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Wednesday, 3 February 2016
Americana Group to be acquired by Gulf consortium | GulfNews.com
Americana Group to be acquired by Gulf consortium | GulfNews.com:
"After nearly 18 months, a buyer finally has emerged for Kuwait-based food group Americana.
A GCC-based consortium has said it will acquire Al Khair National for Stocks and Real Estate Company’s stake in Kuwait’s Americana food company.
Al Khair notified Americana about its deal with the Gulf consortium, and asked Americana’s board to cooperate with a consortium led by UAE-businessman Mohammad Al Abbar."
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"After nearly 18 months, a buyer finally has emerged for Kuwait-based food group Americana.
A GCC-based consortium has said it will acquire Al Khair National for Stocks and Real Estate Company’s stake in Kuwait’s Americana food company.
Al Khair notified Americana about its deal with the Gulf consortium, and asked Americana’s board to cooperate with a consortium led by UAE-businessman Mohammad Al Abbar."
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MIDEAST STOCKS-Saudi ends higher on oil rebound, most of Gulf soft | Reuters
MIDEAST STOCKS-Saudi ends higher on oil rebound, most of Gulf soft | Reuters:
"A late rebound in oil prices helped Saudi Arabia's stock market close higher on Wednesday while most other Gulf bourses were lower. Real estate shares helped to lift Egypt's market.
Stocks around the region fell early on after purchasing managers' surveys gave fresh evidence that economies are slowing. Growth in Saudi Arabia's non-oil private sector fell to its lowest level in January since the survey began in August 2009, while growth in the United Arab Emirates dropped to a 46-month low, and activity in Egypt shrank for a fourth month.
But Brent crude, which has been closely correlated to the Saudi stock index this year, bounced above $33 a barrel in the afternoon, helping the index close 0.9 percent higher."
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"A late rebound in oil prices helped Saudi Arabia's stock market close higher on Wednesday while most other Gulf bourses were lower. Real estate shares helped to lift Egypt's market.
Stocks around the region fell early on after purchasing managers' surveys gave fresh evidence that economies are slowing. Growth in Saudi Arabia's non-oil private sector fell to its lowest level in January since the survey began in August 2009, while growth in the United Arab Emirates dropped to a 46-month low, and activity in Egypt shrank for a fourth month.
But Brent crude, which has been closely correlated to the Saudi stock index this year, bounced above $33 a barrel in the afternoon, helping the index close 0.9 percent higher."
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MIDEAST STOCKS-Saudi, Egyptian markets mixed in early trade | Reuters
MIDEAST STOCKS-Saudi, Egyptian markets mixed in early trade | Reuters:
"The Saudi Arabian stock market was mixed in early trade on Wednesday as gains in many second- and third-tier speculative stocks offset another fall in petrochemical blue chip Saudi Basic Industries (SABIC) . Egypt's bourse moved in a narrow range.
The Saudi stock index was down 0.3 percent after 45 minutes of trade but gainers outnumbered losers 79 to 64.
SABIC dropped 1.1 percent after another slide of oil prices, bringing its losses in the past three days to 6.4 percent. Al Tayyar Travel sank 5.5 percent."
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"The Saudi Arabian stock market was mixed in early trade on Wednesday as gains in many second- and third-tier speculative stocks offset another fall in petrochemical blue chip Saudi Basic Industries (SABIC) . Egypt's bourse moved in a narrow range.
The Saudi stock index was down 0.3 percent after 45 minutes of trade but gainers outnumbered losers 79 to 64.
SABIC dropped 1.1 percent after another slide of oil prices, bringing its losses in the past three days to 6.4 percent. Al Tayyar Travel sank 5.5 percent."
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Fitch reaffirms Abu Dhabi AA credit rating | The National
Fitch reaffirms Abu Dhabi AA credit rating | The National:
"The ratings agency Fitch reaffirmed Abu Dhabi’s AA credit rating, pointing to the country’s vast sovereign wealth fund holdings as an ample buffer against the low oil price.
While the country’s fiscal deficits have widened as the collapse in oil prices drives government revenue lower, Fitch said that a mix of subsidy reforms, drawdowns on reserves and government-related entity deposits, and new local debt issuance mean that the shortfall is manageable.
Fitch also said that the issue ratings on Abu Dhabi’s senior unsecured foreign currency bonds have been affirmed at AA."
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"The ratings agency Fitch reaffirmed Abu Dhabi’s AA credit rating, pointing to the country’s vast sovereign wealth fund holdings as an ample buffer against the low oil price.
While the country’s fiscal deficits have widened as the collapse in oil prices drives government revenue lower, Fitch said that a mix of subsidy reforms, drawdowns on reserves and government-related entity deposits, and new local debt issuance mean that the shortfall is manageable.
Fitch also said that the issue ratings on Abu Dhabi’s senior unsecured foreign currency bonds have been affirmed at AA."
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A Guide to Oil Producers' Scramble for Money as Crude Tumbles - Bloomberg Business
A Guide to Oil Producers' Scramble for Money as Crude Tumbles - Bloomberg Business:
"Nigeria’s bid for concessionary loans from the World Bank and African Development Bank is just the latest example of the havoc wreaked on oil-producing nations by the slump in crude prices.
