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Thursday, 24 April 2014
MIDEAST STOCKS-UAE markets pull back; Bahrain hits 3-year high | Agricultural Commodities | Reuters
MIDEAST STOCKS-UAE markets pull back; Bahrain hits 3-year high | Agricultural Commodities | Reuters:
"Stock markets in the United Arab Emirates retreated from multi-year peaks on Thursday, while Saudi Arabia edged up and Bahrain's benchmark hit its highest level in three years.
Dubai's main index slid 0.9 percent in a volatile session during which was down as much as 4.0 percent. Emaar Properties was the main drag after its annual meeting on Wednesday dashed some investors' hopes for a 2013 dividend hike beyond the board's proposal; the stock fell 1.4 percent.
Other property and construction stocks also fell, with the exception of builder Arabtec Holding, whose shares were extremely volatile but closed up 0.3 percent.
Arabtec soared 10.7 percent on Wednesday after the company outlined ambitious expansion hopes and presented new projects at a major real estate exhibition in Abu Dhabi. But analysts said the stock's dynamics had become unpredictable and it had surpassed some major brokers' fair value estimates."
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"Stock markets in the United Arab Emirates retreated from multi-year peaks on Thursday, while Saudi Arabia edged up and Bahrain's benchmark hit its highest level in three years.
Dubai's main index slid 0.9 percent in a volatile session during which was down as much as 4.0 percent. Emaar Properties was the main drag after its annual meeting on Wednesday dashed some investors' hopes for a 2013 dividend hike beyond the board's proposal; the stock fell 1.4 percent.
Other property and construction stocks also fell, with the exception of builder Arabtec Holding, whose shares were extremely volatile but closed up 0.3 percent.
Arabtec soared 10.7 percent on Wednesday after the company outlined ambitious expansion hopes and presented new projects at a major real estate exhibition in Abu Dhabi. But analysts said the stock's dynamics had become unpredictable and it had surpassed some major brokers' fair value estimates."
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Poland Pushes Coal on Europe as Putin Wields Gas Weapon: Energy - Businessweek
Poland Pushes Coal on Europe as Putin Wields Gas Weapon: Energy - Businessweek:
"Polish Prime Minister Donald Tusk says the country’s giant coal fields should become a cornerstone in Europe’s defense against a newly aggressive Russia.
Because the fossil fuel supplies 90 percent of Poland’s power it has less need of Russian natural gas than other Eastern European nations, burning half as much per capita as the neighboring Czech Republic, for example. As politicians wrestle with how to respond to the crisis in Ukraine, Tusk argues Europe needs to “rehabilitate” coal’s dirty image and use it to break Russia’s grip on energy supply.
“In the context of the Russian-Ukrainian conflict, the overriding objective is to lessen the dependence on Russia,” said Mujtaba Rahman, an analyst at Eurasia Group in London. “Climate objectives will be absolutely secondary to that.”"
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"Polish Prime Minister Donald Tusk says the country’s giant coal fields should become a cornerstone in Europe’s defense against a newly aggressive Russia.
Because the fossil fuel supplies 90 percent of Poland’s power it has less need of Russian natural gas than other Eastern European nations, burning half as much per capita as the neighboring Czech Republic, for example. As politicians wrestle with how to respond to the crisis in Ukraine, Tusk argues Europe needs to “rehabilitate” coal’s dirty image and use it to break Russia’s grip on energy supply.
“In the context of the Russian-Ukrainian conflict, the overriding objective is to lessen the dependence on Russia,” said Mujtaba Rahman, an analyst at Eurasia Group in London. “Climate objectives will be absolutely secondary to that.”"
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Abu Dhabi Said to Complete Technical Review of Oil Bids in Weeks - Bloomberg
Abu Dhabi Said to Complete Technical Review of Oil Bids in Weeks - Bloomberg:
"Abu Dhabi’s state oil producer is almost finished reviewing technical aspects of international companies’ bids to develop the biggest onshore crude deposits in the emirate, two people with knowledge of the situation said.
Evaluating expansion plans and output targets proposed by 11 companies from the U.S., Europe and Asia seeking the concessions may take about two weeks more, said the people, who asked not to be identified since the process is confidential. Picking the best commercial terms among the offers, including how much companies would like to be paid for the work, should be finished this year, they said.
