Emirates Swells Superjumbo Fleet With Orphaned Skymark Planes - Bloomberg:
"Emirates, already the biggest buyer of Airbus Group SE’s A380 superjumbo, agreed to take two extra aircraft originally commissioned by Japan’s Skymark Airlines Inc., swelling its order tally to 142 of the planes.
The initial deal was canceled after the Asian budget carrier fell behind on payments prior to a bankruptcy filing, with the double-deckers built and approaching delivery. Interior fittings were never installed, so Emirates is acquiring brand new planes that it can furnish to its own specifications.
The switch will accelerate the expansion of Emirates’s 75-strong A380 fleet as it funnels millions of passengers traveling from Europe and North America to Asia, Africa and the Middle East via its Gulf hub, while removing the orphaned jets from Airbus’s inventory."
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Wednesday, 13 April 2016
OPEC Warns of Deeper Cuts to Oil Demand Forecast on Slowdown - Bloomberg
OPEC Warns of Deeper Cuts to Oil Demand Forecast on Slowdown - Bloomberg:
"OPEC said it may deepen cuts to its forecast for global oil demand growth due to slowing economic expansion in emerging markets, warmer weather and the removal of fuel subsidies.
The Organization of Petroleum Exporting Countries trimmed estimates for demand growth in 2016 by 50,000 barrels a day because of a slowdown in Latin America, projecting worldwide growth of 1.2 million barrels a day. Weakness in Brazil’s economy, the removal of fuel subsidies in the Middle East and milder winter temperatures in the northern hemisphere could prompt further cutbacks, the group said.
“Current negative factors seem to outweigh positive ones and possibly imply downward revisions in oil demand growth, should existing signs persist going forward,” the organization’s Vienna-based secretariat said in its monthly market report. “Economic developments in Latin America and China are of concern.”"
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"OPEC said it may deepen cuts to its forecast for global oil demand growth due to slowing economic expansion in emerging markets, warmer weather and the removal of fuel subsidies.
The Organization of Petroleum Exporting Countries trimmed estimates for demand growth in 2016 by 50,000 barrels a day because of a slowdown in Latin America, projecting worldwide growth of 1.2 million barrels a day. Weakness in Brazil’s economy, the removal of fuel subsidies in the Middle East and milder winter temperatures in the northern hemisphere could prompt further cutbacks, the group said.
“Current negative factors seem to outweigh positive ones and possibly imply downward revisions in oil demand growth, should existing signs persist going forward,” the organization’s Vienna-based secretariat said in its monthly market report. “Economic developments in Latin America and China are of concern.”"
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MIDEAST STOCKS-Markets rise on oil, global mood; petchems buoy Saudi | Reuters
MIDEAST STOCKS-Markets rise on oil, global mood; petchems buoy Saudi | Reuters:
"Middle Eastern stock markets rose on Wednesday, encouraged by an overnight jump in oil prices which boosted Saudi Arabian petrochemical shares in particular, and strength in Asian bourses after strong Chinese trade data.
The Saudi index climbed 0.6 percent in the heaviest volume for three weeks. In the petrochemical sector, Sipchem jumped 5.5 percent. Yansab, which was due to release first-quarter earnings after the close, gained 3.5 percent.
National Commercial Bank, the biggest lender, rose 0.7 percent. It posted a 1 percent rise in profit to 2.63 billion riyals ($702 million). SICO Bahrain had forecast 2.30 billion riyals and Deutsche Bank, 2.23 billion riyals."
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"Middle Eastern stock markets rose on Wednesday, encouraged by an overnight jump in oil prices which boosted Saudi Arabian petrochemical shares in particular, and strength in Asian bourses after strong Chinese trade data.
The Saudi index climbed 0.6 percent in the heaviest volume for three weeks. In the petrochemical sector, Sipchem jumped 5.5 percent. Yansab, which was due to release first-quarter earnings after the close, gained 3.5 percent.
National Commercial Bank, the biggest lender, rose 0.7 percent. It posted a 1 percent rise in profit to 2.63 billion riyals ($702 million). SICO Bahrain had forecast 2.30 billion riyals and Deutsche Bank, 2.23 billion riyals."
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Italy extends $5bn credit line and export guarantees to Iran - FT.com
Italy extends $5bn credit line and export guarantees to Iran - FT.com:
"Italian financing agencies have teamed up to give Iran nearly €5bn in credit lines and guarantees for exports, in one of the most significant financial deals with the Islamic Republic since the landmark nuclear agreement that led to lifting of international sanctions.
