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Tuesday 23 February 2016
Saudi Arabia Inflation Accelerates Most in More Than 3 Years - Bloomberg Business
Saudi Arabia Inflation Accelerates Most in More Than 3 Years - Bloomberg Business:
"Inflation in Saudi Arabia accelerated the most in more than three years in January after government subsidy cuts drove up transportation and commodity prices.
Consumer prices rose an annual 4.3 percent, up from 2.3 percent in December, the General Authority for Statistics said on its website. That’s the most on an annual basis since October 2012. Consumer prices went up 1.9 percent on the month, according to the authority."
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"Inflation in Saudi Arabia accelerated the most in more than three years in January after government subsidy cuts drove up transportation and commodity prices.
Consumer prices rose an annual 4.3 percent, up from 2.3 percent in December, the General Authority for Statistics said on its website. That’s the most on an annual basis since October 2012. Consumer prices went up 1.9 percent on the month, according to the authority."
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Mubadala Is Said to Explore SR Technics Sale, Satellite IPO - Bloomberg Business
Mubadala Is Said to Explore SR Technics Sale, Satellite IPO - Bloomberg Business:
"Mubadala Development Co., the Abu Dhabi investment fund, is considering the sale of Swiss aircraft-maintenance business SR Technics and an initial public offering of Yahsat Satellite as the emirate reviews its largest state-owned companies, according to four people with knowledge of the matter.
The government-backed fund has held talks on the possible transactions with banks and any deal will depend on market conditions, the people said, asking not to be identified because the talks are private. Mubadala is also seeking the sale of a stake in U.S. chipmaker Globalfoundries Inc., one of the people said.
Abu Dhabi is reviewing its largest state-owned companies as a slump in oil pressures the emirate’s finances, people with knowledge of the matter said in November. The capital of the United Arab Emirates and source of about 6 percent of the world’s proven oil reserves may also tap the Abu Dhabi Investment Authority wealth fund and issue local and foreign debt to bridge a deficit wrought by lower crude prices, according to Fitch Ratings.
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"Mubadala Development Co., the Abu Dhabi investment fund, is considering the sale of Swiss aircraft-maintenance business SR Technics and an initial public offering of Yahsat Satellite as the emirate reviews its largest state-owned companies, according to four people with knowledge of the matter.
The government-backed fund has held talks on the possible transactions with banks and any deal will depend on market conditions, the people said, asking not to be identified because the talks are private. Mubadala is also seeking the sale of a stake in U.S. chipmaker Globalfoundries Inc., one of the people said.
Abu Dhabi is reviewing its largest state-owned companies as a slump in oil pressures the emirate’s finances, people with knowledge of the matter said in November. The capital of the United Arab Emirates and source of about 6 percent of the world’s proven oil reserves may also tap the Abu Dhabi Investment Authority wealth fund and issue local and foreign debt to bridge a deficit wrought by lower crude prices, according to Fitch Ratings.
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Oil prices fall 2 percent on doubts potential output cap will erode glut | Reuters
Oil prices fall 2 percent on doubts potential output cap will erode glut | Reuters:
"Oil futures fell more than 2 percent on Tuesday, eroding some of the previous day's gains, over doubts a potential production freeze will have any impact on a supply glut.
Big oil exporters Saudi Arabia and Russia have proposed to freeze output at January levels, which were near record highs, only if other producers also do the same.
"If they freeze production at January levels when you're already over supplied by around a million barrels per day it just prolongs that situation of oversupply," said Energy Aspects' analyst Dominic Haywood."
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"Oil futures fell more than 2 percent on Tuesday, eroding some of the previous day's gains, over doubts a potential production freeze will have any impact on a supply glut.
Big oil exporters Saudi Arabia and Russia have proposed to freeze output at January levels, which were near record highs, only if other producers also do the same.
"If they freeze production at January levels when you're already over supplied by around a million barrels per day it just prolongs that situation of oversupply," said Energy Aspects' analyst Dominic Haywood."
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MIDEAST STOCKS-Major indexes lose steam at chart resistances | Reuters
MIDEAST STOCKS-Major indexes lose steam at chart resistances | Reuters:
"Major Middle Eastern stock markets rose in early trade on Tuesday but then lost steam just below technical resistances, showing many investors remain nervous about unstable oil prices.
Rises in oil and global equities markets over the past several days have helped to create a feeling that the worst may be over for Gulf bourses; this sentiment has been seen in rising trading volumes.
But confidence has not completely returned, and Saudi Arabian data on Tuesday underlined pressures on the economy from low oil prices. After the government raised gasoline prices in late December as an austerity step, annual inflation jumped to 4.3 percent in January - the highest since the data series began in September 2012 - from 2.3 percent in December."
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"Major Middle Eastern stock markets rose in early trade on Tuesday but then lost steam just below technical resistances, showing many investors remain nervous about unstable oil prices.
Rises in oil and global equities markets over the past several days have helped to create a feeling that the worst may be over for Gulf bourses; this sentiment has been seen in rising trading volumes.
But confidence has not completely returned, and Saudi Arabian data on Tuesday underlined pressures on the economy from low oil prices. After the government raised gasoline prices in late December as an austerity step, annual inflation jumped to 4.3 percent in January - the highest since the data series began in September 2012 - from 2.3 percent in December."
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