Six Charts of Christmas: Rate expectations | Authers' Note - YouTube: ""
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Friday, 1 January 2016
Long winter predicted for oil as market rout continues | The National
Long winter predicted for oil as market rout continues | The National:
"The oil market limped into the New Year still reeling from one of the most brutal years on record.
World benchmark North Sea Brent crude oil futures were up 14 cents at US$36.60 per barrel in thin volume on the final day of trading, but that was only just above the 11-year low of $36.20 last month, and it leaves oil prices down 68 per cent since the market rout began in June 2014.
There are few forecasters who see any quick respite, despite signs that the Saudi Arabia-led Opec policy of maxing out production to squeeze out higher-cost producers is gradually having the desired effect."
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"The oil market limped into the New Year still reeling from one of the most brutal years on record.
World benchmark North Sea Brent crude oil futures were up 14 cents at US$36.60 per barrel in thin volume on the final day of trading, but that was only just above the 11-year low of $36.20 last month, and it leaves oil prices down 68 per cent since the market rout began in June 2014.
There are few forecasters who see any quick respite, despite signs that the Saudi Arabia-led Opec policy of maxing out production to squeeze out higher-cost producers is gradually having the desired effect."
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Oman approves its 2016 General Budget with estimated deficit of 3.3b riyals | GulfNews.com
Oman approves its 2016 General Budget with estimated deficit of 3.3b riyals | GulfNews.com:
"Oman’s government has approved the 2016 General Budget with a deficit of 3.3 billion riyals (Dh12 billion).
Darwish Al Beloushi, the Minister Responsible for Financial Affairs, said that the total revenues for 2016 are estimated to 8.6 billion riyals, while expenditure is estimated to 11.9 riyals in 2016.
Al Baloushi told Oman News Agency that the Omani government posted a budget deficit of 4.5 billion riyals in 2015."
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"Oman’s government has approved the 2016 General Budget with a deficit of 3.3 billion riyals (Dh12 billion).
Darwish Al Beloushi, the Minister Responsible for Financial Affairs, said that the total revenues for 2016 are estimated to 8.6 billion riyals, while expenditure is estimated to 11.9 riyals in 2016.
Al Baloushi told Oman News Agency that the Omani government posted a budget deficit of 4.5 billion riyals in 2015."
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A script to rebuild Yemen’s economic base | GulfNews.com
A script to rebuild Yemen’s economic base | GulfNews.com:
"They called it the Asian miracle. It all started some time in the 1950s when Japan first decided to move its economy away from being an agrarian one. South Korea followed then with a different example.
Then other East Asian countries followed suit, each with its own success or failure story. So what happened? And why does this matter today? Here it comes.
Japan sent its engineering and other specialists to Germany to acquire knowledge that could be brought back. South Korea did the same but by sending its people to Japan. What these countries realised is that it is okay to start as a raw material exporter, or as a planter and exporter of food staples that are in great demand at the beginning of their paths to accelerated growth and global competitiveness."
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"They called it the Asian miracle. It all started some time in the 1950s when Japan first decided to move its economy away from being an agrarian one. South Korea followed then with a different example.
Then other East Asian countries followed suit, each with its own success or failure story. So what happened? And why does this matter today? Here it comes.
Japan sent its engineering and other specialists to Germany to acquire knowledge that could be brought back. South Korea did the same but by sending its people to Japan. What these countries realised is that it is okay to start as a raw material exporter, or as a planter and exporter of food staples that are in great demand at the beginning of their paths to accelerated growth and global competitiveness."
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Now is not the time to curtail spending on future | GulfNews.com
Now is not the time to curtail spending on future | GulfNews.com:
"As the unprecedented expansionary monetary policy that went into effect nearly a decade ago came to an end with the first rise in short term interest rates since 2006, jittery markets alongside darkening outlooks on economic growth have called into question the efficacy of this policy. And what impact it will continue to have as side-effects make themselves felt.
Seven years of zero interest rates and an expansionary monetary policy via the quantitate easing caused investors to pour money into commodities, real estate and commercial debt. As borrowing costs rise and asset prices fall, markets have turned treacherous. Financial disruptions have caused fear on the future of asset prices and economic growth.
