Abu Dhabi’s Taqa Cuts 2014 Spending After Oil Prices Fall - Bloomberg:
"Abu Dhabi National Energy Co. (TAQA), the U.A.E.-controlled utility, cut its spending for 2014 after oil prices collapsed and reported a 27 percent drop in net income.
Capital expenditures will be 6.8 billion dirhams ($1.85 billion) this year, down 2 billion dirhams from last year, and fourth-quarter spending is being reviewed, the state-owned company known as Taqa said in a statement to the Abu Dhabi stock exchange today. Third-quarter profit fell to 107 million dirhams and revenue dropped 6.3 percent from a year earlier.
Oil slumped into a bear market last month, prompting Ecuador, Venezuela and Libya to call for action to halt the slide. United Arab Emeriates Energy Minister Suhail Al Mazrouei told reporters in Abu Dhabi that the collapse may deter investment in projects predicated on $100 a barrel crude."
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Wednesday, 12 November 2014
Ukraine currency slumps as reserves dry up - FT.com
Ukraine currency slumps as reserves dry up - FT.com:
"A re-escalation in violence in eastern Ukraine sent the hryvnia to fresh lows on Tuesday, increasing the strain on the country’s banking system and tattered finances.
After managing to hold the currency steady at around 13 to the dollar throughout October, the central bank was forced to abandon its unofficial peg a week ago in order to halt the rapid depletion of its scant foreign currency reserves.
At the same time, tensions with Moscow and the eastern separatists it backs are increasing again, frustrating hopes for a peaceful settlement that would help restore the war-torn economy’s footing."
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"A re-escalation in violence in eastern Ukraine sent the hryvnia to fresh lows on Tuesday, increasing the strain on the country’s banking system and tattered finances.
After managing to hold the currency steady at around 13 to the dollar throughout October, the central bank was forced to abandon its unofficial peg a week ago in order to halt the rapid depletion of its scant foreign currency reserves.
At the same time, tensions with Moscow and the eastern separatists it backs are increasing again, frustrating hopes for a peaceful settlement that would help restore the war-torn economy’s footing."
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Arabtec Shares Advance in Dubai After Aabar Boosts Stake - Bloomberg
Arabtec Shares Advance in Dubai After Aabar Boosts Stake - Bloomberg:
"Arabtec Holding Co. (ARTC) jumped to the highest in almost two weeks after its former chief executive officer sold part of his stake to Aabar Investments PJSC, making the Abu Dhabi-government backed company the biggest shareholder.
Arabtec, the United Arab Emirate’s largest publicly traded construction company, climbed 2.1 percent at 10:51 a.m. in Dubai to 4.35 dirhams, the highest since Nov. 2. It was the most traded stock on the emirate’s DFM General Index (DFMGI), which rose 0.2 percent. Aabar raised its holdings in Arabtec to almost 35 percent when it paid $962 million for part of Hasan Ismaik’s stake.
The transaction between Arabtec’s two largest shareholders concludes months of speculation that roiled the company’s shares as well as the wider Dubai stock market. Ismaik’s resignation in June and the subsequent dismissal of top managers threw into doubt an expansion plan that saw Arabtec shares quadruple in value during his 15 months in charge. The stock slumped 61 percent that month and Dubai’s benchmark index dropped 22 percent."
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"Arabtec Holding Co. (ARTC) jumped to the highest in almost two weeks after its former chief executive officer sold part of his stake to Aabar Investments PJSC, making the Abu Dhabi-government backed company the biggest shareholder.
Arabtec, the United Arab Emirate’s largest publicly traded construction company, climbed 2.1 percent at 10:51 a.m. in Dubai to 4.35 dirhams, the highest since Nov. 2. It was the most traded stock on the emirate’s DFM General Index (DFMGI), which rose 0.2 percent. Aabar raised its holdings in Arabtec to almost 35 percent when it paid $962 million for part of Hasan Ismaik’s stake.
The transaction between Arabtec’s two largest shareholders concludes months of speculation that roiled the company’s shares as well as the wider Dubai stock market. Ismaik’s resignation in June and the subsequent dismissal of top managers threw into doubt an expansion plan that saw Arabtec shares quadruple in value during his 15 months in charge. The stock slumped 61 percent that month and Dubai’s benchmark index dropped 22 percent."
