UPDATE 2-MIDEAST STOCKS-Juhayna Food lifts Egypt, Saudi Arabia flat | Reuters:
"Egypt's bourse edged higher in early trade on Wednesday as Juhayna Food Industries rebounded after sliding on disappointing third-quarter results, while Saudi Arabia's index was nearly flat.
The Cairo measure rose 0.2 percent. Juhayna Food was among the main supports, jumping 3.2 percent to 8.98 pounds. The stock slumped earlier this week after the firm posted a 42 percent drop in third-quarter profit last Thursday, missing analyst estimates.
Cairo-based brokerage Naeem has upgraded Juhayna to "accumulate" from "hold" with a target price of 10.40 pounds, despite the earnings miss, saying it expected the company's margins to improve."
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Wednesday, 19 November 2014
Russia's Sanctioned Bank VTB Set to Post 84 Percent Loss | News | The Moscow Times
Russia's Sanctioned Bank VTB Set to Post 84 Percent Loss | News | The Moscow Times:
"Russia's second-largest bank VTB is expected to report an 84 percent drop in third-quarter year-on-year net profit, hurt by higher provisions for bad loans, losses linked to the Ukraine crisis and a weaker ruble, analysts said.
VTB's third-quarter net profit, to be reported on Thursday, is expected to reach 3 billion rubles ($64 million), according to the average forecast in a poll of 10 analysts, down from 18.4 billion in the same period of 2013.
The state-controlled bank, which was sanctioned by the United States and European Union over Russia's role in the Ukraine crisis, posted an 82 percent slump in first-half profit as a slowing economy and geopolitical tensions over Ukraine hurt its performance."
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"Russia's second-largest bank VTB is expected to report an 84 percent drop in third-quarter year-on-year net profit, hurt by higher provisions for bad loans, losses linked to the Ukraine crisis and a weaker ruble, analysts said.
VTB's third-quarter net profit, to be reported on Thursday, is expected to reach 3 billion rubles ($64 million), according to the average forecast in a poll of 10 analysts, down from 18.4 billion in the same period of 2013.
The state-controlled bank, which was sanctioned by the United States and European Union over Russia's role in the Ukraine crisis, posted an 82 percent slump in first-half profit as a slowing economy and geopolitical tensions over Ukraine hurt its performance."
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Saudi Arabia leans on Gulf states to close ranks as region boils | Reuters
Saudi Arabia leans on Gulf states to close ranks as region boils | Reuters:
"Gulf Arab states have shelved a bitter row among themselves, hoping to repair an alliance that has been sorely tested by chaos in the Middle East and the prospect of an Iranian nuclear deal that could tilt the regional balance of power toward their old foe Tehran.
Saudi Arabia, the United Arab Emirates (UAE) and Bahrain agreed at a meeting on Sunday to return their ambassadors to Qatar, signaling an end to an eight-month dispute over Doha's backing of Islamist militants in Syria and elsewhere and its promotion of Arab Spring revolts.
An official photograph showed Qatar's youthful emir, Sheikh Tamim bin Hamad al-Thani, kissing the head of Saudi King Abdullah, who is over 90, in reconciliation at the meeting of Gulf Arab rulers in Riyadh. The king was the driving force behind the closing of ranks, analysts and a diplomat said."
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"Gulf Arab states have shelved a bitter row among themselves, hoping to repair an alliance that has been sorely tested by chaos in the Middle East and the prospect of an Iranian nuclear deal that could tilt the regional balance of power toward their old foe Tehran.
Saudi Arabia, the United Arab Emirates (UAE) and Bahrain agreed at a meeting on Sunday to return their ambassadors to Qatar, signaling an end to an eight-month dispute over Doha's backing of Islamist militants in Syria and elsewhere and its promotion of Arab Spring revolts.
An official photograph showed Qatar's youthful emir, Sheikh Tamim bin Hamad al-Thani, kissing the head of Saudi King Abdullah, who is over 90, in reconciliation at the meeting of Gulf Arab rulers in Riyadh. The king was the driving force behind the closing of ranks, analysts and a diplomat said."
