Iran’s oil and the market for tankers | Short View - YouTube: ""
'via Blog this'
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Wednesday, 20 January 2016
UAE c.bank halts foreign banks waivers on state-linked lending — sources | GulfNews.com
UAE c.bank halts foreign banks waivers on state-linked lending — sources | GulfNews.com:
"The UAE Central Bank has removed waivers given to foreign banks allowing them to use their group’s capital reserves to calculate lending to the government and state-owned entities, sources aware of the matter told Reuters.
The change, related to 2012 legislation to counter dangers to the country’s banking system from lenders accumulating large exposures to single borrowers, means foreign banks can only use the reserves of their locally-registered units to calculate lending limits.
Large international banks should be unaffected by the move, as they register the loans made in the UAE in central processing centres outside the country."
'via Blog this'
"The UAE Central Bank has removed waivers given to foreign banks allowing them to use their group’s capital reserves to calculate lending to the government and state-owned entities, sources aware of the matter told Reuters.
The change, related to 2012 legislation to counter dangers to the country’s banking system from lenders accumulating large exposures to single borrowers, means foreign banks can only use the reserves of their locally-registered units to calculate lending limits.
Large international banks should be unaffected by the move, as they register the loans made in the UAE in central processing centres outside the country."
'via Blog this'
Short circuit caused Address hotel fire, say police | GulfNews.com
Short circuit caused Address hotel fire, say police | GulfNews.com:
"Investigators on Wednesday blamed electrical short circuit and ruled out foul play in the huge fire at The Address Downtown Dubai hotel on New Year’s Eve.
Major General Khamis Mattar Al Mazeina, Dubai Police Chief, said the report by General Department of Forensic Science and Criminology of Dubai Police said the fire was caused by a short circuit and there was no suspicion of criminal activity. “The results of the investigation came after inspecting the area where the fire started, collecting and testing evidence as well as listening to witnesses’ testimonies,” he said.
Fire expert Ahmad Mohammad Ahmad, Head of the Forensics and Mechanical Engineering Department at the General Department of Forensic Science and Criminology of Dubai Police, said the fire started from the wires of a spotlight on the ledge between the 14th and 15th floor of the 63-storey hotel at around 9.25pm on the New Year’s eve."
'via Blog this'
"Investigators on Wednesday blamed electrical short circuit and ruled out foul play in the huge fire at The Address Downtown Dubai hotel on New Year’s Eve.
Major General Khamis Mattar Al Mazeina, Dubai Police Chief, said the report by General Department of Forensic Science and Criminology of Dubai Police said the fire was caused by a short circuit and there was no suspicion of criminal activity. “The results of the investigation came after inspecting the area where the fire started, collecting and testing evidence as well as listening to witnesses’ testimonies,” he said.
Fire expert Ahmad Mohammad Ahmad, Head of the Forensics and Mechanical Engineering Department at the General Department of Forensic Science and Criminology of Dubai Police, said the fire started from the wires of a spotlight on the ledge between the 14th and 15th floor of the 63-storey hotel at around 9.25pm on the New Year’s eve."
'via Blog this'
Some Bankrupt Oil and Gas Drillers Can't Give Their Assets Away - Bloomberg Business
Some Bankrupt Oil and Gas Drillers Can't Give Their Assets Away - Bloomberg Business:
"Oil is in free fall and Terry Clark couldn’t be happier.
In mid-2014, when the crude price topped $100 a barrel, Clark made an offer to buy properties from Dune Energy Inc., a small driller with money trouble. Dune turned him down. A year later, as oil plunged to $60 a barrel, Dune filed for bankruptcy and Clark’s White Marlin Oil & Gas Co. picked up the assets at auction at a deep discount.
“What we offered versus what we got it for, it’s a great price,” Clark said. “We’re going to continue to play these bankruptcies. We’re participating in two more right now.”"
'via Blog this'
"Oil is in free fall and Terry Clark couldn’t be happier.
In mid-2014, when the crude price topped $100 a barrel, Clark made an offer to buy properties from Dune Energy Inc., a small driller with money trouble. Dune turned him down. A year later, as oil plunged to $60 a barrel, Dune filed for bankruptcy and Clark’s White Marlin Oil & Gas Co. picked up the assets at auction at a deep discount.
