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Sunday, 27 March 2016

MIDEAST STOCKS-Egypt pulls back from near technical barrier, Gulf slips | Reuters

MIDEAST STOCKS-Egypt pulls back from near technical barrier, Gulf slips | Reuters:

"Egypt's stock market fell back from near technical resistance on Sunday while Gulf markets also slipped in the absence of fresh, positive news.

The Egyptian index, which is up 22 percent since the end of last month in response to a devaluation of the currency, has stalled in the past few days below last October's peak of 7,671 points.

It spent much of Sunday trading higher but ultimately closed 0.9 percent lower at 7,480 points. Trading volume was active but shrunk from recent days' levels."



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Qatar broadcaster Al Jazeera to cut 500 jobs | The National

Qatar broadcaster Al Jazeera to cut 500 jobs | The National:

"The Qatar-based news broadcaster Al Jazeera says it is slashing around 500 jobs as part of a worldwide workforce reduction.

The network announced the cuts Sunday, saying they are part of a “workforce optimisation initiative" linked to changes in the media landscape. It says most of the cuts will be in its home base of Qatar.

Acting director general Mostefa Souag says the cuts will allow the Al Jazeera Media Network to evolve, to “maintain a leading position and continue our recognised commitment to high quality, independent and hard-hitting journalism around the world.""



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MIDEAST STOCKS-Egypt edges up after c.bank dollar injection; Saudi slips | Reuters

MIDEAST STOCKS-Egypt edges up after c.bank dollar injection; Saudi slips | Reuters:

"Egypt's stock market edged up in early trade on Sunday after central bank Governor Tarek Amer said he had pumped $22 billion into the banking system to clear goods piled at ports, while Saudi Arabia's bourse fell on weak cement and telecommunications shares.

Amer's remarks on Saturday were taken as a positive sign that authorities were taking aggressive action to ease Egypt's hard currency shortage, though he did not give details of where he was obtaining the money or how he would resolve the shortage in the long term.

The Egyptian index climbed 0.4 percent in the opening 50 minutes of trade, buoyed by property developers such as Emaar Misr, which added 2.6 percent."



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Dubai Holding moves theme parks and media into new unit | The National

Dubai Holding moves theme parks and media into new unit | The National:

"Dubai Holding, one of the emirate’s three big conglomerates, has reorganised its theme parks and media holdings into a new unit that will manage projects worth Dh10 billion.

Global Village and the Arab Media Group, two Dubai Holding assets, will be placed under the company’s new Family Entertainment and New Media division, which will be headed by the current AMG chief executive, Mohamed Almulla.

AMG operates Done Events, an event management company, and the Arabian Radio Network. It will also manage a number of new family destinations, Dubai Holding said in a statement."



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Iraq’s oil industry must stop its self destruction | GulfNews.com

Iraq’s oil industry must stop its self destruction | GulfNews.com:

"Thirteen years after the invasion and occupation of Iraq by the US, UK and their allies and clients, the country is no more liberated, democratic, free of corruption, peaceful or united, And certainly worried about its future and the fragmentation that may come as a result of failing governments to safeguard the well-being of Iraqis.

These are stories you hear about daily on television channels and read in newspapers. In all modesty, I am not eloquent enough to add all the details and paint this tragic picture, but I will stick to the development of my area of expertise and readers can judge the rest for themselves.

The oil industry — the pride of the country, its engine of growth and one of the best in the region since the mid-1950s — is now leaving a lot to be desired. The wars and sanctions prior to 2003 did a lot to put the industry back from its peak production of 3.5 million barrels a day (mbd) in 1979."



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Doha meeting to look at best recipe to raise prices | GulfNews.com

Doha meeting to look at best recipe to raise prices | GulfNews.com:

"When oil ministers from both Opec and non-OPEC countries meet on April 17 in Doha, they will face a challenge; they need to find a way to cut oil production — not just freeze crude production to support prices, oil experts said.

Freezing oil production levels alone at January’s peak levels, a move that will likely not have the support of smaller oil producers, will not be sufficient to raise prices, the experts say.

“An agreement to freeze production at the January 2016 levels is meaningless and will not lead to a rise in oil prices. Only a cut of production exceeding 2 million barrels a day (bpd) will do the trick,” Mamdouh G Salameh, international oil economist and visiting professor of Energy Economies at ESCP Europe business School in London told Gulf News."



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Gulf migrant workers will be biggest victims of oil shock: Kemp | Reuters

Gulf migrant workers will be biggest victims of oil shock: Kemp | Reuters:

"Saudi Arabia's army of migrant workers will be among the biggest losers from the slump in oil prices and the impact will reverberate to poor countries across the Middle East and South Asia where many of them originate.

Saudi Arabia relies more heavily on migrant labor than any other large country except neighboring United Arab Emirates, according to the United Nations Department of Economic and Social Affairs.

The oil boom brought an unprecedented influx of migrants mostly from poorer countries in the Middle East and South and Southeast Asia."



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MIDEAST STOCKS-Gulf markets mixed, Dubai's Shuaa loses steam | Reuters

MIDEAST STOCKS-Gulf markets mixed, Dubai's Shuaa loses steam | Reuters:

"Stock markets in the Gulf were mixed in early trade on Sunday with most shares moving little, as Dubai's Shuaa Capital lost steam after soaring last week.

Shuaa rose more than 7 percent in the opening minutes of trade on Sunday but after 75 minutes was flat. On Thursday the stock, which has rebounded from a record low hit earlier this year, soared the 15 percent daily limit in its heaviest trading volume since at least 2002.

In a statement to the exchange on Sunday, Shuaa said it had held a routine board meeting on Thursday but "did not resolve any material matter" at the meeting. It did not elaborate."



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