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Thursday, 7 April 2016

UAE freezes assets of two former Ipic group officials -sources | GulfNews.com

UAE freezes assets of two former Ipic group officials -sources | GulfNews.com:

"The UAE Central Bank has told banks to freeze the assets of two former senior officials in Abu Dhabi’s state-owned International Petroleum Investment Co (IPIC) group, banking sources told Reuters.

In a circular, the central bank directed some major banks operating in the UAE to freeze the accounts of Khadem Al Qubaisi and Mohammad Al Hussaini and provide information about their deposits and transactions, the sources said.

The circular did not say why the central bank was taking this action, and the central bank did not respond to a Reuters email seeking comment on Thursday. The sources spoke on condition of anonymity because of commercial sensitivities."



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MIDEAST STOCKS-Gulf rises with oil, Saudi king's arrival supports Egypt | Reuters

MIDEAST STOCKS-Gulf rises with oil, Saudi king's arrival supports Egypt | Reuters:

"Gulf stock markets rose on Thursday after Brent crude oil jumped more than 5 percent to about $40 a barrel, while hopes for economic benefits from a visit by Saudi Arabia's king supported that market.

The Saudi index gained 0.7 percent, led higher by petrochemical firms that were lifted by the oil price rise. Saudi Basic Industries rose 1 percent and Saudi Kayan climbed by the same amount after announcing the start of commercial operations at a new butanol plant.

Telecoms company Mobily gained 2.9 percent to 31.60 riyals. An NCB Capital research note described the Saudi telecoms sector as "a safe haven from the impact of oil volatility and lower government spending", though it gave a "neutral" rating to Mobily, with a target of 31.90 riyals."



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2 UAE traders fined $2.6 million for 'spoofing' in futures markets | GulfNews.com

2 UAE traders fined $2.6 million for 'spoofing' in futures markets | GulfNews.com:

"Market regulators in the United States have ordered two residents in the UAE to pay a fine of $2.69 million (Dh9.8 million) over claims that they were “spoofing” the precious metals futures markets in New York.

The order, issued by a federal court in Manhattan and announced by the US Commodity Futures Trading Commission (CFTC) on Tuesday, has prompted questions on whether or not there’s been a growing trend of investors who are out to manipulate the markets to make money.

Spoofing is a trickery that traders use to mislead market participants. Investors would normally place large orders they intend to cancel later."



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MIDEAST STOCKS-Petchems and telcos buoy Saudi, Egypt falls after data | Reuters

MIDEAST STOCKS-Petchems and telcos buoy Saudi, Egypt falls after data | Reuters:

"Petrochemical and telecommunications stocks boosted Saudi Arabia's bourse early on Thursday while Egypt fell after poor economic data.

The Saudi index added 0.8 percent in the first hour of trade as petrochemical producer Saudi Kayan climbed 1 percent after announcing the start of commercial operations at a new butanol plant. Saudi Basic Industries rose 1.3 percent.

Telecommunications firm Mobily climbed 2.9 percent to 31.60 riyals. In a research note, NCB Capital described the Saudi telecoms sector as "a safe haven from the impact of oil volatility and lower government spending", though it gave a "neutral" rating to Mobily with a target of 31.90 riyals."



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Opec should cheer India’s thirst for crude - FT.com

Opec should cheer India’s thirst for crude - FT.com:

"India, Asia’s second-largest economy, has long trailed in the shadow of its faster-growing brethren. First Japan, then Korea and then China led the Asian growth miracle.
One important reason perhaps: India is not much of an exporter. Its exports account for just 1.7 per cent of world trade; China’s share is seven times as large.
India, though, is on a roll. Despite a tough period of drought, inflation is under control and the rupee has held relatively stable over the past year."



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India's thirst for oil | Short Vew - YouTube

India's thirst for oil | Short Vew - YouTube: ""



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Oil on troubled markets - YouTube

Oil on troubled markets - YouTube: ""



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Kurdish outlay saved costs, says Dana Gas | The National

Kurdish outlay saved costs, says Dana Gas | The National:

"Dana Gas touted the benefits of its investment in the Kurdish region of Iraq, ahead of the company’s first-quarter results.

Dana Gas and its largest shareholder, Sharjah-based Crescent Petroleum, commissioned the consultant firm PwC to produce the report, which says that the US$1.2 billion of invested by the Pearl Petroleum Consortium to develop the Khor Mor and Chamchamal fields saved the region $16bn in fuel costs in the six years to the end of 2014.

The release of the report comes ahead of Dana Gas’s first-quarter results, due early next month, which are expected to show an improvement in cash flow from the Kurdish operations."



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MIDEAST STOCKS-Gulf markets rise after oil leaps, QNB beats estimates | Reuters

MIDEAST STOCKS-Gulf markets rise after oil leaps, QNB beats estimates | Reuters:

"Gulf stock markets rose early on Thursday after Brent crude oil jumped more than 5 percent to back above $40 a barrel and Qatar National Bank (QNB) beat forecasts slightly with its first-quarter earnings.

QNB rose 1.4 percent to 139.90 riyals after reporting a 7.1 percent rise in first-quarter net profit to 2.9 billion riyals ($796.5 million); analysts at EFG Hermes and SICO Bahrain had expected 2.77 billion and 2.71 billion riyals.

However, the stock faces strong technical resistance at 142.00 riyals, its peaks in February and March. The Qatar stock index climbed 0.9 percent."



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