MidEast Shares Mixed But Volumes Low Due to Eid Holiday - NASDAQ.com:
"MidEast stocks were mixed, but volumes remain thin as investors take an extended break to celebrate Eid.
Saudi Arabia, Kuwait, Qatar and Oman remained closed for the holiday.
Dubai and Bahrain markets inched up as international markets rebounded.
The FOMC continued to sound mostly dovish in its latest meeting minutes, released on Wednesday during North American trade."
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Thursday, 9 October 2014
Russia Capital Rush Extends to $13 Billion Last Quarter - Bloomberg
Russia Capital Rush Extends to $13 Billion Last Quarter - Bloomberg:
"Russia’s capital outflow extended for the 17th consecutive quarter amid economic sanctions from the U.S. and the European Union, bringing this year’s redemptions to about $85 billion.
Net private capital outflows were $13 billion from July through September, according to a central bank estimate published today. That compares with $48.6 billion in the first quarter and $23.7 billion in the prior three months.
Russia’s economy, teetering on the brink of its second recession since 2009, is losing capital as sanctions weigh on business sentiment. Investor confidence suffered as international measures against Russia were escalated in July over its role in the Ukraine crisis while the downing of Malaysia Airlines flight MH17 stirred anger against the increasingly isolated country. Russia has denied involvement in the conflict and in the crash which killed all 298 people aboard."
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"Russia’s capital outflow extended for the 17th consecutive quarter amid economic sanctions from the U.S. and the European Union, bringing this year’s redemptions to about $85 billion.
Net private capital outflows were $13 billion from July through September, according to a central bank estimate published today. That compares with $48.6 billion in the first quarter and $23.7 billion in the prior three months.
Russia’s economy, teetering on the brink of its second recession since 2009, is losing capital as sanctions weigh on business sentiment. Investor confidence suffered as international measures against Russia were escalated in July over its role in the Ukraine crisis while the downing of Malaysia Airlines flight MH17 stirred anger against the increasingly isolated country. Russia has denied involvement in the conflict and in the crash which killed all 298 people aboard."
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Brazil’s BRF Said to Join KKR, CVC on Americana Bid - Bloomberg
Brazil’s BRF Said to Join KKR, CVC on Americana Bid - Bloomberg:
"BRF SA (BRFS3), Brazil’s biggest food maker by market value, is making a joint bid for Kuwait Food Co. with private-equity firms KKR & Co. (KKR) and CVC Capital Partners Ltd., two people with knowledge of the matter said.
BRF, KKR and CVC are bidding for the whole company, known as Americana, which would then be split between the buyers if the bid is successful, said the people, who asked not to be identified because talks are private.
The Brazilian company is interested in the food manufacturing unit of $4.3 billion Kuwait Food, the people said. The private-equity firms would keep Americana’s restaurant business, which includes about 1,500 KFC and Pizza Hut outlets in the Middle East and North Africa, the people said."
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"BRF SA (BRFS3), Brazil’s biggest food maker by market value, is making a joint bid for Kuwait Food Co. with private-equity firms KKR & Co. (KKR) and CVC Capital Partners Ltd., two people with knowledge of the matter said.
BRF, KKR and CVC are bidding for the whole company, known as Americana, which would then be split between the buyers if the bid is successful, said the people, who asked not to be identified because talks are private.
The Brazilian company is interested in the food manufacturing unit of $4.3 billion Kuwait Food, the people said. The private-equity firms would keep Americana’s restaurant business, which includes about 1,500 KFC and Pizza Hut outlets in the Middle East and North Africa, the people said."
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Orange Weighing IPO of Africa, Middle East Phone Assets - Bloomberg
Orange Weighing IPO of Africa, Middle East Phone Assets - Bloomberg:
"Orange SA (ORA), France’s largest phone company, is considering a separation of its African assets in an initial public offering to free up funds to bolster its European business.
No details nor timing have been decided, as the considerations are still at an early stage, a spokesman for Paris-based Orange said by phone. The company may include its Middle East assets in the IPO.
The assets that may be split off include holdings in carriers that have about 100 million subscribers in countries from Egypt to Mali, many of them Orange’s fastest-growing businesses. An IPO would give Orange funds to cut debt and pursue acquisitions as its cash flow in Europe is hurt by falling phone bills amid price wars."
