Abu Dhabi hires regulatory chief to oversee financial centre - FT.com:
"Abu Dhabi has hired Singapore Exchange’s chief regulatory officer to head up the oil-rich emirate’s new financial centre regulatory authority.
Richard Teng has been named by Abu Dhabi Global Market to oversee the development and administration of a regulatory framework to govern the centre.
Mr Teng has been with the Singapore Exchange for seven years, previously having worked with the Monetary Authority of Singapore.
"
'via Blog this'
Thursday, 30 October 2014
StanChart faces US sanctions probe - FT.com
StanChart faces US sanctions probe - FT.com:
"US authorities have reopened an investigation into Standard Chartered to determine whether the UK bank hid transactions that flouted sanctions laws as it was settling a related action two years ago, people familiar with the matter said.
The inquiry is a blow for StanChart and its embattled management team. Peter Sands, one of the longest serving chief executives of any global bank, faces growing doubts about his future after this week announcing the group’s third profits warning of the year.
StanChart’s shares fell 5 per cent on Thursday. They are down more than 13 per cent since the start of the week and have halved in the past 18 months."
'via Blog this'
"US authorities have reopened an investigation into Standard Chartered to determine whether the UK bank hid transactions that flouted sanctions laws as it was settling a related action two years ago, people familiar with the matter said.
The inquiry is a blow for StanChart and its embattled management team. Peter Sands, one of the longest serving chief executives of any global bank, faces growing doubts about his future after this week announcing the group’s third profits warning of the year.
StanChart’s shares fell 5 per cent on Thursday. They are down more than 13 per cent since the start of the week and have halved in the past 18 months."
'via Blog this'
MIDEAST STOCKS-Frontier fund selling weighs on UAE, Qatar | Reuters
MIDEAST STOCKS-Frontier fund selling weighs on UAE, Qatar | Reuters:
"Selling by foreign frontier funds sparked heavy profit-taking in the United Arab Emirates and Qatar on Thursday. Saudi Arabia also declined, but Egypt rose for a third day.
A number of companies from the UAE and Qatar remain part of MSCI's Frontier 100 benchmark even though the index compiler upgraded both countries to emerging market status in May.
MSCI's opted to gradually phase those stocks out of the frontier index through monthly weighting reductions and one of these takes effect on Nov.1. This prompted a wave of selling by passive funds tracking the index on the final trading day before this milestone."
'via Blog this'
"Selling by foreign frontier funds sparked heavy profit-taking in the United Arab Emirates and Qatar on Thursday. Saudi Arabia also declined, but Egypt rose for a third day.
A number of companies from the UAE and Qatar remain part of MSCI's Frontier 100 benchmark even though the index compiler upgraded both countries to emerging market status in May.
MSCI's opted to gradually phase those stocks out of the frontier index through monthly weighting reductions and one of these takes effect on Nov.1. This prompted a wave of selling by passive funds tracking the index on the final trading day before this milestone."
'via Blog this'
MIDEAST STOCKS-Markets slip as profit-taking continues - Yahoo Maktoob News
MIDEAST STOCKS-Markets slip as profit-taking continues - Yahoo Maktoob News:
"Stock markets in the United Arab Emirates and Qatar edged down in early trade on Thursday as investors continued to book profits and global markets fell following the shutdown of the U.S. Federal Reserve's bond buying programme.
Dubai's index fell 0.9 percent with most shares in the red and Abu Dhabi edged down 0.7 percent.
"We are still in a profit-taking mood," said Sebastien Henin, head of asset management at The National Investor in Abu Dhabi. "Markets had been strong in the past 10 sessions.""
'via Blog this'
"Stock markets in the United Arab Emirates and Qatar edged down in early trade on Thursday as investors continued to book profits and global markets fell following the shutdown of the U.S. Federal Reserve's bond buying programme.
Dubai's index fell 0.9 percent with most shares in the red and Abu Dhabi edged down 0.7 percent.
"We are still in a profit-taking mood," said Sebastien Henin, head of asset management at The National Investor in Abu Dhabi. "Markets had been strong in the past 10 sessions.""
'via Blog this'
Iran’s Oil Revenue Falls 30% Because of Global Price Decline - Bloomberg
Iran’s Oil Revenue Falls 30% Because of Global Price Decline - Bloomberg:
"Iran’s revenue from crude sales, the OPEC member’s biggest export, dropped 30 percent because of the recent decline in global oil prices, according to President Hassan Rouhani.
“International conditions are such that the country’s main source of income, i.e. oil revenues, has been cut by some 30 percent,” Rouhani said in remarks to parliament published yesterday on Shana, the Oil Ministry’s news website. “We have to deal with the new conditions and the global economic conditions.”
Brent crude, a benchmark for more than half of the world’s oil, has plunged more than 20 percent since peaking in June at about $115 a barrel as supply, boosted by U.S. shale production, outpaced demand. Iran needs to achieve a break-even sales price of $143 a barrel this year to maintain its fiscal balance, according to data compiled by Bloomberg."
'via Blog this'
"Iran’s revenue from crude sales, the OPEC member’s biggest export, dropped 30 percent because of the recent decline in global oil prices, according to President Hassan Rouhani.
