UPDATE 2-MIDEAST STOCKS-Stronger oil boosts Saudi petrochemicals | Reuters:
"Petrochemicals lifted Saudi Arabia's bourse in early trade on Tuesday as oil prices strengthened, while property developers extended gains in Egypt.
Brent crude traded around $55.50 per barrel, posting gains for a third session in a row.
The main Saudi index rose 1.0 percent as Saudi Basic Industries (SABIC) climbed 1.9 percent and its affiliate Saudi Kayan Petrochemical Co surged 4.4 percent."
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Tuesday, 3 February 2015
BBC News - The men of steel with a softer side #Tata #India
BBC News - The men of steel with a softer side:
"Tata, the Indian company that owns Tetley Tea and Jaguar Land Rover, prides itself on its ethics - 66% of the business is owned by charities. Its unique character was shaped by the passions of its founder Jamsetji Tata and his successors.
Towards the end of the 19th Century, Indian businessman Jamsetji Tata walked into one of Mumbai's most expensive hotels - but, so the story goes, he was told to leave because of the colour of his skin.
Legend has it that he was so incensed he decided to build his own hotel - a better one that would welcome Indian guests."
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"Tata, the Indian company that owns Tetley Tea and Jaguar Land Rover, prides itself on its ethics - 66% of the business is owned by charities. Its unique character was shaped by the passions of its founder Jamsetji Tata and his successors.
Towards the end of the 19th Century, Indian businessman Jamsetji Tata walked into one of Mumbai's most expensive hotels - but, so the story goes, he was told to leave because of the colour of his skin.
Legend has it that he was so incensed he decided to build his own hotel - a better one that would welcome Indian guests."
'via Blog this'
Guest post: why are SWF’s shy of African investments? | beyondbrics
Guest post: why are SWF’s shy of African investments? | beyondbrics:
"Sovereign Wealth Funds (SWFs) could easily resolve Africa’s infrastructure funding issues, or go a long way toward doing so. So why are they so hesitant toward investments in Africa and what are the chances for change?
There is no lack in money. SWFs are keen to diversify into real assets with long-term growth prospects – ample opportunities for which exist in many parts of Africa.
Indeed, if SWFs – large state owned investment funds – were to steer a mere 1.3 per cent to 1.5 per cent of their total assets into sub-Saharan Africa, they could close the region’s infrastructure deficit over the coming years."
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"Sovereign Wealth Funds (SWFs) could easily resolve Africa’s infrastructure funding issues, or go a long way toward doing so. So why are they so hesitant toward investments in Africa and what are the chances for change?
There is no lack in money. SWFs are keen to diversify into real assets with long-term growth prospects – ample opportunities for which exist in many parts of Africa.
Indeed, if SWFs – large state owned investment funds – were to steer a mere 1.3 per cent to 1.5 per cent of their total assets into sub-Saharan Africa, they could close the region’s infrastructure deficit over the coming years."
'via Blog this'
BBC News - BP profits hit by lower oil price
BBC News - BP profits hit by lower oil price:
"BP has reported lower profits and says it will cut spending on exploration because of the fall in oil prices.
Underlying profits in the final three months of 2014 were down 20% on a year earlier at $2.2bn (£1.5bn). For the full year, profits fell 10% to $12.1bn.
The oil giant also said it would be cutting capital expenditure plans by $4bn-$6bn this year."
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"BP has reported lower profits and says it will cut spending on exploration because of the fall in oil prices.
Underlying profits in the final three months of 2014 were down 20% on a year earlier at $2.2bn (£1.5bn). For the full year, profits fell 10% to $12.1bn.
The oil giant also said it would be cutting capital expenditure plans by $4bn-$6bn this year."
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Abu Dhabi Securities Exchange introduces market making to calm volatility | The National
Abu Dhabi Securities Exchange introduces market making to calm volatility | The National:
"The Abu Dhabi Securities Exchange and National Bank of Abu Dhabi (NBAD) have announced the official launch of market maker, which will make liquidity available for four stocks.
“This will have a radical change not just for the local exchanges but the GCC,” said ADX chief executive Rashed Al Baloushi.
NBAD attained a license to practice market making activities from SCA in April 2014, Mr Baloushi said."
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"The Abu Dhabi Securities Exchange and National Bank of Abu Dhabi (NBAD) have announced the official launch of market maker, which will make liquidity available for four stocks.
“This will have a radical change not just for the local exchanges but the GCC,” said ADX chief executive Rashed Al Baloushi.
NBAD attained a license to practice market making activities from SCA in April 2014, Mr Baloushi said."
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Dubai developer Damac reports 46% profit rise despite property slowdown | The National
Dubai developer Damac reports 46% profit rise despite property slowdown | The National:
"Profit at Damac rocketed 46 per cent last year as the high-profile Dubai developer completed thousands of new homes despite the recent slowdown in the emirate’s real estate market.
