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Tuesday, 2 August 2016

Optimism regarding jobs in United Arab Shipping and Hapag-Lloyd merger | The National

Optimism regarding jobs in United Arab Shipping and Hapag-Lloyd merger | The National:

"United Arab Shipping Co (UASC), which is merging with the German container shipper Hapag-Lloyd, expects most of the tie-up’s US$400 million cost savings to come from operations rather than lay-offs, its chief executive says.

UASC and Hapag-Lloyd are merging by the end of this year to become the world’s fifth-largest container carrier as a wave of consolidation in the container shipping industry accelerates.


"Our initial hypothesis is there will be fewer lay-offs than many people would normally expect in a merger," Jorn Hinge tells The National."



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UAE on track to issue Federal Debt law in 2016 | GulfNews.com

UAE on track to issue Federal Debt law in 2016 | GulfNews.com:

"The UAE’s government is on track to issue a Federal Debt Law later this year that will allow the country to issue bonds and debt instruments on a federal level rather than the current emirate level, a top spokesman said.

“We have one clause outstanding, which is the debt ceiling and the servicing of the debt. Once we agree with the Central Bank, we will go to the Council of Ministers for approval, and after that is the FNC (Federal National Council) approval,” said Younis Al Khouri, undersecretary at the UAE’s Ministry of Finance.

Speaking to reporters on Tuesday, Al Khouri reiterated that the Ministry is aiming to issue the law in 2016. He had said earlier this year that the UAE is likely to ratify the law by the end of this year.

"



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Khan: Oil Price Drop Not Impacting Middle East Markets: Bloomberg

Bloomberg:

"Akber Khan, senior director of asset management at Al Rayan Investment, said the oil price drop has not impacted the Middle East equities and fixed income markets. He also told The First Word Europe’s Nejra Cehic and Markus Karlsson that he is unconcerned about the liquidity squeeze among Saudi Arabian banks."



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UAE's Aldar Properties refinancing 1.8 bln dhs with longer-term loans - CFO | Reuters

UAE's Aldar Properties refinancing 1.8 bln dhs with longer-term loans - CFO | Reuters:

"Aldar Properties, the largest real estate firm in Abu Dhabi, has agreed with banks to refinance loans worth 1.8 billion dirhams ($490.4 million dirhams) with longer maturities, its chief financial officer told Reuters on Tuesday.

In February, Aldar said it planned to extend the lifespan of its 6 billion dirhams of total debt, which includes a $750 million sukuk issue.

Out of the 6 billion dirhams, bank loans constitute 3.2 billion dirhams, of which 1.8 billion dirhams is now being refinanced, Greg Fewer told Reuters."



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MIDEAST STOCKS-Weak oil and global bourses pull down Gulf; Egypt rises | Reuters

MIDEAST STOCKS-Weak oil and global bourses pull down Gulf; Egypt rises | Reuters:

"Weak oil prices and global equity markets pulled down stocks in the Gulf on Tuesday, with some Saudi Arabian petrochemical shares and banks falling sharply, but Egypt edged up on the back of its currency's firmness in the unofficial market.

The Saudi index sank 1.2 percent as petrochemical giant Saudi Basic Industries fell 1.5 percent and Saudi British Bank lost 2.7 percent.

But major retailer Jarir Marketing, which had dropped 18 percent from its June peak because of Saudi Arabia's economic slowdown, rebounded 2.5 percent."



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MIDEAST STOCKS-Weak oil and global bourses pull down Gulf; Egypt rises | Reuters

MIDEAST STOCKS-Weak oil and global bourses pull down Gulf; Egypt rises | Reuters:

"Weak oil prices and global equity markets pulled down stocks in the Gulf on Tuesday, with some Saudi Arabian petrochemical shares and banks falling sharply, but Egypt edged up on the back of its currency's firmness in the unofficial market.

The Saudi index sank 1.2 percent as petrochemical giant Saudi Basic Industries fell 1.5 percent and Saudi British Bank lost 2.7 percent.

But major retailer Jarir Marketing, which had dropped 18 percent from its June peak because of Saudi Arabia's economic slowdown, rebounded 2.5 percent."



