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Tuesday, 25 July 2017

DFM second quarter profit plummets on lower trading commission fees - The National

DFM second quarter profit plummets on lower trading commission fees - The National:

"The Dubai Financial Market, the only publicly listed Arabian Gulf stock exchange, posted a 19.2 per cent drop in second quarter net profit on lower trading commission fees.

Net profit attributable to equity owners in the three months to the end of June fell to Dh43.2 million compared with Dh53.5m in a year-earlier period, the exchange said in a statement.

Total income declined 10 per cent to Dh92.1m from Dh102.3m a year earlier. Trading commission fees, the main source of income, dropped 22.8 per cent to Dh49.3m from Dh63.9m."



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Future of Airbus A380 said to hinge on Emirates order | GulfNews.com

Future of Airbus A380 said to hinge on Emirates order | GulfNews.com:

"Airbus is working on vital sales campaigns aimed at extending the life of its flagship A380 superjumbo, with outgoing marketing chief John Leahy seeking to secure orders by the Dubai Air Show in November, people familiar with the matter said. Key to the push is a requirement for 20 jets worth $8.7 billion (Dh31.96 billion) at leading A380 customer Emirates, with follow-on orders from British Airways owner IAG SA, Japan’s ANA Holdings Inc. and Thai Airways International PCL also in the mix, according to the people, who asked not to be named as the talks are private. Airbus may not feel that it can proceed with the smaller sales, likely to be for five to 10 planes apiece, without the Emirates deal to bolster the program, the people said. In the absence of new orders the company is set to pare output to less than one A380 a month, most likely sounding the death knell for the jet amid a dwindling backlog, and could detail the envisaged cut in an earnings update this week, they said."



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Challenging road ahead for GCC’s economic diversification efforts | GulfNews.com

Challenging road ahead for GCC’s economic diversification efforts | GulfNews.com:

"GCC governments face significant challenges in their economic diversification efforts as they face sustained decline in oil prices in recent years, according to global rating agency Standard & Poor’s. “In our view, the challenges to GCC economic diversification remain substantial and GCC governments’ 20- and 30-year visions are aspirational, with significant progress to be made if they are to be achieved,” said Trevor Cullinan, a credit analyst with S&P. GCC sovereigns have announced ambitious diversification plans, some of which have existed for several years. These plans have recently gained new impetus following sustained decline in oil prices. By and large, governments have presented National Development Plans (NDPs) or ‘Visions’ with 20- to 25-year time horizons, usually incorporating five-year intermediate strategies."



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U.A.E. Pledges Further Oil Output Cuts Starting in September - Bloomberg

U.A.E. Pledges Further Oil Output Cuts Starting in September - Bloomberg:

"The United Arab Emirates reiterated its commitment to the OPEC agreement on production cuts and said it would deepen its own curbs. The Abu Dhabi National Oil Co.’s shipments of Murban, Das and Upper Zakum crudes will be 10 percent lower from September, Minister of Energy Suhail Al Mazrouei said in a tweet on Tuesday. “The U.A.E. is committed to its share in the OPEC production cut,” he said. The move follows criticism on Monday from Saudi Minister of Energy and Industry Khalid Al-Falih of members of the Organization of Petroleum Exporting Countries who haven’t fulfilled their pledged supply reductions. The U.A.E. has only implemented 54 percent of its promised 139,000 barrel-a-day cut on average, according to the International Energy Agency. "



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Australian Commodity Powerhouse Faces Post LNG Investment Slump - Bloomberg

Australian Commodity Powerhouse Faces Post LNG Investment Slump - Bloomberg:

"The startup of Chevron Corp.’s mammoth $54 billion Gorgon gas export plant last year has left Western Australia grappling with a slowdown as a decade-long investment bonanza subsides. The value of projects in Western Australia, home to the nation’s largest conventional gas reserves, has slumped to its lowest since the financial crisis in 2008, according to consultant Deloitte Access Economics. Projects being built in the state were worth A$64.7 billion ($51.3 billion) at the end of June 2017, a 46 percent decline from a year earlier. The completion of Gorgon, the largest resource development in Australia’s history, has “weighed heavily” on investment with engineering construction now accounting for less than 10 percent of the state’s economic value compared with more than 20 percent during the peak of the mining boom in 2012. Chevron’s Gorgon project off northwest Australia employed more than 10,000 people at its peak, project director Jeff Brubaker said last year."



