Khashoggi case prompts Branson to suspend $1bn Saudi talks | Financial Times:
Richard Branson has halted discussions with Saudi Arabia’s sovereign wealth fund about a planned $1bn investment in Virgin’s space companies and suspended his participation in two advisory boards after the disappearance of Saudi journalist Jamal Khashoggi.
Several international executives and financiers were reviewing their commitments in Saudi Arabia on Thursday as governments elsewhere stepped up their demands for answers about Mr Khashoggi, but Sir Richard is the most prominent business leader to pull back.
In a statement, Sir Richard told the Financial Times that he had been “delighted” to accept two directorships involving tourism projects around the Red Sea because of his “high hopes” for Saudi Arabia’s government under Crown Prince Mohammed bin Salman.
Thursday 11 October 2018
Exclusive: Port operator Gulftainer to invest as much as $3bn to expand portfolio - The National
Exclusive: Port operator Gulftainer to invest as much as $3bn to expand portfolio - The National:
UAE port operator Gulftainer plans to invest as much as $3 billion (Dh11bn) over the next five years with financing from investors and banks as it seeks to double its container capacity and acquire assets, its chief executive said.
The operator wants to reach 10 million twenty-foot equivalent units - a measurement of a ship’s container-carrying capacity - in five years, increase its cargo shipment handling and engage investors to help fund its $2 to $3bn expansion, Peter Richards told The National.
“We should not to be restricted to TEUs and containers because a lot of the entities that we're looking at now are not just containers but a lot of them are break bulk and general cargoes,” said Mr Richards. “We hope to continue our growth in the US market and at the same time we are looking at east and west Africa, and we are looking at Asia.”
UAE port operator Gulftainer plans to invest as much as $3 billion (Dh11bn) over the next five years with financing from investors and banks as it seeks to double its container capacity and acquire assets, its chief executive said.
The operator wants to reach 10 million twenty-foot equivalent units - a measurement of a ship’s container-carrying capacity - in five years, increase its cargo shipment handling and engage investors to help fund its $2 to $3bn expansion, Peter Richards told The National.
“We should not to be restricted to TEUs and containers because a lot of the entities that we're looking at now are not just containers but a lot of them are break bulk and general cargoes,” said Mr Richards. “We hope to continue our growth in the US market and at the same time we are looking at east and west Africa, and we are looking at Asia.”
Saudi-based IDB plans infrastructure funds for Africa and Asia
Saudi-based IDB plans infrastructure funds for Africa and Asia:
The Saudi-based Islamic Development Bank (IDB) plans to launch two funds focused on Africa and Asia next year, aiming to raise a combined $1 billion to help fill a gap in infrastructure investment among its member countries.
The plans from the IDB, the largest development organization in the Muslim world, follow the launch of a $500 million technology-focused fund in April of this year.
The new funds would help close a deficit in investments for projects such as transportation, energy and sanitation across the two regions, said Mohamed Nouri Jouini, vice president of partnership development.
The Saudi-based Islamic Development Bank (IDB) plans to launch two funds focused on Africa and Asia next year, aiming to raise a combined $1 billion to help fill a gap in infrastructure investment among its member countries.
The plans from the IDB, the largest development organization in the Muslim world, follow the launch of a $500 million technology-focused fund in April of this year.
The new funds would help close a deficit in investments for projects such as transportation, energy and sanitation across the two regions, said Mohamed Nouri Jouini, vice president of partnership development.
Transport, industrials equities drag Qatar bourse down
Transport, industrials equities drag Qatar bourse down:
The Qatar Stock Exchange on Thursday displayed strong bearish sentiments and its key index retreated below 9,900 levels mainly dragged down by transport and industrials equities.
Foreign funds’ net buying weakened amidst 1.03% plunge in the 20-stock Qatar Index to 9,861.53 points, which is however up 15.7% year-to-date.
However, local and Gulf retail investors turned bullish and there was a weakened net selling from domestic funds in the market, which also saw Islamic equities decline slower than the other indices.
The Qatar Stock Exchange on Thursday displayed strong bearish sentiments and its key index retreated below 9,900 levels mainly dragged down by transport and industrials equities.
Foreign funds’ net buying weakened amidst 1.03% plunge in the 20-stock Qatar Index to 9,861.53 points, which is however up 15.7% year-to-date.