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"Orange SA (ORA), France’s largest phone company, is considering a separation of its African assets in an initial public offering to free up funds to bolster its European business.
No details nor timing have been decided, as the considerations are still at an early stage, a spokesman for Paris-based Orange said by phone. The company may include its Middle East assets in the IPO.
The assets that may be split off include holdings in carriers that have about 100 million subscribers in countries from Egypt to Mali, many of them Orange’s fastest-growing businesses. An IPO would give Orange funds to cut debt and pursue acquisitions as its cash flow in Europe is hurt by falling phone bills amid price wars."
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Saudi King Gets New Neighbors as Morocco Evades Regional Turmoil - Bloomberg
Saudi King Gets New Neighbors as Morocco Evades Regional Turmoil - Bloomberg:
"Beyond the walls of a palace outside Casablanca owned by Saudi Arabia’s King Abdullah, Moroccans are buying housing plots that one of the Middle East’s biggest construction firms will fold into a new mini city.
The $346 million plan by Jeddah-based Saudi Binladin Group will turn 250 hectares of former local-authority land into homes for 150,000 people, hospitals and an artificial lake.
“The plots are selling like hot cakes,” Nahid Iraqi, a sales executive at Garan, the local affiliate of Saudi Binladin, said in a Sept. 27 interview. “We expect to close the sale this month.”"
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"Beyond the walls of a palace outside Casablanca owned by Saudi Arabia’s King Abdullah, Moroccans are buying housing plots that one of the Middle East’s biggest construction firms will fold into a new mini city.
The $346 million plan by Jeddah-based Saudi Binladin Group will turn 250 hectares of former local-authority land into homes for 150,000 people, hospitals and an artificial lake.
“The plots are selling like hot cakes,” Nahid Iraqi, a sales executive at Garan, the local affiliate of Saudi Binladin, said in a Sept. 27 interview. “We expect to close the sale this month.”"
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MIDEAST STOCKS-Global gloom, Eid break weigh on markets | Agricultural Commodities | Reuters
MIDEAST STOCKS-Global gloom, Eid break weigh on markets | Agricultural Commodities | Reuters:
"Middle Eastern bourses pulled back on Wednesday in line with global markets as trading volumes remained low, indicating that many retail investors in the region had yet to return from their Eid holidays.
Dubai's index fell 1.7 percent as heavyweight Emaar Properties slid 2.2 percent. Emaar Malls Group , which was listed this month, fell 0.9 percent.
Abu Dhabi's index slid 0.7 percent as Union National Bank and Aldar Properties dropped 3.7 percent each."
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"Middle Eastern bourses pulled back on Wednesday in line with global markets as trading volumes remained low, indicating that many retail investors in the region had yet to return from their Eid holidays.
Dubai's index fell 1.7 percent as heavyweight Emaar Properties slid 2.2 percent. Emaar Malls Group , which was listed this month, fell 0.9 percent.
Abu Dhabi's index slid 0.7 percent as Union National Bank and Aldar Properties dropped 3.7 percent each."
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Nakheel reports 47 per cent rise in profit | The National
Nakheel reports 47 per cent rise in profit | The National:
"Nakheel reported a sharp rise in profits for the first nine months of the year as the Palm Islands developer boosted leasing earnings and paid off debt.
Profit during the period rose 47 per cent to Dh2.6 billion – more than the developer’s entire profit last year, Nakheel said.
Third quarter profit rose 31.6 per cent to Dh750 million, according to calculations by The National."
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"Nakheel reported a sharp rise in profits for the first nine months of the year as the Palm Islands developer boosted leasing earnings and paid off debt.
Profit during the period rose 47 per cent to Dh2.6 billion – more than the developer’s entire profit last year, Nakheel said.
Third quarter profit rose 31.6 per cent to Dh750 million, according to calculations by The National."
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Abu Dhabi’s Gulf Capital backs rebound in Egypt oil sector with $25m investment | The National
Abu Dhabi’s Gulf Capital backs rebound in Egypt oil sector with $25m investment | The National:
"The Abu Dhabi-based asset management firm Gulf Capital has backed the view that Egypt’s energy sector is on the rebound, with a US$25 million investment in Amak Group.
