this'

Japan Tobacco buys Iranian cigarette maker to boost dominance - FT.com

Japan Tobacco buys Iranian cigarette maker to boost dominance - FT.com:

"Japan Tobacco International has bought an Iranian cigarette maker in an attempt to reinforce its position as the market leader in a country which hopes to open up to western companies once international sanctions over its nuclear programme are removed.
The company said JTI Pars, its Iranian subsidiary, had recently acquired the privately owned Arian Tobacco Industry (ATI) for an undisclosed amount."



'via Blog this'

Iran urges Opec to cut oil output to raise prices to $70-$80 | The National

Iran urges Opec to cut oil output to raise prices to $70-$80 | The National:

"Opec member states should cut crude output to boost prices to a range of $70 to $80 a barrel, Iran’s oil minister Bijan Namdar Zanganeh said, even as his country prepares to ramp up production in the aftermath of economic sanctions.

“No one is happy” with prices at current levels, Mr Zanganeh told reporters in Tehran. “Opec should decide to manage the market by reducing the level of production.” Mr Zanganeh said he doesn’t expect the producer group to decide to scale back output when its ministers meet next in December.

Opec has exceeded its official production target for 16 consecutive months as the group seeks to defend sales amid a global supply glut. Brent crude, a global benchmark, has slumped 42 per cent in the past 12 months and was at $49.73 a barrel in London at 10.34am local time. Opec, supplier of about 40 per cent of the world’s oil, plans to assess output when ministers from its 12 members meet on December 4 in Vienna. "



'via Blog this'

MIDEAST STOCKS-Gulf trades narrowly, Qatar's CBQ falls on Q3 earnings | Reuters

MIDEAST STOCKS-Gulf trades narrowly, Qatar's CBQ falls on Q3 earnings | Reuters:

"Gulf stock markets moved narrowly in thin early trade on Monday with very few fresh incentives to buy or sell stocks, though Commercial Bank of Qatar (CBQ) dropped after disappointing third-quarter earnings.

Dubai's index edged down 0.5 percent to 3,689 points; it has repeatedly failed to make a decisive break of technical resistance above 3,700 points in recent weeks.

The biggest Dubai bank, Emirates NBD, sank 2.3 percent in unusually heavy volumes."



'via Blog this'

Saudi Arabia Said to Delay Contractor Payments as Oil Slumps - Bloomberg Business

Saudi Arabia Said to Delay Contractor Payments as Oil Slumps - Bloomberg Business:

"Saudi Arabia is delaying payments to government contractors as the slump in oil prices pushes the country into a deficit for the first time since 2009, according to three people with knowledge of the matter.
Companies working on infrastructure projects have been waiting six months or more for payments as the government seeks to preserve cash, the people said, asking not to be identified as the information is private. Delays have increased this year and the government has also been seeking to cut prices on contracts, the people said.
Saudi Arabia is tackling the slump in crude, which accounts for about 80 percent of revenue, by tapping foreign reserves, cutting spending and selling bonds. Net foreign assets fell by about $82 billion at the end of August after reaching an all-time high last year. The country has raised 55 billion riyals ($15 billion) from debt issuance this year. The government is also seeking to cut capital spending and delay projects."



'via Blog this'

Sunday, 18 October 2015

ADCB third-quarter profit up 18.3% to Dh1.2 billion | The National

ADCB third-quarter profit up 18.3% to Dh1.2 billion | The National:

"Abu Dhabi Commercial Bank (ADCB), one of the emirate’s biggest lenders, yesterday posted an 19 per cent jump in third-quarter profit, even as lower oil prices weighed on economic growth.

Net income rose to Dh1.2 billion in the third quarter from Dh1.01bn in the corresponding period last year, meeting analyst estimates.

Interest income rose to Dh1.76bn from Dh1.58bn last year, while fees and commissions climbed to Dh334.6m from Dh306.4m last year."



