MIDEAST STOCKS-Saudi Arabia slips on Mobily, property stocks lift Dubai | Reuters:
"Saudi Arabia's stock market pulled back further on Tuesday after telecommunications operator Mobily posted a surprise first-quarter loss, while Kuwait fell on news of potential tax reform. Other Gulf markets were positive.
The main Saudi index slipped 0.3 percent to 9,559 points as Mobily was the main drag, tumbling 6.8 percent.
The firm, whose scandal over the restatement of its 2014 earnings led to the departure of its chief executive earlier this year, missed analysts' forecasts widely as it swung to a 199 million riyal ($53.1 million) net loss in the first quarter of 2015."
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Tuesday, 21 April 2015
MIDEAST STOCKS-Mobily weighs on Saudi, Egypt edges up - Yahoo Maktoob News
MIDEAST STOCKS-Mobily weighs on Saudi, Egypt edges up - Yahoo Maktoob News:
"Saudi Arabia's stock market fell in early trade on Tuesday after telecommunications operator Mobily posted a first-quarter loss, while Egypt's bourse started recovering.
The main Saudi index fell 0.6 percent and Mobily was the main drag, tumbling 8.0 percent.
The firm, whose earnings restatement scandal led to the departure of its chief executive earlier this year, missed analysts' forecasts widely as it swung to a 199 million riyal ($53.1 million) net loss in the first quarter."
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"Saudi Arabia's stock market fell in early trade on Tuesday after telecommunications operator Mobily posted a first-quarter loss, while Egypt's bourse started recovering.
The main Saudi index fell 0.6 percent and Mobily was the main drag, tumbling 8.0 percent.
The firm, whose earnings restatement scandal led to the departure of its chief executive earlier this year, missed analysts' forecasts widely as it swung to a 199 million riyal ($53.1 million) net loss in the first quarter."
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Qataris pledge to expand Canary Wharf - Business News - Business - The Independent
Qataris pledge to expand Canary Wharf - Business News - Business - The Independent:
"The £2.6bn takeover of Canary Wharf formally went through yesterday, with its new owners, the US property giant Brookfield and Qatar’s sovereign wealth fund, promising it a bright future.
Ric Clark, the chief executive of Brookfield, said: “Canary Wharf remains one of the most treasured property estates in the world. We look forward to working with Qatar Investment Authority and the Canary Wharf Group management team to advance the substantial development pipeline, and to realise the full potential of the site for our tenants, stakeholders and the people of London.”
Sheikh Abdullah bin Mohammed al-Thani, the chief executive of QIA, said the new owners would pursue “further expansion through the creation of a sustainable, mixed development comprising offices, homes as well as retail and leisure space”."
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"The £2.6bn takeover of Canary Wharf formally went through yesterday, with its new owners, the US property giant Brookfield and Qatar’s sovereign wealth fund, promising it a bright future.
Ric Clark, the chief executive of Brookfield, said: “Canary Wharf remains one of the most treasured property estates in the world. We look forward to working with Qatar Investment Authority and the Canary Wharf Group management team to advance the substantial development pipeline, and to realise the full potential of the site for our tenants, stakeholders and the people of London.”
Sheikh Abdullah bin Mohammed al-Thani, the chief executive of QIA, said the new owners would pursue “further expansion through the creation of a sustainable, mixed development comprising offices, homes as well as retail and leisure space”."
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Dubai's Noor bank sets price thoughts for $500 mln 5-yr debut dollar sukuk | Reuters
Dubai's Noor bank sets price thoughts for $500 mln 5-yr debut dollar sukuk | Reuters:
"Dubai's Noor Bank is marketing a $500 million, five-year debut U.S. dollar sukuk issue, which could price as early as Tuesday, a document from lead arrangers showed.
Initial price thoughts were set in the 140 basis points area over midswaps for the sukuk, which have an agency-based structure known as wakala.
The bank, which counts state funds Investment Corporation of Dubai and Dubai Holding among its owners, has appointed Standard Chartered as global coordinator and Al Hilal Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Qinvest, and Sharjah Islamic Bank as joint lead managers."
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"Dubai's Noor Bank is marketing a $500 million, five-year debut U.S. dollar sukuk issue, which could price as early as Tuesday, a document from lead arrangers showed.
Initial price thoughts were set in the 140 basis points area over midswaps for the sukuk, which have an agency-based structure known as wakala.
