Moody’s outlook for Saudi Arabian banks held at ‘stable’ | The National:
"Moody’s on Monday maintained its “stable” outlook for Saudi Arabian banks despite oil prices declining by more than half in the past 18 months.
That is because the rating agency is forecasting that government spending will help to mitigate the declining price of oil. And while non-performing loans at banks in the kingdom, the world’s biggest oil exporter, may increase, overall Moody’s is forecasting that the banks will continue to generate strong profits.
“The stable outlook reflects our expectation that the banks will remain resilient over the next 12 to 18 months, despite the economic slowdown driven by low oil prices,” analysts led by Olivier Panis, senior credit officer at Moody’s in Dubai, wrote."
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Monday, 23 November 2015
Russia’s warmer trade ties with Tehran risk alienating Gulf nations | The National
Russia’s warmer trade ties with Tehran risk alienating Gulf nations | The National:
"Iran and Russia can relate to being on the wrong end of international sanctions. Now the pair are exploiting their economic isolation by strengthening commercial ties.
The Russian president Vladimir Putin travelled to Iran yesterday as his country pursues more than US$21 billion in exports including a potential order for the Sukhoi passenger jet.
A Russian trade delegation led by the trade minister Denis Manturov is due to visit Iran on December 15. It is expected to include several units of Rostec, the sprawling military conglomerate controlled by Sergey Chemezov, a long-time ally of the Russian president."
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"Iran and Russia can relate to being on the wrong end of international sanctions. Now the pair are exploiting their economic isolation by strengthening commercial ties.
The Russian president Vladimir Putin travelled to Iran yesterday as his country pursues more than US$21 billion in exports including a potential order for the Sukhoi passenger jet.
A Russian trade delegation led by the trade minister Denis Manturov is due to visit Iran on December 15. It is expected to include several units of Rostec, the sprawling military conglomerate controlled by Sergey Chemezov, a long-time ally of the Russian president."
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Standard Chartered slashes 100 jobs in UAE | GulfNews.com
Standard Chartered slashes 100 jobs in UAE | GulfNews.com:
"Standard Chartered sources on Monday said that the bank has cut 100 jobs from its operations in the UAE as part of a global restructuring strategy.
As part of the global management overhaul the bank expects further 15,000 gross headcount reductions across the group by 2018.
“Within this we have already substantially completed senior staff exits (25 per cent or about 1000 roles. Some will be through attrition. Recognise transition period could be difficult, we are taking the action as quickly and as fairly as possible,” said Wasim Ben Khadra, senior regional manager for external communications at Standard Chartered."
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"Standard Chartered sources on Monday said that the bank has cut 100 jobs from its operations in the UAE as part of a global restructuring strategy.
As part of the global management overhaul the bank expects further 15,000 gross headcount reductions across the group by 2018.
“Within this we have already substantially completed senior staff exits (25 per cent or about 1000 roles. Some will be through attrition. Recognise transition period could be difficult, we are taking the action as quickly and as fairly as possible,” said Wasim Ben Khadra, senior regional manager for external communications at Standard Chartered."
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MIDEAST STOCKS-Gulf slips on weak oil, Orascom Telecom drags down Egypt | Reuters
MIDEAST STOCKS-Gulf slips on weak oil, Orascom Telecom drags down Egypt | Reuters:
"Gulf stock markets mostly fell on Monday because of weak oil prices, while a slide of shares in Orascom Telecom Media dragged down Egypt's bourse.
Brent crude oil tumbled more than 2 percent at one stage in Asian trade to below $44 a barrel, though it later recovered above that mark. The Saudi stock index, which had surged 2.1 percent on Sunday, fell back 0.4 percent.
Top petrochemical producer Saudi Basic Industries added 0.9 percent. But many banks fell with Al Rajhi losing 1.9 percent."
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"Gulf stock markets mostly fell on Monday because of weak oil prices, while a slide of shares in Orascom Telecom Media dragged down Egypt's bourse.
Brent crude oil tumbled more than 2 percent at one stage in Asian trade to below $44 a barrel, though it later recovered above that mark. The Saudi stock index, which had surged 2.1 percent on Sunday, fell back 0.4 percent.