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Saudi Arabia’s NCB Rises 10% in Trade Debut After $6 Billion IPO - Bloomberg
Saudi Arabia’s NCB Rises 10% in Trade Debut After $6 Billion IPO - Bloomberg:
"National Commercial Bank (NCB) jumped the most allowed on its trading debut after raising $6 billion in the Middle East’s largest share sale.
Shares of Saudi Arabia’s largest bank by assets climbed 10 percent to 49.5 riyals at 11:18 a.m. in Riyadh, as 464 million shares traded. The Tadawul All Share Index (SASEIDX), the kingdom’s main measure, gained 0.4 percent.
IPOs in Saudi Arabia, the Arab world’s biggest economy, are picking up as the Tadawul All Share Index plans to open to foreign investors next year as it pursues a $130 billion spending plan to boost non-energy industries. Dammam-based Electrical Industries Co. is the latest company to announce plans for a share sale."
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"National Commercial Bank (NCB) jumped the most allowed on its trading debut after raising $6 billion in the Middle East’s largest share sale.
Shares of Saudi Arabia’s largest bank by assets climbed 10 percent to 49.5 riyals at 11:18 a.m. in Riyadh, as 464 million shares traded. The Tadawul All Share Index (SASEIDX), the kingdom’s main measure, gained 0.4 percent.
IPOs in Saudi Arabia, the Arab world’s biggest economy, are picking up as the Tadawul All Share Index plans to open to foreign investors next year as it pursues a $130 billion spending plan to boost non-energy industries. Dammam-based Electrical Industries Co. is the latest company to announce plans for a share sale."
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U.A.E. Concerned That Oil Glut May Curb Exploration, Output - Bloomberg
U.A.E. Concerned That Oil Glut May Curb Exploration, Output - Bloomberg:
"The collapse in oil prices may deter investment in exploration and production projects predicated on $100 crude, according to Suhail Al Mazrouei, energy minister of the United Arab Emirates.
“What worries us is that some investors will not continue to invest,” Al Mazrouei told reporters in Abu Dhabi. “Not us, others, are not going to continue to invest. And in a few years, we’re going to face difficulties finding enough investments in the market.”
Oil has fallen into a bear market this year on increased output of U.S. shale and other supplies. The Organization of Petroleum Exporting Countries, including the U.A.E., will meet Nov. 27 to assess the market and production. Saudi Arabia and Kuwait have resisted calls for the group to cut production, while Libya, Venezuela and Ecuador have asked for action to keep prices from falling lower. Brent crude has tumbled 29 percent since June 19."
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"The collapse in oil prices may deter investment in exploration and production projects predicated on $100 crude, according to Suhail Al Mazrouei, energy minister of the United Arab Emirates.
“What worries us is that some investors will not continue to invest,” Al Mazrouei told reporters in Abu Dhabi. “Not us, others, are not going to continue to invest. And in a few years, we’re going to face difficulties finding enough investments in the market.”
Oil has fallen into a bear market this year on increased output of U.S. shale and other supplies. The Organization of Petroleum Exporting Countries, including the U.A.E., will meet Nov. 27 to assess the market and production. Saudi Arabia and Kuwait have resisted calls for the group to cut production, while Libya, Venezuela and Ecuador have asked for action to keep prices from falling lower. Brent crude has tumbled 29 percent since June 19."
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Banks fined record £2bn over foreign exchange rigging | Business | theguardian.com
Banks fined record £2bn over foreign exchange rigging | Business | theguardian.com:
"The corruption of the world’s biggest currency dealers has been laid bare with regulators imposing fines of £2bn on five major banks for rigging the £3.5tn a day foreign exchange markets.
Regulators said they had found for a “free for all culture” rife on their trading floors that has allowed the markets to be rigged for five years.
The much-anticipated record settlement with US and UK regulators did not include Barclays, which remains in discussions with other regulators."
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"The corruption of the world’s biggest currency dealers has been laid bare with regulators imposing fines of £2bn on five major banks for rigging the £3.5tn a day foreign exchange markets.
Regulators said they had found for a “free for all culture” rife on their trading floors that has allowed the markets to be rigged for five years.
The much-anticipated record settlement with US and UK regulators did not include Barclays, which remains in discussions with other regulators."
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