Inquiry launched into UK banks - YouTube: ""
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Thursday 6 November 2014
OPEC’s Weak Links Feeling Pain That Shale Producers Seek - Bloomberg
OPEC’s Weak Links Feeling Pain That Shale Producers Seek - Bloomberg:
"Here’s why the U.S. shale upstarts just might win a confrontation with Saudi Arabia as oil sinks: While the Arab nation is as flush with cash as ever, the finances of some fellow OPEC members are deteriorating quickly.
Venezuela, for example, has burned through billions of dollars to stave off default, leaving its foreign reserves near a decade-low. In Nigeria, officials are struggling to stem a selloff in the currency that has left it at a record low.
Those financial strains have Venezuela calling for action to prevent further price declines while a Libyan representative said the 12-member Organization of Petroleum Exporting Countries should cut its oil output target. When executives at American shale companies talk about having more staying power in a price war than some of the Saudis’ partners, these countries, along with Ecuador and Iran, are the key weak links."
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"Here’s why the U.S. shale upstarts just might win a confrontation with Saudi Arabia as oil sinks: While the Arab nation is as flush with cash as ever, the finances of some fellow OPEC members are deteriorating quickly.
Venezuela, for example, has burned through billions of dollars to stave off default, leaving its foreign reserves near a decade-low. In Nigeria, officials are struggling to stem a selloff in the currency that has left it at a record low.
Those financial strains have Venezuela calling for action to prevent further price declines while a Libyan representative said the 12-member Organization of Petroleum Exporting Countries should cut its oil output target. When executives at American shale companies talk about having more staying power in a price war than some of the Saudis’ partners, these countries, along with Ecuador and Iran, are the key weak links."
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MIDEAST STOCKS-Gulf markets stabilise as U.S. gains, oil supports | Agricultural Commodities | Reuters
MIDEAST STOCKS-Gulf markets stabilise as U.S. gains, oil supports | Agricultural Commodities | Reuters:
"Gulf stock markets stabilised on Thursday after steep falls earlier in the week, as steadier oil prices and overnight gains by U.S. equities persuaded some bargain-hunters to return.
Dubai rose 0.1 percent to trim its weekly losses to 3.1 percent, Qatar added 0.5 percent, and Saudi Arabia climbed 0.2 percent from Wednesday's three-week low despite another plunge by telecommunications firm Mobily.
Mobily fell the maximum daily 10 percent to 58.50 riyals, reaching a 27-month low."
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"Gulf stock markets stabilised on Thursday after steep falls earlier in the week, as steadier oil prices and overnight gains by U.S. equities persuaded some bargain-hunters to return.
Dubai rose 0.1 percent to trim its weekly losses to 3.1 percent, Qatar added 0.5 percent, and Saudi Arabia climbed 0.2 percent from Wednesday's three-week low despite another plunge by telecommunications firm Mobily.
Mobily fell the maximum daily 10 percent to 58.50 riyals, reaching a 27-month low."
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Russia Reserves Fall $7.9 Billion, Biggest Drop Since May - Bloomberg
Russia Reserves Fall $7.9 Billion, Biggest Drop Since May - Bloomberg:
"Russia’s international reserves, which have shrunk by more than a fifth since last year’s peak, are in the spotlight after the central bank shifted its currency intervention policy as the ruble plunged to a record.
The value of the stockpile has declined for 10 straight weeks to $439.1 billion as of Oct. 24. The central bank is due to publish data on last week’s changes today. The ruble weakened to a record low, depreciating 0.9 percent against the dollar as of 12:48 p.m. in Moscow.
Under new rules announced yesterday, the Bank of Russia can conduct large-scale discretionary interventions to defend against what it deems to be threats to the nation’s financial stability. Such operations will be restricted only by the size of the reserves, central bank First Deputy Governor Ksenia Yudaeva said yesterday. The holdings are now in a “comfortable zone” that allow the regulator to act without any “substantial limits,” she said."
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"Russia’s international reserves, which have shrunk by more than a fifth since last year’s peak, are in the spotlight after the central bank shifted its currency intervention policy as the ruble plunged to a record.
The value of the stockpile has declined for 10 straight weeks to $439.1 billion as of Oct. 24. The central bank is due to publish data on last week’s changes today. The ruble weakened to a record low, depreciating 0.9 percent against the dollar as of 12:48 p.m. in Moscow.