Top petrochemical producer Saudi Basic Industries added 0.9 percent. But many banks fell with Al Rajhi losing 1.9 percent."
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Dragon Oil looks to back $10bn gas link - FT.com
Dragon Oil looks to back $10bn gas link - FT.com:
"Dubai-owned Dragon Oil is in talks to invest in a $10bn pipeline to deliver natural gas from Turkmenistan to India, a potential boost to the project after several western oil companies failed to secure a role.
The Tapi project has been delayed for years amid numerous challenges — including building a pipeline across war-torn Afghanistan — but is gathering pace as Turkmenistan, facing a plunge in revenues because of the oil price fall, seeks new customers for its natural gas.
Construction will begin next month, Turkmen officials told an oil and gas conference in the capital, Ashgabat, last week."
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"Dubai-owned Dragon Oil is in talks to invest in a $10bn pipeline to deliver natural gas from Turkmenistan to India, a potential boost to the project after several western oil companies failed to secure a role.
The Tapi project has been delayed for years amid numerous challenges — including building a pipeline across war-torn Afghanistan — but is gathering pace as Turkmenistan, facing a plunge in revenues because of the oil price fall, seeks new customers for its natural gas.
Construction will begin next month, Turkmen officials told an oil and gas conference in the capital, Ashgabat, last week."
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Saudi Arabia Edges Out Russia in China Oil Sales as OPEC Digs In - Bloomberg Business
Saudi Arabia Edges Out Russia in China Oil Sales as OPEC Digs In - Bloomberg Business:
"Saudi Arabia reclaimed its position from Russia as the largest crude supplier to China as OPEC members extended their global fight for market share.
The world’s biggest oil exporter sold 3.99 million metric tons to China in October, 0.8 percent more than in September, data from the Beijing-based General Administration of Customs showed on Monday. Angola, another member of the Organization of Petroleum Exporting Countries, also surpassed Russia in shipping crude to the Asian nation.
"
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"Saudi Arabia reclaimed its position from Russia as the largest crude supplier to China as OPEC members extended their global fight for market share.
The world’s biggest oil exporter sold 3.99 million metric tons to China in October, 0.8 percent more than in September, data from the Beijing-based General Administration of Customs showed on Monday. Angola, another member of the Organization of Petroleum Exporting Countries, also surpassed Russia in shipping crude to the Asian nation.
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Oil Slides as Venezuela Sees Mid-$20 Crude If OPEC Doesn't Act - Bloomberg Business
Oil Slides as Venezuela Sees Mid-$20 Crude If OPEC Doesn't Act - Bloomberg Business:
"Oil fell amid a broader commodity rout while Venezuela predicted prices may tumble to the mid-$20s a barrel unless OPEC tackles the global surplus.
West Texas Intermediate futures for January fell as much as 3.3 percent, sliding with industrial metals such as copper, which dropped to the lowest since 2009. Venezuela is urging the Organization of Petroleum Exporting Countries to adopt an “equilibrium price” that covers the cost of new investment in production capacity, Oil Minister Eulogio Del Pino said Sunday.
Oil has slumped about 46 percent over the past year amid speculation a global glut will persist as OPEC continues to pump above its collective quota. The 12-member group meets Dec. 4 in Vienna to discuss the production ceiling as Iran signals its intention to boost output by 1 million barrels a day within five to six months of economic sanctions being removed."
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"Oil fell amid a broader commodity rout while Venezuela predicted prices may tumble to the mid-$20s a barrel unless OPEC tackles the global surplus.
West Texas Intermediate futures for January fell as much as 3.3 percent, sliding with industrial metals such as copper, which dropped to the lowest since 2009. Venezuela is urging the Organization of Petroleum Exporting Countries to adopt an “equilibrium price” that covers the cost of new investment in production capacity, Oil Minister Eulogio Del Pino said Sunday.
Oil has slumped about 46 percent over the past year amid speculation a global glut will persist as OPEC continues to pump above its collective quota. The 12-member group meets Dec. 4 in Vienna to discuss the production ceiling as Iran signals its intention to boost output by 1 million barrels a day within five to six months of economic sanctions being removed."
