Iran talks in deadlock, says Kerry - FT.com:
"The final stage of nuclear talks between world powers and Iran is in deadlock, US secretary of state John Kerry has warned, with just hours to go until US legislation will kick in that will strengthen the position of hawks opposed to the deal in Washington.
Under US law, if a full accord between the P5+1 — the five permanent members of the UN Security Council plus Germany — and Iran is not submitted to Congress for scrutiny by midnight US time on Thursday, the amount of time US lawmakers have to scrutinise any deal doubles to two months. During that period, the White House is prevented from lifting any economic sanctions on Iran.
The Obama administration has fought hard in recent months to contain Congressional opposition to the diplomatic negotiations. Hawks on both sides of politics have made repeated attempts to scupper the chances of a nuclear detente with Iran."
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Thursday 9 July 2015
MIDEAST STOCKS-Stronger oil and Yemen hopes boost Gulf; Egypt stabilises | Reuters
MIDEAST STOCKS-Stronger oil and Yemen hopes boost Gulf; Egypt stabilises | Reuters:
"Rebounding oil prices and hopes for a ceasefire in Yemen buoyed Gulf stock markets on Thursday, with several Saudi Arabian banks climbing after second-quarter earnings while Egypt stabilised after a plunging in recent weeks.
Sentiment throughout the gulf was improved by Brent crude's partial recovery from several days of sharp falls, rising rising 3 percent to nearly $59 a barrel by the time Saudi Arabia's bourse closed.
The Saudi stock index closed 2.5 percent higher as top petrochemical producer Saudi Basic Industries raced to its 10 percent daily limit in heavy trading and closed at its highest level in nine days. Miner Ma'aden also gained 10 percent."
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"Rebounding oil prices and hopes for a ceasefire in Yemen buoyed Gulf stock markets on Thursday, with several Saudi Arabian banks climbing after second-quarter earnings while Egypt stabilised after a plunging in recent weeks.
Sentiment throughout the gulf was improved by Brent crude's partial recovery from several days of sharp falls, rising rising 3 percent to nearly $59 a barrel by the time Saudi Arabia's bourse closed.
The Saudi stock index closed 2.5 percent higher as top petrochemical producer Saudi Basic Industries raced to its 10 percent daily limit in heavy trading and closed at its highest level in nine days. Miner Ma'aden also gained 10 percent."
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Former Saudi foreign minister prince Saud al-Faisal dies | World news | The Guardian
Former Saudi foreign minister prince Saud al-Faisal dies | World news | The Guardian:
"Saudi Arabia’s prince Saud al-Faisal, who was the world’s longest-serving foreign minister, has died, according to family members and a foreign ministry spokesman.
Prince Saud, who was born in 1940, was one of the highest profile members of Saudi’s ruling elite and steered the diplomacy of the world’s leading oil exporter for four decades before stepping down in April for health reasons.
The prince oversaw Saudi Arabia’s emergence as a major diplomatic player, facing successive regional crises and maintaining a focus on relations with the west."
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"Saudi Arabia’s prince Saud al-Faisal, who was the world’s longest-serving foreign minister, has died, according to family members and a foreign ministry spokesman.
Prince Saud, who was born in 1940, was one of the highest profile members of Saudi’s ruling elite and steered the diplomacy of the world’s leading oil exporter for four decades before stepping down in April for health reasons.
The prince oversaw Saudi Arabia’s emergence as a major diplomatic player, facing successive regional crises and maintaining a focus on relations with the west."
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Dubai now leading hub for sukuk trading | The National
Dubai now leading hub for sukuk trading | The National:
"Dubai has overtaken rival financial centres to become the world’s leading hub for the multi-billion dollar trade in Islamic bonds, new figures show.
The figures put the value of Islamic bonds – known as sukuk – that are listed on Dubai exchanges at US$36.7 billion, ahead of nearest rival Malaysia, with $26.6bn, for the first time. Ireland and the UK come next, each on $25bn.
Sukuk pay investors a fixed rate of return over a set time, but comply with Sharia principles of investment probity and regulation."
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"Dubai has overtaken rival financial centres to become the world’s leading hub for the multi-billion dollar trade in Islamic bonds, new figures show.
The figures put the value of Islamic bonds – known as sukuk – that are listed on Dubai exchanges at US$36.7 billion, ahead of nearest rival Malaysia, with $26.6bn, for the first time. Ireland and the UK come next, each on $25bn.
Sukuk pay investors a fixed rate of return over a set time, but comply with Sharia principles of investment probity and regulation."
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Value of DIFC Courts claims surge 447% in first half | The National
Value of DIFC Courts claims surge 447% in first half | The National:
"DIFC Courts said the value of claims in the first six months of the year surged 447 per cent from the year-earlier period despite a dip in the number of cases registered at its Court of First Instance.
The free zone’s court, which operates on an English common law system, said yesterday that the value of claims stood at Dh2.27 billion.
The figure refers to claims filed in the DIFC’s Court of First Instance, including arbitration-related cases and counter- claims."
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"DIFC Courts said the value of claims in the first six months of the year surged 447 per cent from the year-earlier period despite a dip in the number of cases registered at its Court of First Instance.
The free zone’s court, which operates on an English common law system, said yesterday that the value of claims stood at Dh2.27 billion.
The figure refers to claims filed in the DIFC’s Court of First Instance, including arbitration-related cases and counter- claims."
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The shale recession is over. So what’s next? | The National
The shale recession is over. So what’s next? | The National:
"Last week, for the first time since last autumn’s oil price collapse, the number of US horizontal rigs – those used for drilling shale oil – rose across the board.
