MIDEAST STOCKS-Most Gulf mkts rise as oil rebounds but Saudi dips before MSCI call | Reuters:
"Most Gulf stock markets rose on Tuesday after oil prices rebounded, but Saudi Arabia fell ahead of a key announcement from index compiler MSCI.
Brent crude gained more than 2 percent and traded above $64 per barrel as higher seasonal demand in developed economies and expectations of falling U.S. shale production reduced the impact of a large global supply overhang.
But Saudi Arabia's main index fell 0.4 percent to 9,491 points as most local stocks declined. It closed well off its intraday low of 9,426 points though, as buying late in the session lifted the benchmark towards its 200-day average of 9,493 points."
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Tuesday, 9 June 2015
MIDEAST STOCKS-Saudi Arabia, Egypt markets slip | News by Country | Reuters
MIDEAST STOCKS-Saudi Arabia, Egypt markets slip | News by Country | Reuters:
"Share prices in Saudi Arabia and Egypt edged down in early trade on Tuesday in line with other Middle East markets.
The main Saudi index slipped 0.4 percent with most stocks in the red. Saudi Electricity Co, down 3.1 percent, was the main drag on the benchmark.
Later on Tuesday, after Gulf markets close, index compiler MSCI will announce the results of its annual market classification review which analysts expect will launch the lengthy process of including Saudi Arabia in the emerging markets index widely used by active and passive funds around the world."
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"Share prices in Saudi Arabia and Egypt edged down in early trade on Tuesday in line with other Middle East markets.
The main Saudi index slipped 0.4 percent with most stocks in the red. Saudi Electricity Co, down 3.1 percent, was the main drag on the benchmark.
Later on Tuesday, after Gulf markets close, index compiler MSCI will announce the results of its annual market classification review which analysts expect will launch the lengthy process of including Saudi Arabia in the emerging markets index widely used by active and passive funds around the world."
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MIDEAST STOCKS-Dubai's Amlak nearly doubles within week; most Gulf mkts slip | Reuters
MIDEAST STOCKS-Dubai's Amlak nearly doubles within week; most Gulf mkts slip | Reuters:
"Gulf stock markets were mostly weaker in early trade on Tuesday but Dubai mortgage lender Amlak Finance surged again in heavy trade, catching up with the wider market after its lengthy suspension from trade.
Brent oil edged up towards $63 per barrel on hopes of more economic stimulus in China after disappointing data from the world's No.2 economy. Oil traded above $63 when most Gulf markets closed on Monday.
Dubai's index edged down 0.4 percent as buyers focused on Amlak, which is not part of the benchmark."
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"Gulf stock markets were mostly weaker in early trade on Tuesday but Dubai mortgage lender Amlak Finance surged again in heavy trade, catching up with the wider market after its lengthy suspension from trade.
Brent oil edged up towards $63 per barrel on hopes of more economic stimulus in China after disappointing data from the world's No.2 economy. Oil traded above $63 when most Gulf markets closed on Monday.
Dubai's index edged down 0.4 percent as buyers focused on Amlak, which is not part of the benchmark."
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MIDEAST STOCKS-Oil's turnaround may support Gulf; Saudi Arabia awaits MSCI call | Reuters
MIDEAST STOCKS-Oil's turnaround may support Gulf; Saudi Arabia awaits MSCI call | Reuters:
"Sentiment among Gulf equity investors may improve on Tuesday if oil extends its early gains, but market activity in Saudi Arabia may decline after the regulator suspended trading in Mobily and as investors await news from index compiler MSCI.
Oil prices edged up in Asian trade on Tuesday on hopes of more economic stimulus in China after disappointing data from the world's second-biggest economy. However, Brent crude has yet to recover from Monday's losses and climb back above $63 per barrel.
China's consumer inflation weakened more than expected, to 1.2 percent year-on-year in May, raising concerns about growing deflationary pressures as the economy cools. Its producer prices fell for the 38th straight month."
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"Sentiment among Gulf equity investors may improve on Tuesday if oil extends its early gains, but market activity in Saudi Arabia may decline after the regulator suspended trading in Mobily and as investors await news from index compiler MSCI.