The bank, which counts state funds Investment Corporation of Dubai and Dubai Holding among its owners, has appointed Standard Chartered as global coordinator and Al Hilal Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Qinvest, and Sharjah Islamic Bank as joint lead managers."
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Al Gosaibi family strikes deal with creditors to settle $6bn debt | The National
Al Gosaibi family strikes deal with creditors to settle $6bn debt | The National:
"The embattled Al Gosaibi family of Saudi Arabia has reached a deal with its leading creditors to settle its long-running dispute over $6bn worth of debts.
The deal was signed between representatives of the family partnership, Ahmad Hamad Al Gosaibi & Brothers, and a steering committee of some of its bank creditors, in London late last week.
It is a big step forward towards solving a six-year standoff between Al Gosaibi and its creditors, which has been likened to a corporate “frozen war”. But big Saudi banks still have to be persuaded to join in any overall settlement."
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"The embattled Al Gosaibi family of Saudi Arabia has reached a deal with its leading creditors to settle its long-running dispute over $6bn worth of debts.
The deal was signed between representatives of the family partnership, Ahmad Hamad Al Gosaibi & Brothers, and a steering committee of some of its bank creditors, in London late last week.
It is a big step forward towards solving a six-year standoff between Al Gosaibi and its creditors, which has been likened to a corporate “frozen war”. But big Saudi banks still have to be persuaded to join in any overall settlement."
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Dubai World pays $2.92 billion in debt makeover deal, sources say | GulfNews.com
Dubai World pays $2.92 billion in debt makeover deal, sources say | GulfNews.com:
"Dubai World, the state-owned company that roiled global markets in 2009 with a plan to freeze debt payments, paid $2.92 billion to creditors under a deal reached in February, two people with knowledge of the matter said.
The payments were made late last month, said the people, asking not to be identified because the information isn’t public. Under the new agreement, which altered the original deal of March 2011, Dubai World pledged early payment of loans due in September, according to a company statement in February.
Dubai World, whose assets include ports operator DP World Ltd. and shipyard Drydocks World LLC, was one of many companies in the emirate that delayed debt payments after credit markets froze and asset prices slumped during the global financial crisis. It reached a deal with about 80 creditors in March 2011 to restructure $14.7 billion of debt, agreeing to repay $4.4 billion in September 2015 and $10.3 billion in 2018."
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"Dubai World, the state-owned company that roiled global markets in 2009 with a plan to freeze debt payments, paid $2.92 billion to creditors under a deal reached in February, two people with knowledge of the matter said.
The payments were made late last month, said the people, asking not to be identified because the information isn’t public. Under the new agreement, which altered the original deal of March 2011, Dubai World pledged early payment of loans due in September, according to a company statement in February.
Dubai World, whose assets include ports operator DP World Ltd. and shipyard Drydocks World LLC, was one of many companies in the emirate that delayed debt payments after credit markets froze and asset prices slumped during the global financial crisis. It reached a deal with about 80 creditors in March 2011 to restructure $14.7 billion of debt, agreeing to repay $4.4 billion in September 2015 and $10.3 billion in 2018."
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HSBC ‘banned from taking on new assets at Saudi unit’ | GulfNews.com
HSBC ‘banned from taking on new assets at Saudi unit’ | GulfNews.com:
"HSBC Holdings Plc is blocked from taking on new funds at its Saudi Arabian asset management business after the regulator found that it breached local regulations, according to five people with knowledge of the matter.
The order from the country’s Capital Market Authority was made late last year and affects HSBC Saudi Arabia Ltd.’s $7 billion asset management arm, the people said, asking not to be identified as the notice wasn’t made public. HSBC Saudi Arabia must overhaul compliance procedures before the regulator will consider reversing the ban, according to two of the people.
The action by the CMA, as the Saudi Arabian regulator is known, relates to local rules and isn’t connected to other investigations, two of the people said. HSBC has been under scrutiny by regulators around the globe and paid a $1.9 billion settlement in 2012 to end US probes into money laundering. The bank paid $618 million in fines last year after an investigation into the rigging of foreign-exchange benchmarks."
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"HSBC Holdings Plc is blocked from taking on new funds at its Saudi Arabian asset management business after the regulator found that it breached local regulations, according to five people with knowledge of the matter.
