Saxo Faces Legal Battles With Clients After Franc Shock - Bloomberg:
"Saxo Bank A/S says it’s bracing itself for lawsuits from some clients who are unhappy with its efforts to have them cover losses on their Swiss franc accounts after the bank repriced trades retroactively.
The Danish bank set a Jan. 23 deadline for clients to respond to its estimates of how much they’d lost trading francs using borrowed funds. Saxo says talks with institutional and retail customers will probably take “a couple of months.” The bank estimates its own losses may be as high as $107 million.
“It’s not unlikely that we’ll face legal challenges,” Steen Blaafalk, Saxo’s chief financial officer and head of risk management, said yesterday in a phone interview. “If we need to debate it through such a channel, we will of course do that, but hopefully we don’t have to and we are actively working with clients to find a plan of action for repayment.”"
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Tuesday, 27 January 2015
Aramco Says Saudis Won’t ‘Singlehandedly’ Balance Crude Market - Bloomberg
Aramco Says Saudis Won’t ‘Singlehandedly’ Balance Crude Market - Bloomberg:
"Saudi Arabia won’t balance global crude markets on its own even as prices fall to levels that are “too low for everybody” and threaten investment needed to meet long-term demand, the head of Saudi Arabian Oil Co. said.
Saudi Arabia, the world’s biggest oil exporter, has the most spare capacity in OPEC and has historically played the role of swing producer, cutting its output to raise prices and pumping more to lower them. Oil prices have dropped 55 percent in the past year as rising production from the U.S. and Russia helped global output exceed demand.
“Supply and demand and the rules of economics will govern. It will take time for the current glut to be removed,” Chief Executive Officer Khalid Al-Falih said at a conference in Riyadh. “Saudi Arabia will not singlehandedly balance the market in a downturn,” he said, reiterating government policy."
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"Saudi Arabia won’t balance global crude markets on its own even as prices fall to levels that are “too low for everybody” and threaten investment needed to meet long-term demand, the head of Saudi Arabian Oil Co. said.
Saudi Arabia, the world’s biggest oil exporter, has the most spare capacity in OPEC and has historically played the role of swing producer, cutting its output to raise prices and pumping more to lower them. Oil prices have dropped 55 percent in the past year as rising production from the U.S. and Russia helped global output exceed demand.
“Supply and demand and the rules of economics will govern. It will take time for the current glut to be removed,” Chief Executive Officer Khalid Al-Falih said at a conference in Riyadh. “Saudi Arabia will not singlehandedly balance the market in a downturn,” he said, reiterating government policy."
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UPDATE 2-MIDEAST STOCKS-Egypt resumes rally; Saudi Arabia extends gains | Reuters
UPDATE 2-MIDEAST STOCKS-Egypt resumes rally; Saudi Arabia extends gains | Reuters:
"Egypt's stock market turned bullish again in early trade on Tuesday after a short bout of profit-taking, while Saudi Arabia's bourse edged up on the back of banking stocks.
The Cairo benchmark rose 1.3 percent as most stocks were in the black. Property firm Medinet Nasr Housing and Development led gains, surging 5.1 percent as Egypt's central bank continued the gradual depreciation of the pound.
The pound slipped to 7.43 per dollar from 7.39 at a central bank auction on Monday, to the weakest level it has been allowed to reach since auctions began in December 2012. It was the sixth consecutive official depreciation in the past week, prompted by the gap between the black market and the official rate."
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"Egypt's stock market turned bullish again in early trade on Tuesday after a short bout of profit-taking, while Saudi Arabia's bourse edged up on the back of banking stocks.
The Cairo benchmark rose 1.3 percent as most stocks were in the black. Property firm Medinet Nasr Housing and Development led gains, surging 5.1 percent as Egypt's central bank continued the gradual depreciation of the pound.
The pound slipped to 7.43 per dollar from 7.39 at a central bank auction on Monday, to the weakest level it has been allowed to reach since auctions began in December 2012. It was the sixth consecutive official depreciation in the past week, prompted by the gap between the black market and the official rate."