A gush of credit that flowed into the monetary system from 2008 onwards led to investors pouring $973 billion into corporate bonds and a further $219 billion into real estate markets. Companies for the most part used the debt not to expand operations, but to buy one another and their own stock. Banks and companies alike used money flows to snap up assets at levels that were seen as attractive."
'via Blog this'
"As the unprecedented expansionary monetary policy that went into effect nearly a decade ago came to an end with the first rise in short term interest rates since 2006, jittery markets alongside darkening outlooks on economic growth have called into question the efficacy of this policy. And what impact it will continue to have as side-effects make themselves felt.
Seven years of zero interest rates and an expansionary monetary policy via the quantitate easing caused investors to pour money into commodities, real estate and commercial debt. As borrowing costs rise and asset prices fall, markets have turned treacherous. Financial disruptions have caused fear on the future of asset prices and economic growth.
A gush of credit that flowed into the monetary system from 2008 onwards led to investors pouring $973 billion into corporate bonds and a further $219 billion into real estate markets. Companies for the most part used the debt not to expand operations, but to buy one another and their own stock. Banks and companies alike used money flows to snap up assets at levels that were seen as attractive."
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Malaysia Anti-Graft Agency Submits Probe Results of Najib Funds - Bloomberg Business
Malaysia Anti-Graft Agency Submits Probe Results of Najib Funds - Bloomberg Business:
"Malaysia’s anti-graft agency submitted results to the attorney general of a probe into hundreds of millions of dollars that ended up in Prime Minister Najib Razak’s private accounts before the 2013 general elections.
The Malaysian Anti-Corruption Commission said it made several proposals and recommendations for action in the case, according to a statement Thursday. While it has completed investigations involving witnesses in the country, the MACC said it still needs permission from the attorney general to get documents and evidence from overseas financial institutions.
"This evidence can only be taken by the Mutual Legal Assistance process because it is tied to the provision of banking legislation of the country concerned," the agency said. "MACC has made an application under the MLA to attorney general to obtain documents and evidence.""
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"Malaysia’s anti-graft agency submitted results to the attorney general of a probe into hundreds of millions of dollars that ended up in Prime Minister Najib Razak’s private accounts before the 2013 general elections.
The Malaysian Anti-Corruption Commission said it made several proposals and recommendations for action in the case, according to a statement Thursday. While it has completed investigations involving witnesses in the country, the MACC said it still needs permission from the attorney general to get documents and evidence from overseas financial institutions.
"This evidence can only be taken by the Mutual Legal Assistance process because it is tied to the provision of banking legislation of the country concerned," the agency said. "MACC has made an application under the MLA to attorney general to obtain documents and evidence.""
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The business figures with most at stake in 2016 | Business | The Guardian
The business figures with most at stake in 2016 | Business | The Guardian:
"The new year brings new challenges for some of the highest-profile figures in business. Others continue to be dogged by past problems.
For some, such as António Horta Osório, the chief executive of Lloyds Banking Group, 2016 raises the prospect of the government selling off its remaining stake in the bailed-out banks. For others, such as David Potts, boss of Morrisons supermarkets, there is the fear of a takeover. Ben van Beurden, meanwhile, chief executive of the Anglo-Dutch oil group Shell, has the task of pulling off a £40bn deal with BG first agreed before the oil price crashed.
It is also a critical year for policymakers. Mark Carney, governor of the Bank of England, is facing questions about whether interest rates will remain at their record low of 0.5% by the end of the year."
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"The new year brings new challenges for some of the highest-profile figures in business. Others continue to be dogged by past problems.
For some, such as António Horta Osório, the chief executive of Lloyds Banking Group, 2016 raises the prospect of the government selling off its remaining stake in the bailed-out banks. For others, such as David Potts, boss of Morrisons supermarkets, there is the fear of a takeover. Ben van Beurden, meanwhile, chief executive of the Anglo-Dutch oil group Shell, has the task of pulling off a £40bn deal with BG first agreed before the oil price crashed.
It is also a critical year for policymakers. Mark Carney, governor of the Bank of England, is facing questions about whether interest rates will remain at their record low of 0.5% by the end of the year."
