MIDEAST STOCKS-Qatar slumps ahead of FTSE inclusion, Saudi drops on austerity concerns | Reuters:
"Qatar's main equity index slumped 4.0 percent on Monday ahead of the additions of some companies in FTSE's secondary emerging market index, while Saudi Arabia dropped as investors grew weary of further austerity expected to come into effect next month.
Doha suffered from its largest single day drop since January in the heaviest turnover so far this year.
Shares in companies set to be included in index compiler FTSE's secondary emerging market index on Sept. 20 were the top losers, with mobile phone operator Ooredoo and Islamic lender Masraf Al Rayan each falling 5.1 percent."
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Monday, 19 September 2016
Hard Brexit will cost City of London its hub status, warns Bundesbank boss | World news | The Guardian
Hard Brexit will cost City of London its hub status, warns Bundesbank boss | World news | The Guardian:
"The head of Germany’s central bank has warned that London’s position as a financial centre would be dealt a severe blow if the UK left the single market because banks would be denied the right to operate across the 27 remaining members of the EU.
The “hard Brexit” option – favoured by some leading Conservative eurosceptics – would mean banks would automatically be stripped of their ability to conduct business across the EU and open the door for Frankfurt to take business away from London, the Bundesbank president, Jens Weidmann, said.
In an interview with the Guardian, Weidmann emphasised that banking “passporting rights are tied to the single market and would automatically cease to apply if Great Britain is no longer at least part of the European Economic Area” (EEA)."
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"The head of Germany’s central bank has warned that London’s position as a financial centre would be dealt a severe blow if the UK left the single market because banks would be denied the right to operate across the 27 remaining members of the EU.
The “hard Brexit” option – favoured by some leading Conservative eurosceptics – would mean banks would automatically be stripped of their ability to conduct business across the EU and open the door for Frankfurt to take business away from London, the Bundesbank president, Jens Weidmann, said.
In an interview with the Guardian, Weidmann emphasised that banking “passporting rights are tied to the single market and would automatically cease to apply if Great Britain is no longer at least part of the European Economic Area” (EEA)."
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Egypt prepares ground for $10bn share sales in state energy companies | The National
Egypt prepares ground for $10bn share sales in state energy companies | The National:
"Egypt is set to launch its initial public offerings in government-owned companies with oil sector businesses, aiming to collect up to US$10 billion dollars within three to five years, the minister of investment said.
The government is studying which companies will participate in the programme, said the minister of investment Dalia Khorshid. The government will pick local and international investment banks to advise on the offerings.
"Many companies will be restructured in the coming period, beginning with electricity companies, to prepare them for share sales on the bourse," Ms Khorshid said. Proceeds will be used, in part, to narrow the budget deficit, she said."
'via Blog this'
"Egypt is set to launch its initial public offerings in government-owned companies with oil sector businesses, aiming to collect up to US$10 billion dollars within three to five years, the minister of investment said.
The government is studying which companies will participate in the programme, said the minister of investment Dalia Khorshid. The government will pick local and international investment banks to advise on the offerings.
"Many companies will be restructured in the coming period, beginning with electricity companies, to prepare them for share sales on the bourse," Ms Khorshid said. Proceeds will be used, in part, to narrow the budget deficit, she said."
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MIDEAST STOCKS-Qatar pulls back ahead of FTSE inclusion, UAE outperforms peers | Reuters
MIDEAST STOCKS-Qatar pulls back ahead of FTSE inclusion, UAE outperforms peers | Reuters:
"Stock markets in the Gulf diverged in early trade on Monday, with Qatar's index pulling back ahead of the inclusion of some companies in FTSE's secondary emerging market index, while Dubai advanced as global risk sentiment improved.
Qatar's index retreated 1.8 percent, wiping out Sunday's 0.4 percent gain. Nine-tenth of the shared that were trading declined.
Shares in companies set to be included in index compiler FTSE's secondary emerging market index on Sept. 20 were the top losers, with mobile phone operator Ooredoo dropping 3.8 percent and Qatar National Bank shedding 1.9 percent."
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"Stock markets in the Gulf diverged in early trade on Monday, with Qatar's index pulling back ahead of the inclusion of some companies in FTSE's secondary emerging market index, while Dubai advanced as global risk sentiment improved.
Qatar's index retreated 1.8 percent, wiping out Sunday's 0.4 percent gain. Nine-tenth of the shared that were trading declined.
Shares in companies set to be included in index compiler FTSE's secondary emerging market index on Sept. 20 were the top losers, with mobile phone operator Ooredoo dropping 3.8 percent and Qatar National Bank shedding 1.9 percent."
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