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Tuesday 8 March 2016
Loutfy Mansour — the rising son - FT.com
Loutfy Mansour — the rising son - FT.com:
"Family matters to Loutfy Mansour. Beneath his sharp suit, the 33-year-old wears a number of bracelets given to him by his wife and son. “I get one every Father’s day and birthday, and things like that. They say things like ‘daddy, I love you’. I’m running out of space,” he laughs, proudly showing how they are crowding out the watch on his wrist. “Part of being an Egyptian is being a close-knit family,” he adds.
Few are as close as the Mansours, whose conglomerate the Mansour Group has 60,000 employees and revenues of $6bn, but is still very much a family-run business. Cairo-born Mansour is chief executive of its investment vehicle, Man Capital, and one of four members of the third generation of the family to work in the group."
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"Family matters to Loutfy Mansour. Beneath his sharp suit, the 33-year-old wears a number of bracelets given to him by his wife and son. “I get one every Father’s day and birthday, and things like that. They say things like ‘daddy, I love you’. I’m running out of space,” he laughs, proudly showing how they are crowding out the watch on his wrist. “Part of being an Egyptian is being a close-knit family,” he adds.
Few are as close as the Mansours, whose conglomerate the Mansour Group has 60,000 employees and revenues of $6bn, but is still very much a family-run business. Cairo-born Mansour is chief executive of its investment vehicle, Man Capital, and one of four members of the third generation of the family to work in the group."
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Saudi Arabia turns the screw on Lebanon’s economy - FT.com
Saudi Arabia turns the screw on Lebanon’s economy - FT.com:
"Saudi Arabia is ratcheting up a campaign against Iran’s regional Lebanese proxy Hizbollah by squeezing Lebanon’s economy — a move that could further destabilise a country on the front line of the region’s most volatile conflicts.
Lebanon has long been caught in the regional rivalry between Shia Muslim Iran and Sunni Muslim Saudi Arabia. The demographically diverse country is home to the Shia movement Hizbollah, which is fighting in neighbouring Syria’s war on behalf of President Bashar al-Assad. Meanwhile, Saudi Arabia has long-backed Lebanon’s Sunni leaders."
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"Saudi Arabia is ratcheting up a campaign against Iran’s regional Lebanese proxy Hizbollah by squeezing Lebanon’s economy — a move that could further destabilise a country on the front line of the region’s most volatile conflicts.
Lebanon has long been caught in the regional rivalry between Shia Muslim Iran and Sunni Muslim Saudi Arabia. The demographically diverse country is home to the Shia movement Hizbollah, which is fighting in neighbouring Syria’s war on behalf of President Bashar al-Assad. Meanwhile, Saudi Arabia has long-backed Lebanon’s Sunni leaders."
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MIDEAST STOCKS-Gulf rises with oil over $40; foreigners buy in Egypt | Reuters
MIDEAST STOCKS-Gulf rises with oil over $40; foreigners buy in Egypt | Reuters:
"Most stock markets in the Gulf rose on Tuesday after oil prices firmed above $40 a barrel, while Egypt climbed as foreign investors accumulated shares.
While many regional fund managers believe Gulf stock markets could still be pressured this year by further squeezes in corporate earnings, as governments continue to tighten fiscal policy, for now investors are focusing on the idea that the worst is over for oil prices.
Riyadh's stock index added 0.7 percent in heavy trade. Petrochemical heavyweight Saudi Basic Industries advanced 1.0 percent and other oil-linked stocks also gained."
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"Most stock markets in the Gulf rose on Tuesday after oil prices firmed above $40 a barrel, while Egypt climbed as foreign investors accumulated shares.
While many regional fund managers believe Gulf stock markets could still be pressured this year by further squeezes in corporate earnings, as governments continue to tighten fiscal policy, for now investors are focusing on the idea that the worst is over for oil prices.
Riyadh's stock index added 0.7 percent in heavy trade. Petrochemical heavyweight Saudi Basic Industries advanced 1.0 percent and other oil-linked stocks also gained."
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Fallen Angels Stoking Junk-Issuer Credit Risk, Moody's Says - Bloomberg Business
Fallen Angels Stoking Junk-Issuer Credit Risk, Moody's Says - Bloomberg Business:
"Former investment-grade companies are contributing to a surprising number of higher-ranked junk-bond issuers showing early signs of distress, according to Moody’s Investors Service.
