Iran says it hasn’t decided on attending Opec talks in Algiers | GulfNews.com:
"Iran says it still hasn’t decided whether it will attend informal Opec (Organisation of Petroleum Exporting Countries) talks in Algiers next month, two weeks after the group announced plans to meet.
Iran might delay making a decision until the day before the gathering, a spokesman for the country’s Oil Ministry said, asking not to be identified. Two Opec delegates, who also asked not to be identified discussing a private matter, said Iran has written to fellow members confirming it will participate.
The talks, due to take place during an industry conference on September 26 to 28, have fanned speculation the Opec could revive an accord to freeze production with non-members such as Russia. A similar initiative collapsed in April after Saudi Arabia insisted on the participation of Iran, which refused as it was restoring output previously curbed by sanctions."
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Wednesday, 24 August 2016
Emirates NBD's Islamic arm cuts over 100 jobs - sources | Reuters
Emirates NBD's Islamic arm cuts over 100 jobs - sources | Reuters:
"Emirates Islamic, the sharia-compliant arm of Dubai's largest bank Emirates NBD (ENBD) , has laid off more than 100 people as part of cost cutting to adjust to a cooler economy, sources familiar with the matter said on Wednesday.
Growth in much of the United Arab Emirates (UAE) has slowed this year because of low oil prices. Earlier this year, Emirates Islamic cut around 200 jobs.
Emirates Islamic employs around 2,000 people, an ENBD spokesman said in April after the previous cuts."
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"Emirates Islamic, the sharia-compliant arm of Dubai's largest bank Emirates NBD (ENBD) , has laid off more than 100 people as part of cost cutting to adjust to a cooler economy, sources familiar with the matter said on Wednesday.
Growth in much of the United Arab Emirates (UAE) has slowed this year because of low oil prices. Earlier this year, Emirates Islamic cut around 200 jobs.
Emirates Islamic employs around 2,000 people, an ENBD spokesman said in April after the previous cuts."
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MIDEAST STOCKS-Gulf drops, Saudi and Dubai hardest hit | Reuters
MIDEAST STOCKS-Gulf drops, Saudi and Dubai hardest hit | Reuters:
"Most major Gulf stock markets fell on Wednesday with few positive factors to spur buying and after Brent crude oil dropped back to just above $49.0 a barrel.
Gulf bourses surged earlier this month as funds returned to emerging markets globally. But that inflow largely seems to have halted, at least for now, and investors are focusing on other factors such as economic slowdowns in the Gulf and the prospect of more austerity steps by governments running deficits.
The Saudi Arabian index closed 1.1 percent lower at 6,028 points after heavy selling in the final half-hour, falling below minor technical support on the April low of 6,066 points. Earlier this week the index broke major support on its early August low of 6,226 points, turning it medium-term bearish."
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"Most major Gulf stock markets fell on Wednesday with few positive factors to spur buying and after Brent crude oil dropped back to just above $49.0 a barrel.
Gulf bourses surged earlier this month as funds returned to emerging markets globally. But that inflow largely seems to have halted, at least for now, and investors are focusing on other factors such as economic slowdowns in the Gulf and the prospect of more austerity steps by governments running deficits.
The Saudi Arabian index closed 1.1 percent lower at 6,028 points after heavy selling in the final half-hour, falling below minor technical support on the April low of 6,066 points. Earlier this week the index broke major support on its early August low of 6,226 points, turning it medium-term bearish."
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Energy Pioneers | Iran's Oil & Gas Consulting August 2016 Issue
Reports and Analysis — Energy Pioneers | Iran's Oil & Gas Consulting:
"The principle purpose of our monthly Iran Energy Insight is to update our readers on recent developments in various parts of Iran’s energy sector.
With sanctions being lifting and the country aiming at reestablishing itself as an important recipient of international investment and technology, Iran’s energy sector is poised to evolve rapidly, marking major shifts in the global energy markets. Today Iran’s upstream and downstream energy sectors face exciting new horizons: domestic energy market reform, intense competitive pressures for increasing efficiency and productivity and regaining its position in international oil and gas markets.Our aim is to reflect on opportunities and challenges resulting from this changing energy landscape in order to assist domestic and international energy players to have a better and realistic understanding of Iran’s energy market.
Energy Pioneers’ Iran Energy Insight covers the trends in Iran’s energy sector and provides analytical briefs addressing economic and commercial issues faced by various segments of the energy market."
