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Monday, 9 November 2015

Dubai Air Show Sees Buyers Taking a Breather - Bloomberg Business

Dubai Air Show Sees Buyers Taking a Breather - Bloomberg Business:

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John Wojick, vice president at Boeing Commercial Airplanes, discusses what he calls more normal activity at the Dubai Air Show. He speaks with Elliott Gotkine on Bloomberg Television’s “On The Move.” (Source: Bloomberg)"



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Warburg Pincus, General Atlantic in talks to invest in UAE payments firm | Reuters

Warburg Pincus, General Atlantic in talks to invest in UAE payments firm | Reuters:

"Private equity firms Warburg Pincus and General Atlantic are expected to announce a joint deal this week to invest in United Arab Emirates-based payments provider Network International, according to sources.

One of the sources said the stake would be purchased from Abraaj Group, which holds a 49 percent stake in the company.

Private equity firm Abraaj hired investment bank Moelis & Co to advise it on options for selling its stake in the company, either though a private sale or stock market listing, Reuters reported in September."



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MIDEAST STOCKS-Egyptian market keeps sliding on FX fears; Gulf rebounds | Reuters

MIDEAST STOCKS-Egyptian market keeps sliding on FX fears; Gulf rebounds | Reuters:

"Egypt's stock market went on
sliding on Monday because of fears of a currency devaluation and
higher interest rates, while most major Gulf markets rebounded.

The Egyptian equities index, which sank 2.6 percent
on Sunday, lost a further 2.8 percent on Monday. Strong U.S.
economic data at the end of last week suggested a rate hike
there next month, pressuring the Egyptian pound.

Meanwhile, Egypt's two largest state banks launched Egyptian
pound savings certificates with a high 12.5 percent interest
rate. Traders speculated this could be part of preparations for
the central bank to abandon a slow, managed depreciation of the
pound and instead engineer a large, one-off devaluation."



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Mind the gap | Authers' Note - YouTube

Mind the gap | Authers' Note - YouTube: ""



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MIDEAST STOCKS-Egypt drops further on FX worries, Saudi moves little | Reuters

MIDEAST STOCKS-Egypt drops further on FX worries, Saudi moves little | Reuters:

"Egypt's stock market continued dropping early on Monday because of concern about the possibility of a "Big Bang" devaluation of the currency, while Saudi Arabia's bourse traded near technical support.

The Egyptian index sank 2.6 percent on Sunday after strong U.S. economic data suggested U.S. interest rates might be hiked next month, putting further pressure on the Egyptian pound.

The index fell a further 0.7 percent in the opening minutes on Monday."



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Doping report, Myanmar poll | FirstFT - YouTube

Doping report, Myanmar poll | FirstFT - YouTube: ""



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Saudi Arabia will not stop pumping to boost oil prices - FT.com

Saudi Arabia will not stop pumping to boost oil prices - FT.com:

"Saudi Arabia is determined to stick to its policy of pumping enough oil to protect its global market share, despite the financial pain inflicted on the kingdom’s economy.
Officials have told the Financial Times that the world’s largest exporter will produce enough oil to meet customer demand, indicating that the kingdom is in no mood to change tack ahead of the December 4 meeting in Vienna of the producers’ cartel Opec."



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Britain considers stronger military co-operation with Gulf - FT.com

Britain considers stronger military co-operation with Gulf - FT.com:

"Britain is considering stronger military co-operation with Gulf nations in its strategic review of defence priorities, as London battles to secure crucial military contracts.
Philip Dunne, defence procurement minister, was in Dubai on Sunday to promote British interests at the Middle East’s biggest air show. London is pulling out all the stops to clinch orders for the Eurofighter Typhoon aircraft, for which the UK’s BAE Systems is a leading contractor."



