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Wednesday, 11 May 2016

Dubai banks ENBD, CBD in talks to raise up to $1.7b in loans | GulfNews.com

Dubai banks ENBD, CBD in talks to raise up to $1.7b in loans | GulfNews.com:

"Emirates NBD (ENBD), Dubai’s largest bank, and Commercial Bank of Dubai (CBD) are both talking to banks to raise a combined total of up to $1.7 billion (Dh6.2 billion) in loans to refinance existing debt, sources close to the matter said.

They are the latest lenders striving to raise funds from the market as liquidity comes under pressure from lower oil prices.

The banking system has been hit by governments withdrawing deposits to cover budget shortfalls, while borrowing costs have risen as investors price regional debt higher."



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Ipic pays interest on Malaysian bonds amid dispute | The National

Ipic pays interest on Malaysian bonds amid dispute | The National:

"Abu Dhabi’s sovereign wealth fund paid interest on 1Malaysia Development Berhad’s (1MDB) bonds amid a dispute between the two on who was required to meet the debt obligations. 1MDB’s bonds surged.

1MDB defaulted on another coupon payment, the International Petroleum Investment Company (Ipic) said in a filing on the London Stock Exchange. Ipic paid US$52.4 million on 1MDB’s 5.99 per cent dollar-denominated notes that it had guaranteed, it said. 1MDB did not immediately comment on the Ipic statement.

The two funds have been locked in a dispute that spilt over to repayments on 1MDB bonds. That led to a default by 1MDB in April, hitting the reputation of the Malaysian government, which is its sole shareholder. Ipic subsequently made the $50m interest payment, and said yesterday that it was asking 1MDB and Malaysia for a reimbursement."



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Emirates to buy more Airbus A380s even if Neo version is shelved | The National

Emirates to buy more Airbus A380s even if Neo version is shelved | The National:

"Dubai’s flagship carrier Emirates will buy more of the existing A380 model if Airbus decides not to press ahead with a version with new engines, Emirates president Tim Clark said on Tuesday.

Emirates is the A380’s biggest buyer and most vocal supporter within the airline industry of the world’s largest passenger jet. The airline has ordered 142 A380s, of which 77 are now in operation.

A potential upgraded version with more fuel efficient engines, dubbed the A380neo, has been shelved for the time-being, however, as Airbus concentrates on a bigger version of its long-haul A350 plane.

"



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Abu Dhabi’s Taqa posts Dh608m Q1 loss on low oil prices | The National

Abu Dhabi’s Taqa posts Dh608m Q1 loss on low oil prices | The National:

"Abu Dhabi National Energy Company, known as Taqa, reported a deep loss in the first quarter on revenues that were down by 24 per cent, with lower oil and gas prices the main culprit.

The company said revenue fell to about Dh3.9 billion in the first three months of this year, from Dh5.1bn in the same period last year.

The loss attributable to shareholders of the parent company was Dh608 million for the period, compared to a profit of Dh256m a year earlier."



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Iran's Pasargad Group Weighs $330 Million IPO of Energy Unit - Bloomberg

Iran's Pasargad Group Weighs $330 Million IPO of Energy Unit - Bloomberg:

"Pasargad Financial Group, owner of Iran’s second-largest bank, is weighing the sale of shares in its energy unit as the removal of sanctions boosts confidence in the economy.
“We’ll likely IPO some of our companies this year, like PEDC,” Majid Ghassemi, chairman of Pasargad Energy Development Co. and CEO of Pasargad Bank, said in an interview in Zurich, Switzerland, where he was attending a conference on investing in Iran. The IPO could take place in the current Iranian year, which ends March 2017, “or latest, next Iranian year,” he said, adding the listing may raise about 10 trillion rials, or $330 million, through a sale on the Fara Bourse -- Iran’s junior market.
PEDC is involved in oil and gas exploration as well as refining. The company is working on approximately $12 billion of energy projects, including the construction of a $2.2 billion gas line to neighboring Iraq, Ghassemi said.
"



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MIDEAST STOCKS-Major Gulf markets edge up, weak earnings hit Egypt | Reuters

MIDEAST STOCKS-Major Gulf markets edge up, weak earnings hit Egypt | Reuters:

"Most major Gulf stock markets edged up on Wednesday, buoyed by an overnight rise in oil prices and U.S. bourses, while Egypt's market was hit by weak corporate earnings.

