Oil markets tight, IEA warns | Economy | Saudi Gazette:
"World oil markets are unexpectedly tight as growth in advanced economies picks up, the IEA warned on Thursday, urging OPEC to skip a seasonal output drop as stocks touch six-year lows. Analyst have warned of an oil glut and drop in prices for months. But the International Energy Agency said a pick up in demand in advanced countries, led by the United States, has more than compensated for a slowing of emerging market demand. The IEA, energy market analysis arm of the OECD group of advanced democracies, put much of that switch down to the rebound in the United States and the tightening of US monetary conditions which has sparked turmoil in emerging markets. While much has been made of an apparent slowdown in Chinese growth, the IEA said this was only part of the story. “The real surprise has been the recent resurgence of OECD demand growth,” said the IEA in its regular monthly report. – AFP"
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Thursday, 13 February 2014
Ukraine bondholders confident as default threat looms | Reuters #EuroMaidan
Ukraine bondholders confident as default threat looms | Reuters:
"* Ukrainian bonds fall amid heightened risk of default
* Bondholders still confident Russia will help
* Falling hryvnia to put pressure on corporates
By Davide Scigliuzzo
LONDON, Feb 13 (IFR) - Ukraine's sovereign bonds have remained relatively resilient to default fears emanating from rising political tensions, but a collapse in the value of the local currency could hurt the corporate and banking sector.
The political standoff between President Yanukovich and the opposition adds to an already precarious economic picture.
A current account deficit of almost 9%, dwindling foreign exchange reserves - at USD17.8bn in January, the reserves are not enough to cover three months of imports - and the risk of a sharp devaluation of the hryvnia have shortened the odds of a Ukraine default."
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"* Ukrainian bonds fall amid heightened risk of default
* Bondholders still confident Russia will help
* Falling hryvnia to put pressure on corporates
By Davide Scigliuzzo
LONDON, Feb 13 (IFR) - Ukraine's sovereign bonds have remained relatively resilient to default fears emanating from rising political tensions, but a collapse in the value of the local currency could hurt the corporate and banking sector.
The political standoff between President Yanukovich and the opposition adds to an already precarious economic picture.
A current account deficit of almost 9%, dwindling foreign exchange reserves - at USD17.8bn in January, the reserves are not enough to cover three months of imports - and the risk of a sharp devaluation of the hryvnia have shortened the odds of a Ukraine default."
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MIDEAST STOCKS-UAE mkts resume rally; Qatar at 5-1/2-year high | Reuters
MIDEAST STOCKS-UAE mkts resume rally; Qatar at 5-1/2-year high | Reuters:
"* Dubai Investments, Emirates NBD lift Dubai index
* Drake and Scull falls after profit jump fails to impress investors
* Abu Dhabi's Aldar slider further on Q4 results
By Olzhas Auyezov
DUBAI, Feb 13 (Reuters) - Stock markets in the United Arab Emirates recovered from a brief bout of profit-taking on Thursday, while Qatar hit a five-and-a-half year high.
Dubai's bourse rose 1.3 percent after dipping into negative territory in early trade as investors took profits in contractor Drake and Scull and other stocks.
Drake and Scull reported a 61 percent jump in 2013 net profit on Thursday after a strong year in the emirate's property and construction sectors.
"They did better than in 2012 but that was expected," said Sanyalak Manibhandu, a senior analyst at NBAD Securities. "When you come out with profit that is only in line with estimates, this might bring out profit-takers.""
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"* Dubai Investments, Emirates NBD lift Dubai index
* Drake and Scull falls after profit jump fails to impress investors
* Abu Dhabi's Aldar slider further on Q4 results
By Olzhas Auyezov
DUBAI, Feb 13 (Reuters) - Stock markets in the United Arab Emirates recovered from a brief bout of profit-taking on Thursday, while Qatar hit a five-and-a-half year high.
