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Wednesday, 16 March 2016
Egyptian Pound Said to Gain at Central Bank Dollar Sale - Bloomberg Business
Egyptian Pound Said to Gain at Central Bank Dollar Sale - Bloomberg Business:
"The Egyptian pound gained at a central bank sale of dollars to local lenders on Wednesday, two days after policy makers said they would adopt a more flexible exchange rate following the biggest one-time devaluation since 2003, according to five bankers with knowledge of the matter.
The central bank allocated dollars at a $1.5 billion sale to local lenders at 8.78 pounds per dollar, compared with 8.85 pounds on Tuesday, the bankers said. The state-run Middle East News Agency also confirmed the price.
The central bank is yet to announce the results of the sale. Policy makers devalued the pound by 13 percent this week and are expected to raise interest rates by 50 basis points on Thursday to 9.75 percent, according to the median estimate of a Bloomberg survey of economists."
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"The Egyptian pound gained at a central bank sale of dollars to local lenders on Wednesday, two days after policy makers said they would adopt a more flexible exchange rate following the biggest one-time devaluation since 2003, according to five bankers with knowledge of the matter.
The central bank allocated dollars at a $1.5 billion sale to local lenders at 8.78 pounds per dollar, compared with 8.85 pounds on Tuesday, the bankers said. The state-run Middle East News Agency also confirmed the price.
The central bank is yet to announce the results of the sale. Policy makers devalued the pound by 13 percent this week and are expected to raise interest rates by 50 basis points on Thursday to 9.75 percent, according to the median estimate of a Bloomberg survey of economists."
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MIDEAST STOCKS-Oil rise boosts Saudi, Egypt continues post-devaluation rally | Reuters
MIDEAST STOCKS-Oil rise boosts Saudi, Egypt continues post-devaluation rally | Reuters:
"Saudi Arabia's stock market rose on Wednesday in response to a surge in oil prices but most of the Gulf was sluggish because of profit-taking.
Egypt rallied for a third straight day after the central bank devalued the currency.
In the early afternoon, Qatar said oil producers would meet in Doha on April 17 to discuss a proposal to freeze output, lifting Brent crude back above $39 a barrel."
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"Saudi Arabia's stock market rose on Wednesday in response to a surge in oil prices but most of the Gulf was sluggish because of profit-taking.
Egypt rallied for a third straight day after the central bank devalued the currency.
In the early afternoon, Qatar said oil producers would meet in Doha on April 17 to discuss a proposal to freeze output, lifting Brent crude back above $39 a barrel."
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U.S. oil refiners temper optimism as margins jump, stocks fall | Reuters
U.S. oil refiners temper optimism as margins jump, stocks fall | Reuters:
"U.S. oil refiners may be on their best footing in more than half a year, after a bumper drawdown in gasoline inventories spurred the biggest boost to profit margins in months and fueled hopes of resurgent demand ahead of the summer driving season.
But executives at some of the top U.S. independent refiners and analysts are tempering any early optimism that times will be as good as last year as oversupply and slower economic growth threaten to dent margins well into 2017.
"If you are watching your production not going to the consumer, but instead going into a (storage) tank, you have to rethink the economics," said Tom Nimbley, chief executive of PBF Energy, a large independent U.S. refiner, on the sidelines of the 114th annual meeting of the American Fuel and Petrochemical Manufacturers association in San Francisco."
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"U.S. oil refiners may be on their best footing in more than half a year, after a bumper drawdown in gasoline inventories spurred the biggest boost to profit margins in months and fueled hopes of resurgent demand ahead of the summer driving season.
But executives at some of the top U.S. independent refiners and analysts are tempering any early optimism that times will be as good as last year as oversupply and slower economic growth threaten to dent margins well into 2017.
"If you are watching your production not going to the consumer, but instead going into a (storage) tank, you have to rethink the economics," said Tom Nimbley, chief executive of PBF Energy, a large independent U.S. refiner, on the sidelines of the 114th annual meeting of the American Fuel and Petrochemical Manufacturers association in San Francisco."
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Dubai property developer Nakheel in talks over push into Asia - FT.com
Dubai property developer Nakheel in talks over push into Asia - FT.com:
"The Dubai state-owned property group Nakheel is in talks to launch developments in as many as three Asian countries, its first direct ventures in the region, as it seeks to diversify its business and avoid a repeat of its near-default during the financial crisis.
The company is in discussions about launching a mixed-use development with a Vietnamese partner in Ho Chi Minh City and has also been approached by potential partners in China and Pakistan, Ali Rashid Lootah, Nakheel chairman, said on Tuesday."
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"The Dubai state-owned property group Nakheel is in talks to launch developments in as many as three Asian countries, its first direct ventures in the region, as it seeks to diversify its business and avoid a repeat of its near-default during the financial crisis.
The company is in discussions about launching a mixed-use development with a Vietnamese partner in Ho Chi Minh City and has also been approached by potential partners in China and Pakistan, Ali Rashid Lootah, Nakheel chairman, said on Tuesday."
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MIDEAST STOCKS-Profit-taking continues in Gulf markets | Agricultural Commodities | Reuters
MIDEAST STOCKS-Profit-taking continues in Gulf markets | Agricultural Commodities | Reuters:
"Stock markets in the United Arab Emirates and Qatar fell in early trade on Wednesday in another day of profit-taking after strong gains since mid-February.
Dubai's benchmark fell 0.9 percent in the first hour. Dubai Investments dropped 5.0 percent and Drake & Scull was down 1.1 percent.
But some stocks that were dumped on Tuesday were bought on Wednesday, with Dubai Parks, the amusement park builder, jumping 3.8 percent, recouping all of the previous session's losses."
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"Stock markets in the United Arab Emirates and Qatar fell in early trade on Wednesday in another day of profit-taking after strong gains since mid-February.
Dubai's benchmark fell 0.9 percent in the first hour. Dubai Investments dropped 5.0 percent and Drake & Scull was down 1.1 percent.
But some stocks that were dumped on Tuesday were bought on Wednesday, with Dubai Parks, the amusement park builder, jumping 3.8 percent, recouping all of the previous session's losses."
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