MIDEAST STOCKS-Egypt drops after corruption case; Gulf rises on oil | Reuters:
"Egypt's stock market fell sharply
on Tuesday after the country's agriculture minister was arrested
on suspicion of corruption, while Gulf bourses rose, supported
by firmer oil prices and positive news.
The Cairo index dropped 3.4 percent in a broad
sell-off on strong volume.
Agriculture Minister Salah El Din Mahmoud Helal resigned on
Monday and was arrested shortly after leaving the cabinet
building. The prosecutor general's office said it was
investigating ministry officials including Helal on suspicion of
taking bribes in exchange for granting land licences."
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Tuesday, 8 September 2015
MIDEAST STOCKS-Saudi index flat, Egypt dips | Reuters
MIDEAST STOCKS-Saudi index flat, Egypt dips | Reuters:
"Saudi Arabia's stock market was flat in early trade on Tuesday as retreating shares in food company Savola offset gains elsewhere, while the Egyptian bourse fell after negative comments from one of the country's wealthiest businessman.
The main Saudi index was unchanged as Savola's gave up the previous day's gains. Its shares were down by 1 percent, having jumped by 4 percent on Monday after Bloomberg reported that it has joined with Singapore's Temasek Holdings to bid for Kuwait Food Co (Americana).
The petrochemicals index inched 0.1 percent higher as the price of Brent crude, which affects the sector's margins, climbed 1 percent to $48.10 a barrel."
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"Saudi Arabia's stock market was flat in early trade on Tuesday as retreating shares in food company Savola offset gains elsewhere, while the Egyptian bourse fell after negative comments from one of the country's wealthiest businessman.
The main Saudi index was unchanged as Savola's gave up the previous day's gains. Its shares were down by 1 percent, having jumped by 4 percent on Monday after Bloomberg reported that it has joined with Singapore's Temasek Holdings to bid for Kuwait Food Co (Americana).
The petrochemicals index inched 0.1 percent higher as the price of Brent crude, which affects the sector's margins, climbed 1 percent to $48.10 a barrel."
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MIDEAST STOCKS-Gulf markets move little as Brent steady | News by Country | Reuters
MIDEAST STOCKS-Gulf markets move little as Brent steady | News by Country | Reuters:
"Gulf stock markets moved little in early trade on Tuesday as Brent oil was relatively steady, while global equities remained volatile.
Dubai's index was nearly flat with a roughly equal split between gainers and losers.
Engineering and construction firm Drake and Scull rose 1.3 percent after announcing on Tuesday it had won 96.1 million dirhams ($26.2 million) in contracts in Abu Dhabi and Kuwait."
'via Blog this'
"Gulf stock markets moved little in early trade on Tuesday as Brent oil was relatively steady, while global equities remained volatile.
Dubai's index was nearly flat with a roughly equal split between gainers and losers.
Engineering and construction firm Drake and Scull rose 1.3 percent after announcing on Tuesday it had won 96.1 million dirhams ($26.2 million) in contracts in Abu Dhabi and Kuwait."
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Gazprom’s North Sea deal faces scrutiny - FT.com
Gazprom’s North Sea deal faces scrutiny - FT.com:
"Ministers are to examine a deal that hands Russia’s Gazprom interests in the UK North Sea, amid calls for Britain to send “a clear message” to Vladimir Putin over Ukraine.
The state-backed energy group’s purchase of a 50 per cent stake in BASF subsidiary Wintershall’s North Sea business, which includes the Wingate gas platform and several offshore UK exploration licences, will be an early test for energy secretary Amber Rudd.
Her Liberal Democrat predecessor Ed Davey, backed by Downing Street, forced Russian billionaire Mikhail Fridman to put a dozen gasfields acquired by his $10bn fund L1 Energy up for sale."
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"Ministers are to examine a deal that hands Russia’s Gazprom interests in the UK North Sea, amid calls for Britain to send “a clear message” to Vladimir Putin over Ukraine.
The state-backed energy group’s purchase of a 50 per cent stake in BASF subsidiary Wintershall’s North Sea business, which includes the Wingate gas platform and several offshore UK exploration licences, will be an early test for energy secretary Amber Rudd.
Her Liberal Democrat predecessor Ed Davey, backed by Downing Street, forced Russian billionaire Mikhail Fridman to put a dozen gasfields acquired by his $10bn fund L1 Energy up for sale."
