MIDEAST STOCKS-Qatar's FIFA panic short-lived; Saudi slips, tracking oil | Reuters:
"Qatar's stock market closed nearly flat on Wednesday after a brief, panicked sell-off triggered by Sepp Blatter's surprise resignation from world soccer body FIFA. Dubai rose while other Gulf markets moved little.
The Doha index slid as much as 3.2 percent to a seven-week low shortly after the market opened. Blatter's decision to quit, just days after he was elected as FIFA president for a fifth term, increased investor fears that Qatar could be stripped of its right to host the 2022 World Cup.
Doha was awarded the World Cup in a 2010 vote. Corruption probes into FIFA by Swiss and U.S. authorities have now raised the prospect of key decisions made on Blatter's watch being reviewed."
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Wednesday, 3 June 2015
MIDEAST STOCKS-Saudi Arabia slips on weaker oil, PMI; Egypt extends rally | Reuters
MIDEAST STOCKS-Saudi Arabia slips on weaker oil, PMI; Egypt extends rally | Reuters:
"Saudi Arabia's stock market slipped in early trade on Wednesday, tracking oil prices, while Egypt's bourse extended its rally after data showed a slight improvement in the outlook for business activity.
The main Saudi index edged down 0.2 percent and heavyweight petrochemicals firm Saudi Basic Industries lost just as much.
Oil shipper Bahri dropped 2.2 percent after the stock exchange said on Tuesday it was one of five local companies in which foreigners would not be able to buy shares when the market opens to direct foreign investment this month."
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"Saudi Arabia's stock market slipped in early trade on Wednesday, tracking oil prices, while Egypt's bourse extended its rally after data showed a slight improvement in the outlook for business activity.
The main Saudi index edged down 0.2 percent and heavyweight petrochemicals firm Saudi Basic Industries lost just as much.
Oil shipper Bahri dropped 2.2 percent after the stock exchange said on Tuesday it was one of five local companies in which foreigners would not be able to buy shares when the market opens to direct foreign investment this month."
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Saudi Arabia Russia OPEC oil output - Business Insider
Saudi Arabia Russia OPEC oil output - Business Insider:
"Saudi Arabia-led OPEC might have changed the game, but it doesn't mean everyone's declared them the de facto winner.
On Tuesday, the Energy Ministry data showed that Russia's oil output was at 10.71 million barrels per day for the month of August, an increase of 1.6% from a year earlier, according to figures cited by Reuters.
This number has been hovering around the post-Soviet high of January's 10.713 million barrels, and comes just days ahead of OPEC's meeting in Vienna this Friday."
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"Saudi Arabia-led OPEC might have changed the game, but it doesn't mean everyone's declared them the de facto winner.
On Tuesday, the Energy Ministry data showed that Russia's oil output was at 10.71 million barrels per day for the month of August, an increase of 1.6% from a year earlier, according to figures cited by Reuters.
This number has been hovering around the post-Soviet high of January's 10.713 million barrels, and comes just days ahead of OPEC's meeting in Vienna this Friday."
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Saudi banks are missing in bid to end Al Gosaibi debt saga | The National
Saudi banks are missing in bid to end Al Gosaibi debt saga | The National:
"The ghost of Banquo put in an appearance at the Dubai International Financial Centre on Tuesday.
The dinner guests – Al Gosaibi executives and family members, 90-odd international creditors, a small army of advisers and minders – were assembled and ready to get stuck into the substantial fare on the table.
It was an offer to settle, at much improved terms, the bitter six-year dispute that has laid low one of Saudi Arabia’s most prestigious business dynasties."
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"The ghost of Banquo put in an appearance at the Dubai International Financial Centre on Tuesday.
The dinner guests – Al Gosaibi executives and family members, 90-odd international creditors, a small army of advisers and minders – were assembled and ready to get stuck into the substantial fare on the table.
It was an offer to settle, at much improved terms, the bitter six-year dispute that has laid low one of Saudi Arabia’s most prestigious business dynasties."
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Adia cites long-term gains as equity and bond markets recover | The National
Adia cites long-term gains as equity and bond markets recover | The National:
"The Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, said its long-term returns last year rose as world equity and bond markets inched up amid low interest rates and a recovering global economy.
Adia said it was optimistic about 2015, even as UAE economic growth is expected to slow after oil prices were nearly cut in half last year. The fund does not invest in domestic assets.
“The drop in oil prices will provide a boost to the economies of Europe, Japan, China and other big net oil importers,” said Hamed bin Zayed Al Nahyan, Adia’s managing director."
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"The Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, said its long-term returns last year rose as world equity and bond markets inched up amid low interest rates and a recovering global economy.
Adia said it was optimistic about 2015, even as UAE economic growth is expected to slow after oil prices were nearly cut in half last year. The fund does not invest in domestic assets.
“The drop in oil prices will provide a boost to the economies of Europe, Japan, China and other big net oil importers,” said Hamed bin Zayed Al Nahyan, Adia’s managing director."
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Dana Gas signs participating agreement with BP in Egypt | GulfNews.com
Dana Gas signs participating agreement with BP in Egypt | GulfNews.com:
"UAE-based Dana Gas said that it has completed an agreement with BP in which the latter will charge Dana for the drilling of the first exploration well in the Al Matariya onshore concession area in Egypt’s Nile Delta.
