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Thursday, 13 August 2015

MIDEAST STOCKS-Gulf markets slip on oil price concerns, Q2 results | Reuters

MIDEAST STOCKS-Gulf markets slip on oil price concerns, Q2 results | Reuters:



"Most Middle East stock markets
edged down on Thursday as a brief rebound in oil prices failed
to improve investor sentiment and a series of disappointing
earnings announcements dragged down bourses in the United Arab
Emirates. 



Saudi Arabia's main index slipped 0.3 percent, with
most stocks giving up early gains and sliding into negative
territory.



The kingdom's biggest listed foodmaker, Savola Group
, edged down 2.6 percent and National Commercial Bank,
the largest Saudi Arabian lender, lost 0.6 percent."



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MIDEAST STOCKS-Saudi, Egypt edge up as fears ease over China - Yahoo Maktoob News

MIDEAST STOCKS-Saudi, Egypt edge up as fears ease over China - Yahoo Maktoob News:



"Stock markets in Saudi Arabia and Egypt edged up on Thursday as global equities and commodities steadied and investors saw value in beaten-down local stocks.



Saudi Arabia's main index rose 0.4 percent petrochemicals firm Saudi Basic Industries Corp (SABIC) , the biggest listed company on the market, added 1.5 percent.



SABIC's earnings are correlated with oil prices which have rebounded on Thursday. It will also pay a 5.5 riyal dividend, representing about 6 percent of the stock's current price, in early September, which offers investors a quick, guaranteed income."



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China’s renminbi Vow, Greece deal criticised | FirstFT - YouTube

China’s renminbi Vow, Greece deal criticised | FirstFT - YouTube: ""



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MIDEAST STOCKS-Gulf markets consolidate after oil steadies | Reuters

MIDEAST STOCKS-Gulf markets consolidate after oil steadies | Reuters:



"Gulf stock markets moved very little in early trade on Thursday after oil prices and global equities steadied, but poor second-quarter results dragged down some stocks.




Dubai's index slipped 0.3 percent and Islamic mortgage lender Amlak Finance was one of the most traded stocks, falling 0.9 percent after it reported an 87 percent drop in second-quarter net profit.



Developer Emaar Properties, Amlak's biggest shareholder, fell 1.1 percent."



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UAE Government draws up sales and corporation tax plans | The National

UAE Government draws up sales and corporation tax plans | The National:



"The UAE Government has drawn up plans to introduce both a federal sales tax – or value-added tax (VAT) – and a corporation tax, according to Al Ittihad, the Arabic-language sister paper of The National.



This would make the UAE the first country in the Arabian Gulf to introduce an economy-wide indirect tax on consumption.



VAT would be levied at a higher rate on luxury goods, alcohol, and tobacco. Basic goods and essentials would be exempt from VAT."



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Weak oil prices mire Abu Dhabi office demand | GulfNews.com

Weak oil prices mire Abu Dhabi office demand | GulfNews.com:



"The continued softness in oil prices seems to have mired Abu Dhabi’s commercial realty market, with the number of enquiries taking a hit in the first six months of the year. And where they can, prospective tenants are making do with offices of between 200-500 square metres, according to a report by Knight Frank. 




Businesses in the oil and gas sector have naturally been keeping a low profile under the circumstances, and so have entities that rely heavily on government led spending to go in for a higher profile.



But there could be some sectors which can fill this breach. In Knight Frank’s projections, there were instances of more enquiries from the engineering and construction sector. Their belief is to be there when Abu Dhabi ramps up on its infrastructure construction activity."



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Oil price fall hits UK producers | Lex - YouTube

Oil price fall hits UK producers | Lex - YouTube: ""



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China's devaluation - hard landing or crash? | Authers' Note - YouTube

China's devaluation - hard landing or crash? | Authers' Note - YouTube: ""



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Global oil supply grows at ‘breakneck speed’, says IEA - FT.com

Global oil supply grows at ‘breakneck speed’, says IEA - FT.com:



"The global oil glut will persist well into 2016, the world’s leading energy body said on Wednesday, even as the collapse in prices is pushing up demand at the fastest pace in five years.



The International Energy Agency, the west’s oil watchdog, said global oil supplies are still growing at “breakneck speed” and outstripped consumption in the second quarter by 3m barrels a day, the most since 1998.



“While a rebalancing has clearly begun, the process is likely to be prolonged,” the IEA said in its closely watched monthly oil market report."



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