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Friday, 28 October 2016

UAE bank deposits up by Dh30b |

UAE bank deposits up by Dh30b |

"Total bank deposits in the UAE increased by Dh30.2 billion in September 2016 due to an Dh11.4 billion increase in resident deposits and an Dh18.8 billion increase in non-resident deposits, the Central Bank of the UAE said.
Banks in the UAE have been reporting slower growth in deposits over the past few quarters amid tighter liquidity conditions and lower government deposits due to falling oil prices.
First Gulf Bank (FGB), for example, on Wednesday reported flat deposits in the first nine months of 2016, while National Bank of Abu Dhabi recorded a 3.3 per cent increase in customer accounts and other deposits."

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Longest Rally in Two Years for Saudi Stocks Buoyed by Bond Sale - Bloomberg

Longest Rally in Two Years for Saudi Stocks Buoyed by Bond Sale - Bloomberg:

"Saudi Arabian stocks extended the longest winning streak in more than two years on bets the government’s record bond sale would help it repay contractors and ease pressure on the kingdom’s finances.
Start your day with what’s moving markets.

The Tadawul All Share Index rose 0.9 percent in Riyadh on Thursday, ending the week 5 percent higher, the steepest increase in nine months. The gauge rose above its 50-day moving average for the first time since July. Banks led the advance, with all but one of the Tadawul All Share Bank Index’s 12 members posting gains. Lending costs between financial institutions declined for the first trading week in 14."

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Saudis, Mideast producers vie for China's teapot crude imports | Reuters

Saudis, Mideast producers vie for China's teapot crude imports | Reuters:

"Top global oil exporter Saudi Arabia is looking at new ways to sell crude to China, offering more cargoes at spot prices and more lenient payment terms after losing ground in the world's fastest-growing oil import market to Angola, Russia and others.

Independent refiners, known as teapots, have shaken up China's oil industry this year, accounting for most of its crude import growth since receiving import licenses for the first time near the end of 2015.

Most of this new demand is for high quality low-sulfur crude from non-OPEC producers, or for high-sulfur grades that sell at heavy discounts to Saudi prices, making it tough for state-owned Saudi Aramco to maintain market share."

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Winners and losers emerge from the oil price slump

Winners and losers emerge from the oil price slump:

"Opec’s decision to push for production cuts last month has led many to declare the US shale oil industry as the biggest winner from a two-year price war.

The wildcatters of the US shale patch successfully cut costs and consolidated operations to weather the storm of $40 oil, leaving behind a leaner more resilient industry that should benefit as prices recover.

Opec members have come under severe financial duress, including the cartel’s largest producer and de facto leader, Saudi Arabia. Riyadh has conceded that a higher price is necessary, with the market downturn far more severe and longer lasting than anticipated."

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