Heinz or Delpazir: the state of Iran's homegrown industries | World news | The Guardian

Heinz or Delpazir: the state of Iran's homegrown industries | World news | The Guardian:

"Multinationals looking to swoop into Iran as most sanctions lift will find important sectors of the 80 million-strong market already conquered by domestic brands. While most domestic industries are uncompetitive by global standards, they are strong enough to create both risks and opportunities for all players.

Iranians are hungry for foreign brands, but 95% of Iran’s food market and 80% of its pharmaceutical market have been “captured” by Iranian companies, according to a poll mapping the frequency with which Iranians mentioned the brands they use in daily life.

Iranian brands also dominate sales of hair products, clothing, and vehicles, according to the poll, which was conducted in October 2015 by Toronto-based IranPoll.com in partnership with Tehran Bureau."



'via Blog this'

Russia, Opec deal unlikely on oil prices | GulfNews.com

Russia, Opec deal unlikely on oil prices | GulfNews.com:

"An agreement between Russia and Opec (Organisation of the Petroleum Exporting Countries) on reducing oil production looks unlikely despite positive overtures from Russia’s Foreign Minister in Abu Dhabi yesterday.

According to analysts, reaching any agreement between Opec and non-members could be very challenging and difficult.

“I remain sceptical on solid action in terms of any agreement on reduced production. There won’t be any change on that at that moment,” said Edward Bell, a commodity analyst at Emirates NBD told Gulf News over phone."



'via Blog this'

Rouhani invites U.S. firms to invest in changing Iranian economy | Reuters

Rouhani invites U.S. firms to invest in changing Iranian economy | Reuters:

"Iran has no problem with U.S. companies investing in its economy and creating joint ventures, President Hassan Rouhani said on Tuesday, and he called for foreign investment and diversification away from oil.

The president said the lifting of sanctions last month under a nuclear deal with world powers would see foreign investment turn Iran into an exporter of manufactured goods and ease the economy's reliance on oil exports.

But he also took a swipe at a hardline vetting body that has excluded many of his moderate allies from running in two important elections in the Islamic Republic later this month, raising the prospect of political instability that would be of concern to would-be investors."



'via Blog this'

MIDEAST STOCKS-Oil pulls down most of Gulf, QNB buoys Qatar | Reuters

MIDEAST STOCKS-Oil pulls down most of Gulf, QNB buoys Qatar | Reuters:

"A pullback in oil prices caused weakness in most major Gulf stock markets on Tuesday but Qatar was boosted by its biggest bank, while real estate firms lifted Egypt's bourse.

Brent crude retreated more than 3 percent to below $33 a barrel on Tuesday as hopes for a deal between OPEC and Russia on oil output cuts faded. That was enough to make many Gulf investors become more wary of buying stocks.

The Saudi stock index, which has been highly correlated to the oil price this year, dropped 1.9 percent, led by petrochemicals. The sector's biggest stock, Saudi Basic Industries, tumbled 3.6 percent."



'via Blog this'

Collapse in crude brings North Sea fields near end of production - FT.com

Collapse in crude brings North Sea fields near end of production - FT.com:

"As many as 50 North Sea oil and gasfields could cease production this year after a collapse in crude prices to 12-year lows, industry experts have warned.
This would accelerate the North Sea’s decline, potentially bringing forward billions of pounds in spending on decommissioning."



'via Blog this'

Saudi debt sale at mercy of oil volatility - FT.com

Saudi debt sale at mercy of oil volatility - FT.com:

"Saudi Arabia’s ambition to tap global bond markets in 2016 has international banks lobbying hard for a place on the deal, competing to convince Riyadh they can secure the best borrowing rate for what is expected to become a new benchmark in Middle Eastern debt.
But amid competition for market share between oil producers pushing oil prices to multiyear lows and fellow oil-exporters Nigeria and Azerbaijan looking to emergency bailouts, the kingdom is being advised to tread carefully."



'via Blog this'

Timeline: Malaysia's Spiraling 1MDB State Fund Controversy - Bloomberg Business

Timeline: Malaysia's Spiraling 1MDB State Fund Controversy - Bloomberg Business:

"From the moment Malaysian Prime Minister Najib Razak took over the fund in 2009, 1Malaysia Development Bhd. has remained controversial. It was set up by the oil-rich state Terengganu and was turned by Najib into a federal government-owned development fund.
Plagued by heavy debt and questions about its management, the state of 1MDB grew into a scandal that moved closer and closer to the heart of government, culminating in multiple investigations—in Malaysia and overseas—into the company. It prompted calls for Najib's ouster, and recalled the nation's long struggle with corruption and economic disappointment.
Here is a timeline of 1MDB's evolution and how it turned into one of Najib's biggest crises as Malaysia's leader."



