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Monday, 24 October 2016

How politics can hit a portfolio | FT Markets - YouTube

How politics can hit a portfolio | FT Markets - YouTube: ""



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Iran: Inside the battle to succeed supreme leader Khamenei

Iran: Inside the battle to succeed supreme leader Khamenei:

"The final judgment may rest with God. But there is a lot of manoeuvring in Tehran to influence the decision on who will be Iran’s next supreme leader. There is no public succession plan for the most powerful position in the Islamic republic, which has been entrusted since 1989 to Ayatollah Ali Khamenei. Discussion of the subject is all but forbidden while the 77-year-old remains active, delivering speeches and attending military parades.

Nevertheless Iran’s landmark deal with the US and other major powers to scrap its nuclear programme — triggering a lifting of nuclear-related sanctions imposed on the country since 2011— is being interpreted by many in terms of what it may mean for a post-Khamenei Iran and who might run the country.

Reformists want to build on the progress they believe has been made by the centrist Hassan Rouhani, president since 2013, and are pushing for a moderate candidate. Hardliners are determined to do all in their power to stop them. A large number of other interests, from the Revolutionary Guards to the clerics in the holy cities of Qom and Mashhad, will have a say. Some are even privately suggesting that the position, introduced after the 1979 Islamic revolution to have a senior cleric in charge of the country, may no longer be necessary — raising questions over the future of the theocratic state.

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Kuwait still looking to issue $9.9 bln international bonds, official says | Reuters

Kuwait still looking to issue $9.9 bln international bonds, official says | Reuters:

"Kuwait is still considering the issuance of international bonds worth around 3 billion dinars ($9.90 billion), a finance ministry official told Al Arabiya TV on Monday.

Like other Gulf Arab states, Kuwait is turning to debt capital markets to raise money as oil prices remain at less than half their levels two years ago. Qatar in May sold $9 billion of Eurobonds, while Saudi Arabia completed a record-breaking $17.5 billion debut offering last week.

However, sources told Reuters earlier this month Kuwait's planned bond had been postponed until 2017 after authorities decided it was in no rush to raise funds overseas."



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MIDEAST STOCKS-Saudi shares bounce as investors hunt for bargains; Egypt dips | Reuters

MIDEAST STOCKS-Saudi shares bounce as investors hunt for bargains; Egypt dips | Reuters:

"Saudi Arabia's stock market closed higher for a fourth straight session on Monday after last week's mega international bond sale by the government boosted sentiment, but Egyptian shares dropped further as a chronic dollar shortage weighed on sentiment.

Riyadh's stock index rose 1.0 percent, taking its gains over the last four sessions to 6.2 percent.

It underperformed the region earlier this year as low oil prices and government austerity measures hit the economy hard, so it may now have more room to snap back."



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Tata Group announces surprise departure of chairman Cyrus Mistry | Business | The Guardian

Tata Group announces surprise departure of chairman Cyrus Mistry | Business | The Guardian:

"Tata Group, the Indian conglomerate that owns significant British industrial interests through Jaguar Land Rover and Tata Steel, has turned back to its founding family for leadership after removing its chairman.

Cyrus Mistry will be replaced by his predecessor, Ratan Tata, who will serve as interim chairman while the conglomerate looks for a permanent replacement.

The 148-year-old company gave no reason for the surprise departure of Mistry after four years in charge. Tata, whose other UK businesses include Tetley Tea, said its board made the decision on Monday and that a committee would aim to find a new chairman within four months."



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Oman to cover two-thirds of budget deficit with foreign debt | The National

Oman to cover two-thirds of budget deficit with foreign debt | The National:

"Oman’s government is covering between 60 and 70 per cent of this year’s budget deficit via international borrowing such as eurobond issues, direct placements of debt and other instruments, the central bank’s executive president said.

The rest of the deficit will be financed locally by drawing down financial reserves, such as money held by the State General Reserve Fund, a sovereign fund, and issues of bonds, Hamood Sangour Al Zadjali told an economic conference on Monday.


The reliance on international financing is a big shift for Oman, which has seen its state finances severely damaged by low oil prices. Earlier this year, the government returned to the international bond market for the first time in two decades."



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Eid-Oakden: Across Arab World Public Sectors Are Bloated - Bloomberg

Eid-Oakden: Across Arab World Public Sectors Are Bloated - Bloomberg:

"Florence Eid-Oakden, founder, chief executive officer and chief economist at Arabia Monitor, discusses Saudi Arabia's public sector, the outlook for the Saudi economy and the record Saudi bond sale. She speaks to Tracy Alloway on "Bloomberg Markets: Middle East.""



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Dubai Islamic Bank Q3 net profit falls 9.9 pct, meets estimates | Reuters

Dubai Islamic Bank Q3 net profit falls 9.9 pct, meets estimates | Reuters:

"Dubai Islamic Bank (DIB), the United Arab Emirates' largest sharia-compliant lender, on Monday posted a 9.9 percent drop in third-quarter net profit, in line with analysts' forecasts.

The bank made 876.3 million dirhams ($238.6 million) in the three months to Sept. 30, it said in a statement. This compares with a profit of 972.1 million dirhams in the corresponding period of 2015.

DIB's earnings growth had generally outperformed most of its local rivals in recent quarters, even as operating conditions across the UAE banking sector hardened because of rising credit costs and sluggish loan growth. But the latest results has brought that trend to a halt, at least for now.

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Fitch: Strongest Saudi Banks Defy Tough Operating Environment | Reuters

Fitch: Strongest Saudi Banks Defy Tough Operating Environment | Reuters:

"Saudi Banks: Peer Review here LONDON, October 24 (Fitch) Five Saudi Arabian banks stand out, demonstrating particular strengths in the face of the country's increasingly tough operating environment, Fitch Ratings says. These banks achieve 'a-' standalone Viability Ratings (VR), which are higher than the 'bbb+' score we assign to the country's operating environment. The remaining six Saudi Arabian banks rated by us all have VRs either at or below 'bbb+'. National Commercial Bank (NCB) is the country's leading corporate bank and second largest in retail. The strength of its franchise delivers earnings metrics that are among the strongest in the sector and a strong retail franchise also supports a low-cost funding base and strong liquidity. Banque Saudi Fransi's low risk appetite, with its conservative underwriting standards, supports the bank's strong asset quality indicators. We expect the operating environment to eventually weigh on these ratios but, in our opinion, any deterioration should be less pronounced than for peers, reflecting the bank's conservative approach to risk. As a result, its capital buffers should hold up better. "



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MIDEAST STOCKS-Saudi continues rebound, rest of Gulf soft | Reuters

MIDEAST STOCKS-Saudi continues rebound, rest of Gulf soft | Reuters:

"Saudi Arabia's stock market continued rallying early on Monday after last week's big international bond sale by the government boosted sentiment, but other Gulf markets were soft after some weak third-quarter earnings.

The Saudi stock index rose 0.8 percent in the first hour. It underperformed the region earlier this year as low oil prices and government austerity measures hit the economy hard, so may now have more room to snap back.

Petrochemical and industrial firm Alujain jumped 6.1 percent after it said it would distribute a 0.5 riyal per share dividend for 2016 - its first dividend since 1998."



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