MIDEAST STOCKS-Gulf markets edge down as UAE reviews fuel prices | Reuters:
"Gulf stock markets were neutral to negative in early trade on Wednesday after the United Arab Emirates said it would review domestic fuel prices, with gasoline likely to become slightly more expensive but diesel initially getting cheaper.
Dubai's bourse slipped 0.2 percent after the UAE Energy Ministry said it would switch from fixed gasoline and diesel prices on the domestic market to ones based on global prices and updated monthly. It provided no concrete figures.
A ministry official told Reuters that gasoline prices might rise slightly from next month but diesel was expected to fall, which would help the economy by restraining inflation and reducing transport costs."
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Wednesday 22 July 2015
Libyan investment chief: We need to manage frozen assets | GulfNews.com
Libyan investment chief: We need to manage frozen assets | GulfNews.com:
"The Libyan Investment Authority (LIA) is drafting a proposal to the United States and European Union seeking management of its assets despite challenges from its former chairman who says that the country is too unstable for such a move.
The LIA’s international assets, which constitute a third of the $67 billion (Dh245.9 billion) sovereign wealth fund, have been frozen since 2011 when the country overthrew dictator Muammar Gaddafi. The Libyan government had an option to unfreeze the assets a year later, however, it decided to stick with the status quo.
The LIA is now proposing that the assets remain frozen but that it be allowed to be in the “driving seat” so that it can manage them “for the benefit of the Libyan people,” Hassan Ahmad Bouhadi, Chairman of the LIA Board, told Gulf News in Dubai on Tuesday."
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"The Libyan Investment Authority (LIA) is drafting a proposal to the United States and European Union seeking management of its assets despite challenges from its former chairman who says that the country is too unstable for such a move.
The LIA’s international assets, which constitute a third of the $67 billion (Dh245.9 billion) sovereign wealth fund, have been frozen since 2011 when the country overthrew dictator Muammar Gaddafi. The Libyan government had an option to unfreeze the assets a year later, however, it decided to stick with the status quo.
The LIA is now proposing that the assets remain frozen but that it be allowed to be in the “driving seat” so that it can manage them “for the benefit of the Libyan people,” Hassan Ahmad Bouhadi, Chairman of the LIA Board, told Gulf News in Dubai on Tuesday."
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ADCB’s first half net profit up 17 per cent to Dh2.53 billion | GulfNews.com
ADCB’s first half net profit up 17 per cent to Dh2.53 billion | GulfNews.com:
"Abu Dhabi Commercial Bank (ADCB) reported a net profit of Dh2.53 billion in the first half of 2015, up 17 per cent year on year compared to Dh2.16 billion in the same period last year.
For the second quarter of the year the bank’s net profit was up 21 per cent year on year to Dh1.28 billion.
“Our financial results for the first half of the year reflected strong underlying performance across our businesses. Asset quality improved further, with a non-performing loan ratio of 3 per cent and provision coverage of 139 per cent as at 30 June 2015,” said Ala’a Eraiqat, Member of the Board and Chief Executive Officer of ADCB."
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"Abu Dhabi Commercial Bank (ADCB) reported a net profit of Dh2.53 billion in the first half of 2015, up 17 per cent year on year compared to Dh2.16 billion in the same period last year.
For the second quarter of the year the bank’s net profit was up 21 per cent year on year to Dh1.28 billion.
“Our financial results for the first half of the year reflected strong underlying performance across our businesses. Asset quality improved further, with a non-performing loan ratio of 3 per cent and provision coverage of 139 per cent as at 30 June 2015,” said Ala’a Eraiqat, Member of the Board and Chief Executive Officer of ADCB."
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Goldman Sachs Said to Seek Saudi Stock Trade License - Bloomberg Business
Goldman Sachs Said to Seek Saudi Stock Trade License - Bloomberg Business:
"Goldman Sachs Group Inc., which advises clients on more than $1 trillion of investments, applied to own and trade Saudi Arabian stocks directly after rules were changed last month, two people with knowledge of the plan said.
