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Wednesday, 15 April 2015

Cheap Oil's Winners and Losers in One Giant Map - Bloomberg Business

Cheap Oil's Winners and Losers in One Giant Map - Bloomberg Business:



"The world's most innovative regions just got a $900 billion-a-year stimulus package.



With oil prices still down about 50 percent since June, the global economy is benefitting. The IMF estimated in December that the price crash could boost GDP worldwide by 0.7 percent. But those benefits aren't shared equally.



Bloomberg New Energy Finance (BNEF) estimated some of the biggest winners and losers in the map above. Net oil importers like the U.S., Europe, and Asia are getting a nearly $900 billion economic stimulus from cheaper oil prices. The Middle East and Russia are getting stuck with the bill."



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MIDEAST STOCKS-Strong earnings fuel Saudi, Dubai surges in heavy trade | Reuters

MIDEAST STOCKS-Strong earnings fuel Saudi, Dubai surges in heavy trade | Reuters:



"Positive earnings reports and stronger oil boosted most major Gulf markets on Wednesday, while stocks in energy-importing Egypt were soft.



The main Saudi index jumped 2.2 percent to 9,164 points, a three-week closing high, as National Commercial Bank (NCB), the kingdom's biggest lender, climbed 2.3 percent.



NCB posted a 2.8 percent rise in first-quarter net profit to 2.61 billion riyals ($696 million), above SICO Bahrain's forecast of 2.15 billion riyals."



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FirstFT - EU accuses Google, Norwegian oil investment - YouTube

FirstFT - EU accuses Google, Norwegian oil investment - YouTube: ""



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MIDEAST STOCKS-Saudi Arabia rises on strong earnings, CIB lifts Egypt - Yahoo News

MIDEAST STOCKS-Saudi Arabia rises on strong earnings, CIB lifts Egypt - Yahoo News:



"Saudi Arabia's bourse rose in early trade on Wednesday after a mostly positive batch of earnings reports. Egypt's market also advanced.



The main Saudi index climbed 1.2 percent.



National Commercial Bank (NCB), the kingdom's biggest lender, added 1.5 percent. NCB posted a 2.8 percent rise in first-quarter net profit to 2.61 billion riyals ($696 million) on Tuesday. This was above SICO Bahrain's quarterly profit forecast for NCB of 2.15 billion riyals."



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UAE workforce grew at record rate in 2014, official figures reveal | The National

UAE workforce grew at record rate in 2014, official figures reveal | The National:



"The country’s workforce jumped 10 per cent to more than 4.4 million last year, the highest on record.



And one in every three people in work is employed in the construction industry according to new official figures.



The total number of workers rose to 4.417 million, the highest rate in 44 years, said Humaid Rashid bin Deemas Al Suwaidi, assistant under-secretary of labour affairs, in a statement carried by state news agency Wam."



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Tecom Investments completes $1.1b loan upsizing | GulfNews.com

Tecom Investments completes $1.1b loan upsizing | GulfNews.com:



"Tecom Investments has closed a Dh4 billion ($1.1 billion) loan after exercising an option to increase the size of an existing facility completed earlier this year, the business park operator and one of the key assets of Dubai Holding said.



In January, the company said it had raised Dh3.53 billion through a loan which also had a tranche which allowed Islamic banks to participate. It had an option to raise the loan amount and a marketing period to attract other banks would be completed by the end of March.



Tecom confirmed in a statement to Reuters on Tuesday that it had completed the upsizing option and closed the transaction at Dh4 billion. It did not elaborate further."



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UAE investments in Italy exceed €2b, envoy says | GulfNews.com

UAE investments in Italy exceed €2b, envoy says | GulfNews.com:



"Investments from the UAE in Italy exceeded €2 billion (Dh7.8 billion) in 2014 and is expected to increase further, according to Italian Ambassador Giorgio Starace.



“Due to the potential investments in Italy across most of the economic sectors — especially in technology, aviation, real estate, infrastructure and acquisition — we expecting further investments from the UAE in the coming two years,” he said. speaking to Gulf News on the sidelines of UAE-Italy forum on Tuesday.



The inflow of investment is helped by a comprehensive programme of Italian reforms designed to pave the way for foreign investments, which has encouraged UAE-based companies, such as Etihad Airlines and Mubadala, to invest heavily in the country."



