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Thursday, 5 January 2017

MIDEAST STOCKS-Egypt surges to record; Dubai, Qatar outperform Gulf | Reuters

MIDEAST STOCKS-Egypt surges to record; Dubai, Qatar outperform Gulf | Reuters:

"Egypt's stock market closed the week at a record high on Thursday as foreign funds continued to buy, while Gulf markets inched up on the back of firmer crude oil and global bourses.

Cairo's index closed 1.7 percent higher at 12,824 points in the heaviest traded volume since mid-November.

"Since the float of the currency on Nov. 3 the market has not witnessed a correction and foreign funds have been flooding the market with fresh money, helping maintain positive appetite towards equities," said Mohamed El Nabarawy, head of asset management at Cairo's HC Securities & Investment.

"



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Video - China's future economy: stagnation? | World

Dubai Duty Free sales drop on currency fluctuations | GulfNews.com

Dubai Duty Free sales drop on currency fluctuations | GulfNews.com:
"Despite growing passenger numbers, consumer spending on tax-free merchandise at Dubai airports has suffered a slump.
According to the latest figures released on Thursday, Dubai Duty Free sales reached Dh6.673 billion in 2016, down by approximately 3.17 per cent from 2015.
Perfumes remained the best seller, registering Dh1.104 billion in sales, down from Dh1.137 billion in 2015. Bottles of beverages and bubbly generated Dh1.063 billion in sales, down from Dh1.069 billion in 2015. Cigarettes and tobacco were last year’s third-most popular item, with sales reaching Dh578.53 million, compared to Dh589.67 million in 2015."

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China's Iran oil imports to hit record on new production: sources | Reuters

China's Iran oil imports to hit record on new production: sources | Reuters:
"China's Iranian crude oil imports may rise to a record this year as state-owned oil firms lift more crude through their upstream investments while extending their current supply contracts, senior industry and trading sources said.

Chinese firms were expected to lift between 3 million to 4 million barrels more Iranian oil each quarter in 2017 than last year, four sources with knowledge of the matter estimated. That would be about 5 percent to 7 percent higher than the 620,000 barrels per day (bpd) of Iranian crude the country has imported during the first 11 months of 2016, according to the customs data.

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), won an exemption from the group's production cuts agreed to on Nov. 30 and may raise output slightly."

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Abu Dhabi levies fee on expat tenants to boost revenues | Reuters

Abu Dhabi levies fee on expat tenants to boost revenues | Reuters:

"The emirate of Abu Dhabi has imposed a fee on expatriates renting homes there as it seeks to increase state revenues that have fallen due to low crude prices.

The municipal fee, equivalent to 3 percent of a tenant's annual rent, will take effect retroactively from February 2016, the Abu Dhabi Department of Municipal Affairs & Transport said on Thursday.

Last January the largest member of the United Arab Emirates hiked water and electricity charges, and in July the International Monetary Fund estimated the government would run a fiscal deficit of 6.9 percent of gross domestic product in 2016.

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OPEC oil output falls from record high ahead of planned cuts: Reuters survey | Reuters

OPEC oil output falls from record high ahead of planned cuts: Reuters survey | Reuters:
"OPEC's oil output in December fell from a record high ahead of a deal to cut production, a Reuters survey found on Thursday, helped by attacks on Nigeria's oil industry and top exporter Saudi Arabia trimming exports.

The decline, the first since May according to Reuters surveys, occurred despite higher exports from second-largest OPEC producer Iraq and a further upward trend in Libyan output.

Supply from OPEC in December fell to 34.18 million barrels per day (bpd) from a revised 34.38 million bpd in November, according to the survey based on shipping data and information from industry sources."

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Is Emirates Airline Running Out of Sky? - Bloomberg

Is Emirates Airline Running Out of Sky? - Bloomberg:
"In their fifth week of training, women hired as flight attendants at Emirates Airline spend a day in Dubai with Pamela Mizzi. A makeup artist from Malta who spent 12 years in the sky herself, Mizzi greets the students in a windowless instruction space about 20 feet across, lined on three sides by mirrors divided into vanities by bright roundels of light, like an old-timey dressing room. Her job is to teach the trainees how Emirates expects them to look.

Female cabin crew, referred to invariably as “girls,” are to tie their hair back in tight buns, preferably secured by a scrunchie in Emirates-brand red. For makeup, a seven-step process is recommended, starting with foundation and concealer, then moving on to lipstick, also in preauthorized shades of crimson. At the back of Mizzi’s classroom are two display racks of Emirates-approved emollients for “body shaping,” “firming,” “wrinkle control,” and “luminosity.”

“We have standards in regards to nail care,” Mizzi says. The same is true for weight. If a crew member looks too heavy, his or her superiors are to report their suspicions to a central fitness and nutrition department. “And they follow up,” she says. Little escapes scrutiny. By the time crew members reach Mizzi’s classroom, they have moved into Emirates-managed apartments with Emirates-imposed curfews, travel to work in Emirates-branded minibuses, and see Emirates-employed doctors at in-house Emirates clinics."

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MOVES-UAE bank NBAD confirms departure of four senior managers | Reuters

MOVES-UAE bank NBAD confirms departure of four senior managers | Reuters:

"Four top managers at National Bank of Abu Dhabi (NBAD) have resigned from the lender, effective from Jan. 1, 2017, it said on Thursday.

Abdulla Mohammed Saleh AbdulRaheem, deputy group chief executive, and Qamber al-Mulla, senior managing director and chief executive of Gulf and international, had both left the bank, it said.

Saif al-Shehhi, senior managing director, UAE government and key Abu Dhabi-based clients, and Abdulla al-Otaiba, senior managing director and group head of global retail & commercial had also left, the bank said.

Reuters reported the departure of the four on Dec. 28, citing sources. "



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Saudi Aramco explores Feb oil supply cuts of 3-7 percent to meet OPEC target | Reuters

Saudi Aramco explores Feb oil supply cuts of 3-7 percent to meet OPEC target | Reuters:
"Saudi Aramco has started talks with customers globally to discuss possible cuts of 3 percent to 7 percent in February crude loadings to comply with OPEC production cuts, four sources with knowledge of the matter said on Thursday.

The Organization of the Petroleum Exporting Countries (OPEC) agreed in late November to cut production in the first half of 2017 to reduce global oversupply and prop up prices.

Under the deal, Saudi Arabia, the world's biggest oil exporter, agreed to cut output by 486,000 barrels per day (bpd), or 4.61 percent of its October output of 10.544 million bpd."

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MIDEAST STOCKS-Most Gulf markets rise on firmer oil, upbeat global bourses | Reuters

MIDEAST STOCKS-Most Gulf markets rise on firmer oil, upbeat global bourses | Reuters:
"Saudi Arabian and United Arab Emirates stock markets made small gains in early trade on Thursday after oil prices rebounded overnight and global equity markets firmed.

The Saudi equities index rose 0.3 percent, partially recovering from Wednesday's 0.7 percent decline, as the petrochemical sector was bid up. Yanbu National Petrochemical jumped 4.6 percent after an hour of trade.

Some other large-caps which had been hit by profit-taking over the last two sessions also rose, with Al Rajhi Bank adding 0.8 percent. But peer Riyad Bank fell 0.9 percent after its board recommended a slightly lower cash dividend distribution for the second half of 2016 compared to the corresponding period in 2015."

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