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Wednesday, 15 July 2015

MIDEAST STOCKS-Mixed earnings cap Saudi gains; Egypt extends recovery | Reuters

MIDEAST STOCKS-Mixed earnings cap Saudi gains; Egypt extends recovery | Reuters:



"Saudi Arabia's stock market edged up slightly in early trade on Wednesday, reacting to a mixed set of earnings reports, while Egypt's bourse extended its recovery after Moody's said the outlook for its banks was improving.



The main Saudi index added 0.2 percent as petrochemicals heavyweight Saudi Basic Industries climbed 0.7 percent and dairy firm Almarai rose 1.5 percent. 




Telecommunications operator Zain Saudi surged 5.1 percent after reporting a narrowing second-quarter loss on Wednesday. The firm lost 201 million riyals in the three months to June 30, while analysts had forecast a loss of 259 million riyals."



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MIDEAST STOCKS-Gulf markets edge up, Dubai's DP World surges | Reuters

MIDEAST STOCKS-Gulf markets edge up, Dubai's DP World surges | Reuters:



"Gulf stock markets edged up in early trade on Wednesday, supported by rebounding oil prices and second-quarter earnings.



Oil rose late on Tuesday and was steady in Asian trade on Wednesday after it became apparent that the Iranian nuclear deal would not immediately remove sanctions.



Dubai's index added 0.9 percent as heavyweight Emaar Properties rose 1.5 percent. Port operator DP World, which trades on the smaller NASDAQ Dubai exchange, surged 6.5 percent to $23.65."



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Nuclear deal marks the beginning of a new era for Iran’s economy | GulfNews.com

Nuclear deal marks the beginning of a new era for Iran’s economy | GulfNews.com:



"The economic implications of Iran’s nuclear deal with the world powers and the lifting of sanctions would be enormous for Iranian economy but it could take 12 to 18 months before the full impact on the economy could be felt, according to economists and analysts.



In the context of the deal, GDP growth could accelerate from around 3 per cent in fiscal year 2015-16 to 6 per cent in fiscal years 2016-17 and 2017–18, according to the Institute of International Finance (IIF).



Analysts said the deal has the potential to give a big boost to Iranian exports, private investments, narrowing of fiscal deficit and decline in the large spread between the official and the black market exchange rates, subject to early lifting of international economic sanctions."



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Emirates NBD’s net profit up 41% in first half of 2015 | GulfNews.com

Emirates NBD’s net profit up 41% in first half of 2015 | GulfNews.com:



"Emirates NBD, the largest bank in the UAE by total income and branch network, reported a net profit of up Dh3.3 billion for the first half of 2015, up 41 per cent compared to the first six months of 2014.



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



Total income for the first half grew by seven per cent to Dh7.6 billion. Net interest income grew nine per cent to Dh5 billion due to growth in retail assets and a lower cost of funds. The improvement in net interest income is attributable to an improved asset mix due to growth of Islamic and retail assets and a lower cost of funds helped by CASA [current and savings accounts] growth, the bank said in a statement."



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Bond market meltdown | FT Markets - YouTube

Bond market meltdown | FT Markets - YouTube: ""



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Iran nuclear deal presents opportunities | Lex - YouTube

Iran nuclear deal presents opportunities | Lex - YouTube: ""



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Iran’s breakthrough nuclear deal | FT Comment - YouTube

Iran’s breakthrough nuclear deal | FT Comment - YouTube: ""



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Goldman Sachs sees Iran nuclear deal as downside risk to its oil price forecast | Reuters

Goldman Sachs sees Iran nuclear deal as downside risk to its oil price forecast | Reuters:



"This week's nuclear deal between Iran and major global powers puts downside risk to oil prices as Iran's vast reserves gradually start to return to the market in 2016 in greater volumes, U.S. bank Goldman Sachs said.



Under the agreement, sanctions imposed by the United States, the European Union and the United Nations are to be lifted in exchange for curbs on Iran's nuclear program.



Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), exported almost 3 million barrels per day (bpd) of crude at its peak, before sanctions over its alleged ambitions to build a nuclear bomb saw shipments collapse to about a million bpd over the last 2-1/2 years."



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London Woos Oligarchs and Banks With Hub for Big-Money Lawsuits - Bloomberg Business

London Woos Oligarchs and Banks With Hub for Big-Money Lawsuits - Bloomberg Business:



"London is revamping its court structure in a bid to cement its role as the place for Russian oligarchs, global banks and corporate giants to thrash out big-ticket legal disputes.



The plan will bring together cases involving financial claims valued at 50 million pounds ($77.3 million) or more, John Thomas, the top judge in England and Wales, said in a speech at London’s Mansion House last week. The new service will examine complex cases involving financial markets.



“For the first time we will have judges focused on financial disputes who would have heard the case from start to finish, saving time and money,” said Ian McDonald, head of the London commercial dispute resolution practice of Chicago-based law firm Mayer Brown LLP."



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Nuclear Deal Means Iran Can Start Replacing Some of Its Museum-Vintage Jets - Bloomberg Business

Nuclear Deal Means Iran Can Start Replacing Some of Its Museum-Vintage Jets - Bloomberg Business:



"The historic nuclear deal with Iran gives Boeing Co. and Airbus Group SE a rare opportunity to reshape a civilian aviation industry.



Once the accord is implemented, the republic will be able to start replacing hundreds of museum-vintage jumbo jets that still rumble over Tehran as mainstays of an aviation fleet frozen in time by economic sanctions. The investment could total at least $20 billion.



“There’s no doubt there is huge potential, especially for Airbus and Boeing, to sell a large number of planes,” said Adam Pilarski, an economist and senior vice president with Avitas Inc., a Reston, Virginia-based aerospace consultant."



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Iran Deal Risks Clash With Saudis for Middle East Dominance - Bloomberg Business

Iran Deal Risks Clash With Saudis for Middle East Dominance - Bloomberg Business:



"First the historic handshakes, now for the reality check in a region ripped apart by war.



With the accord over Iran’s nuclear program comes the question of whether, after 12 years of debilitating sanctions, a resurgent nation can avoid escalating its confrontation with a more assertive Saudi Arabia.



How that plays out in a Middle East going through its bleakest period in modern history depends on how Shiite Iran uses its new-found clout and how its Sunni opponents react as sectarian conflicts in part fueled by their rivalry rage."



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Dubai Will Be Gateway, Trade Hub With Iran: Badr - Bloomberg Business

Dubai Will Be Gateway, Trade Hub With Iran: Badr - Bloomberg Business:



"Renaissance Capital MENA CEO Ahmed Badr discusses the historic deal with Iran, and what it means for Dubai and investors. He speaks with Manus Cranny on Bloomberg Television’s “The Pulse.”"



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Dragon ramps up artificial lift offshore Turkmenistan - Offshore ht @Oscarlasa

Dragon ramps up artificial lift offshore Turkmenistan - Offshore:



"Dragon Oil aims to procure additional water injection facilities later this year for installation on the Dzheitune (Lam) field in the Cheleken Contract Area (CCA) in the Turkmen sector of the Caspian Sea.



The company is applying water injection progressively to arrest reservoir pressure decline, sustain production rates, and increase reserves recovery.



To date it has also installed four jet pumping systems, including one on the Dzheitune (Lam) 22 platform, and expects to install and commission further jet pumping systems later this year on other platforms. Again, the aim of this artificial lift application is to increase production and enhance recovery."



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