Full Show: Bloomberg Markets Middle East (05/26) - Bloomberg:
"Full Episode of "Bloomberg Markets Middle East." Guests include: John Driscoll, director and chief strategist at JTD Energy Services, and Xavier Denis, economist strategist at Societe Generale. (Source: Bloomberg)"
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Friday 27 May 2016
Saudi offers more oil to Asian clients ahead of OPEC meet | Reuters
Saudi offers more oil to Asian clients ahead of OPEC meet | Reuters:
"Saudi Arabia is offering extra crude to customers in Asia, a sign the world's largest oil exporter does not intend to cut output as it battles for market share with other top producers.
Saudi's offers of more oil come after it recently completed maintenance programs that had reduced supplies from some fields during the second quarter, traders said. The kingdom will also soon increase its Arab Extra Light crude output in an expansion of the Shaybah oilfield.
But some Asian refiners said they are not rushing to buy more Arab Extra Light after Aramco raised the oil's official selling price (OSP) by 80 cents a barrel in June, making it more expensive relative to similar Abu Dhabi grades."
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"Saudi Arabia is offering extra crude to customers in Asia, a sign the world's largest oil exporter does not intend to cut output as it battles for market share with other top producers.
Saudi's offers of more oil come after it recently completed maintenance programs that had reduced supplies from some fields during the second quarter, traders said. The kingdom will also soon increase its Arab Extra Light crude output in an expansion of the Shaybah oilfield.
But some Asian refiners said they are not rushing to buy more Arab Extra Light after Aramco raised the oil's official selling price (OSP) by 80 cents a barrel in June, making it more expensive relative to similar Abu Dhabi grades."
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HMRC loses £50m Chelsea Barracks tax appeal to Qatar - BBC News
HMRC loses £50m Chelsea Barracks tax appeal to Qatar - BBC News:
"HM Revenue & Customs has lost its bid to recover up to £50m in stamp duty from the sale of the Chelsea Barracks in 2007.
Three Court of Appeal judges decided that the tax office had pursued the wrong party for the tax.
The purchaser, a firm owned by the Qatar Investment Authority, had used a type of Islamic finance that meant a bank actually owned the property."
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"HM Revenue & Customs has lost its bid to recover up to £50m in stamp duty from the sale of the Chelsea Barracks in 2007.
Three Court of Appeal judges decided that the tax office had pursued the wrong party for the tax.
The purchaser, a firm owned by the Qatar Investment Authority, had used a type of Islamic finance that meant a bank actually owned the property."
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Gulf contractors face tough market conditions amid cashflow constraints | The National
Gulf contractors face tough market conditions amid cashflow constraints | The National:
"Contractors across the Gulf are facing a tough set of market conditions, with cash flow constraints and greater competition for fewer contracts placing a squeeze on margins, according to Deloitte.
The accountancy firm’s 2016 Powers of Construction report states that contract awards are likely to drop to $140 billion this year, a reduction of 17 per cent on the amount of awards last year.
Despite this, Deloitte argued that the pipeline of future projects due for delivery in future years means the region still offers decent long-term fundamentals for companies prepared to ride out the current slowdown in the market."
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"Contractors across the Gulf are facing a tough set of market conditions, with cash flow constraints and greater competition for fewer contracts placing a squeeze on margins, according to Deloitte.
The accountancy firm’s 2016 Powers of Construction report states that contract awards are likely to drop to $140 billion this year, a reduction of 17 per cent on the amount of awards last year.
Despite this, Deloitte argued that the pipeline of future projects due for delivery in future years means the region still offers decent long-term fundamentals for companies prepared to ride out the current slowdown in the market."
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India’s Jet Airways back in black ahead of schedule | The National
India’s Jet Airways back in black ahead of schedule | The National:
"Jet Airways yesterday posted a record annual profit, achieving a return to profitability a year ahead of its target, as low oil prices helped to lift the airline’s financial performance.
The airline declared a net profit of 12.1 billion rupees (Dh657.4 million) in the year to the end of March, compared to a loss of almost 21bn rupees in the same period a year earlier.
Etihad Airways bought a 24 per cent stake in Mumbai-based Jet Airways for US$379 million in 2013 after India opened up the aviation sector to allow foreign direct investment of up to 49 per cent by overseas airlines in its carriers."
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"Jet Airways yesterday posted a record annual profit, achieving a return to profitability a year ahead of its target, as low oil prices helped to lift the airline’s financial performance.
The airline declared a net profit of 12.1 billion rupees (Dh657.4 million) in the year to the end of March, compared to a loss of almost 21bn rupees in the same period a year earlier.
Etihad Airways bought a 24 per cent stake in Mumbai-based Jet Airways for US$379 million in 2013 after India opened up the aviation sector to allow foreign direct investment of up to 49 per cent by overseas airlines in its carriers."
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