“International conditions are such that the country’s main source of income, i.e. oil revenues, has been cut by some 30 percent,” Rouhani said in remarks to parliament published yesterday on Shana, the Oil Ministry’s news website. “We have to deal with the new conditions and the global economic conditions.”
Brent crude, a benchmark for more than half of the world’s oil, has plunged more than 20 percent since peaking in June at about $115 a barrel as supply, boosted by U.S. shale production, outpaced demand. Iran needs to achieve a break-even sales price of $143 a barrel this year to maintain its fiscal balance, according to data compiled by Bloomberg."
'via Blog this'
Kingdom Holding Quarterly Profit Climbs 20% on Investment Gains - Bloomberg
Kingdom Holding Quarterly Profit Climbs 20% on Investment Gains - Bloomberg:
"Kingdom Holding Co. (KINGDOM) controlled by Saudi billionaire Prince Alwaleed bin Talal, said third-quarter profit jumped 20 percent as the value of its investments rose.
Net income increased to 265 million riyals ($71 million) from 220 million riyals a year earlier, the company said in a statement to the Saudi stock market today. The Riyadh-based company attributed the profit to investment gains and drop in finance charges, without giving further details.
Alwaleed, who owns 95 percent of Kingdom Holding, has built a fortune of about $32 billion amassing stakes in Citigroup Inc., News Corp., Twitter Inc. and Apple Inc., according to the Bloomberg Billionaires Index. He is the world’s 14th richest man, according to the index."
'via Blog this'
"Kingdom Holding Co. (KINGDOM) controlled by Saudi billionaire Prince Alwaleed bin Talal, said third-quarter profit jumped 20 percent as the value of its investments rose.
Net income increased to 265 million riyals ($71 million) from 220 million riyals a year earlier, the company said in a statement to the Saudi stock market today. The Riyadh-based company attributed the profit to investment gains and drop in finance charges, without giving further details.
Alwaleed, who owns 95 percent of Kingdom Holding, has built a fortune of about $32 billion amassing stakes in Citigroup Inc., News Corp., Twitter Inc. and Apple Inc., according to the Bloomberg Billionaires Index. He is the world’s 14th richest man, according to the index."
'via Blog this'
Saudi Arabia’s Petro Rabigh Said to Seek $8 Billion Funding - Bloomberg
Saudi Arabia’s Petro Rabigh Said to Seek $8 Billion Funding - Bloomberg:
"A joint venture of Saudi Arabian Oil Co. and Sumitomo Chemical Co. (4005) is seeking about $8 billion of loans to fund expansion, two people familiar with the plan said.
The financing for Saudi Arabia’s Rabigh Refining & Petrochemicals Co. (PETROR), known as Petro Rabigh, includes about $2 billion to $2.5 billion of 16-year bank loans in dollars and riyals, according to the people, who asked not to be identified because the information is private. Petro Rabigh said in September its founders were seeking loans to expand its ethane cracker and build a new naphtha and aromatics complex.
The remaining funding for the expansion project will be raised from Saudi Arabia’s state-owned Public Investment Fund and the Japan Bank for International Cooperation, according to the people. HSBC Holdings Plc (HSBA) and Sumitomo Mitsui Banking Corp. are advising Petro Rabigh on the financing, they said."
'via Blog this'
"A joint venture of Saudi Arabian Oil Co. and Sumitomo Chemical Co. (4005) is seeking about $8 billion of loans to fund expansion, two people familiar with the plan said.
The financing for Saudi Arabia’s Rabigh Refining & Petrochemicals Co. (PETROR), known as Petro Rabigh, includes about $2 billion to $2.5 billion of 16-year bank loans in dollars and riyals, according to the people, who asked not to be identified because the information is private. Petro Rabigh said in September its founders were seeking loans to expand its ethane cracker and build a new naphtha and aromatics complex.
The remaining funding for the expansion project will be raised from Saudi Arabia’s state-owned Public Investment Fund and the Japan Bank for International Cooperation, according to the people. HSBC Holdings Plc (HSBA) and Sumitomo Mitsui Banking Corp. are advising Petro Rabigh on the financing, they said."
'via Blog this'
Emaar profits up by 21%, but misses analysts’ expectations | The National
Emaar profits up by 21%, but misses analysts’ expectations | The National:
"Emaar Properties reported a 21 per cent rise in net profit for the third quarter as it completed the share-sale of its retail business.
But net income missed analyst expectations as the Dubai developer, which hived off Emaar Malls Group this month, recorded a second consecutive quarter of declines in revenue.
“Revenues are down because of a slowdown in property deliveries during the quarter,” said Taher Safieddine, assistant vice president of equity research at Shuaa Capital, a Dubai-based investment bank. “The third quarter was very slow in terms of deliveries, especially in Dubai.”"
'via Blog this'
"Emaar Properties reported a 21 per cent rise in net profit for the third quarter as it completed the share-sale of its retail business.
But net income missed analyst expectations as the Dubai developer, which hived off Emaar Malls Group this month, recorded a second consecutive quarter of declines in revenue.
“Revenues are down because of a slowdown in property deliveries during the quarter,” said Taher Safieddine, assistant vice president of equity research at Shuaa Capital, a Dubai-based investment bank. “The third quarter was very slow in terms of deliveries, especially in Dubai.”"
'via Blog this'
Subscribe to:
Posts (Atom)