However, local and Gulf retail investors turned bullish and there was a weakened net selling from domestic funds in the market, which also saw Islamic equities decline slower than the other indices.
Oil Falls Most in Eight Weeks as Investors Avoid Risky Assets - Bloomberg
Oil Falls Most in Eight Weeks as Investors Avoid Risky Assets - Bloomberg:
Crude posted the biggest decline in eight weeks as a risk-off sentiment spread through global markets.
Futures tumbled 3 percent in New York on Thursday. Investors eyed a sixth day of U.S. equity losses along with heightened volatility. Meanwhile, domestic crude stockpiles rose for a third straight week as refineries conducted seasonal maintenance, processing less oil, according to data from the Energy Information Administration.
“The enhanced volatility in the market in general is spilling over into energy, as investors are reducing risk,” said Rob Thummel, managing director at Tortoise, which manages $16 billion in energy-related assets. “When you have volatile equity markets, the risk-off trade is happening and you’ve got a third consecutive build, that’s generally not a good recipe for crude oil prices.”
Crude posted the biggest decline in eight weeks as a risk-off sentiment spread through global markets.
Futures tumbled 3 percent in New York on Thursday. Investors eyed a sixth day of U.S. equity losses along with heightened volatility. Meanwhile, domestic crude stockpiles rose for a third straight week as refineries conducted seasonal maintenance, processing less oil, according to data from the Energy Information Administration.
“The enhanced volatility in the market in general is spilling over into energy, as investors are reducing risk,” said Rob Thummel, managing director at Tortoise, which manages $16 billion in energy-related assets. “When you have volatile equity markets, the risk-off trade is happening and you’ve got a third consecutive build, that’s generally not a good recipe for crude oil prices.”
Qatar Pledges $3 Billion to Spur Interest in New Free Zones - Bloomberg
Qatar Pledges $3 Billion to Spur Interest in New Free Zones - Bloomberg:
Qatar plans to spend $3 billion to attract foreign companies to its new free zones as the oil-rich country seeks to diversify its economy amid a boycott.
The world’s biggest exporter of liquefied natural gas wants to lean on its existing ties with companies to attract foreign investment to the areas south of Doha, Ahmad Mohammed Al-Sayed, the chairman of Qatar’s Free Zones Authority, said in an interview in the country’s capital. Logistics, chemicals, plastics and artificial intelligence are among the industries intended for the zones.
“We are looking for the cornerstone investor first and are setting up a $3 billion development and foreign direct investment fund as an incentive,” said Al-Sayed, a former chief executive officer of Qatar Investment Authority, the nation’s sovereign wealth fund. “Qatar has reached a stage of development, after building the physical, social and economic infrastructure, where we are ready to welcome the most talented foreigners to live with us, and work and manage their businesses from here.”
Qatar plans to spend $3 billion to attract foreign companies to its new free zones as the oil-rich country seeks to diversify its economy amid a boycott.
The world’s biggest exporter of liquefied natural gas wants to lean on its existing ties with companies to attract foreign investment to the areas south of Doha, Ahmad Mohammed Al-Sayed, the chairman of Qatar’s Free Zones Authority, said in an interview in the country’s capital. Logistics, chemicals, plastics and artificial intelligence are among the industries intended for the zones.
“We are looking for the cornerstone investor first and are setting up a $3 billion development and foreign direct investment fund as an incentive,” said Al-Sayed, a former chief executive officer of Qatar Investment Authority, the nation’s sovereign wealth fund. “Qatar has reached a stage of development, after building the physical, social and economic infrastructure, where we are ready to welcome the most talented foreigners to live with us, and work and manage their businesses from here.”
CORRECTION: Global deal makes Kuwait's KAMCO a top regional player, says CEO | ZAWYA MENA Edition
CORRECTION: Global deal makes Kuwait's KAMCO a top regional player, says CEO | ZAWYA MENA Edition:
The CEO of Kuwait’s KAMCO Investment Company has said that his firm has "now taken a major step towards our aim of becoming the top investment firm in the region" following the completion two weeks ago of its purchase of a near-70 percent share in local competitor Global Investment House.
KAMCO CEO, Faisal Sarkhou, who has also just become chairman of Global Investment House (Global), said in an emailed response to a set of questions submitted by Zawya: "This deal... draws us closer towards our vision of becoming the leading asset management and investment banking player in the local and regional market."
