MIDEAST STOCKS-Gulf markets hold breath ahead of U.S. Fed report | News by Country | Reuters:
"Most Gulf stock markets stood nearly still on Tuesday as oil prices seesawed and investors waited for the U.S. Federal Reserve to indicate when it plans to start raising interest rates.
Brent crude oil hovered around $59 per barrel during the day, swinging repeatedly between gains and losses and giving no clear direction to equities.
U.S. Federal Reserve Chair Janet Yellen will deliver the central bank's semi-annual Monetary Policy Report to the Senate Banking Committee on Tuesday and it remains unclear whether she will reaffirm June as a window for a first rate hike."
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Tuesday 24 February 2015
GFH shares gain after return to profit | The National
GFH shares gain after return to profit | The National:
"Shares in GFH were the hottest stock traded in the UAE yesterday after the company announced its return to profit for last year.
GFH, which last year said it was transforming itself from an investment bank to a financial group, on Sunday reported an annual profit attributable to shareholders of US$11 million for 2014, compared with a loss of $18m for 2013. “We have taken steps in 2014 to recapitalise our balance sheet, strengthen our structure and emerge as a financial group,” said Ahmed Al Mutawa, GFH’s chairman.
“We embarked upon a new strategy to create a more stable financial position through increasing the capital and enhancing the balance sheet. [In the meantime] focusing on acquisitions to enhance the financial position of the group and our co-investors through steady streams of income and opportunities for strong upside potential at exit.”"
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"Shares in GFH were the hottest stock traded in the UAE yesterday after the company announced its return to profit for last year.
GFH, which last year said it was transforming itself from an investment bank to a financial group, on Sunday reported an annual profit attributable to shareholders of US$11 million for 2014, compared with a loss of $18m for 2013. “We have taken steps in 2014 to recapitalise our balance sheet, strengthen our structure and emerge as a financial group,” said Ahmed Al Mutawa, GFH’s chairman.
“We embarked upon a new strategy to create a more stable financial position through increasing the capital and enhancing the balance sheet. [In the meantime] focusing on acquisitions to enhance the financial position of the group and our co-investors through steady streams of income and opportunities for strong upside potential at exit.”"
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GCC needs fiscal reforms to deal with oil volatility | GulfNews.com
GCC needs fiscal reforms to deal with oil volatility | GulfNews.com:
"Oil revenues are critical to Gulf Cooperation Council (GCC) to sustain public expenditures and economic growth; however the impact of recent sharp decline in oil prices can be managed with diligent use of accumulated surpluses and innovative fiscal management, economists and policy experts said.
Speaking at a policy symposium on developments in the global oil markets and their effects on the region’s economies, policy experts and economists said the GCC countries are not new to volatility in the oil market and this time most of these economies are better equipped to deal with the impact of oil market glut and sharp decline in prices.
“Most of the GCC countries have accumulated large surpluses during the boom years and have invested in critical infrastructure. While these countries can use the surpluses to fill the revenue gap from oil price decline, most of these countries have very low debt to GDP ratios, giving them ample fiscal head room to leverage,” said V Shankar, Group Executive Director and CEO of Europe Middle East, Africa and America of Standard Chartered."
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"Oil revenues are critical to Gulf Cooperation Council (GCC) to sustain public expenditures and economic growth; however the impact of recent sharp decline in oil prices can be managed with diligent use of accumulated surpluses and innovative fiscal management, economists and policy experts said.
Speaking at a policy symposium on developments in the global oil markets and their effects on the region’s economies, policy experts and economists said the GCC countries are not new to volatility in the oil market and this time most of these economies are better equipped to deal with the impact of oil market glut and sharp decline in prices.
“Most of the GCC countries have accumulated large surpluses during the boom years and have invested in critical infrastructure. While these countries can use the surpluses to fill the revenue gap from oil price decline, most of these countries have very low debt to GDP ratios, giving them ample fiscal head room to leverage,” said V Shankar, Group Executive Director and CEO of Europe Middle East, Africa and America of Standard Chartered."
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U.K.’s Exotix Said to Close Fixed-Income Trading Desk in Dubai - Bloomberg Business
U.K.’s Exotix Said to Close Fixed-Income Trading Desk in Dubai - Bloomberg Business:
"Exotix Partners LLP, the London-based bank expanding in frontier markets, closed its fixed-income trading desk in Dubai, two people with knowledge of the matter said.
Traders from the desk, which specialized in illiquid bonds and loans in the Gulf Cooperation Council region, have already left the bank, according to the people, who asked not to be identified because the matter is private. Equity research and operations remain in Dubai, they said. Andrew Leach, a spokesman for Exotix in London, declined to comment.
The closure comes a month after Philip Southwell stepped down as chief executive officer of Exotix in London. The bank’s Middle East and North Africa head Ahmad Alanani left in May. Alanani set up the Dubai office in 2010 and led a team of seven traders focusing on special credit and equity situations."
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"Exotix Partners LLP, the London-based bank expanding in frontier markets, closed its fixed-income trading desk in Dubai, two people with knowledge of the matter said.
Traders from the desk, which specialized in illiquid bonds and loans in the Gulf Cooperation Council region, have already left the bank, according to the people, who asked not to be identified because the matter is private. Equity research and operations remain in Dubai, they said. Andrew Leach, a spokesman for Exotix in London, declined to comment.
The closure comes a month after Philip Southwell stepped down as chief executive officer of Exotix in London. The bank’s Middle East and North Africa head Ahmad Alanani left in May. Alanani set up the Dubai office in 2010 and led a team of seven traders focusing on special credit and equity situations."
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Oil and gas industry in 'bleak' 2014, finds survey - BBC News
Oil and gas industry in 'bleak' 2014, finds survey - BBC News:
"The UK offshore oil and gas industry has reported its worst annual performance for four decades.
Industry body Oil & Gas UK said falling oil prices and rising costs meant the sector spent and invested £5.3bn more than it earned from sales during 2014.
That outflow of cash was the biggest since massive investment in platforms in the 1970s preceded the flow of oil."
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"The UK offshore oil and gas industry has reported its worst annual performance for four decades.
Industry body Oil & Gas UK said falling oil prices and rising costs meant the sector spent and invested £5.3bn more than it earned from sales during 2014.
That outflow of cash was the biggest since massive investment in platforms in the 1970s preceded the flow of oil."
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