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Monday, 10 July 2017

#Emirates #Dubai #UAE Lets Dozens of Employees Go - Bloomberg

Emirates Lets Dozens of Employees Go - Bloomberg:

"Emirates is letting go of dozens of employees as the Persian Gulf carrier continues a push to streamline after years of rapid growth, according to people with knowledge of the matter. The world’s biggest long-haul airline is scaling back senior cabin crew as well as the support department workforce including administration and IT, according to the people, who asked not to be identified as the information isn’t public. The cuts at Emirates, which froze hiring last summer and hasn’t taken on new crew in months, began in the last few weeks and affect middle and upper-level managers, they said. Dubai-based Emirates said there is no company-wide program to reduce headcount and that “there is no change in staff turnover rates in the past weeks.”"



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Qatar LNG flows unaffected by crisis: Shell | Reuters

Qatar LNG flows unaffected by crisis: Shell | Reuters:

"Qatari exports of liquefied natural gas (LNG) remain stable amid ongoing tension between the world's biggest LNG exporter and its neighbors, an executive for Royal Dutch Shell said on Monday. "LNG flows remain stable, cargoes are going into the market," said Steve Hill, Executive Vice-President for Gas and Energy Marketing and Trading at Shell, one of the world's biggest LNG traders. "Qatar is a very credible and competent LNG producer," Hill said at an industry event in Istanbul."



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#Qatar Shares Dumped by Neighbors Get Snapped Up by Locals - Bloomberg

Qatar Shares Dumped by Neighbors Get Snapped Up by Locals - Bloomberg:

"Institutional investors from the six-nation Gulf Cooperation Council were net sellers of Qatari stocks in almost every session since June 5, when a Saudi Arabian-led bloc cut commercial and diplomatic ties with the country. A wave of patriotic buying has countered the disposals, with local money managers purchasing $322 million in stocks, against $240 million of outflows from GCC institutions. Qatar’s main stock index has declined 10 percent since the spat began, more than any other major global benchmark."



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#Qatar’s Wealth Enough to Weather Any Shock, Central Bank Says - Bloomberg

Qatar’s Wealth Enough to Weather Any Shock, Central Bank Says - Bloomberg:

"Qatar has enough cash reserves and assets to weather the standoff with the Saudi-led alliance, now in its second month, with inflows into the country still exceeding money heading out, central bank Governor Sheikh Abdullah bin Saoud Al Thani. Withdrawals from Qatari banks aren’t “significant,’’ the governor said in remarks published by CNBC on its website. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed diplomatic and transport links with Qatar, the world’s biggest exporter of liquefied natural gas, on June 5. The alliance accuses Qatar of destabilizing the region by supporting proxies of Shiite-dominant Iran as well as Sunni extremists, charges the sheikdom has denies."



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Oil Hovers Near $44 as Market Weighs Libya, Nigeria Output Caps - Bloomberg

Oil Hovers Near $44 as Market Weighs Libya, Nigeria Output Caps - Bloomberg:

"Oil closed above $44 a barrel as the market weighed the likelihood and potential effectiveness of Libya and Nigeria capping production.

The two African producers, which have boosted output since being exempt from OPEC cuts, have been invited to a July 24 meeting in Russia to discuss the stability of their production, Kuwait’s Oil Minister Issam Almarzooq said in Istanbul. Russian Energy Minister Alexander Novak said the oil market situation will be discussed at the meeting and the pact between OPEC and non-OPEC is working “successfully.”"



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UPDATE 1-Etisalat to exit Nigeria after regulators intervene | Reuters

UPDATE 1-Etisalat to exit Nigeria after regulators intervene | Reuters:

"Telecoms group Etisalat has terminated a management agreement with its Nigerian arm and given the business time to phase out the Etisalat brand in Nigeria, the chief executive of Etisalat International told Reuters on Monday.

Nigerian regulators intervened last week to save Etisalat Nigeria from collapse after talks with its lenders to renegotiate a $1.2 billion loan failed.

