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Tuesday, 3 May 2016

UAE business growth slows in April as employment stagnates | The National

UAE business growth slows in April as employment stagnates | The National:

"The expansion of business activity in the UAE’s non-oil private sector slowed in April as jobs growth halted, a corporate survey found yesterday.

The seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index, which covers manufacturing and services, dropped to 52.8 points last month from 54.5 points in March. A level above 50 means business is expanding.

The index for employment fell to 50 points, its lowest level since December 2011, from 51.5 points in March."



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Saudi Arabia plans market reforms to attract more foreign flows | GulfNews.com

Saudi Arabia plans market reforms to attract more foreign flows | GulfNews.com:

"A week after the announcement of the ‘Saudi Vision 2030’ plan, the capital markets regulator announced more reforms to attract foreign investments.

The regulator of the $400 billion (Dh1.47 trillion) stock market in Saudi Arabia, which is the largest in the Gulf, will now allow foreign investors to hold a 10 per cent stake compared to previous 5 per cent, and have also lowered the limit of the total corpus for Qualified Institutional Investors to 3.75 billion Saudi riyals from the earlier 18.5 billion Saudi Riyals. The effective date for these change in rules will be published by the end of first half of 2017.

“The Capital Market Authority (CMA) aims for these measures to provide greater stability to the overall capital market environment, through applying international best practices, incentivising investors in an environment that supports the national economy,” the regulator said in a statement. The regulator will also implement the T+2 settlement cycle instead of the current T+0 cycle, to bring the markets in line with the international peers. The market regulator also approved the introduction of securities lending and covered short-selling as per the regulations."



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Saudi Stock Exchange to Name IPO Advisers Within Days, CEO Says - Bloomberg

Saudi Stock Exchange to Name IPO Advisers Within Days, CEO Says - Bloomberg:

"Saudi Arabia’s stock exchange is poised to appoint banks to manage its initial public offering and will make an announcement within a few days, its chief executive officer said.
The Tadawul Stock Exchange has carried out an “IPO-readiness exercise,” and consulted foreign investors about ways to structure the Saudi market to make it more accessible to them, Khalid Abdullah Al Hussan said in an interview on Tuesday at the Euromoney conference in Riyadh.
“In the next few days, we will appoint the financial advisers and we will publicly announce that immediately,” Al Hussan said. “We have been working very closely with market participants and potential foreign investors to identify what are the required changes to activate the platform.”"



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Swiss Pencil Maker Counts on Nut Exporter for Iran Comeback - Bloomberg

Swiss Pencil Maker Counts on Nut Exporter for Iran Comeback - Bloomberg:

"Caran d’Ache SA, a century-old Swiss maker of writing instruments, supplied Iranian school children with pencils before the 1979 Islamic Revolution. Now, it’s betting on a partnership with a pistachio exporter to make a comeback in the country of 77 million. Used by artists including Pablo Picasso, the maker of colored pencils and pastels reopened for business in Iran last year.
“The potential there is absolutely fantastic, there are many young people getting an education and in need of school supplies,” Chairman Carole Hubscher said in an interview in Caran d’Ache’s headquarters in Thonex, a commune in the Canton of Geneva that borders the French town of Annemasse. “Our brand was known, as many parents had Caran d’Ache pencils as kids. It’s a huge country and one of the most important in the Middle East for us.”"



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MIDEAST STOCKS-Reforms fail to lift Saudi market, Gulf dips | Reuters

MIDEAST STOCKS-Reforms fail to lift Saudi market, Gulf dips | Reuters:

"Gulf stock markets fell back on Tuesday because of lower oil prices and a lack of positive drivers, while Saudi Arabia's bourse failed to get an immediate boost from reforms designed to stimulate trading and draw fresh foreign money.

Brent crude futures fell about 1 percent on Tuesday after a 3 percent drop on Monday, encouraging Gulf investors to take profits on stock market gains made over the past several weeks.

The Saudi index fell 1.2 percent as petrochemical blue chip Saudi Basic Industries lost 2.4 percent."



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Shifting Saudi expectations key to labour reform success - FT.com

Shifting Saudi expectations key to labour reform success - FT.com:

"Mohammed spends his days wandering the aisles of a Riyadh mall, flirting with women. Unemployed since leaving college and living in a shared apartment paid for by his father, the 28 year-old has searched fruitlessly for jobs related to his diploma in travel services, supplementing his CV with English language courses.
“I want a good job, one where I can earn more than SR5,500 ($1,500) a month,” he says. The problem is no one wants to pay him that much."



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MIDEAST STOCKS-Gulf consolidates, Saudi unmoved by market reforms | Reuters

MIDEAST STOCKS-Gulf consolidates, Saudi unmoved by market reforms | Reuters:

"Gulf stock markets consolidated in quiet early trade on Tuesday with Saudi Arabia's bourse unmoved by the announcement of reforms designed to stimulate trading and draw fresh foreign money into the market.

The Capital Market Authority said it would lower the minimum assets-under-management requirement for foreign institutions investing directly in the market, and allow each foreign investor to own a stake of just under 10 percent of a single company. Previously, the ceiling was 5 percent.

Meanwhile the Saudi Stock Exchange said it would introduce the settlement of trades within two working days of execution, a reform that could help the market join MSCI global indexes. Currently, settlement is same-day, which is inconvenient for many foreign investors."



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North Sea hit by fall in oil price | FT Business - YouTube

North Sea hit by fall in oil price | FT Business - YouTube: ""



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Why Oil Prices Aren't Headed Back to $30 a Barrel - Bloomberg

Why Oil Prices Aren't Headed Back to $30 a Barrel - Bloomberg:

"Mahmood Al Mahmood, ADS Holding founder and chairman, discusses the outlook for oil prices with Bloomberg's Manus Cranny and Riad Hamade on "Bloomberg Markets Middle East." (Source: Bloomberg)"



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Why We're Cautious on Saudi Banks: Arqaam's Meijer - Bloomberg

Why We're Cautious on Saudi Banks: Arqaam's Meijer - Bloomberg:

"Jaap Meijer, Arqaam Capital managing director, discusses HSBC's earnings report and the outlook for Saudi banks with Bloomberg's Manus Cranny on "Bloomberg Market Middle East." (Source: Bloomberg)"



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