Qatar to Open $17 Billion Airport Next Week After 6-Year Delay - Bloomberg:
"Qatar plans to open a new $17 billion Hamad International Airport next week, six years behind schedule.
Ten discount airlines, including FlyDubai, will move from the current airport to Hamad on April 30, an official at the country’s Civil Aviation Authority said, asking not to be named in accordance with policy. The remaining airlines, including Qatar Airways Ltd., will start using the new airport May 27, once first- and business-class lounges are finished.
Qatar is facing pressure to complete more than $200 billion of infrastructure, including a $35 billion metro system, a $7 billion port, and new highways, before hosting the 2022 soccer World Cup. The country has reduced the number of stadiums it will build to eight from 12 amid escalating costs."
'via Blog this'
Tuesday, 22 April 2014
MIDEAST STOCKS-Qatar ends at all-time high, Dubai scales 5,000 mark | Reuters
MIDEAST STOCKS-Qatar ends at all-time high, Dubai scales 5,000 mark | Reuters:
"* Qatar surpasses 2005 closing peak in massive volume
* Investors bet on companies about to report Q1 earnings
* Dubai closes above psychologically important level
* Emaar gains before publishing strong quarterly report
* Global Telecom lifts Egypt's bourse on Algeria deal
By Olzhas Auyezov
DUBAI, April 22 (Reuters) - Qatar's bourse hit an all-time closing high on Tuesday as shares in several companies jumped ahead of first-quarter earnings reports, while Dubai's bourse broke through resistance to close above 5,000 points for the first time since August 2008.
The Doha benchmark rose 1.3 percent to 12,940 points, surpassing the previous highest closing price of 12,893 points recorded in September 2005. It remained below the record intra-day high of 13,069 points reached on the same day in 2005.
Trading volume on Tuesday was the second highest since 2010, exceeded only by Monday's volume."
'via Blog this'
"* Qatar surpasses 2005 closing peak in massive volume
* Investors bet on companies about to report Q1 earnings
* Dubai closes above psychologically important level
* Emaar gains before publishing strong quarterly report
* Global Telecom lifts Egypt's bourse on Algeria deal
By Olzhas Auyezov
DUBAI, April 22 (Reuters) - Qatar's bourse hit an all-time closing high on Tuesday as shares in several companies jumped ahead of first-quarter earnings reports, while Dubai's bourse broke through resistance to close above 5,000 points for the first time since August 2008.
The Doha benchmark rose 1.3 percent to 12,940 points, surpassing the previous highest closing price of 12,893 points recorded in September 2005. It remained below the record intra-day high of 13,069 points reached on the same day in 2005.
Trading volume on Tuesday was the second highest since 2010, exceeded only by Monday's volume."
'via Blog this'
Polymetal Sticks With London Listing | News | The Moscow Times
Polymetal Sticks With London Listing | News | The Moscow Times:
"Russian precious metals miner Polymetal will keep its London listing and has no plans to change its corporate structure, despite government calls for foreign-listed firms to come home, it said Tuesday.
President Vladimir Putin has been pushing for the so-called "deoffshorization" of the Russian economy, whereby companies with offshore entities re-register them in Russia and pay taxes in Russia.
In early April, First Deputy Prime Minister Igor Shuvalov urged companies listed on foreign stock exchanges to consider re-listing in Moscow to protect themselves from sanctions imposed by the West over Russia's annexation of Crimea."
'via Blog this'
"Russian precious metals miner Polymetal will keep its London listing and has no plans to change its corporate structure, despite government calls for foreign-listed firms to come home, it said Tuesday.
President Vladimir Putin has been pushing for the so-called "deoffshorization" of the Russian economy, whereby companies with offshore entities re-register them in Russia and pay taxes in Russia.
In early April, First Deputy Prime Minister Igor Shuvalov urged companies listed on foreign stock exchanges to consider re-listing in Moscow to protect themselves from sanctions imposed by the West over Russia's annexation of Crimea."