KAMCO first announced a plan to take a majority position in Global in May this year, when it said it signed a sale and purchase agreement with NCH Ventures - a Bahrain-based entity representing the interest of more than 50 financial institutions - to buy over 396.4 million shares, or 69.528 percent of Global. The company hired professional services firm Alvarez & Marsal in June to advise on the deal.
The CEO of Kuwait’s KAMCO Investment Company has said that his firm has "now taken a major step towards our aim of becoming the top investment firm in the region" following the completion two weeks ago of its purchase of a near-70 percent share in local competitor Global Investment House.
KAMCO CEO, Faisal Sarkhou, who has also just become chairman of Global Investment House (Global), said in an emailed response to a set of questions submitted by Zawya: "This deal... draws us closer towards our vision of becoming the leading asset management and investment banking player in the local and regional market."
KAMCO first announced a plan to take a majority position in Global in May this year, when it said it signed a sale and purchase agreement with NCH Ventures - a Bahrain-based entity representing the interest of more than 50 financial institutions - to buy over 396.4 million shares, or 69.528 percent of Global. The company hired professional services firm Alvarez & Marsal in June to advise on the deal.
Qatari banks raise over $1 billion in privately placed bonds – sources | Reuters
Qatari banks raise over $1 billion in privately placed bonds – sources | Reuters:
Qatar National Bank, the largest bank by assets in the Middle East and Africa, and Qatar Islamic Bank, the Gulf state’s largest sharia-compliant lender by assets, have raised a combined $1.3 billion in privately placed bonds, sources familiar with the matter said.
Private placements allow debt issuers to diversify their funding base by tapping different sources of cash than that provided by traditional bond investors. Private placements can also be executed quickly as they require less paperwork than public debt issues.
QNB raised $1 billion at the end of September with Standard Chartered arranging the issues, the sources said. One of the sources said the fundraising was split into 10 separate issues of $100 million each.
Qatar National Bank, the largest bank by assets in the Middle East and Africa, and Qatar Islamic Bank, the Gulf state’s largest sharia-compliant lender by assets, have raised a combined $1.3 billion in privately placed bonds, sources familiar with the matter said.
Private placements allow debt issuers to diversify their funding base by tapping different sources of cash than that provided by traditional bond investors. Private placements can also be executed quickly as they require less paperwork than public debt issues.
QNB raised $1 billion at the end of September with Standard Chartered arranging the issues, the sources said. One of the sources said the fundraising was split into 10 separate issues of $100 million each.
Media companies, journalists drop out of Saudi event after Khashoggi disappearance | Reuters
Media companies, journalists drop out of Saudi event after Khashoggi disappearance | Reuters:
Media companies are pulling out of a Saudi investment conference as outrage grows over the journalist who went missing inside a Saudi consulate in Turkey earlier this month.
Economist Editor-In-Chief Zanny Minton Beddoes will not participate in the Future Investment Initiative conference in Riyadh, spokeswoman Lauren Hackett said in an email.
Andrew Ross Sorkin, a CNBC anchor and New York Times business journalist, tweeted that he was also not attending the conference, saying he was “terribly distressed by the disappearance of journalist Jamal Khashoggi and reports of his murder.”
Media companies are pulling out of a Saudi investment conference as outrage grows over the journalist who went missing inside a Saudi consulate in Turkey earlier this month.
Economist Editor-In-Chief Zanny Minton Beddoes will not participate in the Future Investment Initiative conference in Riyadh, spokeswoman Lauren Hackett said in an email.
Andrew Ross Sorkin, a CNBC anchor and New York Times business journalist, tweeted that he was also not attending the conference, saying he was “terribly distressed by the disappearance of journalist Jamal Khashoggi and reports of his murder.”
U.S. senator: journalist's death may merit sanctions at 'highest' level of Saudi government | Reuters
U.S. senator: journalist's death may merit sanctions at 'highest' level of Saudi government | Reuters:
The chairman of the U.S. Senate Foreign Relations Committee said on Thursday that sanctions would have to be imposed at the “highest levels” of the Saudi government if it were found that the government was behind the disappearance and reported death of Saudi journalist Jamal Khashoggi, as Turkish investigators prepared to enter the Saudi consulate in Istanbul where he was last seen.
“If it turns out to be what we all think it is today but don’t know, there will have to be significant sanctions placed at the highest levels,” Republican Senator Bob Corker told reporters at the U.S. Capitol.
