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Wednesday, 30 March 2016

Libya requests U.N. sanctions exemption for sovereign wealth fund | Reuters

Libya requests U.N. sanctions exemption for sovereign wealth fund | Reuters:

"Libya is asking the U.N. Security Council to approve a sanctions exemption for its blacklisted sovereign wealth fund to halt billion-dollar losses caused by ineffective management of frozen assets, according to a letter released on Wednesday.

The letter from Libya's ambassador to the United Nations, Ibrahim Dabbashi, said the losses incurred at the Libyan Investment Authority (LIA) are the result of U.N. sanctions imposed in 2011 to prevent the government of former leader Muammar Gaddafi from spiriting away the country's wealth.

"The LIA estimates that in 2014 alone, instead of increasing the value of its assets base, it had real losses of $721 million," Dabbashi said."



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MIDEAST STOCKS-Markets mixed, money flows to UAE | Reuters

MIDEAST STOCKS-Markets mixed, money flows to UAE | Reuters:

"Middle East stock markets were mixed on Wednesday as money flowed into bourses in the United Arab Emirates but many markets dropped in shrinking volumes, suggesting some investors were pulling out.

Given the UAE's diversified economy, its markets are widely seen as relatively well-placed to ride out a looming economic slowdown in the Gulf this year prompted by low oil prices.

Dubai's index climbed 1.5 percent to 3,325 points, bouncing from near technical support on its mid-March low of 3,253 points."



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Why Saudi oil market share is falling | FT Business - YouTube

Why Saudi oil market share is falling | FT Business - YouTube: ""



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MIDEAST STOCKS-Saudi, Egypt mixed in modest volumes | Reuters

MIDEAST STOCKS-Saudi, Egypt mixed in modest volumes | Reuters:

"Stock markets in Saudi Arabia and Egypt were narrowly mixed in early trade on Wednesday as modest trading volumes suggested some investors were withdrawing from the market after a surge of activity in the last few weeks.

The Saudi bourse jumped earlier this month in response to the rebound of oil prices near $40 a barrel, while Egypt was boosted by a currency devaluation which could help to resolve the country's longstanding foreign exchange shortage.

But shrinking trading turnover in the last few days suggests the impact of those events is fading and some investors are returning to the sidelines in the absence of other catalysts."



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MIDEAST STOCKS-Gulf markets mixed, Dubai bounces from support | Reuters

MIDEAST STOCKS-Gulf markets mixed, Dubai bounces from support | Reuters:

"Gulf stock markets were mixed in quiet, early trade on Wednesday though Dubai's index bounced from technical support.

Dubai climbed 0.8 percent to 3,302 points in the first 45 minutes. The index reached a mid-March low of 3,253 points.

GFH Financial, the most heavily traded stock, rose 2.9 percent after saying it had signed a 100 million pound ($144 million) deal to become an anchor partner in a central London property development. It said this would reflect positively on its financial results in the first or second quarters of this year, but did not elaborate."



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