Abu Dhabi, capital of the United Arab Emirates and holder of most of the country’s crude reserves, is seeking new partners to help expand oil output. Exxon Mobil Corp., BP Plc, Royal Dutch Shell Plc and Total SA in January lost rights as partners in the company operating Abu Dhabi’s onshore fields when their joint venture agreement expired after seven decades."
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"Abu Dhabi’s state oil producer is almost finished reviewing technical aspects of international companies’ bids to develop the biggest onshore crude deposits in the emirate, two people with knowledge of the situation said.
Evaluating expansion plans and output targets proposed by 11 companies from the U.S., Europe and Asia seeking the concessions may take about two weeks more, said the people, who asked not to be identified since the process is confidential. Picking the best commercial terms among the offers, including how much companies would like to be paid for the work, should be finished this year, they said.
Abu Dhabi, capital of the United Arab Emirates and holder of most of the country’s crude reserves, is seeking new partners to help expand oil output. Exxon Mobil Corp., BP Plc, Royal Dutch Shell Plc and Total SA in January lost rights as partners in the company operating Abu Dhabi’s onshore fields when their joint venture agreement expired after seven decades."
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UAE stock market operator DFM profit surges 696% in the first quarter | The National
UAE stock market operator DFM profit surges 696% in the first quarter | The National:
"Dubai Financial Market, the only publicly listed stock exchange in the Arab world, reported a 696 per cent increase in first-quarter net profit amid a surge in trading volumes.
“DFM is witnessing thriving activity since the beginning of this year,” said the chairman Essa Kazim.
Net income for the period ended March 31 rocketed to Dh215.1 million, compared with Dh27m in the year earlier period. Revenue rose to Dh255.6m in the quarter, compared with Dh65.7m in the year earlier period.
Traded value jumped 428 per cent to Dh110 billion, compared with Dh20.8bn in the same period last year. Trading commissions are the bread and butter for the exchange."
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"Dubai Financial Market, the only publicly listed stock exchange in the Arab world, reported a 696 per cent increase in first-quarter net profit amid a surge in trading volumes.
“DFM is witnessing thriving activity since the beginning of this year,” said the chairman Essa Kazim.
Net income for the period ended March 31 rocketed to Dh215.1 million, compared with Dh27m in the year earlier period. Revenue rose to Dh255.6m in the quarter, compared with Dh65.7m in the year earlier period.
Traded value jumped 428 per cent to Dh110 billion, compared with Dh20.8bn in the same period last year. Trading commissions are the bread and butter for the exchange."
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Al Etihad Credit Bureau delayed as UAE banks fail to provide data | The National
Al Etihad Credit Bureau delayed as UAE banks fail to provide data | The National:
"Banks have not supplied sufficient credit information to Al Etihad Credit Bureau, holding up the launch of a major tool in the UAE’s efforts to strengthen the financial system.
National Bank of Fujairah was yesterday named as the only lender to have provided adequate credit data on its retail customers for the past 24 months, the bureau said yesterday.
The UAE Banks Federation was not immediately available for comment.
The revelation from the Al Etihad Credit Bureau comes just weeks after it said the majority of banks had supplied it with credit information that exceeded international data quality standards."
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"Banks have not supplied sufficient credit information to Al Etihad Credit Bureau, holding up the launch of a major tool in the UAE’s efforts to strengthen the financial system.
National Bank of Fujairah was yesterday named as the only lender to have provided adequate credit data on its retail customers for the past 24 months, the bureau said yesterday.
The UAE Banks Federation was not immediately available for comment.
The revelation from the Al Etihad Credit Bureau comes just weeks after it said the majority of banks had supplied it with credit information that exceeded international data quality standards."
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Dubai Holding to prepay $319.3m loan | GulfNews.com
Dubai Holding to prepay $319.3m loan | GulfNews.com:
"Dubai Holding Commercial Operations Group (DHCOG) on Wednesday announced that on May 13, it will voluntarily prepay the entire outstanding principal of $319.3 million (Dh1.17 billion) along with accrued interest, of the amortising $555 million facility originally maturing on December 31, 2015.
The prepayment of this secured facility will be made from DHCOG’s available funds.
