Dubai Oil Trader ENOC Expands Into Agricultural Commodities - Bloomberg Business:
"Emirates National Oil Co., Dubai’s government-run energy company, is expanding into agricultural commodities to diversify its business and offset past losses from retail fuel sales.
ENOC’s new unit will deal mainly in wheat and rice, Chief Executive Officer Saif Al Falasi said Thursday in an interview in Dubai. The company will give the new business about two years to become profitable, he said.
Dubai, the second-largest sheikhdom in the United Arab Emirates, has become the Middle East’s most dynamic trading hub, housing bankers and lawyers serving the wider region by building its economy on trade and transport links. Yet U.A.E. oil companies have until recently lost money from selling subsidized gasoline. The government, seeing its income squeezed by lower crude prices, scrapped the aid and raised retail fuel prices in August."
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Thursday, 8 October 2015
Saudi Arabia Said to Order Spending Curbs Amid Oil Price Slump - Bloomberg Business
Saudi Arabia Said to Order Spending Curbs Amid Oil Price Slump - Bloomberg Business:
"Saudi Arabia is ordering a series of cost-cutting measures as the slide in oil prices weighs on the kingdom’s budget, according to two people with knowledge of the matter.
The finance ministry told government departments not to contract any new projects and to freeze appointments and promotions in the fourth quarter, the people said, asking not to be identified because the information isn’t public. It also banned the buying of vehicles or furniture, or agreeing any new property rentals and told officials to speed up the collection of revenue, they said.
With oil accounting for about 90 percent of revenue in the Arab world’s largest economy, a drop of more than 40 percent in crude prices in the past 12 months has combined with wars in Yemen and Syria to pressure Saudi Arabia’s finances. While public debt is among the world’s lowest, with a gross debt-to-GDP ratio of less than 2 percent in 2014, that may rise to 33 percent in 2020, according to estimates from the International Monetary Fund."
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"Saudi Arabia is ordering a series of cost-cutting measures as the slide in oil prices weighs on the kingdom’s budget, according to two people with knowledge of the matter.
The finance ministry told government departments not to contract any new projects and to freeze appointments and promotions in the fourth quarter, the people said, asking not to be identified because the information isn’t public. It also banned the buying of vehicles or furniture, or agreeing any new property rentals and told officials to speed up the collection of revenue, they said.
With oil accounting for about 90 percent of revenue in the Arab world’s largest economy, a drop of more than 40 percent in crude prices in the past 12 months has combined with wars in Yemen and Syria to pressure Saudi Arabia’s finances. While public debt is among the world’s lowest, with a gross debt-to-GDP ratio of less than 2 percent in 2014, that may rise to 33 percent in 2020, according to estimates from the International Monetary Fund."
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MIDEAST STOCKS-Beltone bid boosts Egypt, petchems buoy Saudi | Reuters
MIDEAST STOCKS-Beltone bid boosts Egypt, petchems buoy Saudi | Reuters:
"News that Orascom Telecom Media and
Technology is seeking to buy Beltone Financial boosted Egypt's
stock market on Thursday, while rebounding petrochemical shares
continued to buoy Saudi Arabia.
Orascom Telecom and Act Financial want to buy
Beltone for 650 million Egyptian pounds ($83 million),
Orascom said in a statement to the bourse.
That was bullish news for a market that has been hit in
recent months by sluggish economic growth and foreign exchange
shortages. Orascom shares surged 8.6 percent and Beltone soared
20.8 percent."
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"News that Orascom Telecom Media and
Technology is seeking to buy Beltone Financial boosted Egypt's
stock market on Thursday, while rebounding petrochemical shares
continued to buoy Saudi Arabia.
Orascom Telecom and Act Financial want to buy
Beltone for 650 million Egyptian pounds ($83 million),
Orascom said in a statement to the bourse.
That was bullish news for a market that has been hit in
recent months by sluggish economic growth and foreign exchange
shortages. Orascom shares surged 8.6 percent and Beltone soared
20.8 percent."
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MIDEAST STOCKS-Orascom bid for Beltone boosts Egypt; Saudi mixed | Reuters
MIDEAST STOCKS-Orascom bid for Beltone boosts Egypt; Saudi mixed | Reuters:
"News that Orascom Telecom Media and Technology is seeking to buy Beltone Financial boosted Egypt's stock market on Thursday, while Saudi Arabia's market was narrowly mixed after oil prices pulled back.
Orascom Telecom and Act Financial want to buy Beltone for an 650 million Egyptian pounds ($83 million), Orascom said in a statement to the bourse.
