Bloomberg Markets Middle East: The First Month - Bloomberg:
"The first month of the new Bloomberg Markets Middle East show saw regional and global decision makers join hosts Manus Cranny in Dubai and Rishaad Salamat in Hong Kong to discuss the hot topics of the day including oil, investment, the markets and more."
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Thursday, 26 May 2016
Saudi Aramco boosting market share as it prepares for listing: CEO | Reuters
Saudi Aramco boosting market share as it prepares for listing: CEO | Reuters:
"Saudi oil giant Aramco is gaining market share and pushing for greater efficiency, chief executive Amin Nasser said in an interview, as it acts as a "bridge" to a future when the nation relies less on energy exports.
Nasser also told Reuters that the state-owned group was pressing on with preparations for its partial privatization via a stock market listing, which he said lay at the heart of Riyadh's "Vision 2030", a long-term economic plan headed by Deputy Crown Prince Mohammed bin Salman.
Riyadh has been the driving force behind OPEC's decision in November 2014 to refuse to cut supply to boost prices. Instead it opted to raise output and fight for market share against higher-cost rivals such as U.S. shale producers - as well as fellow OPEC member Iran which has ramped up its exports since the lifting of international sanctions."
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"Saudi oil giant Aramco is gaining market share and pushing for greater efficiency, chief executive Amin Nasser said in an interview, as it acts as a "bridge" to a future when the nation relies less on energy exports.
Nasser also told Reuters that the state-owned group was pressing on with preparations for its partial privatization via a stock market listing, which he said lay at the heart of Riyadh's "Vision 2030", a long-term economic plan headed by Deputy Crown Prince Mohammed bin Salman.
Riyadh has been the driving force behind OPEC's decision in November 2014 to refuse to cut supply to boost prices. Instead it opted to raise output and fight for market share against higher-cost rivals such as U.S. shale producers - as well as fellow OPEC member Iran which has ramped up its exports since the lifting of international sanctions."
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MIDEAST STOCKS-Saudi shares drop despite oil over $50 but Dubai lifted | Reuters
MIDEAST STOCKS-Saudi shares drop despite oil over $50 but Dubai lifted | Reuters:
"A break in Brent crude prices over $50 a barrel failed to support Saudi Arabia's index on Thursday, but helped carry Dubai's index higher for a fourth session. Other markets were mixed.
The Riyadh index failed to hold on to earlier gains as investors booked profits, snapping two days of gains.
Although petrochemical shares remained resilient, with the sub-index advancing 0.3 percent, it closed 49 points below its intra-day high, a sign that investors lack belief in a sustained rally."
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"A break in Brent crude prices over $50 a barrel failed to support Saudi Arabia's index on Thursday, but helped carry Dubai's index higher for a fourth session. Other markets were mixed.
The Riyadh index failed to hold on to earlier gains as investors booked profits, snapping two days of gains.
Although petrochemical shares remained resilient, with the sub-index advancing 0.3 percent, it closed 49 points below its intra-day high, a sign that investors lack belief in a sustained rally."
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Riyal Dollar Peg Is Under Review - Bloomberg
Riyal Dollar Peg Is Under Review - Bloomberg:
"Saudi Arabia's fiscal stresses are driving speculation the kingdom may change the riyal's peg to the dollar. The Saudi Arabian Monetary Authority maintains the spot exchange rate of the riyal at 3.75 to the dollar, which means future expectations of its value must be examined through the forwards or options market. Societe Generale Economist Strategist Xavier Denis discusses with Bloomberg's Manus Cranny and Rishaad Salamat on "Bloomberg Markets Middle East.""
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"Saudi Arabia's fiscal stresses are driving speculation the kingdom may change the riyal's peg to the dollar. The Saudi Arabian Monetary Authority maintains the spot exchange rate of the riyal at 3.75 to the dollar, which means future expectations of its value must be examined through the forwards or options market. Societe Generale Economist Strategist Xavier Denis discusses with Bloomberg's Manus Cranny and Rishaad Salamat on "Bloomberg Markets Middle East.""