Damac, which is known for signing licensing agreements with the likes of Fendi, Tiger Woods, Donald Trump and Paramount, and for offering customers buying its posh apartments yachts and luxury cars, said net profit grew to US$937 million last year from $641.5m the previous year.
The company, which began trading on the Dubai Financial Market in January after listing on the London Stock Exchange in 2013, reported that revenue for the year grew 64 per cent to $2 billion from $1.2bn the previous year."
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"Profit at Damac rocketed 46 per cent last year as the high-profile Dubai developer completed thousands of new homes despite the recent slowdown in the emirate’s real estate market.
Damac, which is known for signing licensing agreements with the likes of Fendi, Tiger Woods, Donald Trump and Paramount, and for offering customers buying its posh apartments yachts and luxury cars, said net profit grew to US$937 million last year from $641.5m the previous year.
The company, which began trading on the Dubai Financial Market in January after listing on the London Stock Exchange in 2013, reported that revenue for the year grew 64 per cent to $2 billion from $1.2bn the previous year."
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Big UAE banks to benefit from $14.6bn Dubai World debt restructuring | The National
Big UAE banks to benefit from $14.6bn Dubai World debt restructuring | The National:
"The UAE’s big banks are set to receive a boost from the restructuring of $14.6 billion of Dubai World debt.
The UAE financial system, and especially Emirates NBD, will benefit, says the ratings agency Moody’s Investor Services. It said that the deal hammered out last month between the investment conglomerate and more than 100 creditors is “credit positive” for the banks, and would reduce total non-performing loans (NPL) by 2.7 percentage points. The full extent of the reduction will be clear once banks report their figures for 2014, Moody’s said.
But it looks as though Emirates NBD, the biggest bank by market share and also the biggest UAE creditor to Dubai World, is an immediate winner. The bank – 56 per cent owned by the government’s flagship investment institution Investment Corporation of Dubai – has been able to reclassify its $2.3bn exposure to Dubai World from “impaired” to “performing”, which will help the bank report a dramatically improved level of bad debts, down from 15.1 per cent to 8.3 per cent in 2014."
'via Blog this'
"The UAE’s big banks are set to receive a boost from the restructuring of $14.6 billion of Dubai World debt.
The UAE financial system, and especially Emirates NBD, will benefit, says the ratings agency Moody’s Investor Services. It said that the deal hammered out last month between the investment conglomerate and more than 100 creditors is “credit positive” for the banks, and would reduce total non-performing loans (NPL) by 2.7 percentage points. The full extent of the reduction will be clear once banks report their figures for 2014, Moody’s said.
But it looks as though Emirates NBD, the biggest bank by market share and also the biggest UAE creditor to Dubai World, is an immediate winner. The bank – 56 per cent owned by the government’s flagship investment institution Investment Corporation of Dubai – has been able to reclassify its $2.3bn exposure to Dubai World from “impaired” to “performing”, which will help the bank report a dramatically improved level of bad debts, down from 15.1 per cent to 8.3 per cent in 2014."
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Swiss regulator to meet Etihad Regional board | GulfNews.com
Swiss regulator to meet Etihad Regional board | GulfNews.com:
"Darwin Airline, operating as Etihad Regional, will meet with Switzerland’s civil aviation authority later this month in an effort to convince the regulator to approve a stake purchase by Etihad Airways.
Etihad Airways announced in November 2013 plans to buy 33.3 per cent of the rebranded Swiss-based Darwin Airline. Switzerland’s Federal Office of Civil Aviation (FOCA/BAZL) has raised concerns with the stake purchase, namely Etihad Airways influence.
“Darwin had been given until the end of January 2015 to state its position and to suggest corrective measures. Until now, we got no position paper from Darwin, but an invitation from the board of directors for a meeting in mid-February. Then, Darwin will explain us their new business strategy,” a FOCA spokesperson told Gulf News by email."
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"Darwin Airline, operating as Etihad Regional, will meet with Switzerland’s civil aviation authority later this month in an effort to convince the regulator to approve a stake purchase by Etihad Airways.
Etihad Airways announced in November 2013 plans to buy 33.3 per cent of the rebranded Swiss-based Darwin Airline. Switzerland’s Federal Office of Civil Aviation (FOCA/BAZL) has raised concerns with the stake purchase, namely Etihad Airways influence.
“Darwin had been given until the end of January 2015 to state its position and to suggest corrective measures. Until now, we got no position paper from Darwin, but an invitation from the board of directors for a meeting in mid-February. Then, Darwin will explain us their new business strategy,” a FOCA spokesperson told Gulf News by email."
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