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Friday, 24 February 2017

Standard Chartered losses narrow after cost cuts

Standard Chartered losses narrow after cost cuts:

"Standard Chartered has made its second consecutive annual loss as the emerging markets-focused bank suffered another decline in revenues that offset the benefits of recent cost-cutting and lower bad debt impairments. StanChart, which is listed in London but mostly operates across Asia, the Middle East and Africa, reported a net loss of $478m, which trailed analysts’ expectations even though it improved on a $2.4bn loss in 2015 — its first for more than 15 years. Shares in StanChart, which have gained 92 per cent in the past year, fell more than 4 per cent to 720.8p in early trading on Friday."



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Money Talks Louder Than Trump for Iran in Natural Gas Push - Bloomberg

Money Talks Louder Than Trump for Iran in Natural Gas Push - Bloomberg:

"Iran is hard at work gaining a foothold in the global energy market, and it’s not letting U.S. President Donald Trump’s confrontational tone stop it from trying.

Political rhetoric is unlikely to turn into tangible impediments for Iran’s ambition to join Russia and Norway in the ranks of major gas exporters, according to Deputy Oil Minister Amir Hossein Zamaninia.

The nation has about $7 trillion worth of gas reserves sitting underground, based on European benchmark prices, and its doors are open to those who will help it cash in on the fortune. Zamaninia thinks those sorts of figures mean the business case for Iranian energy is too tempting for the world to pass up, even as its supreme leader Ayatollah Ali Khamenei and Trump exchange barbs."



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Why Saudi Arabia's $2 Trillion Aramco Vision Is in Doubt - Bloomberg

Why Saudi Arabia's $2 Trillion Aramco Vision Is in Doubt - Bloomberg:

"Saudi Arabia has said oil giant Saudi Aramco is worth more than $2 trillion, enough to consume Apple twice, and still have room for Google parent Alphabet Inc. The kingdom may have to settle for less. A lot less. Bloomberg's Richard Stubbe has more on "Bloomberg Daybreak: Asia." (Source: Bloomberg)"



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As Saudis prepare to sell shares in oil giant, some have misgivings | Reuters

As Saudis prepare to sell shares in oil giant, some have misgivings | Reuters:

"Jamil Farsi, a prominent Saudi Arabian jewellery tycoon, made an impassioned plea to the investment minister at a meeting of the Jeddah Chamber of Commerce this month.

"I don't know anything about economics but I beg you, and I beg the officials in the country, not to sell Aramco - not 5 percent, not 1 percent," he said.

Investment minister Majed al-Qasabi replied the economy would benefit from the sale of shares in national oil giant Saudi Aramco. It is expected to be the world's largest initial public offer, raising tens of billions of dollars."



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