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Wednesday, 28 September 2016

Opec agrees on need for output cut — FT.com

Opec agrees on need for output cut — FT.com:

"Some of the world’s biggest oil producers have agreed on the need to cut production for the first time in eight years, sending crude prices higher by more than 5 per cent.

After four-and-a-half hours of discussions in Algeria on Wednesday, the 14 member group has reached a consensus that output cuts are needed to help lift prices and rebalance the market, according to Opec delegates, report David Sheppard in Algiers and Anjli Raval and Neil Hume in London.

Iran’s state news agency Shana quoted the country’s oil minister Bijan Zanganeh as saying:"



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US Senate’s 9/11 vote raises heat on Saudi Arabia — FT.com

US Senate’s 9/11 vote raises heat on Saudi Arabia — FT.com:

"The US Senate voted overwhelmingly on Wednesday to override a presidential veto on a bill allowing the families of 9/11 victims to sue Saudi Arabia. The legislation is part of a potential sea change in the kingdom’s relationships with the west over its alleged connection to religious extremism and its conduct of the war in Yemen.

Despite fierce last-minute lobbying by the administration and the Saudi embassy in Washington, the Senate voted 97-1 to support the bill, which President Barack Obama vetoed last week.

While Riyadh is still considered by the US and Britain to be a critical partner in counter-terrorism operations and the fight against Isis, the Saudis are having to adjust to a more openly critical political mood in many capitals."



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Sharjah launches bid for 30% increase in foreign direct investment | The National

Sharjah launches bid for 30% increase in foreign direct investment | The National:

"Sharjah launched its bid for an increase of 30 per cent in foreign direct investment on Wednesday.

Home to a third of the UAE’s manufacturing capacity, with GDP growing by 8 per cent in 2015, the emirate is looking to show off its unique logistical pre-eminence in the UAE with ports sitting on both coasts. It believes its maritime expertise, coupled with its international airport and a growing population of 1.2 million means it has many attractions to FDI.


"We have focused and specific targets," said Mohammed Juma Al Musharrakh, the deputy director of Sharjah FDI at Shurooq said at the Sharjah FDI Forum on Wednesday. "We are targeting the UK after its Brexit decision along with India, the US and China. The sectors we are focused on are tourism, renewable energy, health care and logistics. We have the Government of Sharjah behind the new initiative with a new free zone, the only one in the UAE just for publishing.""



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Shurooq launches ‘Invest in Sharjah’ initiative | GulfNews.com

Shurooq launches ‘Invest in Sharjah’ initiative | GulfNews.com:

"His Highness Dr Shaikh Sultan Bin Mohammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, witnessed on Wednesday the launch of ‘Invest in Sharjah’, an initiative aimed at showcasing investment opportunities in the emirate to businessmen and investors across all sectors.
‘Invest in Sharjah’ was launched by the Sharjah Investment and Development Authority (Shurooq) at the Sharjah Foreign Direct Investment (FDI) Forum. It is a venture undertaken in collaboration with government agencies in the emirate.
The initiative incorporates a vision that is aligned with the economic changes and paradigm shifts. Its goal is to help investors fully capitalise on the emirate’s different elements and provide them with more facilities and investment advantages, according to a statement from Shurooq."



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Cosco Shipping Signs $738 Million Deal to Expand U.A.E. Port - Bloomberg

Cosco Shipping Signs $738 Million Deal to Expand U.A.E. Port - Bloomberg:

"Cosco Shipping Co., a unit of China’s biggest shipping group, agreed to build and operate a new container terminal in Abu Dhabi, securing a foothold in the Gulf with a $738 million deal that would more than double cargo-handling capacity at Khalifa port.
The company signed an accord with state-run Abu Dhabi Ports Co. on Wednesday to invest in a planned second terminal at Khalifa, boosting the port’s capacity to about 6 million 20-foot containers from 2.5 million currently. The 35-year agreement will boost Abu Dhabi’s role in regional logistics, Abu Dhabi Ports Chairman Sultan Al Jaber said at a news conference at Khalifa. 
The concession is valued at about $738 million, Cosco Shipping said in a statement to the Hong Kong stock exchange. It’s the Chinese company’s first such deal in the Gulf, Abu Dhabi Ports Chief Executive Officer Mohamed Al Shamsi said in an interview.
"



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OPEC could announce oil freeze in Algeria, details later: sources | Reuters

OPEC could announce oil freeze in Algeria, details later: sources | Reuters:

"OPEC could announce an output-freeze deal on Wednesday in Algeria, although full details are unlikely to be firmed up before a formal meeting of the Organization of the Petroleum Exporting Countries in November, two OPEC sources said.

They spoke on condition of anonymity as no decision had yet been reached at OPEC's informal meeting in Algiers. The meeting has been going on for more than two hours."



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MIDEAST STOCKS-Saudi leads region down on weak oil, austerity steps | Reuters

MIDEAST STOCKS-Saudi leads region down on weak oil, austerity steps | Reuters:

"Saudi Arabia's stock market fell sharply for a second straight day on Wednesday, leading the entire region down, in response to weak oil prices and government austerity measures.

