MIDEAST STOCKS-Most markets up but Dubai slips near chart barrier | Reuters:
"Most stock markets in the Middle East rose slightly on Tuesday, supported by positive earnings and expectations, but Dubai slipped after jumping in the previous session and approaching technical resistance.
Dubai's index slipped 0.1 percent, with most stocks declining, although heavyweight bank Emirates NBD jumped 3.5 percent, extending its gains following the publication of strong second-quarter figures last week.
The Dubai benchmark touched an intraday high of 4,234 points, near technical resistance in the 4,240-4,253 point area, where it peaked in April and June."
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Tuesday, 21 July 2015
MIDEAST STOCKS-Blue chips lift Egypt's market | Reuters
MIDEAST STOCKS-Blue chips lift Egypt's market | Reuters:
"Egypt's stock market edged up in early trade on Tuesday, supported by blue chips, but was roughly equally split between gainers and losers.
The Cairo benchmark added 0.6 percent and Commercial International Bank, the country's biggest listed lender, was the main support, rising 1.9 percent. Rating agency Moody's last week improved its outlook on Egypt's banking system to "stable".
Investment bank EFG Hermes rose 1.1 percent, having announced a bonus share issue last week of 0.146 new share for each outstanding one."
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"Egypt's stock market edged up in early trade on Tuesday, supported by blue chips, but was roughly equally split between gainers and losers.
The Cairo benchmark added 0.6 percent and Commercial International Bank, the country's biggest listed lender, was the main support, rising 1.9 percent. Rating agency Moody's last week improved its outlook on Egypt's banking system to "stable".
Investment bank EFG Hermes rose 1.1 percent, having announced a bonus share issue last week of 0.146 new share for each outstanding one."
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MIDEAST STOCKS-Most Gulf markets edge up; Galfar weighs on Oman | Reuters
MIDEAST STOCKS-Most Gulf markets edge up; Galfar weighs on Oman | Reuters:
"Stock markets in the Gulf edged up in early trade on Tuesday, supported by positive earnings and expectations, but Galfar Engineering dragged down Oman's bourse after its profit slumped.
Dubai's index inched up 0.1 percent as heavyweight bank Emirates NBD jumped 3.5 percent, extending gains following the publication of strong second-quarter figures last week.
But some property stocks pulled back after jumping in the previous session. Emaar Properties edged down 0.3 percent and Union Properties fell 0.8 percent. The two stocks had jumped 2.3 and 5.0 percent respectively on Monday."
'via Blog this'
"Stock markets in the Gulf edged up in early trade on Tuesday, supported by positive earnings and expectations, but Galfar Engineering dragged down Oman's bourse after its profit slumped.
Dubai's index inched up 0.1 percent as heavyweight bank Emirates NBD jumped 3.5 percent, extending gains following the publication of strong second-quarter figures last week.
But some property stocks pulled back after jumping in the previous session. Emaar Properties edged down 0.3 percent and Union Properties fell 0.8 percent. The two stocks had jumped 2.3 and 5.0 percent respectively on Monday."
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New Iranian real estate investors could absorb some of Dubai’s residential overcapacity - Middle East Global Advisors
Global trade with Iran could give $100m boost to banks' trade finance revenues - Middle East Global Advisors:
"The nuclear deal between Iran and the world powers will not only boost and revive the Iranian economic landscape but would be a boon for business and investments in some GCC countries, but particularly the UAE. Dubai is expected to act as a base for foreign companies wishing to setup and run businesses to serve or enter the Iranian market. These investors will boost the UAE’s commercial real estate markets as they work to tap a new market of 80 million and a relatively diverse economy for the region. In addition to the investors interested in Iran, the economic reconnection of Iran with the outside world is expected to draw a lot of Iranian investors back into the UAE property market.
Prior to the imposed sanctions, Iranians were amongst the top investors in the UAE’s real estate market. A survey conducted in 2012 by the Reidin, a real estate information company focusing on emerging markets, found that nearly 62% of the Iranian investors’ preferred choice of foreign investment is the UAE. This news fares well for the residential property market in Dubai since the investors preferred real estate in Dubai and most commonly invested in residential real estate.
Dubai’s residential market has slowed down in the past 12 months and prices are expected to remain flat-to-down as a result of oversupply after a large number of residential projects come online in 2016. Traditionally, Dubai’s property market has significantly benefited from the presence of a large Iranian community (an estimated 600,000 Iranian residents live in the UAE) and last year, despite the sanctions, Iranians invested AED 4.5 billion (according to Dubai Land department’s figures) in Dubai’s property market."
'via Blog this'
"The nuclear deal between Iran and the world powers will not only boost and revive the Iranian economic landscape but would be a boon for business and investments in some GCC countries, but particularly the UAE. Dubai is expected to act as a base for foreign companies wishing to setup and run businesses to serve or enter the Iranian market. These investors will boost the UAE’s commercial real estate markets as they work to tap a new market of 80 million and a relatively diverse economy for the region. In addition to the investors interested in Iran, the economic reconnection of Iran with the outside world is expected to draw a lot of Iranian investors back into the UAE property market.
