The energy subsidies dam has finally broken in the Middle East | The National:
"When dams break, they begin with a small crack – until the swirling waters suddenly break through and the whole edifice collapses.
The array of Middle East energy subsidies now is also being swept away. Following on the UAE’s change to market-based fuel prices, Abu Dhabi raised utility rates, Saudi Arabia’s latest budget cut subsidies and Oman has said they will be eliminated. Bahrain will raise diesel and kerosene prices gradually, while Kuwait’s finance ministry proposes to trim more than a third from handouts.
Three powerful forces are driving this change."
'via Blog this'
Sunday, 3 January 2016
All eyes turn to Abu Dhabi Global Market as it selects first members | The National
All eyes turn to Abu Dhabi Global Market as it selects first members | The National:
"The new year is set to be a crucial time for Abu Dhabi Global Market, the UAE’s new financial free zone, as it prepares to welcome its first member companies.
ADGM was set up in 2013, and since then, under a team led by the chairman Ahmed Al Sayegh, has carefully put in place the structure and personnel to become a leading regional and global financial centre, in line with the capital’s long term economic strategy.
It declared itself open for business in October last year, in anticipation of the first applications for registration from UAE and international financial institutions."
'via Blog this'
"The new year is set to be a crucial time for Abu Dhabi Global Market, the UAE’s new financial free zone, as it prepares to welcome its first member companies.
ADGM was set up in 2013, and since then, under a team led by the chairman Ahmed Al Sayegh, has carefully put in place the structure and personnel to become a leading regional and global financial centre, in line with the capital’s long term economic strategy.
It declared itself open for business in October last year, in anticipation of the first applications for registration from UAE and international financial institutions."
'via Blog this'
MIDEAST STOCKS-Mixed in thin trade; Emaar Properties weighs on Dubai | Reuters
MIDEAST STOCKS-Mixed in thin trade; Emaar Properties weighs on Dubai | Reuters:
"Middle East stock markets were mixed in quiet trade on Sunday with Dubai falling as Emaar Properties was sold after a fire at one of its luxury hotels. The Saudi Arabian and Egyptian markets gained, supported by large-cap bank stocks.
Emaar shares slid in heavy, early trade after its Address Downtown hotel in Dubai was engulfed by a fire on New Year's Eve. The stock hit an intra-day low of 5.44 dirhams but a rebound gained steam as buy orders were placed in the final 15 minutes of trade. It closed at 5.60 dirhams, down 1.6 percent, and Dubai's index finished down 0.5 percent.
Dubai's leading real estate developer said the blaze would have "no material impact" on it because the building and risk of fire were covered by its insurance."
'via Blog this'
"Middle East stock markets were mixed in quiet trade on Sunday with Dubai falling as Emaar Properties was sold after a fire at one of its luxury hotels. The Saudi Arabian and Egyptian markets gained, supported by large-cap bank stocks.
Emaar shares slid in heavy, early trade after its Address Downtown hotel in Dubai was engulfed by a fire on New Year's Eve. The stock hit an intra-day low of 5.44 dirhams but a rebound gained steam as buy orders were placed in the final 15 minutes of trade. It closed at 5.60 dirhams, down 1.6 percent, and Dubai's index finished down 0.5 percent.
Dubai's leading real estate developer said the blaze would have "no material impact" on it because the building and risk of fire were covered by its insurance."
'via Blog this'
ETFs to play main role in the next crisis - FT.com
ETFs to play main role in the next crisis - FT.com:
"The next financial crisis will be played out in indexes and exchange traded funds. That is inevitable given the huge share that ETFs now take of investor fund flows, and their popularity as hedge fund trading vehicles.
What is less clear, and deeply controversial, is whether the structure of ETFs will itself contribute to the next crisis, or even cause it. Regulators, worried by past incidents when untested financial innovations helped exacerbate financial crises, are worried that it could."
'via Blog this'
"The next financial crisis will be played out in indexes and exchange traded funds. That is inevitable given the huge share that ETFs now take of investor fund flows, and their popularity as hedge fund trading vehicles.
What is less clear, and deeply controversial, is whether the structure of ETFs will itself contribute to the next crisis, or even cause it. Regulators, worried by past incidents when untested financial innovations helped exacerbate financial crises, are worried that it could."