Dubai's bourse rose 1.3 percent after dipping into negative territory in early trade as investors took profits in contractor Drake and Scull and other stocks.
Drake and Scull reported a 61 percent jump in 2013 net profit on Thursday after a strong year in the emirate's property and construction sectors.
"They did better than in 2012 but that was expected," said Sanyalak Manibhandu, a senior analyst at NBAD Securities. "When you come out with profit that is only in line with estimates, this might bring out profit-takers.""
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Oman may sell assets, borrow abroad if oil prices drop - c.bank | Reuters
Oman may sell assets, borrow abroad if oil prices drop - c.bank | Reuters:
"Feb 13 (Reuters) - Oman may have to start selling foreign assets or borrow on international markets in coming years if government spending rises during a period of lower oil prices and economic growth, a report in a magazine published by its central bank said.
"The sultanate has to tolerate one of the options in the coming years if there is any prediction of decrease in GDP (gross domestic product) growth rates with an increase in spending," said the article in Al Markazi, a banking and economic publication.
"The first option is to begin to liquidate assets abroad to support domestic spending. The second would be to start a programme of external borrowing next year at the earliest.""
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"Feb 13 (Reuters) - Oman may have to start selling foreign assets or borrow on international markets in coming years if government spending rises during a period of lower oil prices and economic growth, a report in a magazine published by its central bank said.
"The sultanate has to tolerate one of the options in the coming years if there is any prediction of decrease in GDP (gross domestic product) growth rates with an increase in spending," said the article in Al Markazi, a banking and economic publication.
"The first option is to begin to liquidate assets abroad to support domestic spending. The second would be to start a programme of external borrowing next year at the earliest.""
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Dubai leasing firm makes $1 billion turboprop order | Reuters
Dubai leasing firm makes $1 billion turboprop order | Reuters:
"Dubai Aerospace Enterprise (DAE) is to spend up to $1 billion on new turboprop planes, the aircraft leasing company said on Wednesday, betting on growth in Asia's crowded regional and domestic markets.
Having had to cancel big orders for commercial jetliners during Dubai's debt crisis, government-owned DAE has turned to turboprops used for short-haul trips for fewer than 100 passengers. Such aircraft can be operated more efficiently than many jets, particularly in an era of high oil prices.
DAE, the largest aircraft leasing company in the Middle East, said it had ordered 20 turboprop commercial aircraft from French-Italian manufacturer ATR, with an option for a further 20 taking the deal's total potential value to $988 million."
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"Dubai Aerospace Enterprise (DAE) is to spend up to $1 billion on new turboprop planes, the aircraft leasing company said on Wednesday, betting on growth in Asia's crowded regional and domestic markets.
Having had to cancel big orders for commercial jetliners during Dubai's debt crisis, government-owned DAE has turned to turboprops used for short-haul trips for fewer than 100 passengers. Such aircraft can be operated more efficiently than many jets, particularly in an era of high oil prices.
DAE, the largest aircraft leasing company in the Middle East, said it had ordered 20 turboprop commercial aircraft from French-Italian manufacturer ATR, with an option for a further 20 taking the deal's total potential value to $988 million."
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Zain Bahrain To Launch Stock Flotation By End June » Gulf Business
Zain Bahrain To Launch Stock Flotation By End June » Gulf Business:
"Zain Bahrain, the island’s No. 1 telecom operator by subscribers, will launch its long-awaited stock market flotation by the end of June, an industry source told Reuters, in what could be the Kingdom’s biggest share sale since 2010.
Bahrain’s Telecommunication Regulatory Authority (TRA) last April instructed Zain Bahrain, 56.3 per cent owned by Kuwait’s Zain, to sell 15 per cent of its shares in an initial public offering (IPO) and list on the local market by the end of 2013.
This deadline passed without comment by the companies or the regulator, but Zain Bahrain has now applied to the Ministry of Industry and Commerce for approval to become a public company, the source told Reuters, declining to be identified because the matter was not yet public."