The New York-based bank is seeking a qualified foreign investor permit from the Capital Markets Authority in the world’s biggest oil-exporting nation, the people said, asking not to be identified because the information isn’t public.
Goldman is considering applying for a permit, though hasn’t yet submitted an application, another person familiar with the matter said."
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"Goldman Sachs Group Inc., which advises clients on more than $1 trillion of investments, applied to own and trade Saudi Arabian stocks directly after rules were changed last month, two people with knowledge of the plan said.
The New York-based bank is seeking a qualified foreign investor permit from the Capital Markets Authority in the world’s biggest oil-exporting nation, the people said, asking not to be identified because the information isn’t public.
Goldman is considering applying for a permit, though hasn’t yet submitted an application, another person familiar with the matter said."
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U.A.E. Removes Fuel Subsidy as Oil Drop Hurts Arab Economies - Bloomberg Business
U.A.E. Removes Fuel Subsidy as Oil Drop Hurts Arab Economies - Bloomberg Business:
"The United Arab Emirates, the third-biggest OPEC producer, will link gasoline and diesel prices to global oil markets starting next month, becoming the first country in the oil-rich Persian Gulf to remove transport fuel subsidies.
Fuel prices will be deregulated as of Aug. 1, the Ministry of Energy said in a statement on Wednesday. Diesel prices will also be linked to global markets, and are initially expected to decline, it said.
Gasoline is now subsidized in the U.A.E., the second-biggest Arab economy and home to about 6 percent of the world’s oil reserves. Unleaded gasoline 98 octane in the U.A.E. sells for 1.83 dirhams (50 cents) a liter, according to prices on the ministry’s website. The U.S. price of premium unleaded gasoline is $3.18 a gallon, or 84 cents a liter, according to AAA, the biggest U.S. auto group. That compares with 16 cents in Saudi Arabia, the largest OPEC producer."
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"The United Arab Emirates, the third-biggest OPEC producer, will link gasoline and diesel prices to global oil markets starting next month, becoming the first country in the oil-rich Persian Gulf to remove transport fuel subsidies.
Fuel prices will be deregulated as of Aug. 1, the Ministry of Energy said in a statement on Wednesday. Diesel prices will also be linked to global markets, and are initially expected to decline, it said.
Gasoline is now subsidized in the U.A.E., the second-biggest Arab economy and home to about 6 percent of the world’s oil reserves. Unleaded gasoline 98 octane in the U.A.E. sells for 1.83 dirhams (50 cents) a liter, according to prices on the ministry’s website. The U.S. price of premium unleaded gasoline is $3.18 a gallon, or 84 cents a liter, according to AAA, the biggest U.S. auto group. That compares with 16 cents in Saudi Arabia, the largest OPEC producer."
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New Brics bank in Shanghai to challenge major institutions - FT.com
New Brics bank in Shanghai to challenge major institutions - FT.com:
"The new Brics development bank formally launched in Shanghai on Tuesday, with representatives from Brazil, Russia, India, China and South Africa envisioning a nimbler, more responsive alternative to institutions such as the World Bank.
The inauguration of the lender, officially called the New Development Bank, comes less than a month after the launch of the China-led Asia Infrastructure Development Bank, which similarly aims to create a parallel global investment institution in which developing countries have greater influence.
Although it has only five founding members compared with the AIIB’s 57, the NDB will begin with initial capital of $100bn, the same as AIIB. The five countries all have equal voting shares."
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"The new Brics development bank formally launched in Shanghai on Tuesday, with representatives from Brazil, Russia, India, China and South Africa envisioning a nimbler, more responsive alternative to institutions such as the World Bank.
The inauguration of the lender, officially called the New Development Bank, comes less than a month after the launch of the China-led Asia Infrastructure Development Bank, which similarly aims to create a parallel global investment institution in which developing countries have greater influence.
