Russia's 1st sale of floaters in decade fails after S&P cut - Chicago Tribune:
"Russia missed its fundraising target for a second week, raising only half of the amount planned at its first sale of floating-rate debt in more than a decade, two days after a sovereign credit-rating downgrade.
The Finance Ministry placed 2.51 billion rubles ($37 million) of the securities maturing in December 2017 at a weighted average price of 95.9602 of face value, according to data compiled by Bloomberg. It filled 24 bids, the data show, after the ministry said Tuesday it would seek to raise 5 billion rubles.
The first attempt to sell floating-rate securities since November 2004 came after Standard & Poor's cut Russia's foreign- currency rating to junk on Monday, while pushing the local- currency score to the lowest investment grade. Russia's ability to raise cash is being curtailed as European Union and the U.S. consider additional sanctions in technology, energy, defense and banking over the country's support for separatist rebels in eastern Ukraine."
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Wednesday, 28 January 2015
Qatar Is Set to Gain Control of London’s Canary Wharf - Bloomberg Business
Qatar Is Set to Gain Control of London’s Canary Wharf - Bloomberg Business:
"London’s Canary Wharf is set to be taken over by a Qatari-led group after a three-month stand-off in a deal that values its owner at about 2.6 billion pounds ($4 billion).
Songbird Estates Plc, which controls the financial district in London’s East End, said Wednesday it expects its biggest shareholders will accept an offer from Qatar Investment Authority and Brookfield Property Partners LP it had previously urged them to reject. Songbird said that while the 350-pence-a-share cash bid is still too low, it doesn’t expect another, higher offer will emerge.
Qatar and Brookfield have been trying to gain control of Songbird since November, when the developer rejected an initial approach. Throughout the talks, the pair have been at odds with Songbird over how to value future developments that will take years to complete and will require substantial funding."
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"London’s Canary Wharf is set to be taken over by a Qatari-led group after a three-month stand-off in a deal that values its owner at about 2.6 billion pounds ($4 billion).
Songbird Estates Plc, which controls the financial district in London’s East End, said Wednesday it expects its biggest shareholders will accept an offer from Qatar Investment Authority and Brookfield Property Partners LP it had previously urged them to reject. Songbird said that while the 350-pence-a-share cash bid is still too low, it doesn’t expect another, higher offer will emerge.
Qatar and Brookfield have been trying to gain control of Songbird since November, when the developer rejected an initial approach. Throughout the talks, the pair have been at odds with Songbird over how to value future developments that will take years to complete and will require substantial funding."
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U.A.E. Bank Market to Get Tougher on Economy, NBAD CEO Says - Bloomberg Business
U.A.E. Bank Market to Get Tougher on Economy, NBAD CEO Says - Bloomberg Business:
"National Bank of Abu Dhabi PJSC, the biggest lender in the United Arab Emirates, said tougher market conditions lie ahead after posting a 28-percent increase in fourth-quarter profit.
“It was tough last year, competition was stiff, but there was growth, very, very good growth,” NBAD Group Chief Executive Officer Alex Thursby said on an earnings call from Abu Dhabi on Wednesday. “Now, I think we are going to have average growth and competition hasn’t gone home.”
Growth in the U.A.E., the second-biggest Arab economy, will slow to 3.1 percent this year from an estimated 4.9 percent in 2014 after a 50-percent drop in oil prices, according to estimates from HSBC Holdings Plc this month. The U.A.E. holds about 6 percent of the world’s crude reserves and has used its oil wealth to transform cities, build ports and turn the country into a tourist and financial center."
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"National Bank of Abu Dhabi PJSC, the biggest lender in the United Arab Emirates, said tougher market conditions lie ahead after posting a 28-percent increase in fourth-quarter profit.
“It was tough last year, competition was stiff, but there was growth, very, very good growth,” NBAD Group Chief Executive Officer Alex Thursby said on an earnings call from Abu Dhabi on Wednesday. “Now, I think we are going to have average growth and competition hasn’t gone home.”
Growth in the U.A.E., the second-biggest Arab economy, will slow to 3.1 percent this year from an estimated 4.9 percent in 2014 after a 50-percent drop in oil prices, according to estimates from HSBC Holdings Plc this month. The U.A.E. holds about 6 percent of the world’s crude reserves and has used its oil wealth to transform cities, build ports and turn the country into a tourist and financial center."
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MIDEAST STOCKS-Saudi Arabia rallies on as oil pares losses | Reuters
MIDEAST STOCKS-Saudi Arabia rallies on as oil pares losses | Reuters:
"Saudi Arabia's stock market gained strongly for a second straight day on Wednesday as oil prices rebounded from the day's lows, reinforcing a growing perception among investors that they have found a floor.
Brent crude fell early on Tuesday after an industry report said U.S. crude stocks rose by the most in two decades last week. But it had largely recovered and traded above $49 per barrel by the time the Saudi bourse closed.