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Brexit buying opportunity for Mideast and Asian property investors - FT.com

Brexit buying opportunity for Mideast and Asian property investors - FT.com:

"The UK’s vote to leave the EU sent shivers through London’s commercial property market, causing a third of ongoing property deals to collapse or be renegotiated.
But in the nervous weeks since the vote, some overseas investors — particularly from the Middle East and Asia — have identified a buying opportunity."



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The parallels between Trump and Brexit | FT Comment - YouTube

The parallels between Trump and Brexit | FT Comment - YouTube: ""



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Crossing the new Silk Road | FT World - YouTube

Crossing the new Silk Road | FT World - YouTube: ""



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I advised Corbyn’s economics team to learn fast. They didn’t | David Blanchflower | Opinion | The Guardian

I advised Corbyn’s economics team to learn fast. They didn’t | David Blanchflower | Opinion | The Guardian:

"The UK is in a major economic crisis, caused by the shock Brexit vote, that is being exacerbated by a political crisis. We have a newly appointed chancellor of the exchequer, and an opposition that has nothing to say on economic policy. What exactly would John McDonnell do if he was chancellor? He hasn’t told us. Sad to say, as one of his former economic advisers – I was on Labour’s economic advisory committee – I have no idea either. Labour does not seem to have a credible economic plan.

It pains me to say that a Labour party led by Jeremy Corbyn has no chance of winning a general election now, in 2020, or at any other time. Tory voters and independents like the members of my family are not going to suddenly say “Jeremy is our guy”.

Corbyn doesn’t seem to care about being a leader of an opposition party. He seems more interested in addressing crowds of supporters around the country. It doesn’t seem to matter to him – although it should – that three-quarters of his MPs, who doubt his leadership qualities, rightly passed an overwhelming vote of no confidence against him. He should have quit. He doesn’t have enough MPs who support him to be able to form a complete shadow cabinet. Incidentally, if there were even the slightest prospect that he could become prime minister, the bond and equity markets would eat him for lunch."



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Saudi Arabia plans $1.1 billion fund for smaller companies | The National

Saudi Arabia plans $1.1 billion fund for smaller companies | The National:

"Saudi Arabia will establish a $1.1 billion fund to develop its venture capital industry and support the creation of small and medium-sized companies, the cabinet said on Monday, as the kingdom tries to strengthen its economy in an era of cheap oil.

The cabinet approved a plan for the Public Investment Fund, Saudi Arabia’s top sovereign wealth fund, and the Ministry of Commerce and Investment to establish the new fund, according to a statement carried by state news agency SPA.


The fund will invest in venture capital operations and private assets on a commercial basis in order to encourage investment in smaller firms, which Riyadh hopes will create jobs as low oil prices force cuts in state spending.

"



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In-flight beer a rare treat for Nepali migrant workers leaving vulnerable families behind | Reuters

In-flight beer a rare treat for Nepali migrant workers leaving vulnerable families behind | Reuters:

"For Nabin Lama, leaving Nepal after his annual home leave to return to his construction job in Saudi Arabia is not easy. What makes the journey bearable - even enjoyable - is the can of beer he can drink on the flight from Kathmandu.

As soon as the seatbelt sign dinged off on a flight to Mumbai - from where he and a couple of hundred other Nepalis would take a connecting flight to Jeddah - Lama rose to look for the stewardess.

"Beer," he bellowed, waving to her as she made her way down the aisle with a tray of fruit juice and water."



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UPDATE 1-Abu Dhabi's Aldar Properties Q2 net profit up 10 pct | Reuters

UPDATE 1-Abu Dhabi's Aldar Properties Q2 net profit up 10 pct | Reuters:

"Aldar Properties reported a 9.7 percent rise in second-quarter net profit on Tuesday, as the state-linked builder of Abu Dhabi's Formula One circuit shook off concerns about a softening market by posting higher revenue.

The net profit of 657.4 million dirhams ($179 million) in the three months to June 30, disclosed in a bourse filing, was the eighth successive quarter of rising earnings for the firm. It made 599.2 million dirhams in the year-earlier period.

SICO Bahrain forecast Aldar would make a quarterly profit of 384.1 million dirhams."



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