UAE’s Dana Gas posts 85 per cent slump in profit | The National:
"Profit at Sharjah-based Dana Gas tumbled by 85 per cent in the second quarter amid the slump in oil prices and lower production.
The Abu Dhabi-listed company’s net profit fell to Dh25 million compared with Dh169m over the same period last year. Revenues fell to Dh425m from Dh685m in the earlier period.
Dana Gas pointed to a “natural decline” in production from its Egyptian assets, which resulted in an overall 9 per cent drop in production levels over the year- earlier quarter."
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Friday, 14 August 2015
Taqa records loss of Dh165m and cuts jobs as oil prices plunge | GulfNews.com
Taqa records loss of Dh165m and cuts jobs as oil prices plunge | GulfNews.com:
"The government-owned Abu Dhabi National Energy Company, Taqa, recorded a loss of Dh165 million in the first half of this year and cut jobs by 22 per cent as oil prices plunge due to weak demand and oversupply.
The company, headquartered in Abu Dhabi, and with projects in a number of countries, said that its total revenues declined by 29 per cent to Dh9.8 billion.
The company reduced its capital expenditure by Dh1.05 billion during the first six months and is on track to deliver on its previously announced Dh2.5 billion or 40 per cent reduction from last year, it said in a statement."
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"The government-owned Abu Dhabi National Energy Company, Taqa, recorded a loss of Dh165 million in the first half of this year and cut jobs by 22 per cent as oil prices plunge due to weak demand and oversupply.
The company, headquartered in Abu Dhabi, and with projects in a number of countries, said that its total revenues declined by 29 per cent to Dh9.8 billion.
The company reduced its capital expenditure by Dh1.05 billion during the first six months and is on track to deliver on its previously announced Dh2.5 billion or 40 per cent reduction from last year, it said in a statement."
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Modi Eyes Gulf Billions in Rare Visit by Indian Leader - Bloomberg Business
Modi Eyes Gulf Billions in Rare Visit by Indian Leader - Bloomberg Business:
"Narendra Modi heads to the United Arab Emirates in the coming week to seek cash from the world’s second-richest sovereign wealth fund for everything from trains to toilets.
Modi will be the first Indian prime minister in more than 30 years to visit the U.A.E., India’s third-biggest trade partner. The two-day visit will feature discussions that will probably refer to the sovereign wealth fund, according to Indian Foreign Ministry spokesman Vikas Swarup.
“I seek to enhance cooperation in energy, trade and will talk to investors on why India is an attractive destination,” Modi wrote on Facebook on Thursday."
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"Narendra Modi heads to the United Arab Emirates in the coming week to seek cash from the world’s second-richest sovereign wealth fund for everything from trains to toilets.
Modi will be the first Indian prime minister in more than 30 years to visit the U.A.E., India’s third-biggest trade partner. The two-day visit will feature discussions that will probably refer to the sovereign wealth fund, according to Indian Foreign Ministry spokesman Vikas Swarup.
“I seek to enhance cooperation in energy, trade and will talk to investors on why India is an attractive destination,” Modi wrote on Facebook on Thursday."
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Greek parliament approves €85bn bailout after rancorous debate - FT.com
Greek parliament approves €85bn bailout after rancorous debate - FT.com:
"Greece’s parliament approved a new €85bn rescue package early on Friday following rancorous all-night talks and the late inclusion of additional reforms requested by the country’s creditors.
The measures were approved with 222 votes for, 64 against and 11 abstentions in the culmination of a 24–hour session.
Prior to the debate on the measure themselves, legislators sat through nine hours of talks on procedure that laid bare a deepening feud between senior officials in the leftwing Syriza government and Zoi Konstantopoulou, the combative speaker of parliament, who is a vocal opponent of the bailout deal."
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"Greece’s parliament approved a new €85bn rescue package early on Friday following rancorous all-night talks and the late inclusion of additional reforms requested by the country’s creditors.
The measures were approved with 222 votes for, 64 against and 11 abstentions in the culmination of a 24–hour session.
Prior to the debate on the measure themselves, legislators sat through nine hours of talks on procedure that laid bare a deepening feud between senior officials in the leftwing Syriza government and Zoi Konstantopoulou, the combative speaker of parliament, who is a vocal opponent of the bailout deal."
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Malaysian ringgit sinks as China ripples spread - FT.com
Malaysian ringgit sinks as China ripples spread - FT.com:
"The Malaysian ringgit suffered its steepest one-day fall since the Asian financial crisis on Friday, as the effects of China’s new currency regime continued to ripple across the region.
The ringgit tumbled as much as 2.8 per cent in morning trading to 4.127 against the US dollar, its lowest level since 1998. Asian currencies have been hit this week by a state-engineered slide in the renminbi, with Malaysia the worst affected.
Currency watchers say Malaysia’s central bank has opted to step back from intervening in the market in response to the falling renminbi, unleashing pent-up downward pressure on the ringgit."
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"The Malaysian ringgit suffered its steepest one-day fall since the Asian financial crisis on Friday, as the effects of China’s new currency regime continued to ripple across the region.
The ringgit tumbled as much as 2.8 per cent in morning trading to 4.127 against the US dollar, its lowest level since 1998. Asian currencies have been hit this week by a state-engineered slide in the renminbi, with Malaysia the worst affected.
Currency watchers say Malaysia’s central bank has opted to step back from intervening in the market in response to the falling renminbi, unleashing pent-up downward pressure on the ringgit."
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