Although it has only five founding members compared with the AIIB’s 57, the NDB will begin with initial capital of $100bn, the same as AIIB. The five countries all have equal voting shares."
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Russia sees big potential from Iran deal - FT.com
Russia sees big potential from Iran deal - FT.com:
"When the UN Security Council unanimously approved the Iran nuclear deal on Monday, Russia paid tribute with an enthusiastic invitation to the West to co-operate on other fronts.
“We would like this invaluable experience of joint actions, which is not burdened with geopolitical calculations, to be used for resolving other crisis situations where success can only be reached through co-operation,” said Vitaly Churkin, Moscow’s UN ambassador. “Russia is ready for that.”
But even before the ink was dry, Moscow was already invoking the Iran talks to serve its own strategic purposes. Most notably, Sergei Lavrov, the foreign minister, argued that with Iran’s nuclear programme under control, there was now no longer a case to be made for the US to deploy missile defence systems in Europe."
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"When the UN Security Council unanimously approved the Iran nuclear deal on Monday, Russia paid tribute with an enthusiastic invitation to the West to co-operate on other fronts.
“We would like this invaluable experience of joint actions, which is not burdened with geopolitical calculations, to be used for resolving other crisis situations where success can only be reached through co-operation,” said Vitaly Churkin, Moscow’s UN ambassador. “Russia is ready for that.”
But even before the ink was dry, Moscow was already invoking the Iran talks to serve its own strategic purposes. Most notably, Sergei Lavrov, the foreign minister, argued that with Iran’s nuclear programme under control, there was now no longer a case to be made for the US to deploy missile defence systems in Europe."
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International Interest in Iranian Economy after U.N. Resolution | Foreign Policy - Mideast Brief
Foreign Policy - Mideast Brief:
"The U.N. Security Council unanimously approved a resolution formalizing the Iran nuclear agreement reached in Vienna. The resolution will not enter force for 90 days, but some countries are already moving to thaw economic relations with Tehran. Germany will hold an economic summit with Iran sometime later this summer or early this fall, according to an Iranian news agency. It will be the first economic conference between the two countries since 2002, before the imposition of U.N. and European sanctions. Other firms are expected to wait until the U.S. Congress votes on the agreement, sometime within the next two months. “The amount of interest in Iran has been unbelievable,” Tehran-based foreign investment specialist Ramin Rabii told the Guardian. “This is a geopolitical earthquake.”
Some members of the U.S. Congress chafed at the U.N. resolution, saying it undermined their review process. Secretary of State John Kerry responded by noting that the United States had secured the 90-day delay in implementing the U.N. resolution to allow that process of review. “But frankly, some of these other countries were quite resistant to the idea as sovereign nations that they are subject to the U.S. Congress,” he noted. “So we worked out a compromise.”"
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"The U.N. Security Council unanimously approved a resolution formalizing the Iran nuclear agreement reached in Vienna. The resolution will not enter force for 90 days, but some countries are already moving to thaw economic relations with Tehran. Germany will hold an economic summit with Iran sometime later this summer or early this fall, according to an Iranian news agency. It will be the first economic conference between the two countries since 2002, before the imposition of U.N. and European sanctions. Other firms are expected to wait until the U.S. Congress votes on the agreement, sometime within the next two months. “The amount of interest in Iran has been unbelievable,” Tehran-based foreign investment specialist Ramin Rabii told the Guardian. “This is a geopolitical earthquake.”
Some members of the U.S. Congress chafed at the U.N. resolution, saying it undermined their review process. Secretary of State John Kerry responded by noting that the United States had secured the 90-day delay in implementing the U.N. resolution to allow that process of review. “But frankly, some of these other countries were quite resistant to the idea as sovereign nations that they are subject to the U.S. Congress,” he noted. “So we worked out a compromise.”"
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