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Tuesday, 16 February 2016

Talks about cutting oil output show Russians and Saudis feel the pain | Business | The Guardian

Talks about cutting oil output show Russians and Saudis feel the pain | Business | The Guardian:

"Imagine for a moment that the US, EU and India announced that they were willing to freeze carbon emissions at their current level on the condition China did the same. Would anybody believe that this was a serious attempt to tackle global warming?

Unlikely, in all honesty, yet the financial markets seemed to get awfully excited on Tuesday about talks between Saudi Arabia and Russia that would limit oil output at its January level provided Iran and Iraq agree to do the same.

Let’s be clear: this is not a deal to put a floor under oil prices; it is a pretty lame attempt at hoodwinking the markets into thinking a deal has been done to put a floor under oil prices."



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Abu Dhabi Recasts Government as It Grapples With Low Oil Prices - Bloomberg Business

Abu Dhabi Recasts Government as It Grapples With Low Oil Prices - Bloomberg Business:

"Abu Dhabi’s government replaced the head of its finance department and appointed a cabinet minister as general manager of state-owned oil company Adnoc as the oil producer grapples with low prices.
Sheikh Khalifa bin Zayed Al Nahyan, president of the United Arab Emirates and Abu Dhabi’s ruler, issued a decree late Monday naming Riyad Al Mubarak as head of the finance department in place of Hamad Al Hurr Al Suwaidi, state-run news agency WAM reported. In a separate decree, Sheikh Khalifa appointed Sultan Al Jaber as general manager of Abu Dhabi National Oil Co., replacing Abdulla Nasser Al Suwaidi.
The reshuffle comes as the producer of 6 percent of the world’s known oil reserves may consider tapping its sovereign wealth fund and issuing local and foreign debt to bridge a deficit wrought by low petroleum prices, according to Fitch Ratings Ltd. The emirate, which has deregulated fuel prices and increased utility prices, is also looking for measures to diversify its economy away from oil, which contributes about 50 percent of its economy."



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Oil loses nearly 4 percent as hopes over Saudi, Russia deal fade | Reuters

Oil loses nearly 4 percent as hopes over Saudi, Russia deal fade | Reuters:

"Brent oil fell almost 4 percent on Tuesday, erasing early gains after top producers Russia and Saudi Arabia dashed expectations of an outright supply cut by agreeing only to freeze output if other big exporters joined them.

Benchmark Brent prices jumped briefly through $35 a barrel after Russia and Saudi Arabia agreed to keep output at January levels, in what could be the first joint OPEC and non-OPEC deal in 15 years.

Qatari energy minister Mohammad bin Saleh al-Sada said the step would help to stabilise the oil market, which has experienced price declines not seen since the early 2000s because of a supply glut."



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MIDEAST STOCKS-Major indexes advance as oil, global markets recover | Reuters

MIDEAST STOCKS-Major indexes advance as oil, global markets recover | Reuters:

"A return of some risk appetite to global equity markets and a recovery in oil prices helped lift major Middle East exchanges in robust volumes on Tuesday.

Riyadh's index rose 0.9 percent to 5,740 points in heavy trade, its second straight day of gains since news that the central bank lifted local banks' maximum loan-deposit ratio to 90 percent from 85 percent to ease liquidity in the sector.

But the index came off its high of 5,848 points after Saudi Arabia, Russia, Qatar and Venezuela agreed on Tuesday to freeze their oil output at January levels, providing other major producers followed suit. Oil prices rose in anticipation of the announcement and fell back slightly afterwards.

"



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The changing face of coco bonds | FT Markets - YouTube

The changing face of coco bonds | FT Markets - YouTube: ""



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Why is Japan trading like an emerging market? I Short View - YouTube

Why is Japan trading like an emerging market? I Short View - YouTube: ""



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MIDEAST STOCKS-Rebound in oil, global equities lifts UAE but Qatar sags | Agricultural Commodities | Reuters

MIDEAST STOCKS-Rebound in oil, global equities lifts UAE but Qatar sags | Agricultural Commodities | Reuters:

"A return of some risk appetite to global equity markets and a recovery in oil prices helped lift United Arab Emirates bourses in early trade on Tuesday, while Qatar sagged after a sell-off in major blue chips.

Dubai's index rose 1.7 percent with Drake & Scull jumping 3.6 percent. Emaar Properties and DAMAC Properties added 3.1 and 2.1 percent respectively.

Over the past month Dubai's benchmark has outperformed its regional peers, but a week ago it started to lose steam as most companies have already reported quarterly earnings."