They increased in all the major shale plays – the Bakken, Permian and the Eagle Ford – and on balance in the other plays as well. And they did so in a relatively weak oil price environment, with prices for West Texas Intermediate (WTI) averaging only $57 per barrel for the week.
So what happens now? The rig recovery may prove a blip, and modest rig declines may resume. This is possible but unlikely. The rig count has been moving sideways for six weeks now, and the most likely worst-case outcome is a steadying near recent levels."
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"Last week, for the first time since last autumn’s oil price collapse, the number of US horizontal rigs – those used for drilling shale oil – rose across the board.
They increased in all the major shale plays – the Bakken, Permian and the Eagle Ford – and on balance in the other plays as well. And they did so in a relatively weak oil price environment, with prices for West Texas Intermediate (WTI) averaging only $57 per barrel for the week.
So what happens now? The rig recovery may prove a blip, and modest rig declines may resume. This is possible but unlikely. The rig count has been moving sideways for six weeks now, and the most likely worst-case outcome is a steadying near recent levels."
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Dubai rents resilient to sharp corrections | GulfNews.com
Dubai rents resilient to sharp corrections | GulfNews.com:
"After steep double-digit increases in each of the last three years, average apartment rents in Dubai may have dipped — but only by a marginal 0.3 per cent a month in the first-half of the year.
This contrasts quite markedly with the rental gains of 17 per cent, 26 per cent and 15 per cent annually during 2012-14, according to a new report from Core Savills, the consultancy, which adds that the ‘rises over recent years have made life difficult for millions’.
The corresponding increase in villa rentals during 2012-14 were 18 per cent, 17 per cent and 9 per cent a year. This also corresponded to the period when the rental cap in Dubai was rolled back and the Dubai Land Department sponsored ‘rental index’ came into effect."
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"After steep double-digit increases in each of the last three years, average apartment rents in Dubai may have dipped — but only by a marginal 0.3 per cent a month in the first-half of the year.
This contrasts quite markedly with the rental gains of 17 per cent, 26 per cent and 15 per cent annually during 2012-14, according to a new report from Core Savills, the consultancy, which adds that the ‘rises over recent years have made life difficult for millions’.
The corresponding increase in villa rentals during 2012-14 were 18 per cent, 17 per cent and 9 per cent a year. This also corresponded to the period when the rental cap in Dubai was rolled back and the Dubai Land Department sponsored ‘rental index’ came into effect."
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MIDEAST STOCKS-Gulf firm, QNB lifts Qatar after Q2 earnings | Reuters
MIDEAST STOCKS-Gulf firm, QNB lifts Qatar after Q2 earnings | Reuters:
"Gulf stock markets were firm in early trade on Thursday after global equity and oil market conditions improved, while Qatar National Bank rose after its second-quarter earnings, buoying its home bourse.
QNB's shares rose 0.9 percent after the bank, the largest lender in the Gulf Arab region, posted a 10 percent rise in quarterly net profit to 2.91 billion riyals ($800 million); analysts polled by Reuters had on average forecast 2.81 billion riyals.
This boosted Qatar's stock index by 0.3 percent. Petrochemical producer Industries Qatar, which had dropped 2.2 percent on Wednesday as oil prices sank, rebounded 0.7 percent along with stronger oil."
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"Gulf stock markets were firm in early trade on Thursday after global equity and oil market conditions improved, while Qatar National Bank rose after its second-quarter earnings, buoying its home bourse.
QNB's shares rose 0.9 percent after the bank, the largest lender in the Gulf Arab region, posted a 10 percent rise in quarterly net profit to 2.91 billion riyals ($800 million); analysts polled by Reuters had on average forecast 2.81 billion riyals.
This boosted Qatar's stock index by 0.3 percent. Petrochemical producer Industries Qatar, which had dropped 2.2 percent on Wednesday as oil prices sank, rebounded 0.7 percent along with stronger oil."
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U.S. Offers Billions in Arms to Ease Mideast’s Iran Anxiety - Bloomberg Business
U.S. Offers Billions in Arms to Ease Mideast’s Iran Anxiety - Bloomberg Business:
"An agreement to curb Iran’s nuclear program could create a bonanza for U.S. defense contractors who already are benefiting as the Obama administration tries to assuage Israeli and Gulf Arab concerns by cutting deals for more than $6 billion in military hardware.
The details of a potential deal being negotiated between Iran and six world powers -- China, France, Germany, Russia, the U.K. and U.S. -- would determine what steps the U.S. takes to help its allies. A nuclear agreement is likely to prompt Mideast partners to seek improved defense systems from American contractors such as Boeing Co., Lockheed Martin Corp. and Raytheon Co. as well as weapons-makers in France and elsewhere.
“In theory, an Iran deal could lead to a reduction in tensions in the region that would reduce the demand for advanced weaponry,” said William Hartung, director of the Arms and Security Project at the Center for International Policy in Washington. “In the short-term, a deal could actually boost the demand for arms.”"
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"An agreement to curb Iran’s nuclear program could create a bonanza for U.S. defense contractors who already are benefiting as the Obama administration tries to assuage Israeli and Gulf Arab concerns by cutting deals for more than $6 billion in military hardware.
The details of a potential deal being negotiated between Iran and six world powers -- China, France, Germany, Russia, the U.K. and U.S. -- would determine what steps the U.S. takes to help its allies. A nuclear agreement is likely to prompt Mideast partners to seek improved defense systems from American contractors such as Boeing Co., Lockheed Martin Corp. and Raytheon Co. as well as weapons-makers in France and elsewhere.
“In theory, an Iran deal could lead to a reduction in tensions in the region that would reduce the demand for advanced weaponry,” said William Hartung, director of the Arms and Security Project at the Center for International Policy in Washington. “In the short-term, a deal could actually boost the demand for arms.”"
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