“What we offered versus what we got it for, it’s a great price,” Clark said. “We’re going to continue to play these bankruptcies. We’re participating in two more right now.”"
'via Blog this'
Saudi Arabia Defends Its Currency Peg - Bloomberg Business
Saudi Arabia Defends Its Currency Peg - Bloomberg Business:
"Bloomberg's Sam Potter reports on the latest overseas markets news. He speaks on "Bloomberg Markets." (Source: Bloomberg)"
'via Blog this'
"Bloomberg's Sam Potter reports on the latest overseas markets news. He speaks on "Bloomberg Markets." (Source: Bloomberg)"
'via Blog this'
Oil plumbs new lows below $27 in unrelenting rout | Reuters
Oil plumbs new lows below $27 in unrelenting rout | Reuters:
"U.S. oil prices crashed below $27 dollars a barrel on Wednesday for the first time since 2003, caught in a broad slump across world financial markets with traders also fearful that the crude supply glut could last longer.
Oil prices have slid more than 25 percent so far this year, piling more pain on oil drillers and producing nations alike, yet they keep pumping more oil into an oversupplied market.
U.S. crude CLc1 for February delivery, which expires at the end of the day, slid $2.05, or 7.2 percent to $26.41 at 2:05 p.m. EST (1902 GMT)."
'via Blog this'
"U.S. oil prices crashed below $27 dollars a barrel on Wednesday for the first time since 2003, caught in a broad slump across world financial markets with traders also fearful that the crude supply glut could last longer.
Oil prices have slid more than 25 percent so far this year, piling more pain on oil drillers and producing nations alike, yet they keep pumping more oil into an oversupplied market.
U.S. crude CLc1 for February delivery, which expires at the end of the day, slid $2.05, or 7.2 percent to $26.41 at 2:05 p.m. EST (1902 GMT)."
'via Blog this'
Exclusive: Saudi-backed shipping line UASC resumes Iran business | Reuters
Exclusive: Saudi-backed shipping line UASC resumes Iran business | Reuters:
"United Arab Shipping Company is resuming business with Iran following the lifting of Western sanctions, despite the deep-seated political rivalry between the Islamic Republic and Saudi Arabia, one of the shipping line's main shareholders.
A nuclear deal between world powers and Iran led to the removal on Saturday of international oil export prohibitions as well as restrictions on banking, insurance and shipping.
Sunni Muslim Saudi Arabia has grave reservations about the lifting of sanctions on its main regional rival, with which it cut ties earlier this month after its Tehran embassy was attacked following Riyadh's execution of a Shi'ite cleric."
'via Blog this'
"United Arab Shipping Company is resuming business with Iran following the lifting of Western sanctions, despite the deep-seated political rivalry between the Islamic Republic and Saudi Arabia, one of the shipping line's main shareholders.
A nuclear deal between world powers and Iran led to the removal on Saturday of international oil export prohibitions as well as restrictions on banking, insurance and shipping.
Sunni Muslim Saudi Arabia has grave reservations about the lifting of sanctions on its main regional rival, with which it cut ties earlier this month after its Tehran embassy was attacked following Riyadh's execution of a Shi'ite cleric."
'via Blog this'
MIDEAST STOCKS-Region hit by fresh sell-off, Saudi down 5 pct as oil sags | Reuters
MIDEAST STOCKS-Region hit by fresh sell-off, Saudi down 5 pct as oil sags | Reuters:
"Middle East stock markets plunged to multi-year lows again on Wednesday, with the Saudi market losing 5 percent of its value, in response to a fresh drop in oil prices and global equities.
With valuations and dividend yields now looking attractive by global standards, major Middle Eastern markets had rebounded on Tuesday. Wednesday's losses erased those gains and underlined the fragility of investor sentiment, amid uncertainty over how Gulf oil exporting economies can cope with an era of cheap oil.
Riyadh's index sank 5.0 percent to 5,460 points, the lowest close since March 2011. It has lost 21 percent so far this year. Petrochemical blue chip Saudi Basic Industries slumped 6.0 percent."
