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Saturday, 1 October 2016

Opec agreement to cut oil production faces array of hurdles — FT.com

Opec agreement to cut oil production faces array of hurdles — FT.com:

"As he emerged from nearly five hours of talks in Algiers on Wednesday evening, Iran’s oil minister Bijan Zanganeh stopped to speak to reporters.

“Opec made an exceptional decision,” he said, as the Saudi energy minister left the meeting without taking questions.

After two years of squabbling, the cartel had finally crafted a provisional deal to cut production and tackle the global supply glut in crude oil."



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Uber’s Dubai future threatened by new regulations — FT.com

Uber’s Dubai future threatened by new regulations — FT.com:

"Ride-hailing app Uber faces a tougher regulatory environment in its Middle Eastern headquarters of Dubai, where the authorities are threatening to impose extra levies that could threaten its operations.

The city’s transport regulator is demanding that its app, and that of local rival Careem, complies with a new set of regulations by Saturday. They include an extra five dirhams ($1.36) per fare surcharge, people aware of the matter say.

This levy, coming on top of a pre-existing requirement to charge 30 per cent more than taxi services, threatens the thin margins of Uber and Careem in Dubai and could force them to refocus investment to other markets."



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Dubai property price falls dubbed ‘healthy housing correction’ — FT.com

Dubai property price falls dubbed ‘healthy housing correction’ — FT.com:

"Property in Dubai has fallen in price for seven consecutive quarters. Prime prices in July were 10 per cent below levels from two years ago. In the second quarter of this year, home sales slumped almost a third on the previous year. The Gulf city-state’s recent travails would have most high-end estate agents crying into their champagne cocktails.

David Godchaux, who runs local agent Core, source of the sales figures, is having none of it. “Over the past 18 months, the market has lost between 6 per cent and 15 per cent, depending where you look,” he says. “But this is Dubai’s first really healthy correction.”

His point is that Dubai has seen much worse. In the wake of the financial crisis, following a furious speculative boom, property prices slumped, losing 40 per cent in the first three months of 2009 alone, according to the agency Knight Frank. By November that year, helped by huge losses at Nakheel, its property division, the government-owned investment vehicle Dubai World announced it would delay repayment on $59bn of debts, raising the spectre of the largest sovereign default since that of Argentina in 2001."



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Opec deal: How Riyadh and Tehran poured oil on troubled waters — FT.com

Opec deal: How Riyadh and Tehran poured oil on troubled waters — FT.com:

"Saudi Arabia and Iran are sworn enemies on opposite sides of proxy wars tearing through the Middle East.

But at a marble-halled conference centre on the outskirts of Algiers that is a legacy of the $100 a barrel oil era, there was an unexpected sign of conviviality this week: Iran’s Opec governor was chatting warmly with a member of the Saudi delegation, even posing for a photograph together.

It was the prelude to an agreement five hours later that should result in the 14-member bloc cutting production for the first time since 2008."



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