'via Blog this'
Dubai Sells First Bonds in 15 Months With $750 Million Sukuk - Bloomberg
Dubai Sells First Bonds in 15 Months With $750 Million Sukuk - Bloomberg:
"Dubai tapped capital markets for the first time in more than a year with the sale of $750 million of 15-year Islamic bonds as the emirate seeks to pay debt and finance its budget amid a property-market recovery.
The Dubai government’s securities will price to yield 5 percent, according to a person with knowledge of the offering, who asked not to be identified because the details are private. The offering is Dubai’s first since it raised $1.25 billion from the sale of 10-year and 30-year bonds in January 2013.
Dubai, the second-biggest of seven members in the United Arab Emirates federation, has improved investor confidence since teetering on the brink of default more than four years ago. The city’s economy grew at the fastest pace since 2007 last year and its budget deficit is set to narrow by 41 percent in 2014 to 882 million dirhams ($240 million), according to official forecasts."
'via Blog this'
"Dubai tapped capital markets for the first time in more than a year with the sale of $750 million of 15-year Islamic bonds as the emirate seeks to pay debt and finance its budget amid a property-market recovery.
The Dubai government’s securities will price to yield 5 percent, according to a person with knowledge of the offering, who asked not to be identified because the details are private. The offering is Dubai’s first since it raised $1.25 billion from the sale of 10-year and 30-year bonds in January 2013.
Dubai, the second-biggest of seven members in the United Arab Emirates federation, has improved investor confidence since teetering on the brink of default more than four years ago. The city’s economy grew at the fastest pace since 2007 last year and its budget deficit is set to narrow by 41 percent in 2014 to 882 million dirhams ($240 million), according to official forecasts."
'via Blog this'
Arabtec in Talks to Purchase Large European Company, Chief Says - Bloomberg
Arabtec in Talks to Purchase Large European Company, Chief Says - Bloomberg:
"Arabtec Holding Co. (ARTC), the United Arab Emirates’s biggest listed construction company, is in talks to buy a large European company and may tap the bond market to pay for the deal, Chief Executive Officer Hasan Ismaik said.
Arabtec may announce a transaction in the second half, the CEO said in an interview at the Cityscape Abu Dhabi conference today. The contractor is trying to purchase companies with international operations to help it carry out projects with high returns, Ismaik said week.
“We are now looking into an acquisition and we could do it in partnership with others,” he said. “When we get there, we will be looking for financial solutions and convertible bonds could be one.”"
'via Blog this'
"Arabtec Holding Co. (ARTC), the United Arab Emirates’s biggest listed construction company, is in talks to buy a large European company and may tap the bond market to pay for the deal, Chief Executive Officer Hasan Ismaik said.
Arabtec may announce a transaction in the second half, the CEO said in an interview at the Cityscape Abu Dhabi conference today. The contractor is trying to purchase companies with international operations to help it carry out projects with high returns, Ismaik said week.
“We are now looking into an acquisition and we could do it in partnership with others,” he said. “When we get there, we will be looking for financial solutions and convertible bonds could be one.”"
'via Blog this'
VEB Seeks Central Bank Refinancing as Ukraine Losses Loom | News | The Moscow Times
VEB Seeks Central Bank Refinancing as Ukraine Losses Loom | News | The Moscow Times:
"As economic forecasts for Russia become increasingly dire, state-owned development bank Vneshekonombank, or VEB, will likely be tapped to help prop up the struggling economy.
But the bank is entering the slowdown in a tricky position — it is negotiating massive refinancing and has warned of losses in its Ukrainian operations. Profits are down, and a $2.45 billion syndicated loan is due this month to Western creditors who have suddenly become less willing to roll over the bank's debt as a result of the ongoing crisis in Ukraine.
"Amid the political uncertainty, not all banks are ready to commit to a new loan," VEB's deputy chairman Alexander Ivanov said this week. Asian investors could take the place of Western ones, but it will not happen overnight, Ivanov said, and so VEB will simply have to repay the loan."
'via Blog this'
"As economic forecasts for Russia become increasingly dire, state-owned development bank Vneshekonombank, or VEB, will likely be tapped to help prop up the struggling economy.
But the bank is entering the slowdown in a tricky position — it is negotiating massive refinancing and has warned of losses in its Ukrainian operations. Profits are down, and a $2.45 billion syndicated loan is due this month to Western creditors who have suddenly become less willing to roll over the bank's debt as a result of the ongoing crisis in Ukraine.
