Saudi Aramco ‘optimistic’ 2018 right time for IPO | GulfNews.com:
"Saudi Arabia’s state-run energy giant Saudi Aramco is optimistic 2018 will be the right time for its IPO in what will likely be the biggest share offering in history, its chief executive said on Tuesday.
Speaking to the World Energy Congress in Istanbul, Amin Nasser confirmed that around 5 per cent of Saudi Aramco’s share capital is expected to be sold in the Initial Public Offering (IPO) but emphasised the final decision lay with Deputy Crown Prince Mohammad Bin Salman.
He said that, despite the current period of low oil prices, markets had started to recover, emphasising Saudi Aramco took a long term view with $300 billion (Dh1.1 trillion) of investment planned in the next decade focused on gas."
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Tuesday, 11 October 2016
Saudi Arabia debut bond rated AA- by Fitch
Saudi Arabia debut bond rated AA- by Fitch:
"Saudi Arabia’s debut dollar bond has received an expected AA- rating from Fitch.
The rating is in roughly line with the kingdom’s wider AA- with a negative outlook status from Fitch.
Saudi Arabia has fired the starting gun on the bond sale with the country’s representatives set to meet potential bond investors in London tomorrow before flying to the US to meet investors in Boston and New York."
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"Saudi Arabia’s debut dollar bond has received an expected AA- rating from Fitch.
The rating is in roughly line with the kingdom’s wider AA- with a negative outlook status from Fitch.
Saudi Arabia has fired the starting gun on the bond sale with the country’s representatives set to meet potential bond investors in London tomorrow before flying to the US to meet investors in Boston and New York."
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How Falcon Ignored the 1MDB Red Flags - Bloomberg
How Falcon Ignored the 1MDB Red Flags - Bloomberg:
"The message to employees at Falcon Private Bank’s Singapore branch was clear: process the transactions, and get them done on time.
“Head Office is watching you,” one of the bank’s senior managers warned.
The correspondence is part of what Swiss authorities alleged on Tuesday were “serious” breaches of anti-money laundering rules in Falcon’s dealings with 1Malaysia Development Bhd. -- the country’s troubled state investment company -- and a “young Malaysian businessman” with ties to the government.
"
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"The message to employees at Falcon Private Bank’s Singapore branch was clear: process the transactions, and get them done on time.
“Head Office is watching you,” one of the bank’s senior managers warned.
The correspondence is part of what Swiss authorities alleged on Tuesday were “serious” breaches of anti-money laundering rules in Falcon’s dealings with 1Malaysia Development Bhd. -- the country’s troubled state investment company -- and a “young Malaysian businessman” with ties to the government.
"
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Singapore shuts second Swiss bank over 1MDB corruption scandal
Singapore shuts second Swiss bank over 1MDB corruption scandal:
"Authorities in Europe and Asia have cracked down on an Abu Dhabi-owned private bank that allegedly processed almost $4bn linked to Malaysia’s scandal-hit 1MDB state investment fund and sent $681m to the country’s prime minister.
Switzerland on Tuesday accused Zurich-based Falcon Private Bank of serious anti-money laundering failings and Singapore withdrew its local banking licence over dealings related to alleged large-scale international corruption involving 1MDB. The city state’s monetary authority also separately fined UBS of Switzerland and Singapore’s DBS Bank for 1MDB-linked rule breaches.
The action is the latest thrust in an escalating regulatory clampdown against financial institutions over the 1MDB affair, as authorities in the US, Switzerland and elsewhere probe claims of multibillion-dollar looting from the fund. Singapore earlier this year ordered BSI, the Swiss private bank, to close its local operation over what regulators branded “the worst case of control lapses and gross misconduct” seen in the city-state’s financial sector. "
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"Authorities in Europe and Asia have cracked down on an Abu Dhabi-owned private bank that allegedly processed almost $4bn linked to Malaysia’s scandal-hit 1MDB state investment fund and sent $681m to the country’s prime minister.
Switzerland on Tuesday accused Zurich-based Falcon Private Bank of serious anti-money laundering failings and Singapore withdrew its local banking licence over dealings related to alleged large-scale international corruption involving 1MDB. The city state’s monetary authority also separately fined UBS of Switzerland and Singapore’s DBS Bank for 1MDB-linked rule breaches.
The action is the latest thrust in an escalating regulatory clampdown against financial institutions over the 1MDB affair, as authorities in the US, Switzerland and elsewhere probe claims of multibillion-dollar looting from the fund. Singapore earlier this year ordered BSI, the Swiss private bank, to close its local operation over what regulators branded “the worst case of control lapses and gross misconduct” seen in the city-state’s financial sector. "
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MIDEAST STOCKS-QNB leads Qatar higher, oil supports Saudi petrochemical sector | Reuters
MIDEAST STOCKS-QNB leads Qatar higher, oil supports Saudi petrochemical sector | Reuters:
"Positive third-quarter earnings from Qatar's largest listed stock helped boost Doha's index in early trade on Tuesday, while crude oil prices near one-year highs boosted sentiment in Saudi Arabia's petrochemical sector.
Qatar National Bank gained 0.7 percent after it reported a 10.2 percent increase in third-quarter net profit. The main market index was up 0.4 percent.
The bank posted a profit of 3.45 billion riyals ($947.5 million) compared with 3.13 billion riyals in the corresponding period of 2015. Three analysts polled by Reuters had on average forecast 3.26 billion riyals."
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"Positive third-quarter earnings from Qatar's largest listed stock helped boost Doha's index in early trade on Tuesday, while crude oil prices near one-year highs boosted sentiment in Saudi Arabia's petrochemical sector.
Qatar National Bank gained 0.7 percent after it reported a 10.2 percent increase in third-quarter net profit. The main market index was up 0.4 percent.
The bank posted a profit of 3.45 billion riyals ($947.5 million) compared with 3.13 billion riyals in the corresponding period of 2015. Three analysts polled by Reuters had on average forecast 3.26 billion riyals."
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