Prior to the imposed sanctions, Iranians were amongst the top investors in the UAE’s real estate market. A survey conducted in 2012 by the Reidin, a real estate information company focusing on emerging markets, found that nearly 62% of the Iranian investors’ preferred choice of foreign investment is the UAE. This news fares well for the residential property market in Dubai since the investors preferred real estate in Dubai and most commonly invested in residential real estate.
Dubai’s residential market has slowed down in the past 12 months and prices are expected to remain flat-to-down as a result of oversupply after a large number of residential projects come online in 2016. Traditionally, Dubai’s property market has significantly benefited from the presence of a large Iranian community (an estimated 600,000 Iranian residents live in the UAE) and last year, despite the sanctions, Iranians invested AED 4.5 billion (according to Dubai Land department’s figures) in Dubai’s property market."
'via Blog this'
Pearson to Explore Sale of Financial Times - Bloomberg Business
Pearson to Explore Sale of Financial Times - Bloomberg Business:
"Pearson Plc is exploring a sale of the Financial Times after receiving interest from potential buyers, according to people familiar with the matter.
London-based Pearson is sounding out possible bidders for the salmon-colored newspaper, said the people, who asked not to be identified because the deliberations are confidential. A sale may value the business at as much as 1 billion pounds ($1.6 billion), two of the people said.
While there is no formal process under way, the Financial Times may draw interest from media companies such as Axel Springer SE as well as investors in Europe, the Middle East and Asia, the people said."
'via Blog this'
"Pearson Plc is exploring a sale of the Financial Times after receiving interest from potential buyers, according to people familiar with the matter.
London-based Pearson is sounding out possible bidders for the salmon-colored newspaper, said the people, who asked not to be identified because the deliberations are confidential. A sale may value the business at as much as 1 billion pounds ($1.6 billion), two of the people said.
While there is no formal process under way, the Financial Times may draw interest from media companies such as Axel Springer SE as well as investors in Europe, the Middle East and Asia, the people said."
'via Blog this'
Germany, Iran pledge to revive economic ties after long freeze | Reuters
Germany, Iran pledge to revive economic ties after long freeze | Reuters:
"Germany and Iran moved tentatively on Monday toward reviving a once close trade relationship, anticipating the lifting of Western economic sanctions against Tehran following a landmark nuclear deal.
Economy Minister Sigmar Gabriel, making the first top level German government visit to Tehran in 13 years, indicated that a ministerial-level meeting of a long dormant German-Iran economic commission would take place early next year in Tehran.
Gabriel signaled the move at a meeting with Iranian Oil Minister Bijan Namdar Zangeneh during the visit, which is also the first to the country by a senior member of a Western government since the nuclear agreement last week."
'via Blog this'
"Germany and Iran moved tentatively on Monday toward reviving a once close trade relationship, anticipating the lifting of Western economic sanctions against Tehran following a landmark nuclear deal.
Economy Minister Sigmar Gabriel, making the first top level German government visit to Tehran in 13 years, indicated that a ministerial-level meeting of a long dormant German-Iran economic commission would take place early next year in Tehran.
Gabriel signaled the move at a meeting with Iranian Oil Minister Bijan Namdar Zangeneh during the visit, which is also the first to the country by a senior member of a Western government since the nuclear agreement last week."
'via Blog this'
UN Security Council Backs Iran Deal Congress Set to Review - Bloomberg Business
UN Security Council Backs Iran Deal Congress Set to Review - Bloomberg Business:
"The United Nations Security Council unanimously adopted a resolution endorsing an agreement that places curbs on Iran’s nuclear program in exchange for a lifting of economic sanctions against the Islamic Republic.
All 15 members of the council approved the resolution which authorizes the phased lifting of sanctions once the International Atomic Energy Agency verifies Iran’s implementation of a series of nuclear-related measures.
While the resolution terminates seven previous UN resolutions, it contains a “snap back” mechanism that will at any time restore all former punitive measures if Iran breaches the deal it signed last week with China, France, Russia, the U.K., the U.S. and Germany."
'via Blog this'
"The United Nations Security Council unanimously adopted a resolution endorsing an agreement that places curbs on Iran’s nuclear program in exchange for a lifting of economic sanctions against the Islamic Republic.
All 15 members of the council approved the resolution which authorizes the phased lifting of sanctions once the International Atomic Energy Agency verifies Iran’s implementation of a series of nuclear-related measures.
While the resolution terminates seven previous UN resolutions, it contains a “snap back” mechanism that will at any time restore all former punitive measures if Iran breaches the deal it signed last week with China, France, Russia, the U.K., the U.S. and Germany."
'via Blog this'
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