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S&P decision is ‘groundlessly negative’ – Russian finance minister — RT Business
S&P decision is ‘groundlessly negative’ – Russian finance minister — RT Business:
"The downgrade of Russia’s credit rating by S&P is unreasonable, as the agency didn’t consider the country’s anti-crisis plan, and the strong economy with its large reserves and extremely low public debt, said Russian Finance Minister Anton Siluanov.
Siluanov says he does not think the move will lead to a sharp decline in the share of non-residents holding Russian bonds.
"A very important aspect is that the rating of Russian obligations in the national currency is still at the BBB- investment grade. Therefore, there won’t be a sharp decline in the share of non-residents among the holders of Russian loan bonds," he said."
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"The downgrade of Russia’s credit rating by S&P is unreasonable, as the agency didn’t consider the country’s anti-crisis plan, and the strong economy with its large reserves and extremely low public debt, said Russian Finance Minister Anton Siluanov.
Siluanov says he does not think the move will lead to a sharp decline in the share of non-residents holding Russian bonds.
"A very important aspect is that the rating of Russian obligations in the national currency is still at the BBB- investment grade. Therefore, there won’t be a sharp decline in the share of non-residents among the holders of Russian loan bonds," he said."
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NBAD investment head does not expect regional equities to pick up any time soon | The National
NBAD investment head does not expect regional equities to pick up any time soon | The National:
"A top NBAD executive yesterday ruled out spectacular gains in regional equity markets this year amid expectations of slower economic growth given the steep decline in oil prices.
“At this price of oil it’s difficult to be bullish,” said Gary Dugan, National Bank of Abu Dhabi’s global wealth chief investment officer and head of investment strategy. “The GCC has a period of adjustment to lower oil prices. The corporates are starting to feel it and we’ve only had it for a matter of weeks. If it goes on for months and it doesn’t seem to go away as a problem then companies will have to adjust.”
Stocks in the Arabian Gulf took a hammering in December as the price of crude oil plummeted more than 30 per cent, with many benchmark equity indexes including Dubai dropping just as much before making a partial recovery. As a result, Dubai’s main gauge pared its 2014 gains to 12 per cent and so far this year has dropped 1.4 per cent."
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"A top NBAD executive yesterday ruled out spectacular gains in regional equity markets this year amid expectations of slower economic growth given the steep decline in oil prices.
“At this price of oil it’s difficult to be bullish,” said Gary Dugan, National Bank of Abu Dhabi’s global wealth chief investment officer and head of investment strategy. “The GCC has a period of adjustment to lower oil prices. The corporates are starting to feel it and we’ve only had it for a matter of weeks. If it goes on for months and it doesn’t seem to go away as a problem then companies will have to adjust.”
Stocks in the Arabian Gulf took a hammering in December as the price of crude oil plummeted more than 30 per cent, with many benchmark equity indexes including Dubai dropping just as much before making a partial recovery. As a result, Dubai’s main gauge pared its 2014 gains to 12 per cent and so far this year has dropped 1.4 per cent."
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Amlak on track to resume trading on Dubai bourse | The National
Amlak on track to resume trading on Dubai bourse | The National:
"Amlak Finance, the Sharia-compliant mortgage lender that completed a restructuring of US$2.7 billion worth of debt last year, is on track to resume the trading of its shares on the Dubai Financial Market in the first half of the year, the UAE Minister of Economy said yesterday.
“All of Amlak’s affairs have been put in order,” said Sultan Al Mansouri, adding that it would trade its shares again by the first half of the year.
Amlak’s stock has been suspended since 2008."
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"Amlak Finance, the Sharia-compliant mortgage lender that completed a restructuring of US$2.7 billion worth of debt last year, is on track to resume the trading of its shares on the Dubai Financial Market in the first half of the year, the UAE Minister of Economy said yesterday.
“All of Amlak’s affairs have been put in order,” said Sultan Al Mansouri, adding that it would trade its shares again by the first half of the year.
Amlak’s stock has been suspended since 2008."