Oil prices edged up in Asian trade on Tuesday on hopes of more economic stimulus in China after disappointing data from the world's second-biggest economy. However, Brent crude has yet to recover from Monday's losses and climb back above $63 per barrel.
China's consumer inflation weakened more than expected, to 1.2 percent year-on-year in May, raising concerns about growing deflationary pressures as the economy cools. Its producer prices fell for the 38th straight month."
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UAE may give Central Bank role in setting monetary policy | The National
UAE may give Central Bank role in setting monetary policy | The National:
"The governor of the Central Bank says the Government is working to allow the lender of last resort to control monetary policy independent of the state.
Mubarak Al Mansoori said the authorities were in talks to change federal banking law to give the Central Bank a say in deciding monetary policy.
“The law aims to empower the central bank board in determining the direction of monetary policy in consistency with the requirements for the national economy,” Mr Al Mansoori said in an emailed response to questions from the Reuters news agency."
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"The governor of the Central Bank says the Government is working to allow the lender of last resort to control monetary policy independent of the state.
Mubarak Al Mansoori said the authorities were in talks to change federal banking law to give the Central Bank a say in deciding monetary policy.
“The law aims to empower the central bank board in determining the direction of monetary policy in consistency with the requirements for the national economy,” Mr Al Mansoori said in an emailed response to questions from the Reuters news agency."
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Etihad Airways expands Air France-KLM codeshare, agrees to sell Aer Lingus stake | The National
Etihad Airways expands Air France-KLM codeshare, agrees to sell Aer Lingus stake | The National:
"Etihad Airways has reached a deal to deepen its relationship with Air France-KLM and separately has agreed to sell its stake in Aer Lingus Group.
Etihad and Air France-KLM will share codes on more flights starting this year, opening more European cities to Etihad’s customers, said James Hogan, Etihad’s chief executive, on Sunday.
He was speaking at the sidelines of the International Air Transport Association’s (Iata) annual meeting. The airlines have yet to finalise the terms of the deal."
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"Etihad Airways has reached a deal to deepen its relationship with Air France-KLM and separately has agreed to sell its stake in Aer Lingus Group.
Etihad and Air France-KLM will share codes on more flights starting this year, opening more European cities to Etihad’s customers, said James Hogan, Etihad’s chief executive, on Sunday.
He was speaking at the sidelines of the International Air Transport Association’s (Iata) annual meeting. The airlines have yet to finalise the terms of the deal."
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Middle East sovereign wealth funds fear inflow decline | GulfNews.com
Middle East sovereign wealth funds fear inflow decline | GulfNews.com:
"More than a third of Middle Eastern sovereign wealth funds expect new funding to decrease as the region adjusts to a period of lower oil prices, research suggests.
Invesco’s 2015 global sovereign asset management survey reveals that 38 per cent of Middle Eastern sovereign funds expect such funding to decrease; 31 per cent expect it to stay the same; and 31 per cent see it increasing.
After years of ever-increasing allocations, regional fund managers are adjusting to a low-oil environment that may persist for several years. But the research also highlights the positive outlook from most regional funds, whose governments are seeking long-term returns for future generations or domestic development."
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"More than a third of Middle Eastern sovereign wealth funds expect new funding to decrease as the region adjusts to a period of lower oil prices, research suggests.
Invesco’s 2015 global sovereign asset management survey reveals that 38 per cent of Middle Eastern sovereign funds expect such funding to decrease; 31 per cent expect it to stay the same; and 31 per cent see it increasing.
After years of ever-increasing allocations, regional fund managers are adjusting to a low-oil environment that may persist for several years. But the research also highlights the positive outlook from most regional funds, whose governments are seeking long-term returns for future generations or domestic development."
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Eight western European companies eye investment in Iran refinery | GulfNews.com
Eight western European companies eye investment in Iran refinery | GulfNews.com:
"Eight western European companies are keen to invest in Iran’s $2.8 billion (Dh10.3 billion) Siraf oil refinery project, an Iranian official said on Monday, as the country ramps up capacity to reduce is dependence on imports.
Iran — Opec’s fifth-largest crude producer — has huge oil and gas reserves but lacks refining capacity, leaving it heavily reliant on imports. Western sanctions imposed on the Islamic Republic over its disputed nuclear programme have also deprived the country of industry technology.
