MIDEAST STOCKS-Telecoms weigh on Gulf markets after poor Q2 results | Reuters:
"Gulf stock markets were narrowly mixed on Thursday as a series of disappointing corporate earnings reports, especially in the telecommunications sector, offset the positive impact of improving global sentiment.
Saudi Arabia's main index inched down 0.1 percent as blue chip Saudi Telecom (STC) tumbled 4.5 percent.
STC, the Gulf's biggest telecommunications operator by market value, tumbled 5.6 percent after it posted an 8.7 percent fall in second-quarter profit which it blamed on rising costs."
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Thursday, 30 July 2015
MIDEAST STOCKS-Most Gulf markets edge up on oil, but Dubai Investments sags | Reuters
MIDEAST STOCKS-Most Gulf markets edge up on oil, but Dubai Investments sags | Reuters:
"Most stock markets in the Gulf rose slightly in early trade on Thursday, tracking oil prices and global equities, but Dubai fell after conglomerate Dubai Investments reported a sharp drop in second-quarter profit.
The Dubai index edged down 0.4 percent as Dubai Investments dropped 3.0 percent. The firm, which has interests in property, manufacturing, healthcare and education, posted a 58.6 percent drop in second-quarter net profit on Wednesday, which it blamed on a one-off gain in the prior-year period.
Telecommunications company du, which has yet to report second-quarter earnings, fell 1.1 percent after several other Gulf operators posted declining profits and missed analysts' estimates."
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"Most stock markets in the Gulf rose slightly in early trade on Thursday, tracking oil prices and global equities, but Dubai fell after conglomerate Dubai Investments reported a sharp drop in second-quarter profit.
The Dubai index edged down 0.4 percent as Dubai Investments dropped 3.0 percent. The firm, which has interests in property, manufacturing, healthcare and education, posted a 58.6 percent drop in second-quarter net profit on Wednesday, which it blamed on a one-off gain in the prior-year period.
Telecommunications company du, which has yet to report second-quarter earnings, fell 1.1 percent after several other Gulf operators posted declining profits and missed analysts' estimates."
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Middle East funds turn negative as oil drops again | Reuters
Middle East funds turn negative as oil drops again | Reuters:
"Middle East fund managers have on
balance turned negative towards the region and especially its
biggest equity market, Saudi Arabia, after oil prices gave up
most of the gains made in the last six months, a monthly Reuters
survey shows.
The survey of 15 leading investment firms, conducted over
the past three days, shows only 13 percent expect to raise their
equity allocations to the Middle East in the next three months,
while 20 percent expect to reduce them.
Last month, fund managers were neutral on balance towards
regional equities, with 7 percent intending to increase equity
allocations and the same number expecting to cut them."
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"Middle East fund managers have on
balance turned negative towards the region and especially its
biggest equity market, Saudi Arabia, after oil prices gave up
most of the gains made in the last six months, a monthly Reuters
survey shows.
The survey of 15 leading investment firms, conducted over
the past three days, shows only 13 percent expect to raise their
equity allocations to the Middle East in the next three months,
while 20 percent expect to reduce them.
Last month, fund managers were neutral on balance towards
regional equities, with 7 percent intending to increase equity
allocations and the same number expecting to cut them."
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A Marriage on the Rocks? Saudis Look Beyond U.S. After Iran Deal - Bloomberg Business
A Marriage on the Rocks? Saudis Look Beyond U.S. After Iran Deal - Bloomberg Business:
"Former Saudi Foreign Minister Prince Saud al-Faisal once compared the bond with the U.S. to a “Muslim marriage,” or one that wasn’t necessarily monogamous.
The kingdom’s recent overtures to other partners suggest the relationship is going through another reappraisal because of the landmark accord with regional rival Iran. After visiting Russia and France last month, Deputy Crown Prince Mohammed bin Salman returned home with $23 billion of aircraft and energy contracts.
“Trust between Saudi Arabia and the U.S. has been damaged by the Iran nuclear deal,” said Paul Sullivan, a Middle East specialist at Georgetown University in Washington. “Many in Saudi Arabia feel abandoned by the U.S.”"
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"Former Saudi Foreign Minister Prince Saud al-Faisal once compared the bond with the U.S. to a “Muslim marriage,” or one that wasn’t necessarily monogamous.