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Fujairah to emerge as oil trading hub in the region | GulfNews.com
Fujairah to emerge as oil trading hub in the region | GulfNews.com:
"Fujairah will emerge as an important oil and trading hub in the coming years with the number of facilities coming up in the port, industry experts at the Tank Storage Middle East conference said.
“Fujairah will emerge as a hub for business activity. IPIC (International Petroleum Investment Company) refinery with a processing capacity of 200,000 barrels per day will be a game changer,” said Nizam Noorali, chief operating officer of Socar Aurora Fujairah terminals.
He said a number of projects are in the pipeline at the port. “LNG terminal is coming through. There will be facilities for chemical storage, bitumen storage, crude oil storage and crude oil pipeline connectivity to the port.”"
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"Fujairah will emerge as an important oil and trading hub in the coming years with the number of facilities coming up in the port, industry experts at the Tank Storage Middle East conference said.
“Fujairah will emerge as a hub for business activity. IPIC (International Petroleum Investment Company) refinery with a processing capacity of 200,000 barrels per day will be a game changer,” said Nizam Noorali, chief operating officer of Socar Aurora Fujairah terminals.
He said a number of projects are in the pipeline at the port. “LNG terminal is coming through. There will be facilities for chemical storage, bitumen storage, crude oil storage and crude oil pipeline connectivity to the port.”"
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Emaar Properties targets Q2 for $270m Egypt unit float | GulfNews.com
Emaar Properties targets Q2 for $270m Egypt unit float | GulfNews.com:
"Dubai’s Emaar Properties will submit plans to float its Egyptian unit to the North African country’s regulator “within days” ahead of an initial share sale earmarked for the second quarter, two sources aware of the matter told Reuters.
The initial public offering (IPO) of a portion of Emaar Misr is expected to be worth in excess of 2 billion pounds (Dh992 million), making it the largest flotation on the Cairo bourse since 2007.
“Within a few days, Emaar Misr will offer the documents to the stock market. The IPO will be in the second quarter, God willing,” said one of the sources, who spoke to Reuters on condition of anonymity as the information isn’t public."
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"Dubai’s Emaar Properties will submit plans to float its Egyptian unit to the North African country’s regulator “within days” ahead of an initial share sale earmarked for the second quarter, two sources aware of the matter told Reuters.
The initial public offering (IPO) of a portion of Emaar Misr is expected to be worth in excess of 2 billion pounds (Dh992 million), making it the largest flotation on the Cairo bourse since 2007.
“Within a few days, Emaar Misr will offer the documents to the stock market. The IPO will be in the second quarter, God willing,” said one of the sources, who spoke to Reuters on condition of anonymity as the information isn’t public."
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Oil Trades Near 6-Year Low as OPEC Fails to Turn Focus From Glut - Bloomberg
Oil Trades Near 6-Year Low as OPEC Fails to Turn Focus From Glut - Bloomberg:
"Oil extended losses to trade near an almost six-year low as OPEC’s warning that prices may surge without new investment in production failed to shift the market’s focus from more immediate signs of a global supply glut.
Futures fell as much as 0.6 percent in New York. A spike to $200 a barrel is possible without adequate spending for the long term, OPEC Secretary-General Abdalla El-Badri said. U.S. crude inventories probably rose to 402.1 million barrels last week, the most in records dating back to August 1982, a Bloomberg News survey shows before a government report on Wednesday.
Oil slumped almost 50 percent last year amid the fastest pace of U.S. crude production in more than three decades while the Organization of Petroleum Exporting Countries resisted calls to reduce output. Prices may drop to as low as $30 a barrel, Gary Cohn, the president of Goldman Sachs Group Inc., said in an interview with CNBC on Monday."
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"Oil extended losses to trade near an almost six-year low as OPEC’s warning that prices may surge without new investment in production failed to shift the market’s focus from more immediate signs of a global supply glut.
Futures fell as much as 0.6 percent in New York. A spike to $200 a barrel is possible without adequate spending for the long term, OPEC Secretary-General Abdalla El-Badri said. U.S. crude inventories probably rose to 402.1 million barrels last week, the most in records dating back to August 1982, a Bloomberg News survey shows before a government report on Wednesday.
