Iran's new golden age | FT World - YouTube: ""
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Thursday, 28 January 2016
Al Futtaim Group eyes Iran’s growing retail market in regional expansion | The National
Al Futtaim Group eyes Iran’s growing retail market in regional expansion | The National:
"Al Futtaim Group is considering entry into Iran and expanding in Egypt, Saudi Arabia and Asia as the Dubai-based conglomerate seeks to grow its retail offering in populous markets, a company official said.
“We are closely monitoring the developments and we might enter Iran,” said Paul Delaoutre, the president of retail at Al Futtaim. “It is a very large population, 80 million people, and they are already sophisticated in their approach to fashion and they are very keen on spending money on western brands.”
The Iranian retail market grew by 30 per cent in 2014 compared with a year earlier, according to data provider and research firm Euromonitor International. Sales are forecast to grow further because of the country’s young population and high disposable income."
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"Al Futtaim Group is considering entry into Iran and expanding in Egypt, Saudi Arabia and Asia as the Dubai-based conglomerate seeks to grow its retail offering in populous markets, a company official said.
“We are closely monitoring the developments and we might enter Iran,” said Paul Delaoutre, the president of retail at Al Futtaim. “It is a very large population, 80 million people, and they are already sophisticated in their approach to fashion and they are very keen on spending money on western brands.”
The Iranian retail market grew by 30 per cent in 2014 compared with a year earlier, according to data provider and research firm Euromonitor International. Sales are forecast to grow further because of the country’s young population and high disposable income."
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Al Gosaibis seek Saudi consent to settle dispute over $6bn debt | The National
Al Gosaibis seek Saudi consent to settle dispute over $6bn debt | The National:
"The Al Gosaibi family of Saudi Arabia is to seek the blessing of the kingdom’s authorities for its proposals to settle the six-year dispute with creditors over its US$6 billion of debts by the end of this year.
Ahmed Hamed Al Gosaibi & Brothers (Ahab), the family partnership that owes the money after the collapse of its business in a storm of accusations in 2009, presented updated proposals to international claimants at a special meeting in Dubai yesterday and mapped out the steps towards implementation of the plan.
A statement from the company said: “Ahab has invited claimants into a process to agree the amounts of their claims so they may be presented to the judicial authorities in Saudi Arabia together with the settlement agreement. This will allow all parties to enter into a comprehensive agreement.”"
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"The Al Gosaibi family of Saudi Arabia is to seek the blessing of the kingdom’s authorities for its proposals to settle the six-year dispute with creditors over its US$6 billion of debts by the end of this year.
Ahmed Hamed Al Gosaibi & Brothers (Ahab), the family partnership that owes the money after the collapse of its business in a storm of accusations in 2009, presented updated proposals to international claimants at a special meeting in Dubai yesterday and mapped out the steps towards implementation of the plan.
A statement from the company said: “Ahab has invited claimants into a process to agree the amounts of their claims so they may be presented to the judicial authorities in Saudi Arabia together with the settlement agreement. This will allow all parties to enter into a comprehensive agreement.”"
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Kuwait projects record deficit on falling oil income | GulfNews.com
Kuwait projects record deficit on falling oil income | GulfNews.com:
"Kuwait projected a record budget deficit for the fiscal year starting April 1 on the sliding price of oil, the finance ministry said on Thursday.
The shortfall for the 2016-2017 fiscal year is estimated at 11.5 billion dinars ($38 billion) due to a sharp decline in oil revenues, the ministry said on its Twitter account.
Spending was estimated at 18.9 billion dinars, just 1.6 per cent lower than in the current year, the ministry said."
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"Kuwait projected a record budget deficit for the fiscal year starting April 1 on the sliding price of oil, the finance ministry said on Thursday.
The shortfall for the 2016-2017 fiscal year is estimated at 11.5 billion dinars ($38 billion) due to a sharp decline in oil revenues, the ministry said on its Twitter account.
Spending was estimated at 18.9 billion dinars, just 1.6 per cent lower than in the current year, the ministry said."
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MIDEAST STOCKS-Gulf stocks gain and volumes grow as oil rises over $33 | Reuters
MIDEAST STOCKS-Gulf stocks gain and volumes grow as oil rises over $33 | Reuters:
"Stocks rose in the Middle East on Thursday after Brent oil climbed above $33 a barrel, and higher trading volumes suggested some investors were returning to the markets.
Valuations have plunged in recent weeks, but many traders and fund managers believe that if Brent is above $30, investor jitters should ease enough for stock markets to stage at least a short-term rally.
Saudi petrochemical stocks made solid gains, with Saudi Basic Industries, the largest such stock by market value, jumping 4.2 percent. The sub-index added 4.2 percent, underpinning a 3.2 percent rise in Riyadh's main index to 5,880 points."
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"Stocks rose in the Middle East on Thursday after Brent oil climbed above $33 a barrel, and higher trading volumes suggested some investors were returning to the markets.