The kingdom’s recent overtures to other partners suggest the relationship is going through another reappraisal because of the landmark accord with regional rival Iran. After visiting Russia and France last month, Deputy Crown Prince Mohammed bin Salman returned home with $23 billion of aircraft and energy contracts.
“Trust between Saudi Arabia and the U.S. has been damaged by the Iran nuclear deal,” said Paul Sullivan, a Middle East specialist at Georgetown University in Washington. “Many in Saudi Arabia feel abandoned by the U.S.”"
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Qatar-Backed Mining Fund Said to Scrap Expansion Plans on Rout - Bloomberg Business
Qatar-Backed Mining Fund Said to Scrap Expansion Plans on Rout - Bloomberg Business:
"QKR Corp., a mining fund headed by former JPMorgan Chase & Co. banker Lloyd Pengilly and backed by Qatar’s sovereign wealth fund, has scrapped plans to expand amid a plunge in commodities, according to four people familiar with the situation.
QKR won’t make any new investments, the people said, who asked not to be named because the matter is confidential. The fund, which made its only acquisition in July last year, struggled to gain support from its Qatari backer for further deals following management changes at the country’s $100 billion sovereign wealth fund earlier this year, they said.
Set up in 2012 to tap distressed sellers of mining assets amid waning prices, QKR’s ambitions have been stymied by a decline in commodity prices to the lowest in 13 years. The company paid $110 million to buy the Navachab gold mine in Namibia last year from AngloGold Ashanti Ltd."
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"QKR Corp., a mining fund headed by former JPMorgan Chase & Co. banker Lloyd Pengilly and backed by Qatar’s sovereign wealth fund, has scrapped plans to expand amid a plunge in commodities, according to four people familiar with the situation.
QKR won’t make any new investments, the people said, who asked not to be named because the matter is confidential. The fund, which made its only acquisition in July last year, struggled to gain support from its Qatari backer for further deals following management changes at the country’s $100 billion sovereign wealth fund earlier this year, they said.
Set up in 2012 to tap distressed sellers of mining assets amid waning prices, QKR’s ambitions have been stymied by a decline in commodity prices to the lowest in 13 years. The company paid $110 million to buy the Navachab gold mine in Namibia last year from AngloGold Ashanti Ltd."
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U.A.E. Bonds Gain as Fuel-Subsidy Halt Boosts Abu Dhabi Coffers - Bloomberg Business
U.A.E. Bonds Gain as Fuel-Subsidy Halt Boosts Abu Dhabi Coffers - Bloomberg Business:
"OPEC’s third-biggest oil producer just ended fuel subsidies and investors are rewarding the move.
While the average yield on developing-country debt has increased 13 basis points since the July 22 announcement of fuel-price deregulation in the United Arab Emirates, the yield on bonds of Abu Dhabi, the richest of the country’s seven sheikhdoms, has declined four basis points. The yield on bonds of the neighboring emirate of Dubai maturing in 2018 fell 1 basis point over the period.
With about 6 percent of the world’s proven oil reserves, the U.A.E. became the first country in the Persian Gulf region to scrap fuel subsidies as it seeks to shore up government coffers amid a plunge in crude prices in the past year. Budgets of the six-nation Gulf Cooperation Council depend on income from oil sales to prop up spending aimed at maintaining social stability after revolts toppled governments in Tunisia, Egypt and Libya."
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"OPEC’s third-biggest oil producer just ended fuel subsidies and investors are rewarding the move.
While the average yield on developing-country debt has increased 13 basis points since the July 22 announcement of fuel-price deregulation in the United Arab Emirates, the yield on bonds of Abu Dhabi, the richest of the country’s seven sheikhdoms, has declined four basis points. The yield on bonds of the neighboring emirate of Dubai maturing in 2018 fell 1 basis point over the period.
With about 6 percent of the world’s proven oil reserves, the U.A.E. became the first country in the Persian Gulf region to scrap fuel subsidies as it seeks to shore up government coffers amid a plunge in crude prices in the past year. Budgets of the six-nation Gulf Cooperation Council depend on income from oil sales to prop up spending aimed at maintaining social stability after revolts toppled governments in Tunisia, Egypt and Libya."
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