'via Blog this'
Forecasting the world in 2016 - FT.com
Forecasting the world in 2016 - FT.com:
"A
New Year beckons and the Financial Times once more indulges in the ritual of forecasting the 12 months ahead. Our experts and commentators set caution to one side and predict what will happen in everything from the US presidential election to the Euro 2016 football tournament.
A quick judgment on how they did last year. Ed Crooks correctly forecast that the oil price had further to fall, a brave claim at the end of a year in which it had already halved. Martin Wolf said the ECB would adopt full quantitative easing, which it did. Clive Cookson rightly opined that Ebola would be eliminated in west Africa by the close of 2015. Gideon Rachman said Vladimir Putin would annexe no further territory in Ukraine and Europe. Not many at the end of 2014 were saying that.
We got one wrong. Jonathan Ford was among many who assumed the British general election would end in a hung parliament (he went so far as to predict a national government). Otherwise, the fault last year lay not with the answers we gave but the questions we failed to ask. We did not foresee a surge of Isis-sponsored terrorism in France; that Russia would take military action in Syria; and that the migrant crisis would become a grave threat to the EU. In 2016 too, events will happen that are as yet beyond our imagination. "
'via Blog this'
"A
New Year beckons and the Financial Times once more indulges in the ritual of forecasting the 12 months ahead. Our experts and commentators set caution to one side and predict what will happen in everything from the US presidential election to the Euro 2016 football tournament.
A quick judgment on how they did last year. Ed Crooks correctly forecast that the oil price had further to fall, a brave claim at the end of a year in which it had already halved. Martin Wolf said the ECB would adopt full quantitative easing, which it did. Clive Cookson rightly opined that Ebola would be eliminated in west Africa by the close of 2015. Gideon Rachman said Vladimir Putin would annexe no further territory in Ukraine and Europe. Not many at the end of 2014 were saying that.
We got one wrong. Jonathan Ford was among many who assumed the British general election would end in a hung parliament (he went so far as to predict a national government). Otherwise, the fault last year lay not with the answers we gave but the questions we failed to ask. We did not foresee a surge of Isis-sponsored terrorism in France; that Russia would take military action in Syria; and that the migrant crisis would become a grave threat to the EU. In 2016 too, events will happen that are as yet beyond our imagination. "
'via Blog this'
Hotel fire has 'no material impact' on Emaar | GulfNews.com
Hotel fire has 'no material impact' on Emaar | GulfNews.com:
"Emaar Properties, the Dubai-based real estate developer, said there would be no material impact on the company as a result of the fire at one of its hotels on New Year’s Eve.
In a statement issued to the Dubai Financial Market (DFM) where Emaar is listed, the company said that the "fire has been contained and the cause is being investigated by the company and the relevant authorities."
"The building and risk of fire are covered by insurance, so there should be no material impact on the company as a result of this incident.”"
'via Blog this'
"Emaar Properties, the Dubai-based real estate developer, said there would be no material impact on the company as a result of the fire at one of its hotels on New Year’s Eve.
In a statement issued to the Dubai Financial Market (DFM) where Emaar is listed, the company said that the "fire has been contained and the cause is being investigated by the company and the relevant authorities."
"The building and risk of fire are covered by insurance, so there should be no material impact on the company as a result of this incident.”"
'via Blog this'
Russian Oil Output Hits Post-Soviet Record Amid Lower Price - Bloomberg Business
Russian Oil Output Hits Post-Soviet Record Amid Lower Price - Bloomberg Business:
"Russia’s crude output set another post-Soviet record in December, according to Energy Ministry data, as the nation’s producers seek to withstand the slump in oil prices.
The country’s crude and gas condensate production increased to 10.825 million barrels a day last month, beating the previous record set in November by 0.4 percent, Bloomberg calculations based on the data show. Output for the year increased 1.4 percent compared with 2014, exceeding 534 million metric tons, or almost 10.726 million barrels a day, according to the preliminary information e-mailed from Energy Ministry’s CDU-TEK unit.
Russian crude producers have been setting post-Soviet records even amid plunging prices and U.S. and European Union sanctions that cut access to foreign financing and technology. The companies have managed to squeeze more crude out of some aging fields in West Siberia and brought a few mid-sized new projects on line."
'via Blog this'
"Russia’s crude output set another post-Soviet record in December, according to Energy Ministry data, as the nation’s producers seek to withstand the slump in oil prices.