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"The principle purpose of our monthly Iran Energy Insight is to update our readers on recent developments in various parts of Iran’s energy sector.
With sanctions being lifting and the country aiming at reestablishing itself as an important recipient of international investment and technology, Iran’s energy sector is poised to evolve rapidly, marking major shifts in the global energy markets. Today Iran’s upstream and downstream energy sectors face exciting new horizons: domestic energy market reform, intense competitive pressures for increasing efficiency and productivity and regaining its position in international oil and gas markets.Our aim is to reflect on opportunities and challenges resulting from this changing energy landscape in order to assist domestic and international energy players to have a better and realistic understanding of Iran’s energy market.
Energy Pioneers’ Iran Energy Insight covers the trends in Iran’s energy sector and provides analytical briefs addressing economic and commercial issues faced by various segments of the energy market."
'via Blog this'
Oil prices fall on US crude stocks build; fears over China demand | GulfNews.com
Oil prices fall on US crude stocks build; fears over China demand | GulfNews.com:
"Oil prices fell on Wednesday as an unexpected build in U.S. crude inventories weighed on markets, along with concerns that Chinese crude demand could falter as Beijing clamps down on alleged tax evasion in the oil industry.
International Brent crude oil futures LCOc1 were trading at $49.32 a barrel at 0614 GMT, down 64 cents, or 1.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude was down 72 cents, or 1.5 percent, at $47.38 a barrel.
"
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"Oil prices fell on Wednesday as an unexpected build in U.S. crude inventories weighed on markets, along with concerns that Chinese crude demand could falter as Beijing clamps down on alleged tax evasion in the oil industry.
International Brent crude oil futures LCOc1 were trading at $49.32 a barrel at 0614 GMT, down 64 cents, or 1.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude was down 72 cents, or 1.5 percent, at $47.38 a barrel.
"
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MIDEAST STOCKS-Gulf moves little, Saudi flat | Reuters
MIDEAST STOCKS-Gulf moves little, Saudi flat | Reuters:
"Gulf stock markets moved little in early trade on Wednesday with few positive factors to spur buying, although Saudi Arabian petrochemical shares were firm.
The Saudi Arabian index was flat. Petrochemical heavyweight Saudi Basic Industries added 0.6 percent and Al Sagr Cooperative Insurance rose 2.2 percent in unusually heavy trade.
Dubai's index edged down 0.2 percent. Construction firm Drake & Scull climbed 1.2 percent in active trade; on Monday a top executive told Reuters that the company had asked advisers for proposals to review its business and find strategic investors."
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"Gulf stock markets moved little in early trade on Wednesday with few positive factors to spur buying, although Saudi Arabian petrochemical shares were firm.
The Saudi Arabian index was flat. Petrochemical heavyweight Saudi Basic Industries added 0.6 percent and Al Sagr Cooperative Insurance rose 2.2 percent in unusually heavy trade.
Dubai's index edged down 0.2 percent. Construction firm Drake & Scull climbed 1.2 percent in active trade; on Monday a top executive told Reuters that the company had asked advisers for proposals to review its business and find strategic investors."
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Bad debt crisis of UAE’s small businesses past its peak, says RAKBank chief executive | The National
Bad debt crisis of UAE’s small businesses past its peak, says RAKBank chief executive | The National:
"Bank lending growth will remain subdued this year with business confidence yet to fully recover, according to the chief executive of RAKBank.
But the worst of the bad debt crisis that plagued small and medium-sized enterprises (SMEs) over the past year is over, said Peter England, the chief executive of RAKBank, the biggest SME lender in the UAE.
Mr England said that loan growth for the bank this year is likely to drop sharply to low single digits from the 10 per cent gain last year as not just small businesses but individuals shy away from tapping debt until the outlook for the economy, hurt lower oil prices in recent years, becomes clearer."
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"Bank lending growth will remain subdued this year with business confidence yet to fully recover, according to the chief executive of RAKBank.
But the worst of the bad debt crisis that plagued small and medium-sized enterprises (SMEs) over the past year is over, said Peter England, the chief executive of RAKBank, the biggest SME lender in the UAE.
Mr England said that loan growth for the bank this year is likely to drop sharply to low single digits from the 10 per cent gain last year as not just small businesses but individuals shy away from tapping debt until the outlook for the economy, hurt lower oil prices in recent years, becomes clearer."