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A Rearguard Action by Saudi Arabia to Stop Iran’s Economic Rise - Bloomberg
A Rearguard Action by Saudi Arabia to Stop Iran’s Economic Rise - Bloomberg:
"Saudi Arabia couldn’t stop the Iran nuclear deal from being signed. Plan B is to limit Iran’s ability to reap its benefits.
The kingdom is mobilizing its Gulf allies to make sure that, more than four months after the lifting of sanctions on the Islamic Republic, Iran’s opening-up to the global economy doesn’t go smoothly. Last month the Saudis scuttled a bid to stabilize crude prices because it would have allowed their bitter foe to grab a larger share of oil markets. And in Dubai, once their main gateway to the world, Iranian businessmen privately complain of increasing restrictions."
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"Saudi Arabia couldn’t stop the Iran nuclear deal from being signed. Plan B is to limit Iran’s ability to reap its benefits.
The kingdom is mobilizing its Gulf allies to make sure that, more than four months after the lifting of sanctions on the Islamic Republic, Iran’s opening-up to the global economy doesn’t go smoothly. Last month the Saudis scuttled a bid to stabilize crude prices because it would have allowed their bitter foe to grab a larger share of oil markets. And in Dubai, once their main gateway to the world, Iranian businessmen privately complain of increasing restrictions."
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Gulf banks report more loan defaults as oil slump plays out | Reuters
Gulf banks report more loan defaults as oil slump plays out | Reuters:
"More than two-thirds of Gulf banks reported an increase in unpaid loans in the first three months of the year and more defaults are likely as oil-dependent governments slash spending to adjust to lower crude prices.
After several years in which banks' profits jumped thanks to the region's petrodollar boom, the oil markets' two-year malaise is taking its toll. New global accounting standards from 2018 will make lending even harder.
"The days of double-digit profits and expansion plans are gone," said one United Arab Emirates-based banker. "Now, it's all about single-digit growth and controlling costs as bad loans are going to keep getting higher. It's the new normal.""
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"More than two-thirds of Gulf banks reported an increase in unpaid loans in the first three months of the year and more defaults are likely as oil-dependent governments slash spending to adjust to lower crude prices.
After several years in which banks' profits jumped thanks to the region's petrodollar boom, the oil markets' two-year malaise is taking its toll. New global accounting standards from 2018 will make lending even harder.
"The days of double-digit profits and expansion plans are gone," said one United Arab Emirates-based banker. "Now, it's all about single-digit growth and controlling costs as bad loans are going to keep getting higher. It's the new normal.""
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MIDEAST STOCKS-Gulf bourses rises in early trade as oil breaks $50 | Reuters
MIDEAST STOCKS-Gulf bourses rises in early trade as oil breaks $50 | Reuters:
"Gulf shares rose in early trade on Thursday as oil prices climbed to hit their highest levels in six months and global equity markets edged higher.
Petrochemical shares lifted Riyadh's index 0.6 percent with Saudi Basic Industries, the largest listed producer, adding 1.2 percent as Brent oil prices broke over $50 a barrel in Asian trade.
Makkah Construction added 0.6 percent after it reported a 6 percent rise in its quarterly income. The company attributed the growth to higher occupancy at its Mecca-based Hilton Towers."
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"Gulf shares rose in early trade on Thursday as oil prices climbed to hit their highest levels in six months and global equity markets edged higher.
Petrochemical shares lifted Riyadh's index 0.6 percent with Saudi Basic Industries, the largest listed producer, adding 1.2 percent as Brent oil prices broke over $50 a barrel in Asian trade.
Makkah Construction added 0.6 percent after it reported a 6 percent rise in its quarterly income. The company attributed the growth to higher occupancy at its Mecca-based Hilton Towers."
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