India's budget draws growth doubts I FT World Notebook - YouTube: ""
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Tuesday, 1 March 2016
Saudi Riyal Forwards Decline as Gulf Devaluation Concern Recedes - Bloomberg Business
Saudi Riyal Forwards Decline as Gulf Devaluation Concern Recedes - Bloomberg Business:
"Contracts used to bet whether Saudi Arabia and the United Arab Emirates will allow their dollar-pegged currencies to weaken fell to the lowest levels since December.
One-year forward contracts on the Saudi riyal were poised for the biggest drop in a month at 3:48 p.m. in Riyadh, according to data compiled by Bloomberg, heading for the lowest finish since Dec. 28. Similar contracts for the U.A.E. dirham retreated to a three-month low on a closing basis."
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"Contracts used to bet whether Saudi Arabia and the United Arab Emirates will allow their dollar-pegged currencies to weaken fell to the lowest levels since December.
One-year forward contracts on the Saudi riyal were poised for the biggest drop in a month at 3:48 p.m. in Riyadh, according to data compiled by Bloomberg, heading for the lowest finish since Dec. 28. Similar contracts for the U.A.E. dirham retreated to a three-month low on a closing basis."
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Smaller UAE companies struggle for finance as nervy banks tighten credit | Reuters
Smaller UAE companies struggle for finance as nervy banks tighten credit | Reuters:
"Banks in the United Arab Emirates are cutting credit lines to small- and medium-sized businesses (SMEs) after a spate of defaults, posing a threat to one of the economy's main drivers.
As weak oil prices prompt a drying up of bank liquidity, some lenders are becoming choosier, taking longer to approve loans or asking for more paperwork, while others are cutting lending or recalling loans, say businesses and bankers.
While the trend is mainly because of banks' desire to protect capital, banking sources say some smaller lenders have also been told by the central bank to limit exposure to the sector. Nobody was available to comment from the central bank."
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"Banks in the United Arab Emirates are cutting credit lines to small- and medium-sized businesses (SMEs) after a spate of defaults, posing a threat to one of the economy's main drivers.
As weak oil prices prompt a drying up of bank liquidity, some lenders are becoming choosier, taking longer to approve loans or asking for more paperwork, while others are cutting lending or recalling loans, say businesses and bankers.
While the trend is mainly because of banks' desire to protect capital, banking sources say some smaller lenders have also been told by the central bank to limit exposure to the sector. Nobody was available to comment from the central bank."
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MIDEAST STOCKS-Gulf stocks rise with oil, Egypt weakens on rate fears | Reuters
MIDEAST STOCKS-Gulf stocks rise with oil, Egypt weakens on rate fears | Reuters:
"Stock markets in the Gulf rose on Tuesday after oil prices firmed above $36 a barrel, while Egyptian stocks slid in feeble volume as investors worried about a possible interest rate hike.
The Saudi index advanced 1.5 percent to 6,181 points, breaking technical resistance at the early February and end-January peaks of 6,056-6,099 points. Chartists said this pointed to a rise towards 6,850.
Petrochemical stocks helped lift the bourse as Saudi Basic Industries added 1.7 percent and Saudi Kayan rose 2.0 percent in high volumes."
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"Stock markets in the Gulf rose on Tuesday after oil prices firmed above $36 a barrel, while Egyptian stocks slid in feeble volume as investors worried about a possible interest rate hike.
The Saudi index advanced 1.5 percent to 6,181 points, breaking technical resistance at the early February and end-January peaks of 6,056-6,099 points. Chartists said this pointed to a rise towards 6,850.
Petrochemical stocks helped lift the bourse as Saudi Basic Industries added 1.7 percent and Saudi Kayan rose 2.0 percent in high volumes."
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U.A.E. Says Oil Collapse Will Force All Producers to Cap Volumes - Bloomberg Business
U.A.E. Says Oil Collapse Will Force All Producers to Cap Volumes - Bloomberg Business:
"The oil-price collapse will compel all producers to freeze output and no early OPEC meeting can take place without such a move, the United Arab Emirates’ energy minister said.
“This is the reality," Suhail Al Mazrouei said Tuesday in Abu Dhabi. "Current prices will force everyone to freeze production; stubbornness doesn’t make sense."
Saudi Arabia -- the world’s largest crude exporter -- Russia, Venezuela and Qatar have proposed that producers cap production at January levels to bolster prices that have tumbled almost 70 percent in two years. OPEC member Iran, which is ramping up output following the removal of sanctions in January, has said the plan is “ridiculous” and saddles it with “unrealistic demands.”"
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"The oil-price collapse will compel all producers to freeze output and no early OPEC meeting can take place without such a move, the United Arab Emirates’ energy minister said.
“This is the reality," Suhail Al Mazrouei said Tuesday in Abu Dhabi. "Current prices will force everyone to freeze production; stubbornness doesn’t make sense."