'via Blog this'

A new global oil deal could draw lessons from 1998 | Reuters

A new global oil deal could draw lessons from 1998 | Reuters:

"After a year of secret diplomacy and hushed-up private talks around the world, OPEC's mighty Saudi Arabia and rival Venezuela were persuaded to cut a deal by non-OPEC Mexico which overcame mutual acrimony and led to a much-needed rise in oil prices.

It was 1998, trust had long broken down within the Organization of the Petroleum Exporting Countries and it took outside mediation as a last resort to stop the squabbling to clinch deals at secret meetings in Riyadh, Madrid and Miami.

Now, with oil prices touching their lowest level since 2003, OPEC officials and deal brokers are looking back nearly two decades and asking whether a behind-the-scenes deal to curb oil output between OPEC and non-OPEC Russia could be struck."



'via Blog this'

MIDEAST STOCKS-Saudi falls on oil slide, Egypt in broad rally | Reuters

MIDEAST STOCKS-Saudi falls on oil slide, Egypt in broad rally | Reuters:

"Saudi Arabia's stock market fell in early trade on Tuesday after oil prices pulled back, but Egypt's bourse climbed in a broad rally.

The Saudi index slid 0.8 percent in the first 40 minutes as petrochemical stocks, which had surged late last week in response to a rebound of oil prices, lost further ground. Saudi Basic Industries dropped 1.5 percent.

Saudi Telecom, which had climbed 2.0 percent on Monday after saying it would buy a further 25.8 percent of Kuwait's Viva for 1.59 billion riyals ($424 million), taking majority control of its affiliate, fell back 0.8 percent."



'via Blog this'

MIDEAST STOCKS-Gulf edges down in early trade as oil sags | Reuters

MIDEAST STOCKS-Gulf edges down in early trade as oil sags | Reuters:

"Gulf stock markets edged down in early trade on Tuesday after oil resumed its decline due to concerns over a supply glut and contracting Chinese manufacturing data for January.

The Dubai index was down 0.6 percent after half an hour of trade with Emaar Properties losing 1.7 percent. Air Arabia shares rose 1.7 percent, however, after the company said it would hold a board meeting to discuss its 2015 earnings on Sunday.

Abu Dhabi's index, which had surged 1.3 percent on Monday on the back of jumps in Abu Dhabi Commercial Bank and First Gulf Bank after their fourth-quarter earnings, edged down 0.3 percent. ADCB fell back 0.8 percent and FGB lost 0.9 percent."



'via Blog this'

British regulators help Iranian banks come in from the cold - FT.com

British regulators help Iranian banks come in from the cold - FT.com:

"Top UK regulators are trying to help three Iranian-owned banks reintegrate into the financial system after years of international sanctions — by deploying a unit designed to aid start-ups.
The UK-based Iranian lenders would be among the first beneficiaries of the just-launched unit, which allows participating banks access to services such as a helpline and case officers."



'via Blog this'

Singapore seizes bank accounts linked to 1MDB investigation - FT.com

Singapore seizes bank accounts linked to 1MDB investigation - FT.com:

"Singapore has seized a “large number” of bank accounts over possible money laundering offences linked to an international investigation into the Malaysian state investment fund 1MDB, authorities in the city-state said on Monday.
In an illustration of the mounting pressure from global regulators on the troubled fund, Singapore confirmed that it was “cooperating closely” with relevant authorities in Switzerland and the US."



'via Blog this'

Persian gold blinds Europe’s leaders | GulfNews.com

Persian gold blinds Europe’s leaders | GulfNews.com:

"Twinkling euro signs have blinded European Union (EU) states to a laundry list of Iranian transgressions. Since sanctions were lifted, anyone who seriously believes this leopard will change its spots needs a reality check. Yes, the Islamic Republic has changed; it’s wealthier and thus enabled to further its regional ambitions and shore up its military prowess. If Iran, which earlier boasted of dominating four Arab capitals, presented a danger to the regional balance of power then, it now has the fuel to become a real and present danger.

Don’t be fooled by its mild-mannered figurehead President Hassan Rouhani. The real power behind his chair is the Supreme Leader Ayatollah Ali Khamenei, the Guardian Council comprising six experts in Islamic law and the commanders of the Revolutionary Guards. Rouhani may be “a moderate” by comparison, but he has little say in decisions made in respect to foreign policy and is viewed with suspicions by the US/Israel-hating hardliners.

Iran’s trajectory from being considered a terrorist-supporting rogue state to one that is actively being courted by European heads of state and major corporations has happened in a blink of an eye. Iran and its Lebanese proxy Hezbollah were removed from the United States intelligence community’s terrorist threat list without any valid reason, other than the hope that Iran would place its nonexistent nuclear weapons programme on ice over the coming decade."



'via Blog this'