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Sunday, 21 August 2016

Limited price upside expected in Brent crude | GulfNews.com

Limited price upside expected in Brent crude | GulfNews.com:

"Oil prices may be hitting their peak. Benchmark oil prices have moved from a bearish to a bullish territory in just a span of 11 days, following Saudi Arabia’s energy minister that the country was “ready to take action” to stabilise the market.
Opec and non-Opec producers are slated to meet informally in Algeria late next month. The assurances from Saudi Arabia is a big turnaround from the Doha meeting in April, when Opec’s biggest oil producer said a deal was not possible without Iran, which has been boosting output to defend market share.
“The fear of freeze action will potentially be enough to dissuade traders from going aggressively short into September, a month that has been host to oil price declines,” Ole Hansen, head of commodity strategy at Saxo Bank said. Oil prices have been on a declining trend for the past five years in September."



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The UK has slammed the door, so let’s start divorce proceedings | Opinion | The Guardian

The UK has slammed the door, so let’s start divorce proceedings | Opinion | The Guardian:

"There is still virtually nobody in Brussels who thinks that Brexit is a good idea, for the UK or for the rest of the EU. But decision-makers are now accepting this unpalatable reality and there is a growing impatience for the process to begin in earnest.

There was some understanding for the UK’s desire for a delay in the immediate aftermath of the referendum, recognising that it had carried out no contingency planning for a Leave vote. But now, with a new British government in place, many in Brussels believe it is time for the UK to formulate its goals and formally start divorce proceedings by triggering article 50.

This would require reaching an exit agreement within two years, dealing with the practicalities of leaving and providing an outline of the future UK-EU relationship. It would also need to include transition provisions to bridge the period until such a long-term arrangement is reached, given that those negotiations would take a few years beyond the divorce treaty."



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MIDEAST STOCKS-Gulf edges down despite petchems; Telecom Egypt climbs | Reuters

MIDEAST STOCKS-Gulf edges down despite petchems; Telecom Egypt climbs | Reuters:

"Most Gulf stock markets edged down on Sunday despite strength in some Saudi Arabian petrochemical shares, while Telecom Egypt boosted Egypt's bourse slightly.

Brent crude oil closed above $50 a barrel on Thursday and Friday for the first time since July 4. This encouraged buying of petrochemical stocks on Sunday, with Saudi Basic Industries adding 0.9 percent to 84.25 riyals, nearing technical resistance at 86-87 riyals, the top of the range in which it has traded since April.

Most other stocks were sluggish in the absence of fresh, positive news, and the main Saudi equities index fell 0.2 percent.

"



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The #UAE’s First p2p Default? – Baizat.net @baizatdotnet

The UAE’s First p2p Default? – Baizat.net:

"Beehive, the UAE’s p2p online lending platform, appears to be facing its first loan default.

Launched in late 2014 by Craig Moore and former EmiratesNBD CEO Rick Pudner, the group in its first year issued around AED 25mn in loans to 48 SMEs in the UAE. By 2016 the platform had signed up around 2,000 investors and provided AED 30mn in loans to about 60 SMEs.

Trouble first appeared on the 18th July 2016, when investors received the following message from Beehive."



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Dubai can work Brexit to its own advantage | GulfNews.com

Dubai can work Brexit to its own advantage | GulfNews.com:

"All games have winners and losers — and historic events usually involve unforeseen, unintended benefits as well as consequences. Brexit is no exception; one may deplore, on principle, the outcome of the June 23 vote but this crisis in international relations does offer multifaceted opportunities for those who stand to gain from what the UK will predictably lose.
Dubai is one such player on the global stage that should, right now, identify those opportunities and take decisive steps to seize them. In turn, the rest of the world should observe carefully how Dubai fares in this post-Brexit competition, as it could have significant ramifications for both world markets and for regional stability in the Middle East. In the short term, Brexit may be costly to Dubai since Brits comprise a fair percentage of its tourism industry. As the pound sterling plummets, they’ll no doubt find less expensive destinations or simply stay home. Yet that fall-off seems a reasonable price to pay if Dubai can attract businesses, especially financial institutions, in search of freer, greener pastures.
No one port-of-call will overnight replace London as a comparably dominant international capital market; instead, we’re looking at more of a dismemberment as the City’s pieces get flung in the general directions of Dublin, Liechtenstein, Frankfurt, Paris — not to mention Hong Kong and Singapore that already enjoy enough critical mass to readily attract financial institutions in search of reliable harbours."



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Gulf tourism frenzy in Bosnia delights business, polarizes locals | Reuters

Gulf tourism frenzy in Bosnia delights business, polarizes locals | Reuters:

"Abdulah Al Sanousi enjoys the breeze in the lush resort outside Sarajevo where his family bought a flat to escape the summer heat at home in Kuwait, one of thousands of new Gulf buyers whose investment has polarized local opinion.

They discovered mountainous Bosnia, where half the population is Muslim, after the Arab Spring which destabilized many traditional holiday destinations such as Libya, Tunisia and Egypt. The trend has picked up with more direct flights, new resorts and the end of visa restrictions.

Estate agents and local businesses have welcomed the economic boost. But in a secular country where many Muslims drink alcohol and wear European-style clothing, the arrival of a Saudi-built mall where no alcohol is sold and the sight of burqas and traditional Arab robes is worrying for some."



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MIDEAST STOCKS-Petchems boost Saudi but markets mostly sluggish | Reuters

MIDEAST STOCKS-Petchems boost Saudi but markets mostly sluggish | Reuters:

"Petrochemical shares boosted Saudi Arabia's stock market early on Sunday on the back of strong oil prices but most share markets in the Gulf were barely changed.

The main Saudi equities index edged up 0.2 percent in the first half-hour as petrochemical blue chip Saudi Basic Industries climbed 1.2 percent to 84.50 riyals. It faces technical resistance at 86-87 riyals, the top of the range in which it has been trading since April.

Dubai's stock index also bucked the general flat trend, gaining 0.3 percent to 3,583 points, rising again to near technical resistance at its April peak of 3,605 points. Real estate blue chip Emaar Properties added 0.6 percent."



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Egypt Expects Arab Aid in IMF Deal - Bloomberg

Egypt Expects Arab Aid in IMF Deal - Bloomberg:

"Egypt's prime minister has said that he expects oil-rich allies such as Saudi Arabia and the U.A.E. to provide funding as part of the $12B IMF loan deal. Bloomberg's Alaa Shahine reports on "Bloomberg Markets Middle East.""



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