That was positive news for a market which has been hit in recent months by sluggish economic growth and foreign exchange shortages. Orascom shares surged 4.3 percent and Beltone jumped 9.9 percent."
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"News that Orascom Telecom Media and Technology is seeking to buy Beltone Financial boosted Egypt's stock market on Thursday, while Saudi Arabia's market was narrowly mixed after oil prices pulled back.
Orascom Telecom and Act Financial want to buy Beltone for an 650 million Egyptian pounds ($83 million), Orascom said in a statement to the bourse.
That was positive news for a market which has been hit in recent months by sluggish economic growth and foreign exchange shortages. Orascom shares surged 4.3 percent and Beltone jumped 9.9 percent."
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Investors hoping to set up shop in Egypt run into red tape wrangles | The National
Investors hoping to set up shop in Egypt run into red tape wrangles | The National:
"The one-stop shop continues to be in vogue in Egypt, but investors wanting to set up a factory in the country should not expect quick results.
Although it is now relatively easy to establish a company, getting a licence to operate a factory is almost as cumbersome as it was before the General Authority for Investment and Free Zones (Gafi) set up a single window for investors more than a decade ago.
Before even applying for a licence, investors must typically locate a piece of land, establish a company and get an environmental assessment and a building permit from the local authorities."
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"The one-stop shop continues to be in vogue in Egypt, but investors wanting to set up a factory in the country should not expect quick results.
Although it is now relatively easy to establish a company, getting a licence to operate a factory is almost as cumbersome as it was before the General Authority for Investment and Free Zones (Gafi) set up a single window for investors more than a decade ago.
Before even applying for a licence, investors must typically locate a piece of land, establish a company and get an environmental assessment and a building permit from the local authorities."
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MIDEAST STOCKS-QNB supports Qatar after earnings, other Gulf markets soft | Reuters
MIDEAST STOCKS-QNB supports Qatar after earnings, other Gulf markets soft | Reuters:
"Qatar National Bank supported Qatar's stock market in early trade on Thursday after the bank reported higher-than-expected third-quarter earnings, while other Gulf bourses were soft after oil and Asian equity prices pulled back slightly.
The Qatar index was flat in the opening minutes as QNB, the largest lender in the Gulf Arab region, added 0.3 percent. It posted a 6.1 percent increase in third-quarter net profit to 3.11 billion riyals ($854 million); analysts polled by Reuters had on average forecast 2.94 billion riyals.
Mesaieed Petrochemical, which had jumped 3.3 percent on Wednesday in response to a surge of global oil prices, pulled back 0.7 percent."
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"Qatar National Bank supported Qatar's stock market in early trade on Thursday after the bank reported higher-than-expected third-quarter earnings, while other Gulf bourses were soft after oil and Asian equity prices pulled back slightly.
The Qatar index was flat in the opening minutes as QNB, the largest lender in the Gulf Arab region, added 0.3 percent. It posted a 6.1 percent increase in third-quarter net profit to 3.11 billion riyals ($854 million); analysts polled by Reuters had on average forecast 2.94 billion riyals.
Mesaieed Petrochemical, which had jumped 3.3 percent on Wednesday in response to a surge of global oil prices, pulled back 0.7 percent."
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The Bearish Fundamentals Behind Oil's Recent Rise - Bloomberg Business
The Bearish Fundamentals Behind Oil's Recent Rise - Bloomberg Business: "Ed Morse, head of commodity research at Citigroup, and Willem Buiter, chief economist at Citigroup, discuss why oil isn’t out of the woods with its recent price rise, the state of production in the Middle East and U.S. and the overall economic impact of lower oil prices. They speak on "Bloomberg Surveillance." (Source: Bloomberg)"
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UAE’s economic activity moderating as low oil prices filter into non-oil activity | GulfNews.com
UAE’s economic activity moderating as low oil prices filter into non-oil activity | GulfNews.com:
"The UAE’s economy is showing signs of slowing on the back of the sharply weaker oil price, which is filtering into the non-oil economy according to an economic research report from Abu Dhabi Commercial Bank (ADCB)
Factors such as softening real estate prices in Dubai, gradual fiscal tightening, and the strong dollar are also contributing to the slowdown in economic activity.
“We expect real GDP growth to decelerate in 2015 and 2016, though to remain comfortably positive. Interim indicators point to economic activity moderating in 2015, with the sharply weaker oil price filtering into the non-oil economy,” said Monica Malik, chief economist of ADCB."
