Mahathir wants 1MDB findings made public | GulfNews.com:
"Foreign governments and investigating agencies probing allegations of money laundering and misappropriation funds of Malaysian state fund 1Malaysia Development Berhad (1MDB) should share their findings, former Malaysian prime minister Mahathir Mohammad told Gulf News in an exclusive interview.
Mahathir was in Dubai to address a conference on leadership, innovation and entrepreneurship organised by Canadian University Dubai.
He wants foreign investigations to put pressure on Prime Minister Najib Razak to leave office and face the law. The scandal surrounding 1MDB is now a subject of investigations in nearly a dozen countries, looking at the legality of fund transfers amid allegations of graft and money laundering.
"
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Wednesday, 20 April 2016
Inside EFG Hermes' Investment Strategy - Bloomberg
Inside EFG Hermes' Investment Strategy - Bloomberg:
"EFG Hermes Head of Private Equity Karim Moussa discusses the company's planned 49% percent stake in EDP Renovaveis. He speaks on "Bloomberg Markets." (Source: Bloomberg)"
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"EFG Hermes Head of Private Equity Karim Moussa discusses the company's planned 49% percent stake in EDP Renovaveis. He speaks on "Bloomberg Markets." (Source: Bloomberg)"
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In riposte to Riyadh, Russia says ready to ramp up oil output | Reuters
In riposte to Riyadh, Russia says ready to ramp up oil output | Reuters:
"Russia said on Wednesday it was prepared to push oil production to historic highs, just days after a global deal to freeze output levels collapsed and Saudi Arabia threatened to flood markets with more crude.
Venezuela predicted prices could crash in the next few weeks if producers failed to resume dialogue and urged that non-OPEC participants be observers at a June OPEC meeting, as the specter of oversupply loomed once more.
OPEC member Venezuela and top non-OPEC producer Russia had been the main proponents of the output freeze deal, in the making since February, until it collapsed on Sunday in Doha after Riyadh said it would not sign unless Iran took part."
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"Russia said on Wednesday it was prepared to push oil production to historic highs, just days after a global deal to freeze output levels collapsed and Saudi Arabia threatened to flood markets with more crude.
Venezuela predicted prices could crash in the next few weeks if producers failed to resume dialogue and urged that non-OPEC participants be observers at a June OPEC meeting, as the specter of oversupply loomed once more.
OPEC member Venezuela and top non-OPEC producer Russia had been the main proponents of the output freeze deal, in the making since February, until it collapsed on Sunday in Doha after Riyadh said it would not sign unless Iran took part."
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MIDEAST STOCKS-Saudi blue chips weigh on bourse; Egypt follows global stocks lower | Reuters
MIDEAST STOCKS-Saudi blue chips weigh on bourse; Egypt follows global stocks lower | Reuters:
"Most stock markets in the Gulf fell slightly on Wednesday with Saudi Arabia's telecommunications and food shares selling off after mixed earnings, while Egypt followed global shares lower.
The Saudi telecommunications sub-index dropped 3.3 percent, helping to push the overall stock index down 0.3 percent.
Etihad Etisalat (Mobily) dropped 7.8 percent to 29.50 riyals despite swinging to a first-quarter profit of 16.6 million riyals ($4.43 million) from a loss of 44.5 million riyals in the prior-year first quarter."
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"Most stock markets in the Gulf fell slightly on Wednesday with Saudi Arabia's telecommunications and food shares selling off after mixed earnings, while Egypt followed global shares lower.
The Saudi telecommunications sub-index dropped 3.3 percent, helping to push the overall stock index down 0.3 percent.
Etihad Etisalat (Mobily) dropped 7.8 percent to 29.50 riyals despite swinging to a first-quarter profit of 16.6 million riyals ($4.43 million) from a loss of 44.5 million riyals in the prior-year first quarter."
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Saudi Arabia takes out $10bn in bank loans - FT.com
Saudi Arabia takes out $10bn in bank loans - FT.com:
"Saudi Arabia is raising $10bn from a consortium of global banks as the kingdom embarks on its first international debt issuance in 25 years to counter dwindling oil revenues and reserves.