The order from the country’s Capital Market Authority was made late last year and affects HSBC Saudi Arabia Ltd.’s $7 billion asset management arm, the people said, asking not to be identified as the notice wasn’t made public. HSBC Saudi Arabia must overhaul compliance procedures before the regulator will consider reversing the ban, according to two of the people.
The action by the CMA, as the Saudi Arabian regulator is known, relates to local rules and isn’t connected to other investigations, two of the people said. HSBC has been under scrutiny by regulators around the globe and paid a $1.9 billion settlement in 2012 to end US probes into money laundering. The bank paid $618 million in fines last year after an investigation into the rigging of foreign-exchange benchmarks."
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Emerging market ETFs: solving the liquidity problem or storing it up? - FT.com
Emerging market ETFs: solving the liquidity problem or storing it up? - FT.com:
"Anyone looking for financial bubbles at risk of bursting will be watching the rise of hard currency emerging market corporate bonds. Ten years ago, the asset class hardly existed. Today, at an estimated $2tn, it is bigger than the $1.6tn market in US high yield corporate bonds, familiar to investors for decades.
Investors have been drawn by high yields, offered even by investment-grade EM corporate issuers. But with high returns come high risks, and not only those related to repayment. EM corporate bonds are often dangerously illiquid, making them hard to get rid of in a crisis and meaning their prices can change rapidly when the mood of the market turns.
Last week, Robert Grossman and colleagues at Fitch Ratings published a report comparing 100 of the largest US high yielding corporate bonds with 100 of the largest non-investment grade EM hard currency corporate bonds. They found that, between June 30, 2014 and March 31 this year, 55 per cent of the US HY bonds traded on more than 95 per cent of trading days, while this was true of just 18 per cent of the EM bonds. Conversely, while 41 per cent of the EM bonds traded on less than half the trading days, this was true of just 1 per cent of the US HY bonds."
'via Blog this'
"Anyone looking for financial bubbles at risk of bursting will be watching the rise of hard currency emerging market corporate bonds. Ten years ago, the asset class hardly existed. Today, at an estimated $2tn, it is bigger than the $1.6tn market in US high yield corporate bonds, familiar to investors for decades.
Investors have been drawn by high yields, offered even by investment-grade EM corporate issuers. But with high returns come high risks, and not only those related to repayment. EM corporate bonds are often dangerously illiquid, making them hard to get rid of in a crisis and meaning their prices can change rapidly when the mood of the market turns.
Last week, Robert Grossman and colleagues at Fitch Ratings published a report comparing 100 of the largest US high yielding corporate bonds with 100 of the largest non-investment grade EM hard currency corporate bonds. They found that, between June 30, 2014 and March 31 this year, 55 per cent of the US HY bonds traded on more than 95 per cent of trading days, while this was true of just 18 per cent of the EM bonds. Conversely, while 41 per cent of the EM bonds traded on less than half the trading days, this was true of just 1 per cent of the US HY bonds."
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Russia’s Lukoil eyes return to Iran once sanctions are lifted - FT.com
Russia’s Lukoil eyes return to Iran once sanctions are lifted - FT.com:
"The head of Lukoil said on Monday that the Russian energy group wanted to return to Iran as soon as sanctions on Tehran are lifted, the latest foreign company to signal interest in developing the country’s oil and gas after a nuclear deal with the west.
Vagit Alekperov, Lukoil president, told reporters at the IHS CERAWeek energy conference in Houston that the group’s office in Iran, recently reopened, was studying geological data so it could take advantage of any opportunities should international sanctions be eased.
He said: “We hope that sanctions will be lifted in the medium term, in the near term, and that we will be able to come back to Iran and come back to the field we were working on.”"
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"The head of Lukoil said on Monday that the Russian energy group wanted to return to Iran as soon as sanctions on Tehran are lifted, the latest foreign company to signal interest in developing the country’s oil and gas after a nuclear deal with the west.
Vagit Alekperov, Lukoil president, told reporters at the IHS CERAWeek energy conference in Houston that the group’s office in Iran, recently reopened, was studying geological data so it could take advantage of any opportunities should international sanctions be eased.
He said: “We hope that sanctions will be lifted in the medium term, in the near term, and that we will be able to come back to Iran and come back to the field we were working on.”"
