Explaining Bahrain's land reclamation controversy - FT World - World & Global Economy Video - FT.com:
"Dec 10, 2014 : As Bahrain continues to expand through land reclamation, critics say the ruling elite is benefiting from land deals."
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Sunday, 26 July 2015
MIDEAST STOCKS-Markets fall after oil hits four-month low | Reuters
MIDEAST STOCKS-Markets fall after oil hits four-month low | Reuters:
"Middle East stock markets fell on Sunday after oil prices dropped to their lowest levels since March, and even better-than-expected earnings from the region's biggest listed firm, Saudi Basic Industries, could not offset the overall gloom.
Brent and U.S. crude futures on Friday posted their fourth straight weekly decline as weak economic data from China and a rise in U.S. oil drilling rigs pressured them.
Gulf investors had ignored smaller oil price movements in the last few weeks, but with Brent below $55 per barrel and U.S. oil under $50, crude once again grabbed their attention."
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"Middle East stock markets fell on Sunday after oil prices dropped to their lowest levels since March, and even better-than-expected earnings from the region's biggest listed firm, Saudi Basic Industries, could not offset the overall gloom.
Brent and U.S. crude futures on Friday posted their fourth straight weekly decline as weak economic data from China and a rise in U.S. oil drilling rigs pressured them.
Gulf investors had ignored smaller oil price movements in the last few weeks, but with Brent below $55 per barrel and U.S. oil under $50, crude once again grabbed their attention."
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Oil groups have shelved $200bn in new projects as low prices bite - FT.com
Oil groups have shelved $200bn in new projects as low prices bite - FT.com:
"The world’s big energy groups have shelved $200bn of spending on new projects in an urgent round of cost-cutting aimed at protecting investors’ dividends as the oil price slumps for a second time this year.
The sell-off in oil has been matched by a broader slump in copper, gold and other raw materials, pushing the Bloomberg commodities index to a six-year low over concerns of weaker Chinese growth and rising supplies across the board.
The plunge in crude prices since last summer has resulted in the deferral of 46 big oil and gas projects with 20bn barrels of oil equivalent in reserves — more than Mexico’s entire proven holdings — according to consultancy Wood Mackenzie."
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"The world’s big energy groups have shelved $200bn of spending on new projects in an urgent round of cost-cutting aimed at protecting investors’ dividends as the oil price slumps for a second time this year.
The sell-off in oil has been matched by a broader slump in copper, gold and other raw materials, pushing the Bloomberg commodities index to a six-year low over concerns of weaker Chinese growth and rising supplies across the board.
The plunge in crude prices since last summer has resulted in the deferral of 46 big oil and gas projects with 20bn barrels of oil equivalent in reserves — more than Mexico’s entire proven holdings — according to consultancy Wood Mackenzie."
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Emirates Global Aluminium gross revenue up 30 per cent to $5.4 billion | The National
Emirates Global Aluminium gross revenue up 30 per cent to $5.4 billion | The National:
"Emirates Global Aluminium, the world’s fourth-largest maker of the metal, reported a 75 per cent rise in net income last year amid rising aluminium prices and cost cuts.
EGA, created by the merger of Dubai Aluminium and Emirates Aluminium, did not specify its net income for last year or 2013. It said, however, that gross revenue rose 30 per cent to US$5.4 billion last year, without giving a corresponding figure for 2013.
“Sustained focus on reducing costs resulted in a drop in controllable costs,” said the company, which did not reply to a request for more details."
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"Emirates Global Aluminium, the world’s fourth-largest maker of the metal, reported a 75 per cent rise in net income last year amid rising aluminium prices and cost cuts.
EGA, created by the merger of Dubai Aluminium and Emirates Aluminium, did not specify its net income for last year or 2013. It said, however, that gross revenue rose 30 per cent to US$5.4 billion last year, without giving a corresponding figure for 2013.
“Sustained focus on reducing costs resulted in a drop in controllable costs,” said the company, which did not reply to a request for more details."