Global pressure has mounted on close U.S. ally Saudi Arabia over the whereabouts of Khashoggi, a prominent critic of Saudi policies, who entered the consulate to get documents for his planned marriage last week. His Turkish fiancée, Hatice Cengiz, who was waiting outside, said he never re-appeared.
The chairman of the U.S. Senate Foreign Relations Committee said on Thursday that sanctions would have to be imposed at the “highest levels” of the Saudi government if it were found that the government was behind the disappearance and reported death of Saudi journalist Jamal Khashoggi, as Turkish investigators prepared to enter the Saudi consulate in Istanbul where he was last seen.
“If it turns out to be what we all think it is today but don’t know, there will have to be significant sanctions placed at the highest levels,” Republican Senator Bob Corker told reporters at the U.S. Capitol.
Global pressure has mounted on close U.S. ally Saudi Arabia over the whereabouts of Khashoggi, a prominent critic of Saudi policies, who entered the consulate to get documents for his planned marriage last week. His Turkish fiancée, Hatice Cengiz, who was waiting outside, said he never re-appeared.
Bahrain to receive up to $2 billion, first slice of Gulf aid | Reuters
Bahrain to receive up to $2 billion, first slice of Gulf aid | Reuters:
Bahrain will receive up to $2 billion from its Gulf neighbors before the end of the year as the first installment of an aid package, and some funds have already arrived in state coffers, officials said on Thursday.
Last week, Saudi Arabia, the United Arab Emirates and Kuwait offered a $10 billion aid package over five years (2018-2022) to avoid the risk of a debt crisis in the island kingdom, in a deal tied to fiscal reforms.
Bahrain’s finances have been hit hard by a slump in oil prices in 2014 and the small country has been struggling to cut government spending while avoiding public anger over austerity measures.
Bahrain will receive up to $2 billion from its Gulf neighbors before the end of the year as the first installment of an aid package, and some funds have already arrived in state coffers, officials said on Thursday.
Last week, Saudi Arabia, the United Arab Emirates and Kuwait offered a $10 billion aid package over five years (2018-2022) to avoid the risk of a debt crisis in the island kingdom, in a deal tied to fiscal reforms.
Bahrain’s finances have been hit hard by a slump in oil prices in 2014 and the small country has been struggling to cut government spending while avoiding public anger over austerity measures.
MIDEAST STOCKS-Saudi blue-chip plunge leads region lower | Reuters
MIDEAST STOCKS-Saudi blue-chip plunge leads region lower | Reuters:
Middle Eastern stock markets fell sharply on Thursday, led by Saudi Arabia, where the index plunged 3.9 percent in its biggest drop since January 2016 as weakness in global bourses and a pull-back in oil prices alarmed investors.
The Saudi index’s slide in heavy trade saw big falls by some of the top blue chips favoured by foreign investors. Petrochemical producer Saudi Basic Industries tumbled 5.1 percent and Al Rajhi Bank sank 4.4 percent.
“Today’s market decline was expected, given the sell-off seen in international markets, led by the U.S. All major markets have witnessed the brunt of this selling pressure, as investors seem to be closing their positions,” said Faisal Hasan, chief business development officer at Kuwait’s KAMCO Investment.
Middle Eastern stock markets fell sharply on Thursday, led by Saudi Arabia, where the index plunged 3.9 percent in its biggest drop since January 2016 as weakness in global bourses and a pull-back in oil prices alarmed investors.
The Saudi index’s slide in heavy trade saw big falls by some of the top blue chips favoured by foreign investors. Petrochemical producer Saudi Basic Industries tumbled 5.1 percent and Al Rajhi Bank sank 4.4 percent.
“Today’s market decline was expected, given the sell-off seen in international markets, led by the U.S. All major markets have witnessed the brunt of this selling pressure, as investors seem to be closing their positions,” said Faisal Hasan, chief business development officer at Kuwait’s KAMCO Investment.
MIDEAST STOCKS-Saudi dives on petchems, banks drag down Abu Dhabi and Dubai | Reuters
MIDEAST STOCKS-Saudi dives on petchems, banks drag down Abu Dhabi and Dubai | Reuters:
Most major Gulf stock markets fell sharply in early trade on Thursday, with a fall in oil prices pushing down Saudi Arabia’s petrochemical shares and banks weighing on Abu Dhabi and Dubai.
