Dubai financial regulator appoints new chief executive - The National:
Dubai Financial Services Authority, the emirate’s financial services regulator, appointed a new chief executive to replace Ian Johnston who will retire at the end of this month.
Bryan Stirewalt will take over from Mr Johnston from October 1, the DFSA said in a statement on Wednesday night. Mr Stirewalt has been with the regulator for a decade, serving for the past eight years as managing director, supervision.
He supported the work of international standard-setting bodies through his role as the co-chair of the Basel Consultative Group, which provides a forum for deepening Switzerland’s Basel Committee on Banking Supervision’s engagement with country heads.
Thursday 13 September 2018
QCB’s forex reserves rise to $45.4bn - The Peninsula Qatar
QCB’s forex reserves rise to $45.4bn - The Peninsula Qatar:
Qatar’s fiscal account turned to a surplus in first quarter of 2018 (Q1,18) as revenue rose in line with higher oil prices. The current account surplus widened to 7.3 percent of GDP in Q1, while the financial account deficit narrowed.
Exports grew 45.3 percent year-on-year in July as a result of higher oil prices, while imports grew 50 percent y/y due to the base effect from last year. QCB foreign exchange reserves rose 0.3 percent m/m to reach $45.4bn in July, equating to 7 months of import cover, according to QNB’s Monthly Monitor chart.
The country’s real GDP growth slowed in Q1 due to a further fall in hydrocarbon output. Non-hydrocarbon GDP growth was a solid 4.9 percent y/y. Booming construction output, up 17.2 percent, remained the key driver of activity in the non-hydrocarbon sector. Manufacturing gained 3 percent. CPI inflation was broadly flat at 0.6 percent in August; food inflation moderated, while housing inflation slightly picked up.
Qatar’s fiscal account turned to a surplus in first quarter of 2018 (Q1,18) as revenue rose in line with higher oil prices. The current account surplus widened to 7.3 percent of GDP in Q1, while the financial account deficit narrowed.
Exports grew 45.3 percent year-on-year in July as a result of higher oil prices, while imports grew 50 percent y/y due to the base effect from last year. QCB foreign exchange reserves rose 0.3 percent m/m to reach $45.4bn in July, equating to 7 months of import cover, according to QNB’s Monthly Monitor chart.
The country’s real GDP growth slowed in Q1 due to a further fall in hydrocarbon output. Non-hydrocarbon GDP growth was a solid 4.9 percent y/y. Booming construction output, up 17.2 percent, remained the key driver of activity in the non-hydrocarbon sector. Manufacturing gained 3 percent. CPI inflation was broadly flat at 0.6 percent in August; food inflation moderated, while housing inflation slightly picked up.
QSE benchmark index gains 195.12 points last week - The Peninsula Qatar
QSE benchmark index gains 195.12 points last week - The Peninsula Qatar:
Qatar Stock Exchange’s (QSE) benchmark index gained 195.12 points, or 1.99 percent, last week when the bourse closed yesterday at 10,021.96 points.
Trading value during last week increased by 56.24 percent to reach QR958.30m compared to QR613.34m in the previous week.
Trading volume decreased by 1.52 percent to reach 27.43 million shares, as against 27.86 million shares, while the number of transactions rose by 34.35 percent, to reach 16,146 transactions as compared to 12,018 transactions.
Qatar Stock Exchange’s (QSE) benchmark index gained 195.12 points, or 1.99 percent, last week when the bourse closed yesterday at 10,021.96 points.
Trading value during last week increased by 56.24 percent to reach QR958.30m compared to QR613.34m in the previous week.
Trading volume decreased by 1.52 percent to reach 27.43 million shares, as against 27.86 million shares, while the number of transactions rose by 34.35 percent, to reach 16,146 transactions as compared to 12,018 transactions.
After Shelving Biggest-Ever IPO, Can Saudis Pull Off a Mega Bond? - Bloomberg
After Shelving Biggest-Ever IPO, Can Saudis Pull Off a Mega Bond? - Bloomberg:
Two months after Saudi Arabia pulled a share sale that could have raised $100 billion for its sovereign wealth fund, the kingdom faces a tough sell in convincing bond investors to pick up the tab.
Saudi financial engineers are cooking up a plan to raise as much as $70 billion for the Public Investment Fund by having state oil giant Aramco buy PIF’s entire stake in sister company Sabic. That could include a bond sale the likes of which the world has never seen.
Problem is, this year’s selloff in emerging markets has sent borrowing costs surging and new debt issuance has dried up, with offerings down 14 percent from last year.
Two months after Saudi Arabia pulled a share sale that could have raised $100 billion for its sovereign wealth fund, the kingdom faces a tough sell in convincing bond investors to pick up the tab.
Saudi financial engineers are cooking up a plan to raise as much as $70 billion for the Public Investment Fund by having state oil giant Aramco buy PIF’s entire stake in sister company Sabic. That could include a bond sale the likes of which the world has never seen.
Problem is, this year’s selloff in emerging markets has sent borrowing costs surging and new debt issuance has dried up, with offerings down 14 percent from last year.