"Amid the political uncertainty, not all banks are ready to commit to a new loan," VEB's deputy chairman Alexander Ivanov said this week. Asian investors could take the place of Western ones, but it will not happen overnight, Ivanov said, and so VEB will simply have to repay the loan."
'via Blog this'
UPDATE 1-Dubai's Emaar Properties posts 55 pct rise in Q1 profit | Reuters
UPDATE 1-Dubai's Emaar Properties posts 55 pct rise in Q1 profit | Reuters:
"Dubai's Emaar Properties reported a 55 percent rise in first-quarter net profit on Tuesday, as the region's economic recovery brought consumers back to its malls and shopping units, and house buyers returned to the market.
The builder of the world's tallest tower, the Burj Khalifa, reported a profit of 863 million dirhams ($234.96 million) in the three months to March 31, compared to 556 million dirhams in the prior-year period. Analysts polled by Reuters had forecast profit of 873 million dirhams.
Revenue was 2.26 billion dirhams, up from 2.11 billion dirhams a year earlier, of which 38 percent, or 863 million dirhams, came from Emaar's malls and shopping unit and 16 percent, or 483 million dirhams, from its hospitality and leisure unit."
'via Blog this'
"Dubai's Emaar Properties reported a 55 percent rise in first-quarter net profit on Tuesday, as the region's economic recovery brought consumers back to its malls and shopping units, and house buyers returned to the market.
The builder of the world's tallest tower, the Burj Khalifa, reported a profit of 863 million dirhams ($234.96 million) in the three months to March 31, compared to 556 million dirhams in the prior-year period. Analysts polled by Reuters had forecast profit of 873 million dirhams.
Revenue was 2.26 billion dirhams, up from 2.11 billion dirhams a year earlier, of which 38 percent, or 863 million dirhams, came from Emaar's malls and shopping unit and 16 percent, or 483 million dirhams, from its hospitality and leisure unit."
'via Blog this'
Falling Ruble Threatens Fiat and Renault LCV Project | News | The Moscow Times
Falling Ruble Threatens Fiat and Renault LCV Project | News | The Moscow Times:
"Fiat and Renault may pull out of a car assembly deal with the Russian near century-old ZIL plant as a falling ruble makes the project unprofitable, Vedomosti reported Tuesday.
Previously Fiat and Renault were planning to use ZIL's facilities to assemble 50,000 light commercial vehicles, or LCVs, per year, 25,000 of each brand, but the negotiations have reached a deadlock, according to Vedomosti.
In August 2013, the two major European car producers signed a preliminary agreement with ZIL stating that the latter would negotiate co-production of LCVs exclusively with the two, which expired in March, said Igor Kulgan, CEO of the project operator MosAvtoZIL, a subsidiary of ZIL."
'via Blog this'
"Fiat and Renault may pull out of a car assembly deal with the Russian near century-old ZIL plant as a falling ruble makes the project unprofitable, Vedomosti reported Tuesday.
Previously Fiat and Renault were planning to use ZIL's facilities to assemble 50,000 light commercial vehicles, or LCVs, per year, 25,000 of each brand, but the negotiations have reached a deadlock, according to Vedomosti.
In August 2013, the two major European car producers signed a preliminary agreement with ZIL stating that the latter would negotiate co-production of LCVs exclusively with the two, which expired in March, said Igor Kulgan, CEO of the project operator MosAvtoZIL, a subsidiary of ZIL."
'via Blog this'
Dubai Boom Spurs U-Turn by Kuwaiti Developer: Arab Credit - Bloomberg
Dubai Boom Spurs U-Turn by Kuwaiti Developer: Arab Credit - Bloomberg:
"Kuwait-based property developer Al Mazaya Holding Co. is reversing its strategy of shrinking activities in Dubai and may raise money from the sale of Islamic bonds after real-estate prices soared.
The company’s previous management said in June 2012 it would reduce its investments in Dubai. At the end of 2013, the value of the company’s assets in the United Arab Emirates had fallen to 32 percent of the total, from 35 percent a year earlier, according to the company’s financial statements.