So-called fallen angels swelled the number of at-risk companies to 22 percent of firms with Moody’s second-highest junk grade, analysts led by Gianmarco Migliavacca said in a statement Tuesday. Downgraded firms wouldn’t ordinarily be expected to show early default signs as they usually retain some investment-grade characteristics, such as a strong business profile, the analysts wrote.
“There is a surprising pattern of flagged companies,” Moody’s said. “The factors behind their downgrade persist and now constitute early-warning signs.”"
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"Former investment-grade companies are contributing to a surprising number of higher-ranked junk-bond issuers showing early signs of distress, according to Moody’s Investors Service.
So-called fallen angels swelled the number of at-risk companies to 22 percent of firms with Moody’s second-highest junk grade, analysts led by Gianmarco Migliavacca said in a statement Tuesday. Downgraded firms wouldn’t ordinarily be expected to show early default signs as they usually retain some investment-grade characteristics, such as a strong business profile, the analysts wrote.
“There is a surprising pattern of flagged companies,” Moody’s said. “The factors behind their downgrade persist and now constitute early-warning signs.”"
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MIDEAST STOCKS-Petrochemical shares support Saudi, Orascom Telecom lifts Egypt | Reuters
MIDEAST STOCKS-Petrochemical shares support Saudi, Orascom Telecom lifts Egypt | Reuters:
"Petrochemical shares lifted Riyadh's stock market in early trade on Tuesday after Brent oil futures rose above $40 per barrel, while Orasom Telecom supported Egypt.
Riyadh's stock index added 0.7 percent. Petrochemical heavyweight Saudi Basic Industries advanced 1.6 percent and other oil-linked stocks also gained.
Food and agriculture shares were strong, with the largest dairy producer, Almarai, and National Agriculture Development each up more than 2.0 percent."
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"Petrochemical shares lifted Riyadh's stock market in early trade on Tuesday after Brent oil futures rose above $40 per barrel, while Orasom Telecom supported Egypt.
Riyadh's stock index added 0.7 percent. Petrochemical heavyweight Saudi Basic Industries advanced 1.6 percent and other oil-linked stocks also gained.
Food and agriculture shares were strong, with the largest dairy producer, Almarai, and National Agriculture Development each up more than 2.0 percent."
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Oil correction will take time, says UAE Energy Minister | GulfNews.com
Oil correction will take time, says UAE Energy Minister | GulfNews.com:
"A correction in global oil prices “will take time”, the UAE Energy Minister said on Monday ahead of a proposed meeting between major oil producers later this month to discuss capping output.
Members of the Organisation of Petroleum Exporting Countries (Opec) will reportedly meet in Moscow, Russia, on March 20 with non-Opec members to discuss capping production in a bid to counter the sharp decline in global prices.
Suhail Mohammad Faraj Al Mazrouei, the UAE Energy Minister, said in Abu Dhabi that pressure on prices will not be relieved overnight."
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"A correction in global oil prices “will take time”, the UAE Energy Minister said on Monday ahead of a proposed meeting between major oil producers later this month to discuss capping output.
Members of the Organisation of Petroleum Exporting Countries (Opec) will reportedly meet in Moscow, Russia, on March 20 with non-Opec members to discuss capping production in a bid to counter the sharp decline in global prices.
Suhail Mohammad Faraj Al Mazrouei, the UAE Energy Minister, said in Abu Dhabi that pressure on prices will not be relieved overnight."
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MIDEAST STOCKS-Gulf may firm as oil passes $40; Telecom Egypt may support Cairo | Reuters
MIDEAST STOCKS-Gulf may firm as oil passes $40; Telecom Egypt may support Cairo | Reuters:
"Stock markets in the Gulf may firm on Tuesday as investors could be encouraged to enter longer-term positions with further evidence that oil prices may have bottomed. Egypt may be supported by positive earnings from Telecom Egypt.
Brent crude futures are holding above $40 per barrel in early Asian trade, although they are slightly down from their overnight high of $41.04.
Many regional fund managers believe Gulf stock markets could still be pressured this year by further squeezes in corporate earnings as governments continue to tighten fiscal policy."
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"Stock markets in the Gulf may firm on Tuesday as investors could be encouraged to enter longer-term positions with further evidence that oil prices may have bottomed. Egypt may be supported by positive earnings from Telecom Egypt.
Brent crude futures are holding above $40 per barrel in early Asian trade, although they are slightly down from their overnight high of $41.04.
Many regional fund managers believe Gulf stock markets could still be pressured this year by further squeezes in corporate earnings as governments continue to tighten fiscal policy."
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