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"The UAE’s economy is showing signs of slowing on the back of the sharply weaker oil price, which is filtering into the non-oil economy according to an economic research report from Abu Dhabi Commercial Bank (ADCB)
Factors such as softening real estate prices in Dubai, gradual fiscal tightening, and the strong dollar are also contributing to the slowdown in economic activity.
“We expect real GDP growth to decelerate in 2015 and 2016, though to remain comfortably positive. Interim indicators point to economic activity moderating in 2015, with the sharply weaker oil price filtering into the non-oil economy,” said Monica Malik, chief economist of ADCB."
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MIDEAST STOCKS-Gulf surges on strong oil, bank earnings; Egypt up | Reuters
MIDEAST STOCKS-Gulf surges on strong oil, bank earnings; Egypt up | Reuters:
"Major Middle East stock markets rose on Wednesday as a leap in oil prices boosted petrochemical and energy-related shares across the region.
Egypt ended a three-day losing streak as emerging markets gained globally.
Brent crude jumped 5.4 percent on Tuesday, closing above $50 a barrel for the first time in a month, and rose further to $52.90 during the Gulf day on Wednesday."
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"Major Middle East stock markets rose on Wednesday as a leap in oil prices boosted petrochemical and energy-related shares across the region.
Egypt ended a three-day losing streak as emerging markets gained globally.
Brent crude jumped 5.4 percent on Tuesday, closing above $50 a barrel for the first time in a month, and rose further to $52.90 during the Gulf day on Wednesday."
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Next financial crash is coming – and before we've fixed flaws from last one | Business | The Guardian
Next financial crash is coming – and before we've fixed flaws from last one | Business | The Guardian:
"The next financial crisis is coming, it’s a just a matter of time – and we haven’t finished fixing the flaws in the global system that were so brutally exposed by the last one.
That is the message from the International Monetary Fund’s latest Global Financial Stability report, which will make sobering reading for the finance ministers and central bankers gathered in Lima, Peru, for its annual meeting.
Massive monetary policy stimulus has rekindled growth in developed economies since the deep recession that followed the collapse of Lehman Brothers in 2008; but what the IMF calls the “handover” to a more sustainable recovery – without the extra prop of ultra-low borrowing costs – has so far failed to materialise."
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"The next financial crisis is coming, it’s a just a matter of time – and we haven’t finished fixing the flaws in the global system that were so brutally exposed by the last one.
That is the message from the International Monetary Fund’s latest Global Financial Stability report, which will make sobering reading for the finance ministers and central bankers gathered in Lima, Peru, for its annual meeting.
Massive monetary policy stimulus has rekindled growth in developed economies since the deep recession that followed the collapse of Lehman Brothers in 2008; but what the IMF calls the “handover” to a more sustainable recovery – without the extra prop of ultra-low borrowing costs – has so far failed to materialise."
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Oil price slump turns Saudi surplus into huge deficit, IMF report shows | World news | The Guardian
Oil price slump turns Saudi surplus into huge deficit, IMF report shows | World news | The Guardian:
"The full extent of the impact of slumping crude prices on Saudi Arabia’s public finances has been highlighted by the International Monetary Fund in a new report telling oil exporters to be braced for a prolonged period of disruption to their budgets.
The fund’s half-yearly fiscal monitor report shows that in the past three years a hefty budget surplus in Saudi Arabia has been turned into a deficit of more than 20% of GDP – double the shortfalls seen in the UK and the US during the worst of the global slump of 2008-09.
Other leading oil exporters – Russia, Libya, Venezuela, Kuwait, Qatar, the United Arab Emirates, Oman and Angola – have also suffered marked deteriorations in their public finances as a result of the fall in crude from a peak of almost $130 a barrel in 2012 to just under $53 currently."
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"The full extent of the impact of slumping crude prices on Saudi Arabia’s public finances has been highlighted by the International Monetary Fund in a new report telling oil exporters to be braced for a prolonged period of disruption to their budgets.
The fund’s half-yearly fiscal monitor report shows that in the past three years a hefty budget surplus in Saudi Arabia has been turned into a deficit of more than 20% of GDP – double the shortfalls seen in the UK and the US during the worst of the global slump of 2008-09.
Other leading oil exporters – Russia, Libya, Venezuela, Kuwait, Qatar, the United Arab Emirates, Oman and Angola – have also suffered marked deteriorations in their public finances as a result of the fall in crude from a peak of almost $130 a barrel in 2012 to just under $53 currently."
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