Google+ Followers

Tuesday, 8 August 2017

Kingdom Holdings reports 68 per cent rise in quarterly profits - The National

Kingdom Holdings reports 68 per cent rise in quarterly profits - The National:

"Saudi Arabia’s Kingdom Holdings reported a 68 per cent rise in second quarter profits compared with the first three months of the year, amid plans for an $800 mn investment in three Egyptian hotels.

The investment firm, owned by Prince Alwaleed bin Talal, reported a net profit of 216.3 million Saudi riyals for the second quarter of the year, compared with a loss of 80 million riyals in the same period last year, and a first quarter profit of 129m riyals, according to a statement posted on the Saudi stock exchange.

Kingdom said that the increase in profitability came from an “increase in income from and gain on investments in addition to increase in dividends income, increase in other gains and increase in share of results from equity-accounted investees,” which came in spite of a rise in financial charges and general administrative expenses."



'via Blog this'

OPEC Veteran Zanganeh Tapped to Return as Iran Oil Minister - Bloomberg

OPEC Veteran Zanganeh Tapped to Return as Iran Oil Minister - Bloomberg:

"Iran’s President Hassan Rouhani proposed the reappointment of its longest-serving oil minister, Bijan Namdar Zanganeh, who fought to restore crude production and closed a landmark deal with Total SA to develop the Persian Gulf country’s share of the world’s biggest natural gas field.

Rouhani submitted names of his cabinet nominees, including Zanganeh, for parliamentary approval, Tasnim news agency reported Tuesday. Zanganeh, a 65-year-old engineer who served two presidents as oil minister, succeeded in shielding Iran from joining global cuts in crude production by OPEC and other major suppliers. Parliament is set to vote on his reappointment starting next week, according to state media.

During the first of his two terms as oil minister, from 1997 until 2005, Zanganeh enticed foreign companies including Total and Royal Dutch Shell Plc to help revive Iran’s oil and gas fields after years of under-investment. He returned to the post in 2013 and boosted the nation’s oil exports as production rose by about 1 million barrels a day after the easing of economic sanctions in January 2016."



'via Blog this'

SolarWorld founder Asbeck, Qatar to buy some of its factories -sources

SolarWorld founder Asbeck, Qatar to buy some of its factories -sources:

"Frank Asbeck, founder and former CEO of SolarWorld, has teamed up with Qatar to buy two of the insolvent panel maker's factories, sources familiar with the matter said.

Qatar was a shareholder in SolarWorld with a stake of 29 percent before its collapse, while Asbeck held 21 percent.

The plants, located in the German states of Saxony and Thuringia, will be taken over by a new investment vehicle called SolarWorld Industries GmbH, which counts Asbeck and the Qatar Foundation as its owners, the sources told Reuters on Tuesday."



'via Blog this'

Abu Dhabi gives Malaysia 1MDB new extension for missed $600 million payment

Abu Dhabi gives Malaysia 1MDB new extension for missed $600 million payment:

"Abu Dhabi has once again extended a deadline for troubled state fund 1Malaysia Development Bhd (1MDB) - the subject of allegations of fraud and money-laundering - to make a debt payment of over $600 million that was originally due at the end of July. 1MDB is now required to pay at least $310 million by Aug. 12 and the rest of the money plus interest by Aug. 31, Abu Dhabi's government-owned International Petroleum Investment Co (IPIC) said in a statement to the London Stock Exchange on Tuesday. Under a deal struck in April, 1MDB originally agreed to pay $1.2 billion in two installments to IPIC, with the first of about $600 million to be paid by July 31. The Malaysian fund did not honor that commitment and IPIC then gave it a grace period which ended on Tuesday; 1MDB also missed that deadline."



'via Blog this'

OPEC expects laggards to comply more fully with oil cut pact

OPEC expects laggards to comply more fully with oil cut pact:

"OPEC expects greater adherence to its pact with non-OPEC producers to cut oil output after two days of meetings in Abu Dhabi aimed at boosting compliance with the accord. The Organization of the Petroleum Exporting Countries, Russia and other producers are cutting output by about 1.8 million barrels per day (bpd) until March 2018 to get rid of a glut and support prices. OPEC producers Iraq and the UAE have shown relatively low compliance with the deal based on figures from secondary sources OPEC uses to monitor its supply. Meanwhile, non-OPEC Kazakhstan and Malaysia have been boosting output in the last few months, according to the International Energy Agency."



'via Blog this'

HSBC plans Saudi growth thanks to kingdom's 'unprecedented' transformation

HSBC plans Saudi growth thanks to kingdom's 'unprecedented' transformation:

"HSBC is planning to add staff to its Saudi Arabian operations as the kingdom embarks on one of the biggest economic transformations attempted by any country, the bank's regional chief Georges Elhedery told Reuters.

Opportunities for investment banks have increased tremendously due to Vision 2030, the reform program launched by Crown Prince Mohammed bin Salman to diversify the economy and end its reliance on oil exports, Elhedery said in an interview.

Riyadh has ambitious privatization plans, including to raise $100 billion through the listing of five percent of state oil firm Saudi Aramco at home and on one or more overseas markets.