The main Saudi stock index jumped 2.6 percent to 8,913 points and trading volume reached its highest level since last May. The index faces chart resistance at its late December peak of 8,949 points; any break would point up to at least resistance on the 100-day average, now at 9,477 points."
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"Saudi Arabia's stock market gained strongly for a second straight day on Wednesday as oil prices rebounded from the day's lows, reinforcing a growing perception among investors that they have found a floor.
Brent crude fell early on Tuesday after an industry report said U.S. crude stocks rose by the most in two decades last week. But it had largely recovered and traded above $49 per barrel by the time the Saudi bourse closed.
The main Saudi stock index jumped 2.6 percent to 8,913 points and trading volume reached its highest level since last May. The index faces chart resistance at its late December peak of 8,949 points; any break would point up to at least resistance on the 100-day average, now at 9,477 points."
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UPDATE 2-MIDEAST STOCKS-Saudi Arabia extends gains, Egypt pulls back | Reuters
UPDATE 2-MIDEAST STOCKS-Saudi Arabia extends gains, Egypt pulls back | Reuters:
"Saudi Arabia's stock market rose in early trade on Wednesday on the back of banks and petrochemicals, while Egypt's bourse retreated from a multi-year high.
The main Saudi index added 1.5 percent as shares in Samba Financial Group surged 7.5 percent and were the main support. Two brokerages, EFG Hermes and Global, identified the stock this week as offering good value and being well positioned for the expected U.S. interest rate increase.
Petrochemicals giant Saudi Basic Industries jumped 2.7 percent as Brent crude oil, although weaker, held near $49 per barrel following comments by a senior OPEC official this week that the commodity's price may have bottomed out."
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"Saudi Arabia's stock market rose in early trade on Wednesday on the back of banks and petrochemicals, while Egypt's bourse retreated from a multi-year high.
The main Saudi index added 1.5 percent as shares in Samba Financial Group surged 7.5 percent and were the main support. Two brokerages, EFG Hermes and Global, identified the stock this week as offering good value and being well positioned for the expected U.S. interest rate increase.
Petrochemicals giant Saudi Basic Industries jumped 2.7 percent as Brent crude oil, although weaker, held near $49 per barrel following comments by a senior OPEC official this week that the commodity's price may have bottomed out."
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Majid Al Futtaim announces plans to double in size | The National
Majid Al Futtaim announces plans to double in size | The National:
"Majid Al Futtaim (MAF), the company that built Dubai’s indoor ski slope in Mall of the Emirates, plans to double in size in the next five years. The company yesterday posted an 11 per cent increase in revenues to Dh25 billion last year.
“With an ambition to double the size of the business over the next five years, Majid Al Futtaim plans further investment to deliver world-class malls in the region,” the company said in a statement yesterday.
MAF is planning additional hypermarkets and supermarkets and family entertainment centres."
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"Majid Al Futtaim (MAF), the company that built Dubai’s indoor ski slope in Mall of the Emirates, plans to double in size in the next five years. The company yesterday posted an 11 per cent increase in revenues to Dh25 billion last year.
“With an ambition to double the size of the business over the next five years, Majid Al Futtaim plans further investment to deliver world-class malls in the region,” the company said in a statement yesterday.
MAF is planning additional hypermarkets and supermarkets and family entertainment centres."
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UAE oil and gas sector feels jobs pinch | The National
UAE oil and gas sector feels jobs pinch | The National:
"The UAE’s oil and gas sector is feeling the squeeze from the record drop in oil prices in recent months, according to a new survey by one of the country’s largest employment consultants.
The weak jobs market in the hydrocarbon sector runs counter to the broader trend in the survey, which was conducted by Abu Dhabi-based Reach Employment, a division of the private equity firm Gulf Capital.
It found the vast majority of the 200 companies it polled were expecting to add jobs in 2015. Financial services, retail, tourism and health care were the hottest sectors and 91 per cent of those polled said they expected to hire new staff."
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"The UAE’s oil and gas sector is feeling the squeeze from the record drop in oil prices in recent months, according to a new survey by one of the country’s largest employment consultants.
The weak jobs market in the hydrocarbon sector runs counter to the broader trend in the survey, which was conducted by Abu Dhabi-based Reach Employment, a division of the private equity firm Gulf Capital.
It found the vast majority of the 200 companies it polled were expecting to add jobs in 2015. Financial services, retail, tourism and health care were the hottest sectors and 91 per cent of those polled said they expected to hire new staff."
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For oil services industry, it is lockdown | GulfNews.com
For oil services industry, it is lockdown | GulfNews.com:
"Slammed by plunging oil prices, oil services companies which supply rigs and carry out seismic surveys face a bleak outlook of cutbacks and contract cancellations. Peer through the gloom though and possible winners as well as losers emerge.
