Bahrain begins marketing dual-tranche US dollar bond | Reuters:
"The Kingdom of Bahrain has begun marketing a dual-tranche US dollar-denominated benchmark-sized bond, according to a source.
The issuer is seeking to sell a January 2021 bond at a yield in the high 5% region, and a January 2026 bond at 7% area.
Bank ABC, BNP Paribas, Citigroup, HSBC and JP Morgan are running the 144A/Reg S transaction, which is expected to be as early as Tuesday's business."
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Tuesday, 17 November 2015
ADIA keen to invest in oil reserves and investment fund in India | GulfNews.com
ADIA keen to invest in oil reserves and investment fund in India | GulfNews.com:
"Indian Finance Minister Arun Jaitley, who is on a two-day visit to the UAE, called for the participation and investment in National Infrastructure and Investment Fund (NIIF) by Abu Dhabi Investment Authority (ADIA).
Arun Jaitley said NIIF will attract good returns on the investment made by the sovereign wealth funds of different countries. The Indian finance minister was speaking during his meeting with Shaikh Hamed Bin Zayed Al Nahyan, Managing Director, ADIA, and Chairman Abu Dhabi Crown Prince Court.
According to a press statement, Shaikh Nahyan showed interest in investing in NIIF. According to him, Abu Dhabi National Oil Company (Adnoc) officials will be visiting India on 19th of this month and is interested in investing for establishing strategic oil reserves at Mangalore Port in Karnataka."
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"Indian Finance Minister Arun Jaitley, who is on a two-day visit to the UAE, called for the participation and investment in National Infrastructure and Investment Fund (NIIF) by Abu Dhabi Investment Authority (ADIA).
Arun Jaitley said NIIF will attract good returns on the investment made by the sovereign wealth funds of different countries. The Indian finance minister was speaking during his meeting with Shaikh Hamed Bin Zayed Al Nahyan, Managing Director, ADIA, and Chairman Abu Dhabi Crown Prince Court.
According to a press statement, Shaikh Nahyan showed interest in investing in NIIF. According to him, Abu Dhabi National Oil Company (Adnoc) officials will be visiting India on 19th of this month and is interested in investing for establishing strategic oil reserves at Mangalore Port in Karnataka."
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Oil Markets Have More to Fear From Storage Space Shortage - Bloomberg Business
Oil Markets Have More to Fear From Storage Space Shortage - Bloomberg Business:
"
Bloomberg Gadfly Columnist Liam Denning discusses a real threat to the oil markets. He speaks on "Bloomberg Markets." (Source: Bloomberg)"
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"
Bloomberg Gadfly Columnist Liam Denning discusses a real threat to the oil markets. He speaks on "Bloomberg Markets." (Source: Bloomberg)"
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UPDATE 2-MIDEAST STOCKS-Egypt hits two-year low as Russia blames bomb for plane crash | Reuters
UPDATE 2-MIDEAST STOCKS-Egypt hits two-year low as Russia blames bomb for plane crash | Reuters:
"Egyptian stocks fell to a two-year low on Tuesday after the Kremlin said a bomb brought down a Russian passenger plane in Egypt. Saudi shares fell after a legislative body endorsed a tax on undeveloped land.
The crash of a Russian aircraft on Oct. 31 in Egypt's Sinai Peninsula, which killed all 224 people on board, was "a terrorist act," Russia's foreign minister said. The accusation is likely to hit Egypt's tourist industry, a mainstay of its economy.
"The market is reacting badly to Russia's statement on the Sharm crash," said Simon Kitchen, head of strategy at EFG-Hermes. "The short-term outlook is poor ... but the market is trading well below long-run price to book multiples, suggesting deep value.""
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"Egyptian stocks fell to a two-year low on Tuesday after the Kremlin said a bomb brought down a Russian passenger plane in Egypt. Saudi shares fell after a legislative body endorsed a tax on undeveloped land.
The crash of a Russian aircraft on Oct. 31 in Egypt's Sinai Peninsula, which killed all 224 people on board, was "a terrorist act," Russia's foreign minister said. The accusation is likely to hit Egypt's tourist industry, a mainstay of its economy.