'via Blog this'

Flydubai swings to loss as conflicts in Iraq, Ukraine and Yemen force flight suspensions | The National

Flydubai swings to loss as conflicts in Iraq, Ukraine and Yemen force flight suspensions | The National:

"Flydubai yesterday said it swung to a loss of Dh147.4 million in the first half of the year amid lower Russian demand, and the suspension of flights to Iraq, Yemen and parts of Ukraine.

The strengthening of the US dollar in the past year also weighed on the airline’s profitability.

Flydubai, also known as Dubai Aviation Corp, posted a profit of Dh53.1m in the first half of2014."



'via Blog this'

How VAT in UAE will impact consumers | GulfNews.com

How VAT in UAE will impact consumers | GulfNews.com:

"The impact of a value-added tax (VAT) system on consumers in the UAE may vary depending on household incomes and spending behavior, and how much will be levied on goods and services, analysts said.

Considering the purchasing power of residents in the country, a 3 per cent to 5 per cent VAT may generally be hardly noticeable, especially if the essential food items are exempted, but a tax rate of 10 per cent or higher is clearly seen to have a negative impact on consumer spending.

Those who love to shop for big-ticket items or upgrade their gadgets and cars more often than others will mainly bear the brunt of tax collection. As long as the VAT rate does not exceed 5 per cent and food essentials remain untaxed, low-income families have nothing to worry much about, according to the experts."



'via Blog this'

Mideast investment banking fees dip 22% in first 9 months | GulfNews.com

Mideast investment banking fees dip 22% in first 9 months | GulfNews.com:

"Middle Eastern investment banking fees reached $480.5 million (Dh1.76 billion) during first nine months of the year, down 22 per cent on the same period last year and the lowest first-nine-month total since 2012, according to estimates from Thomson Reuters and Freeman Consulting.

Not one investment banking component saw year-over-year percentage gains during the first nine months of 2015, with equity capital markets underwriting declining 3 per cent compared to last year.

Fees from completed M&A transactions totalled $177.6 million, a 1 per cent decline from the first nine months of 2014, and accounting for 37 per cent of the overall Middle Eastern investment banking fee pool, the highest first nine month share since records began in 1980."



'via Blog this'

MIDEAST STOCKS-SABIC boosts Saudi after Q3 beat; FX fears hit Egypt | Reuters

MIDEAST STOCKS-SABIC boosts Saudi after Q3 beat; FX fears hit Egypt | Reuters:

"Better-than-expected earnings at
top petrochemical producer Saudi Basic Industries
boosted the Saudi stock market on Sunday, while most Gulf
bourses moved little and Egypt fell on fears of currency
depreciation.

SABIC reported a 9.4 percent drop in third-quarter net
profit to 5.6 billion riyals ($1.5 billion) due to slumping
product sales prices, but it beat analysts' average forecast of
4.36 billion riyals because of cost-cutting. [ID:nL8N12I07K}

That was enough to boost the stock by 2.9 percent to 90.25
riyals, bringing its gains over the past 10 trading days to 15
percent. The Saudi stock index climbed 1.2 percent."



'via Blog this'

Sovereign wealth funds in Arabian Gulf sell off assets to plug fiscal deficits | The National

Sovereign wealth funds in Arabian Gulf sell off assets to plug fiscal deficits | The National:

"Sovereign wealth funds (SWFs) across the Arabian Gulf are selling financial assets as the low oil price hits the region’s economies.

The Saudi Arabian Monetary Authority (Sama) and the Qatar Investment Authority (QIA) are selling stakes in European companies, as the oil price slump forces Gulf states to run major fiscal deficits for the first time since 2009, and encourages SWFs to plug the gap.

Sama has withdrawn US$1.3 billion from European equities this year, according to Nasdaq estimates."



'via Blog this'

Sabic cost cutting limits impact of lower third-quarter sales | The National

Sabic cost cutting limits impact of lower third-quarter sales | The National:

"Cost cutting enabled Saudi Basic Industries Corp (Sabic) to limit the impact of a 23 per cent drop in third-quarter sales on its bottom line, the petrochemical producer’s acting chief executive said on Sunday.