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Oil Jumps as Saudis Plan Export Cut, U.S. Supplies Seen Lower - Bloomberg

Oil Jumps as Saudis Plan Export Cut, U.S. Supplies Seen Lower - Bloomberg:

"Oil surged the most since November as the market appears to be tightening, with Saudi Arabia pledging deeper cuts to crude exports and supplies in the U.S. shrinking. Futures advanced 3.3 percent in New York, and the global Brent benchmark closed above $50 a barrel for the first time since June. Saudi Arabia will cap shipments at 6.6 million barrels a day in August, 1 million lower than a year earlier, Energy Minister Khalid Al-Falih said. In the U.S., crude, gasoline and distillate supplies are seen dropping in the next Energy Information Administration report due Wednesday. “They have chased the bears back into the woods. Sentiment in the market is mildly bullish,” James Williams, an economist at London, Arkansas-based energy-research firm WTRG Economics, said by telephone."



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MIDEAST STOCKS-Corporate earnings weigh on Saudi, most of region steady

MIDEAST STOCKS-Corporate earnings weigh on Saudi, most of region steady:

"Poor corporate earnings, due in part to Saudi Arabia's austerity policies and sluggish economic growth, weighed on the Saudi stock market on Tuesday as most regional bourses were virtually flat. The Saudi stock index fell 0.3 percent in thin trade. National Shipping Co (Bahri) sank 5.6 percent after reporting that quarterly net profit plunged to 153.9 million riyals ($41.0 million) from 487.1 million riyals a year earlier, as revenues also tumbled. It cited lower shipping spot market rates and higher bunker costs. Al Yamamah Steel lost 4.9 percent after reporting a quarterly profit of 17.2 million riyals, down from 67.9 million riyals, as sales fell steeply."



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Saudi Arabia Raises $4.5 Billion in 1st Local Bond This Year - Bloomberg

Saudi Arabia Raises $4.5 Billion in 1st Local Bond This Year - Bloomberg:

"Saudi Arabia raised 17 billion riyals ($4.5 billion) from its first local Islamic bond sale this year as the biggest Arab economy seeks funds to bridge a budget deficit amid low oil prices. The government received investor offers in excess of 51 billion riyals, more than three times the deal size, according to a statement posted on the Ministry of Finance website. The kingdom sold 12 billion riyals of bonds maturing in 2022, 2.9 billion riyals of seven-year notes and 2.1 billion riyals of 10-year bonds, according to the statement. The 10-year sukuk was priced at 3.55 percent, the seven-year at 3.25 percent and the five-year securities at 2.95 percent, according to people familiar with the sale who asked not to be identified."



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MIDEAST STOCKS-Corporate earnings weigh on Saudi in generally weak region

MIDEAST STOCKS-Corporate earnings weigh on Saudi in generally weak region:

"Poor corporate earnings, many of them the result of Saudi Arabia's austerity policies and sluggish economic growth, weighed on the Saudi stock market in early trade on Tuesday as regional bourses were generally soft. The Saudi stock index edged down 0.1 percent as National Shipping Co (Bahri) sank 5.3 percent after reporting quarterly net profit plunged to 153.9 million riyals ($41.0 million) from 487.1 million riyals a year earlier, as revenues also tumbled. It cited lower shipping spot market rates and higher bunker costs. Al Yamamah Steel lost 4.3 percent after reporting a quarterly profit of 17.2 million riyals, down from 67.9 million riyals, as sales fell steeply."



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