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Sunday, 1 May 2016
Oman to cut benefits for state employees: report | GulfNews.com
Oman to cut benefits for state employees: report | GulfNews.com:
"Oman is cutting benefits for employees of state agencies as part of an austerity drive designed to curb a big budget deficit caused by low oil prices, Omani media reported on Sunday.
The cuts were communicated in a circular to the agencies from Financial Affairs Minister Darwish Al Balushi, according to Khalid Al Busaidi, a public relations officer at the ministry.
Al Busaidi and other officials could not be reached for comment."
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"Oman is cutting benefits for employees of state agencies as part of an austerity drive designed to curb a big budget deficit caused by low oil prices, Omani media reported on Sunday.
The cuts were communicated in a circular to the agencies from Financial Affairs Minister Darwish Al Balushi, according to Khalid Al Busaidi, a public relations officer at the ministry.
Al Busaidi and other officials could not be reached for comment."
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Emaar delivers Dh1.2b in profit on strength of Dubai sales | GulfNews.com
Emaar delivers Dh1.2b in profit on strength of Dubai sales | GulfNews.com:
"Emaar Properties recorded a net profit of Dh1.2 billion for the first three months, a 17 per cent gain over the Dh1.02 billion it made during the same period last year. Even on a quarter-on-quarter basis, the growth percentage remains the same after a Dh301 million write-off of assets during the fourth quarter of 2015 to Dh1.03 billion.
Most pertinently, the developer saw a robust 70 per cent gain in sales from Dubai during the first quarter of 2016, which Emaar puts at “Dh4.19 billion”.
Overall revenues during the period were Dh3.52 billion, up 17 per cent. The apparent discrepancy comes as “revenue for real estate is recorded based on percentage of completion of the projects subsequent to sale [and collection of at least 20 per cent of property value]”, Emaar sources said."
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"Emaar Properties recorded a net profit of Dh1.2 billion for the first three months, a 17 per cent gain over the Dh1.02 billion it made during the same period last year. Even on a quarter-on-quarter basis, the growth percentage remains the same after a Dh301 million write-off of assets during the fourth quarter of 2015 to Dh1.03 billion.
Most pertinently, the developer saw a robust 70 per cent gain in sales from Dubai during the first quarter of 2016, which Emaar puts at “Dh4.19 billion”.
Overall revenues during the period were Dh3.52 billion, up 17 per cent. The apparent discrepancy comes as “revenue for real estate is recorded based on percentage of completion of the projects subsequent to sale [and collection of at least 20 per cent of property value]”, Emaar sources said."
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UAE bankers take stock of uncertainties | GulfNews.com
UAE bankers take stock of uncertainties | GulfNews.com:
"The global economy is facing uncertain times. The economic challenges range from a crash in oil prices albeit a marginal recovery, slowdown of Chinese economy, negative interest rates, drying up of liquidity in GCC markets, US putting brakes after a single hike, currency wars, and “disruptive” developments in global banking arena. Recently, experts have coined a new acronym “VUCA” (volatile, uncertain, complex and ambiguous) to describe the current scenario.
Emirates Institute for Banking and Financial Studies (EIBFS), organized a conference last week titled “Riding on the roller coaster” in which senior bankers and financial experts discussed the impact of the major headwinds in the UAE and global economies. More than 60 top level bankers attended the conference.
Talking about the effect of prolonged lower oil prices on the banking sector, Dr Mondher Bellalah – Executive VP, Chief Risk Officer- United Arab Bank, said it could impact asset quality, drying up of liquidity and the possibility of slower growth in loan book. “The drying up of liquidity in GCC is being reflected in a significant rise in deposit cost across the banking sector,” he said."
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"The global economy is facing uncertain times. The economic challenges range from a crash in oil prices albeit a marginal recovery, slowdown of Chinese economy, negative interest rates, drying up of liquidity in GCC markets, US putting brakes after a single hike, currency wars, and “disruptive” developments in global banking arena. Recently, experts have coined a new acronym “VUCA” (volatile, uncertain, complex and ambiguous) to describe the current scenario.
Emirates Institute for Banking and Financial Studies (EIBFS), organized a conference last week titled “Riding on the roller coaster” in which senior bankers and financial experts discussed the impact of the major headwinds in the UAE and global economies. More than 60 top level bankers attended the conference.
Talking about the effect of prolonged lower oil prices on the banking sector, Dr Mondher Bellalah – Executive VP, Chief Risk Officer- United Arab Bank, said it could impact asset quality, drying up of liquidity and the possibility of slower growth in loan book. “The drying up of liquidity in GCC is being reflected in a significant rise in deposit cost across the banking sector,” he said."
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Global Growth to Influence Wealth Fund Withdrawals, ADS Says - Bloomberg
Global Growth to Influence Wealth Fund Withdrawals, ADS Says - Bloomberg:
"Global economic growth will determine whether sovereign wealth funds withdraw further funds from global markets, according to ADS Holding LLC Chairman Mahmood Al Mahmood.