The landmark five-year loan, a signal of Riyadh’s newfound dependence on foreign capital, opens the way for Saudi to launch its first international bond issue. It comes as the sustained slump in crude encourages other Gulf governments, such as Abu Dhabi, Qatar and Oman, to tap international bond markets."
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"Saudi Arabia is raising $10bn from a consortium of global banks as the kingdom embarks on its first international debt issuance in 25 years to counter dwindling oil revenues and reserves.
The landmark five-year loan, a signal of Riyadh’s newfound dependence on foreign capital, opens the way for Saudi to launch its first international bond issue. It comes as the sustained slump in crude encourages other Gulf governments, such as Abu Dhabi, Qatar and Oman, to tap international bond markets."
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MIDEAST STOCKS-Gulf weakens in early trade; Saudi's Savola slumps | Reuters
MIDEAST STOCKS-Gulf weakens in early trade; Saudi's Savola slumps | Reuters:
"Stock markets in the Gulf edged down in early trade on Wednesday with Saudi Arabia's blue-chip food and telecommunications shares selling off after posting mixed earnings.
Riyadh's main index was down 0.1 percent in the first hour of trade.
Savola Group slumped 7.8 percent to 38.80 riyals after the largest food company in the Gulf reported an 80.3 percent drop in first-quarter net profit, missing analysts' forecasts."
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"Stock markets in the Gulf edged down in early trade on Wednesday with Saudi Arabia's blue-chip food and telecommunications shares selling off after posting mixed earnings.
Riyadh's main index was down 0.1 percent in the first hour of trade.
Savola Group slumped 7.8 percent to 38.80 riyals after the largest food company in the Gulf reported an 80.3 percent drop in first-quarter net profit, missing analysts' forecasts."
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Crude futures fall after Kuwaiti oil workers end strike | Reuters
Crude futures fall after Kuwaiti oil workers end strike | Reuters:
"Crude futures fell on Wednesday after Kuwaiti oil workers ended a three-day strike that had cut the nation's crude output by around half, with worries about an oversupplied market returning to the fore.
Concerns about an oil surplus were also reinforced by industry data that showed U.S. stockpiles rose last week.
Brent crude futures LCOc1 were down 82 cents at $43.21 a barrel at 0700 GMT."
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"Crude futures fell on Wednesday after Kuwaiti oil workers ended a three-day strike that had cut the nation's crude output by around half, with worries about an oversupplied market returning to the fore.
Concerns about an oil surplus were also reinforced by industry data that showed U.S. stockpiles rose last week.
Brent crude futures LCOc1 were down 82 cents at $43.21 a barrel at 0700 GMT."
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Saudi Said to Agree Terms on $10 Billion Loan to Fund Deficit - Bloomberg
Saudi Said to Agree Terms on $10 Billion Loan to Fund Deficit - Bloomberg:
"Saudi Arabia has agreed terms with banks for its first sovereign loan in at least 15 years, three people with knowledge of the matter said.
The government will pay lenders about 120 basis points above the London interbank offered rate including margin and fees for the $10 billion facility, the people said, asking not to be identified as the information is private. The loan will have a tenor of five years and should be signed before the end of April, the people said.
A large group of U.S., European, Japanese and Chinese banks are lending the funds, the people said. Saudi Arabia’s initial request for as much as $8 billion was significantly oversubscribed, allowing the country to increase the size of the deal, the people said."
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"Saudi Arabia has agreed terms with banks for its first sovereign loan in at least 15 years, three people with knowledge of the matter said.
The government will pay lenders about 120 basis points above the London interbank offered rate including margin and fees for the $10 billion facility, the people said, asking not to be identified as the information is private. The loan will have a tenor of five years and should be signed before the end of April, the people said.
A large group of U.S., European, Japanese and Chinese banks are lending the funds, the people said. Saudi Arabia’s initial request for as much as $8 billion was significantly oversubscribed, allowing the country to increase the size of the deal, the people said."
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