“A few years ago the view was different, now I believe there’s great potential in Dubai,” Ibrahim Al Saqabi, Al Mazaya’s chief executive officer, said yesterday in an interview in Dubai. “We’ll launch several new projects this year, including some in Dubai.”"
'via Blog this'
"Kuwait-based property developer Al Mazaya Holding Co. is reversing its strategy of shrinking activities in Dubai and may raise money from the sale of Islamic bonds after real-estate prices soared.
The company’s previous management said in June 2012 it would reduce its investments in Dubai. At the end of 2013, the value of the company’s assets in the United Arab Emirates had fallen to 32 percent of the total, from 35 percent a year earlier, according to the company’s financial statements.
“A few years ago the view was different, now I believe there’s great potential in Dubai,” Ibrahim Al Saqabi, Al Mazaya’s chief executive officer, said yesterday in an interview in Dubai. “We’ll launch several new projects this year, including some in Dubai.”"
'via Blog this'
Dubai Said to Plan Sale of 15-Year Sukuk as Early as Today - Bloomberg
Dubai Said to Plan Sale of 15-Year Sukuk as Early as Today - Bloomberg:
"Dubai, the Persian Gulf emirate whose benchmark stock index is the best performing in the world this year, plans to sell 15-year Islamic bonds as early as today as it seeks funds to pay debt and bridge a budget deficit.
The Dubai government may price the securities to yield 5 percent to 5.125 percent, according to four people familiar with the matter, who asked not to be identified because the information is private. The sukuk will be of a benchmark size, the people said, which usually raises at least $500 million.
Dubai, the second-biggest of seven states in the United Arab Emirates, has a $1.25 billion sukuk maturing in November, according to data compiled by Bloomberg. The emirate, whose $20 billion debt to Abu Dhabi was rolled over for another five years last month, expects a 882 million-dirham ($240 million) budget deficit in 2014, state-run WAM news agency reported in November."
'via Blog this'
"Dubai, the Persian Gulf emirate whose benchmark stock index is the best performing in the world this year, plans to sell 15-year Islamic bonds as early as today as it seeks funds to pay debt and bridge a budget deficit.
The Dubai government may price the securities to yield 5 percent to 5.125 percent, according to four people familiar with the matter, who asked not to be identified because the information is private. The sukuk will be of a benchmark size, the people said, which usually raises at least $500 million.
Dubai, the second-biggest of seven states in the United Arab Emirates, has a $1.25 billion sukuk maturing in November, according to data compiled by Bloomberg. The emirate, whose $20 billion debt to Abu Dhabi was rolled over for another five years last month, expects a 882 million-dirham ($240 million) budget deficit in 2014, state-run WAM news agency reported in November."
'via Blog this'
A united Europe can end Russia’s energy stranglehold - FT.com
A united Europe can end Russia’s energy stranglehold - FT.com:
"Regardless of how the stand-off over Ukraine develops, one lesson is clear: excessive dependence on Russian energy makes Europe weak. And Russia does not sell its resources cheap – at least, not to everyone.
This, of course, is basic economics. A dominant supplier has the power to raise prices and reduce supply. The way to correct this market distortion is simple. Europe should confront Russia’s monopolistic position with a single European body charged with buying its gas."
'via Blog this'
"Regardless of how the stand-off over Ukraine develops, one lesson is clear: excessive dependence on Russian energy makes Europe weak. And Russia does not sell its resources cheap – at least, not to everyone.
This, of course, is basic economics. A dominant supplier has the power to raise prices and reduce supply. The way to correct this market distortion is simple. Europe should confront Russia’s monopolistic position with a single European body charged with buying its gas."
'via Blog this'
Kuwait's stock exchange takes step towards delayed IPO - Markets - ArabianBusiness.com
Kuwait's stock exchange takes step towards delayed IPO - Markets - ArabianBusiness.com:
"Kuwait's stock exchange took a step towards an initial public offer of its shares on Monday after the Gulf state's financial regulator said it had established the bourse as a company with a capital of KD60 million ($213 million).