The concession was awarded to BP and Dana in the EGAS 2014 International Bid Round. Under the terms of the agreement, BP as the operator will carry Dana Gas for its 50 per cent share of the cost of the well, subject to an agreed cap of $39 million (Dh143.27 million), which is Dana’s share, the company announced in a statement.
In consideration for the carry, BP has the option, subject to government approval, to farm into parts of Dana Gas’s West Al Manzala (WEM) concession area while retaining WEM operatorship and ownership of the existing and future shallow gas business with Dana Gas."
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"UAE-based Dana Gas said that it has completed an agreement with BP in which the latter will charge Dana for the drilling of the first exploration well in the Al Matariya onshore concession area in Egypt’s Nile Delta.
The concession was awarded to BP and Dana in the EGAS 2014 International Bid Round. Under the terms of the agreement, BP as the operator will carry Dana Gas for its 50 per cent share of the cost of the well, subject to an agreed cap of $39 million (Dh143.27 million), which is Dana’s share, the company announced in a statement.
In consideration for the carry, BP has the option, subject to government approval, to farm into parts of Dana Gas’s West Al Manzala (WEM) concession area while retaining WEM operatorship and ownership of the existing and future shallow gas business with Dana Gas."
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Saudi Family Sweetens Bank Offer After Biggest Mideast Default - Bloomberg Business
Saudi Family Sweetens Bank Offer After Biggest Mideast Default - Bloomberg Business:
"Ahmad Hamad Algosaibi & Brothers Co. is offering to guarantee banks they will recover at least 40 percent more on $6 billion of debt as it seeks to end a six-year impasse after the Middle East’s biggest default.
The Saudi Arabian company proposed to pay at least 28 cents on the dollar, chief restructuring officer Simon Charlton told reporters Tuesday after a creditor meeting in Dubai, an improvement on an offer made in May 2014.
Algosaibi intends to pay creditors using a share portfolio worth 2.7 billion Saudi riyals ($720 million), 3.4 billion Saudi riyals of real estate assets and a minority stake in an operating business valued at 300 million riyals, Charlton said. Depending on asset recovery and litigation, it will also pay an additional 6 billion riyals, with any recoveries above that shared between banks and the company, he said."
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"Ahmad Hamad Algosaibi & Brothers Co. is offering to guarantee banks they will recover at least 40 percent more on $6 billion of debt as it seeks to end a six-year impasse after the Middle East’s biggest default.
The Saudi Arabian company proposed to pay at least 28 cents on the dollar, chief restructuring officer Simon Charlton told reporters Tuesday after a creditor meeting in Dubai, an improvement on an offer made in May 2014.
Algosaibi intends to pay creditors using a share portfolio worth 2.7 billion Saudi riyals ($720 million), 3.4 billion Saudi riyals of real estate assets and a minority stake in an operating business valued at 300 million riyals, Charlton said. Depending on asset recovery and litigation, it will also pay an additional 6 billion riyals, with any recoveries above that shared between banks and the company, he said."
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What will Opec do about the oil supply? - BBC News
What will Opec do about the oil supply? - BBC News:
"With oil prices down some 40% in a year, the oil ministers of the Organization of the Petroleum Exporting Countries (Opec) are once again getting together in Vienna this week to decide whether to cut output or keep pumping crude oil into a market that is already oversupplied.
Six months ago, Opec's lack of consensus on a similar decision cost them almost $6 a barrel.
Some may argue that in a changing world, Opec is no longer as relevant to global oil markets, but Opec summits still command attention in both the industry and the global media and this week's meeting is no exception."
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"With oil prices down some 40% in a year, the oil ministers of the Organization of the Petroleum Exporting Countries (Opec) are once again getting together in Vienna this week to decide whether to cut output or keep pumping crude oil into a market that is already oversupplied.
Six months ago, Opec's lack of consensus on a similar decision cost them almost $6 a barrel.
Some may argue that in a changing world, Opec is no longer as relevant to global oil markets, but Opec summits still command attention in both the industry and the global media and this week's meeting is no exception."
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MIDEAST STOCKS-Gulf edges up, tracking oil; volatile Amlak dominates Dubai | Reuters
MIDEAST STOCKS-Gulf edges up, tracking oil; volatile Amlak dominates Dubai | Reuters:
"Gulf stock markets rose on Tuesday after oil prices edged up and mortgage company Amlak Finance , which dominated activity in Dubai, pared early losses to close flat as it resumed trading following a suspension of nearly six years.
Amlak, which was not bound by the usual daily fluctuation limits on Tuesday, swung between a 23.5 percent loss and an 8.8 percent gain before closing at the same level where it had last traded in November 2008.
It accounted for almost a third of the day's total traded value on Dubai's bourse, whose main index rose 1.2 percent."
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"Gulf stock markets rose on Tuesday after oil prices edged up and mortgage company Amlak Finance , which dominated activity in Dubai, pared early losses to close flat as it resumed trading following a suspension of nearly six years.
Amlak, which was not bound by the usual daily fluctuation limits on Tuesday, swung between a 23.5 percent loss and an 8.8 percent gain before closing at the same level where it had last traded in November 2008.
It accounted for almost a third of the day's total traded value on Dubai's bourse, whose main index rose 1.2 percent."
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