Titans of the sector such as Schlumberger NV and Halliburton Co may have a chance to scoop up assets and know-how from rivals less able to weather the downturn, as their deeper pockets give them a major tactical advantage.
“The larger companies, which still have access to credit, can take the opportunity to regenerate their own fleets at a cheaper cost than if they had to build it themselves,” said Pascal Menges, portfolio manager for Lombard Odier’s Global Energy fund. Schlumberger was one of his top three holdings as of end-December, according to the fund fact sheet."
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"Slammed by plunging oil prices, oil services companies which supply rigs and carry out seismic surveys face a bleak outlook of cutbacks and contract cancellations. Peer through the gloom though and possible winners as well as losers emerge.
Titans of the sector such as Schlumberger NV and Halliburton Co may have a chance to scoop up assets and know-how from rivals less able to weather the downturn, as their deeper pockets give them a major tactical advantage.
“The larger companies, which still have access to credit, can take the opportunity to regenerate their own fleets at a cheaper cost than if they had to build it themselves,” said Pascal Menges, portfolio manager for Lombard Odier’s Global Energy fund. Schlumberger was one of his top three holdings as of end-December, according to the fund fact sheet."
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Iraq Oil Surge to Fan OPEC Rivalry That Triggered Slump - Bloomberg Business
Iraq Oil Surge to Fan OPEC Rivalry That Triggered Slump - Bloomberg Business:
"The battle for customers among OPEC members that helped trigger oil’s collapse is about to escalate.
Iraqi crude production is climbing from a 35-year high as it adds growing Kurdish supplies to its exports, while southern oilfields remain unscathed by Islamic State militants. Finding buyers for the new output means offering more attractive terms than rivals in the Organization of Petroleum Exporting Countries, say Citigroup Inc., DNB ASA and Barclays Plc.
Oil’s biggest slump in six years gained momentum in October as a wave of discounts by Middle Eastern producers signaled OPEC members were intent on defending market share against booming shale output from the U.S. The price of Saudi crude for Asian buyers was cut to the lowest in at least 14 years last month, a move followed by Iraq, Kuwait and Iran."
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"The battle for customers among OPEC members that helped trigger oil’s collapse is about to escalate.
Iraqi crude production is climbing from a 35-year high as it adds growing Kurdish supplies to its exports, while southern oilfields remain unscathed by Islamic State militants. Finding buyers for the new output means offering more attractive terms than rivals in the Organization of Petroleum Exporting Countries, say Citigroup Inc., DNB ASA and Barclays Plc.
Oil’s biggest slump in six years gained momentum in October as a wave of discounts by Middle Eastern producers signaled OPEC members were intent on defending market share against booming shale output from the U.S. The price of Saudi crude for Asian buyers was cut to the lowest in at least 14 years last month, a move followed by Iraq, Kuwait and Iran."
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Oil’s Slide Triggers LNG Drop as Indian Demand Seen Rising - Bloomberg Business
Oil’s Slide Triggers LNG Drop as Indian Demand Seen Rising - Bloomberg Business:
"Oil’s slump is set to extend the biggest drop in liquefied natural gas costs in five years, spurring demand in emerging Asian economies.
LNG prices in Japan, the world’s biggest buyer of the fuel, will probably plunge 35 percent in 2015 and Indian costs will decline 33 percent, according to Energy Aspects Ltd., a London-based consultant. Costs in Asia will this year average below $10 per million British thermal units for the first time in four years as new projects in Australia and the U.S. boost supply through 2016, Bloomberg New Energy Finance said.
Most LNG in Asia is linked to crude costs with a time lag of several months, so Brent’s 49 percent drop in the second half of 2014 hasn’t fully filtered into prices. Global demand for the gas chilled to minus 170 degrees Celsius (minus 274 Fahrenheit) will rise 9.8 percent this year amid increased imports by India and southeast Asia, after climbing 0.5 percent in the first nine months of 2014, according to Sanford C. Bernstein."
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"Oil’s slump is set to extend the biggest drop in liquefied natural gas costs in five years, spurring demand in emerging Asian economies.
LNG prices in Japan, the world’s biggest buyer of the fuel, will probably plunge 35 percent in 2015 and Indian costs will decline 33 percent, according to Energy Aspects Ltd., a London-based consultant. Costs in Asia will this year average below $10 per million British thermal units for the first time in four years as new projects in Australia and the U.S. boost supply through 2016, Bloomberg New Energy Finance said.
Most LNG in Asia is linked to crude costs with a time lag of several months, so Brent’s 49 percent drop in the second half of 2014 hasn’t fully filtered into prices. Global demand for the gas chilled to minus 170 degrees Celsius (minus 274 Fahrenheit) will rise 9.8 percent this year amid increased imports by India and southeast Asia, after climbing 0.5 percent in the first nine months of 2014, according to Sanford C. Bernstein."
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