Hapag-Lloyd in merger talks with United Arab Shipping | The National:
"The German shipper Hapag-Lloyd is in merger talks with United Arab Shipping Company (UASC), which is based in Kuwait, as shipping lines consolidate amid a drop in freight rates.
Hapag-Lloyd’s shares surged 16 per cent to €19 in late afternoon trading in Frankfurt.
“In case of a business combination, the parties are basing their discussions on a relative valuation of the two businesses at 72 per cent (Hapag Lloyd) and 28 per cent (UASC), subject to a mutually satisfactory completion of the negotiations and the mutual due diligence exercise," the two companies said in a joint statement."
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Thursday, 21 April 2016
MIDEAST STOCKS-Oil-linked stocks lift Saudi but retailers slump; Gulf firms | Reuters
MIDEAST STOCKS-Oil-linked stocks lift Saudi but retailers slump; Gulf firms | Reuters:
"Petrochemical shares helped buoy Riyadh's stock index on Thursday, but some domestic-focused shares fell after earnings missed estimates, while other Gulf stock markets ended the week on a high note ahead of quarterly results.
The Saudi petrochemical sub-index jumped 2.0 percent after Brent crude oil rallied overnight to hit a high of $46 a barrel. The overall Saudi stock index added 1.2 percent to 6,588 points, a 14-week closing high.
Rabigh Refining and Petrochemical Co (PetroRabigh) fell as much as 4.9 percent early on after the company reported a quarterly net loss of 32.7 million riyals ($8.7 million), versus a net profit of 205.4 million riyals a year earlier. But it closed 4.9 percent higher."
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"Petrochemical shares helped buoy Riyadh's stock index on Thursday, but some domestic-focused shares fell after earnings missed estimates, while other Gulf stock markets ended the week on a high note ahead of quarterly results.
The Saudi petrochemical sub-index jumped 2.0 percent after Brent crude oil rallied overnight to hit a high of $46 a barrel. The overall Saudi stock index added 1.2 percent to 6,588 points, a 14-week closing high.
Rabigh Refining and Petrochemical Co (PetroRabigh) fell as much as 4.9 percent early on after the company reported a quarterly net loss of 32.7 million riyals ($8.7 million), versus a net profit of 205.4 million riyals a year earlier. But it closed 4.9 percent higher."
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So investors, what if the oil price heads south again? - FT.com
So investors, what if the oil price heads south again? - FT.com:
"We are all oil traders at the moment.
The resilience of crude prices in the wake of a failed production freeze deal in Doha firmly illustrates the importance of black gold for sentiment across the broader financial system at the moment.
Talk of a freeze in recent weeks propelled the robust recovery in oil prices. However, the lack of an agreement and the crackling tension between Iran and Saudi Arabia is being downplayed by energy traders. They are looking ahead to the prospect of supply and demand becoming balanced during the second half of the year, thus supporting crude prices."
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"We are all oil traders at the moment.
The resilience of crude prices in the wake of a failed production freeze deal in Doha firmly illustrates the importance of black gold for sentiment across the broader financial system at the moment.
Talk of a freeze in recent weeks propelled the robust recovery in oil prices. However, the lack of an agreement and the crackling tension between Iran and Saudi Arabia is being downplayed by energy traders. They are looking ahead to the prospect of supply and demand becoming balanced during the second half of the year, thus supporting crude prices."
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The $2 Trillion Project to Get Saudi Arabia’s Economy Off Oil - Bloomberg
The $2 Trillion Project to Get Saudi Arabia’s Economy Off Oil - Bloomberg:
"Early last year, at a royal encampment in the oasis of Rawdat Khuraim, Prince Mohammed bin Salman of Saudi Arabia visited his uncle, King Abdullah, in the monarch’s final days before entering a hospital. Unbeknown to anyone outside the House of Saud, the two men, separated in age by 59 years, had a rocky history together. King Abdullah once banned his brash nephew, all of 26 at the time, from setting foot in the Ministry of Defense after rumors reached the royal court that the prince was disruptive and power-hungry. Later, the pair grew close, bound by a shared belief that Saudi Arabia must fundamentally change, or else face ruin in a world that is trying to leave oil behind.
