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Monday, 11 April 2016

Doha Bank seeks approval for up to $5 bln in short-term instruments | Reuters

Doha Bank seeks approval for up to $5 bln in short-term instruments | Reuters:

"Qatar's Doha Bank said on Sunday it would seek shareholder approval to raise funds through up to $5 billion worth of short term instruments.

The lender is asking for approval to issue up to $3 billion through certificate of deposits (CDs), it said in a bourse statement.

The bank also said in the statement it would ask for shareholder approval to issue euro commercial paper worth $2 billion, with a maximum tenor of up to 1 year."



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Standard Chartered Said Selling $4.4 Billion of Asian Assets - Bloomberg

Standard Chartered Said Selling $4.4 Billion of Asian Assets - Bloomberg:

"Standard Chartered Plc is seeking to sell at least $4.4 billion of assets in Asia, people with knowledge of the matter said, as the lender pares its balance sheet after booking record impairments. 
The London-based bank is speaking with potential buyers for about $1.4 billion of stressed loans extended to Indian companies including GMR Infrastructure Ltd., according to the people, who asked not to be identified as the information is private. Standard Chartered has also started a sale of around $3 billion of assets in the rest of Asia, one of the people said.
Chief Executive Officer Bill Winters has pledged to review all of Standard Chartered’s business lines and customer relationships, ranking their risk and returns, with the aim of restructuring or jettisoning about $100 billion of assets. In February, the bank posted its first annual loss since 1989 as revenue fell and loan impairments nearly doubled to the highest in its history. "



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MIDEAST STOCKS-Gulf bourses wobble in early trade | Reuters

MIDEAST STOCKS-Gulf bourses wobble in early trade | Reuters:

"Stock markets in the Gulf wobbled in early trade on Monday as investors cashed out of stocks in anticipation of earnings season.

Riyadh's index edged down 0.2 percent, as Saudi Basic Industries, the largest listed stock on the bourse, dropped 0.1 percent ahead of its scheduled ex-dividend date on Tuesday.

Almarai, which jumped 3.6 percent after reporting on Sunday a slight rise in first-quarter net profit in a challenging market, fell back 0.4 percent."



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Emaar Says This Year Better Than Last Amid Housing Cycle - Bloomberg

Emaar Says This Year Better Than Last Amid Housing Cycle - Bloomberg:

"Emaar Properties PJSC is having a better year than in 2015, Chairman Mohamed Alabbar said, even as Dubai struggles to emerge from its most recent property downturn.
“If you ask me about Emaar’s numbers, I don’t see any pull back,” Alabbar told reporters on Sunday after a press conference for the start of a $1 billion skyscraper that will exceed the height of the Burj Khalifa, currently the world’s tallest building. “2016 for us is surprisingly better than 2015 and the balance between supply and demand is very encouraging.”
Dubai’s housing market, the biggest and most volatile in the Middle East, is struggling as falling oil prices, weaker currencies in Europe and Russia and an abundance of properties damp demand. Apartment sale prices dropped 1.9 percent in the first quarter, while villa prices rose 1.6 percent, Phidar Advisory said this month."



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