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Thursday, 24 March 2016

Egyptian Banks to Seek New Chiefs as Regulator Forces Term Limit - Bloomberg Business

Egyptian Banks to Seek New Chiefs as Regulator Forces Term Limit - Bloomberg Business:

"More than a fifth of Egyptian banks will be forced to change their top executive over the next 12 months after the central bank issued a nine-year term limit described as an effort to revitalize the industry.
The lenders include Commercial International Bank Egypt and Qatar National Bank Alahly, the country’s biggest private banks, said Hisham Ezz Al Arab, CIB’s chairman since 2002 and the head of the Federation of Egyptian Banks. Lenders required to make the change may wait until their shareholders meet to review 2016 results to comply and are required to obtain central bank approval for the delay, according to the regulations issued on Thursday.
The decision comes less than two weeks after the nation undertook the biggest currency devaluation in 13 years, seeking to attract foreign investment to alleviate a shortage of dollars and revive economic growth. Central Bank Governor Tarek Amer said he wants to push industry reform by giving leadership opportunities to younger bankers, according to comments published by Egypt’s official Middle East News Agency."



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MIDEAST STOCKS-Egypt continues rises after cabinet reshuffle, Gulf slips | Reuters

MIDEAST STOCKS-Egypt continues rises after cabinet reshuffle, Gulf slips | Reuters:

"Egypt's stock market rose again on Thursday on hopes a new cabinet could give the economy a boost, while a pull-back by Brent oil below $40 a barrel and a cut in telecoms roaming fees pushed down Gulf bourses.

The Egyptian index gained 0.7 percent in active trade, adding to its 0.9 percent rise on Wednesday in response to a cabinet reshuffle that appeared to focus on improving economic performance.

Banking veteran Amr el-Garhy was appointed finance minister and Dalia Khorshid, formerly an executive of Orascom Construction, was made investment minister."



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MIDEAST STOCKS-Egypt index rises after cabinet reshuffle, Saudi slips | Reuters

MIDEAST STOCKS-Egypt index rises after cabinet reshuffle, Saudi slips | Reuters:

"Egypt's stock market extended gains early on Thursday on hopes that a new cabinet could give the economy a boost, while Saudi Arabia's bourse slipped in line with soft oil prices.

The Egyptian index gained 0.6 percent in the opening minutes of Thursday, adding to its 0.9 percent rise on Wednesday in response to a cabinet reshuffle that appeared to focus on improving economic performance.

Banking veteran Amr el-Garhy was appointed finance minister and Dalia Khorshid, formerly an executive of Orascom Construction, was made investment minister."



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MIDEAST STOCKS-Gulf edges down; stocks going ex-dividend weigh | Reuters

MIDEAST STOCKS-Gulf edges down; stocks going ex-dividend weigh | Reuters:

"Gulf stock markets edged down in early trade on Thursday in line with soft oil prices and global bourses, with some individual shares leading the way down as they went ex-dividend.

The Dubai index dropped 0.8 percent in the opening 45 minutes. Air Arabia, which plunged on Tuesday as it went ex-dividend and has been weak since then in response to the Brussels airport attacks, fell a further 1.6 percent.

Abu Dhabi's index lost 1.1 percent as Aldar Properties, which went ex-dividend on Thursday, slid 4.0 percent."



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Animal spirits, the FOMC, and overvalued stocks I Authers Note - YouTube

Animal spirits, the FOMC, and overvalued stocks I Authers Note - YouTube: ""



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Amid the oil price crash, Rosneft is running to stand still - FT.com

Amid the oil price crash, Rosneft is running to stand still - FT.com:

"Across the global oil patch, from Texas to the North Sea, drilling rigs are standing idle as energy companies respond to the slump in crude prices by cutting investments.
Not so in the swampy Siberian marshes that are Rosneft’s heartland. At Yuganskneftegaz, the production subsidiary that accounts for more than one-tenth of the country’s oil output, the state-controlled Russian oil company doubled its drilling rate during 2015."



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US not discouraging foreign companies from doing business with Iran: negotiator | GulfNews.com

US not discouraging foreign companies from doing business with Iran: negotiator | GulfNews.com:

"The United States has not discouraged foreign companies from doing business with Iran following the lifting of nuclear sanctions in January, a US negotiator who worked on the deal said on Wednesday.

Two months on after the deal, companies have been slow to enter Iran, with many believed to be shying away out of fear of falling afoul over other sanctions that have not been removed. There is also perceived ambiguity over what transactions are now allowed.

But Chris Backemeyer, the negotiator, said it comes as no surprise that companies are taking their time, citing the need for risk evaluation and due diligence. He said the US has been clear on its position and has made it known what sanctions have been lifted."



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Oil Bonanza Over, Algeria Woos The Investors It Has Long Ignored - Bloomberg Business

Oil Bonanza Over, Algeria Woos The Investors It Has Long Ignored - Bloomberg Business:

"Technology entrepreneur Karim Brahiti sees opportunities springing from the biggest threat Algeria’s economy has faced in decades.
“The plunge in oil prices is a necessary evil that will force us to get out of our comfort zone and find alternatives,” said the 36-year-old Brahiti, now investing back home after years spent scouring for contracts in sub-Saharan Africa countries. “The misfortune of some makes for the happiness of others.”
For as long as petrostates like Algeria were able to stash away oil and gas revenue with only half an eye on when reserves run dry or prices fall, voices like Brahiti’s hardly registered. Yet as $40 oil brings slumping revenues, austerity, rising discontent and expanding debt, officials are stepping up efforts to diversify the economy."



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MIDEAST STOCKS-Egypt rises after cabinet reshuffle; Gulf mixed | Reuters

MIDEAST STOCKS-Egypt rises after cabinet reshuffle; Gulf mixed | Reuters:

"Egypt's stock market rose on Wednesday after President Abdel Fattah al-Sisi reshuffled his cabinet, while Gulf bourses were mixed in the absence of fresh incentives to trade.

The sweeping Egyptian reshuffle appeared to focus on improving economic performance - banking veteran Amr el-Garhy was appointed finance minister and Dalia Khorshid, formerly an executive of Orascom Construction, as investment minister.

Egypt's index edged down in early trade before the announcement, but closed 0.9 percent higher in active volume. Two Orascom group affiliates, controlled by members of the Sawiris business family, surged: Orascom Construction jumped 4.8 percent and Orascom Telecom Media rose 6.8 percent."



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