For two years, encouraged by the king, the prince had been quietly planning a major restructuring of Saudi Arabia’s government and economy, aiming to fulfill what he calls his generation’s “different dreams” for a postcarbon future. King Abdullah died shortly after his visit, in January 2015. Prince Mohammed’s father, Salman, assumed the throne, named his son the deputy crown prince—second in line—and gave him unprecedented control over the state oil monopoly, the national investment fund, economic policy, and the Ministry of Defense. That’s a larger portfolio than that of the crown prince, the only man ahead of him on the succession chart. Effectively, Prince Mohammed is today the power behind the world’s most powerful throne. Western diplomats in Riyadh call him Mr. Everything. He’s 31 years old.
"
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"Early last year, at a royal encampment in the oasis of Rawdat Khuraim, Prince Mohammed bin Salman of Saudi Arabia visited his uncle, King Abdullah, in the monarch’s final days before entering a hospital. Unbeknown to anyone outside the House of Saud, the two men, separated in age by 59 years, had a rocky history together. King Abdullah once banned his brash nephew, all of 26 at the time, from setting foot in the Ministry of Defense after rumors reached the royal court that the prince was disruptive and power-hungry. Later, the pair grew close, bound by a shared belief that Saudi Arabia must fundamentally change, or else face ruin in a world that is trying to leave oil behind.
For two years, encouraged by the king, the prince had been quietly planning a major restructuring of Saudi Arabia’s government and economy, aiming to fulfill what he calls his generation’s “different dreams” for a postcarbon future. King Abdullah died shortly after his visit, in January 2015. Prince Mohammed’s father, Salman, assumed the throne, named his son the deputy crown prince—second in line—and gave him unprecedented control over the state oil monopoly, the national investment fund, economic policy, and the Ministry of Defense. That’s a larger portfolio than that of the crown prince, the only man ahead of him on the succession chart. Effectively, Prince Mohammed is today the power behind the world’s most powerful throne. Western diplomats in Riyadh call him Mr. Everything. He’s 31 years old.
"
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MIDEAST STOCKS-Petchems lift Saudi but domestic-focused shares slump; Dubai up | Reuters
MIDEAST STOCKS-Petchems lift Saudi but domestic-focused shares slump; Dubai up | Reuters:
"Shares in the petrochemical sector helped buoy Riyadh's stock index early on Thursday after oil prices firmed overnight, but some companies dropped after earnings misses that reflected weakness in the domestic economy.
Dubai's bourse was lifted by the real estate sector.
The Saudi petrochemical sub-index was up 1.0 percent after Brent crude prices rallied overnight to hit a high of $46 a barrel. The overall Saudi stock index was up 0.5 percent."
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"Shares in the petrochemical sector helped buoy Riyadh's stock index early on Thursday after oil prices firmed overnight, but some companies dropped after earnings misses that reflected weakness in the domestic economy.
Dubai's bourse was lifted by the real estate sector.
The Saudi petrochemical sub-index was up 1.0 percent after Brent crude prices rallied overnight to hit a high of $46 a barrel. The overall Saudi stock index was up 0.5 percent."
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Handovers lift Nakheel first-quarter profit | The National
Handovers lift Nakheel first-quarter profit | The National:
"First-quarter profit at Nakheel increased by an annualised 8 per cent as it opened new shops and hotels and handed over homes.
The Dubai government-owned property developer said net profit came in at Dh1.47 billion for the three months to the end of last month from Dh1.35bn a year earlier.
Nakheel did not provide figures for its turnover during the period or any detailed breakdown of how its profit was achieved."
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"First-quarter profit at Nakheel increased by an annualised 8 per cent as it opened new shops and hotels and handed over homes.
The Dubai government-owned property developer said net profit came in at Dh1.47 billion for the three months to the end of last month from Dh1.35bn a year earlier.
Nakheel did not provide figures for its turnover during the period or any detailed breakdown of how its profit was achieved."
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IEA chief says oil market, prices to return to balance by 2017 | Reuters
IEA chief says oil market, prices to return to balance by 2017 | Reuters:
"International Energy Agency (IEA) chief Fatih Birol said on Thursday he expects the oil market to come back into balance from oversupply by next year, providing there is no major economic downturn.
Birol said low oil prices have cut oil investment by about 40 percent in the past two years, with sharp falls in the United States, Canada, Latin America and Russia, and the world's reliance on Middle East oil will accelerate substantially in the next few years.
"This year, we are expecting the biggest decline in non-OPEC oil supply in the last 25 years, almost 700,000 barrels per day. At the same time, global demand growth is in a hectic pace, led by India, China and other emerging countries," he told reporters after meeting Prime Minister Shinzo Abe in Tokyo."
