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Thursday, 30 June 2016

Saudi-Iran Conflict ‘Minefield’ for Japanese Oil Refiner Merger - Bloomberg

Saudi-Iran Conflict ‘Minefield’ for Japanese Oil Refiner Merger - Bloomberg:

"The conflict between Middle East oil suppliers Iran and Saudi Arabia is playing out between the founding family of one of Japan’s largest refiners and its board.

Idemitsu Kosan Co. agreed last July to buy a stake with 33.3 percent voting rights in Showa Shell Sekiyu KK from Royal Dutch Shell Plc, for 169 billion yen ($1.64 billion). Idemitsu has close ties with Iran and shouldn’t be associated with Showa Shell, in which state-run Saudi Arabian Oil Co. owns a stake, a lawyer for Idemitsu’s founding family said. The family “wants the company to let go of the stake,” he said.
Tensions between two of the world’s biggest oil producers have risen in the Middle East as both seek regional influence and compete for customers globally. The public disagreement between the Idemitsu family and the company’s board comes as Japan has revamped its rules for companies and investors placing more emphasis on independent directors and their duties to shareholders."



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MIDEAST STOCKS-Gulf mostly moves little, UAE outperforms | Reuters

MIDEAST STOCKS-Gulf mostly moves little, UAE outperforms | Reuters:

"Gulf stock markets moved generally little on Thursday with the approach of Eid Al Fitr holidays next week limiting activity, but United Arab Emirates bourses outperformed on the back of bank shares.

The Saudi index gave up modest early gains to close flat although the petrochemical sector was firm after oil prices jumped overnight. The sector's index climbed 0.4 percent.

In a sign of market caution, L'azurde Company for Jewellery , which had risen 7.6 percent when it listed on Wednesday, fell back 6.5 percent."



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The Slow-Motion Crisis in Saudi Arabia, in Two Minutes - Bloomberg

The Slow-Motion Crisis in Saudi Arabia, in Two Minutes - Bloomberg:



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Why Are U.A.E. Sovereign Funds Merging? - Bloomberg

Why Are U.A.E. Sovereign Funds Merging? - Bloomberg:




"Farouk Soussa, head of Middle East Economics at Citigroup, discusses the mega-merger of Abu Dhabi's largest sovereign investment funds, what it means for the region and which GCC countries are most vulnerable to low oil prices. He speaks to Yousef Gamal El-Din and Rishaad Salamat on "Bloomberg Markets Middle East." (Source: Bloomberg)"



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MIDEAST STOCKS-Gulf edges up on positive global trend | Reuters

MIDEAST STOCKS-Gulf edges up on positive global trend | Reuters:

"
Gulf stock markets edged up early on Thursday in line with a positive global trend for equities and oil prices, but trade was quiet before next week's long Eid al-Fitr holidays.

Saudi Arabia's index was up 0.2 percent in the first 15 minutes. Big petrochemical producer Saudi Basic Industries added 0.6 percent.

Shares in L'azurde Company for Jewellery, which rose 7.6 percent when they listed on Wednesday, edged down 0.3 percent. The stock, a play on the Saudi retail sector, has so far not performed as well as most new Saudi listings, as consumers' discretionary income has been hit by an economic slowdown caused by government austerity steps."



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