MIDEAST STOCKS-Gulf markets slip as Saudi hit by poor Q2 earnings | Reuters:
"Gulf stock markets mostly fell on Tuesday as soft oil prices dampened buying, while Saudi Arabia's index fell 0.7 percent on disappointing quarterly corporate results.
Etihad Etisalat (Mobily) slumped 4.2 percent after the Saudi telecommunications operator swung to a net profit of 18.8 million riyals ($5 million) in the second quarter, from a loss of 901 million riyals in the prior-year period, but fell short of estimates by analysts polled by Reuters who forecast a quarterly profit of 52.5 million riyals.
Construction firm Abdullah Abdul Mohsin al-Khodari and Sons tumbled 3.1 percent after it reported a worse-than-forecast net loss of 43.34 million riyals in the second quarter due to a slowdown in the kingdom's building sector."
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Tuesday 26 July 2016
Goldman Sachs abused trust in dealings with Libyan LIA, fund's lawyer tells trial | Reuters
Goldman Sachs abused trust in dealings with Libyan LIA, fund's lawyer tells trial | Reuters:
"Goldman Sachs abused its position as a trusted adviser to Libya's sovereign wealth fund, a lawyer for the fund argued on Tuesday, in a case that has subjected the bank's dealings to a forensic degree of scrutiny.
In a trial at London's High Court, the Libyan Investment Authority (LIA) is attempting to claw back $1.2 billion from the Wall Street giant in relation to nine disputed trades carried out in 2008, arguing that the trades were secured through "undue influence" and "unconscionable bargaining".
The LIA argues the bank took advantage of its financial naivety by first gaining its trust, then encouraging it to make risky and ultimately worthless investments."
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"Goldman Sachs abused its position as a trusted adviser to Libya's sovereign wealth fund, a lawyer for the fund argued on Tuesday, in a case that has subjected the bank's dealings to a forensic degree of scrutiny.
In a trial at London's High Court, the Libyan Investment Authority (LIA) is attempting to claw back $1.2 billion from the Wall Street giant in relation to nine disputed trades carried out in 2008, arguing that the trades were secured through "undue influence" and "unconscionable bargaining".
The LIA argues the bank took advantage of its financial naivety by first gaining its trust, then encouraging it to make risky and ultimately worthless investments."
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Victory for Gulf airlines as US government ends Open Skies row with no further action | The National
Victory for Gulf airlines as US government ends Open Skies row with no further action | The National:
"The US government says talks over the Open Skies policy with Arabian Gulf carriers were constructive and ended without any formal action.
The US State Department held talks with Qatar government officials on Monday and with the UAE the week before over charges levelled more than a year ago by the three largest US airlines alleging the Gulf carriers were competing unfairly.
The State Department said, however, that while it looked seriously at the allegations it has taken no formal action."
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"The US government says talks over the Open Skies policy with Arabian Gulf carriers were constructive and ended without any formal action.
The US State Department held talks with Qatar government officials on Monday and with the UAE the week before over charges levelled more than a year ago by the three largest US airlines alleging the Gulf carriers were competing unfairly.
The State Department said, however, that while it looked seriously at the allegations it has taken no formal action."
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Gulf property markets face ‘perfect storm’ due to overbuilding, report says | The National
Gulf property markets face ‘perfect storm’ due to overbuilding, report says | The National:
"Property markets across the Arabian Gulf are facing a "perfect storm" as a result of overbuilding by its developers, and continued softening demand as market sentiment shifts on the back of lower oil prices, according to AT Kearney.
The management consultancy firm has published a new report which states that the value of projects currently in the construction phase is four times higher than the value of all developments completed within the past decade. And the value of projects at an earlier stage of development equates to about 10 years’ worth of work.
"Each year between 2016 and 2020, this pipeline would deliver anywhere between seven and 12 times the real estate value delivered yearly between 2007 and 2009," the report said."
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"Property markets across the Arabian Gulf are facing a "perfect storm" as a result of overbuilding by its developers, and continued softening demand as market sentiment shifts on the back of lower oil prices, according to AT Kearney.
The management consultancy firm has published a new report which states that the value of projects currently in the construction phase is four times higher than the value of all developments completed within the past decade. And the value of projects at an earlier stage of development equates to about 10 years’ worth of work.
"Each year between 2016 and 2020, this pipeline would deliver anywhere between seven and 12 times the real estate value delivered yearly between 2007 and 2009," the report said."
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Turkey central bank decries ‘hasty’ ratings downgrade | GulfNews.com
Turkey central bank decries ‘hasty’ ratings downgrade | GulfNews.com:
"The Turkish central bank governor slammed ratings agency Standard & Poor’s on Tuesday for downgrading Turkey’s sovereign debt following the July 15 failed coup, calling the decision “hasty”.