Valuations have plunged in recent weeks, but many traders and fund managers believe that if Brent is above $30, investor jitters should ease enough for stock markets to stage at least a short-term rally.
Saudi petrochemical stocks made solid gains, with Saudi Basic Industries, the largest such stock by market value, jumping 4.2 percent. The sub-index added 4.2 percent, underpinning a 3.2 percent rise in Riyadh's main index to 5,880 points."
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Russia says Saudis proposing global oil production cut | Reuters
Russia says Saudis proposing global oil production cut | Reuters:
"Russia said on Thursday that OPEC's largest producer Saudi Arabia, had proposed oil production cuts of up to 5 percent in what would be the first global deal in over a decade to help clear a glut of crude and prop up sinking prices.
Benchmark Brent futures LCOc1 jumped as much as 8 percent on Thursday to nearly $36 a barrel on news of the potential deal, which if implemented would immediately reduce surplus global output exceeding demand by 1 million barrels per day (bpd). Brent was trading at $34 a barrel at 1540 GMT.
A turnaround in oil's fortunes would be welcomed by oil-rich countries where the price collapse has caused budget squeezes and political turmoil with some even forced to devalue their currencies."
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"Russia said on Thursday that OPEC's largest producer Saudi Arabia, had proposed oil production cuts of up to 5 percent in what would be the first global deal in over a decade to help clear a glut of crude and prop up sinking prices.
Benchmark Brent futures LCOc1 jumped as much as 8 percent on Thursday to nearly $36 a barrel on news of the potential deal, which if implemented would immediately reduce surplus global output exceeding demand by 1 million barrels per day (bpd). Brent was trading at $34 a barrel at 1540 GMT.
A turnaround in oil's fortunes would be welcomed by oil-rich countries where the price collapse has caused budget squeezes and political turmoil with some even forced to devalue their currencies."
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Crude Carriers Cutting Speeds as World Swims in Glut of Oil - Bloomberg Business
Crude Carriers Cutting Speeds as World Swims in Glut of Oil - Bloomberg Business:
"The world’s biggest oil companies are asking tanker operators to slow down delivery of crude amid an ever-expanding supply glut on land, Europe’s largest owner of supertankers said.
Tankers hauling 2 million-barrel cargoes are delivering them at speeds of about 13 knots, compared with a maximum of 15, Paddy Rodgers, chief executive officer of Antwerp, Belgium-based Euronav NV, said in an interview in London on Thursday. The slower speeds might result in a voyage that would normally take 40 days instead lasting 48. Shore-based supplies are getting so big that it’s probable the need for storage at sea may soon grow, he said."
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"The world’s biggest oil companies are asking tanker operators to slow down delivery of crude amid an ever-expanding supply glut on land, Europe’s largest owner of supertankers said.
Tankers hauling 2 million-barrel cargoes are delivering them at speeds of about 13 knots, compared with a maximum of 15, Paddy Rodgers, chief executive officer of Antwerp, Belgium-based Euronav NV, said in an interview in London on Thursday. The slower speeds might result in a voyage that would normally take 40 days instead lasting 48. Shore-based supplies are getting so big that it’s probable the need for storage at sea may soon grow, he said."
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Saudi December Net Foreign Assets Drop More Than $19 Billion - Bloomberg Business
Saudi December Net Foreign Assets Drop More Than $19 Billion - Bloomberg Business:
"The Saudi central bank’s net foreign assets tumbled more than $19 billion in December as the kingdom draws on reserves amid the plunge in oil prices.
Reserves declined about 3 percent to more than $608 billion, bringing the drop in 2015 to $115 billion, according to central bank data released on Thursday.
While Saudi Arabia’s reserves remain among the highest in the world, the drop
underscores the kingdom’s struggle to cope with falling oil prices. Authorities are racing to find alternatives to revenue from crude exports to finance a budget deficit that stood at about 15 percent of economic output last year."
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"The Saudi central bank’s net foreign assets tumbled more than $19 billion in December as the kingdom draws on reserves amid the plunge in oil prices.
Reserves declined about 3 percent to more than $608 billion, bringing the drop in 2015 to $115 billion, according to central bank data released on Thursday.
While Saudi Arabia’s reserves remain among the highest in the world, the drop
underscores the kingdom’s struggle to cope with falling oil prices. Authorities are racing to find alternatives to revenue from crude exports to finance a budget deficit that stood at about 15 percent of economic output last year."
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Peugeot deal paves the way for French carmaker’s return to Iran - FT.com
Peugeot deal paves the way for French carmaker’s return to Iran - FT.com:
"PSA Peugeot Citroën on Thursday became the first western company to sign a binding contract with an Iranian group following the lifting of sanctions this year.
The French carmaker signed a joint venture with Iran Khodro to produce a range of cars, saying it expected to invest €400m over the next five years to develop facilities in the country."
