Region quenches oil demand with end to subsidies | The National:
"Which region has contributed the most to growth in oil demand so far this century? China, of course, which gained 7.3 million barrels per day of consumption between 2000 and last year. Which is second? Maybe India, or Latin America? No, it was the heart of global oil exports, the Middle East, whose demand for its own crude swelled by 4.4 million barrels per day.
Swelling economies under the stimulus of high prices drove the Middle East’s oil thirst, as new gas guzzlers cruised freshly built highways. Lavish consumption was encouraged by subsidies, which kept Middle Eastern fuel prices the lowest in the world. Those same subsidies discouraged gas development, so some countries turned to burning oil for electricity. So 240 million people in the Middle East managed to increase their demand by more than did 3 billion Asians outside China.
Now all those factors have gone into reverse. The slowing of the region’s oil demand is a further factor prolonging the current oil price slump."
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Sunday 28 August 2016
Saudi’s MMG says Protiviti loses DIFC Courts appeal | GulfNews.com
Saudi’s MMG says Protiviti loses DIFC Courts appeal | GulfNews.com:
"Auditing firm Protiviti has lost an appeal against a case brought against it by Saudi Arabia-based contractor Mohammad Al Mojil Group (MMG) from being heard in the DIFC Courts, the family behind the contractor said on Sunday.
The case centres around an investigation into MMG by Protiviti and the Committee for the Resolution of Securities Disputes (CRSD) — part of Saudi Arabia’s Capital Market Authority (CMA). The investigation reportedly led to jail sentences in Saudi Arabia for three MMG executives, including its founder Mohammad Al Mojil and his son Adel Al Mojil. The executives, who are said to be appealing the sentences, were charged in relation to the misrepresentation of MMG’s value, according to reports.
MMG has since taken a case against Protiviti to the DIFC Courts, claiming that the international risk and auditing firm “acted negligently and libellously as a matter of Saudi law in their investigation of MMG and its management,” according to a statement issued by the Mohammad Al Mojil family on Sunday."
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"Auditing firm Protiviti has lost an appeal against a case brought against it by Saudi Arabia-based contractor Mohammad Al Mojil Group (MMG) from being heard in the DIFC Courts, the family behind the contractor said on Sunday.
The case centres around an investigation into MMG by Protiviti and the Committee for the Resolution of Securities Disputes (CRSD) — part of Saudi Arabia’s Capital Market Authority (CMA). The investigation reportedly led to jail sentences in Saudi Arabia for three MMG executives, including its founder Mohammad Al Mojil and his son Adel Al Mojil. The executives, who are said to be appealing the sentences, were charged in relation to the misrepresentation of MMG’s value, according to reports.
MMG has since taken a case against Protiviti to the DIFC Courts, claiming that the international risk and auditing firm “acted negligently and libellously as a matter of Saudi law in their investigation of MMG and its management,” according to a statement issued by the Mohammad Al Mojil family on Sunday."
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UAE construction sector in fast-track consolidation | GulfNews.com
UAE construction sector in fast-track consolidation | GulfNews.com:
"The UAE’s construction sector is becoming an extremely localised affair, with another international firm — Murray & Roberts — contractor deciding to call it quits on this market. As long as the pace of new project activity remains subdued, the industry can manage such exits, industry sources say.
But the situation can easily tighten up all too suddenly if activity picks up — and it certainly will — during the home stretch of Dubai’s Expo 2020 preparations as well as the newer mega developments in the books of Nakheel (at Deira Islands and elsewhere), Meraas (the launch of Six Flags) and Emaar (Dubai Creek Harbour) as well as those mounted by other developers. On top of this, each of the emirates is continuing with fairly high spending patterns on infrastructure related investments.
“In the current circumstances when industry-wide margins have more than halved, no contractor can keep maintaining the same overheads,” said a source at a leading construction firm. “The focus on curbing costs has to be constant — more so when there are delays on the payment side.”
"
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"The UAE’s construction sector is becoming an extremely localised affair, with another international firm — Murray & Roberts — contractor deciding to call it quits on this market. As long as the pace of new project activity remains subdued, the industry can manage such exits, industry sources say.