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"Zain Bahrain, the island’s No. 1 telecom operator by subscribers, will launch its long-awaited stock market flotation by the end of June, an industry source told Reuters, in what could be the Kingdom’s biggest share sale since 2010.
Bahrain’s Telecommunication Regulatory Authority (TRA) last April instructed Zain Bahrain, 56.3 per cent owned by Kuwait’s Zain, to sell 15 per cent of its shares in an initial public offering (IPO) and list on the local market by the end of 2013.
This deadline passed without comment by the companies or the regulator, but Zain Bahrain has now applied to the Ministry of Industry and Commerce for approval to become a public company, the source told Reuters, declining to be identified because the matter was not yet public."
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Russia Forecasts Increase in Oil, Gas Output in 2014 | Russia | RIA Novosti
Russia Forecasts Increase in Oil, Gas Output in 2014 | Russia | RIA Novosti:
"MOSCOW, February 12 (RIA Novosti) – Russia will increase oil production this year by 0.3 percent to 525 million tons and boost its natural gas output by 4.8 percent to 700 billion cubic meters, the country’s deputy energy minister said Wednesday.
“We could increase gas production even more, but there are issues with storage, transportation and consumption,” said Kirill Molodtsov.
The boost in oil output is expected as a result of launching new fields last year, he said.
In 2013, Russia produced just over 523 million tons of oil and 668 billion cubic meters of gas, according to state statistics."
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"MOSCOW, February 12 (RIA Novosti) – Russia will increase oil production this year by 0.3 percent to 525 million tons and boost its natural gas output by 4.8 percent to 700 billion cubic meters, the country’s deputy energy minister said Wednesday.
“We could increase gas production even more, but there are issues with storage, transportation and consumption,” said Kirill Molodtsov.
The boost in oil output is expected as a result of launching new fields last year, he said.
In 2013, Russia produced just over 523 million tons of oil and 668 billion cubic meters of gas, according to state statistics."
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Gulf pension funds seen to hit $5trn | Economy | Saudi Gazette
Gulf pension funds seen to hit $5trn | Economy | Saudi Gazette:
"Arabian Gulf pension funds are expected to double to $5 trillion by 2020 as regional governments plan for the retirement of their burgeoning populations, reflecting an annual growth of about 8.8 percent from 2012 to the end of the decade, PricewaterhouseCoopers (PwC) said in its report.
Assets under management held for public service employees from the UAE, Qatar, Oman, Saudi Arabia and Kuwait stood at a total of $2.4tn in 2012, according to PwC.
By comparison, UK government pension funds stood at £171 billion in 2012, while corporate funds stood at £1tn in the same period, according to data from the Investment Management Association."
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"Arabian Gulf pension funds are expected to double to $5 trillion by 2020 as regional governments plan for the retirement of their burgeoning populations, reflecting an annual growth of about 8.8 percent from 2012 to the end of the decade, PricewaterhouseCoopers (PwC) said in its report.
Assets under management held for public service employees from the UAE, Qatar, Oman, Saudi Arabia and Kuwait stood at a total of $2.4tn in 2012, according to PwC.
By comparison, UK government pension funds stood at £171 billion in 2012, while corporate funds stood at £1tn in the same period, according to data from the Investment Management Association."
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Solid GCC macro trends insulate region from turmoil | Economy | Saudi Gazette
Solid GCC macro trends insulate region from turmoil | Economy | Saudi Gazette:
"The GCC stock and bond markets remain a safe haven to investors, underpinned by solid fundamentals, Emirates NBD said in its CIO Weekly issued Wednesday.
The Expo 2020, MSCI inclusion of the UAE and Qatari markets in the emerging market (EM) category, infrastructure spending across countries – the GCC Railway project to mention one – the revival of trade, tourism and real estate – as tensions in Egypt, Syria and Iran subside somewhat – are further fueling momentum in the GCC macro trends.
