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Thursday, 8 June 2017

MIDEAST STOCKS-Qatar rebounds but oil price plunge drags down Saudi | Reuters

MIDEAST STOCKS-Qatar rebounds but oil price plunge drags down Saudi | Reuters:

"Qatar's stock market rebounded on Thursday from a steep slide caused by its diplomatic rift with neighbouring states, while a plunge in oil prices weighed on Saudi Arabia's bourse.

The Qatari stock index, which had lost 9.7 percent over three days since Saudi Arabia and the United Arab Emirates cut diplomatic and trade relations, bounced 3.0 percent.

The mood in Doha remained nervous; Standard & Poor's downgraded Qatar's credit rating on Wednesday night, and the economic damage to Qatar from the rift could become serious if foreign banks pull out funds."



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Ipic proved profitable in 2016 | The National

Ipic proved profitable in 2016 | The National:

"International Petroleum Investment Company (Ipic), which has merged with Mubadala Development Company to become Mubadala Investment Company, swung back into profit last year despite weaker oil prices, as margins improved and its asset impairment charges declined. The company said total comprehensive income last year was US$200 million, compared to a loss of $4.1 billion in the previous year. Net sales during the year declined a little more than 6 per cent, to $31bn, mainly because of lower oil and gas prices. But gross margins nearly quadrupled to 19 per cent, with lower feedstock prices helping to push the operating profit to $1.9bn from a $3.6bn loss the year before."



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EU to tackle airline competition with new rules | Reuters

EU to tackle airline competition with new rules | Reuters:

"The European Union proposed new rules on Thursday to tackle alleged unfair competitive practices from foreign airlines as it seeks to ensure European carriers can fend off fierce competition from abroad. The move comes after repeated complaints from some European airlines, notably Air France KLM (AIRF.PA) and Lufthansa (LHAG.DE), about Gulf carriers receiving illegal government subsidies, charges Emirates, Qatar Airways and Etihad all deny. The proposal, which needs to be approved by the European Parliament and EU member states before becoming law, would allow governments and airlines to submit complaints about discriminatory practices to the European Commission."



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Qatar credit quality to decline if GCC tensions persist: Moody's | Reuters

Qatar credit quality to decline if GCC tensions persist: Moody's | Reuters:

"Qatar's credit quality would decline if tensions with its Gulf neighbors continue for much longer, raising the country's debt ratio and hurting banks' liquidity, Moody's ratings agency said on Thursday. "A prolonged or deepening rift between Qatar and its GCC neighbors would potentially have a more marked financial effect and increase funding costs for the sovereign and other Qatari entities," Moody's told clients. It currently rates Qatar at A3 with a stable outlook, or four notches above junk."



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UAE re-imposes port ban on Qatari-linked oil tankers | Reuters

UAE re-imposes port ban on Qatari-linked oil tankers | Reuters:

"Abu Dhabi Petroleum Ports Authority has re-imposed a ban on oil tankers linked to Qatar calling at ports in the United Arab Emirates, reversing an earlier decision to ease restrictions, and potentially creating a logjam of crude cargoes.

The Port Authority circular was issued late on Wednesday and seen by Reuters on Thursday. It states: "Denial of entry into any of the Petroleum Ports, for all vessels arriving from, or destined to Qatar, regardless of its flag." That was followed by a notice from the UAE's state-owned Abu Dhabi National Oil Company (ADNOC) on Thursday with the same language also seen by Reuters.

The ban on all vessels carrying the Qatari flag and vessels owned or operated by Qatar remains in place and those ships will not be allowed into its petroleum ports, the port authority circulars said."



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MIDEAST STOCKS-Blue chips help Qatar rebound, weak oil prices hit Saudi | Reuters

MIDEAST STOCKS-Blue chips help Qatar rebound, weak oil prices hit Saudi | Reuters:

"Qatar's stock market rebounded in early trade on Thursday after losing 9.7 percent since neighbouring Arab states cut diplomatic and trade relations with it early this week, while an overnight plunge in oil prices weighed on Saudi Arabia's bourse. Qatar's stock index was up 2.5 percent after an hour of trade with all 17 companies that have a market capitalisation of over $1 billion rebounding. Industrial conglomerate Aamal Co, in which the Qatari ruling family has 28 percent ownership, was the top performer, soaring 9.1 percent. Its shares had lost 15.6 percent in the previous three sessions."



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