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Friday, 27 October 2017

Norway oil fund posts sixth straight quarter of gains

Norway oil fund posts sixth straight quarter of gains:

"Norway’s $1tn oil fund took advantage of benign market conditions over the summer to post its sixth consecutive quarter of positive returns.

The world’s largest sovereign wealth fund returned 3.2 per cent in the third quarter with strong stock markets ensuring its equity portfolio gained 4.3 per cent while bonds delivered a 0.8 per cent return.

Yngve Slyngstad, chief executive of Norges Bank Investment Management, which manages the fund, said:"



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Exclusive: Saudi Arabia’s Tadawul open to stake sale to international exchanges - The National

Exclusive: Saudi Arabia’s Tadawul open to stake sale to international exchanges - The National:

"The Saudi Stock Exchange (Tadawul), the Arab world’s biggest bourse, is open to selling a stake to an international exchange, a move it would consider based on the added value to the US$440 billion bourse, its chief executive said. “The exchange won’t take this step unless it is 100 per cent value added to Tadawul,” Khalid Al Hussan told The National in Riyadh. “We believe that we are big as far as this region [is concerned], most liquid, so if we are going to add the element of an exchange to our exchange, it should be a clear added value and just not because we need to attach our name to a big exchange.” Tadawul is home to one of the world’s top petrochemical’s producers, Saudi Basic Industries Corporation (Sabic), and the kingdom’s financial sector heavyweights such as Al Rajhi Bank and National Commercial Bank. It is preparing to host Saudi Aramco next year on its trading platform, when the state-controlled oil producer sells shares to the public in what is slated to be the biggest IPO in the history."



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INTERVIEW-Emirates and flydubai could operate from single terminal at Dubai airport | ZAWYA MENA Edition

INTERVIEW-Emirates and flydubai could operate from single terminal at Dubai airport | ZAWYA MENA Edition:

"Emirates and flydubai could use the same terminal at Dubai International Airport, the world’s busiest for international travellers, after expanding their commercial relationship earlier this year, the head of the airport operator said. Emirates, the Middle East’s largest airline, exclusively uses Terminal 3 with the exception of some Qantas flights which will end next year. Budget airline flydubai shares Terminal 2, on the other side of the airport, with other carriers. Proposals to improve connections for passengers between the two airlines are under consideration, including whether it’s feasible for them to operate out of Terminal 3. "



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Brent Oil Holds Near 2-Year High as Saudi Prince Backs OPEC Cuts - Bloomberg

Brent Oil Holds Near 2-Year High as Saudi Prince Backs OPEC Cuts - Bloomberg:

"Brent oil held gains near the highest level in more than two years as Saudi Arabia’s Crown Prince Mohammed bin Salman backed the extension of OPEC-led output cuts. Futures were little changed in London, up 2.7 percent for the week. The prince said Thursday that “of course” he wanted to prolong the curbs beyond the end of March 2018. At the same time, OPEC is negotiating an exit strategy to the deal in an effort to reassure investors the group won’t flood the market once the agreement finally expires, people familiar with the talks said this week."



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