But the situation can easily tighten up all too suddenly if activity picks up — and it certainly will — during the home stretch of Dubai’s Expo 2020 preparations as well as the newer mega developments in the books of Nakheel (at Deira Islands and elsewhere), Meraas (the launch of Six Flags) and Emaar (Dubai Creek Harbour) as well as those mounted by other developers. On top of this, each of the emirates is continuing with fairly high spending patterns on infrastructure related investments.
“In the current circumstances when industry-wide margins have more than halved, no contractor can keep maintaining the same overheads,” said a source at a leading construction firm. “The focus on curbing costs has to be constant — more so when there are delays on the payment side.”
"
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Dana Gas May Seek to Roll Over Part of $700 Million Islamic Bond - Bloomberg
Dana Gas May Seek to Roll Over Part of $700 Million Islamic Bond - Bloomberg:
"Dana Gas PJSC, a producer of natural gas in Egypt, Iraq and the United Arab Emirates, may seek to roll over part of the $700 million Islamic bonds maturing next year, the chief executive officer said.
The company, which has about $344 million in cash, is in discussions with lenders about its future debt mix, Patrick Allman-Ward said in an interview on Bloomberg Television Sunday.
“We are looking at different ways in which we can go forward and structure our debt,” Allman-Ward said. “Clearly part of that is going to involve buying back a lot of the sukuk and part of that is going to have to be a discussion around rolling over the remaining amount in future.”"
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"Dana Gas PJSC, a producer of natural gas in Egypt, Iraq and the United Arab Emirates, may seek to roll over part of the $700 million Islamic bonds maturing next year, the chief executive officer said.
The company, which has about $344 million in cash, is in discussions with lenders about its future debt mix, Patrick Allman-Ward said in an interview on Bloomberg Television Sunday.
“We are looking at different ways in which we can go forward and structure our debt,” Allman-Ward said. “Clearly part of that is going to involve buying back a lot of the sukuk and part of that is going to have to be a discussion around rolling over the remaining amount in future.”"
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MIDEAST STOCKS-Saudi and Qatar rebound, rest of region weak | Reuters
MIDEAST STOCKS-Saudi and Qatar rebound, rest of region weak | Reuters:
"Stock markets in Saudi Arabia and Qatar partially recovered on Sunday from last week's losses, while other Gulf markets dropped in quiet trade and Egypt sank as the government was hit by a corruption scandal in the wheat industry.
Saudi Arabia's index, which had dropped 4.0 percent last week because of concern about the country's economic slowdown, rose 1.6 percent as many stocks reliant on domestic demand rebounded.
Nevertheless, trading volume remained thin - among its lowest levels this year - which suggested many investors remained wary of the market and that it might not be starting an extended rally.
"
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"Stock markets in Saudi Arabia and Qatar partially recovered on Sunday from last week's losses, while other Gulf markets dropped in quiet trade and Egypt sank as the government was hit by a corruption scandal in the wheat industry.
Saudi Arabia's index, which had dropped 4.0 percent last week because of concern about the country's economic slowdown, rose 1.6 percent as many stocks reliant on domestic demand rebounded.
Nevertheless, trading volume remained thin - among its lowest levels this year - which suggested many investors remained wary of the market and that it might not be starting an extended rally.
"
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OPEC's market share at a good level, says UAE energy minister | Reuters
OPEC's market share at a good level, says UAE energy minister | Reuters:
"OPEC's share of the oil market is at a good level, United Arab Emirates energy minister Suhail bin Mohammed al-Mazroui said as the producer group continues to contend with low crude prices.
"Regardless of the different views on the oil market, we see that the OPEC current market share is at a good level," Mazroui said on his official Twitter account on Saturday.
Mazroui also said he believed that any future decision on oil production would require full participation from all members of the Organization of the Petroleum Exporting Countries plus other major producers."
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"OPEC's share of the oil market is at a good level, United Arab Emirates energy minister Suhail bin Mohammed al-Mazroui said as the producer group continues to contend with low crude prices.
"Regardless of the different views on the oil market, we see that the OPEC current market share is at a good level," Mazroui said on his official Twitter account on Saturday.