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Oil investment cuts at $200 billion as Saudi prince sees rally | The National

Oil investment cuts at $200 billion as Saudi prince sees rally | The National:

"The oil and gas industry has cut $200 billion from investments this year as low prices discourage new projects, leading to cuts in crude supplies equal to half the daily output of Saudi Arabia, according to the kingdom’s Prince Abdul Aziz bin Salman.

Nearly 5 million barrels a day of projects have been deferred or cancelled, Bin Salman, who is also vice oil minister for Saudi Arabia, said in prepared remarks set to be delivered to energy ministers meeting in Doha on Monday. Saudi Arabia pumped 10.38 million barrels a day in October, according to data compiled by Bloomberg.

Oil prices have dropped 42 per cent in the past year as Saudi Arabia led Opec in maintaining production in the face of a global glut rather than make way for booming US output. Supply from outside the 12-member group will start to decline next year, after oil prices near $150 a barrel in 2008 proved unsustainable, Bin Salman said, according to the prepared remarks."



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Emirates mulls $1b sukuk next year | GulfNews.com

Emirates mulls $1b sukuk next year | GulfNews.com:

"Emirates could issue a conventional or Islamic bond in 2016 to raise as much as $1 billion (Dh3.67 billion) to be used to fund around 30 aircraft that are scheduled to be delivered that year.

Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviaition and Chairman and CEO of Emirates airline and Group, said on Sunday that the company will use some of its cash on reserve for aircraft deliveries. He added that the issuance of a conventional bond or Islamic bond, known as a sukuk, is a possibility.

Asked how much Emirates would be looking to raise he said, “Always we’re talking anything between $500 million and $1 billion.”"



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MIDEAST STOCKS-Gulf markets edge up after tumble on rate worries | Reuters

MIDEAST STOCKS-Gulf markets edge up after tumble on rate worries | Reuters:

"Gulf stock markets edged up in quiet trade early on Monday after falling on Sunday because of expectations, fuelled by strong U.S. economic data, that the U.S. central bank will begin raising interest rates in December.

The Dubai stock index, which sank 3 percent on Sunday, rose 0.8 percent in the opening minutes of Monday. Emaar Properties rebounded 1 percent.

But healthcare and education investment company Amanat Holdings, which listed last November, fell 2.2 percent after reporting a net profit of 7 million dirhams ($1.9 million) for the nine months through September. The vast bulk of its earnings came from profits on Islamic deposits rather than investments in other companies."



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Oil Halts Three-Day Decline Near $45 as Saudis See Demand Growth - Bloomberg Business

Oil Halts Three-Day Decline Near $45 as Saudis See Demand Growth - Bloomberg Business:

"Oil halted its three-day decline near $45 a barrel as Saudi Arabia sees low prices spurring demand growth.
Futures rose as much as 1.2 percent in New York after falling 7.5 percent through the three days ended Friday. Demand will soon reflect the “attractiveness” of current price levels, according to Ali al-Naimi, Saudi Arabia’s oil minister. Money managers’ net-long position in West Texas Intermediate rose the most in seven months in the week ended Nov. 3, data from the U.S. Commodity Futures Trading Commission showed.
Oil has slumped 42 percent the past year amid speculation the global oversupply will persist as the Organization of Petroleum Exporting Countries continue to pump more than their collective quota. While China’s crude imports fell to about 6.23 million barrels a day in October, the lowest level in five months, purchases were more than 9 percent higher than the same period last year, according to data Sunday from the General Administration of Customs."



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Plane Crash Seen Adding to Pressure on Egypt to Devalue Currency - Bloomberg Business

Plane Crash Seen Adding to Pressure on Egypt to Devalue Currency - Bloomberg Business:

"The plane crash over Egypt’s Sinai peninsula couldn’t have come at a worse time for an economy already reeling from a dollar shortage and in dire need of emergency funding.
Growing evidence that a bomb downed the Russian Metrojet plane will have potentially ruinous implications for Egypt’s tourism industry. These charts illustrate why Egypt’s economy is ill-positioned to lose this vital source of hard currency.
Dollar Shortage

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