"The market is reacting badly to Russia's statement on the Sharm crash," said Simon Kitchen, head of strategy at EFG-Hermes. "The short-term outlook is poor ... but the market is trading well below long-run price to book multiples, suggesting deep value.""
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Russia proposes restructuring of $3bn Kiev debt - FT.com
Russia proposes restructuring of $3bn Kiev debt - FT.com:
"Russia has proposed a restructuring of the $3bn bond owed to it by Ukraine, an about-turn from Moscow’s earlier insistence of full repayment next month.
The move offers a glimmer of hope that Russia and Ukraine can avoid a legal clash over the debt — a threat raised after Russia refused to participate in the $18bn restructuring deal Kiev reached with other creditors a month ago. However, question marks hang over the Russian offer as President Vladimir Putin made clear that he expects the International Monetary Fund to guarantee the debt."
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"Russia has proposed a restructuring of the $3bn bond owed to it by Ukraine, an about-turn from Moscow’s earlier insistence of full repayment next month.
The move offers a glimmer of hope that Russia and Ukraine can avoid a legal clash over the debt — a threat raised after Russia refused to participate in the $18bn restructuring deal Kiev reached with other creditors a month ago. However, question marks hang over the Russian offer as President Vladimir Putin made clear that he expects the International Monetary Fund to guarantee the debt."
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Falling oil prices puts small UAE businesses at risk of default - FT.com
Falling oil prices puts small UAE businesses at risk of default - FT.com:
"Banks facing a surge in defaults on small company loans are closing off credit to the sector in the United Arab Emirates, in a sign of the increasingly brittle business confidence in the Gulf amid a sustained slump in oil prices.
AbdulAziz al Ghurair, head of the UAE Banks Federation, estimated loans to small and medium-sized enterprises totalling between Dh5bn and Dh7bn ($1.36bn-$1.9bn) were at risk of default after the country’s national body that pools information on banks’ loan exposure revealed over-borrowing by SMEs."
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"Banks facing a surge in defaults on small company loans are closing off credit to the sector in the United Arab Emirates, in a sign of the increasingly brittle business confidence in the Gulf amid a sustained slump in oil prices.
AbdulAziz al Ghurair, head of the UAE Banks Federation, estimated loans to small and medium-sized enterprises totalling between Dh5bn and Dh7bn ($1.36bn-$1.9bn) were at risk of default after the country’s national body that pools information on banks’ loan exposure revealed over-borrowing by SMEs."
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SME loan impairments to reach between Dh5b and Dh7b | GulfNews.com
SME loan impairments to reach between Dh5b and Dh7b | GulfNews.com:
"The UAE banking sector is expected to face a big surge in possible defaults — also known as loan impairments — from small and medium enterprises (SMEs) this year, said AbdulAziz Al Ghurair, Chairman of UAE Banks Federation.
Al Ghurair who is also the CEO of Mashreq said banks in the country have been experiencing higher impairments from the SME sector since the beginning of this year.
“We could expect the total impairment from SME lending ranging between Dh5 billion and Dh7 billion for the full year. We are trying to collect full information from banks,” he said."
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"The UAE banking sector is expected to face a big surge in possible defaults — also known as loan impairments — from small and medium enterprises (SMEs) this year, said AbdulAziz Al Ghurair, Chairman of UAE Banks Federation.
Al Ghurair who is also the CEO of Mashreq said banks in the country have been experiencing higher impairments from the SME sector since the beginning of this year.
“We could expect the total impairment from SME lending ranging between Dh5 billion and Dh7 billion for the full year. We are trying to collect full information from banks,” he said."
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Middle East’s youth unemployment expected to surge in coming years | GulfNews.com
Middle East’s youth unemployment expected to surge in coming years | GulfNews.com:
"Unemployment across the Middle East and North Africa (Mena) region is expected to surge in the coming years as a combination of structural and cyclical factors is adversely impacting job creation in both oil-exporting and oil-importing countries.