“This project has been designed for the current situation,” Alireza Sadeghabadi, managing-director of Siraf Refineries Infrastructure Co., said, referring to Iran’s self-sufficiency drive."
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"Eight western European companies are keen to invest in Iran’s $2.8 billion (Dh10.3 billion) Siraf oil refinery project, an Iranian official said on Monday, as the country ramps up capacity to reduce is dependence on imports.
Iran — Opec’s fifth-largest crude producer — has huge oil and gas reserves but lacks refining capacity, leaving it heavily reliant on imports. Western sanctions imposed on the Islamic Republic over its disputed nuclear programme have also deprived the country of industry technology.
“This project has been designed for the current situation,” Alireza Sadeghabadi, managing-director of Siraf Refineries Infrastructure Co., said, referring to Iran’s self-sufficiency drive."
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Investcorp Plots Hedge Fund, Real Estate Push as Founder Retires - Bloomberg Business
Investcorp Plots Hedge Fund, Real Estate Push as Founder Retires - Bloomberg Business:
"Investcorp Bank BSC, the Bahrain money manager whose founder is stepping down after three decades, is planning to rebuild its hedge-fund business and move back into European real estate.
Best known for taking luxury brands Tiffany & Co. and Gucci Ltd. public under founder Nemir Kirdar, Investcorp may also seek to shift its private-equity operations to larger transactions in the U.S. and push into Asia as its new management tries to boost growth, which stalled in the financial crisis.
Investcorp’s appointment of Mohammed Al-Shroogi and Rishi Kapoor as co-chief executive officers in April and its focus on new businesses comes amid rising competition as wealthy Middle East families are courted by global and regional fund managers. That is a marked difference from the landscape when Kirdar started the firm 32 years ago at the initiative of the Arab Monetary Fund to invest wealth created by oil-exporting countries. It now manages about $10 billion, down from $17.6 billion in 2008."
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"Investcorp Bank BSC, the Bahrain money manager whose founder is stepping down after three decades, is planning to rebuild its hedge-fund business and move back into European real estate.
Best known for taking luxury brands Tiffany & Co. and Gucci Ltd. public under founder Nemir Kirdar, Investcorp may also seek to shift its private-equity operations to larger transactions in the U.S. and push into Asia as its new management tries to boost growth, which stalled in the financial crisis.
Investcorp’s appointment of Mohammed Al-Shroogi and Rishi Kapoor as co-chief executive officers in April and its focus on new businesses comes amid rising competition as wealthy Middle East families are courted by global and regional fund managers. That is a marked difference from the landscape when Kirdar started the firm 32 years ago at the initiative of the Arab Monetary Fund to invest wealth created by oil-exporting countries. It now manages about $10 billion, down from $17.6 billion in 2008."
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Qatar Airways CEO sees no need for concessions to U.S. airlines | Reuters
Qatar Airways CEO sees no need for concessions to U.S. airlines | Reuters:
"Qatar Airways Chief Executive Akbar Al Baker said on Monday he saw no reason for Middle Eastern governments to propose any changes to transportation policy in response to U.S. airlines that allege unfair competition from Gulf carriers.
"Why should my government make any concession?" he said in an interview at the International Air Transport Association (IATA) annual meeting in Miami. "There is an agreement signed by two mature governments. And those agreements are being implemented."
U.S. airlines are trying to persuade the United States to alter "Open Skies" agreements with the United Arab Emirates and Qatar, accusing them of giving their airlines more than $40 billion in subsidies and distorting competition. Emirates [EMIRA.UL], Etihad Airways and Qatar Airways deny the subsidy claims."
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"Qatar Airways Chief Executive Akbar Al Baker said on Monday he saw no reason for Middle Eastern governments to propose any changes to transportation policy in response to U.S. airlines that allege unfair competition from Gulf carriers.
"Why should my government make any concession?" he said in an interview at the International Air Transport Association (IATA) annual meeting in Miami. "There is an agreement signed by two mature governments. And those agreements are being implemented."
U.S. airlines are trying to persuade the United States to alter "Open Skies" agreements with the United Arab Emirates and Qatar, accusing them of giving their airlines more than $40 billion in subsidies and distorting competition. Emirates [EMIRA.UL], Etihad Airways and Qatar Airways deny the subsidy claims."
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