The Saudi index was down 2.9 percent at 7,606 points after an hour of trade, confirming a break below the 200-day average at 7,871 points — a negative technical signal.
Weakness in emerging markets generally and an overnight drop of over 2 percent by the Brent oil price pushed the Saudi market down. Top petrochemical producer Saudi Basic Industries lost 4.1 percent and Al Rajhi Bank sank 3.1 percent.
Most major Gulf stock markets fell sharply in early trade on Thursday, with a fall in oil prices pushing down Saudi Arabia’s petrochemical shares and banks weighing on Abu Dhabi and Dubai.
The Saudi index was down 2.9 percent at 7,606 points after an hour of trade, confirming a break below the 200-day average at 7,871 points — a negative technical signal.
Weakness in emerging markets generally and an overnight drop of over 2 percent by the Brent oil price pushed the Saudi market down. Top petrochemical producer Saudi Basic Industries lost 4.1 percent and Al Rajhi Bank sank 3.1 percent.
Abu Dhabi Financial Group: a turnround and tech specialist | Financial Times
Abu Dhabi Financial Group: a turnround and tech specialist | Financial Times:
Abu Dhabi Financial Group was launched in January 2011 as the Middle East became consumed by the events of the Arab spring.
So the group, founded by wealthy Gulf investors, shifted tack from its original intention of becoming a growth-oriented private equity fund into a more opportunistic vehicle.
“It made us focus on special situations,” says chief executive Jassim Alseddiqi. “ADFG made its niche being opportunistic.”
Abu Dhabi Financial Group was launched in January 2011 as the Middle East became consumed by the events of the Arab spring.
So the group, founded by wealthy Gulf investors, shifted tack from its original intention of becoming a growth-oriented private equity fund into a more opportunistic vehicle.
“It made us focus on special situations,” says chief executive Jassim Alseddiqi. “ADFG made its niche being opportunistic.”
Banks shrug off impact of #Qatar blockade | Financial Times
Banks shrug off impact of Qatar blockade | Financial Times:
Compared with how things might have been, this has been a good year for Qatari banks. The ructions of the past year may even have left the country’s economy and, as a result, its banking sector, in better shape than before.
The Saudi-led blockade imposed on Qatar in June 2017 resulted in what could have been a catastrophic withdrawal of foreign deposits from Qatari banks. According to the central bank, non-resident deposits at commercial banks fell by 47bn riyals ($13bn) from May 2017 to the end of the year, taking their share of all deposits from 24 per cent to less than 17 per cent. A withdrawal of foreign interbank funding brought the total hit to the banking system in six months after the blockade to about $30bn, according to Fitch Ratings.
Analysts say deposits from the blockading countries — Saudi Arabia, the United Arab Emirates, Bahrain and Egypt — were withdrawn in their entirety while depositors from other countries demanded higher interest rates.
Compared with how things might have been, this has been a good year for Qatari banks. The ructions of the past year may even have left the country’s economy and, as a result, its banking sector, in better shape than before.
The Saudi-led blockade imposed on Qatar in June 2017 resulted in what could have been a catastrophic withdrawal of foreign deposits from Qatari banks. According to the central bank, non-resident deposits at commercial banks fell by 47bn riyals ($13bn) from May 2017 to the end of the year, taking their share of all deposits from 24 per cent to less than 17 per cent. A withdrawal of foreign interbank funding brought the total hit to the banking system in six months after the blockade to about $30bn, according to Fitch Ratings.
Analysts say deposits from the blockading countries — Saudi Arabia, the United Arab Emirates, Bahrain and Egypt — were withdrawn in their entirety while depositors from other countries demanded higher interest rates.
Oil Set for Worst 2-Day Drop Since July as Stock Turmoil Spreads - Bloomberg
Oil Set for Worst 2-Day Drop Since July as Stock Turmoil Spreads - Bloomberg:
Oil headed for the biggest two-day drop since July, with fuels from diesel to gasoline also declining as fears over a worsening trade war rattled markets across the board.
Futures dropped as much as 1.9 percent in New York, after sliding 2.4 percent Wednesday. As trade tensions between the U.S. and China escalate, investors are shunning risk assets from equities to oil on fears over slowing growth. The S&P 500 Index slumped the most since February while the Nasdaq 100 Index had its worst day in seven years. Meanwhile, Hurricane Michael became the strongest storm to hit the U.S. mainland since 1992 as it made landfall in Florida, slashing fuel demand in the Southeast.