Saudi Arabia -- the world’s largest crude exporter -- Russia, Venezuela and Qatar have proposed that producers cap production at January levels to bolster prices that have tumbled almost 70 percent in two years. OPEC member Iran, which is ramping up output following the removal of sanctions in January, has said the plan is “ridiculous” and saddles it with “unrealistic demands.”"
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DIFC expects further rise in value of cases at Court of First Instance | The National
DIFC expects further rise in value of cases at Court of First Instance | The National:
"The DIFC Courts expect the value of cases handled at the Court of First Instance this year to rise as bigger cases make it into the legal system of Dubai’s financial free zone, the courts’ registrar said on Monday.
“I am not expecting a significant increase in the number of cases this year,” said Mark Beer. “But what we may well see this year is the continuing trend of increasing value of cases that come to the court.”
The total value of the 295 cases handled at DIFC Courts surged last year to a record Dh5.56 billion, greater than the combined value of cases handled in 2012, 2013 and 2014."
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"The DIFC Courts expect the value of cases handled at the Court of First Instance this year to rise as bigger cases make it into the legal system of Dubai’s financial free zone, the courts’ registrar said on Monday.
“I am not expecting a significant increase in the number of cases this year,” said Mark Beer. “But what we may well see this year is the continuing trend of increasing value of cases that come to the court.”
The total value of the 295 cases handled at DIFC Courts surged last year to a record Dh5.56 billion, greater than the combined value of cases handled in 2012, 2013 and 2014."
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More than $1bn deposited in Malaysian prime minister's account – report | World news | The Guardian
More than $1bn deposited in Malaysian prime minister's account – report | World news | The Guardian:
"Deposits into Malaysian prime minister Najib Razak’s bank accounts ran to hundreds of millions of dollars more than previously identified by probes into state fund 1Malaysia Development Berhad (1MDB), the Wall Street Journal has reported."
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"Deposits into Malaysian prime minister Najib Razak’s bank accounts ran to hundreds of millions of dollars more than previously identified by probes into state fund 1Malaysia Development Berhad (1MDB), the Wall Street Journal has reported."
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NYSE owner plots offer for London Stock Exchange | Business | The Guardian
NYSE owner plots offer for London Stock Exchange | Business | The Guardian:
"Shares in the London Stock Exchange jumped nearly 9% after the owner of its New York rival said it was pondering an offer for the company, sparking the prospect of a bidding war.
The LSE is in talks with Deutsche Börse in Frankfurt to clinch a £20bn merger – their third attempt at a tie-up in 16 years. It would combine the LSE’s share trading operation with the German exchange’s Eurex derivatives business, creating the third largest exchange operator in the world in terms of stock market value.
However, Intercontinental Exchange, which is based in Atlanta and owns the New York Stock Exchange, said in a statement on Tuesday morning that it was “considering making an offer” for the LSE. It stressed that no approach had been made to the LSE’s board, and no decision had been made as to whether to pursue such an offer."
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"Shares in the London Stock Exchange jumped nearly 9% after the owner of its New York rival said it was pondering an offer for the company, sparking the prospect of a bidding war.
The LSE is in talks with Deutsche Börse in Frankfurt to clinch a £20bn merger – their third attempt at a tie-up in 16 years. It would combine the LSE’s share trading operation with the German exchange’s Eurex derivatives business, creating the third largest exchange operator in the world in terms of stock market value.
However, Intercontinental Exchange, which is based in Atlanta and owns the New York Stock Exchange, said in a statement on Tuesday morning that it was “considering making an offer” for the LSE. It stressed that no approach had been made to the LSE’s board, and no decision had been made as to whether to pursue such an offer."
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MIDEAST STOCKS-Petrochemical stocks buoy Riyadh, Egypt sags | Reuters
MIDEAST STOCKS-Petrochemical stocks buoy Riyadh, Egypt sags | Reuters:
"Petrochemical shares lifted Riyadh's stock index in early trade on Tuesday after oil prices firmed overnight above $36 a barrel, while Egypt slid as investors worried about a possible interest rate hike.
The Saudi index was up 1.3 percent at 6,169 points, rising above technical resistance at the early February and end-January peaks of 6,056-6,099 points.
Petrochemical stocks helped lift the bourse as Saudi Basic Industries added 2.4 percent and Saudi Kayan rose 1.0 percent in high volumes."
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"Petrochemical shares lifted Riyadh's stock index in early trade on Tuesday after oil prices firmed overnight above $36 a barrel, while Egypt slid as investors worried about a possible interest rate hike.
The Saudi index was up 1.3 percent at 6,169 points, rising above technical resistance at the early February and end-January peaks of 6,056-6,099 points.
Petrochemical stocks helped lift the bourse as Saudi Basic Industries added 2.4 percent and Saudi Kayan rose 1.0 percent in high volumes."
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