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Thursday, 17 September 2015

MIDEAST STOCKS-Gulf markets pull back alongside oil; Egypt flat | Reuters

MIDEAST STOCKS-Gulf markets pull back alongside oil; Egypt flat | Reuters:



Most Gulf equity markets fell on
Thursday as volatile oil gave up early gains and slid on weak
Japanese data, while concerns about a major Saudi Arabian
construction firm also weighed on the Riyadh stock exchange.



The main Saudi stock index fell 0.7 percent with
Alinma Bank, down 5.1 percent, one of the main drags.



Another lender, Al Rajhi, fell 0.9 percent while
National Commercial Bank, the kingdom's biggest bank,
dropped 2.7 percent."



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How does UK inheritance tax compare with that in other countries? | Money | The Guardian

How does UK inheritance tax compare with that in other countries? | Money | The Guardian: "
"



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MIDEAST STOCKS-Banks weigh on Saudi; Egypt inches up | Reuters

MIDEAST STOCKS-Banks weigh on Saudi; Egypt inches up | Reuters:



"Saudi Arabia's stock market fell in early trade on Thursday, largely because of weaker banks, while Egypt was mixed but marginally positive.

The main Saudi stock index fell 0.8 percent with Alinma Bank, down 3.8 percent, one of the main drags.

Another lender, Al Rajhi, fell 1.3 percent while National Commercial Bank, the kingdom's biggest bank, was down 1.4 percent."



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MIDEAST STOCKS-Gulf markets mixed ahead of Fed rate decision | Reuters

MIDEAST STOCKS-Gulf markets mixed ahead of Fed rate decision | Reuters:



"Gulf stock markets were narrowly mixed in early trade on Thursday as investors tried to guess whether the U.S. Federal Reserve would raise interest rates later in the day.

Dubai's index, dominated by property companies which could benefit from a longer period of low rates, climbed 0.5 percent.

Developer DAMAC, the most traded stock, rose 0.3 percent and its larger competitor Emaar Properties climbed 0.5 percent."



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Kiev fears default as MPs prepare to vote on debt restructuring - FT.com

Kiev fears default as MPs prepare to vote on debt restructuring - FT.com:

"War-torn Ukraine faces a threat of imminent default and a deep financial and political crisis if its parliament fails to back a $18bn debt restructuring plan on Thursday.
Figures close to the reformist government and, more recently, western policymakers, have become increasingly worried that the plan could fall victim to a political backlash over Ukraine’s economic problems and squabbling within the ruling coalition."



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Soon we'll know what the Fed is thinking | Authers' Note - YouTube

Soon we'll know what the Fed is thinking | Authers' Note - YouTube: ""



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UAE companies ready to list when stock markets stabilise | The National

UAE companies ready to list when stock markets stabilise | The National:

"About 10 UAE companies are preparing to list on stock exchanges in spite of recent market volatility, according to a top Securities and Commodities Authority (SCA) official.

Obaid Al Zaabi, the deputy chief executive at SCA, said that recent volatility had led several companies to delay their plans, but that most were expected to continue to pursue listings when markets stabilised.

“The current situation of fluctuating markets may delay or prevent some of them from completing the relevant procedures,” Mr Al Zaabi told The National on the sidelines of the ongoing Arab IPO summit in Dubai."



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Etihad Airways and equity partners raise $500m | The National

Etihad Airways and equity partners raise $500m | The National:

"Etihad Airways, its airport services business and five of its equity partners on Tuesday raised US$500 million on international markets.

The Abu Dhabi-based carrier was joined by airberlin, Air Serbia, Air Seychelles, Alitalia and Jet Airways in the issue of the five-year debut bond.

The success of the fundraising initiative was a “major endorsement” of the businesses’ shared strategies, said James Hogan, president and chief executive of Etihad."



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For overseas investors, a reason to return to Dubai realty | GulfNews.com

For overseas investors, a reason to return to Dubai realty | GulfNews.com:

"For overseas investors, now may be as good a time as any to renew their interest in Dubai realty. After suffering declines for the better part of two years, yields that can be generated from freehold property assets here are showing signs of picking up.

In the 12 months to July, yields have shot up to an average 7.42 per cent on “mainstream” residential properties in the city, according to Knight Frank's estimates.

Matters have been helped by the sharp decline — by 12.2 per cent — in home values during the period, as well as the relatively lower — by 1.2 per cent — drop in rentals. (Gross yields are calculated by dividing annual rental income a property can generate by the property’s value and then multiplying by 100. For net yields, factor in associated expenses such as any mortgage or property maintenance payments as well.)"



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'Dubai rental correction will need to go on' | GulfNews.com

'Dubai rental correction will need to go on' | GulfNews.com:

"There has been a slight correction in the (Dubai) rental market. Average rentals have witnessed a fall of approximately 3-4 per cent in the first-half of the year, a trend attributed to general weakness in the market, which is affecting the sales segment as well.

Many anticipate it as a short-term phenomenon rather than a long-term market adjustment.

This is particularly true for the landlords/property owners who are not releasing their properties in the market at current rentals as they consider it to be “too low’ and they do not want to be locked in lower rentals for three to four years."



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$50 Oil Puts Saudi Budget Deficit Beyond Reach of Spending Cuts - Bloomberg Business

$50 Oil Puts Saudi Budget Deficit Beyond Reach of Spending Cuts - Bloomberg Business:

"The slump in oil prices has spurred Saudi Arabia’s government to search for savings, contemplate project delays and sell bonds for the first time since 2007. It won’t be enough to prevent the kingdom’s biggest deficit in decades.
“The revenue drop is so severe that it’s unrealistic to expect spending cuts to have any meaningful impact on the deficit in the near term,” said Simon Williams, HSBC’s chief economist for central and eastern Europe, the Middle East and North Africa. The longer oil prices stay weak, “the greater the pressure on the authorities,” he said in an e-mail.
Though Saudi Arabia has reserves to cope, analysts said that using them to avoid further cost-cutting would put its credit rating at risk while delaying policies with a longer-term benefit, including the reduction of subsidies and the introduction of more taxes to diversify revenue beyond oil. Even after the measures already announced, Riyadh-based Samba Financial Group estimates state outlays will rise by 0.4 percent next year."



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