Egypt's Beltone Financial expects to manage four flotations in early 2016 | Reuters:
"Egypt's Beltone Financial Holding (BTFH.CA) expects to manage four stock market flotations worth a total of more than 2.5 billion Egyptian pounds ($311 million) in the first half of 2016 on the back of improved market conditions, its chairman said. The offerings, including one by Beltone Capital, managed by Beltone Financial's private equity arm, had been expected in 2015 but were postponed when an emerging markets rout deterred investors from Egyptian markets.
"These IPOs were not canceled, they were postponed because of market conditions ... We hope to (issue) them in the first half of 2016," Aladin Saba, who founded Beltone in 2002, told Reuters at the Reuters Middle East Investment Summit.
Emerging market assets sold off over the summer due to worries about a slowdown in China, weakening commodity prices, and the possibility of a U.S. interest rate rise."
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Tuesday, 3 November 2015
MIDEAST STOCKS-Saudi moves little, Egypt rises in thin trade | Reuters
MIDEAST STOCKS-Saudi moves little, Egypt rises in thin trade | Reuters:
"Most Saudi Arabian stocks were little changed early on Tuesday, though some second-tier shares gained sharply. Egyptian stocks rose.
The Saudi index was flat after half an hour of trade. Saudi Printing and Packaging Co jumped 7.0 percent, adding to a 9.8 percent leap on Monday; it has been rising in heavy trade since shortly after it reported quarterly earnings on Oct. 20.
Kingdom Holding dropped 0.9 percent after saying it expected no financial impact from its sale of a 29.9 percent stake in media firm Saudi Research and Marketing Group (SRMG) . SRMG climbed 9.9 percent after a 7.2 percent gain on Monday.
"
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"Most Saudi Arabian stocks were little changed early on Tuesday, though some second-tier shares gained sharply. Egyptian stocks rose.
The Saudi index was flat after half an hour of trade. Saudi Printing and Packaging Co jumped 7.0 percent, adding to a 9.8 percent leap on Monday; it has been rising in heavy trade since shortly after it reported quarterly earnings on Oct. 20.
Kingdom Holding dropped 0.9 percent after saying it expected no financial impact from its sale of a 29.9 percent stake in media firm Saudi Research and Marketing Group (SRMG) . SRMG climbed 9.9 percent after a 7.2 percent gain on Monday.
"
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Lossmaking StanChart in $5.1bn rights issue - FT.com
Lossmaking StanChart in $5.1bn rights issue - FT.com:
"Standard Chartered’s new boss Bill Winters has promised quick action after the troubled bank reported its first quarterly loss since the Asian financial crisis and announced a $5.1bn rights issue.
The emerging markets-focused bank said on Tuesday it would cut 15,000 jobs worldwide, out of a 90,000-strong workforce, as part of an increased push to reduce costs.
The details of a long-awaited strategic review also included plans to tackle $100bn of risk-weighted assets that would either be restructured or reduced in the next three years."
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"Standard Chartered’s new boss Bill Winters has promised quick action after the troubled bank reported its first quarterly loss since the Asian financial crisis and announced a $5.1bn rights issue.
The emerging markets-focused bank said on Tuesday it would cut 15,000 jobs worldwide, out of a 90,000-strong workforce, as part of an increased push to reduce costs.
The details of a long-awaited strategic review also included plans to tackle $100bn of risk-weighted assets that would either be restructured or reduced in the next three years."
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VPS Healthcare to proceed with bid for Al Noor Hospitals | The National
VPS Healthcare to proceed with bid for Al Noor Hospitals | The National:
"VPS Healthcare, the operator of Burjeel hospitals, has signalled its intention to proceed with a bid for Abu Dhabi-based Al Noor Hospitals.
The Abu Dhabi-based company’s founder and managing director, Dr Shamsheer Vayalil, made the disclosure as he unveiled a plan to build a cancer hospital in the capital using the latest proton beam therapy. It is part of a new medical city slated for Mohammed bin Zayed City.
“We will definitely make a bid,” said Mr Vayalil on the sidelines of a press conference to announce a new strategic partnership with the US-based health care provider Penn Medicine."
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"VPS Healthcare, the operator of Burjeel hospitals, has signalled its intention to proceed with a bid for Abu Dhabi-based Al Noor Hospitals.
The Abu Dhabi-based company’s founder and managing director, Dr Shamsheer Vayalil, made the disclosure as he unveiled a plan to build a cancer hospital in the capital using the latest proton beam therapy. It is part of a new medical city slated for Mohammed bin Zayed City.
“We will definitely make a bid,” said Mr Vayalil on the sidelines of a press conference to announce a new strategic partnership with the US-based health care provider Penn Medicine."
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Saudi PMI Falls to Record as Oil Weighs on Private Sector Growth - Bloomberg Business
Saudi PMI Falls to Record as Oil Weighs on Private Sector Growth - Bloomberg Business:
"A measure of growth in Saudi Arabia’s non-oil private industries dropped to the lowest level in six years in October as the slump in oil prices slowed the biggest Arab economy’s momentum.
The Emirates NBD Purchasing Managers’ Index fell to 55.7 from 56.5 in September, the lowest level since the survey began, driven by weaker expansion in new business. The same measure for the United Arab Emirates fell to 54 from 56 in September, the lowest since April 2013, the Dubai-based bank said on Tuesday. Readings above 50 signal expansion, while those below indicate contraction.
Brent crude prices have dropped more than 40 percent over the past year, leading Saudi Arabia to search for budget savings, contemplate project delays and sell bonds for the first time since 2007. The country relies on oil for at least 80 percent of its revenue."
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"A measure of growth in Saudi Arabia’s non-oil private industries dropped to the lowest level in six years in October as the slump in oil prices slowed the biggest Arab economy’s momentum.
The Emirates NBD Purchasing Managers’ Index fell to 55.7 from 56.5 in September, the lowest level since the survey began, driven by weaker expansion in new business. The same measure for the United Arab Emirates fell to 54 from 56 in September, the lowest since April 2013, the Dubai-based bank said on Tuesday. Readings above 50 signal expansion, while those below indicate contraction.
Brent crude prices have dropped more than 40 percent over the past year, leading Saudi Arabia to search for budget savings, contemplate project delays and sell bonds for the first time since 2007. The country relies on oil for at least 80 percent of its revenue."
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MIDEAST STOCKS-UAE markets edge up in line with global equities | Reuters
MIDEAST STOCKS-UAE markets edge up in line with global equities | Reuters:
"Stock markets in the United Arab Emirates edged higher early on Tuesday in line with stronger global equities, while Qatar was mixed in a narrow band.
Dubai's index added 1.1 percent as all 10 of its most heavily traded stocks rose. HITS Telecom was the most active stock, surging 4.1 percent.
Du, the UAE's second biggest telecoms operator, slipped 0.4 percent after missing estimates with a 12.3 percent fall in third-quarter net profit to 489.8 million dirhams ($133.4 million). Two analysts polled by Reuters had on average forecast 521.3 million dirhams."
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"Stock markets in the United Arab Emirates edged higher early on Tuesday in line with stronger global equities, while Qatar was mixed in a narrow band.
Dubai's index added 1.1 percent as all 10 of its most heavily traded stocks rose. HITS Telecom was the most active stock, surging 4.1 percent.
Du, the UAE's second biggest telecoms operator, slipped 0.4 percent after missing estimates with a 12.3 percent fall in third-quarter net profit to 489.8 million dirhams ($133.4 million). Two analysts polled by Reuters had on average forecast 521.3 million dirhams."
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