Funds are "there to act as a tool for governments when they’re needed," Al Mahmood, who is also a board member at Abu Dhabi sovereign investment fund Mubadala Development Co., said in a TV interview with Bloomberg Markets Middle East on Sunday. "Is this the end of it? It depends how the economy is whether they’ll continue operating the same way they did in the past."
Sovereign funds from Qatar to the United Arab Emirates and Russia, which amassed about $7 trillion of assets as oil soared higher than $100 a barrel, have been liquidating investments after a more than 70 percent slump in crude since 2014. During the boom, oil countries led a surge in investments in the U.S. and Europe, buying stakes in companies such as Barclays Plc as well as trophy assets including Manhattan hotels, European soccer clubs and London luxury homes."
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"Global economic growth will determine whether sovereign wealth funds withdraw further funds from global markets, according to ADS Holding LLC Chairman Mahmood Al Mahmood.
Funds are "there to act as a tool for governments when they’re needed," Al Mahmood, who is also a board member at Abu Dhabi sovereign investment fund Mubadala Development Co., said in a TV interview with Bloomberg Markets Middle East on Sunday. "Is this the end of it? It depends how the economy is whether they’ll continue operating the same way they did in the past."
Sovereign funds from Qatar to the United Arab Emirates and Russia, which amassed about $7 trillion of assets as oil soared higher than $100 a barrel, have been liquidating investments after a more than 70 percent slump in crude since 2014. During the boom, oil countries led a surge in investments in the U.S. and Europe, buying stakes in companies such as Barclays Plc as well as trophy assets including Manhattan hotels, European soccer clubs and London luxury homes."
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DP World Sees Growth in China, Says Europe Almost Bottomed Out - Bloomberg
DP World Sees Growth in China, Says Europe Almost Bottomed Out - Bloomberg:
"DP World, the port operator with terminals from China to the Netherlands, expects a return to growth in some European markets after a period of stagnation and said it’s avoided a hard landing in China.
“Europe almost bottomed and there’s only going up,” Chairman and Chief Executive Officer Sultan bin Sulayem said in a TV interview with Bloomberg Markets Middle East. “I’m not that optimistic we’re going to see big growth, but I expect to see growth.""
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"DP World, the port operator with terminals from China to the Netherlands, expects a return to growth in some European markets after a period of stagnation and said it’s avoided a hard landing in China.
“Europe almost bottomed and there’s only going up,” Chairman and Chief Executive Officer Sultan bin Sulayem said in a TV interview with Bloomberg Markets Middle East. “I’m not that optimistic we’re going to see big growth, but I expect to see growth.""
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MIDEAST STOCKS-Gulf markets pull back; banks weigh on Saudi, Abu Dhabi | Reuters
MIDEAST STOCKS-Gulf markets pull back; banks weigh on Saudi, Abu Dhabi | Reuters:
"Gulf stocks were flat to lower on Sunday as investors booked profits after recent gains, ignoring a further rise in oil prices.
Brent oil futures settled at $48.13 a barrel on Friday after reaching a 2016 peak at $48.50. They rose 21.5 percent in April, the largest monthly advance since May 2009.
However, stocks have already been gaining for two or three months in response to the idea that oil prices have bottomed out. Investors are focusing now on the damage to corporate earnings from austerity policies in the region."
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"Gulf stocks were flat to lower on Sunday as investors booked profits after recent gains, ignoring a further rise in oil prices.
Brent oil futures settled at $48.13 a barrel on Friday after reaching a 2016 peak at $48.50. They rose 21.5 percent in April, the largest monthly advance since May 2009.
However, stocks have already been gaining for two or three months in response to the idea that oil prices have bottomed out. Investors are focusing now on the damage to corporate earnings from austerity policies in the region."
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Buffett Says Hedge Funds Get ‘Unbelievable’ Fees for Bad Results - Bloomberg
Buffett Says Hedge Funds Get ‘Unbelievable’ Fees for Bad Results - Bloomberg:
"Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., said large investors should be frustrated with fees they’re paying hedge fund managers who fail to match the returns of index funds.
“There’s been far, far, far more money made by people in Wall Street through salesmanship abilities than through investment abilities,” Buffett said Saturday during Berkshire’s annual meeting in Omaha, Nebraska.
Hedge funds traditionally charge a management fee that’s 2 percent of assets, plus 20 percent on any profits. That’s “a compensation scheme that is unbelievable to me,” Buffett said. He added that some pension funds have disregarded his advice, and gone ahead and hired consultants."
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"Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., said large investors should be frustrated with fees they’re paying hedge fund managers who fail to match the returns of index funds.
“There’s been far, far, far more money made by people in Wall Street through salesmanship abilities than through investment abilities,” Buffett said Saturday during Berkshire’s annual meeting in Omaha, Nebraska.
Hedge funds traditionally charge a management fee that’s 2 percent of assets, plus 20 percent on any profits. That’s “a compensation scheme that is unbelievable to me,” Buffett said. He added that some pension funds have disregarded his advice, and gone ahead and hired consultants."
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