MIDEAST STOCKS-Gulf markets rally modestly on Greece; Egypt falls | Reuters:
"Gulf bourses rose on Monday in line with a global equities rally due to the Greek bailout agreement, but a drop in oil prices because of a likely Iran nuclear deal limited gains in the region.
Brent crude fell 1.8 percent as Tehran and six world powers were on the brink of finding a nuclear deal that would bring sanctions relief and more oil to the already oversupplied market.
Saudi Arabia's bourse, the most sensitive in the Gulf to oil prices because of its heavyweight petrochemical sector, was the weakest performer on Monday and edged up just 0.2 percent."
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Monday, 13 July 2015
MIDEAST STOCKS-Most Gulf markets flat as investors await Iran deal | Reuters
MIDEAST STOCKS-Most Gulf markets flat as investors await Iran deal | Reuters:
"Gulf stock markets were little changed in early trade on Monday as Iran and six world powers were on the brink of nailing down a nuclear deal which would see sanctions on Tehran lifted and boost global oil supply.
Dubai's index was the biggest gainer in the region, edging up 0.8 percent as heavyweight developer Emaar Properties climbed 1.7 percent.
By removing the sanctions on Iran's economy, a nuclear deal may position Dubai as a staging post for foreign trade and investment in Iran. It could also boost transport and logistics firms in other Gulf countries, such as Kuwait's Agility ."
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"Gulf stock markets were little changed in early trade on Monday as Iran and six world powers were on the brink of nailing down a nuclear deal which would see sanctions on Tehran lifted and boost global oil supply.
Dubai's index was the biggest gainer in the region, edging up 0.8 percent as heavyweight developer Emaar Properties climbed 1.7 percent.
By removing the sanctions on Iran's economy, a nuclear deal may position Dubai as a staging post for foreign trade and investment in Iran. It could also boost transport and logistics firms in other Gulf countries, such as Kuwait's Agility ."
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Mexico: the big oil sell off - FT.com
Mexico: the big oil sell off - FT.com:
"One word is crucial to the terms of Mexico’s historic first oil tender on Wednesday, but it does not appear anywhere in the bid documents. It is Ixtoc. For 30 years, until BP’s Macondo disaster in 2010, this Mexican well had held the lamentable distinction as the source of the world’s worst accidental oil spill.
Like the 14 exploration blocks being auctioned this week, Ixtoc-I was being drilled in the shallow waters of the Gulf of Mexico when it suffered a blowout in 1979. As a result the contracts being awarded this week come with stringent guarantees attached, in case there is another catastrophe.
Despite the excitement at the opening up of Mexico’s oil industry after nearly 80 years under state control, those requirements have deterred some players from bidding. Four pre-qualified companies pulled out last week — at least one because of the guarantees."
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"One word is crucial to the terms of Mexico’s historic first oil tender on Wednesday, but it does not appear anywhere in the bid documents. It is Ixtoc. For 30 years, until BP’s Macondo disaster in 2010, this Mexican well had held the lamentable distinction as the source of the world’s worst accidental oil spill.
Like the 14 exploration blocks being auctioned this week, Ixtoc-I was being drilled in the shallow waters of the Gulf of Mexico when it suffered a blowout in 1979. As a result the contracts being awarded this week come with stringent guarantees attached, in case there is another catastrophe.
Despite the excitement at the opening up of Mexico’s oil industry after nearly 80 years under state control, those requirements have deterred some players from bidding. Four pre-qualified companies pulled out last week — at least one because of the guarantees."
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Saudi Arabia borrows $4bn as oil price reality hits home - FT.com
Saudi Arabia borrows $4bn as oil price reality hits home - FT.com:
"Saudi Arabia has borrowed $4bn from local markets in the past year, selling its first bonds for eight years as part of efforts to sustain high levels of public spending as oil prices slump.
Fahad al-Mubarak, the governor of the Saudi Arabian Monetary Agency, said the government would use a combination of bonds and reserves to maintain spending and cover a deficit that would be larger than expected.
“We expect to see an increase in borrowing,” he said, according to a report in the economic daily Al-Eqtisadiah newspaper over the weekend. Analysts have estimated a deficit of about $130bn this year. The government, which had not tapped bond markets since 2007, has been dipping into its large foreign reserves, which peaked at $737bn last August, to sustain spending on wages, special projects and the Saudi-led air war on Yemen. It has drawn down $65bn since oil prices fell."
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"Saudi Arabia has borrowed $4bn from local markets in the past year, selling its first bonds for eight years as part of efforts to sustain high levels of public spending as oil prices slump.
Fahad al-Mubarak, the governor of the Saudi Arabian Monetary Agency, said the government would use a combination of bonds and reserves to maintain spending and cover a deficit that would be larger than expected.