'via Blog this'
"Middle East stock markets plunged to multi-year lows again on Wednesday, with the Saudi market losing 5 percent of its value, in response to a fresh drop in oil prices and global equities.
With valuations and dividend yields now looking attractive by global standards, major Middle Eastern markets had rebounded on Tuesday. Wednesday's losses erased those gains and underlined the fragility of investor sentiment, amid uncertainty over how Gulf oil exporting economies can cope with an era of cheap oil.
Riyadh's index sank 5.0 percent to 5,460 points, the lowest close since March 2011. It has lost 21 percent so far this year. Petrochemical blue chip Saudi Basic Industries slumped 6.0 percent."
'via Blog this'
Slump in oil prices drives green energy takeup in top exporting nations | Environment | The Guardian
Slump in oil prices drives green energy takeup in top exporting nations | Environment | The Guardian:
"The oil price slump below $30 barrel is spurring some of the world’s biggest oil exporters to curb domestic consumption of fossil fuels and invest in wind and solar power, according to government officials meeting in Abu Dhabi.
A month after the historic climate agreement in Paris, Saudi Arabia, Russia, Iran, Kuwait, the United Arab Emirates and other oil exporters are in the midst of overhauling domestic energy policies and seeking alternatives to oil and gas for electricity.
The main motive is not reducing greenhouse gas emissions, but cutting back on domestic energy demand that is taking up a rising share of production. Oil exporters would rather sell their fossil fuels abroad than burn them at home, government officials attending meetings of the International Renewable Energy Agency (Irena) said."
'via Blog this'
"The oil price slump below $30 barrel is spurring some of the world’s biggest oil exporters to curb domestic consumption of fossil fuels and invest in wind and solar power, according to government officials meeting in Abu Dhabi.
A month after the historic climate agreement in Paris, Saudi Arabia, Russia, Iran, Kuwait, the United Arab Emirates and other oil exporters are in the midst of overhauling domestic energy policies and seeking alternatives to oil and gas for electricity.
The main motive is not reducing greenhouse gas emissions, but cutting back on domestic energy demand that is taking up a rising share of production. Oil exporters would rather sell their fossil fuels abroad than burn them at home, government officials attending meetings of the International Renewable Energy Agency (Irena) said."
'via Blog this'
Shares sell-off by sovereign wealth funds hurting markets - BBC News
Shares sell-off by sovereign wealth funds hurting markets - BBC News:
"When the price of crude was riding high at about $120 a barrel, oil-rich countries seemed to have plenty of cash to go around.
Money was invested in shares and other assets around the world, not just by individuals, but by the sovereign wealth funds (SWFs).
But with the oil price sinking to around a 12-year low, there are signs that SWFs are having to dump assets to raise money. And that is exacerbating the turmoil on world markets."
'via Blog this'
"When the price of crude was riding high at about $120 a barrel, oil-rich countries seemed to have plenty of cash to go around.
Money was invested in shares and other assets around the world, not just by individuals, but by the sovereign wealth funds (SWFs).
But with the oil price sinking to around a 12-year low, there are signs that SWFs are having to dump assets to raise money. And that is exacerbating the turmoil on world markets."
'via Blog this'
IMF Backs Saudi Arabia, Gulf Spending Cuts With Growth to Slow - Bloomberg Business
IMF Backs Saudi Arabia, Gulf Spending Cuts With Growth to Slow - Bloomberg Business:
"Cutting government spending and reducing subsidies are necessary steps for oil-rich Gulf nations to adjust to the “new reality” of lower crude prices, though they will also squeeze economic growth in the short-term, according to the International Monetary Fund.
The IMF warned in October that Saudi Arabia, Oman and Bahrain risked draining financial assets within five years if governments maintained their existing spending. All three have since cut energy subsidies after years of debate, while Saudi Arabia has also reduced support for water and electricity and is considering new forms of taxation and privatizing state assets, including an initial public offering for state-run Saudi Arabian Oil Co.
Saudi Arabia’s fiscal consolidation has been more ambitious and speedier "than what had been anticipated earlier, and one of the consequences will be to see dampening effect on non-oil growth," the IMF’s Middle East chief Masood Ahmed said in a phone interview. Non-oil economic growth in the kingdom is expected to slow to about 1 percent this year and just over 2 percent next year, compared with 3.5 percent in 2015, he said.