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Putin Said to Stun Advisers by Backing Corruption Crackdown - Bloomberg
Putin Said to Stun Advisers by Backing Corruption Crackdown - Bloomberg:
"Vladimir Putin sat motionless as the minister, seizing on the Russian leader’s first major meeting with his economic team in months, itemized the challenges.
A recession is imminent, inflation is getting out of hand and the ruble and oil are in freefall, Economy Minister Alexei Ulyukayev told Putin, according to people who attended the meeting at the presidential mansion near Moscow in mid-October. Clearly, Ulyukayev concluded, sanctions need to be lifted.
At that, Putin recoiled. Do you, Alexei Valentinovich, he asked, using a patronymic, know how to do that? No, Vladimir Vladimirovich, Ulyukayev was said to reply, we were hoping you did. Putin said he didn’t know either and demanded options for surviving a decade of even more onerous sanctions, leaving the group deflated, the people said."
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"Vladimir Putin sat motionless as the minister, seizing on the Russian leader’s first major meeting with his economic team in months, itemized the challenges.
A recession is imminent, inflation is getting out of hand and the ruble and oil are in freefall, Economy Minister Alexei Ulyukayev told Putin, according to people who attended the meeting at the presidential mansion near Moscow in mid-October. Clearly, Ulyukayev concluded, sanctions need to be lifted.
At that, Putin recoiled. Do you, Alexei Valentinovich, he asked, using a patronymic, know how to do that? No, Vladimir Vladimirovich, Ulyukayev was said to reply, we were hoping you did. Putin said he didn’t know either and demanded options for surviving a decade of even more onerous sanctions, leaving the group deflated, the people said."
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Putin Said to Stun Advisers by Backing Corruption Crackdown - Bloomberg
Putin Said to Stun Advisers by Backing Corruption Crackdown - Bloomberg:
"Vladimir Putin sat motionless as the minister, seizing on the Russian leader’s first major meeting with his economic team in months, itemized the challenges.
A recession is imminent, inflation is getting out of hand and the ruble and oil are in freefall, Economy Minister Alexei Ulyukayev told Putin, according to people who attended the meeting at the presidential mansion near Moscow in mid-October. Clearly, Ulyukayev concluded, sanctions need to be lifted.
At that, Putin recoiled. Do you, Alexei Valentinovich, he asked, using a patronymic, know how to do that? No, Vladimir Vladimirovich, Ulyukayev was said to reply, we were hoping you did. Putin said he didn’t know either and demanded options for surviving a decade of even more onerous sanctions, leaving the group deflated, the people said."
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"Vladimir Putin sat motionless as the minister, seizing on the Russian leader’s first major meeting with his economic team in months, itemized the challenges.
A recession is imminent, inflation is getting out of hand and the ruble and oil are in freefall, Economy Minister Alexei Ulyukayev told Putin, according to people who attended the meeting at the presidential mansion near Moscow in mid-October. Clearly, Ulyukayev concluded, sanctions need to be lifted.
At that, Putin recoiled. Do you, Alexei Valentinovich, he asked, using a patronymic, know how to do that? No, Vladimir Vladimirovich, Ulyukayev was said to reply, we were hoping you did. Putin said he didn’t know either and demanded options for surviving a decade of even more onerous sanctions, leaving the group deflated, the people said."
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Oman Sultan’s Health Casts Pall on State Bridging U.S.-Iran Gap - Bloomberg
Oman Sultan’s Health Casts Pall on State Bridging U.S.-Iran Gap - Bloomberg:
"As Oman celebrated its national day, the four-month absence of Sultan Qaboos bin Said from the country for medical tests was raising questions about political succession in a vital U.S. ally on the Arabian peninsula.
Details of Qaboos’ health haven’t been disclosed, with the Royal Court announcing only that the 74-year-old departed in July for Germany for unspecified checks. In an interview on state television two weeks ago, Qaboos told the four million people living in Oman he’d be unable to return in time for yesterday’s celebrations to mark the state’s independence, which also fell on his birthday.