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Iran wants OPEC to pave way for its extra oil production when sanctions lifted | Reuters
Iran wants OPEC to pave way for its extra oil production when sanctions lifted | Reuters:
"Members of the Organization of the Petroleum Exporting Countries (OPEC) should prepare for extra Iranian crude production when Western sanctions on Tehran are lifted, Iran's oil minister was quoted on Tuesday by state news agency IRNA as saying.
"We expect the members of OPEC to pave the ground for (an) increase of Iran's oil production that will reach global markets when sanctions are lifted," Bijan Namdar Zanganeh said during a meeting with his Venezuelan counterpart Asdrubal Chavez in Tehran, the agency reported.
Iran, once OPEC's second-largest producer after Saudi Arabia, hopes to boost crude exports by as much as 1 million barrels per day (bpd) if Tehran and six major powers finalize a nuclear agreement by a June 30 deadline."
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"Members of the Organization of the Petroleum Exporting Countries (OPEC) should prepare for extra Iranian crude production when Western sanctions on Tehran are lifted, Iran's oil minister was quoted on Tuesday by state news agency IRNA as saying.
"We expect the members of OPEC to pave the ground for (an) increase of Iran's oil production that will reach global markets when sanctions are lifted," Bijan Namdar Zanganeh said during a meeting with his Venezuelan counterpart Asdrubal Chavez in Tehran, the agency reported.
Iran, once OPEC's second-largest producer after Saudi Arabia, hopes to boost crude exports by as much as 1 million barrels per day (bpd) if Tehran and six major powers finalize a nuclear agreement by a June 30 deadline."
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Abu Dhabi Says Still in Talks With Companies on Oil Concessions - Bloomberg Business
Abu Dhabi Says Still in Talks With Companies on Oil Concessions - Bloomberg Business:
"Abu Dhabi National Oil Co. is still in talks with international companies about concessions at the emirate’s largest fields and hasn’t set a deadline for deciding on the awards, Director General Abdullah Nasser al Suwaidi said.
Total SA is the only company to be awarded a stake in Adnoc’s new venture so far. The Paris-based company agreed to pay a $2.2 billion signing bonus for a 10 percent share in the onshore concession, two people with knowledge of the situation said in February.
Other companies “know what we have asked, and they bid,” al Suwaidi told reporters Monday at the Middle East Petroleum & Gas Conference in Abu Dhabi. “There’s no timeline,” he said. “Whoever meets our conditions will be considered.”"
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"Abu Dhabi National Oil Co. is still in talks with international companies about concessions at the emirate’s largest fields and hasn’t set a deadline for deciding on the awards, Director General Abdullah Nasser al Suwaidi said.
Total SA is the only company to be awarded a stake in Adnoc’s new venture so far. The Paris-based company agreed to pay a $2.2 billion signing bonus for a 10 percent share in the onshore concession, two people with knowledge of the situation said in February.
Other companies “know what we have asked, and they bid,” al Suwaidi told reporters Monday at the Middle East Petroleum & Gas Conference in Abu Dhabi. “There’s no timeline,” he said. “Whoever meets our conditions will be considered.”"
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MIDEAST STOCKS-Saudi Arabia slips, other Gulf markets rise | Reuters
MIDEAST STOCKS-Saudi Arabia slips, other Gulf markets rise | Reuters:
"Saudi Arabia's bourse pulled back slightly on Monday after several companies reported poor first-quarter earnings; other Gulf markets were positive, although disappointing earnings slowed Qatar's advance.
The main Saudi index edged down 0.3 percent to 9,589 points, having surged 4.0 percent in the previous session on news that the market regulator would allow foreigners to buy local stocks directly from June 15.
Petrochemicals and titanium producer National Industrialization Co (Tasnee) tumbled 5.4 percent after the firm said it had swung to a first-quarter net loss, which it blamed on lower sales prices and adverse moves in foreign exchange hedging contracts at a subsidiary."
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"Saudi Arabia's bourse pulled back slightly on Monday after several companies reported poor first-quarter earnings; other Gulf markets were positive, although disappointing earnings slowed Qatar's advance.
The main Saudi index edged down 0.3 percent to 9,589 points, having surged 4.0 percent in the previous session on news that the market regulator would allow foreigners to buy local stocks directly from June 15.
Petrochemicals and titanium producer National Industrialization Co (Tasnee) tumbled 5.4 percent after the firm said it had swung to a first-quarter net loss, which it blamed on lower sales prices and adverse moves in foreign exchange hedging contracts at a subsidiary."
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