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Tuesday, 16 August 2016

Iraq appoints new oil minister after months of wrangling - FT.com

Iraq appoints new oil minister after months of wrangling - FT.com:

"Iraq’s parliament approved the appointment of a new oil minister in a cabinet reshuffle delayed by months of political disputes and street protests against the government’s inaction on promised reforms.
Jabar Ali al-Luaibi, a former head of the state-owned South Oil Company, Iraq’s biggest crude producer, takes over the oil post, while parliament also approved four other cabinet nominees, including for education, transport, water and housing."



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Yuan set for a major action in the UAE | The National

Yuan set for a major action in the UAE | The National:

"The internationalisation of the Chinese currency, the yuan (sometimes called renminbi), continues apace with the country’s apparently inexorable progress to become the world’s biggest economy.

It is a process that has been attracting interest in financial centres across the world and looks set to be a major event in the UAE later this year.

The Brexit vote only increased the stakes, with some experts in London suggesting that the City could compensate for any waning influence in the Euro­pean financial system by becoming the leading global centre for yuan trading, challenging Hong Kong, the current yuan offshore hub. The global competition to trade yuan is hotting up."



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MIDEAST STOCKS-FTSE expectations boost Qatar, most markets retreat | Reuters

MIDEAST STOCKS-FTSE expectations boost Qatar, most markets retreat | Reuters:

"Qatari stocks rose on Tuesday amid expectations money will flow into the market when the index compiler FTSE promotes it to emerging-market status from frontier market. Most other Gulf markets gave up early gains to close lower and Dubai pulled back from technical resistance.

FTSE, which will promote Qatar on Sept. 19, announced on Monday some of the criteria which it will use to choose individual Qatari stocks for its index, including liquidity requirements.

Investment bank EFG Hermes said that as a result, it had raised its prediction for FTSE-related fund inflows next month to $550 million from $289 million. Three stocks that had looked unlikely to be chosen - Qatar National Bank (QNB), Qatar Insurance and Qatar Navigation - were now likely to enter the index, it said.

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Emirates Reit reports 63 per cent fall in second quarter profit | The National

Emirates Reit reports 63 per cent fall in second quarter profit | The National:

"Profits at the UAE’s only quoted real estate investment trust fell in the second quarter of 2016 as capital values for Dubai offices slowed.

Emirates Reit’s profits for the three months to the end of June fell 63 per cent to US$9.4 million, down from the $26m it made during the same period a year earlier.

For the first half of the year profits fell by just over a quarter to $23.7m from $31.1m."



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Saudi-Iran rivalry may hinder any deal on production limits at Algeria meet | GulfNews.com

Saudi-Iran rivalry may hinder any deal on production limits at Algeria meet | GulfNews.com:

"The rivalry between Saudi Arabia and Iran to control market share may hinder any plans among oil producers to reach a deal on cutting or freezing production at next month’s meeting in Algiers, analysts said.
An informal meeting of Opec (Organisation of the Petroleum Exporting Countries) member countries is scheduled to take place on the sidelines of the International Energy Forum in Algeria from September 26 to 28, Mohammad Bin Saleh Al Sada, Qatar’s Minister of Energy and Industry and current Opec President said in a statement last week.
Iran is trying to increase its oil production after international sanctions were removed on the Islamic Republic earlier this year and is trying to regain its lost market share."



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Abu Dhabi Energy Bonds Outperform Regional Debt - Bloomberg

Abu Dhabi Energy Bonds Outperform Regional Debt - Bloomberg:


"Speculation is mounting that OPEC may revive talks about a production freeze and the oil price has reacted positively. The U.A.E. is the cartel's fourth biggest producer and state energy company Taqa is returning to the bond market to refinance 2017 debt. Bloomberg's Anthony DiPaola reports on "Bloomberg Markets Middle East." (Source: Bloomberg)"



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MIDEAST STOCKS-Qatar leads Gulf up, Dubai testing chart barrier | Reuters

MIDEAST STOCKS-Qatar leads Gulf up, Dubai testing chart barrier | Reuters:

"Qatar's stock market led the Gulf higher early on Tuesday, boosted by a surge in blue chips such as Qatar National Bank (QNB), while Dubai tested technical resistance.

The Qatari stock index climbed 2.1 percent as QNB, the country's biggest bank, jumped 4.4 percent to 165.00 riyals in unusually heavy trade, rising above resistance on last September's peak of 163 riyals. The next resistance is on the May 2015 peak of 169 riyals.

Petrochemical producer Industries Qatar added 3.4 percent. In addition to the impact of strong oil prices and global stock markets, Qatar is benefiting from expectations for a fresh inflow of foreign funds when it is promoted this September to the status of secondary emerging market from frontier market by index compiler FTSE."



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