Has the oil price found a floor? - YouTube: ""
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Saturday 17 January 2015
UAE investors eye fourth quarter results as stability returns | GulfNews.com
UAE investors eye fourth quarter results as stability returns | GulfNews.com:
"UAE equity investors are likely to eye fourth quarter results for direction, even as the Dubai index gained nearly 5 per cent last week ignoring falling crude oil.
On Thursday, the Dubai Financial Market General Index ended at 3,842.60, while the Abu Dhabi Securities Exchange ended 0.53 per cent lower at 4,481.36.
The UAE indices witnessed massive volatility in December along with crude oil, which shaved off 50 per cent of its gains after Opec kept the output steady."
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"UAE equity investors are likely to eye fourth quarter results for direction, even as the Dubai index gained nearly 5 per cent last week ignoring falling crude oil.
On Thursday, the Dubai Financial Market General Index ended at 3,842.60, while the Abu Dhabi Securities Exchange ended 0.53 per cent lower at 4,481.36.
The UAE indices witnessed massive volatility in December along with crude oil, which shaved off 50 per cent of its gains after Opec kept the output steady."
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Kuwait finally shows the will for economic reforms | GulfNews.com
Kuwait finally shows the will for economic reforms | GulfNews.com:
"Among the Gulf nations, Kuwait is showing the most serious intent to introduce far-reaching economic reforms in the aftermath of the sustained oil price drops.
There is a logic to the move, as Kuwait happens to be uniquely dependent on the oil sector for the well-being of its economy. The petroleum sector at large contributes around 90 per cent of the treasury income, 85 per cent of the state’s exports and 40 per cent of gross domestic product. Hence, the very talk of economic reforms should not come as a surprise.
Among other measures, the authorities are exploring the idea of privatising the co-op society stores, a move not popular in some circles within the country. Such a development would be extraordinary as the more than 50 co-op department stores control about 70 per cent of total retail activities in Kuwait, certainly a substantial share."
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"Among the Gulf nations, Kuwait is showing the most serious intent to introduce far-reaching economic reforms in the aftermath of the sustained oil price drops.
There is a logic to the move, as Kuwait happens to be uniquely dependent on the oil sector for the well-being of its economy. The petroleum sector at large contributes around 90 per cent of the treasury income, 85 per cent of the state’s exports and 40 per cent of gross domestic product. Hence, the very talk of economic reforms should not come as a surprise.
Among other measures, the authorities are exploring the idea of privatising the co-op society stores, a move not popular in some circles within the country. Such a development would be extraordinary as the more than 50 co-op department stores control about 70 per cent of total retail activities in Kuwait, certainly a substantial share."
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Russia Cut to Baa3 by Moody’s on Oil as Junk Rating Looms - Bloomberg
Russia Cut to Baa3 by Moody’s on Oil as Junk Rating Looms - Bloomberg:
"Russia’s credit rating was cut to the lowest investment grade by Moody’s Investors Service as plunging oil prices and the worst currency crisis since 1998 drag on growth.
Moody’s lowered the country to Baa3, one step above junk, from Baa2. The credit grade matches those of Standard & Poor’s and Fitch Ratings. The rating, on par with India and Turkey, is on review for a further reduction, Moody’s said in a statement.
“Junk status would have a very significant impact on Russian corporate debt,” Ian Hague, a founding partner at New York-based Firebird Management LLC, which oversees about $1.1 billion, including Russian stocks, said by phone from New York on Jan. 16. “The ironic part is that many of the state-owned companies are under sanctions and are already cut out of the foreign markets, so they couldn’t refinance their debt anyway.”"
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"Russia’s credit rating was cut to the lowest investment grade by Moody’s Investors Service as plunging oil prices and the worst currency crisis since 1998 drag on growth.
Moody’s lowered the country to Baa3, one step above junk, from Baa2. The credit grade matches those of Standard & Poor’s and Fitch Ratings. The rating, on par with India and Turkey, is on review for a further reduction, Moody’s said in a statement.
“Junk status would have a very significant impact on Russian corporate debt,” Ian Hague, a founding partner at New York-based Firebird Management LLC, which oversees about $1.1 billion, including Russian stocks, said by phone from New York on Jan. 16. “The ironic part is that many of the state-owned companies are under sanctions and are already cut out of the foreign markets, so they couldn’t refinance their debt anyway.”"
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