Gulf Capital, which has $3 billion of assets under management, is making the investment via one of its four funds, Gulf Credit Partners. The fund specialises in mezzanine financing – hybrid debt-equity that is aimed at funding established private companies in a growth phase of their development.
The Cairo-based oil services company Amak fits that bill, according to Walid Cherif, manager of the Gulf Credit Partners fund, which has about $220m in assets."
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"The Abu Dhabi-based asset management firm Gulf Capital has backed the view that Egypt’s energy sector is on the rebound, with a US$25 million investment in Amak Group.
Gulf Capital, which has $3 billion of assets under management, is making the investment via one of its four funds, Gulf Credit Partners. The fund specialises in mezzanine financing – hybrid debt-equity that is aimed at funding established private companies in a growth phase of their development.
The Cairo-based oil services company Amak fits that bill, according to Walid Cherif, manager of the Gulf Credit Partners fund, which has about $220m in assets."
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Etihad Airways announces new structure with equity airlines | GulfNews.com
Etihad Airways announces new structure with equity airlines | GulfNews.com:
"Etihad Airways announced a new partnership structure on Wednesday that will open its joint-purchasing programmes to non-equity airlines for the first time. The airline said members of the new “Etihad Airways Partners” structure will save costs through codeshare agreements, joint procurement and staff training at Etihad’s facilities.
Initial members are Air Berlin, Air Serbia, Air Seychelles, Jet Airways and Etihad Regional (formerly Darwin Airline) — all airlines that Etihad holds stakes in — along with the Abu Dhabi carrier.
Airlines that sign up to the formal structure will carry an “Etihad Airways Partners” logo on their aircraft and branded materials."
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"Etihad Airways announced a new partnership structure on Wednesday that will open its joint-purchasing programmes to non-equity airlines for the first time. The airline said members of the new “Etihad Airways Partners” structure will save costs through codeshare agreements, joint procurement and staff training at Etihad’s facilities.
Initial members are Air Berlin, Air Serbia, Air Seychelles, Jet Airways and Etihad Regional (formerly Darwin Airline) — all airlines that Etihad holds stakes in — along with the Abu Dhabi carrier.
Airlines that sign up to the formal structure will carry an “Etihad Airways Partners” logo on their aircraft and branded materials."
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Dubai index falls over 1.5 per cent; hits 7-week low | GulfNews.com
Dubai index falls over 1.5 per cent; hits 7-week low | GulfNews.com:
"Dubai’s benchmark index fell on Wednesday, to hit its lowest level in more than seven weeks, led by Emaar as investors resorted to profit-taking after the recent run up. The Abu Dhabi index also ended lower led by banks.
The Dubai Financial Market (DFM) General Index ended 1.74 per cent lower to end at 4,899.62, after hitting a low of 4,890.18, a level last seen on August 7.
“We saw high volatility in western markets, we have lost more than 20 per cent in crude oil in a few months, these combinations of factors were responsible for profit taking,” Sebastien Henin, head of asset management at The National Investor said."
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"Dubai’s benchmark index fell on Wednesday, to hit its lowest level in more than seven weeks, led by Emaar as investors resorted to profit-taking after the recent run up. The Abu Dhabi index also ended lower led by banks.
The Dubai Financial Market (DFM) General Index ended 1.74 per cent lower to end at 4,899.62, after hitting a low of 4,890.18, a level last seen on August 7.
“We saw high volatility in western markets, we have lost more than 20 per cent in crude oil in a few months, these combinations of factors were responsible for profit taking,” Sebastien Henin, head of asset management at The National Investor said."
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Russia Moves Ruble Band Most Since March, Spends $1.85 Billion - Bloomberg
Russia Moves Ruble Band Most Since March, Spends $1.85 Billion - Bloomberg:
"Russia’s central bank shifted the ruble’s trading band yesterday by the most since March 4 after the fourth intervention this month took the amount spent to defend the currency to $1.85 billion.
The monetary authority sold $442 million on Oct. 7, data on its website show today. That excludes any interventions yesterday as the ruble slid 0.5 percent versus the target dollar-euro basket. The bank said it moved the upper band by 20 kopeks to 44.85 yesterday, a level the currency has since crossed to trade at 44.9498 by 10:41 a.m. in Moscow today. The ruble closed at 40 per dollar for the first time yesterday.