"
'via Blog this'
"Cutting government spending and reducing subsidies are necessary steps for oil-rich Gulf nations to adjust to the “new reality” of lower crude prices, though they will also squeeze economic growth in the short-term, according to the International Monetary Fund.
The IMF warned in October that Saudi Arabia, Oman and Bahrain risked draining financial assets within five years if governments maintained their existing spending. All three have since cut energy subsidies after years of debate, while Saudi Arabia has also reduced support for water and electricity and is considering new forms of taxation and privatizing state assets, including an initial public offering for state-run Saudi Arabian Oil Co.
Saudi Arabia’s fiscal consolidation has been more ambitious and speedier "than what had been anticipated earlier, and one of the consequences will be to see dampening effect on non-oil growth," the IMF’s Middle East chief Masood Ahmed said in a phone interview. Non-oil economic growth in the kingdom is expected to slow to about 1 percent this year and just over 2 percent next year, compared with 3.5 percent in 2015, he said.
"
'via Blog this'
Saudi Stocks Plunge as Mideast Markets Retreat Amid Oil Slump - Bloomberg Business
Saudi Stocks Plunge as Mideast Markets Retreat Amid Oil Slump - Bloomberg Business:
"Saudi Arabian stocks led a retreat among Middle East equity markets as Brent crude dropped below $28 per barrel for the second day this week.
The Tadawul All Share Index fell 4.5 percent, headed for the lowest since March 2011 on a closing basis, as Saudi authorities were said to have ordered local banks to stop offering options contracts that allow speculators to take bets on a devaluation of the riyal. Dubai’s DFM General Index tumbled 4.6 percent to the weakest close since September 2013. The Bloomberg GCC 200 Index, which tracks the region’s largest companies, was poised for the lowest level since 2011."
'via Blog this'
"Saudi Arabian stocks led a retreat among Middle East equity markets as Brent crude dropped below $28 per barrel for the second day this week.
The Tadawul All Share Index fell 4.5 percent, headed for the lowest since March 2011 on a closing basis, as Saudi authorities were said to have ordered local banks to stop offering options contracts that allow speculators to take bets on a devaluation of the riyal. Dubai’s DFM General Index tumbled 4.6 percent to the weakest close since September 2013. The Bloomberg GCC 200 Index, which tracks the region’s largest companies, was poised for the lowest level since 2011."
'via Blog this'
MIDEAST STOCKS-Saudi, Egypt tumble in early trade | Reuters
MIDEAST STOCKS-Saudi, Egypt tumble in early trade | Reuters:
"Stock markets in Saudi Arabia and Egypt tumbled in early trade on Wednesday as investors sold off aggressively across the board after renewed weakness in oil prices and global equity markets.
Riyadh's index erased Tuesday's gains and dropped more than 4 percent in the opening minutes, nearing a multi-year closing low hit on Monday. Petrochemical blue chip Saudi Basic Industries slumped 4.2 percent.
Al Tayyar tumbled 7.0 percent. The tourism and travel group posted a 6.9 percent fall in fourth-quarter profit to 215 million riyals ($57.3 million); analysts at Aljazira Capital and Osool & Bakheet Investment Co had expected 286.3 million riyals and 296.4 million riyals."
'via Blog this'
"Stock markets in Saudi Arabia and Egypt tumbled in early trade on Wednesday as investors sold off aggressively across the board after renewed weakness in oil prices and global equity markets.
Riyadh's index erased Tuesday's gains and dropped more than 4 percent in the opening minutes, nearing a multi-year closing low hit on Monday. Petrochemical blue chip Saudi Basic Industries slumped 4.2 percent.
Al Tayyar tumbled 7.0 percent. The tourism and travel group posted a 6.9 percent fall in fourth-quarter profit to 215 million riyals ($57.3 million); analysts at Aljazira Capital and Osool & Bakheet Investment Co had expected 286.3 million riyals and 296.4 million riyals."