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"PSA Peugeot Citroën on Thursday became the first western company to sign a binding contract with an Iranian group following the lifting of sanctions this year.
The French carmaker signed a joint venture with Iran Khodro to produce a range of cars, saying it expected to invest €400m over the next five years to develop facilities in the country."
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IMF and World Bank move to forestall oil-led defaults - FT.com
IMF and World Bank move to forestall oil-led defaults - FT.com:
"Officials from the International Monetary Fund and the World Bank are heading to Azerbaijan to discuss a possible $4bn emergency loan package in what risks becoming the first of a series of bailouts stemming from the tumbling oil price.
The Baku visit, which follows a currency crisis triggered by the collapse in crude, comes amid concern at the two global institutions over emerging market producers from central Asia to Latin America."
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"Officials from the International Monetary Fund and the World Bank are heading to Azerbaijan to discuss a possible $4bn emergency loan package in what risks becoming the first of a series of bailouts stemming from the tumbling oil price.
The Baku visit, which follows a currency crisis triggered by the collapse in crude, comes amid concern at the two global institutions over emerging market producers from central Asia to Latin America."
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MIDEAST STOCKS-Saudi firms as Brent settles above $30; Egypt up in modest volumes | Reuters
MIDEAST STOCKS-Saudi firms as Brent settles above $30; Egypt up in modest volumes | Reuters:
"Saudi Arabian stocks firmed up on Thursday as oil prices held above $30 a barrel, while Egypt edged higher on modest volumes.
Brent futures were holding above $33, having risen 4 percent on Wednesday after Russian officials said they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster prices.
Saudi petrochemical stocks made solid gains in early trade, with Saudi Basic Industries, the largest petrochemical stock by market value, rising 2.6 percent. The sub-index was up 2.6 percent, underpinning a 2.1 percent rise in Riyadh's bourse."
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"Saudi Arabian stocks firmed up on Thursday as oil prices held above $30 a barrel, while Egypt edged higher on modest volumes.
Brent futures were holding above $33, having risen 4 percent on Wednesday after Russian officials said they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster prices.
Saudi petrochemical stocks made solid gains in early trade, with Saudi Basic Industries, the largest petrochemical stock by market value, rising 2.6 percent. The sub-index was up 2.6 percent, underpinning a 2.1 percent rise in Riyadh's bourse."
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MIDEAST STOCKS-Gulf bourses rise after Russia raises oil output issue | Reuters
MIDEAST STOCKS-Gulf bourses rise after Russia raises oil output issue | Reuters:
"Stock markets in United Arab Emirates and Qatar rose in early trade on Thursday as oil prices held above $30 a barrel.
Brent futures surged 4 percent on Wednesday after Russian officials decided they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster prices. The futures edged back down slightly on Thursday to $32.61.
Dubai's share index was up 1.2 percent with volumes picking up. The bourse jumped 2.0 percent on Wednesday."
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"Stock markets in United Arab Emirates and Qatar rose in early trade on Thursday as oil prices held above $30 a barrel.
Brent futures surged 4 percent on Wednesday after Russian officials decided they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster prices. The futures edged back down slightly on Thursday to $32.61.
Dubai's share index was up 1.2 percent with volumes picking up. The bourse jumped 2.0 percent on Wednesday."
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Key Facts About Iran's Economy as Red Carpets Replace Sanctions - Bloomberg Business
Key Facts About Iran's Economy as Red Carpets Replace Sanctions - Bloomberg Business:
"Less than a fortnight after a decade of crippling economic sanctions on Iran ended, President Hassan Rouhani is being treated to red carpets, dinners with top CEOs and billion-dollar deals in Europe.
In Italy, accords worth $22 billion covered industries from natural gas to high-speed rail, while in France Rouhani is expected to purchase Airbus Group SE jetliners and seal manufacturing partnerships with PSA Peugeot Citroen and Renault SA. The speed with which the president traveled to Europe once July’s nuclear deal finally came into force underscored the depth of Iran’s economic problems.
Here’s a look at the state of Iran’s economy, and the $102 billion budget Rouhani proposed to parliament before leaving Tehran, urging the nation to “seize the opportunity for an economic leap” forward."
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"Less than a fortnight after a decade of crippling economic sanctions on Iran ended, President Hassan Rouhani is being treated to red carpets, dinners with top CEOs and billion-dollar deals in Europe.
In Italy, accords worth $22 billion covered industries from natural gas to high-speed rail, while in France Rouhani is expected to purchase Airbus Group SE jetliners and seal manufacturing partnerships with PSA Peugeot Citroen and Renault SA. The speed with which the president traveled to Europe once July’s nuclear deal finally came into force underscored the depth of Iran’s economic problems.
Here’s a look at the state of Iran’s economy, and the $102 billion budget Rouhani proposed to parliament before leaving Tehran, urging the nation to “seize the opportunity for an economic leap” forward."
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