The firm’s third-quarter sales were 37.3 billion Saudi riyals, down from 48.7bn riyals a year earlier, Yousef Abdullah Al Benyan told a news conference in Riyadh.

Sabic, Saudi Arabia’s largest listed company, had earlier said its third-quarter net profit fell 9.4 per cent to 5.6bn riyals."



'via Blog this'

New insolvency law a safety net for SMEs, banks | GulfNews.com

New insolvency law a safety net for SMEs, banks | GulfNews.com:

"For centuries, trust and traditional networks sustained trade and business in the Middle East. As the region transitioned into a modern economy, people here used their innate skills to build a formidable small-to-medium-sized enterprise (SME) sector. Private entrepreneurs now play a crucial role in the economy of the UAE, providing employment to large number of people across the country.

The importance of small businesses cannot be emphasised enough, contributing as they do to 60 per cent of UAE’s GDP. According to the UAE Banks Federation Annual Report-2014, financing SME activity is now vital for a burgeoning economy like ours. However, the challenge before banks, governments and entrepreneurs now is to plug various lacunae in the law, so that the UAE becomes an attractive, business-friendly destination for innovative businesspeople.

An impediment to private enterprise and a major risk for banks has been the lack of a viable insolvency law. Ironically, UAE, which is an important international financial and business hub, has functioned without effective insolvency laws, which hurt its international reputation."



'via Blog this'

Saudi Arabian Stocks Advance After Crude Climbs; Israel Rallies - Bloomberg Business

Saudi Arabian Stocks Advance After Crude Climbs; Israel Rallies - Bloomberg Business:

"Equities in Saudi Arabia, OPEC’s biggest oil producer, led most Arab markets higher after Brent crude rebounded to above $50 a barrel and global stocks rallied. Israeli shares headed for the best close in almost a month.
The Tadawul All Share Index climbed 0.8 percent to 7,760.48 as of 11:14 a.m. in Riyadh, led by Saudi Basic Industries Corp., one of the world’s largest petrochemical producers. Dubai’s DFM General Index added 0.3 percent, while Abu Dhabi’s ADX General Index rose 0.5 percent.
Brent crude, a benchmark for half the world’s oil, advanced after Baker Hughes Inc. said rigs targeting oil in the U.S. fell to a five-year low last week, raising speculation the nation’s output may drop. Saudi Arabia, which relies on crude for about 90 percent of government revenue, has seen its benchmark equities gauge lose 15 percent in the second half of the year amid the slump in oil prices. That’s among the world’s 10 worst performing indexes over the period."



'via Blog this'

MIDEAST STOCKS-Gulf edges up in quiet trade on positive global cues | Reuters

MIDEAST STOCKS-Gulf edges up in quiet trade on positive global cues | Reuters:

"Gulf stock markets edged up early on Sunday in response to a positive global trend, though trading volumes were moderate.

The Dubai index climbed 0.5 percent as the most heavily traded stock, GFH Financial, added 2.0 percent. The company said it had agreed to acquire an industrial real estate portfolio in the United States in a deal worth $125 million -- potentially a fresh sign that it is putting its debt restructurings behind it.

Abu Dhabi gained 0.4 percent as telecommunications blue chip Etisalat, which has gained 22 percent since late August, added 1.0 percent to 15.30 dirhams."



'via Blog this'

Saturday, 17 October 2015

Stocks regain more ground - YouTube

Stocks regain more ground - YouTube: ""



'via Blog this'

Oman needs to walk the talk on projects | GulfNews.com

Oman needs to walk the talk on projects | GulfNews.com:

"Oman’s economic prospects seem on the right track on the back of its planned developments. Yet, what counts far more is actual implementation rather than just mere intention when it comes to infrastructure schemes.

Among the many plans, there is Oman Rail with an estimated first phase development cost of $1 billion. The project should help Oman affirm its position as an ideal place to do business and for tourism. The sultanate with its exceptionally rough terrain needs a rail network to make distances closer.