According to a recent report ‘Re-Dynamising the Job Machine: Technology-Driven Transformation of Labor Markets in MENA’, produced jointly by INSEAD Business School, the Centre for Economic Growth in Abu Dhabi, and SAP Mena region, is facing the highest youth unemployment in the world.
With 40 million underunemployed youth and 27 million not in education, employment, or training, the Mena region has the highest rate of youth unemployment in the world at 27.2 per cent according to the World Economic Forum (WEF). This presents a serious problem for a region where more than half the 369 million inhabitants are under the age of 25."
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"Unemployment across the Middle East and North Africa (Mena) region is expected to surge in the coming years as a combination of structural and cyclical factors is adversely impacting job creation in both oil-exporting and oil-importing countries.
According to a recent report ‘Re-Dynamising the Job Machine: Technology-Driven Transformation of Labor Markets in MENA’, produced jointly by INSEAD Business School, the Centre for Economic Growth in Abu Dhabi, and SAP Mena region, is facing the highest youth unemployment in the world.
With 40 million underunemployed youth and 27 million not in education, employment, or training, the Mena region has the highest rate of youth unemployment in the world at 27.2 per cent according to the World Economic Forum (WEF). This presents a serious problem for a region where more than half the 369 million inhabitants are under the age of 25."
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UPDATE 1-MIDEAST STOCKS-Bargain hunters lift UAE shares, Drake & Scull rebounds | Reuters
UPDATE 1-MIDEAST STOCKS-Bargain hunters lift UAE shares, Drake & Scull rebounds | Reuters:
"UAE shares rise in early trading as bargain hunters step in to buy from record lows, with a steady oil price supporting sentiment.
Dubai's Drake & Scull rises 6.8 percent, up from a record-low hit on Monday after reporting a third-quarter profit slump.
Contractor Arabtec is flat but along with DSI, they account for almost half the traded volumes on the bourse so far."
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"UAE shares rise in early trading as bargain hunters step in to buy from record lows, with a steady oil price supporting sentiment.
Dubai's Drake & Scull rises 6.8 percent, up from a record-low hit on Monday after reporting a third-quarter profit slump.
Contractor Arabtec is flat but along with DSI, they account for almost half the traded volumes on the bourse so far."
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Standard Chartered's Unraveling India Bet Means More Pain Ahead - Bloomberg Business
Standard Chartered's Unraveling India Bet Means More Pain Ahead - Bloomberg Business:
"When India’s billionaire Ruia brothers went looking for loans to expand their steel-to-power empire around the turn of the decade, Standard Chartered Plc stepped up.
Some five years later, the $2.5 billion Standard Chartered lent to the Ruias’ Essar conglomerate is among debts the London-based bank isn’t certain it’ll recover, according to people with knowledge of the matter. About $5 billion of advances Standard Chartered made to Indian borrowers have been internally classified as at risk of defaulting, in addition to the $1 billion of onshore loans that have already become non-performing in India, the people said.
India, Standard Chartered’s biggest profit contributor as recently as 2010, has become a major headache for Chief Executive Officer Bill Winters, who took over from Peter Sands in June. As emerging-market loan losses accelerate, he’s raising money, cutting about 15,000 jobs globally and exiting or restructuring about $100 billion of assets. Standard Chartered has reduced exposure to India by about a fifth."
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"When India’s billionaire Ruia brothers went looking for loans to expand their steel-to-power empire around the turn of the decade, Standard Chartered Plc stepped up.
Some five years later, the $2.5 billion Standard Chartered lent to the Ruias’ Essar conglomerate is among debts the London-based bank isn’t certain it’ll recover, according to people with knowledge of the matter. About $5 billion of advances Standard Chartered made to Indian borrowers have been internally classified as at risk of defaulting, in addition to the $1 billion of onshore loans that have already become non-performing in India, the people said.
India, Standard Chartered’s biggest profit contributor as recently as 2010, has become a major headache for Chief Executive Officer Bill Winters, who took over from Peter Sands in June. As emerging-market loan losses accelerate, he’s raising money, cutting about 15,000 jobs globally and exiting or restructuring about $100 billion of assets. Standard Chartered has reduced exposure to India by about a fifth."
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