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Monday, 30 November 2015

VPS Healthcare drops out of running for Al Noor Hospitals | The National

VPS Healthcare drops out of running for Al Noor Hospitals | The National:

"VPS Healthcare said that it did not intend to make an offer for Al Noor Hospitals, clearing the way for South Africa’s Mediclinic International to buy the Abu Dhabi-based company.

The private healthcare company VPS, which is also based in the UAE, said it believed a deal would not be in its best interest.

VPS had a December 8 deadline to announce a firm intention to make an offer for Al Noor under UK takeover rules."



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Opec must agree to production cuts or oil prices will fall further | The National

Opec must agree to production cuts or oil prices will fall further | The National:

"Opec meets on Friday in Vienna to discuss a glutted oil market, but there seems little prospect for reaching an agreement to stabilise oil prices.

Commercial inventories in the Organisation for Economic Co-operation and Development have now breached the record 3 billion barrel mark, supply is about 1 million barrels per day above worldwide demand at a time when inventories are normally drawn, and further Iranian volumes will add fuel to the fire next year when trade sanctions are lifted. Libya could also add 440,000 bpd if two fields come back on stream this month.

Opec producers are competitively discounting to increase market share and the Opec Reference Price (ORP) is actually now only $38-$39 per barrel. Usually the ORP lies between Brent and WTI, but aggressive pricing by Opec countries has reversed the ORP-WTI differential and driven the Opec basket of crudes well below WTI, which closed last week at $41.74 per barrel."



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Oman’s revenues from oil dropped by 45.5% | GulfNews.com

Oman’s revenues from oil dropped by 45.5% | GulfNews.com:

"Oman’s revenues from oil for the first nine months of 2015 dropped 45.5 per cent when compared to the same period last year.

Oil revenue at the end of September stood at 4.2 billion rials, compared to 7.8 billion rials in the nine months of 2014, according to the National Centre for Statistics and Information.

Total revenues were estimated at 6.7 billion rials for the period, a decline 35.9 per cent. Customs taxes were down 1.9 per cent and corporate income tax dropped 2.6 per cent."



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Pre-MSCI Surge Bolsters Expensive Tag for Abu Dhabi's Best Stock - Bloomberg Business

Pre-MSCI Surge Bolsters Expensive Tag for Abu Dhabi's Best Stock - Bloomberg Business:

"Emirates Telecommunications Group Co. surged to a 10-year high, adding to investor concern it’s overvalued as it prepares to join MSCI Inc.’s emerging-markets index.
Shares of Etisalat, as it’s known, jumped 10 percent on Monday, their last trading day before MSCI inclusion, extending the gain this year to 66 percent, the most in Abu Dhabi. The valuation premium Etisalat commands over the MSCI’s developing-nation gauge based on future earnings climbed to the highest in about nine years.

At three multiples higher than the forward P/E ration for MSCI EM Index's, Etisalat is trading at the biggest premium in more than nine years.
Investors piled into Etisalat after the United Arab Emirates opened its biggest telecommunications operator to foreign ownership in September, a step that also put the shares on course for inclusion in MSCI’s gauge. As a result, the company bucked a stock selloff across the region sparked by a plunge in the price of oil, the source of most government revenue in the six-nation Gulf Cooperation Council."



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MIDEAST STOCKS-MSCI, economy worries sink Qatar; Egypt down on FX fears | Reuters

MIDEAST STOCKS-MSCI, economy worries sink Qatar; Egypt down on FX fears | Reuters:

"Qatar's stock market fell sharply on Monday as funds flowed out because of changes to MSCI's emerging market index and concern about the impact of low energy prices on the economy. Other Gulf markets fared much better, but Egypt's sank on currency fears.

Qatar's main index tumbled 4.4 percent, its biggest daily drop since August, to a two-year low of 10,091 points in the heaviest trading volume for six months.

Index compiler MSCI was due to add overseas-listed Chinese companies to its emerging market index after the close on Monday; EFG Hermes calculated in mid-November that by diluting Qatar's weighting in the index, this would suck $92 million from the Qatari market."



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EM recovery gathers pace in 2016 - FT.com

EM recovery gathers pace in 2016 - FT.com:

"Few dispute that 2015 has been a dismal year for emerging markets. GDP growth has fallen for a sixth consecutive year as the once dynamic economies that generated the lion’s share of global prosperity for more than a decade stumbled upon harder times.
The question, therefore, of how the developing world will fare in 2016 is crucial. Unusually, there is some fairly positive news. Most economists’ forecasts envisage either a slight recovery in average emerging market (EM) GDP growth, or at least a stabilisation at around 2015 levels.
“EM finds its feet”, ran the title of a Goldman Sachs outlook report for next year. “After six years of sequentially declining EM growth, our economists expect a pick up . . .[with] robust growth rates in Mexico and central and eastern Europe — specifically Poland and Hungary — and a more mixed picture in Asia,” the report added."



