MIDEAST STOCKS-Strong oil boosts Gulf, Global Telecom lifts Egypt | Reuters:
"Gulf stock markets rose on Thursday after Brent crude oil futures surged nearly 5 percent on Wednesday to near their highest levels this year, while strong earnings from Global Telecom helped to lift Egypt.
The Saudi stock index gained 0.6 percent but trading volume fell. Petrochemical stocks were strong with Saudi Basic Industries up 1.5 percent.
Najran Cement climbed 4.3 percent in its heaviest trade since July 2012 after it said it planned to pay a 0.60 riyal per share dividend for the first half of 2016."
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Thursday, 12 May 2016
Banks cull accounts in fight against corruption - FT.com
Banks cull accounts in fight against corruption - FT.com:
"Deutsche Bank, Barclays and UBS have come to the conclusion they would be better off without tens of thousands of their existing customers.
The three lenders have decided to close the accounts of between 20,000 and 35,000 customers each in their corporate and investment banking operations, according to people briefed on the moves."
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"Deutsche Bank, Barclays and UBS have come to the conclusion they would be better off without tens of thousands of their existing customers.
The three lenders have decided to close the accounts of between 20,000 and 35,000 customers each in their corporate and investment banking operations, according to people briefed on the moves."
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Pain Ahead for Saudi Banks? - Bloomberg
Pain Ahead for Saudi Banks? - Bloomberg:
"With reform underway in Saudi Arabia, you might expect the country's banking industry would be set for a boom, but a trifecta of high borrowing costs, increased bad loans and slow economic growth means the kingdom's banks might, instead, be facing a bit of a downturn. Bloomberg's Sam Potter reports on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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"With reform underway in Saudi Arabia, you might expect the country's banking industry would be set for a boom, but a trifecta of high borrowing costs, increased bad loans and slow economic growth means the kingdom's banks might, instead, be facing a bit of a downturn. Bloomberg's Sam Potter reports on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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Saudi Plans to Raise Trading Fees - Bloomberg
Saudi Plans to Raise Trading Fees - Bloomberg:
"Sources have told Bloomberg that Saudi Arabia is planning to increase trading fees by more than 60%. Bloomberg's Matthew Martin reports on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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"Sources have told Bloomberg that Saudi Arabia is planning to increase trading fees by more than 60%. Bloomberg's Matthew Martin reports on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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UAE Banks Face Tough Conditions - Bloomberg
UAE Banks Face Tough Conditions - Bloomberg:
"Alex Thursby, chief executive officer of the National Bank of Abu Dhabi, discusses earnings for the bank, oil prices and the challenges for the region. He speaks to Manus Cranny on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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"Alex Thursby, chief executive officer of the National Bank of Abu Dhabi, discusses earnings for the bank, oil prices and the challenges for the region. He speaks to Manus Cranny on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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Kerry seeks to reassure European banks on Iran trade | Reuters
Kerry seeks to reassure European banks on Iran trade | Reuters:
"European banks should not fear retaliation from the United States for resuming legitimate trade ties with Iran, U.S. Secretary of State John Kerry told a meeting of senior bank executives in London on Thursday.
About 10 executives from top European banks took part in the meeting, according to a British official, during which Kerry sought to allay bankers' concerns following past fines for lenders for breaking Iran sanctions.
"We want to make it clear that legitimate business, which is clear under the definition of the agreement, is available to banks," Kerry said."
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"European banks should not fear retaliation from the United States for resuming legitimate trade ties with Iran, U.S. Secretary of State John Kerry told a meeting of senior bank executives in London on Thursday.
About 10 executives from top European banks took part in the meeting, according to a British official, during which Kerry sought to allay bankers' concerns following past fines for lenders for breaking Iran sanctions.
"We want to make it clear that legitimate business, which is clear under the definition of the agreement, is available to banks," Kerry said."
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MIDEAST STOCKS-Gulf markets edge up on strong oil price | Reuters
MIDEAST STOCKS-Gulf markets edge up on strong oil price | Reuters:
"Gulf stock markets edged up in early trade on Thursday after Brent crude oil futures surged 4.6 percent on Wednesday to near their highest levels this year.
The Saudi stock index gained 0.5 percent in the first 15 minutes, with Najran Cement 3002.SE> climbing 2.9 percent in unusually heavy trade after it said it planned to pay a 0.60 riyal per share dividend for the first half of 2016.
Saudi Printing and Packaging, which had risen 1.3 percent on Wednesday in the heaviest trade since it listed in July 2007, jumped a further 4.2 percent."
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"Gulf stock markets edged up in early trade on Thursday after Brent crude oil futures surged 4.6 percent on Wednesday to near their highest levels this year.
The Saudi stock index gained 0.5 percent in the first 15 minutes, with Najran Cement 3002.SE> climbing 2.9 percent in unusually heavy trade after it said it planned to pay a 0.60 riyal per share dividend for the first half of 2016.
Saudi Printing and Packaging, which had risen 1.3 percent on Wednesday in the heaviest trade since it listed in July 2007, jumped a further 4.2 percent."
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