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Thursday, 10 March 2016

MIDEAST STOCKS-Gulf weakens and volumes dwindle; Egypt jumps on c.bank action | News by Country | Reuters

MIDEAST STOCKS-Gulf weakens and volumes dwindle; Egypt jumps on c.bank action | News by Country | Reuters:

"Most stock markets in the Gulf fell on Thursday as investors sold off cyclical sectors and some shares went ex-dividend, while Egypt's bourse jumped 3 percent in robust volume after the central bank acted to improve dollar supplies to the economy.

Riyadh's index fell back 0.3 percent, giving up early gains, as the petrochemical and retail sectors dragged the market lower. Trading volume was the lowest this week.

The index had rallied 14 percent since mid-February, buoyed by a belief that oil prices have bottomed out. Investors' selling of sectors vulnerable to downturns in the global and domestic economies may indicate investors are focusing on earnings outlooks once more, rather than oil."



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Iran seeks to reassure oil investors - FT.com

Iran seeks to reassure oil investors - FT.com:

"Iran sought to reassure investors of its commitment to unveil new and improved oil contracts, downplaying domestic opposition to the return of international energy companies.
Mohammad Nahavandian, President Hassan Rouhani’s chief of staff, told the Financial Times that the lifting of sanctions was a “win-win” situation for Iran and the west and that it wanted “constructive interaction” with the outside world. “We have to think about the future, and co-operation between the Iranian economy and the outside world would be beneficial to us all,” he said."



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Azerbaijan seeks to raise $2bn bond - FT.com

Azerbaijan seeks to raise $2bn bond - FT.com:

"Azerbaijan is set to begin meeting investors on Thursday as it attempts to raise $2bn on international markets to fund its flagship energy project amid an economic crisis triggered by the fall in oil prices.
The state-owned Southern Gas Corridor Company (SGCC) has hired UniCredit, Citi and JPMorgan to arrange a roadshow starting in London ahead of a planned US-dollar denominated bond that will be guaranteed by the state, people familiar with the matter told the FT."



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Iran eyes ‘bad bank’ to mop up toxic loans - FT.com

Iran eyes ‘bad bank’ to mop up toxic loans - FT.com:

"Iran’s central bank is preparing to set up a “bad bank” to cleanse its financial system of a vast pile of toxic loans after studying the models used by other countries, such as Sweden, Japan and South Korea.
The plans were part of an array of reform measures designed to bolster the country’s economy presented by a senior central bank official at the Financial Times’ inaugural Iran summit in London on Wednesday."



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MIDEAST STOCKS-Saudi up as oil steady around $40; Egypt jumps after c.bank move | News by Country | Reuters

MIDEAST STOCKS-Saudi up as oil steady around $40; Egypt jumps after c.bank move | News by Country | Reuters:

"Petrochemical stocks boosted Saudi Arabia's stock market in early trade on Thursday, while Egypt shares jumped more than 2 percent in robust volume after the central bank acted to improve dollar supplies to the economy.

Riyadh's index gained 0.8 percent as oil prices steadied over $40 a barrel. PetroRabigh added 1.4 percent after the company said it would book around 750 million riyals ($200 million) in sales revenue this year with the full start-up of its expanded ethane cracker.

Mouwasat Medical Services climbed 3.7 percent after it signed an agreement with oil giant Saudi Aramco to provide healthcare services for another two years. According to a bourse statement, the new contract's revenue will rise by at least 10 percent. Over the past five years, yearly revenue from Aramco averaged about 184 million riyals.

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MIDEAST STOCKS-Dubai, Qatar slip; Abu Dhabi down on sell order backlog | News by Country | Reuters

MIDEAST STOCKS-Dubai, Qatar slip; Abu Dhabi down on sell order backlog | News by Country | Reuters:

"Stock markets in Dubai and Qatar extended the previous day's losses in early trade on Thursday, while Abu Dhabi pulled back after poor weather forced the closure of the exchange on Wednesday.

Abu Dhabi's Union National Bank, which went ex-dividend on Wednesday, tumbled 7.0 percent in the first 40 minutes of trade on Thursday as delayed sell orders went through.

Other blue-chip banks were also sold; Abu Dhabi Islamic Bank and National Bank of Abu Dhabi each fell more than 1.0 percent. The market's main index was down 0.9 percent."



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Iran chief of staff on engaging with west | FT World - YouTube

Iran chief of staff on engaging with west | FT World - YouTube: ""



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Russia shines amid EM gloom | Short View - YouTube

Russia shines amid EM gloom | Short View - YouTube: ""



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Swiss private bank Falcon sets up operations in the DIFC | The National

Swiss private bank Falcon sets up operations in the DIFC | The National:

"Falcon Private Bank, the 50-year-old Swiss business owned by Abu Dhabi’s Aabar Investments, has opened an operation in the Dubai International Financial Centre (DIFC).

Eduardo Leemann, Falcon’s chief executive, said the bank opted for Dubai rather than the Abu Dhabi Global Market (ADGM), the capital’s new financial free zone, specialised private banking, wealth and asset management, because “the DIFC is where the action is in the market". Mr Leeman added: “It is more advanced as a financial centre."

He said that a move to ADGM, or opening office there, was an option in the future."



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UAE banks plan to let SMEs work off their debts | The National

UAE banks plan to let SMEs work off their debts | The National:

"Bank chiefs have launched a loan-restructuring scheme for indebted businesses where lenders work together to help firms to reduce their debt burden.

The UAE Banking Federation (UBF) revealed the plan yesterday aimed at struggling small and medium-sized enterprises (SMEs).

The move comes as progress on the country’s long-awaited insolvency law, which contains a similar framework for the restructuring of corporate debts, has stalled."



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