The country has been considering an IPO of its stock market for years, but political infighting and entrenched bureaucracy have held up the process.
Kuwait's Capital Markets Authority (CMA), which regulates the stock market, said the stock exchange chairman had signed a contract establishing the company at CMA headquarters on Monday.
Under the contract, Kuwait Stock Exchange will have 600 million shares priced at 0.1 dinars each, the CMA said in a statement."
'via Blog this'
"Kuwait's stock exchange took a step towards an initial public offer of its shares on Monday after the Gulf state's financial regulator said it had established the bourse as a company with a capital of KD60 million ($213 million).
The country has been considering an IPO of its stock market for years, but political infighting and entrenched bureaucracy have held up the process.
Kuwait's Capital Markets Authority (CMA), which regulates the stock market, said the stock exchange chairman had signed a contract establishing the company at CMA headquarters on Monday.
Under the contract, Kuwait Stock Exchange will have 600 million shares priced at 0.1 dinars each, the CMA said in a statement."
'via Blog this'
Kuwait’s Zain Q1 profit up | Arab News
Kuwait’s Zain Q1 profit up | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:
"Zain, Kuwait's No.1 telecom operator by subscribers, reported an 8 percent rise in first-quarter profit on Monday, beating analysts' estimates.
The former monopoly, which operates in eight countries in the Middle East and Africa, made a net profit of 55.9 million dinars ($198.5 million) in the three months to March 31. It did not provide a year-earlier figure in dinars, but its previous financial statements show it made a profit of 52 million dinars in the first three months of 2013.
Two analysts polled by Reuters forecast Zain would make a quarterly profit of 50 million dinars and 53.3 million dinars respectively."
'via Blog this'
"Zain, Kuwait's No.1 telecom operator by subscribers, reported an 8 percent rise in first-quarter profit on Monday, beating analysts' estimates.
The former monopoly, which operates in eight countries in the Middle East and Africa, made a net profit of 55.9 million dinars ($198.5 million) in the three months to March 31. It did not provide a year-earlier figure in dinars, but its previous financial statements show it made a profit of 52 million dinars in the first three months of 2013.
Two analysts polled by Reuters forecast Zain would make a quarterly profit of 50 million dinars and 53.3 million dinars respectively."
'via Blog this'
ADIB posts record quarterly profit | The National
ADIB posts record quarterly profit | The National:
"Abu Dhabi Islamic Bank (ADIB), the biggest Sharia-compliant lender in the emirate, said its first-quarter profit rose to a record as loans and deposits soared.
Net income increased 20.4 per cent to Dh409.5 million compared with Dh340.1m in the same period the previous year, the Abu Dhabi-based lender said.
Customer financing advanced 18.1 per cent to Dh63.8 billion from Dh54bn while deposits grew 21.4 per cent to Dh77bn from Dh63.4bn in the same period. The bank’s total assets increased 16.4 per cent to Dh103.8bn from Dh89.2 bln."
'via Blog this'
"Abu Dhabi Islamic Bank (ADIB), the biggest Sharia-compliant lender in the emirate, said its first-quarter profit rose to a record as loans and deposits soared.
Net income increased 20.4 per cent to Dh409.5 million compared with Dh340.1m in the same period the previous year, the Abu Dhabi-based lender said.
Customer financing advanced 18.1 per cent to Dh63.8 billion from Dh54bn while deposits grew 21.4 per cent to Dh77bn from Dh63.4bn in the same period. The bank’s total assets increased 16.4 per cent to Dh103.8bn from Dh89.2 bln."
'via Blog this'
Dubai headed for top of Islamic economy, chief says | The National
Dubai headed for top of Islamic economy, chief says | The National:
"Dubai is on the way to meeting its ambitious target to be the capital of the global Islamic economy, according to the executive charged with seeing the project through.
“We have strong infrastructure as a foundation, and I’m confident that Dubai will do it in the time frame, said Abdulla Mohammed Al Awar, the chief executive of the Dubai Islamic Economy Centre. “We’ve met such targets in the past and made Dubai what it is today.”
Mr Al Awar, a former chief executive of the Dubai International Financial Centre, said that several initiatives had already been launched in support of the plan to put Dubai at the centre of a global economy potentially worth nearly US$7 trillion in three years’ time."