'via Blog this'
Oil bounces on speculation of Iran supporting Opec freeze action | GulfNews.com
Oil bounces on speculation of Iran supporting Opec freeze action | GulfNews.com:
"Oil prices rose on Tuesday, reversing early losses, after Reuters reported Iran was sending positive signals that it may support joint Opec action to prop up the market.
Iran, the third-largest oil producer in the Organisation of the Petroleum Exporting Countries, has been boosting output since the lifting of Western sanctions in January and refused in April to join an Opec production freeze plan.
Though it has not officially announced whether it will join a new effort to curb production at a meeting of Opec and other producers in September, Tehran appears to be more willing to reach an understanding on the matter, sources in Opec and the oil industry told Reuters."
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"Oil prices rose on Tuesday, reversing early losses, after Reuters reported Iran was sending positive signals that it may support joint Opec action to prop up the market.
Iran, the third-largest oil producer in the Organisation of the Petroleum Exporting Countries, has been boosting output since the lifting of Western sanctions in January and refused in April to join an Opec production freeze plan.
Though it has not officially announced whether it will join a new effort to curb production at a meeting of Opec and other producers in September, Tehran appears to be more willing to reach an understanding on the matter, sources in Opec and the oil industry told Reuters."
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Egypt Readies for Tough Reforms as Gulf Seen Tightening Aid - Bloomberg
Egypt Readies for Tough Reforms as Gulf Seen Tightening Aid - Bloomberg:
"President Abdel-Fattah El-Sisi said Egypt would end its dollar exchange rate problem within months because it can’t put off tough measures to revive the economy, amid signs Gulf states’ aid won’t flow as freely as before.
In an interview with three state-run newspapers published Tuesday, El-Sisi said officials had waited too long to act, and that piecemeal measures taken over the years were no longer tenable. With the country bracing to meet International Monetary Fund requirements for a $12 billion loan, El-Sisi’s comments offered some of the strongest indications yet that Egypt was moving to free its exchange rate or devalue its pound.
“The size of the challenges is beyond imagination, and the responsibility for coping with them doesn’t fall solely on my shoulders but is a responsibility shared by Egyptians as a whole,” El-Sisi was quoted as saying in state-run Al-Ahram. “The future of the nation is at stake.”
"
'via Blog this'
"President Abdel-Fattah El-Sisi said Egypt would end its dollar exchange rate problem within months because it can’t put off tough measures to revive the economy, amid signs Gulf states’ aid won’t flow as freely as before.
In an interview with three state-run newspapers published Tuesday, El-Sisi said officials had waited too long to act, and that piecemeal measures taken over the years were no longer tenable. With the country bracing to meet International Monetary Fund requirements for a $12 billion loan, El-Sisi’s comments offered some of the strongest indications yet that Egypt was moving to free its exchange rate or devalue its pound.
“The size of the challenges is beyond imagination, and the responsibility for coping with them doesn’t fall solely on my shoulders but is a responsibility shared by Egyptians as a whole,” El-Sisi was quoted as saying in state-run Al-Ahram. “The future of the nation is at stake.”
"
'via Blog this'
MIDEAST STOCKS-Gulf slides with oil but closes off lows | Reuters
MIDEAST STOCKS-Gulf slides with oil but closes off lows | Reuters:
"Most major Gulf stock markets fell on Tuesday after Brent crude oil dropped back below $49 a barrel, but most closed well off their lows as investors bought blue chips in late trade.
The Saudi index closed 0.2 percent lower at 6,096 points, extending Monday's 1.7 percent slide. But gainers slightly outnumbered losers 77 to 74 and the index bounced from an intra-day low of 6,063 points, holding minor technical support on the April low of 6,066 points.
Petrochemical blue chip Saudi Basic Industries rose 0.3 percent and Al Rajhi Bank added 0.5 percent. Insurer Alinma Tokio rose 1.5 percent after the central bank approved one of its new products."
'via Blog this'
"Most major Gulf stock markets fell on Tuesday after Brent crude oil dropped back below $49 a barrel, but most closed well off their lows as investors bought blue chips in late trade.
The Saudi index closed 0.2 percent lower at 6,096 points, extending Monday's 1.7 percent slide. But gainers slightly outnumbered losers 77 to 74 and the index bounced from an intra-day low of 6,063 points, holding minor technical support on the April low of 6,066 points.
Petrochemical blue chip Saudi Basic Industries rose 0.3 percent and Al Rajhi Bank added 0.5 percent. Insurer Alinma Tokio rose 1.5 percent after the central bank approved one of its new products."
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