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"International Energy Agency (IEA) chief Fatih Birol said on Thursday he expects the oil market to come back into balance from oversupply by next year, providing there is no major economic downturn.
Birol said low oil prices have cut oil investment by about 40 percent in the past two years, with sharp falls in the United States, Canada, Latin America and Russia, and the world's reliance on Middle East oil will accelerate substantially in the next few years.
"This year, we are expecting the biggest decline in non-OPEC oil supply in the last 25 years, almost 700,000 barrels per day. At the same time, global demand growth is in a hectic pace, led by India, China and other emerging countries," he told reporters after meeting Prime Minister Shinzo Abe in Tokyo."
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MIDEAST STOCKS-Saudi cyclical earnings miss estimates; Dubai major builder hopeful | Reuters
MIDEAST STOCKS-Saudi cyclical earnings miss estimates; Dubai major builder hopeful | Reuters:
"Shares in Saudi Arabia may extend prior session losses on Thursday after major cyclical stocks reported earnings that fell short of expectations, while Dubai's real estate-linked sector may find some buying interest.
Shares of Saudi retail giant Fawaz Alhokair may be hit after its net profit for the first three months of the year missed analysts estimates by a large margin.
The retailer reported a net profit of 3.2 million riyals ($853,561), a 98.4 percent slump in net profit compared with the same period a year ago - its financial year starts in April 1. Sales fell by 3.2 percent, with the Saudi market being the main drag, the company said in a bourse statement."
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"Shares in Saudi Arabia may extend prior session losses on Thursday after major cyclical stocks reported earnings that fell short of expectations, while Dubai's real estate-linked sector may find some buying interest.
Shares of Saudi retail giant Fawaz Alhokair may be hit after its net profit for the first three months of the year missed analysts estimates by a large margin.
The retailer reported a net profit of 3.2 million riyals ($853,561), a 98.4 percent slump in net profit compared with the same period a year ago - its financial year starts in April 1. Sales fell by 3.2 percent, with the Saudi market being the main drag, the company said in a bourse statement."
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Consultants in the Gulf Are Doing Just Fine - Bloomberg
Consultants in the Gulf Are Doing Just Fine - Bloomberg:
"It’s a great time to be a consultant in the Gulf Cooperation Council. Less so for bankers.
Demand for consultants and consultancy firms in the region was much stronger than expected in the first quarter and is set to stay that way for the remainder of the year, according to recruiter Morgan McKinley. By contrast, hiring by banks slumped 60 percent in the three months through March and isn’t likely to improve by December, it said.
"If you’re a consultant, business is booming," Trefor Murphy, managing director of Morgan McKinley in the Middle East and North Africa, said in an interview. "There’s huge demand in places like Saudi Arabia and the United Arab Emirates as they transform their economies. Many bankers, on the other hand, will be struggling to hold down their job.""
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"It’s a great time to be a consultant in the Gulf Cooperation Council. Less so for bankers.
Demand for consultants and consultancy firms in the region was much stronger than expected in the first quarter and is set to stay that way for the remainder of the year, according to recruiter Morgan McKinley. By contrast, hiring by banks slumped 60 percent in the three months through March and isn’t likely to improve by December, it said.
"If you’re a consultant, business is booming," Trefor Murphy, managing director of Morgan McKinley in the Middle East and North Africa, said in an interview. "There’s huge demand in places like Saudi Arabia and the United Arab Emirates as they transform their economies. Many bankers, on the other hand, will be struggling to hold down their job.""
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Dubai Property Still a Winning Bet for This Billionaire: Chart - Bloomberg
Dubai Property Still a Winning Bet for This Billionaire: Chart - Bloomberg:
"Falling prices haven’t dented the fortune of one of Dubai’s richest property developers. Billionaire Hussain Sajwani, founder and chief executive officer of Damac Properties Dubai Co., has expanded his net worth by 20 percent this year, to $3.9 billion, as shares of the developer have risen. Meanwhile, the nine Middle East billionaires ranked among the world’s 400 richest people have seen their fortunes drop by an average of 6.3 percent since Jan. 1."
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"Falling prices haven’t dented the fortune of one of Dubai’s richest property developers. Billionaire Hussain Sajwani, founder and chief executive officer of Damac Properties Dubai Co., has expanded his net worth by 20 percent this year, to $3.9 billion, as shares of the developer have risen. Meanwhile, the nine Middle East billionaires ranked among the world’s 400 richest people have seen their fortunes drop by an average of 6.3 percent since Jan. 1."
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