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Oil tumbles as strong dollar, oversupply weigh on investors | Reuters
Oil tumbles as strong dollar, oversupply weigh on investors | Reuters:
"Oil prices fell on Monday, dented by the rise in the U.S. dollar to seven-month highs, and analysts see more losses triggered by the mismatch between global supply and demand.
The fall was part of a wider decline in commodities that has also been stoked by worries over faltering demand from China, with prices for base metals such as copper and nickel tumbling. However, speculators have turned increasingly negative on crude.
U.S. West Texas Intermediate (WTI) crude futures CLc1 fell $1.26 a barrel to $40.64 a barrel by 0418 ET. The contract broke below $40 on Friday for the first time since August."
'via Blog this'
"Oil prices fell on Monday, dented by the rise in the U.S. dollar to seven-month highs, and analysts see more losses triggered by the mismatch between global supply and demand.
The fall was part of a wider decline in commodities that has also been stoked by worries over faltering demand from China, with prices for base metals such as copper and nickel tumbling. However, speculators have turned increasingly negative on crude.
U.S. West Texas Intermediate (WTI) crude futures CLc1 fell $1.26 a barrel to $40.64 a barrel by 0418 ET. The contract broke below $40 on Friday for the first time since August."
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MIDEAST STOCKS-Saudi slips on weak oil; Egypt drops on corporate news | Reuters
MIDEAST STOCKS-Saudi slips on weak oil; Egypt drops on corporate news | Reuters:
"Saudi Arabia's stock market slipped early on Monday because of weak oil prices, while Egypt's bourse also fell on negative corporate news.
Brent crude oil dropped 2.1 percent in Asian trade to below $44 a barrel. The Saudi stock index, which had surged 2.1 percent on Sunday, fell back 0.4 percent in the first 90 minutes of trade.
Real estate developer Dar Al Arkan dropped 0.8 percent. Banks fell with Al Rajhi losing 1.5 percent."
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"Saudi Arabia's stock market slipped early on Monday because of weak oil prices, while Egypt's bourse also fell on negative corporate news.
Brent crude oil dropped 2.1 percent in Asian trade to below $44 a barrel. The Saudi stock index, which had surged 2.1 percent on Sunday, fell back 0.4 percent in the first 90 minutes of trade.
Real estate developer Dar Al Arkan dropped 0.8 percent. Banks fell with Al Rajhi losing 1.5 percent."
'via Blog this'
MIDEAST STOCKS-Gulf markets edge down on weak oil prices | Reuters
MIDEAST STOCKS-Gulf markets edge down on weak oil prices | Reuters:
"Major Gulf stock markets edged down in early trade on Monday in response to weak oil prices and a lack of fresh, positive corporate news.
Dubai's index slipped 0.4 percent as real estate and construction firms dropped, with Union Properties losing 1.7 percent. The euro hit a seven-month low against the United Arab Emirates dirham on Monday - negative news for foreign investment in the UAE property market.
Abu Dhabi edged down 0.1 percent as Aldar Properties fell 0.9 percent. However Dana Gas was again the most heavily traded Abu Dhabi stock, rising 2.3 percent after jumping 4.9 percent on Sunday, when it said a British High Court, ruling in a longstanding payment dispute, had ordered the Kurdish regional government to pay Dana's consortium $100 million within 14 days."
'via Blog this'
"Major Gulf stock markets edged down in early trade on Monday in response to weak oil prices and a lack of fresh, positive corporate news.
Dubai's index slipped 0.4 percent as real estate and construction firms dropped, with Union Properties losing 1.7 percent. The euro hit a seven-month low against the United Arab Emirates dirham on Monday - negative news for foreign investment in the UAE property market.
Abu Dhabi edged down 0.1 percent as Aldar Properties fell 0.9 percent. However Dana Gas was again the most heavily traded Abu Dhabi stock, rising 2.3 percent after jumping 4.9 percent on Sunday, when it said a British High Court, ruling in a longstanding payment dispute, had ordered the Kurdish regional government to pay Dana's consortium $100 million within 14 days."
'via Blog this'