Under new rules announced yesterday, the Bank of Russia can conduct large-scale discretionary interventions to defend against what it deems to be threats to the nation’s financial stability. Such operations will be restricted only by the size of the reserves, central bank First Deputy Governor Ksenia Yudaeva said yesterday. The holdings are now in a “comfortable zone” that allow the regulator to act without any “substantial limits,” she said."
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Saudi Mobily Drop Wipes $4.4 Billion From Shares on Audit Error - Bloomberg
Saudi Mobily Drop Wipes $4.4 Billion From Shares on Audit Error - Bloomberg:
"A three-day slump in Etihad Etisalat Co. (EEC) has wiped 16.5 billion riyals ($4.4 billion) from shares of the largest Saudi telecom company after auditing errors led to a drop in quarterly results.
The phone operator, also known as Mobily, lost 10 percent at 2:54 p.m. in Riyadh to 58.50 riyals, the lowest since August 2012, bringing its retreat since trading resumed on Nov. 4 after a three-day halt to 27 percent. Volume reached 31.8 million shares, almost 20-times the three-month average. Mobily was the biggest decliner on the Tadawul All Share Index (SASEIDX), which was little changed today.
The market regulator started procedures to determine if Mobily violated rules after the company sought a trading halt to provide more time for its audit committee to work on the results. The phone operator reported a decline of more than 70 percent in third-quarter profit, missing the average of seven analyst estimates."
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"A three-day slump in Etihad Etisalat Co. (EEC) has wiped 16.5 billion riyals ($4.4 billion) from shares of the largest Saudi telecom company after auditing errors led to a drop in quarterly results.
The phone operator, also known as Mobily, lost 10 percent at 2:54 p.m. in Riyadh to 58.50 riyals, the lowest since August 2012, bringing its retreat since trading resumed on Nov. 4 after a three-day halt to 27 percent. Volume reached 31.8 million shares, almost 20-times the three-month average. Mobily was the biggest decliner on the Tadawul All Share Index (SASEIDX), which was little changed today.
The market regulator started procedures to determine if Mobily violated rules after the company sought a trading halt to provide more time for its audit committee to work on the results. The phone operator reported a decline of more than 70 percent in third-quarter profit, missing the average of seven analyst estimates."
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Emirates, Etihad and Qatar Make Their Move on the U.S. - WSJ - WSJ
Emirates, Etihad and Qatar Make Their Move on the U.S. - WSJ - WSJ:
"To beaten-down U.S. fliers, it sounds like a fantasy: high-quality airline service at lower prices. Travelers are finding just that on several airlines based in the Persian Gulf, which have shaken up European and Asian air travel and now are taking on the U.S.
In the past year, Emirates, Qatar Airways and Etihad Airways have boosted the number of U.S. flights by 47%, and now serve 11 cities. They are drawing complaints of unfair competition from their stateside rivals, and more growth is coming. Emirates can deliver more people each week from New York’s Kennedy Airport to Dubai than American Airlines flies to London or Delta Air Lines flies to Atlanta from JFK.
This year, Doha-based Qatar began flying to Philadelphia, Miami and Dallas. And as of next month, when Etihad adds Dallas nonstops from its home in Abu Dhabi, all three Gulf airlines will compete head-to-head in four U.S. cities."
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"To beaten-down U.S. fliers, it sounds like a fantasy: high-quality airline service at lower prices. Travelers are finding just that on several airlines based in the Persian Gulf, which have shaken up European and Asian air travel and now are taking on the U.S.
In the past year, Emirates, Qatar Airways and Etihad Airways have boosted the number of U.S. flights by 47%, and now serve 11 cities. They are drawing complaints of unfair competition from their stateside rivals, and more growth is coming. Emirates can deliver more people each week from New York’s Kennedy Airport to Dubai than American Airlines flies to London or Delta Air Lines flies to Atlanta from JFK.
This year, Doha-based Qatar began flying to Philadelphia, Miami and Dallas. And as of next month, when Etihad adds Dallas nonstops from its home in Abu Dhabi, all three Gulf airlines will compete head-to-head in four U.S. cities."
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Saudi sovereign wealth fund asset grows 9% since January | Economy | Saudi Gazette
Saudi sovereign wealth fund asset grows 9% since January | Economy | Saudi Gazette:
"Total assets of Saudi Arabia’s main sovereign wealth fund, SAMA Foreign Holdings (SAMA), have jumped 9 percent since January, allowing it to maintain its position as the world’s third-largest, according to a report by the Sovereign Wealth Fund Institute (SWFI).