Oil slumped almost 50 percent last year amid the fastest pace of U.S. crude production in more than three decades while the Organization of Petroleum Exporting Countries resisted calls to reduce output. Prices may drop to as low as $30 a barrel, Gary Cohn, the president of Goldman Sachs Group Inc., said in an interview with CNBC on Monday."
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Investing in Russia: So Crazy, It Just Might Work - Businessweek
Investing in Russia: So Crazy, It Just Might Work - Businessweek:
"On paper, there’s no good reason to invest in Russia right now. The country’s dealing with a collapsed currency, plunging oil prices, recession, conflict in Ukraine, sanctions, and a government that’s hard to predict. The MSCI Russia Index lost almost half its value last year, and those losses could continue in 2015 and even into 2016. On Monday, as fighting in Ukraine intensified, the ruble dropped another 2.3 percent against the dollar, to its lowest level since Dec. 16.
For the intrepid, the thrill-seeking, or the very wealthy, however, Russia still has an appeal. Since August, investors have poured $861 million into the Market Vectors Russia ETF (RSX), the largest U.S.-based Russia fund. “In investing, what is comfortable is rarely profitable,” according to investment firm Research Affiliates in a new analysis. “Investing in Russia now is definitely discomfiting, but it might pay off in the long run.”"
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"On paper, there’s no good reason to invest in Russia right now. The country’s dealing with a collapsed currency, plunging oil prices, recession, conflict in Ukraine, sanctions, and a government that’s hard to predict. The MSCI Russia Index lost almost half its value last year, and those losses could continue in 2015 and even into 2016. On Monday, as fighting in Ukraine intensified, the ruble dropped another 2.3 percent against the dollar, to its lowest level since Dec. 16.
For the intrepid, the thrill-seeking, or the very wealthy, however, Russia still has an appeal. Since August, investors have poured $861 million into the Market Vectors Russia ETF (RSX), the largest U.S.-based Russia fund. “In investing, what is comfortable is rarely profitable,” according to investment firm Research Affiliates in a new analysis. “Investing in Russia now is definitely discomfiting, but it might pay off in the long run.”"
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Dubai Displaces Heathrow as Busiest International Air Hub - Bloomberg
Dubai Displaces Heathrow as Busiest International Air Hub - Bloomberg:
"Dubai ended London Heathrow airport’s decades of dominance as the world’s top international air hub last year, buoyed by surging passenger numbers at local carrier Emirates with its record-breaking fleet of wide-body jets.
Dubai International Airport boosted passenger numbers 6.1 percent to 70.5 million last year, almost all of them traveling to or from locations outside the United Arab Emirates, according to a statement today. That took it past Heathrow, which attracted 68.09 million international travelers in 2014.
Dubai has used its location at a geographical crossroads between Europe, Asia, Africa and the Middle East to establish itself as a base for inter-continental transfer flights, with Emirates already the world’s No. 1 carrier by international traffic. The sheikhdom is building a new hub at Al Maktoum airport which could one day handle 200 million passengers, just as growth at Heathrow is stymied by the constraints of its two runways and political wrangling over whether to add a third."
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"Dubai ended London Heathrow airport’s decades of dominance as the world’s top international air hub last year, buoyed by surging passenger numbers at local carrier Emirates with its record-breaking fleet of wide-body jets.
Dubai International Airport boosted passenger numbers 6.1 percent to 70.5 million last year, almost all of them traveling to or from locations outside the United Arab Emirates, according to a statement today. That took it past Heathrow, which attracted 68.09 million international travelers in 2014.
Dubai has used its location at a geographical crossroads between Europe, Asia, Africa and the Middle East to establish itself as a base for inter-continental transfer flights, with Emirates already the world’s No. 1 carrier by international traffic. The sheikhdom is building a new hub at Al Maktoum airport which could one day handle 200 million passengers, just as growth at Heathrow is stymied by the constraints of its two runways and political wrangling over whether to add a third."
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