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Tuesday 29 July 2014
Saudi market reforms invite access to oil growth | GulfNews.com
Saudi market reforms invite access to oil growth | GulfNews.com:
"Saudi Arabia’s decision to open up its stock market to foreign investors should direct further inflows into the region’s biggest and most active stock market next year, helping propel the kingdom further down a path of economic reform.
The long-anticipated move has set regional fund managers abuzz with excitement about gaining direct access to the Middle East’s largest economy, underpinned by large hydrocarbon resources and the Gulf states’ largest population.
Mohammad Al Tuwaijri, the Saudi chief executive of HSBC in the Middle East and North Africa, describes the move as “one of the most important moments in the history of Saudi financial markets.”"
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"Saudi Arabia’s decision to open up its stock market to foreign investors should direct further inflows into the region’s biggest and most active stock market next year, helping propel the kingdom further down a path of economic reform.
The long-anticipated move has set regional fund managers abuzz with excitement about gaining direct access to the Middle East’s largest economy, underpinned by large hydrocarbon resources and the Gulf states’ largest population.
Mohammad Al Tuwaijri, the Saudi chief executive of HSBC in the Middle East and North Africa, describes the move as “one of the most important moments in the history of Saudi financial markets.”"
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Russia Eyes Banning U.S. Chicken And Some European Fruit - Bloomberg
Russia Eyes Banning U.S. Chicken And Some European Fruit - Bloomberg:
"Facing tougher sanctions over Ukraine, Russia said yesterday it may ban imports of chicken from the U.S. and fruit from Europe and is investigating McDonald’s Corp. (MCD) cheese for safety.
While Russia and the U.S. have long sparred over agricultural trade, the actions fueled speculation they could be retaliatory. The 28-nation European Union and the U.S. plan to impose stiffer sanctions to punish Russian President Vladimir Putin’s government.
“It’s a troubling continuation/expansion of trade as a geopolitical tool,” Gary Blumenthal, president of World Perspectives Inc., a Washington-based agricultural consulting firm, said in a phone interview."
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"Facing tougher sanctions over Ukraine, Russia said yesterday it may ban imports of chicken from the U.S. and fruit from Europe and is investigating McDonald’s Corp. (MCD) cheese for safety.
While Russia and the U.S. have long sparred over agricultural trade, the actions fueled speculation they could be retaliatory. The 28-nation European Union and the U.S. plan to impose stiffer sanctions to punish Russian President Vladimir Putin’s government.
“It’s a troubling continuation/expansion of trade as a geopolitical tool,” Gary Blumenthal, president of World Perspectives Inc., a Washington-based agricultural consulting firm, said in a phone interview."
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Sberbank Drops as EU Sanctions on Russian Lenders Loom - Bloomberg
Sberbank Drops as EU Sanctions on Russian Lenders Loom - Bloomberg:
"OAO Sberbank (SBRCY), which has lost the most market value among the world’s major lenders this year, fell in New York trading as representatives of the European Union meet to discuss sanctions that may target Russian banks.
American depositary receipts of the country’s biggest bank, which is controlled by the government and holds about half of Russia’s deposits, slumped 3 percent to $8.45 yesterday to extend this year’s plunge to 33 percent. The Bloomberg Russia-US Equity Index of the most-traded Russian shares on U.S. exchanges retreated 1.2 percent to 84.14, heading for the biggest monthly drop since January.
EU ambassadors will meet again today to weigh banning Russia’s state-owned lenders from its capital markets after the U.S. enacted another round of penalties against the former Soviet republic over the fighting in Ukraine. BCS Financial Group cut its price estimate on Sberbank by about 15 percent yesterday, saying reduced international funding and a weaker economy will lead to lower profitability."
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"OAO Sberbank (SBRCY), which has lost the most market value among the world’s major lenders this year, fell in New York trading as representatives of the European Union meet to discuss sanctions that may target Russian banks.
