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Thursday, 3 December 2015

Experts warn new Dubai statistics law could affect transparency, property sector | The National

Experts warn new Dubai statistics law could affect transparency, property sector | The National:

"A new law that demands companies seek government approval before carrying out surveys in Dubai could damage the property sector and discourage research in the emirate, experts have warned.

The Dubai government announced a law late last month intended to help enable the Dubai Statistics Center “to establish an advanced statistics system”, according to a statement. But experts zoomed in on a provision in the new law that forbids private companies from “conducting any survey[s] without obtaining authorisation from the Dubai Statistics Center”.

The provisions “would strongly disincentivise many public and private sector organisations from conducting research, due to the additional time and bureaucracy that may be involved,” said Radhika Punshi, Dubai-based director of consulting at The Talent Enterprise, which studies Arabian Gulf labour markets."



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Russian Energy Minister Says Cutting Oil Output Isn't Viable - Bloomberg Business

Russian Energy Minister Says Cutting Oil Output Isn't Viable - Bloomberg Business:

"Russia will stick to its strategy of maintaining oil production and has no plans to take part in Friday’s OPEC meeting, said Energy Minister Alexander Novak.
“We don’t think cutting output is viable,” Novak told reporters in Moscow in response to questions about a report that Saudi Arabia would consider lowering oil production next year if certain non-OPEC countries follow suit. The nation will maintain output, he said.
Russia’s decision to hold course comes as the Saudi-led Organization of Petroleum Exporting Countries prepares to meet Friday almost a year after it sent global crude prices reeling by choosing to defend market share rather than cut output. The group of exporters seeks to rebalance supply and demand by pressuring higher-cost producers to curb production."



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A Venture Capitalist Abroad: 500 Startups Creates Middle East Tech Fund - Bloomberg Business

A Venture Capitalist Abroad: 500 Startups Creates Middle East Tech Fund - Bloomberg Business:

"Dave McClure wants to dispel some stereotypes about his venture capital firm's latest stomping ground: "The popular image of what's going on in the Middle East is either Isis or sheikhs with a bunch of oil, but the reality is there are millions of people who aren't rich or poor," said McClure, the Silicon Valley-based founding partner of 500 Startups.
The venture firm, which invests small amounts of money in hundreds of young technology companies around the world, said on Thursday that it's establishing a $30 million fund in the Middle East and North Africa. 500 Startups plans to make initial investments of about $75,000 each in nascent companies in a region that McClure said is poorly understood by other tech investors.
McClure said the area's large concentration of people under the age of 26, their high smartphone adoption rates, and the low penetration of Western tech companies makes the market attractive. "I've been there five times a year for the past three years," he said. "These are vibrant and growing economies, and as much as there are challenges there, there are opportunities.""



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Oil traders get closer look at what might prompt Saudi rethink | Reuters

Oil traders get closer look at what might prompt Saudi rethink | Reuters:

"Saudi Arabia has given oil traders the first glimmer of clarity on what it might take to prompt the world's biggest crude exporter to change course on policy, suggesting that its laissez faire attitude may be wearing thin.

The Energy Intelligence newsletter reported on Thursday that Saudi Arabia is considering proposing that the Organization of the Petroleum Exporting Countries (OPEC) cuts output next year by 1 million barrels per day (bpd) and has determined participants and volumes on which a deal would depend -- a surprise move that would be the Kingdom's first definitive proposal since prices collapsed.

A Saudi oil source described media reports of such a proposal as "baseless", and a separate source said the matter was not raised at an informal meeting of producers on Thursday."



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MIDEAST STOCKS-Egypt rises on FX hopes; Gulf falls on weak oil | Reuters

MIDEAST STOCKS-Egypt rises on FX hopes; Gulf falls on weak oil | Reuters:

"Egypt's stock market rose on Thursday on hopes that the central bank would resolve the country's foreign exchange shortage, while Gulf markets fell back because of an overnight tumble of oil prices.

The Egyptian index climbed 2.0 percent to 6,779 points, its third straight day of gains. Its break of minor chart resistance on the late November peak triggered a double bottom formed by the November lows and pointing up to just below 7,000 points.

Egypt's central bank will inject U.S. dollar liquidity into the market this month and plans an exceptional foreign exchange auction, the Egyptian presidency said late on Wednesday."



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MIDEAST STOCKS-Egypt continues climb on FX hopes, Gulf down on oil | Reuters

MIDEAST STOCKS-Egypt continues climb on FX hopes, Gulf down on oil | Reuters:

"Egypt's stock market rose early on Thursday on hopes that the central bank would resolve the country's foreign exchange shortage, while Gulf markets fell back because of an overnight tumble of oil prices.

The Egyptian index, which jumped 3.5 percent on Wednesday, climbed a further 2.1 percent to 6,788 points. Its break of minor chart resistance on the late November peak triggered a double bottom formed by the November lows and pointing up to just below 7,000 points.

Egypt's central bank will inject U.S. dollar liquidity into the market this month and plans an exceptional foreign exchange auction, the Egyptian presidency said late on Wednesday."



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Malaysia Airlines strikes deal with Emirates to expand network - FT.com

Malaysia Airlines strikes deal with Emirates to expand network - FT.com:

"Malaysia Airlines, the lossmaking carrier reeling from two disasters last year, is pushing ahead with its restructuring by agreeing a far-reaching partnership with Emirates that will allow it to further streamline its operations.
The code-share agreement between the two airlines will see Malaysia Airlines double the destinations it can offer its customers, and give it the opportunity to abandon additional lossmaking European destinations."



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The urge to diverge | Authers' Note - YouTube

The urge to diverge | Authers' Note - YouTube: ""



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Malaysia Lawmakers Told Funds in Najib's Accounts Were Donations - Bloomberg Business

Malaysia Lawmakers Told Funds in Najib's Accounts Were Donations - Bloomberg Business:

"Funds of more than $600 million that turned up in Malaysian Prime Minister Najib Razak’s private bank accounts were donations and not from a troubled state investment company, the government said Thursday in an explanation to parliament.
The much-awaited statement to lawmakers largely repeated prior remarks from ministers about the scandal, which has dogged the ruling coalition for more than four months and led to periodic drops in stocks and the ringgit.
Investigations are ongoing and it would breach the law to comment further, Deputy Prime Minister Zahid Hamidi said in the address made on Najib’s behalf. Lawmakers including some from Najib’s own party have sought an explanation for the funds that appeared in the premier’s accounts before general elections in 2013. The speaker of the house said after Zahid’s statement that no questions were allowed."



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