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Wednesday, 3 May 2017

Brussels's €100bn Brexit bill | World video

Opec oil exports under scrutiny as crude price sags

Opec oil exports under scrutiny as crude price sags:

"As oil prices languish near $50 a barrel, energy traders are starting to point the finger at one previously overlooked culprit: exports. For all Opec’s self-imposed production restraint the group’s exports have fallen by less than their output cuts might imply. Morgan Stanley analysts say that while Opec has hit its target by cutting as much as 1.4m barrels a day of output to try and support the market, shipping data suggests the group’s exports have declined by less than 1m b/d since the start of the year."



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UAE PMI signals strong growth in April | GulfNews.com

UAE PMI signals strong growth in April | GulfNews.com:

"The UAE Purchasing Managers’ Index was broadly unchanged in April at 56.1, compared with March’s 19-month high of 56.2. Output and new orders growth remained very strong although slightly slower than March. The latest survey data showed that business conditions across non-oil private sector firms in UAE continued to improve at the start of the second quarter. Employment rose in April but the rate of growth remains weak, with just 5.2 per cent of firms surveyed reporting higher employment last month. The majority of firms kept employment unchanged in March despite continued new orders growth. As a result, the backlogs of work continued to rise in April, but at a slower rate than March. “The UAE PMI remained little changed in April from March, at both a headline level and in terms of the detail. The PMI shows that while overall activity was firm going into the second quarter, companies are still facing significant challenges as job creation remains subdued and pricing power is limited,” said Tim Fox, Head of Research and Chief Economist at Emirates NBD. "



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Lagardere's top investor Qatar wins voting rights loyalty reward | Reuters

Lagardere's top investor Qatar wins voting rights loyalty reward | Reuters:

"Qatar has become media group Lagardere's top shareholder in terms of both share capital and voting rights as a result of a French law that favours long-term investors. Qatar Holding, part of the emirate's sovereign wealth fund, said on Wednesday that its Lagardere voting rights had risen to 16.7 percent, based on a share stake of about 13 percent. The Gulf state previously held close to 10 percent of the voting rights, while Lagardere's chief executive Arnaud Lagadere held 7.65 percent of its capital and 11.9 percent of voting rights at end of last year, a 2016 registration document showed."



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Ooredoo to Shun Telecom Acquisitions as Competition Heats Up - Bloomberg

Ooredoo to Shun Telecom Acquisitions as Competition Heats Up - Bloomberg:

"Ooredoo QSC, the Qatari-owned phone carrier, wants to focus on the 10 countries where it operates rather than grow through acquisitions in the telecommunications business, according to Deputy Chief Executive Officer Waleed Al Sayed. Ooredoo, the sixth-biggest telecommunications company in the Middle East and Africa, has no plans to buy phone carriers although it is considering purchases in technology services, Al Sayed said in a phone interview from Doha. Ooredoo is currently negotiating to buy a majority stake in Salam Technology, and the deal may close in the second quarter, he said."



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Oil rebounds from near 2017 lows on falling U.S. crude stocks | Reuters

Oil rebounds from near 2017 lows on falling U.S. crude stocks | Reuters:

"Oil prices rebounded from near 2017 lows on Wednesday after preliminary data showed a much larger-than-expected fall in U.S. crude stocks, reviving bullish sentiment about easing oversupply.

Benchmark Brent crude LCOc1 was up 21 cents at $50.67 a barrel at 1346 GMT. On Tuesday the futures had settled at their lowest since Nov. 30, when the Organization of the Petroleum Exporting Countries decided to cut oil supply.

U.S. West Texas Intermediate (WTI) crude CLc1 traded at $47.81 a barrel, up 15 cents. WTI had slid 2.4 percent on Tuesday on concerns about falling OPEC compliance with its production-curbing deal."



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Saudis to Control Crude Reserves, Output After Aramco IPO - Bloomberg

Saudis to Control Crude Reserves, Output After Aramco IPO - Bloomberg:

"Saudi Arabia’s giant oil and gas reserves and any decisions about producing from them will remain solely in government hands after Saudi Aramco’s initial public offering, Deputy Crown Prince Mohammed bin Salman said on state television.

The world’s largest oil exporter known formally as Saudi Arabian Oil Co. holds a concession to pump the kingdom’s oil and gas, and a stake in that business is what the government will sell in an offering of “not far from 5 percent” of company shares in 2018, the prince said Tuesday in a TV interview. Analysts at Sanford C. Bernstein & Co. and Rystad Energy AS said in March that the IPO has a potential market value of more than $1 trillion."



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MIDEAST STOCKS-Saudi drops with oil; no boost from prince's interview | Reuters

MIDEAST STOCKS-Saudi drops with oil; no boost from prince's interview | Reuters:

"Saudi Arabian stocks fell on Wednesday after oil prices slipped, while an interview by the top economic policy official, Deputy Crown Prince Mohammed bin Salman, did little to boost sentiment. Other regional bourses were mixed in quiet trade.

Advanced Petrochemical dropped 2.5 percent after the polypropylene maker posted first-quarter net income of 124 million riyals ($33.1 million), down 12.9 percent from a year ago and below NCB Capital's prediction of 149 million riyals.

