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Sunday, 10 April 2016

MIDEAST STOCKS-Food sector and firmer oil price lifts Saudi index, Egypt market dips | Reuters

MIDEAST STOCKS-Food sector and firmer oil price lifts Saudi index, Egypt market dips | Reuters:

"Food companies buoyed the Saudi stock market on Sunday after better than expected results from the region's largest dairy food producer while a visit by the king of Saudi Arabia to Egypt failed to lift the Cairo bourse.

The Saudi index advanced 1.4 percent after dairy producer Almarai reported a slight rise in first-quarter net profit in a challenging market. Almarai's shares rose by 3.6 percent, helping the food sector to a 4.2 percent gain.

Savola, which has a 36.5 percent stake in Almarai, jumped 6 percent to 44.10 riyals and is Riyadh-based NCB Capital's top pick in the sector."



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Bank of England hits UK arm of Qatar Islamic Bank with £1.4m fine - FT.com

Bank of England hits UK arm of Qatar Islamic Bank with £1.4m fine - FT.com:

"The Bank of England has fined the UK arm of Qatar Islamic Bank £1.4m for “significant failings” in relation to risk-taking with clients and its capital buffers.
The Mayfair-based bank was hit with the penalty on Friday after the Prudential Regulation Authority, part of the BoE, found that it had not properly assessed its capital reserves and exposure to customers."



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MIDEAST STOCKS-Gulf bourses edge higher after oil firms | Reuters

MIDEAST STOCKS-Gulf bourses edge higher after oil firms | Reuters:

"A rebound in oil prices to more than $41 a barrel last week helped to lift major Gulf stock markets in early trade on Sunday.

The petrochemicals industry was an obvious beneficiary, with a 2.6 percent gain for Saudi Basic Industries helping to lift the kingdom's petrochemicals index by 2.1 percent while the market's main index rose 1.2 percent in early trade.

Almarai, the Gulf's largest dairy producer, was another gainer, rising 1.8 percent after reporting a slightly better than expected rise in first-quarter net profit in challenging market conditions."



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Why the top 10 tax havens don't include Panama - BBC News

Why the top 10 tax havens don't include Panama - BBC News:

"The huge leak of documents from the Panamanian law firm Mossack Fonseca has revealed how tax havens are used to hide wealth and has focused the world's attention on the Central American nation.
The Panama Papers revelations have prompted the country to create an international panel to help improve transparency in its offshore financial industry.
But international organisations which investigate financial secrecy warn that Panama is not even in the top 10 countries with the least financial transparency."



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S&P sticks with credit rating for ‘stable’ Saudi Arabia | The National

S&P sticks with credit rating for ‘stable’ Saudi Arabia | The National:

"Standard & Poor’s has kept its main credit rating for Saudi Arabia unchanged at its current level, describing the outlook for the economy as “stable".

The move follows the announcement of a bold series of reforms designed to overhaul the kingdom’s economy, and a levelling out of the price of oil.

S&P’s decision to keep Saudi Arabia’s main credit rating on hold at A- comes after two downgrades in the past six months following a collapse of oil revenues and dwindling foreign currency reserves, leaving the kingdom’s rating four levels above non-investment grade territory.

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UAE stock indices jump on oil | GulfNews.com

UAE stock indices jump on oil | GulfNews.com:

"Buoyed by a 6 per cent jump in oil prices, UAE indices extended gains on Sunday led by construction majors.

The Dubai Financial Market General index was up 0.93 per cent on few minutes after opening, while Abu Dhabi Securities Exchange index was also up 0.45 per cent to be at 4,371.50.

Arabtec and Emaar Properties jumped more than a per cent."



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MIDEAST STOCKS-Egypt may gain after Saudi King visit; Gulf may firm | Reuters

MIDEAST STOCKS-Egypt may gain after Saudi King visit; Gulf may firm | Reuters:

"Egypt's stock market may rise on Sunday after a visit by Saudi Arabia's King Salman unveiled multi-billion dollar investment plans while Gulf's stock market may firm as oil prices extended their gains.

Egypt and Saudi Arabia signed an agreement to set up a 60 billion Saudi riyal investment fund among other investment agreements, Egyptian state television reported late on Saturday. A memorandum of understanding was also signed between the Saudi Public Investment Fund and the Egyptian International Cooperation Ministry to set up an economic free zone in Sinai.

Cairo's main index, which fell 0.6 percent last week, its first weekly decline since the devaluation of its currency last month, may be lifted by the fresh flow of investment."



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Egypt, Saudi Arabia sign 60 billion Saudi riyal investment fund pact | Reuters

Egypt, Saudi Arabia sign 60 billion Saudi riyal investment fund pact | Reuters:

"Egypt and Saudi Arabia signed an agreement late on Saturday to set up a 60 billion Saudi riyal investment fund among other investment agreements including an economic free-zone to develop Egypt's Sinai region, Egyptian state television reported.

The signing of the agreements took place in Egypt's Abdeen palace in the presence of Egypt's President Abdel Fattah al-Sisi and Saudi's King Salman, during a rare 4-day visit to Egypt.

Egypt has struggled to spur economic growth since the 2011 uprising ushered in political instability that scared off tourists and foreign investors, key sources of foreign currency."



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