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Thursday, 22 October 2015

MIDEAST STOCKS-Budget worries hit Saudi, Egypt soft as Amer resumes trade | Reuters

MIDEAST STOCKS-Budget worries hit Saudi, Egypt soft as Amer resumes trade | Reuters:

"Worries that Saudi Arabia may cut subsidies and state spending and raise taxes to cover its budget deficits in an era of cheap oil hurt its stock market early on Thursday. Egypt's market was soft as the split of Amer Group into two firms dominated trade.

The International Monetary Fund said on Wednesday that Riyadh was considering a wide range of fiscal reforms - many of which could hurt corporate profits, at least initially - to cope with a budget gap that would total well over $100 billion this year.

That pushed the Saudi stock index down 2.7 percent on Wednesday and it slid a further 1.6 percent early on Thursday. Petrochemical blue chip Saudi Basic Industries dropped 2.0 percent as the government could raise money by lifting subsidised, ultra-low gas feedstock prices for the industry."



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Europe and Asia oil groups target Iran - FT.com

Europe and Asia oil groups target Iran - FT.com:

"As energy executives from Europe and Asia met their Iranian counterparts in Tehran on Tuesday, for one man it felt more like a reunion than the biggest opening of Iran’s economy in 35 years.
A.R. Ramzgooyan started his career working for BP in the UK in the 1980s. Now a managing director at Atlas Shipping Company, a subsidiary of Iran’s national oil company, he said the lifting of sanctions and return of foreign oil companies would be much welcomed."



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Set out spending cuts, IMF tells Saudis - FT.com

Set out spending cuts, IMF tells Saudis - FT.com:

"The IMF has asked Saudi Arabia for more details of its plans to deal with its ballooning fiscal deficit, warning the world’s biggest oil producer could deplete its financial reserves within five years unless it builds on efforts to balance the budget.
Masood Ahmed, the IMF’s regional director, pressed Riyadh to outline details of its proposed spending cuts and clarify its position on additional revenue generation measures such as taxes, as it deals with a fiscal deficit hovering around 20 per cent this year and next."



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Scandal hit Malaysia fund battles critics - YouTube

Scandal hit Malaysia fund battles critics - YouTube: ""



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EU has made UK economy more dynamic, says Bank of England chief | Politics | The Guardian

EU has made UK economy more dynamic, says Bank of England chief | Politics | The Guardian:

"Mark Carney, the governor of the Bank of England, has said that EU membership opened up the UK economy and made it more dynamic, but also left it more exposed to financial shocks.

In an intervention likely to be seen as strengthening David Cameron’s hand as he prepares to enter negotiations with Britain’s EU partners, Carney challenged the prime minister to demand “clear principles” to safeguard Britain’s interests outside the euro, as he warned that botched European integration could threaten financial stability.

Carney, speaking in Oxford on Wednesday evening, said Britain was possibly “the leading beneficiary” of the EU’s single market, and that being in the bloc had been one of the drivers of its strong economic performance in the four decades since it first joined."



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MIDEAST STOCKS-Gulf markets edge down amid oil worries | Reuters

MIDEAST STOCKS-Gulf markets edge down amid oil worries | Reuters:

"Gulf stocks edged down early on Thursday as worries about the impact of low oil prices on the region continued to deter fresh buying, even in wealthy countries relatively well insulated from cheap oil such as the United Arab Emirates and Qatar.

Dubai's stock index fell 0.5 percent as Emaar Properties slipped 1.1 percent and construction firm Drake & Scull fell by a similar margin.

Abu Dhabi edged down 0.2 percent as National Bank of Abu Dhabi dropped 0.4 percent."



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OPEC Is About to Crush the U.S. Oil Boom - Bloomberg Business

OPEC Is About to Crush the U.S. Oil Boom - Bloomberg Business:

"After a year suffering the economic consequences of the oil price slump, OPEC is finally on the cusp of choking off growth in U.S. crude output.
The nation’s production is almost back down to the level pumped in November 2014, when the Organization of Petroleum Exporting Countries switched its strategy to focus on battering competitors and reclaiming market share. As the U.S. wilts, demand for OPEC’s crude will grow in 2015, ending two years of retreat, the International Energy Agency estimates.
While cratering prices and historic cutbacks in drilling have taken their toll on the U.S., OPEC members have also paid a heavy price. A year of plunging government revenues, growing budget deficits and slumping currencies has left several members grappling with severe economic problems. The fact that the U.S. oil boom kept going for about six months after the group’s November decision also means OPEC has so far succeeded only in bringing the market back to where it started."



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Norway Gas Output Set for Record as Monster Field Is Revived - Bloomberg Business

Norway Gas Output Set for Record as Monster Field Is Revived - Bloomberg Business:

"The Troll A platform rocks like a boat as North Sea waves pound its four gigantic concrete legs, but monitors inside the control room show a steady flow of natural gas continues unabated -- enough to meet the needs of 10 million homes in Europe.
Norway is on track for record gas production this year after Statoil ASA put an end to technical issues that limited Troll’s capacity. And deep within the windswept jumble of pipes and machinery that top the platform 65 kilometers (40 miles) off the Nordic nation’s coast, two newly installed compressors stand ready to maintain the field’s unequaled capacity well into the next decade.
“These compressors provide an extra muscle, they strengthen the Norwegian gas machine,” Grete Haaland, senior vice president for asset management at Statoil’s marketing, midstream and processing business unit, said in a presentation on the Troll platform Wednesday. “They increase Troll’s ability to deliver more gas in the short and long term. That’s extremely important for us.”"



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