'via Blog this'
Shrinking Sovereign Wealth Funds Are Ducking Davos - Bloomberg Business
Shrinking Sovereign Wealth Funds Are Ducking Davos - Bloomberg Business:
"In the days of the commodity boom a few years ago, oil-rich nations and their petrodollar wealth were the darlings of the World Economic Forum.
A panel that included Kuwaiti, Saudi and Russian sovereign-wealth fund officials was one the hottest tickets at Davos in January 2008, just before oil prices surged to $150 a barrel. It was a time when crude producers were accumulating billions of dollars in debt and equities, plus real estate, sports teams and other trophy assets. So influential were the fund managers that a group of bank chiefs told them behind closed doors at the Swiss resort to become more transparent, or risk antagonizing American legislators.
Now, with oil below $30 a barrel, the situation has reversed. Instead of buying U.S. Treasuries, British department stores and French soccer teams, producing countries are selling, helping depress already-spooked markets. Only a handful of wealth-fund heads are scheduled to appear at the 2016 annual forum of the rich and powerful. And not one panel is devoted to the topic."
'via Blog this'
"In the days of the commodity boom a few years ago, oil-rich nations and their petrodollar wealth were the darlings of the World Economic Forum.
A panel that included Kuwaiti, Saudi and Russian sovereign-wealth fund officials was one the hottest tickets at Davos in January 2008, just before oil prices surged to $150 a barrel. It was a time when crude producers were accumulating billions of dollars in debt and equities, plus real estate, sports teams and other trophy assets. So influential were the fund managers that a group of bank chiefs told them behind closed doors at the Swiss resort to become more transparent, or risk antagonizing American legislators.
Now, with oil below $30 a barrel, the situation has reversed. Instead of buying U.S. Treasuries, British department stores and French soccer teams, producing countries are selling, helping depress already-spooked markets. Only a handful of wealth-fund heads are scheduled to appear at the 2016 annual forum of the rich and powerful. And not one panel is devoted to the topic."
'via Blog this'
MIDEAST STOCKS-Gulf sells off in early trade as oil, Asian mkts slip | Reuters
MIDEAST STOCKS-Gulf sells off in early trade as oil, Asian mkts slip | Reuters:
"Gulf bourses sold off in early trade on Wednesday as investors cashed out on renewed worries over low oil prices and a global equity market rout, proving the previous day's gains were not solid.
Dubai's index fell more than 2.5 percent, erasing most of Tuesday's gains and nearing a 27-month low hit last Thursday.
The two most traded stocks on the bourse were builders Arabtec and Drake & Scull, each tumbling by more than 4 percent."
'via Blog this'
"Gulf bourses sold off in early trade on Wednesday as investors cashed out on renewed worries over low oil prices and a global equity market rout, proving the previous day's gains were not solid.
Dubai's index fell more than 2.5 percent, erasing most of Tuesday's gains and nearing a 27-month low hit last Thursday.
The two most traded stocks on the bourse were builders Arabtec and Drake & Scull, each tumbling by more than 4 percent."
'via Blog this'
Oil-Rich Persian Gulf Looks to Renewables to Avert Water Crisis - Bloomberg Business
Oil-Rich Persian Gulf Looks to Renewables to Avert Water Crisis - Bloomberg Business:
"Why are the oil-rich countries of the Persian Gulf region announcing ambitious plans for renewable energy when the fossil fuels they produce are so cheap?
It’s all about water.
“Increasing renewables generation can substantially reduce water withdrawal,” said Adnan Amin, director-general of the International Renewable Energy Agency, which is based in Abu Dhabi. “Water is a very expensive commodity in this part of the world and extensively used in the energy sector. Commercial use of renewables can greatly reduce this.”"
'via Blog this'
"Why are the oil-rich countries of the Persian Gulf region announcing ambitious plans for renewable energy when the fossil fuels they produce are so cheap?
It’s all about water.
“Increasing renewables generation can substantially reduce water withdrawal,” said Adnan Amin, director-general of the International Renewable Energy Agency, which is based in Abu Dhabi. “Water is a very expensive commodity in this part of the world and extensively used in the energy sector. Commercial use of renewables can greatly reduce this.”"
'via Blog this'