ADCB beats estimates despite 12.3% drop in second quarter profit | The National:
"Abu Dhabi Commercial Bank beat analysts’ forecasts despite posting a 12.3 per cent drop in second-quarter net profit, weighed down by the need to set aside more cash for bad debts.
It is the third Abu Dhabi bank to report weak earnings, reflecting the struggles of the emirate’s banking sector as lower oil prices and reduced government spending feed through into the wider economy.
Abu Dhabi’s third-largest bank by assets made a net profit attributable to shareholders of Dh1.13 billion in the three months to June 30, compared to Dh1.28bn in the same period a year ago."
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Monday 18 July 2016
Saudi Binladin seeks loan extension after Grand Mosque payment delay | GulfNews.com
Saudi Binladin seeks loan extension after Grand Mosque payment delay | GulfNews.com:
"Saudi Binladin Group has asked for an extension on an 817 million riyal ($217.8 million) Islamic loan that matured last week and which was being used to fund construction on the kingdom’s Grand Mosque site, sources aware of the matter said.
The request to delay the payment, originally due on July 15, was because the Saudi government had yet to reimburse the construction firm for work carried out on Islam’s holiest location, the sources said on condition of anonymity due to the subject’s sensitivity.
The company has been hit by government spending cuts and by its suspension from receiving new state contracts since September last year, when a crane accident killed 107 people at the Grand Mosque."
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"Saudi Binladin Group has asked for an extension on an 817 million riyal ($217.8 million) Islamic loan that matured last week and which was being used to fund construction on the kingdom’s Grand Mosque site, sources aware of the matter said.
The request to delay the payment, originally due on July 15, was because the Saudi government had yet to reimburse the construction firm for work carried out on Islam’s holiest location, the sources said on condition of anonymity due to the subject’s sensitivity.
The company has been hit by government spending cuts and by its suspension from receiving new state contracts since September last year, when a crane accident killed 107 people at the Grand Mosque."
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Emirates NBD reports Dh3.71b net profit in first half 2016 | GulfNews.com
Emirates NBD reports Dh3.71b net profit in first half 2016 | GulfNews.com:
"Emirates NBD on Monday reported a first half net profit of Dh3.71 billion for the first six months of 2016, up 12 per cent year on year.
For the second quarter of the year the bank’s net profits improved 16 per cent year on year and 6 per cent quarter on quarter to Dh1.91 billion.
During the first half of the year, the bank’s net interest income improved 2 per cent year on year as loan growth more than offset net interest margin contraction. Non-interest income remained flat as higher core fee income, particularly from foreign exchange, helped offset lower income from the sale of properties, the bank said in a statement."
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"Emirates NBD on Monday reported a first half net profit of Dh3.71 billion for the first six months of 2016, up 12 per cent year on year.
For the second quarter of the year the bank’s net profits improved 16 per cent year on year and 6 per cent quarter on quarter to Dh1.91 billion.
During the first half of the year, the bank’s net interest income improved 2 per cent year on year as loan growth more than offset net interest margin contraction. Non-interest income remained flat as higher core fee income, particularly from foreign exchange, helped offset lower income from the sale of properties, the bank said in a statement."
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MIDEAST STOCKS-Qatar, Dubai surge, rest of region restrained | Reuters
MIDEAST STOCKS-Qatar, Dubai surge, rest of region restrained | Reuters:
"Qatar's stock market surged as it broke major technical resistance and Dubai was boosted by real estate companies on Monday, while most Middle Eastern markets were held back by weak oil prices and uneven corporate earnings.
The Qatari index gained 1.6 percent to 10,585 points, an advance on its December and March peaks at 10,490-10,502 points. Trading volume nearly quadrupled from Sunday's level.
The break triggered a reverse head & shoulders pattern formed by the highs and lows since December and pointing up in the long term to around 12,600 points."
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"Qatar's stock market surged as it broke major technical resistance and Dubai was boosted by real estate companies on Monday, while most Middle Eastern markets were held back by weak oil prices and uneven corporate earnings.
