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Wednesday, 9 December 2015

Regulation hits UAE banks' dealings with US banks | GulfNews.com

Regulation hits UAE banks' dealings with US banks | GulfNews.com:

"The United Arab Emirates wants authorities in the United States to clarify regulations for U.S. banks doing business with UAE banks because the current system is holding up transactions happening via the U.S. dollar clearing service.

UAE central bank governor Mubarak Rashid al-Mansouri said on Wednesday the Gulf state's banks were facing difficulties working with U.S. correspondent banks due to this heavy regulatory burden.

The impact of the regulations is affecting trade and, more specifically, the large numbers of expatriates based in the UAE -- many from Asian and African countries -- who are sending money back home."



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Bahrain approves move to reduce government spending by 30% | GulfNews.com

Bahrain approves move to reduce government spending by 30% | GulfNews.com:

"A report that includes a series of short and medium-term measures to reduce government expenditures in Bahrain by 30 per cent and improve efficiency across entities has been hailed by Crown Prince Salman Bin Hamad Al Khalifa.

Prince Salman, also Bahrain’s First Deputy Prime Minister, said that the recommendations included in the report would improve and modernise administrative procedures across the government.

The recommendations are in line with the objectives of the Kingdom’s economic and fiscal reform programme, Prince Salman said as he chaired a meeting of the Government Executive Committee, during which the final report of the six government task forces, responsible for reducing government expenditure, was reviewed."



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The Double-Edged Sword of Lower Oil Prices - Bloomberg Business

The Double-Edged Sword of Lower Oil Prices - Bloomberg Business:

"Wayne Bowers, chief executive officer for EMEA and APAC at Northern Trust Asset Management, discusses what lower oil prices mean for various economies. He speaks with Guy Johnson and Jonathan Ferro on Bloomberg Television’s “On The Move.” (Source: Bloomberg)"



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Biggest 2016 risk may be the one just behind us: oil | Reuters

Biggest 2016 risk may be the one just behind us: oil | Reuters:

"The biggest financial risk in 2016 may be the one that's been on stage all year.

In Britain's popular Christmas pantomime shows, audiences scream out "He's behind you!" as a warning to the hero whenever the villain appears.

That refrain is almost audible as investment strategists scan 2016 for risk events, as the well-known baddie of plummeting oil prices re-emerges from behind the curtain."



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Qatar to publish margin trading rules in next few days -bourse CEO | Reuters

Qatar to publish margin trading rules in next few days -bourse CEO | Reuters:

"Qatar Exchange will publish rules approving margin trading in the next few days, its chief executive said on Wednesday, a tool intended to deepen liquidity on the bourse.

Margin trading involves investors borrowing money from a broker to purchase stock.

"Margin trading will increase liquidity. It's very important for investors as they've been asking for it for some time," Rashid al-Mansoori told Reuters in an interview on the sidelines of a financial conference."



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MIDEAST STOCKS-UAE, Qatar sink to multi-year lows as investors eye state budgets | Reuters

MIDEAST STOCKS-UAE, Qatar sink to multi-year lows as investors eye state budgets | Reuters:

"Gulf markets saw volatile trading on Wednesday as falling oil prices and their impact on upcoming state budgets pushed some to multi-year lows, while others edged into positive territory after heavy losses the previous day.

Dubai's benchmark dropped 0.3 percent to its lowest close in two years, dipping to 3,001 points.

Financial stocks dragged the index with Emirates NBD tumbling 2.9 percent to 7.5 dirhams, its lowest close of 2015."



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Yahoo drops Alibaba spin-off, North Face founder killed | FirstFT - YouTube

Yahoo drops Alibaba spin-off, North Face founder killed | FirstFT - YouTube: ""



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RBS's Coutts Unit Fined in Germany Over Alleged Tax Evasion - Bloomberg Business

RBS's Coutts Unit Fined in Germany Over Alleged Tax Evasion - Bloomberg Business:

"Swiss bank Coutts & Co. Ltd., a unit of the Royal Bank of Scotland Group Plc, has reached a settlement with German authorities over alleged tax evasion.
Dusseldorf prosecutor spokesman Ralf Herrenbrueck confirmed the €23.8 million ($26 million) settlement, which was first reported by AWP.
Current and former employees of Coutts & Co. in Switzerland were under investigation, the Edinburgh-based lender said in its annual results last February."