“We expect to see an increase in borrowing,” he said, according to a report in the economic daily Al-Eqtisadiah newspaper over the weekend. Analysts have estimated a deficit of about $130bn this year. The government, which had not tapped bond markets since 2007, has been dipping into its large foreign reserves, which peaked at $737bn last August, to sustain spending on wages, special projects and the Saudi-led air war on Yemen. It has drawn down $65bn since oil prices fell."
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Dubai’s Drydocks World hires Citi for $2.3bn debt restructuring - FT.com
Dubai’s Drydocks World hires Citi for $2.3bn debt restructuring - FT.com:
"Dubai’s Drydocks World has hired Citi to help restructure debts of around $2.3bn as the emirate exploits low interest rates and confidence in its diversified economy to push back repayments again, people familiar with the matter say.
The maritime engineering business, part of the government-owned conglomerate Dubai World, used bespoke bankruptcy legislation to restructure its debts in 2012 via a court process that saw off threats from a hedge fund that had won a repayment judgment.
Citi is expected after the summer to make new proposals to creditors, such as Standard Chartered and HSBC, that will seek to push back those repayment terms, said one government adviser. Citi declined to comment."
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"Dubai’s Drydocks World has hired Citi to help restructure debts of around $2.3bn as the emirate exploits low interest rates and confidence in its diversified economy to push back repayments again, people familiar with the matter say.
The maritime engineering business, part of the government-owned conglomerate Dubai World, used bespoke bankruptcy legislation to restructure its debts in 2012 via a court process that saw off threats from a hedge fund that had won a repayment judgment.
Citi is expected after the summer to make new proposals to creditors, such as Standard Chartered and HSBC, that will seek to push back those repayment terms, said one government adviser. Citi declined to comment."
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Iran Deal Optimism Sends Stocks to Three-Month High; Egypt Rises - Bloomberg Business
Iran Deal Optimism Sends Stocks to Three-Month High; Egypt Rises - Bloomberg Business:
"Iranian stocks climbed to the highest level in three months as diplomats from the Persian Gulf country and six negotiating powers moved closer to reaching a nuclear accord.
The Tehran Stock Exchange’s benchmark index advanced 1.2 percent on Sunday to 67,646.4, the highest level since April 15, as officials sought to clinch a deal that would help lift sanctions crippling Iran’s economy. Bank Saderat Iran was the most-traded stock, with investors exchanging 115 million shares, lifting it 1.2 percent.
Negotiators have “never been closer to an agreement,” White House spokesman Josh Earnest told reporters in Washington. The diplomats on Friday missed their third deadline in two weeks and now have through July 13 to resolve the remaining points in an accord that they say is mostly complete. Iran is holder of the world’s fourth-largest oil reserves and second-biggest natural-gas stockpile."
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"Iranian stocks climbed to the highest level in three months as diplomats from the Persian Gulf country and six negotiating powers moved closer to reaching a nuclear accord.
The Tehran Stock Exchange’s benchmark index advanced 1.2 percent on Sunday to 67,646.4, the highest level since April 15, as officials sought to clinch a deal that would help lift sanctions crippling Iran’s economy. Bank Saderat Iran was the most-traded stock, with investors exchanging 115 million shares, lifting it 1.2 percent.
Negotiators have “never been closer to an agreement,” White House spokesman Josh Earnest told reporters in Washington. The diplomats on Friday missed their third deadline in two weeks and now have through July 13 to resolve the remaining points in an accord that they say is mostly complete. Iran is holder of the world’s fourth-largest oil reserves and second-biggest natural-gas stockpile."
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Two out of three big firms think UK exit from EU could harm them, survey finds | Politics | The Guardian
Two out of three big firms think UK exit from EU could harm them, survey finds | Politics | The Guardian:
"A majority of companies believe a British exit from the EU could harm them but only 7% would be willing to speak out publicly against “Brexit”, according to a survey of FTSE-350 firms.
The latest barometer of boardroom sentiment by the Institute of Chartered Secretaries and Administrators (ICSA) draws parallels with last year’s referendum on Scottish independence, when many businesses waited until close to the vote to voice their views.
“In a similar way to the Scottish independence referendum, relatively few companies seem to be willing, at the moment at least, to make their views known,” said the report."
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"A majority of companies believe a British exit from the EU could harm them but only 7% would be willing to speak out publicly against “Brexit”, according to a survey of FTSE-350 firms.
The latest barometer of boardroom sentiment by the Institute of Chartered Secretaries and Administrators (ICSA) draws parallels with last year’s referendum on Scottish independence, when many businesses waited until close to the vote to voice their views.
“In a similar way to the Scottish independence referendum, relatively few companies seem to be willing, at the moment at least, to make their views known,” said the report."
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