Although we continue to like regional equities, we currently see more value in Saudi, Kuwait and Qatar, which are trading at an average discount of more than 2 percent to the UAE market. This was led higher for the week by Dubai’s DFM, once again the best performing regional benchmark (+4.3 percent) boosted by construction and real estate stocks."
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"The GCC stock and bond markets remain a safe haven to investors, underpinned by solid fundamentals, Emirates NBD said in its CIO Weekly issued Wednesday.
The Expo 2020, MSCI inclusion of the UAE and Qatari markets in the emerging market (EM) category, infrastructure spending across countries – the GCC Railway project to mention one – the revival of trade, tourism and real estate – as tensions in Egypt, Syria and Iran subside somewhat – are further fueling momentum in the GCC macro trends.
Although we continue to like regional equities, we currently see more value in Saudi, Kuwait and Qatar, which are trading at an average discount of more than 2 percent to the UAE market. This was led higher for the week by Dubai’s DFM, once again the best performing regional benchmark (+4.3 percent) boosted by construction and real estate stocks."
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Abu Dhabi's Aldar To Refinance $2.2bn Debt This Year » Gulf Business
Abu Dhabi's Aldar To Refinance $2.2bn Debt This Year » Gulf Business:
"Aldar Properties will look to refinance Dhs7.9 billion ($2.2 billion) worth of debt this year, and is open to bank loans as well as bonds, the chief financial officer of the Abu Dhabi property firm said on Wednesday.
“You could see us (doing) normal refinancing – banks or bonds – because of our strong credit ratings. We will also manage debts with government receivables, existing cash and liquidity already procured,” Greg Fewer said on a conference call with reporters.
Aldar has existing cash holdings of Dhs8.3 billion, he said."
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"Aldar Properties will look to refinance Dhs7.9 billion ($2.2 billion) worth of debt this year, and is open to bank loans as well as bonds, the chief financial officer of the Abu Dhabi property firm said on Wednesday.
“You could see us (doing) normal refinancing – banks or bonds – because of our strong credit ratings. We will also manage debts with government receivables, existing cash and liquidity already procured,” Greg Fewer said on a conference call with reporters.
Aldar has existing cash holdings of Dhs8.3 billion, he said."
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Ex-Soros Money Manager Zuaiter to Start Dubai Hedge Fund - Bloomberg
Ex-Soros Money Manager Zuaiter to Start Dubai Hedge Fund - Bloomberg:
"Ahmad Zuaiter, a former money manager for Soros Fund Management LLC, is starting a hedge-fund firm to invest in countries such as Argentina, Nigeria and Vietnam just as emerging markets are selling off.
Zuaiter, who managed money for Soros from 2006 to 2011, said his Dubai-based Jadara Capital Partners LP will focus on stocks related to such “frontier markets” as Pakistan, Morocco, Zimbabwe, Iraq and the United Arab Emirates rather than larger emerging-market countries like China, India and Russia. He plans to start trading by the second quarter of this year.
“This is almost a perfect time to invest in many of these countries because of their accelerating growth and strong fundamentals,” Zuaiter, 45, said by telephone. “Generally speaking, frontier markets are positioned to grow at a much better rate than emerging markets.”"
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"Ahmad Zuaiter, a former money manager for Soros Fund Management LLC, is starting a hedge-fund firm to invest in countries such as Argentina, Nigeria and Vietnam just as emerging markets are selling off.
Zuaiter, who managed money for Soros from 2006 to 2011, said his Dubai-based Jadara Capital Partners LP will focus on stocks related to such “frontier markets” as Pakistan, Morocco, Zimbabwe, Iraq and the United Arab Emirates rather than larger emerging-market countries like China, India and Russia. He plans to start trading by the second quarter of this year.
“This is almost a perfect time to invest in many of these countries because of their accelerating growth and strong fundamentals,” Zuaiter, 45, said by telephone. “Generally speaking, frontier markets are positioned to grow at a much better rate than emerging markets.”"
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