Other petrochemical makers were also weak after Brent crude slipped below $51 a barrel overnight to its lowest close this year. Riyadh's stock index lost 0.6 percent in modest trading volume."



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NMC Health optimistic on profit for this year | The National

NMC Health optimistic on profit for this year | The National:

"Abu Dhabi-based NMC Health said it expects the removal of Thiqa co-payments for Emirati patients in Abu Dhabi to positively affect its operating profit for the year ahead, with earnings for 2017 to come in around the top of its guidance for the year. The company’s shares, listed on the London Stock Exchange, on Tuesday rose in early trading to their highest level since their listing in 2012. Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, last week said that Emiratis in Abu Dhabi holding Thiqa health insurance cards will be exempt from paying 20 per cent of private treatment costs, reversing a policy introduced in July of last year."



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Saudi Airlines starts sale of $500 mln medical business -sources | Reuters

Saudi Airlines starts sale of $500 mln medical business -sources | Reuters:

"State-owned Saudi Arabian Airlines (Saudia) has started the sale of its medical services business in Jeddah, valued at around $500 million, as part of a drive to reduce non-core assets, sources familiar with the matter said. The medical business, which is called Saudia Medical Services and owns a major hospital, could be attractive for investors as the Jeddah healthcare market is underserved, the sources said, declining to be named as the matter isn't public. Jadwa Investment, an adviser for the sale, has reached out to potential buyers and the sale process could be completed by the third quarter. Saudia and Jadwa did not respond to requests for comment."



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Dana Gas to Start Restructuring Talks on Bond Due in October - Bloomberg

Dana Gas to Start Restructuring Talks on Bond Due in October - Bloomberg:

"Dana Gas PJSC will ask bondholders to accept changed terms on $700 million of debt coming due in October as the energy producer based in the United Arab Emirates seeks to restructure debt for the second time in five years. Talks with investors will start May 8 and holders of the Islamic bonds, or sukuk, should form a committee to represent them, Sharjah, U.A.E.-based Dana Gas said Wednesday in a statement to the Abu Dhabi stock exchange. The company, which pumps natural gas at fields in Egypt and Iraq, needs to “focus on short to medium term cash preservation.” Oil and gas producers are cutting costs and facing pressure on profits after crude fell from an average of almost $100 a barrel in 2014 amid a global supply glut. With oil averaging about $50 a barrel over the past two years, national budgets of producing countries are also getting squeezed. "



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Saudi Arabia plans to deliver 1 mln units over next five years | Reuters

Saudi Arabia plans to deliver 1 mln units over next five years | Reuters:

"Saudi Arabia has a waiting list for 1.5 million housing units over the next five years and plans to deliver 1 million units over the same period, Housing Minister Majed al-Hogail said on Wednesday. "If we could adopt the technology faster that means the productivity will increase," he told reporters on the sidelines of the Euromoney conference. "



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Saudi Arabia to Spend at Least 50% of Aramco Cash at Home - Bloomberg

Saudi Arabia to Spend at Least 50% of Aramco Cash at Home - Bloomberg:

"IHS Markit Energy Vice President Victor Shum discusses his outlook for the Aramco IPO and talks about the price of oil. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



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Why the Saudis' MSCI Bid Matters And What They've Done to Get It - Bloomberg

Why the Saudis' MSCI Bid Matters And What They've Done to Get It - Bloomberg:

"Saudi Arabia wants foreign money, and it’s been overhauling one of the world’s most conservative financial markets to get it.

Thursday marks the second anniversary of the kingdom’s decision to allow money managers outside the Gulf to trade Saudi shares directly. Since that announcement, authorities have relaxed the guidelines even more, yet total foreign ownership has languished at about 5 percent, and the equity market’s capitalization has fallen by about $140 billion in two years to $439 billion.

As part of its plan to revamp the economy and reduce dependence on oil revenue, Saudi Arabia is now seeking inclusion in MSCI Inc.’s emerging-market gauge. A decision from MSCI on whether the kingdom is on the index provider’s review list is due next month."



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Growing the Saudi Equity Market - Bloomberg

Growing the Saudi Equity Market - Bloomberg:

"Tadawul CEO Khalid Abdullah Al Hussan discusses his outlook for the Saudi Arabian equity market and talks about short selling. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



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MIDEAST STOCKS-Saudi slips after oil falls, prince's interview has little impact | Reuters

MIDEAST STOCKS-Saudi slips after oil falls, prince's interview has little impact | Reuters:

"Saudi Arabia's stock market fell in early trade on Wednesday after oil prices slipped, while a televised interview by the top economic policy official, Deputy Crown Prince Mohammed bin Salman, did little to boost market sentiment.

Advanced Petrochemical dropped 3.2 percent after the polypropylene maker posted first-quarter net income of 124 million riyals ($33.1 million), down 12.9 percent from a year ago and below NCB Capital's prediction of 149 million riyals.

Other petrochemical makers were also weak after Brent crude slipped below $51 a barrel overnight to its lowest close this year. Riyadh's stock index was down 0.3 percent after half an hour of trade."



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