American depositary receipts of the country’s biggest bank, which is controlled by the government and holds about half of Russia’s deposits, slumped 3 percent to $8.45 yesterday to extend this year’s plunge to 33 percent. The Bloomberg Russia-US Equity Index of the most-traded Russian shares on U.S. exchanges retreated 1.2 percent to 84.14, heading for the biggest monthly drop since January.
EU ambassadors will meet again today to weigh banning Russia’s state-owned lenders from its capital markets after the U.S. enacted another round of penalties against the former Soviet republic over the fighting in Ukraine. BCS Financial Group cut its price estimate on Sberbank by about 15 percent yesterday, saying reduced international funding and a weaker economy will lead to lower profitability."
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Iraq Gets Court Order Seizing Kurdish Crude Off Texas - Bloomberg
Iraq Gets Court Order Seizing Kurdish Crude Off Texas - Bloomberg:
"The Iraqi Oil Ministry persuaded a U.S. judge to issue an order for the seizure of more than $100 million of oil in a tanker waiting off Galveston, Texas, that it claims was illegally pumped from wells in Kurdistan.
Kurdish officials “misappropriated” more than 1 million barrels of oil from northern Iraq and exported it through a Turkish pipeline, according to a complaint filed yesterday in federal court in Houston.
U.S. Magistrate Judge Nancy Johnson of Galveston hours later issued an order and arrest warrant authorizing U.S. marshals to seize the cargo and have it moved ashore for safekeeping until the dispute is resolved."
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"The Iraqi Oil Ministry persuaded a U.S. judge to issue an order for the seizure of more than $100 million of oil in a tanker waiting off Galveston, Texas, that it claims was illegally pumped from wells in Kurdistan.
Kurdish officials “misappropriated” more than 1 million barrels of oil from northern Iraq and exported it through a Turkish pipeline, according to a complaint filed yesterday in federal court in Houston.
U.S. Magistrate Judge Nancy Johnson of Galveston hours later issued an order and arrest warrant authorizing U.S. marshals to seize the cargo and have it moved ashore for safekeeping until the dispute is resolved."
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Emerging Stocks Advance as Shares in Hong Kong Enter Bull Market - Bloomberg
Emerging Stocks Advance as Shares in Hong Kong Enter Bull Market - Bloomberg:
"Emerging-market stocks rose as as a gauge of Chinese mainland shares traded in Hong Kong entered a bull market, outweighing declines in Russia and Brazil.
China Coal Energy Co. climbed to a seven-month high after the nation’s industrial-profit growth accelerated. Hyundai Steel Co. gained 5.3 percent in Seoul as earnings exceeded analyst estimates. Oil producer Petroleo Brasileiro SA led the Ibovespa lower in Sao Paulo. The ruble declined and the Micex Index sank to an 11-week low on concern Russia will face new sanctions over the Ukraine conflict.
The iShares MSCI Emerging Markets ETF advanced 0.7 percent to $45.09 after climbing 1.4 percent last week. The Hang Seng China Enterprises Index has risen more than 20 percent from this year’s low as government stimulus boosts investor confidence in the world’s second-largest economy. Satellite photos show Russia has shelled across the border into Ukraine, the U.S. said, while the European Union considers its strongest sanctions yet."
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"Emerging-market stocks rose as as a gauge of Chinese mainland shares traded in Hong Kong entered a bull market, outweighing declines in Russia and Brazil.
China Coal Energy Co. climbed to a seven-month high after the nation’s industrial-profit growth accelerated. Hyundai Steel Co. gained 5.3 percent in Seoul as earnings exceeded analyst estimates. Oil producer Petroleo Brasileiro SA led the Ibovespa lower in Sao Paulo. The ruble declined and the Micex Index sank to an 11-week low on concern Russia will face new sanctions over the Ukraine conflict.
The iShares MSCI Emerging Markets ETF advanced 0.7 percent to $45.09 after climbing 1.4 percent last week. The Hang Seng China Enterprises Index has risen more than 20 percent from this year’s low as government stimulus boosts investor confidence in the world’s second-largest economy. Satellite photos show Russia has shelled across the border into Ukraine, the U.S. said, while the European Union considers its strongest sanctions yet."
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