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Climate talks, migrant deal, Amazon's delivery drone | FirstFT - YouTube

Climate talks, migrant deal, Amazon's delivery drone | FirstFT - YouTube: ""



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MIDEAST STOCKS-Egypt slips amid FX uncertainty, Saudi soft | Reuters

MIDEAST STOCKS-Egypt slips amid FX uncertainty, Saudi soft | Reuters:

"Egypt's stock index dropped 0.9 percent in early Monday trade as uncertainty over the country's foreign exchange policy persisted, while the Saudi market edged down.

Egyptian stocks had risen 0.8 percent on Sunday as Tarek Amer, a well-regarded former commercial banker, took over the post of central bank governor. Investors hope he can resolve Egypt's foreign exchange shortage and smoothly manage the devaluation which many think is inevitable.

But there was no indication after Amer met with his officials on Sunday of what strategy the central bank will adopt, leaving traders guessing. Weak Asian stock markets on Monday also dampened sentiment in Egypt."



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Saudi Arabia: The wake-up call - FT.com

Saudi Arabia: The wake-up call - FT.com:

"Inside the sprawling royal court in Riyadh, a team of technocrats is putting the final touches to plans for a drastic overhaul of the Saudi Arabian economy. Backed by an army of highly paid western consultants, the royal aides have identified billions of dollars of waste and government largesse that the desert kingdom can no longer afford.
Ten months after acceding to the throne, King Salman bin Abdulaziz, 79, faces the daunting challenge of managing a new era in Saudi Arabia. The world’s largest oil producer and longstanding US ally has adopted a policy that protects its market share rather than the price, which has more than halved since June 2014. But while the effect has been cushioned by $640bn in foreign-exchange reserves, the age of $100-a-barrel oil has receded and budget surpluses have been replaced by yawning deficits.
“The collapse in oil prices is a wake-up call,” says an official in Riyadh. “We’ve had a long history of bad practices because of our overreliance on oil.”"



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Oil trades below $42 in Asia ahead of Opec meet | GulfNews.com

Oil trades below $42 in Asia ahead of Opec meet | GulfNews.com:

"Oil prices traded below $42 in Asia Monday ahead of an Opec meeting and the release of data on China's important manufacturing sector later in the week.

The market will be watching whether members of the Organization of the Petroleum Exporting Countries, which meets on December 4, slash currently high output levels and ease a crude supply glut that has depressed prices for more than a year.

Analysts said traders will also tune in to two key speeches by US Federal Reserve chair Janet Yellen this week for signs on the timing of a hike in US interest rates."



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Mideast funds a bit more positive on stocks, bearish on bonds-survey | Reuters

Mideast funds a bit more positive on stocks, bearish on bonds-survey | Reuters:

"Middle East fund managers have become slightly more positive on regional equities after valuations fell, and more bearish on bonds because of a looming U.S. interest rate hike, a monthly Reuters survey shows.

The survey of 14 leading fund managers, conducted over the past week, found 29 percent expecting to raise their regional equity allocations in the next three months, and 21 percent expecting to cut them.

That was a shift from last month's survey, when 21 percent anticipated reducing their regional equity allocations and 7 percent expected to raise them."



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MIDEAST STOCKS-Gulf markets mixed, focus on MSCI changes | Reuters

MIDEAST STOCKS-Gulf markets mixed, focus on MSCI changes | Reuters:

"Gulf stock markets were mixed in quiet early trade on Monday with activity focusing on changes in MSCI index constituents that will take effect at the end of the day.

Abu Dhabi's index edged up 0.2 percent as Etisalat , which will join MSCI's emerging market index, rose 1.3 percent; it was the most heavily traded stock. Investors have largely factored in the MSCI changes, but some passive funds tend to move only on the last day before changes.

National Bank of Abu Dhabi, which had tumbled 6.0 percent on Sunday, sank a further 2.2 percent. Traders said there was no fresh negative news about the bank but thin turnover, and a lack of buying support, was magnifying the impact of sell orders."



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OPEC Rivals Become Unwitting Allies in Push for Oil-Market Share - Bloomberg Business

OPEC Rivals Become Unwitting Allies in Push for Oil-Market Share - Bloomberg Business:

"Almost by accident, OPEC adversaries Saudi Arabia and Iran are about to work as a team.
When the Saudi kingdom decided last year that OPEC should keep pumping to counter a surge in U.S. shale oil, Iran spearheaded resistance to the idea, saying output cuts were needed to buoy prices. Still a critic, Iran is nonetheless poised to amplify the strategy as it ramps up crude exports with the end of sanctions.
“Iran’s return is effectively the Saudi policy on steroids,” said Mike Wittner, head of oil-market research at Societe Generale SA in New York. “The policy is that low-cost Middle East crude should be gaining market share, and that it’s shale and other expensive non-OPEC supply that should be cut. So to use the Saudis’ own logic, as far as Iranian production goes -- bring it on.”"



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