The Saudi equities index, which had retreated 3.8 percent on Tuesday, sank a further 3.4 percent to 5,534 points, its lowest finish since Jan. 21. It has tumbled 19.5 percent from a peak in April.

Trading volume climbed to a two-month high as the index fell below technical support on the February low of 5,551 points, though it closed off its intra-day low. It has stronger support at the January low of 5,349 points."



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Shurooq chief wants Sharjah to bring Bollywood to the emirate | GulfNews.com

Shurooq chief wants Sharjah to bring Bollywood to the emirate | GulfNews.com:

"Sharjah should develop favourable policies and incentives to attract Bollywood film production to the emirate, the chief executive of Sharjah Investment & Development Authority (Shurooq) said on Tuesday.
Film production could be a major windfall for the emirate’s economy that aims to attract 10 million visitors a year by 2021, Shurooq chief executive Marwan Bin Jassim Al Sarkal told Gulf News in an interview at his offices in Sharjah. “It’s just a matter of tapping into the opportunities.”
Incentives to film in the United Arab Emirates do exist. Abu Dhabi offers a 30 per cent cash rebate on productions. That has helped Abu Dhabi lure big films, including Star Wars: The Force Awakens and The Bourne Legacy. The idea is that major productions will inject cash into the local economy and bring tourists who watch the locations in the film."



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Sharjah FDI Forum kicks off | GulfNews.com

Sharjah FDI Forum kicks off | GulfNews.com:

"The second edition of the Sharjah Foreign Direct Investment (FDI) Forum opened on Wednesday, with more than 300 financial experts, top entrepreneurs and businessmen from around the world.
The forum kicked off with opening remarks from Shaikh Dr. Sultan Bin Mohammad Al Qasimi, Member of the Supreme Council of the UAE and Ruler of Sharjah.
Today, industry experts will discuss a range of topics, such as investment opportunities in the UAE beyond oil; strengthening trade links between the UAE and Europe; and harnessing the investment potential in the UAE’s transportation and logistics sector to meet with expanding trade demand. "



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What Caused the Drop in Saudi Stocks? - Bloomberg

What Caused the Drop in Saudi Stocks? - Bloomberg:

"Tarek Fadlallah, Middle East chief executive officer at Nomura Asset Management, discusses the drop in Saudi stocks, what it would take to get investors back in the market and what we can expect from the OPEC talks in Algiers. He speaks to Angie Lau and Yousef Gamal El-Din on "Bloomberg Markets Middle East.""



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UPDATE 1-Russia's Sakhalin oil output to rise by 8 pct in 2016 - regional govt | Reuters

UPDATE 1-Russia's Sakhalin oil output to rise by 8 pct in 2016 - regional govt | Reuters:

"Russia's Pacific island of Sakhalin is expected to increase oil production by 8 percent in 2016 from a year ago, a regional official said, which would add to the global glut the industry currently faces.

Russia and the Organization of the Petroleum Exporting Countries are gathering in Algeria this week in a second attempt this year to cooperate on global oil markets to stabilise prices. Yet, the task looks hard as hopes are fading that Saudi Arabia and Iran would find a compromise, while production is growing in Russia.

Vera Sherbina, head of Russia's regional government of Sakhalin, told a conference on Wednesday that oil and gas condensate production at the island, which comes mostly from offshore, will climb to 18.1 million tonnes, or about 362,000 barrels per day (bpd), this year, up from 16.7 million tonnes in 2015.

"



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MIDEAST STOCKS-Most of region drops on weak oil prices | Reuters

MIDEAST STOCKS-Most of region drops on weak oil prices | Reuters:

"Most stock markets in the Gulf fell in early trade on Wednesday after Saudi Arabia and Iran dashed market hopes that the two major OPEC producers would find a compromise at a meeting in Algiers to help ease a global glut of oil.

Brent oil futures sank about 3 percent to around $46 a barrel on Tuesday after Iran rejected an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply.

Saudi Arabia's index, which retreated 3.8 percent on Tuesday after the government said it would scale back financial bonuses for public sector workers in an austerity drive, fell a further 0.5 percent in the first half-hour on Wednesday to 5,703 points, approaching technical support on its February low of 5,551 points."



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Liam Fox speech hints at government confusion over Brexit | Politics | The Guardian

Liam Fox speech hints at government confusion over Brexit | Politics | The Guardian:

"Liam Fox has used a speech to the World Trade Organisation to portray post-Brexit Britain as a “proud and outward-looking trading nation” that would battle for liberalised commerce outside the EU.

The address in Geneva was billed in advance as the international trade secretary making a significant push for a so-called hard Brexit, taking the UK outside the EU’s single market. However, critics said the lack of any new details on the terms of Brexit indicated confusion in the government over the issue.

Fox, speaking at the WTO’s headquarters in Geneva at the launch of the organisation’s annual report on world trade, began by quoting free trade champion Adam Smith, saying he was as much advocating “the moral case” for unhampered global commerce as arguing for economic reasons."



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