From Saudi Arabia to Venezuela, governments are abandoning largess and risking political unrest with measures that include lowering energy subsidies and cuts to public-sector wages. With prices still falling, attempts to diversify from oil have taken on greater urgency.
“A decade of abundance has been brought to an end by the worst terms of trade shock in a generation," said Simon Williams, chief economist for central and eastern Europe, the Middle East and North Africa at HSBC Holdings Plc in London. “There’s no painless means to adjust to the losses they face, or easy way to reduce their structural dependence on oil.""
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"Nigeria’s bid for concessionary loans from the World Bank and African Development Bank is just the latest example of the havoc wreaked on oil-producing nations by the slump in crude prices.
From Saudi Arabia to Venezuela, governments are abandoning largess and risking political unrest with measures that include lowering energy subsidies and cuts to public-sector wages. With prices still falling, attempts to diversify from oil have taken on greater urgency.
“A decade of abundance has been brought to an end by the worst terms of trade shock in a generation," said Simon Williams, chief economist for central and eastern Europe, the Middle East and North Africa at HSBC Holdings Plc in London. “There’s no painless means to adjust to the losses they face, or easy way to reduce their structural dependence on oil.""
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MIDEAST STOCKS-Gulf markets drop on oil, IQ leads Qatar down | Reuters
MIDEAST STOCKS-Gulf markets drop on oil, IQ leads Qatar down | Reuters:
"Gulf stock markets fell early on Wednesday after oil prices slid and Asian bourses dropped sharply following a sizeable fall on Wall Street. Qatar was hit hardest as petrochemical producer Industries Qatar tumbled.
Dubai's index fell 1.1 percent in the opening 45 minutes as Emaar Properties dropped 2.7 percent.
Courier firm Aramex edged down 0.3 percent after reporting a 36 percent fall in fourth-quarter net profit to 57.6 million dirhams ($15.7 million); SICO Bahrain had forecast 97.6 million dirhams."
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"Gulf stock markets fell early on Wednesday after oil prices slid and Asian bourses dropped sharply following a sizeable fall on Wall Street. Qatar was hit hardest as petrochemical producer Industries Qatar tumbled.
Dubai's index fell 1.1 percent in the opening 45 minutes as Emaar Properties dropped 2.7 percent.
Courier firm Aramex edged down 0.3 percent after reporting a 36 percent fall in fourth-quarter net profit to 57.6 million dirhams ($15.7 million); SICO Bahrain had forecast 97.6 million dirhams."
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Saudi Non-Oil Economy Expansions Slows to Record, PMI Shows - Bloomberg Business
Saudi Non-Oil Economy Expansions Slows to Record, PMI Shows - Bloomberg Business:
"A measure of growth in Saudi Arabia’s non-oil economy fell to a record low as cheap crude weighs on the world’s largest oil exporter.
The Emirates NBD Purchasing Managers’ Index for Saudi Arabia dropped to 53.9 in January, the lowest in the six-and-a-half year history of the survey, driven by slower expansion in new business. The United Arab Emirates PMI also showed a loss in growth momentum, slipping to 52.7 in January, a 46-month low. A reading above 50 still indicates expansion.
Egypt’s PMI contracted for a fourth month, to 48 from 48.2 in December."
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"A measure of growth in Saudi Arabia’s non-oil economy fell to a record low as cheap crude weighs on the world’s largest oil exporter.
The Emirates NBD Purchasing Managers’ Index for Saudi Arabia dropped to 53.9 in January, the lowest in the six-and-a-half year history of the survey, driven by slower expansion in new business. The United Arab Emirates PMI also showed a loss in growth momentum, slipping to 52.7 in January, a 46-month low. A reading above 50 still indicates expansion.
Egypt’s PMI contracted for a fourth month, to 48 from 48.2 in December."
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Barclays Said to Restructure Middle East Corporate Banking - Bloomberg Business
Barclays Said to Restructure Middle East Corporate Banking - Bloomberg Business:
"Barclays Plc will dismiss about 150 staff in Dubai as it restructures its Middle East corporate banking business, a person with knowledge of the matter said.
The bank will close its offices at Emaar Square and relocate bankers and support staff to its office at Dubai International Financial Centre, said the person, asking not to be identified because the dismissals aren’t public. Barclays will keep its corporate branch in Abu Dhabi and wholesale banking license with U.A.E. Central Bank, the person said.
Barclays Plc Chief Executive Officer Jes Staley plans to eliminate 1,200 jobs worldwide and shut securities operations across Asia, people with knowledge of the matter said last month. The former JPMorgan Chase & Co. banker has also imposed a hiring freeze and is restructuring the wealth-management business to shore up earnings growth, people familiar have said."
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"Barclays Plc will dismiss about 150 staff in Dubai as it restructures its Middle East corporate banking business, a person with knowledge of the matter said.
The bank will close its offices at Emaar Square and relocate bankers and support staff to its office at Dubai International Financial Centre, said the person, asking not to be identified because the dismissals aren’t public. Barclays will keep its corporate branch in Abu Dhabi and wholesale banking license with U.A.E. Central Bank, the person said.
Barclays Plc Chief Executive Officer Jes Staley plans to eliminate 1,200 jobs worldwide and shut securities operations across Asia, people with knowledge of the matter said last month. The former JPMorgan Chase & Co. banker has also imposed a hiring freeze and is restructuring the wealth-management business to shore up earnings growth, people familiar have said."
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