"



'via Blog this'

Rise of electric cars challenges the world’s thirst for oil

Rise of electric cars challenges the world’s thirst for oil:

"In the early years of US oil production in the late 19th century, gasoline was considered a useless byproduct of kerosene that would be burnt off or dumped in rivers.

That changed when the first mass-produced automobiles hit the road. But just over a century later, the symbiotic relationship between oil and cars which transformed society is beginning to fray.

Recent announcements by the UK and France of plans to ban sales of new petrol and diesel vehicles by 2040 have amplified two critical questions for the petroleum industry: will electric vehicles (EVs) cause oil demand to decline and, if so, when?

"



'via Blog this'

Kazakhstan: US sanctions will not affect oil projects

Kazakhstan: US sanctions will not affect oil projects:

"New US sanctions against Russia will not affect multi-billion dollar oil projects in Kazakhstan backed by Chevron, ExxonMobil and other western energy majors, the country’s economy minister has said. Fresh sanctions against Moscow signed into law by President Donald Trump this week directly target Russian energy export pipelines, raising fears that oil from Kazakhstan, which is exported along the Caspian Pipeline Consortium (CPC) pipeline that runs through Russia to the Black Sea, could be affected. “The pipeline, which links our oil to the seas, in particular, to Novorossiysk, is not covered by the sanctions. American companies, such as Chevron, who are also shareholders of the CPC, have themselves obtained from their parliament that such transit pipelines be excluded from sanctions,” minister of national economy Timur Suleimenov told reporters. “Therefore, in this case, the delivery of our oil to foreign markets will not be affected.”"



'via Blog this'

MIDEAST STOCKS-Savola helps Saudi rise, Dubai's Air Arabia jumps on earnings

MIDEAST STOCKS-Savola helps Saudi rise, Dubai's Air Arabia jumps on earnings:

"A surge by major food maker Savola helped Saudi Arabia's stock market outperform a generally sluggish region on Tuesday, while Air Arabia jumped in Dubai on its second-quarter earnings.

The Saudi stock index rose 0.5 percent as Savola, which had been in an uptrend for the last few days, gained 4.0 percent in its heaviest trade for over a month.

Savola climbed despite reporting that quarterly profit dropped to 229.3 million riyals ($61.1 million) from 253.5 million riyals a year ago, as sales declined. The profit slide appeared to be partly due to contracting retail margins, analysts at NCB Capital said."



'via Blog this'

MIDEAST STOCKS-Gulf markets narrowly mixed but Dubai's Air Arabia surges

MIDEAST STOCKS-Gulf markets narrowly mixed but Dubai's Air Arabia surges:

"Stock markets in the Gulf were narrowly mixed in sluggish, early trade on Tuesday although Dubai's Air Arabia rose sharply on better-than-expected second-quarter earnings. Air Arabia surged 6.5 percent, accounting for over a third of the market's trading volume, after it reported a 19.2 percent rise in second-quarter net profit to 150.7 million dirhams ($41.03 million). EFG Hermes and SICO Bahrain had forecast 95.9 million dirhams and 96.3 million dirhams. Dubai's index edged up only 0.1 percent, however, as falling stocks outnumbered gainers 14 to eight. Amlak Finance dropped 1.8 percent despite reporting that it had swung to a small second-quarter profit from a year-earlier loss."



'via Blog this'

Renault Sets Up New Iran Partnership Amid U.S. Trade Tensions - Bloomberg

Renault Sets Up New Iran Partnership Amid U.S. Trade Tensions - Bloomberg:

"Renault SA plans to increase its car manufacturing in Iran by 75 percent, defying efforts by U.S. President Donald Trump’s administration to isolate the country with additional sanctions. The French automaker is setting up a joint venture with Iran’s Industrial Development & Renovation Organization and local dealer Parto Negin Naseh Co. to build 150,000 vehicles a year, Renault said Monday in a statement. The company reached an initial deal with IDRO in September, when it said the partnership will begin producing cars next year. Investment in the project’s first phase will total 660 million euros ($779 million), Iran’s official IRNA news agency reported, without specifying how much each partner will spend. Renault declined to comment on any amount. The French company will hold 60 percent of the business and local partners the rest, IRNA cited Mansour Moazami, head of IDRO, as saying."



'via Blog this'

Best-Performing Arab Economy Balks at Float on Egypt Devaluation - Bloomberg

Best-Performing Arab Economy Balks at Float on Egypt Devaluation - Bloomberg:

"In five decades of importing steel wires, Zahar Benmoussa’s company never worried about currency risks -- until Morocco announced plans to float the dirham. “For the first time in our history, we started to hedge” in the currency market, said Benmoussa, managing director at Casablanca-based Grillages Marocains. Across Morocco, fears of a weaker dirham triggered a rush for dollars and euros, causing a $3 billion drop in its reserves in just three months this year. Then in June, the government put its plans on hold again. It was at least the second time it stalled on a move supported by the International Monetary Fund and a centerpiece of Morocco’s ambitions to become North Africa’s dominant financial hub. By delaying, it risks wasting a “perfect time” in terms of its economic health to loosen controls, according to Charles Robertson, global chief economist at London-based Renaissance Capital."



'via Blog this'