The boundary shift was the biggest since March 4 as President Vladimir Putin’s incursion into Ukraine’s Crimea region sparked a standoff with the U.S. and its allies that sent the nation’s assets tumbling. Central bank Governor Elvira Nabiullina has stepped up her defense after the ruble slid the most in the world since June, hurt by a drop in oil prices and a domestic dollar and euro shortage stemming from sanctions."
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"Russia’s central bank shifted the ruble’s trading band yesterday by the most since March 4 after the fourth intervention this month took the amount spent to defend the currency to $1.85 billion.
The monetary authority sold $442 million on Oct. 7, data on its website show today. That excludes any interventions yesterday as the ruble slid 0.5 percent versus the target dollar-euro basket. The bank said it moved the upper band by 20 kopeks to 44.85 yesterday, a level the currency has since crossed to trade at 44.9498 by 10:41 a.m. in Moscow today. The ruble closed at 40 per dollar for the first time yesterday.
The boundary shift was the biggest since March 4 as President Vladimir Putin’s incursion into Ukraine’s Crimea region sparked a standoff with the U.S. and its allies that sent the nation’s assets tumbling. Central bank Governor Elvira Nabiullina has stepped up her defense after the ruble slid the most in the world since June, hurt by a drop in oil prices and a domestic dollar and euro shortage stemming from sanctions."
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Oil Bulls Keep Faith Saudi Supply Cuts Will Revive Price - Bloomberg
Oil Bulls Keep Faith Saudi Supply Cuts Will Revive Price - Bloomberg:
"Ignore the talk of an OPEC price war, say crude market bulls. Oil’s next move was spelled out in Saudi Arabia’s own words.
Price cuts announced by the Saudis, including the biggest discounts for Asia since 2008, sparked speculation that the world’s biggest crude exporter would let oil tumble rather than cede market share to rivals in OPEC. This is misguided, said UBS AG and BNP Paribas SA. Brent is below the $95-to-$110 range endorsed by Saudi Oil Minister Ali Al-Naimi, ensuring the country will curb output, they said.
Brent, the European benchmark, fell into a bear market amid a surplus of U.S. shale oil and weaker economic growth. The discounts prompted predictions that Saudi Arabia would tolerate lower prices to deter investment in higher-cost U.S. shale. The advance of Islamist militants across a swathe of Iraq and Syria means the kingdom will shore up oil prices to support neighbors instead, BNP Paribas said."
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"Ignore the talk of an OPEC price war, say crude market bulls. Oil’s next move was spelled out in Saudi Arabia’s own words.
Price cuts announced by the Saudis, including the biggest discounts for Asia since 2008, sparked speculation that the world’s biggest crude exporter would let oil tumble rather than cede market share to rivals in OPEC. This is misguided, said UBS AG and BNP Paribas SA. Brent is below the $95-to-$110 range endorsed by Saudi Oil Minister Ali Al-Naimi, ensuring the country will curb output, they said.
Brent, the European benchmark, fell into a bear market amid a surplus of U.S. shale oil and weaker economic growth. The discounts prompted predictions that Saudi Arabia would tolerate lower prices to deter investment in higher-cost U.S. shale. The advance of Islamist militants across a swathe of Iraq and Syria means the kingdom will shore up oil prices to support neighbors instead, BNP Paribas said."
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MidEast Shares Slip In Thin Trade as Most Close for Long Eid Holiday - NASDAQ.com
MidEast Shares Slip In Thin Trade as Most Close for Long Eid Holiday - NASDAQ.com:
"Middle East stocks fell in thin trade as most markets in the region remained closed for the long Eid holiday.
Markets in Saudi Arabia, Qatar, Kuwait and Oman will reopen next week.
Sentiment was weak after the International Monetary Fund on Tuesday trimmed its global growth forecast to 3.3% for this year from 3.4%. It also cut the growth outlook for the Middle East."
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"Middle East stocks fell in thin trade as most markets in the region remained closed for the long Eid holiday.
Markets in Saudi Arabia, Qatar, Kuwait and Oman will reopen next week.
Sentiment was weak after the International Monetary Fund on Tuesday trimmed its global growth forecast to 3.3% for this year from 3.4%. It also cut the growth outlook for the Middle East."
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