Since 2011, DHCOG has been consistently paying all its outstanding bonds on maturity. Most recently, DHCOG repaid 750 million-euro (Dh3.75 billion) bond in January 2014.
The Group’s next significant maturity is £500 million (Dh3 billion) bond due in February 2017."
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"Dubai Holding Commercial Operations Group (DHCOG) on Wednesday announced that on May 13, it will voluntarily prepay the entire outstanding principal of $319.3 million (Dh1.17 billion) along with accrued interest, of the amortising $555 million facility originally maturing on December 31, 2015.
The prepayment of this secured facility will be made from DHCOG’s available funds.
Since 2011, DHCOG has been consistently paying all its outstanding bonds on maturity. Most recently, DHCOG repaid 750 million-euro (Dh3.75 billion) bond in January 2014.
The Group’s next significant maturity is £500 million (Dh3 billion) bond due in February 2017."
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First Gulf Bank’s first quarter net profit surges 27 per cent | GulfNews.com
First Gulf Bank’s first quarter net profit surges 27 per cent | GulfNews.com:
"First Gulf Bank (FGB) recorded a net profit of Dh1.33 billion in the first quarter of 2014, up 27 per cent compared to the same period in 2013.
In the first quarter of this year the bank reported total revenue of Dh2.25 billion, up 20 per cent compared to the first quarter of 2013. This was the result of a 17 per cent growth in net interest and Islamic financing income to Dh1.6 billion combined with a 27 per cent rise in other revenues to Dh650 million.
As part of its ongoing strategy to diversify revenue streams, non-interest revenues grew their share in total operating income to 29 per cent compared with 27 per cent in the first quarter of 2013. On the other hand, net interest and Islamic financing income contributed 71 per cent to total revenues compared to 73 per cent in the same period last year."
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"First Gulf Bank (FGB) recorded a net profit of Dh1.33 billion in the first quarter of 2014, up 27 per cent compared to the same period in 2013.
In the first quarter of this year the bank reported total revenue of Dh2.25 billion, up 20 per cent compared to the first quarter of 2013. This was the result of a 17 per cent growth in net interest and Islamic financing income to Dh1.6 billion combined with a 27 per cent rise in other revenues to Dh650 million.
As part of its ongoing strategy to diversify revenue streams, non-interest revenues grew their share in total operating income to 29 per cent compared with 27 per cent in the first quarter of 2013. On the other hand, net interest and Islamic financing income contributed 71 per cent to total revenues compared to 73 per cent in the same period last year."
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Russia’s Bond Market Return Aborted as Yields Surpass 9% - Bloomberg
Russia’s Bond Market Return Aborted as Yields Surpass 9% - Bloomberg:
"Russia tested appetite for ruble bonds for the second time in eight weeks yesterday, only to scrap the auction after seeing how much it would pay to borrow as the crisis over neighboring Ukraine escalates.
The Finance Ministry said in a statement that investor bids for the 20 billion rubles ($560 million) in five-year and nine-year OFZ notes on offer didn’t “adequately represent” Russia’s “credit quality.” The government, which has canceled outright all but two weekly auctions since President Vladimir Putin’s incursion into Crimea on March 1, has sold just 14 percent of the OFZ notes in 2014 than it did in the year-earlier period, according to data compiled by Bloomberg.
The aborted attempt to return to the market confirms there’s “no demand” for government securities as the U.S. and the European Union consider further sanctions for what they see as Putin’s destabilizing role in Ukraine, according to Raiffeisen Capital. Russia may forgo foreign-currency debt sales this year and cut domestic borrowing as the weaker ruble boosts tax revenue from oil and gas exports and helps balance the budget, Finance Minister Anton Siluanov said last month."
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"Russia tested appetite for ruble bonds for the second time in eight weeks yesterday, only to scrap the auction after seeing how much it would pay to borrow as the crisis over neighboring Ukraine escalates.
The Finance Ministry said in a statement that investor bids for the 20 billion rubles ($560 million) in five-year and nine-year OFZ notes on offer didn’t “adequately represent” Russia’s “credit quality.” The government, which has canceled outright all but two weekly auctions since President Vladimir Putin’s incursion into Crimea on March 1, has sold just 14 percent of the OFZ notes in 2014 than it did in the year-earlier period, according to data compiled by Bloomberg.