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Abu Dhabi's New Head of Oil Company Comes From Investment Side - Bloomberg Business

Abu Dhabi's New Head of Oil Company Comes From Investment Side - Bloomberg Business:

"Abu Dhabi, the Persian Gulf emirate that holds about 6 percent of global crude reserves, replaced the head of its state oil company with an executive who spent the last 10 years investing in energy as prices languish near a 12-year low.
Sultan Al Jaber was named director general of Abu Dhabi National Oil Co., succeeding Abdulla Nasser Al Suwaidi, who had the job since June 2011, state-run Emirates News Agency reported, citing a government decree. Al Jaber joins Adnoc from Abu Dhabi’s investment fund, Mubadala Development Co., where he is chief executive officer of the energy unit. He’s also a government minister."



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Oil eases off highs after four producers agree output freeze | Reuters

Oil eases off highs after four producers agree output freeze | Reuters:

"Brent crude oil futures pared gains on Tuesday after Qatar said that four of the world's largest producers agreed to freeze output at January levels, provided that other major exporters followed suit.

Qatari energy minister Mohammad bin Saleh al-Sada told a news conference that the step would help to stabilise the oil market, which has experienced price declines not seen since the early 2000s because of the pace at which supply has outstripped demand.

Analysts said that while the decision is a step in the right direction to bring supply and demand back into balance, global inventories remain near record levels and are likely to dampen any price rallies."



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MIDEAST STOCKS-Saudi heads for second day of strong gains, Egypt up | Reuters

MIDEAST STOCKS-Saudi heads for second day of strong gains, Egypt up | Reuters:

"A recovery in oil prices coupled with the central bank's move to ease banking sector liquidity this week helped lift Saudi Arabia's stock market in early trade on Tuesday, while stronger global bourses encouraged buying in Egyptian shares.

Riyadh's index was up 1.5 percent in the early afternoon after climbing 2.8 percent at one stage. It was heading for its second day of gains in a broad-based rally as investors bought back stocks after the central bank lifted local banks' maximum loan-deposit ratio to 90 percent from 85 percent.

But the index came off its highs after Qatar, Saudi Arabia, Russia and Venezuela agreed on Tuesday to freeze their oil output at January levels providing other major producers followed suit. Oil prices rose in anticipation of the announcement and fell back slightly afterwards."



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Malaysia: The 1MDB money trail - FT.com

Malaysia: The 1MDB money trail - FT.com:

"The chief executive of BSI, the Swiss private bank, was jubilant about its foray into Asia. So much so that he wrote to a star employee in Singapore who had helped lead the effort. “I wanted to personally thank you for your immense contribution not only to the growth of our new Asia business, but to BSI Group as a whole,” enthused the December 2011 letter from Alfredo Gysi, who is now BSI’s honorary chairman.
What a difference four years makes. Today that same bank official in Singapore, Yak Yew Chee, is battling a criminal investigation by the city-state’s authorities on suspicion that he benefited “from criminal conduct”."



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Saudi oil minister to meet Russian counterpart - FT.com

Saudi oil minister to meet Russian counterpart - FT.com:

"Saudi Arabia’s powerful oil minister Ali al-Naimi will meet his Russian, Qatari and Venezuelan counterparts in Doha on Tuesday, according to a person familiar with the matter, as some Opec members push for co-ordination to restrict supplies and bolster the crude price.
The meeting comes as oil prices languish near lows last seen in 2003, forcing Opec members such as Venezuela, Nigeria to call for a meeting of ministers to stem the slide that has decimated the budgets of producer countries."



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Etihad strategy flies into difficulties - FT.com

Etihad strategy flies into difficulties - FT.com:

"From the Seychelles to Serbia, Etihad Airways has been busy forging its own airline alliance by buying stakes in regional carriers.
But the Abu Dhabi-based company’s bold plan to fill its aircraft with partner airlines’ passengers is coming under threat in both Europe and the US, where rivals are complaining of unfair competition from fast-growing Gulf carriers."



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Iran's 20% Yields Tempt Charlemagne as Tehran Returns From Cold - Bloomberg Business

Iran's 20% Yields Tempt Charlemagne as Tehran Returns From Cold - Bloomberg Business:

"Its economy is growing faster than almost any other in the Middle East, its bonds pay twice as much as Russia’s and Turkey’s, and it has reined in runaway inflation.
Iran is proving a draw for some foreigners with yields exceeding 20 percent on about $4.5 billion of short-term securities sold by state and private borrowers.
While shedding its former pariah status will take time, Iran’s reintegration into the global economy following almost a decade of international sanctions is creating opportunities for investors willing to shoulder the risk, according to Charlemagne Capital Ltd. The London-based money manager partnered with a Tehran firm last year to add the country’s bonds to its holdings, taking comfort from repayment guarantees provided by Iranian underwriters."



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Dirt Cheap – a book excerpt from Leif Wenar’s Blood Oil - YouTube

Dirt Cheap – a book excerpt from Leif Wenar’s Blood Oil - YouTube: ""



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