Saudi Aramco says recent media reports on a Sabic transaction are ''entirely speculative'' | ZAWYA MENA Edition
Saudi Aramco says recent media reports on a Sabic transaction are ''entirely speculative'' | ZAWYA MENA Edition:
Recent media reports on a potential transaction between Saudi Aramco and Saudi Basic Industries Corp. are ''entirely speculative'', Saudi Aramco said in a tweet on Thursday.
''Saudi_Aramco will provide updates when appropriate,'' it said, without specifying the reports it was referrring to or the media outlets concerned.
The world's top oil producer is having preliminary talks with banks about a potential debt financing of up to $70 billion to back its acquisition of a majority stake in Saudi petrochemical firm Sabic, banking sources told Reuters earlier this month.
Recent media reports on a potential transaction between Saudi Aramco and Saudi Basic Industries Corp. are ''entirely speculative'', Saudi Aramco said in a tweet on Thursday.
''Saudi_Aramco will provide updates when appropriate,'' it said, without specifying the reports it was referrring to or the media outlets concerned.
The world's top oil producer is having preliminary talks with banks about a potential debt financing of up to $70 billion to back its acquisition of a majority stake in Saudi petrochemical firm Sabic, banking sources told Reuters earlier this month.
Abu Dhabi set to cash in Spanish Cepsa investment with expected $11.6bln IPO | ZAWYA MENA Edition
Abu Dhabi set to cash in Spanish Cepsa investment with expected $11.6bln IPO | ZAWYA MENA Edition:
Abu Dhabi is set to cash in significant gains as its Mubadala Investment pushes ahead with an initial public offering for Spanish oil firm Cepsa, in what could be the largest such deal in a decade.
The state-owned investor decided to proceed with an initial public offering (IPO)rather than a sale after potential bidders for the company were narrowed down to private equity firm Carlyle Group, people familiar with the matter said. Cepsa could announce the IPO as early as next week, pending final approval from the emirate’s rulers.
If the Spanish refiner achieves the valuation its owners anticipate, Abu Dhabi would see significant paper gains because its funds took full control of the company in 2011 in a deal valuing it at about EUR 7.5 billion.
Abu Dhabi is set to cash in significant gains as its Mubadala Investment pushes ahead with an initial public offering for Spanish oil firm Cepsa, in what could be the largest such deal in a decade.
The state-owned investor decided to proceed with an initial public offering (IPO)rather than a sale after potential bidders for the company were narrowed down to private equity firm Carlyle Group, people familiar with the matter said. Cepsa could announce the IPO as early as next week, pending final approval from the emirate’s rulers.
If the Spanish refiner achieves the valuation its owners anticipate, Abu Dhabi would see significant paper gains because its funds took full control of the company in 2011 in a deal valuing it at about EUR 7.5 billion.
Oil has steepest drop in a month as economic concerns threaten demand | Reuters
Oil has steepest drop in a month as economic concerns threaten demand | Reuters:
Oil prices fell more than 2 percent on Thursday, with Brent slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.
The International Energy Agency warned that although the oil market was tightening at the moment and world oil demand would reach 100 million barrels per day (bpd) in the next three months, global economic risks were mounting.
“As we move into 2019, a possible risk to our forecast lies in some key emerging economies, partly due to currency depreciations versus the U.S. dollar, raising the cost of imported energy,” the agency said.
Oil prices fell more than 2 percent on Thursday, with Brent slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.
The International Energy Agency warned that although the oil market was tightening at the moment and world oil demand would reach 100 million barrels per day (bpd) in the next three months, global economic risks were mounting.
“As we move into 2019, a possible risk to our forecast lies in some key emerging economies, partly due to currency depreciations versus the U.S. dollar, raising the cost of imported energy,” the agency said.
COLUMN-Oil prices are re-entering the Tweet zone: Kemp | Reuters
COLUMN-Oil prices are re-entering the Tweet zone: Kemp | Reuters:
Oil prices have risen back to levels that earlier this year prompted U.S. President Donald Trump to take to Twitter and demand OPEC do more to bring them down.
Front-month Brent futures settled well above $79 per barrel on Wednesday, the highest for over three months, and above levels that have spurred the president to complain in the past.
“The OPEC monopoly must remember that gas prices are up and they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members,” the president wrote in July.
Oil prices have risen back to levels that earlier this year prompted U.S. President Donald Trump to take to Twitter and demand OPEC do more to bring them down.
Front-month Brent futures settled well above $79 per barrel on Wednesday, the highest for over three months, and above levels that have spurred the president to complain in the past.
“The OPEC monopoly must remember that gas prices are up and they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members,” the president wrote in July.
MIDEAST STOCKS-Saudi falls to six-month low, Qatar at 16-month high | Reuters
MIDEAST STOCKS-Saudi falls to six-month low, Qatar at 16-month high | Reuters:
Saudi Arabia’s stock market fell to a six-month low on Thursday, missing out on a wider emerging markets rebound, but Qatar continued rising to a fresh 16-month high.