Mazroui also said he believed that any future decision on oil production would require full participation from all members of the Organization of the Petroleum Exporting Countries plus other major producers."
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MIDEAST STOCKS-Saudi and Qatar rebound, rest of Gulf mixed | Reuters
MIDEAST STOCKS-Saudi and Qatar rebound, rest of Gulf mixed | Reuters:
"Stock markets in Saudi Arabia and Qatar made a partial recovery on Sunday from last week's losses, with other Gulf markets mixed in quiet trade.
Saudi Arabia's index added 0.5 percent in the first hour of trading. Petrochemicals group Saudi Basic Industries SE> dropped 1.5 percent as it went ex-dividend, but many stocks reliant on domestic demand gained ground after sliding last week on concern over the kingdom's economic slowdown.
Builder Abdullah Abdul Mohsin al-Khodari and Sons climbed by 8.6 percent after it renewed a 132 million riyal ($35.2 million) Islamic credit facility, allowing it to obtain working capital for projects, and won a 69 million riyal contract from the water ministry."
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"Stock markets in Saudi Arabia and Qatar made a partial recovery on Sunday from last week's losses, with other Gulf markets mixed in quiet trade.
Saudi Arabia's index added 0.5 percent in the first hour of trading. Petrochemicals group Saudi Basic Industries SE> dropped 1.5 percent as it went ex-dividend, but many stocks reliant on domestic demand gained ground after sliding last week on concern over the kingdom's economic slowdown.
Builder Abdullah Abdul Mohsin al-Khodari and Sons climbed by 8.6 percent after it renewed a 132 million riyal ($35.2 million) Islamic credit facility, allowing it to obtain working capital for projects, and won a 69 million riyal contract from the water ministry."
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MIDEAST STOCKS-Gulf may consolidate, few positives | Reuters
MIDEAST STOCKS-Gulf may consolidate, few positives | Reuters:
"Gulf stock markets may consolidate in quiet trade on Sunday with few positive factors to push them up.
Brent crude oil futures ended last week on a firm note, trading just below $50 a barrel, but U.S. stock indexes fell slightly because of renewed speculation about a possible U.S. interest rate hike this year.
In Saudi Arabia, the index turned technically medium-term bearish early this month, with thin turnover leaving stocks vulnerable to sell orders. Last at 5,977 points, the index faces immediate resistance on the April low of 6,066 points."
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"Gulf stock markets may consolidate in quiet trade on Sunday with few positive factors to push them up.
Brent crude oil futures ended last week on a firm note, trading just below $50 a barrel, but U.S. stock indexes fell slightly because of renewed speculation about a possible U.S. interest rate hike this year.
In Saudi Arabia, the index turned technically medium-term bearish early this month, with thin turnover leaving stocks vulnerable to sell orders. Last at 5,977 points, the index faces immediate resistance on the April low of 6,066 points."
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DGCX eyes 100 stock futures by next year | GulfNews.com
DGCX eyes 100 stock futures by next year | GulfNews.com:
"DGCX has made a move that could provide interested investors with more options in its stock futures.
In the first phase, the exchange launched 15 single stock futures on 5 US and 10 Indian companies. The US companies include Apple, Facebook, Microsoft, Google & JP Morgan. The Indian companies include blue chip stocks such as TCS, Reliance, HDFC Bank, Infosys, Tata Motors, among others. The bourse plans to add another 50 to 100 by next year, including some names from the Middle East.
“It will contribute towards deepening the market and enhancing liquidity. It will definitely generate more trading opportunities and encourage more participants to trade on stock futures,” Gaurang Desai, chief executive officer at DGCX said."
'via Blog this'
"DGCX has made a move that could provide interested investors with more options in its stock futures.
In the first phase, the exchange launched 15 single stock futures on 5 US and 10 Indian companies. The US companies include Apple, Facebook, Microsoft, Google & JP Morgan. The Indian companies include blue chip stocks such as TCS, Reliance, HDFC Bank, Infosys, Tata Motors, among others. The bourse plans to add another 50 to 100 by next year, including some names from the Middle East.
