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Monday, 9 October 2017

Moody's maintains stable outlook on UAE banking industry on back of 'economic resilience' - The National

Moody's maintains stable outlook on UAE banking industry on back of 'economic resilience' - The National:

"Moody’s Investors Service maintained its stable outlook on the UAE banking industry citing stable funding, strong capitalisation and expectations of an economic rebound next year amid higher oil prices. “Stabilising oil prices and international bond issuances will continue to support funding and liquidity conditions in the country, following a tightening during 2016 amid oil price weakness,” said Mik Kabeya, an analyst at Moody’s. Moody’s is forecasting credit growth of 5 per cent in 2018. That compares to 2 per cent in 2017, 5.8 per cent in 2016 and 8 per cent in 2015."



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Australia's Select Harvests rejects offer from UAE fund, shares jump

Australia's Select Harvests rejects offer from UAE fund, shares jump:

"Australian almond producer Select Harvests Ltd (SHV.AX) said on Monday it has rejected a A$430.6-million ($334 million) takeover proposal from United Arab Emirates sovereign wealth fund Mubadala Investment Company PJSC. Shares in Select Harvests were up 25.5 percent at A$5.27 after the announcement. The company said the Mubadala Investment Company offer “undervalued” the company at A$5.85 per share and was also “highly conditional”. The offer was 39 percent above the company’s closing share price last Wednesday, ahead of a halt in trading."



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Oil Lingers Below $50 as Market Yawns at Efforts to Whittle Glut - Bloomberg

Oil Lingers Below $50 as Market Yawns at Efforts to Whittle Glut - Bloomberg:

"Oil crept toward the $50-a-barrel mark after OPEC’s chief dangled the possibility of prolonging supply curbs well into next year. Oil producers led by Saudi Arabia and Russia are succeeding in shrinking a worldwide glut of crude, yet may need to take further steps to sustain the effort, OPEC Secretary-General Mohammad Barkindo said. The Saudi’s state-owned oil company announced the “deepest customer allocation cuts in its history,” a reference to how much oil it intends to ship next month. Futures fluctuated in a 59-cent range in New York amid light volume on the U.S. Columbus Day holiday. “It’s kind of a day of indecision,” Michael Hiley, head of over-the-counter energy trading at New York-based LPS Partners, said by telephone. Until producers formally agree to extend the cuts, the market is likely going to ignore OPEC headlines, he said."



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Saudi balances recession, deficit in tough decision on energy reform

Saudi balances recession, deficit in tough decision on energy reform:

"Saudi Arabia is expected to decide by the end of this month on the timing of domestic fuel and electricity price hikes that could risk pushing the economy further into recession, sources familiar with the matter told Reuters. The dilemma over energy prices shows economic reforms, designed to eliminate a huge state budget deficit caused by low oil prices while weaning the economy off dependence on oil exports, are running into a difficult phase. Austerity steps so far, including an initial round of energy price hikes announced in December 2015, have begun to reduce the deficit. But this has come at a high cost to the economy: data last week showed Saudi Arabia in recession during the second quarter, and unemployment among Saudis at 12.8 percent."



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MIDEAST STOCKS-Qatari stock market rebounds, Zain pulls back in Kuwait

MIDEAST STOCKS-Qatari stock market rebounds, Zain pulls back in Kuwait:

"Banking shares boosted Qatar’s stock market on Monday as it rebounded from a five-year low, while Kuwaiti telecommunications firm Zain fell despite a plan by Oman Telecommunications to become a strategic investor in it.

Qatar’s index, which had tumbled as much as 1.6 percent on Sunday but finished 0.1 percent higher, gained 0.9 percent on Monday. That suggested a technical rebound might be starting to erase some of the steep losses since June 5, when four Arab states imposed sanctions on Doha.

Banking and telecommunications sectors attracted most of the interest in heavy trade: Commercial Bank of Qatar climbed 1.8 percent while Ooredoo rose 1.2 percent."



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Australia's Select Harvests receives $334.4 million takeover offer from UAE sovereign wealth fund

Australia's Select Harvests receives $334.4 million takeover offer from UAE sovereign wealth fund:

"Australian almond producer Select Harvests Ltd said on Monday it received a takeover proposal from United Arab Emirates sovereign wealth fund Mubadala Investment Company PJSC for A$5.85 ($4.54) per share, a 39 percent premium to its previous close on Wednesday. Shares of the company jumped as much as 27 percent to A$5.33 after the announcement. The deal wouldn’t have an impact on Select Harvest’s business, including no return on capital or dividends, the company said in a statement."



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MIDEAST STOCKS-Qatar rebounds in early trade, other markets steady | ZAWYA MENA Edition

MIDEAST STOCKS-Qatar rebounds in early trade, other markets steady | ZAWYA MENA Edition:

"Qatar's stock market continued to rebound from a five-year low in early trade on Monday, while other bourses in the Gulf were generally steady. Qatar's index, which had tumbled as much as 1.6 percent on Sunday but finished 0.1 percent higher, hit 8,230 points in early trade on Monday, gaining more than 1 percent. That suggested a technical rebound might be starting, although sentiment is likely to remain very cautious while the sanctions by four Arab states continue to weigh on the economy."



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Omantel to buy additional 12 pct stake in Kuwait's Zain

Omantel to buy additional 12 pct stake in Kuwait's Zain:

"Oman Telecommunication Co (Omantel) said on Monday it had agreed to buy a 12 percent stake in Kuwaiti telecommunications firm Zain in a deal that will more than double its stake.

The stake is worth about $946 million based on Zain’s current market value, Thomson Reuters data showed.

In August, Omantel purchased a 9.84 percent stake in Zain for $846 million, saying the transaction was part of a strategy launched to diversify its investment and market position in the region."



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Qatar discussing idea of dollar bond with market, no decision

Qatar discussing idea of dollar bond with market, no decision:

"Qatar has been discussing with banks the idea of issuing an international bond this year, but no decision has been made yet, a Qatari finance ministry official told Reuters on Monday. Regional and international commercial bankers confirmed that the Qatari government had been asking banks how a potential dollar bond issue might be received by the market. They said discussions were in the nature of regular contacts which many governments maintain with the market to gauge their fund-raising options, rather than preparatory talks for an issue."



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