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Sunday, 9 August 2015

Oil companies need to resurrect stalled projects | The National

Oil companies need to resurrect stalled projects | The National:



"Are we in an oil bust worse than the famous crash of 1986? The investment bank Morgan Stanley thinks so.



Oil companies have scrambled to cut costs and shore up their financial positions, and the industry has adopted the mantra that prices will be “lower for longer”. But with no consensus about how much lower for how much longer, executives have to steer a difficult course between riding out the storm in the hope of an upturn, and panicked overreaction.



Analysts polled by Reuters suggested Brent crude, now below $50 per barrel, would average $60.60 per barrel this year and $69 next, while the International Energy Agency foresees a recovery to $73 by 2020. But after oil prices had modestly recovered from January’s lows, the renewed plunge last month burnt several hedge funds."



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Mounting debt threatens to sink Gulf Navigation | The National

Mounting debt threatens to sink Gulf Navigation | The National:



"Gulf Navigation is still in danger of folding because of mounting debt, despite posting an increase in second-quarter net profit and revenue.



The Dubai-based shipping company’s liabilities reached Dh641.8 million at the end of June and “was in breach of specified covenants with its lenders”, the company said.



Such conditions “indicate the existence of a material uncertainty, which may cast significant doubt about the ability of the group to continue as a going concern”, the report stated."



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Shuaa Capital second quarter net profit falls 72% | GulfNews.com

Shuaa Capital second quarter net profit falls 72% | GulfNews.com:



"Shuaa Capital said on Sunday its net profit for the second quarter to June fell 72 per cent even as revenues rose marginally.



The company said its second quarter net profit rose to Dh1.7 million from Dh6.2 million in the same period last year, while revenues grew Dh59.7 million from Dh52 million.



Net profit for the first half ending June 2015 was Dh0.1 million as opposed to Dh14.4 million for the first half 2014."



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IMF recommends not just VAT, but also tax on cars, all companies | GulfNews.com

IMF recommends not just VAT, but also tax on cars, all companies | GulfNews.com:



"The UAE government could diversify its revenues and strengthen its fiscal position by implementing not just a value-added tax (VAT) system, but also a special excise on cars and corporate income tax on all companies.



In an August 2015 report, the International Monetary Fund (IMF) said the UAE could generate extra revenues worth as much as 4.1 per cent of the non-hydrocarbon domestic product (GDP) by introducing a 15 per cent ad valorem tax on passenger vehicles and broadening the coverage of its corporate income tax scheme, aside from collecting a five per cent VAT.



The UAE has been known for its tax-free regime. There is no personal income tax or value-added charges collected from residents in the country, making it an ideal place for working expatriates seeking to grow their income."



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MIDEAST STOCKS-Most Gulf markets fall on weak oil, Saudi rebounds | Reuters

MIDEAST STOCKS-Most Gulf markets fall on weak oil, Saudi rebounds | Reuters:



"Most Gulf stock markets extended
losses on Sunday on weaker oil prices, but Saudi Arabia edged up
following a sharp fall last week.



The main Saudi index fell as much as 1.1 percent
during the day, hitting a fresh four-month low of 8,561 points,
but then turned around and rose 0.5 percent. It tumbled 4.9
percent last week.



Foodmaker Savola Group was the main gainer,
jumping 2.6 percent to 68.00 riyals as it rebounded from
technical support at 65.50 riyals, the low it hit in June and
March."



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