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MIDEAST STOCKS-Dubai falls, Emirates NBD the main drag | Reuters
MIDEAST STOCKS-Dubai falls, Emirates NBD the main drag | Reuters:
"Dubai's stock market edged down in early trade on Sunday while other bourses in the region moved little against a mixed background of positive earnings expectations and poor performance by global commodities and equities.
The Dubai benchmark fell 0.8 percent as all but a handful of stocks declined. Lender Emirates NBD, down 2.3 percent, was the main drag on the index and the most traded stock. It had risen 10.4 percent last week on strong second-quarter results.
Air Arabia was one of the few gainers, climbing 1.2 percent. The low-cost carrier, which has yet to post quarterly earnings, may benefit from cheaper oil and fuel."
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"Dubai's stock market edged down in early trade on Sunday while other bourses in the region moved little against a mixed background of positive earnings expectations and poor performance by global commodities and equities.
The Dubai benchmark fell 0.8 percent as all but a handful of stocks declined. Lender Emirates NBD, down 2.3 percent, was the main drag on the index and the most traded stock. It had risen 10.4 percent last week on strong second-quarter results.
Air Arabia was one of the few gainers, climbing 1.2 percent. The low-cost carrier, which has yet to post quarterly earnings, may benefit from cheaper oil and fuel."
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Others could follow UAE’s move to cut fuel subsidies, says Fitch | The National
Others could follow UAE’s move to cut fuel subsidies, says Fitch | The National:
"The ratings agency Fitch said the recent move by the UAE to remove the subsidy on transport fuel could encourage other countries in the region to follow suit if it is successful.
“We think that governments in the region understand the benefits of subsidy reform, including both fiscal cost savings, and more efficient resource allocation and energy consumption,” Fitch said. “However, reforms have so far been uneven and incomplete.”
Fuel prices in the UAE will be deregulated from next month and a new policy linked to global prices will be adopted, the Ministry of Energy said last week."
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"The ratings agency Fitch said the recent move by the UAE to remove the subsidy on transport fuel could encourage other countries in the region to follow suit if it is successful.
“We think that governments in the region understand the benefits of subsidy reform, including both fiscal cost savings, and more efficient resource allocation and energy consumption,” Fitch said. “However, reforms have so far been uneven and incomplete.”
Fuel prices in the UAE will be deregulated from next month and a new policy linked to global prices will be adopted, the Ministry of Energy said last week."
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Sabic’s Second-Quarter Profit Drops Less Than Estimated - Bloomberg Business
Sabic’s Second-Quarter Profit Drops Less Than Estimated - Bloomberg Business:
"Profit at Saudi Basic Industries Corp. declined less than analyst estimates as the Middle East’s biggest petrochemicals company seeks ways to weather volatility in oil prices.
Sabic’s second-quarter net income dropped 4.5 percent to 6.17 billion riyals ($1.65 billion) from 6.46 billion riyals a year earlier, the Riyadh-based company said in a statement to the Saudi bourse. The company’s profit is 25 percent higher than the 4.95 billion riyal mean estimate of nine analysts compiled by Bloomberg. It will pay a dividend of 2.5 riyals a share for the first half.
“Given the volatility in oil prices, we are looking at ways to optimize our feedstock production,” acting Chief Executive Officer Yousef Al Benyan said in news conference in Riyadh."
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"Profit at Saudi Basic Industries Corp. declined less than analyst estimates as the Middle East’s biggest petrochemicals company seeks ways to weather volatility in oil prices.
Sabic’s second-quarter net income dropped 4.5 percent to 6.17 billion riyals ($1.65 billion) from 6.46 billion riyals a year earlier, the Riyadh-based company said in a statement to the Saudi bourse. The company’s profit is 25 percent higher than the 4.95 billion riyal mean estimate of nine analysts compiled by Bloomberg. It will pay a dividend of 2.5 riyals a share for the first half.
“Given the volatility in oil prices, we are looking at ways to optimize our feedstock production,” acting Chief Executive Officer Yousef Al Benyan said in news conference in Riyadh."
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