“It will contribute towards deepening the market and enhancing liquidity. It will definitely generate more trading opportunities and encourage more participants to trade on stock futures,” Gaurang Desai, chief executive officer at DGCX said."
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Women CEOs From Europe to Dominate Trade Delegation to U.A.E. - Bloomberg
Women CEOs From Europe to Dominate Trade Delegation to U.A.E. - Bloomberg:
"Companies headed by women will account for more than half of the 50 European businesses joining a delegation the London Chamber of Commerce and Industry is taking to the United Arab Emirates, a nation seeking to increase the role of women in its society.
The trip next month aims to encourage business from Middle East industries including engineering, architecture and solar energy for small to medium-sized enterprises, according to a statement. Those on the trip are slated to meet with the Dubai Business Women Council, the Sharjah Chamber of Commerce and Industry and the Abu Dhabi Chamber of Commerce and Industry.
“The quality of the companies on the mission and the support they are given will result in increased export orders,” said Peter Bishop, deputy chief executive of the London chamber."
'via Blog this'
"Companies headed by women will account for more than half of the 50 European businesses joining a delegation the London Chamber of Commerce and Industry is taking to the United Arab Emirates, a nation seeking to increase the role of women in its society.
The trip next month aims to encourage business from Middle East industries including engineering, architecture and solar energy for small to medium-sized enterprises, according to a statement. Those on the trip are slated to meet with the Dubai Business Women Council, the Sharjah Chamber of Commerce and Industry and the Abu Dhabi Chamber of Commerce and Industry.
“The quality of the companies on the mission and the support they are given will result in increased export orders,” said Peter Bishop, deputy chief executive of the London chamber."
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The police chief battling cybercriminals from Russia and Ukraine | Technology | The Guardian
The police chief battling cybercriminals from Russia and Ukraine | Technology | The Guardian:
"Last Christmas Ian Dyson got a call from his bank. Was he really in a Travelodge, ordering takeaway pizzas? No, was his answer, he was at home with his family. Like millions of others, Dyson had fallen victim to card fraudsters stealing from his account. But Dyson is not like everyone else – he is the commissioner of the City of London police, with the job of protecting not just London but the whole country from fraud. And the depressing reality is, like so many other frauds, the criminals got away with it.
Dyson is disarmingly honest about the explosion in online fraud and cybercrime, and what realistically the police can do about it. “Every month Action Fraud [the national fraud reporting service] receives 40,000 reports, half a million a year, and we know from the ONS stats that’s only a small percentage of what is going on. There were 3.8 million frauds and two million cyber offences. You cannot enforce your way out of this. It’s physically impossible.”
It’s partly because the perpetrators are abroad, with around half of all cybercrimes reported to Action Fraud originating overseas, says Dyson, citing Indian call centres and Russian and Ukrainian websites. The City of London police have a specialist officer permanently stationed in Wall Street, and worked with the Spanish police to swoop on 110 conmen operating a “boiler room” fraud targeting elderly investors."
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"Last Christmas Ian Dyson got a call from his bank. Was he really in a Travelodge, ordering takeaway pizzas? No, was his answer, he was at home with his family. Like millions of others, Dyson had fallen victim to card fraudsters stealing from his account. But Dyson is not like everyone else – he is the commissioner of the City of London police, with the job of protecting not just London but the whole country from fraud. And the depressing reality is, like so many other frauds, the criminals got away with it.
Dyson is disarmingly honest about the explosion in online fraud and cybercrime, and what realistically the police can do about it. “Every month Action Fraud [the national fraud reporting service] receives 40,000 reports, half a million a year, and we know from the ONS stats that’s only a small percentage of what is going on. There were 3.8 million frauds and two million cyber offences. You cannot enforce your way out of this. It’s physically impossible.”
It’s partly because the perpetrators are abroad, with around half of all cybercrimes reported to Action Fraud originating overseas, says Dyson, citing Indian call centres and Russian and Ukrainian websites. The City of London police have a specialist officer permanently stationed in Wall Street, and worked with the Spanish police to swoop on 110 conmen operating a “boiler room” fraud targeting elderly investors."
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