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Tuesday, 7 February 2017

Statoil reports loss after cutting long-term oil price forecast

Statoil reports loss after cutting long-term oil price forecast:

"Statoil on Tuesday booked a $2.3bn impairment charge due to reduced long-term expectations for oil prices as the Norwegian energy group said global demand for crude might go into terminal decline before 2030. The writedown, which followed a similar $2bn charge last week by ExxonMobil, highlighted the painful adjustments still being made by the world’s biggest oil companies after the slump in crude prices in 2014. Statoil lowered its long-term oil price outlook for Brent crude to $75 per barrel in 2020, from a previous forecast for $83, and $80 in 2030, compared with $100 before."



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Dubai overcomes the odds as tourism numbers edge up | The National

Dubai overcomes the odds as tourism numbers edge up | The National:

"The number of tourists visiting Dubai grew by 5 per cent last year despite Indian demonetisation, an economic slowdown in Saudi Arabia and Brexit hitting its three biggest source markets.

According to figures published by Department of Tourism and Commerce Marketing (DTCM) on Tuesday, the number of overnight visitors flocking to Dubai in 2016 rose to 14.9 million from 14.2 million a year earlier, led by visitors from India, Saudi Arabia and the UK.


The figure places Dubai firmly as the world’s fourth most visited city behind Bangkok, London and Paris, according to DTCM."



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MIDEAST STOCKS-Corporate earnings boost Egypt, Dubai; Kuwait's pull-back deepens | Reuters

MIDEAST STOCKS-Corporate earnings boost Egypt, Dubai; Kuwait's pull-back deepens | Reuters:

"Strong corporate earnings in Egypt and Dubai buoyed those markets on Tuesday, while Kuwait continued pulling back on profit-taking after a bullish run last month. Cairo's Palm Hills Development soared 9.2 percent to 3.08 Egyptian pounds after it reported fourth-quarter consolidated net profit after minority interests of 235 million pounds ($12.7 million) versus 169 million pounds a year ago, beating many analysts' estimates. Revenue rose to 2.00 billion pounds, up 89 percent. Analysts at Cairo's Naeem Brokerage said the company's top line results were ahead of their estimates while rising real estate prices and accelerated construction in recent years would boost the bottom line in coming quarters."



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UPDATE 1-Pressure on Qatar state finances easing but austerity still needed -minister | Reuters

UPDATE 1-Pressure on Qatar state finances easing but austerity still needed -minister | Reuters:

"Pressure on Qatar's state finances is easing because of higher oil prices and the government may not need to issue an international bond this year, but it is still seeking ways to save money, finance minister Ali Sherif al-Emadi said on Tuesday.

"We may not issue a bond this year given where oil prices are - right now we are close to break-even," Emadi said in a briefing on the financial outlook for the world's top liquefied natural gas exporting nation.

Qatar's last international bond issue was a $9 billion sale last May. Emadi said another issue was an option in the 2017 budget, but no decision had been made on whether to exercise it."



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Qatar committed to Volkswagen, Qatari representative says | Reuters

Qatar committed to Volkswagen, Qatari representative says | Reuters:

"Qatar is committed to its investment in Volkswagen, Hessa al-Jaber, Qatar's representative on the carmaker's supervisory board, said on Tuesday. "I believe VW is a great company. When we invested in VW, that was the right decision. We are really committed to VW," Jaber told reporters in her first public statement on the company since she joined the board last year. On the diesel emissions test-cheating scandal that hit Volkswagen last year, she said: "They are taking steps to mitigate any future risks on emissions.""



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Iran, Oman reaffirm gas export project, change pipeline route to avoid UAE | Reuters

Iran, Oman reaffirm gas export project, change pipeline route to avoid UAE | Reuters:

"Oman and Iran have agreed to change the route of a planned undersea gas export pipeline, to avoid waters controlled by the United Arab Emirates, Iran's oil minister said on Tuesday after meeting his Omani counterpart in Tehran.

The planned pipeline would connect Iran's vast gas reserves with Omani consumers as well as with liquefied natural gas (LNG) plants in Oman that could re-export the gas.

In 2013 the two countries signed an agreement to supply gas to Oman through the new pipeline in a deal valued at $60 billion over 25 years."



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DP World reports 3.2% volume growth in 2016 | GulfNews.com

DP World reports 3.2% volume growth in 2016 | GulfNews.com:

"DP World’s worldwide container terminals handled 63.7 million twenty-foot equivalent units (TEU) of gross cargo volume in 2016, the company said in a statement on Tuesday. That represents a growth in gross container volumes of 3.2 per cent, the firm said, or 2.2 per cent on a like-for-like basis. Estimated industry growth for 2016 was 1.1 per cent. In the fourth quarter, gross reported volumes rose by 6 per cent year on year, driven by strong growth in Europe and Asia-Pacific, the firm said. The Americas and Australia remained stable."



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Pakistan's Economy Is a Pleasant Surprise - Bloomberg View

Pakistan's Economy Is a Pleasant Surprise - Bloomberg View:

"Each year I perform the exercise of picking what I think is the most underrated (and overrated) economy in the world. Past winners have included Germany, Mexico and, more recently, the Philippines. The designation is tricky, because it can go to an ailing country with an excessively bad reputation or maybe to a known star with virtues beyond what people understand. This year I see a clear winner: Pakistan. It’s obvious the country does not have a great external reputation. In a recent poll of favorability, Americans ranked Pakistan at No. 136 among 144 nations. As an experiment, I typed “Pakistan” into Google’s news search and the leading entries referred either to terrorism issues or to the possible extension of President Donald Trump’s travel ban. Yet most of Pakistan’s developments are fairly positive. For instance, the stock market has put in a good performance, rising 46 percent over the last year. Emerging-economy equities are not in every way representative of how the broader economy is doing, but again we are talking “underrated” here."



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UAE bank NBAD aims to double size of debt programme to $15 bln | Reuters

UAE bank NBAD aims to double size of debt programme to $15 bln | Reuters:

"National Bank of Abu Dhabi (NBAD) said on Tuesday it will seek shareholder approval to double the size of its euro medium term note programme to $15 billion from the existing level of $7.5 billion. Shareholders will discuss the hike at the bank's general assembly on Feb. 28, it said. The statement did not detail the reason for the increase or how the programme would fit into NBAD's planned merger with First Gulf Bank. The two banks are due to combine as a single entity from April 1."



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MIDEAST STOCKS-DFM shares outperform in sluggish Gulf market | Reuters

MIDEAST STOCKS-DFM shares outperform in sluggish Gulf market | Reuters:

"Shares in the Gulf's only listed stock exchange operator outperformed in morning trade on Tuesday as most of the region moved little because of soft global equities and an overnight drop in oil prices. Dubai Financial Market rose 3.0 percent after it made a net profit of 78.5 million dirhams ($21.4 million) in the fourth quarter, five times what it made in the prior-year period. Quarterly revenue increased to 131.2 million dirhams from 69.3 million dirhams as the market's trading turnover ballooned late last year, buoyed by a recovery of oil prices. Dubai's main stock index, however, edged down 0.2 percent as Emaar Properties, which has not yet reported quarterly earnings, fell 1.3 percent."



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