In its most recent ranking of global sovereign wealth funds, the Washington-based SWFI said SAMA’s total assets had risen to $737.6 billion in October, up 9 percent from $675.9 billion in January.
However, Dr. Ali Al-Tuwati, an economics professor at the King Abdulaziz University in Jeddah, said that SAMA’s position in the rankings would likely fall next year if global oil prices did not stabilize."
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"Total assets of Saudi Arabia’s main sovereign wealth fund, SAMA Foreign Holdings (SAMA), have jumped 9 percent since January, allowing it to maintain its position as the world’s third-largest, according to a report by the Sovereign Wealth Fund Institute (SWFI).
In its most recent ranking of global sovereign wealth funds, the Washington-based SWFI said SAMA’s total assets had risen to $737.6 billion in October, up 9 percent from $675.9 billion in January.
However, Dr. Ali Al-Tuwati, an economics professor at the King Abdulaziz University in Jeddah, said that SAMA’s position in the rankings would likely fall next year if global oil prices did not stabilize."
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Liverpool owner John W Henry may be in Dubai to discuss naming rights | Football | theguardian.com
Liverpool owner John W Henry may be in Dubai to discuss naming rights | Football | theguardian.com:
"Liverpool’s principal owner, John W Henry, has travelled to Dubai for meetings that could open up sponsorship or naming rights deals between the Anfield club and businesses in the Middle East.
The Boston-based billionaire has been accompanied on the trip by the former Liverpool chief executive Rick Parry, who left the club during the near-ruinous reign of George Gillett and Tom Hicks, and watched Al Wasl’s game with Ajman on Wednesday.
Liverpool are not believed to be the only topic on Henry’s agenda in Dubai but, with planning permission recently granted for a new £75m Main Stand at Anfield, and Fenway Sports Group increasing the club’s commercial revenue since taking over, his visit in the company of Parry raises the prospect of a new sponsorship arrangement."
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"Liverpool’s principal owner, John W Henry, has travelled to Dubai for meetings that could open up sponsorship or naming rights deals between the Anfield club and businesses in the Middle East.
The Boston-based billionaire has been accompanied on the trip by the former Liverpool chief executive Rick Parry, who left the club during the near-ruinous reign of George Gillett and Tom Hicks, and watched Al Wasl’s game with Ajman on Wednesday.
Liverpool are not believed to be the only topic on Henry’s agenda in Dubai but, with planning permission recently granted for a new £75m Main Stand at Anfield, and Fenway Sports Group increasing the club’s commercial revenue since taking over, his visit in the company of Parry raises the prospect of a new sponsorship arrangement."
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MIDEAST STOCKS-Gulf markets may stabilise; positive corporate news in Egypt | Reuters
MIDEAST STOCKS-Gulf markets may stabilise; positive corporate news in Egypt | Reuters:
"After several days of falls, Gulf stock markets may stabilise and some bargain-hunters cautiously return on Thursday after U.S. stocks rose overnight and global oil prices regained a little strength.
In Saudi Arabia, Mobily may continue dropping in the wake of Monday's earnings restatement shock. The stock has tumbled 18.5 percent to 65 riyals in the past two days but unfilled sell orders have continued to outweigh buy orders, so some analysts think it may only stabilise around 60 riyals.
The rest of the Saudi market may fare better, however. The index ended 1.6 percent lower at 9,629 points on Wednesday but it bounced from near technical support on the October low of 9,341 points, suggesting many investors view this level as at least a short-term bottom."
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"After several days of falls, Gulf stock markets may stabilise and some bargain-hunters cautiously return on Thursday after U.S. stocks rose overnight and global oil prices regained a little strength.
In Saudi Arabia, Mobily may continue dropping in the wake of Monday's earnings restatement shock. The stock has tumbled 18.5 percent to 65 riyals in the past two days but unfilled sell orders have continued to outweigh buy orders, so some analysts think it may only stabilise around 60 riyals.
The rest of the Saudi market may fare better, however. The index ended 1.6 percent lower at 9,629 points on Wednesday but it bounced from near technical support on the October low of 9,341 points, suggesting many investors view this level as at least a short-term bottom."
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Gulf energy subsidies worth $160b a year: World Bank | GulfNews.com
Gulf energy subsidies worth $160b a year: World Bank | GulfNews.com:
"Arab Gulf states, which pump a fifth of the world’s crude oil, spend more than $160 billion (Dh588.48 billion) on energy subsidies annually, a top World Bank official said on Tuesday.