Oil headed for the biggest two-day drop since July, with fuels from diesel to gasoline also declining as fears over a worsening trade war rattled markets across the board.
Futures dropped as much as 1.9 percent in New York, after sliding 2.4 percent Wednesday. As trade tensions between the U.S. and China escalate, investors are shunning risk assets from equities to oil on fears over slowing growth. The S&P 500 Index slumped the most since February while the Nasdaq 100 Index had its worst day in seven years. Meanwhile, Hurricane Michael became the strongest storm to hit the U.S. mainland since 1992 as it made landfall in Florida, slashing fuel demand in the Southeast.
Gulf's Stability May Come at Expense of Private Sector: Moody's - Bloomberg
Gulf's Stability May Come at Expense of Private Sector: Moody's - Bloomberg:
Gulf Arab states’ need to maintain social and political stability may come with a cost to the private sector, Moody’s Investor Service said.
Regional governments won’t be able to adequately accommodate the rapidly growing number of job-seekers in the Gulf, forcing the private sector to absorb much of the burden, Moody’s said in a research report. Given that the government pays better, integrating citizens with “inflexible wage expectations” will raise labor costs for the private sector, hamper productivity and make it harder to develop the non-oil economy, it said.
A projected rise in the population of Gulf states and a tightening of fiscal positions is forcing governments to revisit their status as employers-of-first-resort, altering a decades-old social contract where the oil-rich nations looked after their citizens in return for loyalty. Wage bills constitute the biggest spending item for most Gulf states and public finances have been battered since an oil slump started in 2014.
Gulf Arab states’ need to maintain social and political stability may come with a cost to the private sector, Moody’s Investor Service said.
Regional governments won’t be able to adequately accommodate the rapidly growing number of job-seekers in the Gulf, forcing the private sector to absorb much of the burden, Moody’s said in a research report. Given that the government pays better, integrating citizens with “inflexible wage expectations” will raise labor costs for the private sector, hamper productivity and make it harder to develop the non-oil economy, it said.
A projected rise in the population of Gulf states and a tightening of fiscal positions is forcing governments to revisit their status as employers-of-first-resort, altering a decades-old social contract where the oil-rich nations looked after their citizens in return for loyalty. Wage bills constitute the biggest spending item for most Gulf states and public finances have been battered since an oil slump started in 2014.
Jamal Khashoggi Case: Senators Force U.S. Probe of Saudi Arabia - Bloomberg
Jamal Khashoggi Case: Senators Force U.S. Probe of Saudi Arabia - Bloomberg:
President Donald Trump said Wednesday night that he did not want to block arms sales to Saudi Arabia over the disappearance of a Saudi journalist, a move that has been suggested by some who are demanding answers to the mystery.
“I think that would be hurting us. We have jobs, we have a lot of things happening in this country,” Trump said in a telephone interview with Fox News. “Frankly, I think that would be a very, very tough pill to swallow.”
A bipartisan group of U.S. senators is forcing the Trump administration to investigate the disappearance of the journalist, Jamal Khashoggi, triggering a human rights probe that could result in sanctions against Saudi officials and entities.
President Donald Trump said Wednesday night that he did not want to block arms sales to Saudi Arabia over the disappearance of a Saudi journalist, a move that has been suggested by some who are demanding answers to the mystery.
“I think that would be hurting us. We have jobs, we have a lot of things happening in this country,” Trump said in a telephone interview with Fox News. “Frankly, I think that would be a very, very tough pill to swallow.”
A bipartisan group of U.S. senators is forcing the Trump administration to investigate the disappearance of the journalist, Jamal Khashoggi, triggering a human rights probe that could result in sanctions against Saudi officials and entities.
Dubai-based Mashreqbank reaches $40 million settlement with New York regulator | Reuters
Dubai-based Mashreqbank reaches $40 million settlement with New York regulator | Reuters:
Dubai-based Mashreqbank MASB.DU has agreed to pay $40 million to the New York State Department of Financial Services for breaches in its anti-money laundering controls and gaps in its U.S. sanctions compliance program, the bank and the regulator said.