Speaking at a news conference to announce the bank’s quarterly inflation report in Ankara, Murat Cetinkaya said it was still too early to assess the impact of the abortive putsch on the Turkish economy.
“To be able to understand the impact of the incident we have recently experienced in Turkey ... a sufficient amount of time needs to have passed and a sufficient amount of data and observations need to be collected,” Cetinkaya said.
"
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"The Turkish central bank governor slammed ratings agency Standard & Poor’s on Tuesday for downgrading Turkey’s sovereign debt following the July 15 failed coup, calling the decision “hasty”.
Speaking at a news conference to announce the bank’s quarterly inflation report in Ankara, Murat Cetinkaya said it was still too early to assess the impact of the abortive putsch on the Turkish economy.
“To be able to understand the impact of the incident we have recently experienced in Turkey ... a sufficient amount of time needs to have passed and a sufficient amount of data and observations need to be collected,” Cetinkaya said.
"
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MIDEAST STOCKS-Q2 profit misses weigh on Saudi markets, Gulf weak | Reuters
MIDEAST STOCKS-Q2 profit misses weigh on Saudi markets, Gulf weak | Reuters:
"Stock markets in the Gulf edged down in early trade on Tuesday as soft oil prices dampened the mood while Saudi Arabia's index was dragged 0.3 percent lower by disappointing quarterly corporate results.
Etihad Etisalat (Mobily) slumped 2.1 percent. The Saudi telecommunications operator reported it had swung to a net profit of 18.8 million riyals ($5.0 million) in the second quarter from a loss of 901 million riyals in the prior-year period; analysts polled by Reuters had on average forecast a quarterly profit of 52.5 million riyals.
Construction firm Abdullah Abdul Mohsin al-Khodari and Sons tumbled 3.1 percent after it said it swung to a net loss of 43.34 million riyals in the second quarter as earnings were pressured once again by the slowdown in the kingdom's building sector. EFG Hermes had forecast a loss of 16 million riyals."
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"Stock markets in the Gulf edged down in early trade on Tuesday as soft oil prices dampened the mood while Saudi Arabia's index was dragged 0.3 percent lower by disappointing quarterly corporate results.
Etihad Etisalat (Mobily) slumped 2.1 percent. The Saudi telecommunications operator reported it had swung to a net profit of 18.8 million riyals ($5.0 million) in the second quarter from a loss of 901 million riyals in the prior-year period; analysts polled by Reuters had on average forecast a quarterly profit of 52.5 million riyals.
Construction firm Abdullah Abdul Mohsin al-Khodari and Sons tumbled 3.1 percent after it said it swung to a net loss of 43.34 million riyals in the second quarter as earnings were pressured once again by the slowdown in the kingdom's building sector. EFG Hermes had forecast a loss of 16 million riyals."
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Aramex Founder Ghandour Said to Sell Stake to Alabbar, Investors - Bloomberg
Aramex Founder Ghandour Said to Sell Stake to Alabbar, Investors - Bloomberg:
"Aramex PJSC founder and vice-chairman Fadi Ghandour sold his entire 9.9 percent stake in the logistics company to Gulf investors including Emaar Properties PJSC chairman Mohamed Alabbar, two people with knowledge of the the deal said.
The purchase was made through Alabbar Enterprises at above the market price, and the family company is buying additional shares in the Dubai-listed courier on the stock exchange, said the people, who asked not to be identified because the information isn’t public. Goldman Sachs Group Inc. advised Mohamed Alabbar on the transaction, according to two of the people. The stake is worth about 523 million dirhams ($142 million) at Monday’s closing price.
The holding will help Alabbar Enterprises build a regional, web-based business, including in fashion retail, by giving it access to a distribution company. Emaar is the biggest publicly traded real-estate company in the United Arab Emirates and the developer of Dubai’s Burj Khalifa, the world’s tallest skyscraper."
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"Aramex PJSC founder and vice-chairman Fadi Ghandour sold his entire 9.9 percent stake in the logistics company to Gulf investors including Emaar Properties PJSC chairman Mohamed Alabbar, two people with knowledge of the the deal said.
The purchase was made through Alabbar Enterprises at above the market price, and the family company is buying additional shares in the Dubai-listed courier on the stock exchange, said the people, who asked not to be identified because the information isn’t public. Goldman Sachs Group Inc. advised Mohamed Alabbar on the transaction, according to two of the people. The stake is worth about 523 million dirhams ($142 million) at Monday’s closing price.
The holding will help Alabbar Enterprises build a regional, web-based business, including in fashion retail, by giving it access to a distribution company. Emaar is the biggest publicly traded real-estate company in the United Arab Emirates and the developer of Dubai’s Burj Khalifa, the world’s tallest skyscraper."
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