The country’s crude and gas condensate production increased to 10.825 million barrels a day last month, beating the previous record set in November by 0.4 percent, Bloomberg calculations based on the data show. Output for the year increased 1.4 percent compared with 2014, exceeding 534 million metric tons, or almost 10.726 million barrels a day, according to the preliminary information e-mailed from Energy Ministry’s CDU-TEK unit.
Russian crude producers have been setting post-Soviet records even amid plunging prices and U.S. and European Union sanctions that cut access to foreign financing and technology. The companies have managed to squeeze more crude out of some aging fields in West Siberia and brought a few mid-sized new projects on line."
'via Blog this'
Iran says boosting oil exports depends on future demand | Reuters
Iran says boosting oil exports depends on future demand | Reuters:
"A rise in Iran's crude oil exports once sanctions against it are lifted depends on future global oil demand and should not further weaken oil prices, senior officials were quoted as saying.
Oil Minister Bijan Zanganeh said Iran did not plan to exacerbate an already bearish oil market.
"We are not seeking to distort the market but will regain our market share," said Zanganeh, quoted by oil ministry news agency Shana."
'via Blog this'
"A rise in Iran's crude oil exports once sanctions against it are lifted depends on future global oil demand and should not further weaken oil prices, senior officials were quoted as saying.
Oil Minister Bijan Zanganeh said Iran did not plan to exacerbate an already bearish oil market.
"We are not seeking to distort the market but will regain our market share," said Zanganeh, quoted by oil ministry news agency Shana."
'via Blog this'
MIDEAST STOCKS-Saudi, Egypt edge higher in early trade | Reuters
MIDEAST STOCKS-Saudi, Egypt edge higher in early trade | Reuters:
"The Saudi Arabian and Egyptian stock markets rose in early trade on Sunday amid hopes that shares have largely factored in economic headwinds for now - an austerity budget in Saudi Arabia and the foreign exchange shortage in Egypt.
Saudi Arabia's index gained 0.4 percent as Saudi Arabian Mining Co (Ma'aden) added 0.6 percent after announcing it had started initial production of copper at its joint venture affiliate with Canada's Barrick Gold Corp . [ID:nD5N0ZO01E}
Petrochemicals remained soft, however, as investors are still wary of the sector after rises in the price of natural gas feedstock in last week's budget. Saudi Basic Industries (SABIC), which makes up two-thirds of the sector's total market value, fell 0.7 percent."
'via Blog this'
"The Saudi Arabian and Egyptian stock markets rose in early trade on Sunday amid hopes that shares have largely factored in economic headwinds for now - an austerity budget in Saudi Arabia and the foreign exchange shortage in Egypt.
Saudi Arabia's index gained 0.4 percent as Saudi Arabian Mining Co (Ma'aden) added 0.6 percent after announcing it had started initial production of copper at its joint venture affiliate with Canada's Barrick Gold Corp . [ID:nD5N0ZO01E}
Petrochemicals remained soft, however, as investors are still wary of the sector after rises in the price of natural gas feedstock in last week's budget. Saudi Basic Industries (SABIC), which makes up two-thirds of the sector's total market value, fell 0.7 percent."
'via Blog this'
MIDEAST STOCKS-Emaar drags down Dubai; Gulf markets weak | Reuters
MIDEAST STOCKS-Emaar drags down Dubai; Gulf markets weak | Reuters:
"Emaar Properties shares were dumped in heavy, early trade on Sunday after its Address Downtown luxury hotel in Dubai was hit by a fire on New Year's Eve. This dragged down Dubai's bourse, while other Gulf markets slipped in sluggish trade.
Emaar Properties was down 2.5 percent at 5.55 dirhams after 45 minutes of unusually heavy trade, off a low of 5.44 dirhams.
In a brief statement, Emaar said: "The building and risk of fire are covered by insurance so there should be no material impact on the company as a result of this incident."
"
'via Blog this'
"Emaar Properties shares were dumped in heavy, early trade on Sunday after its Address Downtown luxury hotel in Dubai was hit by a fire on New Year's Eve. This dragged down Dubai's bourse, while other Gulf markets slipped in sluggish trade.
Emaar Properties was down 2.5 percent at 5.55 dirhams after 45 minutes of unusually heavy trade, off a low of 5.44 dirhams.
In a brief statement, Emaar said: "The building and risk of fire are covered by insurance so there should be no material impact on the company as a result of this incident."
"
'via Blog this'
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