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MIDEAST STOCKS-Bargain hunters help steady Saudi, Egypt | Reuters

MIDEAST STOCKS-Bargain hunters help steady Saudi, Egypt | Reuters:

"The Saudi and Egyptian bourses edged higher on Wednesday as bargain hunters scavenged for stocks that had tumbled this week.

Riyadh's index climbed 0.5 percent to 7,027 points, marginally above the psychological support level of 7,000 after breaching this mark on Tuesday.

Emaar Economic City surged 8.6 percent and was one of the most heavily traded stocks. It fell 3.9 percent a day earlier."



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MIDEAST STOCKS-Markets extend losses after breaching psychological barriers | Reuters

MIDEAST STOCKS-Markets extend losses after breaching psychological barriers | Reuters:

"Qatar and Dubai slipped through psychologically-important support levels and Abu Dhabi fell once more as crude oil prices continued to dampen investor sentiment towards Gulf markets.

Doha's index was hammered for a second day, dropping through the 10,000-point mark to trade down 1.6 percent. The benchmark hit a two-year low on Tuesday after both foreign and regional investors dumped stock, according to a Doha-based fund manager.

Brent oil was up slightly for the day at $40.67 at 0800 GMT, having falling below the $40 a barrel mark for the first time since the 2008-09 financial crisis on Tuesday."



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Trump’s anti-Muslim remarks spark outrage in the Gulf - FT.com

Trump’s anti-Muslim remarks spark outrage in the Gulf - FT.com:

"A string of hostile comments towards Muslims by US Republican hopeful Donald Trump have done little to dent his runaway popularity among his American supporters — but they may yet damage the billionaire’s business interests around the world, particularly in Muslim countries.
“It is unacceptable in my country, the UAE. Our system cannot accept an insult to our religion like this,” said Dubai businessman and columnist Khalaf al-Habtoor, who heads a conglomerate in the emirate."



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Rifts test Opec’s co-operative worth - FT.com

Rifts test Opec’s co-operative worth - FT.com:

"Differing views about who should bear the brunt of oil production cuts to lift prices forced Opec to default to its existing policy to keep on pumping last week. This has laid bare the gaping divide between Saudi Arabia and its arch rival Iran.
The war of words that has evolved, in public and private, illustrates a conflict that is only set to intensify as more Iranian barrels make their way to international markets after sanctions linked to its nuclear programme are lifted."



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Saudi's Naimi cuts a lonely figure in oil battle | Reuters

Saudi's Naimi cuts a lonely figure in oil battle | Reuters:

"If Ali al-Naimi were to review his time as Saudi oil minister, he might feel events had turned full circle.

Two years after the long-serving technocrat's 1995 promotion to become only the kingdom's fourth oil minister in 40 years, Naimi pushed through an ill-fated Organization of the Petroleum Exporting Countries deal in Indonesia to lift supply just as Asia went into economic tailspin.

Designed to punish Venezuela for flouting its output quota, the decision has gone down in OPEC lore as the most poorly-judged in cartel history. Oil prices halved to $10 a barrel."



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Biggest 2016 risk may be the one just behind us: oil | Reuters

Biggest 2016 risk may be the one just behind us: oil | Reuters:

"The biggest financial risk in 2016 may be the one that's been on stage all year.

In Britain's popular Christmas pantomime shows, audiences scream out "He's behind you!" as a warning to the hero whenever the villain appears.

That refrain is almost audible as investment strategists scan 2016 for risk events, as the well-known baddie of plummeting oil prices re-emerges from behind the curtain."



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Cyprus Draws Investor Interest as Reunification Optimism Peaks - Bloomberg Business

Cyprus Draws Investor Interest as Reunification Optimism Peaks - Bloomberg Business:

"The prospect of a reunified Cyprus has never been better, and that has business leaders on both sides of the Mediterranean island eyeing investment opportunities.
Cyprus has been divided along ethnic lines since 1974 after Turkey invaded the island to prevent its unification with Greece. Turkey keeps about 35,000 troops in northern Cyprus and is the only country to recognize a Turkish Cypriot state. With the two parts of the island now led by strong reunification advocates -- Cyprus President Nicos Anastasiades in the Greek-speaking south and Mustafa Akinci in the Turkish-speaking north -- reunification talk is filling the air waves.
“This is probably the time where we have the best climate ever in negotiations,” Phidias Pilides, president of the Cyprus Chamber of Commerce and Industry, which represents about 8,000 companies, said in an interview in Nicosia. "



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