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Wednesday, 27 April 2016

Etihad Airways achieves record financial returns as global alliances pay off | The National

Etihad Airways achieves record financial returns as global alliances pay off | The National:

"Etihad Airways, the Abu Dhabi carrier, achieved record financial returns last year, boosted by its strategy of global alliances with other airlines.

The airline reported its best ever turnover and profit figures, with revenue up nearly 20 per cent to US$9.02 billion and net profit soaring by 40 per cent to $103 million.

Etihad is reporting consoli­dated financial statements for the first time and figures for 2014 represent the stand-alone airline business."



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Oil's Magic Number Becomes $50 a Barrel for Promise of Recovery - Bloomberg

Oil's Magic Number Becomes $50 a Barrel for Promise of Recovery - Bloomberg:

"The new magic number in the oil industry is $50.
BP Plc, rig-owner Nabors Industries Ltd. and explorer Pioneer Natural Resources Co. all said in the past 24 hours that prices above $50 will encourage more drilling or provide the needed boost to cash flow. With oil bouncing close to $45 a barrel, an industry that has been shaving costs to stay competitive is ready for signs of stability at a price level less than half of 2014’s average."



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Falling, Falling: Dubai House Prices Seen Dropping a Second Year - Bloomberg

Falling, Falling: Dubai House Prices Seen Dropping a Second Year - Bloomberg:

"The pain in Dubai’s property market isn’t about to go away any time soon.
Home prices are set to fall by 10 percent this year because of lower oil prices and a strong dollar-pegged local currency, which makes real estate in the emirate more expensive for international investors, according to Standard & Poor’s. A slowdown in the hiring and expansion of companies is also putting pressure on the market, the ratings firm said in a report. Home prices slumped about 13 percent on average in 2015.
Dubai’s housing market, the biggest and most volatile in the Middle East, is in the doldrums as falling oil prices, a weaker euro and ruble and an abundance of properties damp demand. Residential values fell 2.2 percent in the first quarter, according to consultancy Cluttons, which predicts villa prices will decline 5 percent this year and apartment prices 3 percent to 4 percent."



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MIDEAST STOCKS-Petrochemicals lift Saudi, rest of region sluggish | Reuters

MIDEAST STOCKS-Petrochemicals lift Saudi, rest of region sluggish | Reuters:

"Petrochemical stocks and a few shares expected to benefit from Saudi Arabia's economic reform plans lifted the Riyadh market on Wednesday while other Gulf bourses were sluggish.

The main Saudi stock index added 0.9 percent as the biggest petrochemical maker, Saudi Basic Industries, gained 1.5 percent after Brent oil rose as high as $47.05 a barrel, its highest this year.

Another producer, Saudi Kayan, was the most heavily traded stock and rose 5.2 percent.

"



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Iran's Supreme Leader says U.S. lifted sanctions only on paper | Reuters

Iran's Supreme Leader says U.S. lifted sanctions only on paper | Reuters:

"Iran's Supreme Leader accused the United States on Wednesday of scaring businesses away from Tehran and undermining a deal to lift international sanctions.

Ayatollah Ali Khamenei told hundreds of workers that a global deal, signed between Iran and world powers, had lifted financial sanctions, but U.S. obstruction was stopping Iran getting the full economic fruits of the agreement.

"On paper the United States allows foreign banks to deal with Iran, but in practice they create Iranophobia so no one does business with Iran," he said in quotes from the speech posted on his website."



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MIDEAST STOCKS-Petrochemical stocks lift Saudi market, rest of Gulf sluggish | Reuters

MIDEAST STOCKS-Petrochemical stocks lift Saudi market, rest of Gulf sluggish | Reuters:

"Petrochemical stocks and shares expected to benefit from Saudi Arabia's economic reform plans lifted the Riyadh market on Wednesday, while other Gulf bourses were sluggish.

Saudi Basic Industries was up 1.8 percent as Brent oil rose to a five-month peak of $46.49 a barrel overnight. The main Saudi stock index added 0.7 percent.

Al Tayyar Travel jumped 3.9 percent in unusually heavy trade. The reform plan unveiled this week stressed developing the tourism sector, though no details were given."



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