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Thursday, 5 May 2016

DIFC Courts winds up Bank Sarasin Alpen (ME) after failure to pay damages | The National

DIFC Courts winds up Bank Sarasin Alpen (ME) after failure to pay damages | The National:

"Dubai-based Bank Sarasin Alpen (ME) has been placed into liquidation by the DIFC Courts after it failed to pay US$35 million in damages to a group of Kuwait investors for mis-selling financial products.

The liquidation of the private bank is the first non-voluntary winding up of a DIFC company to be ordered by the free zone’s courts. The petition for the closure was filed by the company’s creditors, as opposed to by the company itself.

Bank Sarasin Alpen (ME) was ordered by the DIFC Courts in November to pay damages to Rafed Abdel Mohsen Bader Al Khorafi and two members of his family, after the courts found the bank and its majority shareholder Bank Sarasin & Co of Switzerland (now known as J Safra Sarasin) guilty of mis-selling investments following a bitter six- year legal battle."



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Iran’s new oil investment contract to be ready by July -official | GulfNews.com

Iran’s new oil investment contract to be ready by July -official | GulfNews.com:

"Iran’s new oil industry investment contract for international oil firms will be ready by July, a senior Oil Ministry official was quoted as saying on Thursday by Iranian state TV.

“The new contracts will be ready in June, July ... Hopefully we will have oil tenders in July ... We welcome investors from all countries,” Deputy Oil Minister Rokneddin Javadi said.

Some 135 companies including BP, Total, Italy’s Eni and Spain’s Repsol attended a conference in Tehran in November to hear about the new Iran Petroleum Contract (IPC) but its launch has been postponed several times."



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Iran ready for action with Opec once it restores earlier output | GulfNews.com

Iran ready for action with Opec once it restores earlier output | GulfNews.com:

"Iran said it’s ready for joint action with members of the Organisation of Petroleum Exporting Countries once it regains the market share it had before sanctions were imposed.

Joining Opec members in adopting a quota policy could happen one to two months after Iran reaches pre-sanctions output and export levels, National Iranian Oil Co. Managing Director Rokneddin Javadi said in Tehran."



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MIDEAST STOCKS-Saudi banks lifted by end of contract freeze for debt-laden builder | Reuters

MIDEAST STOCKS-Saudi banks lifted by end of contract freeze for debt-laden builder | Reuters:

"Banking stocks helped Saudi Arabia's index rebound from a two-week low on Thursday after the government ended builder Saudi Binladin Group's ban on bidding for state contracts, potentially easing the strain on a company heavily in debt to local lenders.

Binladin, which was barred from new government contracts last Septmber after a deadly crane accident in Mecca, has now received a royal decree permitting it to bid for state contracts again, a Binladin executive told Reuters, declining to be named because of briefing rules.

A travel ban imposed on the company's top managers has also been lifted, the executive said."



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Saudis Raise Oil Pricing for Asia by Most Since April Last Year - Bloomberg

Saudis Raise Oil Pricing for Asia by Most Since April Last Year - Bloomberg:

"Saudi Arabia raised its pricing for June oil sales to Asia by the most since April 2015, a sign that the world’s biggest crude exporter expects demand to recover as the global market rebalances.
State-owned Saudi Arabian Oil Co. increased its official selling price for Arab Light crude to Asia by $1.10 a barrel to 25 cents more than regional benchmarks Oman and Dubai, according to a statement. The company, known as Saudi Aramco, was predicted to raise the grade by 65 cents a barrel, according to the median estimate in a Bloomberg survey of five refiners and traders.
The Middle East producer is boosting the cost of its oil to the largest consuming region as unplanned supply outages and disruptions help to curb a global glut and signs of higher demand emerge. Benchmark prices have rallied more than 60 percent since mid-February, rebounding from the biggest crash in a generation on expectation that the surplus will shrink as U.S. production declines.
"



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Saudi Arabia's Stock Exchange Hires HSBC's Saudi Unit for IPO - Bloomberg

Saudi Arabia's Stock Exchange Hires HSBC's Saudi Unit for IPO - Bloomberg:

"Saudi Arabia’s stock exchange, the biggest in the Middle East and Africa, hired HSBC Saudi Arabia Ltd. as a financial adviser for its initial public offering.
“The appointment of a financial adviser is an important milestone,” the bourse said Thursday in a statement on its website as part of its initiative to boost transparency. The offering is scheduled to happen by 2018 pending regulatory approvals.
The public offering comes amid a broad Saudi privatization drive that includes plans to list up to 5 percent in state oil giant Aramco. Earlier this week, the $404 billion Tadawul Stock Exchange said it will relax restrictions on foreign investors as part of its plan to turn the bourse into a gateway for inflows into the kingdom."



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Construction groups hit by Gulf’s economic slowdown - FT.com

Construction groups hit by Gulf’s economic slowdown - FT.com:

"Protests descended into violence in the holy city of Mecca at the weekend after it emerged more than 50,000 jobs have been cut by Saudi Binladin Group, Saudi Arabia’s largest construction company.
The protests, which took place more peacefully in Jeddah, where Saudi Binladin has its headquarters, may also have been prompted by the fact that some workers claim to have not been paid for months."



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MIDEAST STOCKS-Banks and petrochemicals companies lift Saudi market | Reuters

MIDEAST STOCKS-Banks and petrochemicals companies lift Saudi market | Reuters:

"Bank and petrochemical stocks helped Saudi Arabia's index rebound from a two-week low on Thursday, buoyed by firmer oil prices and a newspaper report that building company Saudi Binladin Group could again bid for state contracts.

The news on Binladin, which is heavily in debt to local lenders, bolstered bank share prices, lifting the sector index by 1.9 percent. National Commercial Bank and Al Rajhi Bank were the biggest gainers, rising by 2.3 percent and 3 percent respectively.

Binladin was barred from new government contracts last September after a crane toppled into Mecca's Grand Mosque during a dust storm, killing 107 people, but al-Watan quoted an unnamed source as saying that the compnay has now received a royal decree allowing it to resume bidding for state contracts."



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America's profits recession | Authers' Note - YouTube

America's profits recession | Authers' Note - YouTube: ""



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Qatar Said to Be Planning $5B Dollar Bond Sale - Bloomberg

Qatar Said to Be Planning $5B Dollar Bond Sale - Bloomberg:

"Qatar, the world's biggest liquefied natural gas exporter, will seek to raise up to $5B from a planned bond sale as early as this month, according to three bankers familiar with the deal. Bloomberg's Claudia Maedler reports on "Bloomberg Markets Middle East." (Source: Bloomberg)"



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Middle East Credit Faces Downgrades - Bloomberg

Middle East Credit Faces Downgrades - Bloomberg:

"Apostolos Bantis, head of emerging market corporate credit research at Commerzbank, discusses Middle East credit ratings and why they could face downgrades. He speaks to Bloomberg's Rishaad Salamat on "Bloomberg Markets Middle East." (Source: Bloomberg)"



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