The MSCI emerging market index was up 1.1 percent but the Saudi index closed 0.6 percent lower at 7,591 points, with losers outnumbering gainers by 107 to 56.
The Saudi market is still up 5 percent year-to-date, far outperforming a 12 percent drop by the emerging market index. But individual investors have been net sellers of Saudi stocks for most of the past several weeks while institutions have become more cautious because of instability in emerging markets and global trade tensions.
Saudi Arabia’s stock market fell to a six-month low on Thursday, missing out on a wider emerging markets rebound, but Qatar continued rising to a fresh 16-month high.
The MSCI emerging market index was up 1.1 percent but the Saudi index closed 0.6 percent lower at 7,591 points, with losers outnumbering gainers by 107 to 56.
The Saudi market is still up 5 percent year-to-date, far outperforming a 12 percent drop by the emerging market index. But individual investors have been net sellers of Saudi stocks for most of the past several weeks while institutions have become more cautious because of instability in emerging markets and global trade tensions.
Qatar ETF: An Oasis Amid the Emerging-Market Selloff – Bloomberg
Qatar ETF: An Oasis Amid the Emerging-Market Selloff – Bloomberg:
Qatar has this year introduced the Middle East’s two largest exchange-traded funds. Akber Khan, senior director of asset management at Al Rayan Investment, talks with Bloomberg's Scarlet Fu about his firm's Qatar ETF and the growth of ETFs in emerging markets. (Source: Bloomberg)
Qatar has this year introduced the Middle East’s two largest exchange-traded funds. Akber Khan, senior director of asset management at Al Rayan Investment, talks with Bloomberg's Scarlet Fu about his firm's Qatar ETF and the growth of ETFs in emerging markets. (Source: Bloomberg)
Saudis Tap Ex-Solicitor General Olson to Lobby Against `NOPEC' - Bloomberg
Saudis Tap Ex-Solicitor General Olson to Lobby Against `NOPEC' - Bloomberg:
Saudi Arabia is taking no chances with the longshot "NOPEC" bill, hiring former Solicitor General Ted Olson as a lobbyist to campaign against the act.
The Saudi embassy contracted with Olson’s law firm, Gibson, Dunn & Crutcher LLP, to develop a white paper opposing the “No Oil Producing and Exporting Cartels Act” legislation. It will also prepare a legal analysis of the bill and write an op-ed against it. The firm’s work also could include lobbying members of Congress and their staffs.
Details of the embassy’s contract with the law firm are described in a Sept. 7 filing with the Justice Department, which maintains registrations of foreign agents in the U.S.
Saudi Arabia is taking no chances with the longshot "NOPEC" bill, hiring former Solicitor General Ted Olson as a lobbyist to campaign against the act.
The Saudi embassy contracted with Olson’s law firm, Gibson, Dunn & Crutcher LLP, to develop a white paper opposing the “No Oil Producing and Exporting Cartels Act” legislation. It will also prepare a legal analysis of the bill and write an op-ed against it. The firm’s work also could include lobbying members of Congress and their staffs.
Details of the embassy’s contract with the law firm are described in a Sept. 7 filing with the Justice Department, which maintains registrations of foreign agents in the U.S.
Oil slips as economic concerns counter tighter supply | Reuters
Oil slips as economic concerns counter tighter supply | Reuters:
Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand.
Benchmark Brent crude oil LCOc1 was down 70 cents a barrel at $79.04 by 0830 GMT. U.S. light crude CLc1 fell $1.15 to a low of $69.22 a barrel.
The International Energy Agency said on Thursday that although the oil market was tightening at the moment and world oil demand would soon reach 100 million barrels per day (bpd), global economic risks were mounting.
Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand.
Benchmark Brent crude oil LCOc1 was down 70 cents a barrel at $79.04 by 0830 GMT. U.S. light crude CLc1 fell $1.15 to a low of $69.22 a barrel.
The International Energy Agency said on Thursday that although the oil market was tightening at the moment and world oil demand would soon reach 100 million barrels per day (bpd), global economic risks were mounting.
MIDEAST STOCKS-Saudi falls in broader decline, lags emerging markets | Reuters
MIDEAST STOCKS-Saudi falls in broader decline, lags emerging markets | Reuters:
Saudi Arabian stocks fell in a broad-based Middle East decline on Thursday, missing out on a wider emerging markets rebound.
The MSCI emerging market index was up 0.9 percent but the Saudi index slipped 0.5 percent in the first 45 minutes, with losers outnumbering gainers by 98 to 33.
Individual investors have been net sellers of Saudi stocks for most of the past several weeks while institutions have become more cautious because of the instability in emerging markets and global trade tensions.
Saudi Arabian stocks fell in a broad-based Middle East decline on Thursday, missing out on a wider emerging markets rebound.
The MSCI emerging market index was up 0.9 percent but the Saudi index slipped 0.5 percent in the first 45 minutes, with losers outnumbering gainers by 98 to 33.
Individual investors have been net sellers of Saudi stocks for most of the past several weeks while institutions have become more cautious because of the instability in emerging markets and global trade tensions.
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