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Monday, 3 July 2017

MIDEAST STOCKS-Foreign funds bolster Qatar, Saudi edges up | Reuters

MIDEAST STOCKS-Foreign funds bolster Qatar, Saudi edges up | Reuters:

"Foreign funds helped Qatar's equities index rebound on Monday after a diplomatic deadline for Doha to comply with demands by four Arab states was extended by two days to Tuesday night. Saudi Arabia edged up on the back of petrochemicals.

Qatar's foreign minister arrived in Kuwait, which is acting as mediator, to respond to the demands. There is still no clear sign that Doha will accept enough of the demands to satisfy the four states or that the dispute will be resolved.

If not, fresh sanctions could be imposed - Saudi Arabia's Okaz newspaper reported that boycotting countries would ask international companies to choose between doing business with them or with Qatar."



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UAE's Dana Gas will try again to hold call on sukuk restructuring | Reuters

UAE's Dana Gas will try again to hold call on sukuk restructuring | Reuters:

"Abu Dhabi-listed Dana Gas has rescheduled a telephone call with holders of its outstanding $700 million of sukuk to this Thursday at 4 p.m. United Arab Emirates time (1200 GMT), the company said on Monday. The call would outline the broad terms of the company's proposal to restructure its Islamic bonds. Dana is claiming it must exchange the instruments for new ones at lower profit rates because they are no longer lawful following changes in Islamic finance. The company had originally scheduled the call for June 21, but on that day it decided to postpone the call because, it said, a media article had "mischaracterised" the event. Previously, it said, it made several approaches to an ad hoc committee of creditors to arrange a call but each invitation was declined."



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MIDEAST STOCKS-Qatar stabilises after diplomatic deadline extended, Saudi cools | Reuters

MIDEAST STOCKS-Qatar stabilises after diplomatic deadline extended, Saudi cools | Reuters:

"Qatar's stock market stabilised in early trade on Monday after a diplomatic deadline to comply with demands by four Arab states was extended by two days to Tuesday night.

Kuwait's foreign minister arrived in Kuwait, which is acting as mediator, to respond to the demands. There is still no clear sign that Qatar will accept enough of the demands to satisfy the four states or that the dispute will be resolved.

If not, fresh sanctions could be imposed - Saudi Arabia's Okaz newspaper reported that the boycotting countries would ask international companies to choose between doing business with them or with other countries."



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