The Cassa Depositi e Prestiti, Italy’s state financing agency, which controls more than €350bn in assets, will issue €4bn in credit lines to Iranian public entities for them to fund big infrastructure projects such as railways and motorways. Italian companies such as Ferrovie dello Stato are expected to participate in those contracts.
Sace, Italy’s export credit agency, will support the transactions by providing €4bn in guarantees for those deals and an additional €800m in funding for Italian SME’s doing business in the country."
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"Italian financing agencies have teamed up to give Iran nearly €5bn in credit lines and guarantees for exports, in one of the most significant financial deals with the Islamic Republic since the landmark nuclear agreement that led to lifting of international sanctions.
The Cassa Depositi e Prestiti, Italy’s state financing agency, which controls more than €350bn in assets, will issue €4bn in credit lines to Iranian public entities for them to fund big infrastructure projects such as railways and motorways. Italian companies such as Ferrovie dello Stato are expected to participate in those contracts.
Sace, Italy’s export credit agency, will support the transactions by providing €4bn in guarantees for those deals and an additional €800m in funding for Italian SME’s doing business in the country."
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MIDEAST STOCKS-Gulf markets rise modestly on firm oil prices, global bourses | Reuters
MIDEAST STOCKS-Gulf markets rise modestly on firm oil prices, global bourses | Reuters:
"Gulf stock markets rose moderately in early trade on Wednesday, encouraged by an overnight jump in oil prices and strength in Asian bourses after strong Chinese trade data. Banks led Saudi Arabia up on positive first-quarter earnings.
The Saudi index climbed 0.5 percent as National Commercial Bank, the biggest lender, rose 2.0 percent. It posted a 1 percent rise in profit to 2.63 billion riyals ($701.5 million). SICO Bahrain had forecast 2.30 billion riyals and Deutsche Bank, 2.23 billion riyals.
Saudi British Bank added 2.3 percent after posting a 2.4 percent rise in profit to 1.14 billion riyals; three analysts surveyed by Reuters had expected an average of 1.01 billion riyals.
"
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"Gulf stock markets rose moderately in early trade on Wednesday, encouraged by an overnight jump in oil prices and strength in Asian bourses after strong Chinese trade data. Banks led Saudi Arabia up on positive first-quarter earnings.
The Saudi index climbed 0.5 percent as National Commercial Bank, the biggest lender, rose 2.0 percent. It posted a 1 percent rise in profit to 2.63 billion riyals ($701.5 million). SICO Bahrain had forecast 2.30 billion riyals and Deutsche Bank, 2.23 billion riyals.
Saudi British Bank added 2.3 percent after posting a 2.4 percent rise in profit to 1.14 billion riyals; three analysts surveyed by Reuters had expected an average of 1.01 billion riyals.
"
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Dubai’s Al Etihad Gold Refinery Moving, Expanding Into Palladium - Bloomberg
Dubai’s Al Etihad Gold Refinery Moving, Expanding Into Palladium - Bloomberg:
"Dubai’s Al Etihad Gold Refinery is relocating to expanded facilities by the end of this year, with plans to start production of palladium and platinum items.
Al Etihad has bought the land and is building a 40,000 square-foot (3,716 square-meter) property near the Gold Tower in Dubai, Sami Abu-Ahmad, general manager, said in an interview in the city on Tuesday. Al Etihad, established in 2009, currently leases less than 10,000 square feet near the Mall of the Emirates in Dubai. It refines gold and silver products.
“The gold- and silver-refining business has become very popular,” Abu-Ahmad said. “I am a chemist and I must always be working on new ideas. Nobody has what we are planning.”
"
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"Dubai’s Al Etihad Gold Refinery is relocating to expanded facilities by the end of this year, with plans to start production of palladium and platinum items.
Al Etihad has bought the land and is building a 40,000 square-foot (3,716 square-meter) property near the Gold Tower in Dubai, Sami Abu-Ahmad, general manager, said in an interview in the city on Tuesday. Al Etihad, established in 2009, currently leases less than 10,000 square feet near the Mall of the Emirates in Dubai. It refines gold and silver products.
“The gold- and silver-refining business has become very popular,” Abu-Ahmad said. “I am a chemist and I must always be working on new ideas. Nobody has what we are planning.”
"
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IMF warns of slower growth for UAE and global economy | The National
IMF warns of slower growth for UAE and global economy | The National:
"The economies of the UAE and the wider world will grow slower than expected this year, the IMF said on Tuesday.
The fund downgraded global growth prospects yet again, amid signs that world has been unable to shrug off the economic impact of the 2008 financial crisis.
The world’s growth outlook for this year was cut to 3.2 per cent, a decline of 0.2 percentage points from January’s 3.4 per cent growth forecast. By convention, the world is considered to be in a recession when growth drops below 3.0 per cent."