The regulator found Mashreq and its New York branch failed to maintain an effective and compliant anti-money laundering program, a consent order from the New York State Department of Financial Services said late on Wednesday.
It also found Mashreq and the New York branch failed to maintain and make available at the branch appropriate books, accounts and records of transactions detailing investigations into any possible U.S. sanction breaches.
Dubai-based Mashreqbank MASB.DU has agreed to pay $40 million to the New York State Department of Financial Services for breaches in its anti-money laundering controls and gaps in its U.S. sanctions compliance program, the bank and the regulator said.
The regulator found Mashreq and its New York branch failed to maintain an effective and compliant anti-money laundering program, a consent order from the New York State Department of Financial Services said late on Wednesday.
It also found Mashreq and the New York branch failed to maintain and make available at the branch appropriate books, accounts and records of transactions detailing investigations into any possible U.S. sanction breaches.
Tomato squeeze: U.S. sanctions begin to distort Iran's economy | Reuters
Tomato squeeze: U.S. sanctions begin to distort Iran's economy | Reuters:
Tomato paste is not the most obvious economic indicator, but in Iran, where it is a staple that some people have started panic-buying, it says a lot about the impact of renewed U.S. sanctions.
While Iran makes its own paste from an abundant crop of locally grown tomatoes, sanctions reimposed by U.S. President Donald Trump since August have played havoc with supply.
A 70 percent slide in the rial this year has prompted a scramble for foreign currency that has made exports much more valuable in local terms than selling produce at home.
Tomato paste is not the most obvious economic indicator, but in Iran, where it is a staple that some people have started panic-buying, it says a lot about the impact of renewed U.S. sanctions.
While Iran makes its own paste from an abundant crop of locally grown tomatoes, sanctions reimposed by U.S. President Donald Trump since August have played havoc with supply.
A 70 percent slide in the rial this year has prompted a scramble for foreign currency that has made exports much more valuable in local terms than selling produce at home.
UAE expects to raise oil output in October, November to meet demand: minister | Reuters
UAE expects to raise oil output in October, November to meet demand: minister | Reuters:
The United Arab Emirates started to increase its oil production in the third quarter of this year and expects to further raise its output in October and November to meet market demand, the UAE’s Energy Minister Suhail al-Mazrouei said on Thursday.
“The UAE remains committed to working with its OPEC and non-OPEC partners to ensure balance and stability in the market, in the interests of both producers and consumers,” Mazrouei wrote on his official Twitter account.
The Gulf OPEC member’s December oil output “will be subject to customer’s demand” and the country’s oil production capacity will reach 3.5 million barrels per day by year-end, he added.
The United Arab Emirates started to increase its oil production in the third quarter of this year and expects to further raise its output in October and November to meet market demand, the UAE’s Energy Minister Suhail al-Mazrouei said on Thursday.
“The UAE remains committed to working with its OPEC and non-OPEC partners to ensure balance and stability in the market, in the interests of both producers and consumers,” Mazrouei wrote on his official Twitter account.
The Gulf OPEC member’s December oil output “will be subject to customer’s demand” and the country’s oil production capacity will reach 3.5 million barrels per day by year-end, he added.
MIDEAST STOCKS-Saudi stock index tumbles over 3 pct as petchems slide | Reuters
MIDEAST STOCKS-Saudi stock index tumbles over 3 pct as petchems slide | Reuters:
Saudi Arabia’s stock index tumbled more than 3 percent in early trade on Thursday, led by petrochemicals and blue-chip banks.
The index was down 3.1 percent at 7,594 points after 25 minutes, confirming a break below the 200-day average, now at 7,871 points — a negative technical signal.
Weakness in emerging markets generally and an overnight drop of over 2 percent by the Brent oil price pushed the Saudi market down. Top petrochemical producer Saudi Basic Industries lost 4.1 percent and National Commercial Bank sank 3.6 percent.
Saudi Arabia’s stock index tumbled more than 3 percent in early trade on Thursday, led by petrochemicals and blue-chip banks.
The index was down 3.1 percent at 7,594 points after 25 minutes, confirming a break below the 200-day average, now at 7,871 points — a negative technical signal.
Weakness in emerging markets generally and an overnight drop of over 2 percent by the Brent oil price pushed the Saudi market down. Top petrochemical producer Saudi Basic Industries lost 4.1 percent and National Commercial Bank sank 3.6 percent.
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