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Monday, 7 November 2016

Cabin crew conned in Dubai forex scheme hire private investigators in bid to claim back millions | The National

Cabin crew conned in Dubai forex scheme hire private investigators in bid to claim back millions | The National:

"Investors who say they have lost millions of dirhams in a Dubai foreign exchange scam have turned to private investigators from the UK to help to recover their funds.

More than 240 people have contacted Carlton Huxley, a private firm of legal and law enforcement consultants specialising in complex fraud investigations.

Experts from the firm visited Dubai this week to interview those claiming to have lost huge sums through the Exential trading scheme run from Dubai Media City.


"



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UPDATE 1-Saudi to settle delayed private sector payments by end-December- SPA | Reuters

UPDATE 1-Saudi to settle delayed private sector payments by end-December- SPA | Reuters:

"Saudi Arabia's government has discussed settling payments to the private sector before the end of the fiscal year, the state news agency reported on Monday.

The government economic body known as Council of Economic and Development Affairs (CEDA) has also cancelled projects valued at up to 1 trillion Saudi riyals ($266.7 billion), the Saudi Press Agency said.

The CEDA was looking at making the private sector payments, which have been delayed by sharp declines of oil revenues, before the end of December, the SPA said without giving a size for the delayed payments."



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U.S. oil futures forward structure reflects doubt over OPEC restraint | Reuters

U.S. oil futures forward structure reflects doubt over OPEC restraint | Reuters:

"The forward curve for U.S. crude oil futures has steepened in recent days as worries that proposed OPEC supply cuts won't hold, or even materialize, turned the market's outlook for 2017 deliveries more bearish relative to longer-term contracts.

With the Organization of the Petroleum Exporting Countries dragging out negotiating the terms of a production cap, traders are now betting that a supply glut that has depressed crude prices this year will take longer to alleviate than previously anticipated, due to disagreements among OPEC members.

This is reflected in the prices for all futures months comprising the forward structure for West Texas Intermediate (WTI) crude, which is the U.S. benchmark, while Brent crude is the global benchmark."



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MIDEAST STOCKS-Egypt continues surge on currency devaluation; petchems boost Saudi | Reuters

MIDEAST STOCKS-Egypt continues surge on currency devaluation; petchems boost Saudi | Reuters:

"Egypt's stock market rose sharply for a third day on Monday in response to the devaluation of the Egyptian pound which has raised hopes for capital inflows, while higher oil prices boosted petrochemical shares in Saudi Arabia.

The Egyptian blue chip index jumped 5.4 percent in its heaviest trade since March, bringing its gains to 15.6 percent since the pound's peg to the dollar was abandoned on Thursday. The broader EGX100 index added 2.5 percent.

The devaluation has raised hopes for major inflows of foreign money into Egyptian markets in coming months. Regional investment bank Arqaam Capital said it was going overweight on Egypt in the wake of the devaluation."



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Opec risks handing US shale drillers a gift with cut

Opec risks handing US shale drillers a gift with cut:

"Has US oil production hit bottom?

Answering yes is a risky call. After all, oil markets are still depressed. Closely followed forecasters including the International Energy Agency and Opec believe volumes will fall in both 2016 and 2017. 

But the industry’s surviving companies, having hunkered down during the crude rout, are regrouping. Earlier forecasts for a slide in US output look dubious in light of recent statistics. "



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All eyes on US elections | Market Minute - YouTube

All eyes on US elections | Market Minute - YouTube: ""



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Dubai's Damac Properties Q3 profit slips 11.7 pct | Reuters

Dubai's Damac Properties Q3 profit slips 11.7 pct | Reuters:

"Dubai's DAMAC Properties reported a 11.7 percent fall in third-quarter net profit on Monday as revenue slipped.

The developer reported a net profit of 902.0 million dirhams ($245.6 million) for the three months ended Sept. 30, according to a statement to Dubai's bourse. This is down from 1.02 billion dirhams a year earlier.

EFG Hermes forecast the firm would make a quarterly net profit of 707.0 million dirhams."



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Qatar raises government salaries amid austerity grumbles | Reuters

Qatar raises government salaries amid austerity grumbles | Reuters:

"Qatar will raise the salaries of government employees next year in a rare spending hike by a Gulf state at a time when low oil and gas prices are weighing on state finances.

Some Qataris' basic salaries will double, under a law to be passed in January that was published in Al Sharq newspaper late on Sunday. Salaries for non-Qataris remain the same.

Gas-rich Qatar is the wealthiest country in the world per capita and its roughly 300,000 citizens enjoy free healthcare and education."



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MIDEAST STOCKS-Positive global mood lifts Gulf shares | Reuters

MIDEAST STOCKS-Positive global mood lifts Gulf shares | Reuters:

"A bounce in crude oil prices and a positive mood in global equity markets helped lift Gulf stocks early on Monday, though the largest food producer in Saudi Arabia was hit by the devaluation of the Egyptian pound.

Dubai's main index rebounded 1.0 percent with Emaar Malls Group climbing 1.3 percent after the unit of Emaar Properties reported a 16 percent rise in third-quarter net profit to 435 million dirhams ($118.4 million), against EFG Hermes' forecast of 421.8 mln dirhams. Emaar Properties was up 2.1 percent.

Developer DAMAC Properties added 0.5 percent after reporting third-quarter net profit of 902.0 million dirhams, down 11.7 percent but beating the 707.0 million dirhams forecast by EFG Hermes."



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