Unlike the monarchies ruling Oman’s Persian Gulf neighbors, there is no declared heir to the throne in Muscat as Qaboos isn’t married and has no children or brothers. While Oman may be small, it’s strategically placed next to some of the world’s most important energy corridors. And, uniquely in the region, it has close ties both with the U.S. and European nations as well as Shiite power Iran."
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"As Oman celebrated its national day, the four-month absence of Sultan Qaboos bin Said from the country for medical tests was raising questions about political succession in a vital U.S. ally on the Arabian peninsula.
Details of Qaboos’ health haven’t been disclosed, with the Royal Court announcing only that the 74-year-old departed in July for Germany for unspecified checks. In an interview on state television two weeks ago, Qaboos told the four million people living in Oman he’d be unable to return in time for yesterday’s celebrations to mark the state’s independence, which also fell on his birthday.
Unlike the monarchies ruling Oman’s Persian Gulf neighbors, there is no declared heir to the throne in Muscat as Qaboos isn’t married and has no children or brothers. While Oman may be small, it’s strategically placed next to some of the world’s most important energy corridors. And, uniquely in the region, it has close ties both with the U.S. and European nations as well as Shiite power Iran."
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Iran Failure to Evade Sanctions Offers Russia Little Hope - Bloomberg
Iran Failure to Evade Sanctions Offers Russia Little Hope - Bloomberg:
"Russian companies from OAO Rosneft (ROSN) to OAO Sberbank (SBER) appealing to European courts to circumvent sanctions on the country might want to take their cue from Iran’s failed efforts and save on the legal bills.
That’s because a series of hollow victories by Iranian companies over sanctions for the Islamic nation’s nuclear program have mostly failed to dislodge the European Union’s economic reprisals, according to lawyers.
The appeals allow “parties to win on paper, but not in reality,” said Jean-Marc Thouvenin, a law professor in France who has been involved in court appeals of EU sanctions. In practice, EU ministers have then gone away and found new reasons to justify inclusion of companies or individuals, he said."
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"Russian companies from OAO Rosneft (ROSN) to OAO Sberbank (SBER) appealing to European courts to circumvent sanctions on the country might want to take their cue from Iran’s failed efforts and save on the legal bills.
That’s because a series of hollow victories by Iranian companies over sanctions for the Islamic nation’s nuclear program have mostly failed to dislodge the European Union’s economic reprisals, according to lawyers.
The appeals allow “parties to win on paper, but not in reality,” said Jean-Marc Thouvenin, a law professor in France who has been involved in court appeals of EU sanctions. In practice, EU ministers have then gone away and found new reasons to justify inclusion of companies or individuals, he said."
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UPDATE 1-MIDEAST STOCKS-Air Arabia, GFH help lift Dubai | Reuters
UPDATE 1-MIDEAST STOCKS-Air Arabia, GFH help lift Dubai | Reuters:
"Positive news lifted some stocks in Dubai in early trade on Wednesday and markets in Abu Dhabi and Qatar also edged up.
Dubai's bourse rose 0.6 percent. Shares in low-cost carrier Air Arabia climbed 1.4 percent after it announced a $230 million deal with Dubai Islamic Bank to finance the purchase of six new Airbus A320 aircraft in 2015.
Bahrain's Gulf Finance House, which is also listed in Dubai, rose 1.9 percent after completing a capital reduction plan, a move that will help the Islamic investment firm cut accumulated losses."
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"Positive news lifted some stocks in Dubai in early trade on Wednesday and markets in Abu Dhabi and Qatar also edged up.
Dubai's bourse rose 0.6 percent. Shares in low-cost carrier Air Arabia climbed 1.4 percent after it announced a $230 million deal with Dubai Islamic Bank to finance the purchase of six new Airbus A320 aircraft in 2015.
Bahrain's Gulf Finance House, which is also listed in Dubai, rose 1.9 percent after completing a capital reduction plan, a move that will help the Islamic investment firm cut accumulated losses."
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