“Gulf states spend around 10 per cent of their gross domestic product every year on energy subsidies including fuel and electricity. That amounts to $160 billion,” said Shantayanan Devarajan, the bank’s chief economist for Middle East and North Africa.
The six countries of the Gulf Cooperation Council — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE — had a combined GDP of $1.64 trillion at the end of 2013, according to the International Monetary Fund.
"
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"Arab Gulf states, which pump a fifth of the world’s crude oil, spend more than $160 billion (Dh588.48 billion) on energy subsidies annually, a top World Bank official said on Tuesday.
“Gulf states spend around 10 per cent of their gross domestic product every year on energy subsidies including fuel and electricity. That amounts to $160 billion,” said Shantayanan Devarajan, the bank’s chief economist for Middle East and North Africa.
The six countries of the Gulf Cooperation Council — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE — had a combined GDP of $1.64 trillion at the end of 2013, according to the International Monetary Fund.
"
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OCI to Seek Listing of Construction Business in Egypt and U.A.E. - Bloomberg
OCI to Seek Listing of Construction Business in Egypt and U.A.E. - Bloomberg:
"OCI NV (OCI), the Dutch company controlled by billionaire Nassef Sawiris, said it plans to list its construction business in Egypt and the United Arab Emirates.
The new entity, Orascom Construction Ltd., will include all OCI’s construction assets, as well as its 50 percent stake in BESIX Group, the company said in an e-mailed statement today. The listings are targeted for the first quarter, subject to regulatory, board and shareholder approvals, it added.
Sawiris relocated Orascom Construction Industries to Holland from Egypt last year through a buyout by OCI, an entity he helped set up amid a tax dispute with the Islamist-led former Egyptian government. OCI’s fertilizer and chemicals business will still be listed in Amsterdam, it said."
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"OCI NV (OCI), the Dutch company controlled by billionaire Nassef Sawiris, said it plans to list its construction business in Egypt and the United Arab Emirates.
The new entity, Orascom Construction Ltd., will include all OCI’s construction assets, as well as its 50 percent stake in BESIX Group, the company said in an e-mailed statement today. The listings are targeted for the first quarter, subject to regulatory, board and shareholder approvals, it added.
Sawiris relocated Orascom Construction Industries to Holland from Egypt last year through a buyout by OCI, an entity he helped set up amid a tax dispute with the Islamist-led former Egyptian government. OCI’s fertilizer and chemicals business will still be listed in Amsterdam, it said."
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Record IPO to Fuel $10 Billion Saudi Stock Windfall: Arab Credit - Bloomberg
Record IPO to Fuel $10 Billion Saudi Stock Windfall: Arab Credit - Bloomberg:
"Saudi Arabia’s stock market, coming off its worst month in more than two years, is poised to benefit from a $10 billion windfall following National Commercial Bank (NCB)’s record share sale.
Investors may pump between $8 billion and $10 billion back into stocks when the lender returns the excess funds it received in subscriptions for the sale, according to Ahmed Badr, chief executive officer and head of MENA equities at Renaissance Capital Ltd. in Dubai. Investors might have borrowed as much as five times their own money to bid in the offering, he said. The bank got requests for $83 billion of shares, 23 times the amount sold to Saudi citizens.
“It was such a large IPO, it sucked the liquidity out of the market,” Amer Khan, senior executive officer at Shuaa Asset Management, said by phone from Dubai on Nov. 4. “The impact will be immediate when the liquidity returns,” with banks, retail and consumer stocks likely to benefit, he said."
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"Saudi Arabia’s stock market, coming off its worst month in more than two years, is poised to benefit from a $10 billion windfall following National Commercial Bank (NCB)’s record share sale.
Investors may pump between $8 billion and $10 billion back into stocks when the lender returns the excess funds it received in subscriptions for the sale, according to Ahmed Badr, chief executive officer and head of MENA equities at Renaissance Capital Ltd. in Dubai. Investors might have borrowed as much as five times their own money to bid in the offering, he said. The bank got requests for $83 billion of shares, 23 times the amount sold to Saudi citizens.
“It was such a large IPO, it sucked the liquidity out of the market,” Amer Khan, senior executive officer at Shuaa Asset Management, said by phone from Dubai on Nov. 4. “The impact will be immediate when the liquidity returns,” with banks, retail and consumer stocks likely to benefit, he said."
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