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Friday, 15 December 2017

Fitch Ratings says it has a negative outlook for the GCC in 2018 on geopolitical risk - The National

Fitch Ratings says it has a negative outlook for the GCC in 2018 on geopolitical risk - The National:

"Fitch Ratings said it had a negative outlook for the Gulf Co-operation Council in 2018 amid heightened geopolitical risks and the inability of some oil exporters to adjust the new oil price reality.

"Budget deficits will persist across the GCC and will stay in double digits in Bahrain and Oman, despite the price recovery," Fitch said.

"For the majority of sovereigns, fiscal break-even oil prices are still considerably above current or expected actual oil prices. This is resulting in worsening sovereign debt and external asset ratios."

"



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Invisible Enemies and Solid Friends: Commodities in 2018 - Bloomberg Gadfly

Invisible Enemies and Solid Friends: Commodities in 2018 - Bloomberg Gadfly:

"If you're looking for what kept a lid on commodities this year, just keep in mind that it's invisible.Having notched a gain in 2016 for the first time in six years, it looks like the Bloomberg Commodity Index will end 2017 back in the red again:"



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The Biggest Voices in Oil Disagree About 2018 - Bloomberg

The Biggest Voices in Oil Disagree About 2018 - Bloomberg:

"The two most critical forecasts of global oil markets offer contrasting visions for 2018: one in which OPEC finally succeeds in clearing a supply glut, and another where that goal remains elusive. In the estimation of the Organization of Petroleum Exporting Countries, production curbs by the cartel and its allies will finally eliminate the excess oil inventories that have depressed crude prices for more than three years. But in the view of the International Energy Agency, which advises consumers, that surplus will barely budge. “Both cannot be right,” said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen. “Whichever way the pendulum swings will have a significant impact on the market.”"



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Qatar Airways plans to buy around 50 hotels in 5 years - The Peninsula Qatar

Qatar Airways plans to buy around 50 hotels in 5 years - The Peninsula Qatar:

"Qatar Airways plans to buy around 50 hotels in the next five years. The national carrier of Qatar also plans to launch flights to U-Tapao near Pattaya in Thailand in January.  “It is our plan to have at least 50 hotels in our portfolio. We have completed 10 percent of that and hopefully in the next five years we will complete 50 hotels around our network which we intend to buy,” said Akbar Al Baker, Group Chief Executive of Qatar Airways while addressing newspersons  at the Shangri-La Hotel in Chiang Mai in Thailand.  “It is to ensure to have additional stream of revenue for the airline because we need to get into other businesses to support the growth of Qatar Airways,” he added. Following the arrival of QR822 on December 13, the airline’s first flight to Chiang Mai, Al Baker discussed Qatar Airways’ ambitious expansion of its global route network. He also highlighted the airline’s commitment to generating tourist traffic to Chiang Mai."



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Seven banks waive 1930 Emiratis from bad debts | ZAWYA MENA Edition

Seven banks waive 1930 Emiratis from bad debts | ZAWYA MENA Edition:

"The UAE banks which waived defaulted loans of 1930 UAE nationals worth AED325 million have been recognised by Ahmed Juma Al Zaabi, Deputy Minister of Presidential Affairs and chairman of the Supreme Committee of the Debt Settlement Fund.

The honoured banks include Abu Dhabi Islamic Bank, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Al Hilal Bank, Emirates NBD, Commercial Bank International and Commercial Bank of Dubai.

AL Zaabi, during the recognition ceremony which was held at the National Archive Theatre and attended by a number of state executives and bankers, commended the keenness of President His Highness Sheikh Khalifa bin Zayed Al Nahyan to ensure welfare and family integration in the UAE society and provide all life amenities and services to the UAE citizens to incentivise them to effectively contribute to the transformational development drive in the country."



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The Biggest Voices in Oil Disagree About 2018 - Bloomberg

The Biggest Voices in Oil Disagree About 2018 - Bloomberg:

"The two most critical forecasts of global oil markets offer contrasting visions for 2018: one in which OPEC finally succeeds in clearing a supply glut, and another where that goal remains elusive.

In the estimation of the Organization of Petroleum Exporting Countries, production curbs by the cartel and its allies will finally eliminate the excess oil inventories that have depressed crude prices for more than three years. But in the view of the International Energy Agency, which advises consumers, that surplus will barely budge.

“Both cannot be right,” said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen. “Whichever way the pendulum swings will have a significant impact on the market.” "



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