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Iran Weekly Market Report - 31 December 2015
Iran Weekly Market Report - 31 December 2015:
"The Tehran Stock Exchange experienced positive returns after six consecutive weeks of declines. The TSE All-Share Index gained 0.4% this week, to close at 61,691. The main index of the Tehran Stock Exchange had started the week slightly in the red and had moved flatly on Sunday and Monday’s trading sessions. However, after the public holiday on Tuesday, the market grew by a larger scale on Wednesday. Banks had a remarkable positive effect on the TEDPIX’s performance on Wednesday which caused the market benchmark to experience its highest daily gain since October 18, 2015 (221 points or 0.4%).
By Technical Analysis perspective, investors’ reactions to the support level have kept the All-Share Index higher than the 61,500 mark for now. However, the index is still below its 50 day EMA by almost 1% and needs more progress to find its way back towards constant growth. In this respect, the index needs higher levels of trade volume supporting its minor gain to be able to reach the 63,000 level once again.
Similarly, the index of the thirty largest companies by market capitalization, the TSE30 index, recorded a weekly gain of 0.5%. The index also recorded its highest daily growth since October 18, 2015 on Wednesday (0.6%), as it closed at 2,582.
"
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"The Tehran Stock Exchange experienced positive returns after six consecutive weeks of declines. The TSE All-Share Index gained 0.4% this week, to close at 61,691. The main index of the Tehran Stock Exchange had started the week slightly in the red and had moved flatly on Sunday and Monday’s trading sessions. However, after the public holiday on Tuesday, the market grew by a larger scale on Wednesday. Banks had a remarkable positive effect on the TEDPIX’s performance on Wednesday which caused the market benchmark to experience its highest daily gain since October 18, 2015 (221 points or 0.4%).
By Technical Analysis perspective, investors’ reactions to the support level have kept the All-Share Index higher than the 61,500 mark for now. However, the index is still below its 50 day EMA by almost 1% and needs more progress to find its way back towards constant growth. In this respect, the index needs higher levels of trade volume supporting its minor gain to be able to reach the 63,000 level once again.
Similarly, the index of the thirty largest companies by market capitalization, the TSE30 index, recorded a weekly gain of 0.5%. The index also recorded its highest daily growth since October 18, 2015 on Wednesday (0.6%), as it closed at 2,582.
"
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George Osborne urged to revive review of bank culture - FT.com
George Osborne urged to revive review of bank culture - FT.com:
"George Osborne is coming under pressure to revive a review of banking culture after it emerged the UK’s financial watchdog had dropped its examination, in a sign that “banker bashing” was waning.
The Financial Conduct Authority had ditched its probe into the culture of retail and wholesale banks operating in the UK just months after it launched, based on the view that each business was unique and therefore could not easily be compared, the Financial Times revealed on Wednesday."
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"George Osborne is coming under pressure to revive a review of banking culture after it emerged the UK’s financial watchdog had dropped its examination, in a sign that “banker bashing” was waning.
The Financial Conduct Authority had ditched its probe into the culture of retail and wholesale banks operating in the UK just months after it launched, based on the view that each business was unique and therefore could not easily be compared, the Financial Times revealed on Wednesday."
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Etihad Airways to appeal German court ruling - FT.com
Etihad Airways to appeal German court ruling - FT.com:
"Etihad Airways is to appeal a German court ruling that has rejected its right to jointly sell tickets for certain routes operated by Air Berlin this winter.
The court on Wednesday said that Air Berlin and Etihad, which owns a 29 per cent stake in the former, will not be allowed to continue to code-share on 31 flights from January 16, because they are not covered by the air traffic rights agreement between Germany and the United Arab Emirates."
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"Etihad Airways is to appeal a German court ruling that has rejected its right to jointly sell tickets for certain routes operated by Air Berlin this winter.
The court on Wednesday said that Air Berlin and Etihad, which owns a 29 per cent stake in the former, will not be allowed to continue to code-share on 31 flights from January 16, because they are not covered by the air traffic rights agreement between Germany and the United Arab Emirates."
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