The Qatari index gained 1.6 percent to 10,585 points, an advance on its December and March peaks at 10,490-10,502 points. Trading volume nearly quadrupled from Sunday's level.
The break triggered a reverse head & shoulders pattern formed by the highs and lows since December and pointing up in the long term to around 12,600 points."
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Full Show: Bloomberg Markets Middle East (07/18) - Bloomberg
Full Show: Bloomberg Markets Middle East (07/18) - Bloomberg:
"Bloomberg Markets Middle East hosted by Yousef Gamal El-Din and Angie Lau. Guests include Inan Demir, chief economist at Finansbank, Gary Dugan, chief investment officer at Emirates NBD, Michael Bolliger, head of EM asset allocation at UBS. (Source: Bloomberg)"
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"Bloomberg Markets Middle East hosted by Yousef Gamal El-Din and Angie Lau. Guests include Inan Demir, chief economist at Finansbank, Gary Dugan, chief investment officer at Emirates NBD, Michael Bolliger, head of EM asset allocation at UBS. (Source: Bloomberg)"
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MIDEAST STOCKS-Gulf narrowly mixed in quiet trade; Saudi banks firm | Reuters
MIDEAST STOCKS-Gulf narrowly mixed in quiet trade; Saudi banks firm | Reuters:
"Gulf stock markets were narrowly mixed in quiet, early trade on Monday although Saudi Arabian banks rose after a couple of them announced second-quarter earnings.
The Saudi stock index edged up 0.2 percent in the first half-hour as Riyad Bank gained 0.9 percent. It posted a 1.6 percent year-on-year rise in second-quarter net profit to 1.15 billion riyals ($306.6 million); analysts polled by Reuters had on average forecast 1.03 billion riyals.
Samba Financial Group, which reported a 1.4 percent drop in quarterly profit that was in line with forecasts, climbed 1.7 percent."
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"Gulf stock markets were narrowly mixed in quiet, early trade on Monday although Saudi Arabian banks rose after a couple of them announced second-quarter earnings.
The Saudi stock index edged up 0.2 percent in the first half-hour as Riyad Bank gained 0.9 percent. It posted a 1.6 percent year-on-year rise in second-quarter net profit to 1.15 billion riyals ($306.6 million); analysts polled by Reuters had on average forecast 1.03 billion riyals.
Samba Financial Group, which reported a 1.4 percent drop in quarterly profit that was in line with forecasts, climbed 1.7 percent."
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Turkey will not intervene to support the lira, says deputy PM - FT.com
Turkey will not intervene to support the lira, says deputy PM - FT.com:
"Turkey will not intervene to support the lira, according to deputy prime minister Mehmet Şimşek, but will watch markets adjust to this “major event” and count on the quick resolution of Friday’s attempted coup to provide confidence to foreign investors.
Its central bank will provide unlimited lira liquidity and drop the commission rate for intraday liquidity to zero. The bank will also consider increasing foreign exchange deposit limits for banks."
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"Turkey will not intervene to support the lira, according to deputy prime minister Mehmet Şimşek, but will watch markets adjust to this “major event” and count on the quick resolution of Friday’s attempted coup to provide confidence to foreign investors.
Its central bank will provide unlimited lira liquidity and drop the commission rate for intraday liquidity to zero. The bank will also consider increasing foreign exchange deposit limits for banks."
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Iran opens talks with Siemens and Rolls-Royce on energy investment - FT.com
Iran opens talks with Siemens and Rolls-Royce on energy investment - FT.com:
"Iran is stepping up the hunt for overseas investment in its energy infrastructure after talks with Siemens and Rolls-Royce that point to the gradual opening of the country’s economy following the lifting of international sanctions.
Hamid Chitchian, Iran’s energy minister, met representatives of both companies in London last week to discuss collaboration in power generation technology."
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"Iran is stepping up the hunt for overseas investment in its energy infrastructure after talks with Siemens and Rolls-Royce that point to the gradual opening of the country’s economy following the lifting of international sanctions.
Hamid Chitchian, Iran’s energy minister, met representatives of both companies in London last week to discuss collaboration in power generation technology."
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