'via Blog this'
"Dubai is on the way to meeting its ambitious target to be the capital of the global Islamic economy, according to the executive charged with seeing the project through.
“We have strong infrastructure as a foundation, and I’m confident that Dubai will do it in the time frame, said Abdulla Mohammed Al Awar, the chief executive of the Dubai Islamic Economy Centre. “We’ve met such targets in the past and made Dubai what it is today.”
Mr Al Awar, a former chief executive of the Dubai International Financial Centre, said that several initiatives had already been launched in support of the plan to put Dubai at the centre of a global economy potentially worth nearly US$7 trillion in three years’ time."
'via Blog this'
Dubai reviews energy demand management strategy | GulfNews.com
Dubai reviews energy demand management strategy | GulfNews.com:
"Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and CEO of Emirates airline and Group, in his capacity as Chairman of the Dubai Supreme Council of Energy, chaired the 28th meeting of the Supreme Council of Energy, in the presence of Saeed Mohammad Al Tayer, Vice-Chairman of the Supreme Council of Energy and Ahmad Butti Al Muhairbi, Secretary-General of the Supreme Council of Energy.
The Council discussed various topics including the implementation of plans for demand side management, renewable energy, and the regulatory framework for district cooling. The Supreme Council also discussed the application and progress of its Demand Side Management strategy, which has eight programmes to manage energy demand, including regulations covering the construction of green building, the retrofitting of existing buildings, district cooling, waste-water reuse, laws and standards to raise efficiency, energy-efficient street lighting, and different fee structures for peak time usage to rationalise electricity demand."
'via Blog this'
"Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and CEO of Emirates airline and Group, in his capacity as Chairman of the Dubai Supreme Council of Energy, chaired the 28th meeting of the Supreme Council of Energy, in the presence of Saeed Mohammad Al Tayer, Vice-Chairman of the Supreme Council of Energy and Ahmad Butti Al Muhairbi, Secretary-General of the Supreme Council of Energy.
The Council discussed various topics including the implementation of plans for demand side management, renewable energy, and the regulatory framework for district cooling. The Supreme Council also discussed the application and progress of its Demand Side Management strategy, which has eight programmes to manage energy demand, including regulations covering the construction of green building, the retrofitting of existing buildings, district cooling, waste-water reuse, laws and standards to raise efficiency, energy-efficient street lighting, and different fee structures for peak time usage to rationalise electricity demand."
'via Blog this'
Moscow Bankers See Fees Slide 67% as Ukraine Crisis Grows - Bloomberg
Moscow Bankers See Fees Slide 67% as Ukraine Crisis Grows - Bloomberg:
"Investment banks in Moscow led by VTB Capital, Sberbank CIB and JPMorgan Chase & Co. (JPM) endured a 67 percent slide in fees so far this year as the Ukraine crisis brought threats of stiffer U.S. and European sanctions.
Bankers collected $108 million on Russian deals through April 20, compared with $325 million a year earlier, according to data from Freeman & Co., a New York consulting firm. The slump included some of the most lucrative segments, with fees from mergers and acquisitions falling 33 percent to $46 million, Freeman reported. Income from syndicated loans plunged 88 percent to $13 million, bond fees shrank 76 percent to $28 million and equities tumbled 24 percent to $21 million.
“The reality is that 2014 is probably already a lost year,” Chris Weafer, a partner at Moscow-based Macro Advisory and former chief strategist at Sberbank CIB, said in e-mailed comments. “The second quarter is likely to be worse than the first quarter as the big international investment funds stay away from Russia until the political risk is a lot clearer.”"
'via Blog this'
"Investment banks in Moscow led by VTB Capital, Sberbank CIB and JPMorgan Chase & Co. (JPM) endured a 67 percent slide in fees so far this year as the Ukraine crisis brought threats of stiffer U.S. and European sanctions.
Bankers collected $108 million on Russian deals through April 20, compared with $325 million a year earlier, according to data from Freeman & Co., a New York consulting firm. The slump included some of the most lucrative segments, with fees from mergers and acquisitions falling 33 percent to $46 million, Freeman reported. Income from syndicated loans plunged 88 percent to $13 million, bond fees shrank 76 percent to $28 million and equities tumbled 24 percent to $21 million.