Etisalat, with a 45 percent stake in the Nigerian business, said in June it had been ordered to transfer its shares to a loan trustee after the talks had failed."



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Abu Dhabi's Oil Producer May Sell Shares in Units to Expand - Bloomberg

Abu Dhabi's Oil Producer May Sell Shares in Units to Expand - Bloomberg:

"Abu Dhabi National Oil Co. may sell minority stakes in some of its service units and will seek international partners as the producer of most of the crude in the United Arab Emirates seeks to boost growth and expand operations. The company known as Adnoc, which already has ventures with international companies such as Total SA at its main oil and natural gas fields, will expand its partnerships into refining and petrochemicals as well as other areas like pipelines and storage, Chief Executive Officer Sultan Al Jaber said Monday in an emailed statement. One of its services-related companies may be listed by the end of this year, a spokesman said. “Adding partnerships and selling stakes in some units like services that are not core businesses makes sense to bring in capital and raise profitability and efficiency,” said Robin Mills, head of Dubai-based consultant Qamar Energy. “When oil prices are low and producers can’t raise output, petrochemicals are an obvious place to look for profit and growth.”"



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Aramco to Spend $300 Billion as CEO Frets Over World Oil Supply - Bloomberg

Aramco to Spend $300 Billion as CEO Frets Over World Oil Supply - Bloomberg:

"Saudi Aramco, which plans what could be the world’s biggest initial public offering, will invest more than $300 billion over the next decade to maintain its spare oil-production capacity and explore for more natural gas, President and Chief Executive Officer Amin Nasser said.

The outlook for oil supplies is “increasingly worrying,” with about $1 trillion in investments lost during the current industry downturn and fewer new deposits being discovered, Nasser said at a conference in Istanbul. Some estimates suggest that at least 20 million barrels a day of new output is needed over the next five years to offset rising oil demand and the natural decline of developed fields, he said.

“There seems to be a growing belief that the world can prematurely disengage from proven and reliable energy sources like oil and gas, on the mistaken assumption that alternatives will be rapidly deployed,” Nasser said in a speech on Monday. The petroleum industry will be at the heart of global energy for years, and the transition to use of alternatives will be “long and complex,’ he said."



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Rasmala's Taqi Sees Fiscal Challenges for Saudi Arabia - Bloomberg

Rasmala's Taqi Sees Fiscal Challenges for Saudi Arabia - Bloomberg:

"Rasmala Investment Bank Head of Equities Ali Taqi discusses his outlook for the Saudi Arabian economy and markets. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



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MIDEAST STOCKS-Middle East follows global shares up, strong Q2 boosts Saudi | Reuters

MIDEAST STOCKS-Middle East follows global shares up, strong Q2 boosts Saudi | Reuters:

"Middle East markets followed global shares higher on Monday and Saudi Arabia's stock index was bolstered by strong quarterly reports and dividend announcements.

For now, unease about an end to the era of ultra-cheap money has given way to optimism about global growth, with Friday's stronger-than-expected U.S. non-farm payrolls report bolstering risk appetite. Data on Monday showed exports from Germany, Europe's biggest economy, rose more than expected in May.

The pan-European STOXX 600 rallied 0.4 percent, with banks being one of the strongest sectors."



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MIDEAST STOCKS-Saudi gets a boost from retail, banking shares following Q2 profit, dividends | Reuters

MIDEAST STOCKS-Saudi gets a boost from retail, banking shares following Q2 profit, dividends | Reuters:

"Shares of Saudi Arabia's United Electronics surged in early trade on Monday after reporting a quadrupling in its second quarter net income and its first dividend distribution since 2015, while the region's banking shares were also strong. Shares of United Electronics Company (Extra) surged by their 10 percent daily limit in the first 10 minutes of trade after reporting a second quarter net income of 43.4 million riyals ($11.57 million), up 287.5 percent from the prior year period. In a separate statement, the board approved a cash dividend of 0.75 riyal per share for first half of 2017, the company's first dividend distribution since 2015."



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