Another notable scheme relates to extracting about 1 billion cubic feet per day of tight gas from the Khazzan field in the middle of Oman. It represents a 30-year gas production and sales sharing agreement with BP. Clearly, BP provides the necessary expertise and know-how in the field."



'via Blog this'

A unified tax regime may not be best solution for GCC | GulfNews.com

A unified tax regime may not be best solution for GCC | GulfNews.com:

"This report is a follow up on the VAT introduction in the UAE. I am not quite sure when this will take place, but a lot of speculation is going on about how this could be agreed upon and then implemented by all member-states of the Gulf Cooperation Council (GCC).

The fact is that it doesn’t have to be done this way. The report will discuss this topic in specific and in comparison with the case of the European Union, which has no unified tax system.

Let me first get one thing clarified. Though the report will be talking about VAT in specific, the argument stands for all taxes regardless of their nature. And before getting into the whole comparison process, one must highlight that a clear distinction needs to be drawn between fiscal and monetary policies to when it comes to any sort of economic union or bloc."



'via Blog this'

Japan Island Paradise Helps Saudi Arabia in Asia Oil Push - Bloomberg Business

Japan Island Paradise Helps Saudi Arabia in Asia Oil Push - Bloomberg Business:

"

Saudi Arabia is boosting its use of leased oil-storage tanks on a small island in a region of Japan better known for its white sandy beaches and holiday resorts.
The world’s largest crude exporter is seeking to reduce freight costs and increase shipping flexibility as it competes with Middle East suppliers for market share in Asia. The Okinawa port where state-run Saudi Arabian Oil Co., known as Saudi Aramco, leases storage has received about 6.13 million barrels from the country this year, near the highest level since the Middle East supplier started leasing the tanks in 2010, according to data from Japan’s Finance Ministry.
Saudi Arabia is expanding investments in refining and petrochemicals and bolstering ties with Asia customers as part of its strategy to lock in demand for its oil amid a global glut. Aramco may spend as much as $80 billion on overseas acquisitions and investments the next five years, people with knowledge of the matter said in May."



'via Blog this'

Friday, 16 October 2015

Legal fight looms over Ukraine’s $3bn debt to Russia - FT.com

Legal fight looms over Ukraine’s $3bn debt to Russia - FT.com:

"A legal fight is looming over a $3bn bond owed by Ukraine to Russia after Moscow refused to join other bondholders in a debt restructuring and both sides said they were prepared to take the matter to court.
Russia emerged on Thursday as the lone holdout in the $18bn restructuring deal offered by cash-strapped Kiev — involving a 20 per cent writedown on the value of its debt and extended repayments — which other private shareholders voted to accept."



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Isis Inc: how oil fuels the jihadi terrorists - FT.com

Isis Inc: how oil fuels the jihadi terrorists - FT.com:

"On the outskirts of al-Omar oilfield in eastern Syria, with warplanes flying overhead, a line of trucks stretches for 6km. Some drivers wait for a month to fill up with crude.
Falafel stalls and tea shops have sprung up to cater to the drivers, such is the demand for oil. Traders sometimes leave their trucks unguarded for weeks, waiting for their turn."



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Improving property yields make Dubai attractive again for investors | The National

Improving property yields make Dubai attractive again for investors | The National:

"Tumbling Dubai house prices are producing rental yields as much as three times better than central London.

While sales remain sluggish, initial yields of up to 10 per cent in parts of Dubai are three times those that are being achieved for prime residential property in London.

The spike in overall London property prices – up 71 per cent over a six-year period – means overall yields for London stand at 4 to 4.5 per cent, but yields for prime properties are just 3 per cent, according to Knight Frank."



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Has U.S. Housing and Real Estate Finally Recovered? - Bloomberg Business

Has U.S. Housing and Real Estate Finally Recovered? - Bloomberg Business:

"Metacapital Management founder Deepak Narula discusses the U.S. mortgage market, real estate and his investment ideas. He speaks on "Bloomberg ‹GO›." (Source: Bloomberg)"



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