Full Show: Bloomberg Markets Middle East (06/01) - Bloomberg:
"Full episode of "Bloomberg Markets Middle East." Guests Include Fadh Iqbal, head of research, ME, at Credit Suisse, and Patrick Allman-Ward, chief executive officer at Dana Gas. (Source: Bloomberg)"
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Wednesday, 1 June 2016
MIDEAST STOCKS-Major markets gain slightly, Saudi banks rebound | Reuters
MIDEAST STOCKS-Major markets gain slightly, Saudi banks rebound | Reuters:
"A rebound in the banking sector buoyed Saudi Arabia's bourse on Wednesday and other Gulf bourses also rose, with Dubai's Shuaa Capital surging on hopes that potential buyers of a stake in it had placed high bids.
Saudi banking shares, which were among the market's worst performers in May, attracted buying on dips as Saudi British Bank (SABB) jumped 3.2 percent. Riyadh's main stock index edged up 0.2 percent.
Healthcare and education shares were also strong with Al Hammadi Co, the medical equipment supplier, adding 2.2 percent. The only listed education stock, Al Khaleej Training and Education, rose 3.1 percent."
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"A rebound in the banking sector buoyed Saudi Arabia's bourse on Wednesday and other Gulf bourses also rose, with Dubai's Shuaa Capital surging on hopes that potential buyers of a stake in it had placed high bids.
Saudi banking shares, which were among the market's worst performers in May, attracted buying on dips as Saudi British Bank (SABB) jumped 3.2 percent. Riyadh's main stock index edged up 0.2 percent.
Healthcare and education shares were also strong with Al Hammadi Co, the medical equipment supplier, adding 2.2 percent. The only listed education stock, Al Khaleej Training and Education, rose 3.1 percent."
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Norway’s Hemla Vantage closes in on $600m Iran gas joint venture - FT.com
Norway’s Hemla Vantage closes in on $600m Iran gas joint venture - FT.com:
"A Norwegian oil and gas company is closing in on a $600m contract with an Iranian petrochemical group for one of the first major gas deals since international sanctions were lifted.
The contract will be a joint venture between Hemla Vantage and the Kharg Petrochemical Company, a quasi-privately-owned company, to produce and export liquefied natural gas and liquefied petroleum gas by 2017."
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"A Norwegian oil and gas company is closing in on a $600m contract with an Iranian petrochemical group for one of the first major gas deals since international sanctions were lifted.
The contract will be a joint venture between Hemla Vantage and the Kharg Petrochemical Company, a quasi-privately-owned company, to produce and export liquefied natural gas and liquefied petroleum gas by 2017."
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Malaysia announces wind-up of 1MDB- Nikkei Asian Review
Malaysia announces wind-up of 1MDB- Nikkei Asian Review:
"Malaysia has replaced the board of 1Malaysia Development Berhad with treasury officials, paving the way for the dissolution of the troubled state investment fund.
A three-member board headed by the treasury's top administrative officer succeeded the board of directors of 1MDB, effective Tuesday, the Ministry of Finance said in a press release. "The change of board reflects 1MDB's new direction as a nonoperating company, focusing on completion of the successful rationalization plan and on servicing future debt repayments."
1MDB sold off power generation companies and landholdings to Chinese companies to repay its debts. A parliamentary committee investigating the fund said in a report in April that 1MDB's debt had risen to 50 billion ringgit ($12 billion) in January, from 42 billion ringgit as of March 2014. The fund is in the process of transferring ownership of its remaining assets, including prime land in the capital earmarked for a new financial district and a high speed railway to Singapore, to the ministry."
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"Malaysia has replaced the board of 1Malaysia Development Berhad with treasury officials, paving the way for the dissolution of the troubled state investment fund.
A three-member board headed by the treasury's top administrative officer succeeded the board of directors of 1MDB, effective Tuesday, the Ministry of Finance said in a press release. "The change of board reflects 1MDB's new direction as a nonoperating company, focusing on completion of the successful rationalization plan and on servicing future debt repayments."
1MDB sold off power generation companies and landholdings to Chinese companies to repay its debts. A parliamentary committee investigating the fund said in a report in April that 1MDB's debt had risen to 50 billion ringgit ($12 billion) in January, from 42 billion ringgit as of March 2014. The fund is in the process of transferring ownership of its remaining assets, including prime land in the capital earmarked for a new financial district and a high speed railway to Singapore, to the ministry."
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UPDATE 1-Abu Dhabi's ADFG, Al Mal Capital and Arqaam among Shuaa Capital bidders -sources | Reuters
UPDATE 1-Abu Dhabi's ADFG, Al Mal Capital and Arqaam among Shuaa Capital bidders -sources | Reuters:
"Abu Dhabi Financial Group, Al Mal Capital and Arqaam Capital are among the bidders for Dubai Group's 48.4 percent stake in Shuaa Capital, sources familiar with the matter told Reuters.
Dubai Group, a unit of Dubai Holding, the investment vehicle of the emirate's ruler, is in the process of selling its holding in Dubai investment bank Shuaa to raise funds to meet repayments under its $10 billion debt restructuring.
Alternative investment firm Abu Dhabi Financial Group, which bought First Gulf Bank's brokerage arm in 2014, has placed a bid for Shuaa, an Abu Dhabi-based banker and a Dubai banker said."
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"Abu Dhabi Financial Group, Al Mal Capital and Arqaam Capital are among the bidders for Dubai Group's 48.4 percent stake in Shuaa Capital, sources familiar with the matter told Reuters.
Dubai Group, a unit of Dubai Holding, the investment vehicle of the emirate's ruler, is in the process of selling its holding in Dubai investment bank Shuaa to raise funds to meet repayments under its $10 billion debt restructuring.
Alternative investment firm Abu Dhabi Financial Group, which bought First Gulf Bank's brokerage arm in 2014, has placed a bid for Shuaa, an Abu Dhabi-based banker and a Dubai banker said."
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MIDEAST STOCKS-Saudi weakens in early trade, rest of Gulf mixed | Reuters
MIDEAST STOCKS-Saudi weakens in early trade, rest of Gulf mixed | Reuters:
"Shares in Saudi Arabia fell in early trade on Wednesday, dragged down by petrochemicals and banks, while other Gulf bourses were mixed.
Riyadh's index was down 0.2 percent after an hour. Yanbu National Petrochemicals (Yansab) and National Commercial Bank fell 0.2 and 0.7 percent respectively.
On Tuesday, Yansab had surged 6.5 percent after its board recommended the distribution of higher dividends for the first half of this year compared to last."
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"Shares in Saudi Arabia fell in early trade on Wednesday, dragged down by petrochemicals and banks, while other Gulf bourses were mixed.
Riyadh's index was down 0.2 percent after an hour. Yanbu National Petrochemicals (Yansab) and National Commercial Bank fell 0.2 and 0.7 percent respectively.
On Tuesday, Yansab had surged 6.5 percent after its board recommended the distribution of higher dividends for the first half of this year compared to last."
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Oil Outlook: a Bumpy Ride Going Forward? - Bloomberg
Oil Outlook: a Bumpy Ride Going Forward? - Bloomberg:
"Patrick Allman-Ward, chief executive officer at Dana Gas, discusses the oil market, the rebalancing of the market and his company's cost-reduction campaign. He speaks to Manus Cranny and Rishaad Salamat on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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"Patrick Allman-Ward, chief executive officer at Dana Gas, discusses the oil market, the rebalancing of the market and his company's cost-reduction campaign. He speaks to Manus Cranny and Rishaad Salamat on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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