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Oil-Rich Nations Are Selling Off Their Petrodollar Assets at Record Pace - Bloomberg Business

Oil-Rich Nations Are Selling Off Their Petrodollar Assets at Record Pace - Bloomberg Business:



"In the heady days of the commodity boom, oil-rich nations accumulated billions of dollars in reserves they invested in U.S. debt and other securities. They also occasionally bought trophy assets, such as Manhattan skyscrapers, luxury homes in London or Paris Saint-Germain Football Club.



Now that oil prices have dropped by half to $50 a barrel, Saudi Arabia and other commodity-rich nations are fast drawing down those “petrodollar” reserves. Some nations, such as Angola, are burning through their savings at a record pace, removing a source of liquidity from global markets.



If oil and other commodity prices remain depressed, the trend will cut demand for everything from European government debt to U.S. real estate as producing nations seek to fill holes in their domestic budgets."



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Putin’s Mideast Gains Trump $27 Billion Loss From Iran Agreement - Bloomberg Business

Putin’s Mideast Gains Trump $27 Billion Loss From Iran Agreement - Bloomberg Business:



"As Russian President Vladimir Putin has shown in Crimea and eastern Ukraine, he’s willing to take an economic hit to expand his political influence.



He’s taking the same approach with Iran.



Lifting sanctions and allowing Iranian oil onto global markets would threaten to deepen the plunge in crude prices, curbing revenue from Russia’s biggest export. The cost: about $27 billion, based on estimates from the central bank in Moscow."



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Saudis’ Silence Frustrates Foreigners on Eve of Bourse Open - Bloomberg Business

Saudis’ Silence Frustrates Foreigners on Eve of Bourse Open - Bloomberg Business:



"Investors are no closer to understanding how the opening of Saudi Arabia’s stock market will work than they were in August, when the country published draft rules on the plan.



Eleven weeks before the end-of-June deadline that the Middle East’s largest bourse set itself to give foreigners direct access to the market, the Riyadh-based Capital Market Authority has yet to explain how it will square the new rules with existing restrictions on foreign involvement in Saudi businesses. That’s left would-be investors guessing how trading will be affected by laws that keep foreigners out of industries ranging from real estate to fisheries.



Companies are asking for “more clarity on regulations around the mechanics of investing,” Glenn Lovell, a partner at the Al Tamimi & Co. law firm who is advising international investors on the opening of the market, said by phone from Riyadh on March 24. “What will happen, and we see this quite a lot in Saudi Arabia,” is that the issues will be ironed out over an extended period of time as “the implementing officials become more familiar with the new law,” he said."



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China’s growth poised to fall below 7% - YouTube

China’s growth poised to fall below 7% - YouTube: ""



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Russia confirms Iran oil-for-goods swap, no signs seen | Reuters

Russia confirms Iran oil-for-goods swap, no signs seen | Reuters:



"Russian traders, analysts and industry players on Tuesday questioned Moscow's announcement that a long-heralded oil-for-assets barter deal with Iran was already being implemented, saying they saw no signs of extra trade.



Russian officials said on Monday Russia was sending grain, equipment and construction materials to Iran in the barter deal, the first step in securing a foothold in a new market since the West imposed sanctions on Russia over Ukraine.



On Tuesday, the Kremlin confirmed the deal was being implemented."



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MIDEAST STOCKS-Saudi Arabia pulls back after mixed earnings, Dubai at 6-week high | Reuters

MIDEAST STOCKS-Saudi Arabia pulls back after mixed earnings, Dubai at 6-week high | Reuters:



"Saudi Arabia's bourse retreated on Tuesday after some of its heavyweights published poor first-quarter results, while Dubai outperformed the region, rallying to a six-week high.



The main Saudi index fell 0.8 percent, dragged down by blue chips such as Al Rajhi Bank and Saudi Basic Industries (SABIC).



Al Rajhi dropped 3.4 percent after posting an 11 percent decline in first-quarter profit late on Monday, missing analysts' estimates. The bank made 1.52 billion riyals ($405 million) in the three months to March 31, while analysts surveyed by Reuters had on average expected 1.61 billion riyals."



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