The aborted attempt to return to the market confirms there’s “no demand” for government securities as the U.S. and the European Union consider further sanctions for what they see as Putin’s destabilizing role in Ukraine, according to Raiffeisen Capital. Russia may forgo foreign-currency debt sales this year and cut domestic borrowing as the weaker ruble boosts tax revenue from oil and gas exports and helps balance the budget, Finance Minister Anton Siluanov said last month."
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Russian Brokers Gain From Crisis, Profits So Rich They're Trading From the Beach - Bloomberg
Russian Brokers Gain From Crisis, Profits So Rich They're Trading From the Beach - Bloomberg:
"It was a vacation that Russian stock broker Alexander Antipov said he dreamt about for two decades: a tropical getaway from the harsh Moscow winter to the white-sand beaches of Acapulco, Mexico.
Yet as Antipov, the head of sales at Moscow-based Veles Capital LLC, settled into the Park Royal hotel with his family last month, his mobile phone kept ringing. Clients were unnerved by President Vladimir Putin’s push into Ukraine and wanted to know if they should sell as stocks sank. Antipov fell into an odd schedule -- trading by night from the hotel balcony to avoid waking his kids as markets opened about 7,000 miles away in Moscow and napping during the day.
“It felt surreal,” Antipov, 40, said in an April 15 phone interview from Veles, a brokerage firm founded in 1995. “Most of my clients were selling. Some had the courage to buy.”"
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"It was a vacation that Russian stock broker Alexander Antipov said he dreamt about for two decades: a tropical getaway from the harsh Moscow winter to the white-sand beaches of Acapulco, Mexico.
Yet as Antipov, the head of sales at Moscow-based Veles Capital LLC, settled into the Park Royal hotel with his family last month, his mobile phone kept ringing. Clients were unnerved by President Vladimir Putin’s push into Ukraine and wanted to know if they should sell as stocks sank. Antipov fell into an odd schedule -- trading by night from the hotel balcony to avoid waking his kids as markets opened about 7,000 miles away in Moscow and napping during the day.
“It felt surreal,” Antipov, 40, said in an April 15 phone interview from Veles, a brokerage firm founded in 1995. “Most of my clients were selling. Some had the courage to buy.”"
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Emirates NBD Beats Estimates With 25% First Quarter Profit Jump - Bloomberg
Emirates NBD Beats Estimates With 25% First Quarter Profit Jump - Bloomberg:
"Emirates NBD PJSC (EMIRATES), the biggest bank by assets in the United Arab Emirates, beat analysts’ estimates with a 25 percent jump in first quarter profit as interest income and fees growth offset a surge in bad loan provisions.
Net profit climbed to 1.04 billion dirhams ($283 million) compared with 836 million a year ago, the Dubai government-controlled lender said in a statement to the bourse today. The mean estimate of five analysts was for a profit of 881.2 million dirhams, according to data compiled by Bloomberg. Impairment allowances, including for bad loans, increased 43 percent.
Lending and investment banking in the U.A.E., the Arab world’s second-biggest economy, are improving as Dubai’s real-estate, tourism and trade industries recover from a slump during the global credit crisis. Dubai says its economy will expand by about 4.7 percent this year after the emirate won a bid in November to host the World Expo in 2020, while property prices are forecast by the Land Department to jump 40 percent this year."
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"Emirates NBD PJSC (EMIRATES), the biggest bank by assets in the United Arab Emirates, beat analysts’ estimates with a 25 percent jump in first quarter profit as interest income and fees growth offset a surge in bad loan provisions.
Net profit climbed to 1.04 billion dirhams ($283 million) compared with 836 million a year ago, the Dubai government-controlled lender said in a statement to the bourse today. The mean estimate of five analysts was for a profit of 881.2 million dirhams, according to data compiled by Bloomberg. Impairment allowances, including for bad loans, increased 43 percent.
Lending and investment banking in the U.A.E., the Arab world’s second-biggest economy, are improving as Dubai’s real-estate, tourism and trade industries recover from a slump during the global credit crisis. Dubai says its economy will expand by about 4.7 percent this year after the emirate won a bid in November to host the World Expo in 2020, while property prices are forecast by the Land Department to jump 40 percent this year."
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