“The reality is that 2014 is probably already a lost year,” Chris Weafer, a partner at Moscow-based Macro Advisory and former chief strategist at Sberbank CIB, said in e-mailed comments. “The second quarter is likely to be worse than the first quarter as the big international investment funds stay away from Russia until the political risk is a lot clearer.”"
'via Blog this'
Brent Trades Near Seven-Week High on Ukraine Tension; WTI Steady - Bloomberg
Brent Trades Near Seven-Week High on Ukraine Tension; WTI Steady - Bloomberg:
"Brent crude traded near a seven-week high amid speculation that escalating tension between the U.S. and Russia over Ukraine may disrupt energy supplies to Europe. West Texas Intermediate in New York was steady.
Futures were little changed in London after rising 0.4 percent yesterday. Russia and the U.S. traded blame for failing to rein in extremists in Ukraine as a diplomatic accord, reached last week in an attempt to ease the crisis, neared collapse. An Energy Information Administration report tomorrow will probably show U.S. crude stockpiles expanded for the 13th time in 14 weeks, according to a Bloomberg News survey of analysts.
“There is some support for the market arising from the situation in Ukraine,” Ric Spooner, a chief strategist at CMC Markets in Sydney, said by phone today. “While that isn’t translating into significant buying, it’s likely to be preventing much active selling.”"
'via Blog this'
"Brent crude traded near a seven-week high amid speculation that escalating tension between the U.S. and Russia over Ukraine may disrupt energy supplies to Europe. West Texas Intermediate in New York was steady.
Futures were little changed in London after rising 0.4 percent yesterday. Russia and the U.S. traded blame for failing to rein in extremists in Ukraine as a diplomatic accord, reached last week in an attempt to ease the crisis, neared collapse. An Energy Information Administration report tomorrow will probably show U.S. crude stockpiles expanded for the 13th time in 14 weeks, according to a Bloomberg News survey of analysts.
“There is some support for the market arising from the situation in Ukraine,” Ric Spooner, a chief strategist at CMC Markets in Sydney, said by phone today. “While that isn’t translating into significant buying, it’s likely to be preventing much active selling.”"
'via Blog this'
Oman Fights Saudi Bid for Gulf Hegemony With Iran Pipeline Plan - Bloomberg
Oman Fights Saudi Bid for Gulf Hegemony With Iran Pipeline Plan - Bloomberg:
"
Oman’s plan to build a $1 billion natural-gas pipeline from Iran is the latest sign that Saudi Arabia is failing to bind its smaller Gulf neighbors into a tighter bloc united in hostility to the Islamic Republic.
The accord was signed during Iranian President Hassan Rouhani’s visit to Oman last month, and marks the first such deal between Iran and a Gulf Cooperation Council state in more than a decade. Oman is in good standing with the U.S. too: a $2.1 billion purchase of air-defense systems from Raytheon Inc. was announced during a visit by Secretary of State John Kerry last year. Oman, led by 73-year-old Sultan Qaboos Bin Said Al-Said, hosted secret talks between the U.S. and Iran in the run-up to November’s Geneva agreement, Foreign Minister Yusuf Bin Alawi Bin Abdullah told al-Hayat newspaper this week."
'via Blog this'
"
 |
Iranian President Hassan Rouhani, left, and Oman's leader Sultan Qaboos Bin Said. |
The accord was signed during Iranian President Hassan Rouhani’s visit to Oman last month, and marks the first such deal between Iran and a Gulf Cooperation Council state in more than a decade. Oman is in good standing with the U.S. too: a $2.1 billion purchase of air-defense systems from Raytheon Inc. was announced during a visit by Secretary of State John Kerry last year. Oman, led by 73-year-old Sultan Qaboos Bin Said Al-Said, hosted secret talks between the U.S. and Iran in the run-up to November’s Geneva agreement, Foreign Minister Yusuf Bin Alawi Bin Abdullah told al-Hayat newspaper this week."
'via Blog this'