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"The economies of the UAE and the wider world will grow slower than expected this year, the IMF said on Tuesday.
The fund downgraded global growth prospects yet again, amid signs that world has been unable to shrug off the economic impact of the 2008 financial crisis.
The world’s growth outlook for this year was cut to 3.2 per cent, a decline of 0.2 percentage points from January’s 3.4 per cent growth forecast. By convention, the world is considered to be in a recession when growth drops below 3.0 per cent."
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Fitch downgrades Saudi credit rating | The National
Fitch downgrades Saudi credit rating | The National:
"The credit ratings agency Fitch has downgraded Saudi Arabia by a notch to AA minus as lower oil prices continue to widen the deficit of the world’s biggest oil producer.
However, the downgrade, which follows on the heels similar cuts by other rating agencies including Standard & Poor’s, still keeps the country firmly in the higher echelon of investment grade issuers.
Fitch said on Tuesday it took the move to lower its rating on Saudi Arabia because of its own in-house downward revision of oil price expectations to US$35 per barrel in 2016 and $45 per barrel in 2017. It did not say what the estimates were reduced from."
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"The credit ratings agency Fitch has downgraded Saudi Arabia by a notch to AA minus as lower oil prices continue to widen the deficit of the world’s biggest oil producer.
However, the downgrade, which follows on the heels similar cuts by other rating agencies including Standard & Poor’s, still keeps the country firmly in the higher echelon of investment grade issuers.
Fitch said on Tuesday it took the move to lower its rating on Saudi Arabia because of its own in-house downward revision of oil price expectations to US$35 per barrel in 2016 and $45 per barrel in 2017. It did not say what the estimates were reduced from."
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Outlook for GCC economy remains uncertain, say investment experts | GulfNews.com
Outlook for GCC economy remains uncertain, say investment experts | GulfNews.com:
"The outlook for the economy in the Gulf Cooperation (GCC) region remains uncertain this year, as the states continue to deal with challenges, according to a new study.
In the sixth annual Middle East Societies Market Sentiment survey, investment professionals in the Middle East and North Africa (Mena) were asked about a number of economic issues facing the region today.
They highlighted that low oil prices, geo-political instability and lower expenditures will remain the most important concerns this year. “Debt raising activities” are forecast to increase, while the stock markets in Bahrain and Saudi Arabia are likely to face a challenging period, although Dubai is expected to fare better. Survey respondents also highlighted the urgent need for the regional economies to diversify from oil revenues."
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"The outlook for the economy in the Gulf Cooperation (GCC) region remains uncertain this year, as the states continue to deal with challenges, according to a new study.
In the sixth annual Middle East Societies Market Sentiment survey, investment professionals in the Middle East and North Africa (Mena) were asked about a number of economic issues facing the region today.
They highlighted that low oil prices, geo-political instability and lower expenditures will remain the most important concerns this year. “Debt raising activities” are forecast to increase, while the stock markets in Bahrain and Saudi Arabia are likely to face a challenging period, although Dubai is expected to fare better. Survey respondents also highlighted the urgent need for the regional economies to diversify from oil revenues."
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GCC states set to borrow billions to fund deficits | GulfNews.com
GCC states set to borrow billions to fund deficits | GulfNews.com:
"The oil-rich states in the Gulf Cooperation Council (GCC) region could end up borrowing $285 billion to $390 billion through 2020 to contain budget shortfalls caused by lower oil prices, according to a new report.
The cumulative borrowings, which will be generated through the issuance of local and international debt/bonds, is a significant jump from the $72.1 billion raised between 2008 and 2014, noted the latest research furnished to Gulf News by Marmore, a fully-owned subsidiary of Kuwait Financial Centre (Markaz).
Between 2015 and 2016 alone, countries in the GCC are expected to register a fiscal deficit of $318 billion as a result of lower oil prices. “Prolonged lower oil prices could further exacerbate the fiscal situation,” the report said."
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"The oil-rich states in the Gulf Cooperation Council (GCC) region could end up borrowing $285 billion to $390 billion through 2020 to contain budget shortfalls caused by lower oil prices, according to a new report.
The cumulative borrowings, which will be generated through the issuance of local and international debt/bonds, is a significant jump from the $72.1 billion raised between 2008 and 2014, noted the latest research furnished to Gulf News by Marmore, a fully-owned subsidiary of Kuwait Financial Centre (Markaz).
Between 2015 and 2016 alone, countries in the GCC are expected to register a fiscal deficit of $318 billion as a result of lower oil prices. “Prolonged lower oil prices could further exacerbate the fiscal situation,” the report said."
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