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Rouble decline stokes fears of Russian credit crunch - FT.com
Rouble decline stokes fears of Russian credit crunch - FT.com:
"Global oil producers have breathed a sigh of relief following a partial rebound in the price of crude — and nowhere has the sense of respite been more palpable than in Russia.
Combined with a deepening recession and western trade sanctions the wild gyrations in the oil price and knock-on effects on the rouble have left key sectors of the Russian economic facing a credit crunch when it comes to repaying their foreign currency debt.
“Overall, there is less cause for concern than late last year when we got quite close to a sense of panic, but with the rouble again trading close to the lows seen early in the year servicing foreign currency debt is becoming a heavier burden again,” said the head of risk management at a foreign bank in Moscow. “The question of what needs to be done to ensure foreign exchange liquidity is coming back.”"
'via Blog this'
"Global oil producers have breathed a sigh of relief following a partial rebound in the price of crude — and nowhere has the sense of respite been more palpable than in Russia.
Combined with a deepening recession and western trade sanctions the wild gyrations in the oil price and knock-on effects on the rouble have left key sectors of the Russian economic facing a credit crunch when it comes to repaying their foreign currency debt.
“Overall, there is less cause for concern than late last year when we got quite close to a sense of panic, but with the rouble again trading close to the lows seen early in the year servicing foreign currency debt is becoming a heavier burden again,” said the head of risk management at a foreign bank in Moscow. “The question of what needs to be done to ensure foreign exchange liquidity is coming back.”"
'via Blog this'
Power struggle over Libya’s LIA spills into UK High Court - FT.com
Power struggle over Libya’s LIA spills into UK High Court - FT.com:
"A power struggle between Libya’s rival political factions has spilled over into the UK’s High Court where the Libyan Investment Authority is fighting two fiercely disputed lawsuits against Goldman Sachs and Société Générale.
Hassan Bouhadi — the LIA chairman appointed by the internationally recognised government based in Tubruq — last week launched legal proceedings in London’s commercial court asking an English judge to determine who has the ultimate authority to appoint directors to manage Libya’s $66bn sovereign wealth fund.
Mr Bouhadi claimed he was bringing the application because recent claims by third parties to have authority over the LIA had severely impaired the LIA from managing its assets and disrupted litigation in the UK courts."
'via Blog this'
"A power struggle between Libya’s rival political factions has spilled over into the UK’s High Court where the Libyan Investment Authority is fighting two fiercely disputed lawsuits against Goldman Sachs and Société Générale.
Hassan Bouhadi — the LIA chairman appointed by the internationally recognised government based in Tubruq — last week launched legal proceedings in London’s commercial court asking an English judge to determine who has the ultimate authority to appoint directors to manage Libya’s $66bn sovereign wealth fund.
Mr Bouhadi claimed he was bringing the application because recent claims by third parties to have authority over the LIA had severely impaired the LIA from managing its assets and disrupted litigation in the UK courts."
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Market analysis: Iran deal brings opportunity, and concerns | The National
Market analysis: Iran deal brings opportunity, and concerns | The National:
"Last month was a challenging one for the Mena markets, which went through a broad sell-off because of a host of factors ranging from the drop in oil prices to devaluation of the Chinese yuan.
Second-quarter earnings have been in line with market expectations, and management guidance also remains intact for the remainder of the year.
The Iran deal is being seen both as an opportunity and a concern. We expect the lifting of Iran sanctions will provide opportunities for trade and investment in Mena. However, the extra oil supply likely from Iran would maintain short-term pressure on oil prices. Iran’s commitment to the peace process and building trust among its neighbours will be paramount for regional stability and progress."
'via Blog this'
"Last month was a challenging one for the Mena markets, which went through a broad sell-off because of a host of factors ranging from the drop in oil prices to devaluation of the Chinese yuan.
Second-quarter earnings have been in line with market expectations, and management guidance also remains intact for the remainder of the year.
The Iran deal is being seen both as an opportunity and a concern. We expect the lifting of Iran sanctions will provide opportunities for trade and investment in Mena. However, the extra oil supply likely from Iran would maintain short-term pressure on oil prices. Iran’s commitment to the peace process and building trust among its neighbours will be paramount for regional stability and progress."
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