MIDEAST STOCKS-Saudi Arabia slips as oil falls; Egypt also soft - Yahoo News:
"Saudi Arabia's stock market was slightly negative in early trade on Thursday after oil prices extended their falls, while Egypt's bourse also declined.
Oil prices, which dropped nearly 3 percent on Wednesday, slipped more ahead of an OPEC meeting to decide production policy at a time of global oversupply.
The main Saudi stock index edged down 0.2 percent as most blue chips declined. Petrochemicals sector leader Saudi Basic Industries was down 0.7 percent."
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Thursday 4 June 2015
UAE non-oil private sector continues ‘robust growth’, HSBC’s PMI survey shows | The National
UAE non-oil private sector continues ‘robust growth’, HSBC’s PMI survey shows | The National:
"Private-sector business conditions and sentiment in the UAE and Saudi Arabia continue to be largely unaffected by falling oil prices, according to an influential survey.
The UAE’s non-oil private sector continued to record “robust growth” last month, according to data from HSBC’s Purchasing Managers’ Index (PMI) survey, even though the headline index dipped to 56.4 from 56.8 in April.
Saudi Arabia’s headline PMI fell to 57 last month from 58.3 in April, but it indicated “another robust improvement in business conditions”, said Markit Economics, who carried out the survey."
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"Private-sector business conditions and sentiment in the UAE and Saudi Arabia continue to be largely unaffected by falling oil prices, according to an influential survey.
The UAE’s non-oil private sector continued to record “robust growth” last month, according to data from HSBC’s Purchasing Managers’ Index (PMI) survey, even though the headline index dipped to 56.4 from 56.8 in April.
Saudi Arabia’s headline PMI fell to 57 last month from 58.3 in April, but it indicated “another robust improvement in business conditions”, said Markit Economics, who carried out the survey."
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Gulf countries to feel the heat if output is not cut at Opec meet | GulfNews.com
Gulf countries to feel the heat if output is not cut at Opec meet | GulfNews.com:
"Gulf countries are likely to feel the heat of revenue loss if oil production is not slashed at the crucial Organisation of the Petroleum Exporting Countries (Opec) meet in Vienna on Friday, analysts predicted.
Ali Al Naimi, the oil minister of Saudi Arabia, indicated that he is in no mood to cut oil production in a bid to reduce supply and support prices, reported by Reuters on Tuesday.
“Demand is picking up. Good! Supply is slowing, right? That is a fact,” he said ahead of the group’s key meeting in Vienna."
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"Gulf countries are likely to feel the heat of revenue loss if oil production is not slashed at the crucial Organisation of the Petroleum Exporting Countries (Opec) meet in Vienna on Friday, analysts predicted.
Ali Al Naimi, the oil minister of Saudi Arabia, indicated that he is in no mood to cut oil production in a bid to reduce supply and support prices, reported by Reuters on Tuesday.
“Demand is picking up. Good! Supply is slowing, right? That is a fact,” he said ahead of the group’s key meeting in Vienna."
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Abu Dhabi banks net Dh7.8b in earnings in fourth quarter | GulfNews.com
Abu Dhabi banks net Dh7.8b in earnings in fourth quarter | GulfNews.com:
"Commercial and Islamic Abu Dhabi-based banks saw a 6.4 per cent increase in net earnings to reach Dh7.8 billion during the fourth quarter of 2014 compared to the same time in 2013, with employee numbers increasing 13.9 per cent in the quarter.
A report released by the Statistics Centre Abu Dhabi (Scad) on Wednesday showed that the gross income of commercial banks represented 83.1 per cent of net earnings of all banks. Islamic banks’ gross income made up 16.9 per cent of the net earnings figure.
The interest received by commercial banks climbed 2.2 per cent in Q4 2014, while the interest paid dropped by 4.2 per cent, accounting for a growth of 5.1 per cent in the gross income of commercial banks over Q4 2013."
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"Commercial and Islamic Abu Dhabi-based banks saw a 6.4 per cent increase in net earnings to reach Dh7.8 billion during the fourth quarter of 2014 compared to the same time in 2013, with employee numbers increasing 13.9 per cent in the quarter.
A report released by the Statistics Centre Abu Dhabi (Scad) on Wednesday showed that the gross income of commercial banks represented 83.1 per cent of net earnings of all banks. Islamic banks’ gross income made up 16.9 per cent of the net earnings figure.
The interest received by commercial banks climbed 2.2 per cent in Q4 2014, while the interest paid dropped by 4.2 per cent, accounting for a growth of 5.1 per cent in the gross income of commercial banks over Q4 2013."
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The Cost of Oil’s Slump: Saudi Economy Shows Signs of Slowdown - Bloomberg Business
The Cost of Oil’s Slump: Saudi Economy Shows Signs of Slowdown - Bloomberg Business:
"Saudi Arabia’s oil-fueled economic boom is showing signs of losing steam.
Official data released last week showed demand for loans growing at the slowest pace since 2011 and the kingdom’s currency reserves plunging for a third month in a row. An index reflecting the performance of the non-oil private economy fell to the lowest level in a year in May.
The numbers signal that the drop in oil prices is starting to hurt the biggest Arab economy at a time when the kingdom is undergoing sweeping political changes at home and waging a regional war. The government is moving ahead with spending plans that will widen the budget deficit to 20 percent of economic output, the International Monetary Fund says, fueling speculation it will tap debt markets to plug the gap."
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"Saudi Arabia’s oil-fueled economic boom is showing signs of losing steam.
Official data released last week showed demand for loans growing at the slowest pace since 2011 and the kingdom’s currency reserves plunging for a third month in a row. An index reflecting the performance of the non-oil private economy fell to the lowest level in a year in May.
The numbers signal that the drop in oil prices is starting to hurt the biggest Arab economy at a time when the kingdom is undergoing sweeping political changes at home and waging a regional war. The government is moving ahead with spending plans that will widen the budget deficit to 20 percent of economic output, the International Monetary Fund says, fueling speculation it will tap debt markets to plug the gap."
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