Saudi Arabia's index closed 0.1 percent higher after rising as much as 0.5 percent at one stage. Much activity focused on second- or third-tier stocks favoured by local speculators. Saudi Printing and Packaging rose 1.3 percent in the heaviest trade since it listed in July 2007.

Publisher Saudi Research and Marketing surged 4.4 percent to 47.10 riyals, breaking out of the 36-45 riyal range it had traded in since mid-February."



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Hedge funds missing a central bank trick? | Short View - YouTube

Hedge funds missing a central bank trick? | Short View - YouTube: ""



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MIDEAST STOCKS-Gulf edges up in quiet trade, focus on smaller stocks | Reuters

MIDEAST STOCKS-Gulf edges up in quiet trade, focus on smaller stocks | Reuters:

"Most Gulf stock markets edged up in quiet trade early on Wednesday, buoyed by an overnight rise in oil prices and U.S. bourses, but much activity focused on second-tier stocks favoured by local speculators.

Saudi Arabia's index gained 0.4 percent in the first 45 minutes of trade with publisher Saudi Research and Marketing jumping its 10 percent daily limit to 49.60 riyals, breaking out of a 36-45 riyal range in which it had been trapped since mid-February.

Dubai's stock index rose 0.7 percent as Islamic mortgage provider Amlak added 2.1 percent. It reported that first-quarter profit jumped to 123 million dirhams ($33.5 million) from 6 million dirhams a year earlier; managing director Arif Alharmi predicted "modest growth for the remainder of the year"."



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More bumps on emerging market roads | Short View - YouTube

More bumps on emerging market roads | Short View - YouTube: ""



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Emirates Airline reports record annual profit - FT.com

Emirates Airline reports record annual profit - FT.com:

"Emirates Airline on Tuesday reported a record net profit of $1.9bn for 2015-16, underlining how it is thriving as one of the most disruptive forces in global aviation.
The fast-growing Dubai-based airline recorded a robust performance even as it was hit by the negative effects of a strong US dollar and economic slowdowns in oil-producing countries."



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Saudi Aramco — more mirage than IPO - FT.com

Saudi Aramco — more mirage than IPO - FT.com:

"The Saudis have not entirely got the hang of this initial public offering caper. If a US or UK private equity group owned Saudi Aramco, it would be cutting capital expenditure to flatter profits ahead of the float. Instead, chief executive Amin Nasser says the state oil company stands ready to jack up production. This would drive down prices and with them earnings.
Mohammed bin Salman, deputy crown prince, is also keen to pump more black stuff in the transcendent cause of stuffing people the Saudis don’t like. These include the Iranians and JR Ewing’s spiritual heirs in the US shale oil industry. At the same time, the prince hopes Aramco could be valued at more than $2tn when it floats a 5 per cent stake."



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Saudi Aramco Looks to Expand Oil Business - Bloomberg

Saudi Aramco Looks to Expand Oil Business - Bloomberg:

"Saudi Aramco says it is looking to expand internationally to take advantage of rising demand for oil. Bloomberg's Anthony DiPaolo reports on "Bloomberg Markets Middle East." (Source: Bloomberg)"



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Barclays Wealth's Malik on Middle East Bonds, Riyal - Bloomberg

Barclays Wealth's Malik on Middle East Bonds, Riyal - Bloomberg:

"Vic Malik, MENA head of investment at Barclays Wealth, discusses the bond markets in the Middle East, the Saudi riyal and the outlook for the next Fed rate hike. He speaks to Manus Cranny on "Bloomberg Markets Middle East." (Source: Bloomberg)"



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No let up. Saudi Arabia to increase oil production - BBC News

No let up. Saudi Arabia to increase oil production - BBC News:

""Welcome to Saudi Aramco" - that's not a message you see very often as a foreign journalist but the normally secretive state owned oil company is on a charm offensive.
Sadly for other oil producers that does not extend to helping drive oil prices higher by cutting production.
In fact, chief executive Amin Nasser, told journalists that production would increase in 2016 ahead of a share sale that could value the company at over $2 trillion dollars - four times the value of Apple.
"



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