Kuwait emir dissolves parliament over fuel price row - BBC News:
"Kuwait's cabinet has resigned and parliament has been dissolved, triggering early elections.
The moves follow disputes between MPs and the government over fuel price increases in the oil-rich country.
State-run TV cited a "lack of co-operation"."
'via Blog this'
Sunday, 16 October 2016
Saudi Bank Stress Builds as Kingdom’s Cash Injection Falls Short - Bloomberg
Saudi Bank Stress Builds as Kingdom’s Cash Injection Falls Short - Bloomberg:
"Saudi Arabia has work to do to ease pressure in the kingdom’s banking system.
The interest rate banks charge one another for loans rose by the most since August on Sunday, extending a trend that’s slowing earnings and corporate borrowing in the world’s biggest oil exporter. The increase is defying the central bank, which has sought to ease the cash crunch by relaxing lending limits, offering new borrowing facilities and injecting funds into the financial system, including 20 billion riyals ($5.3 billion) pledged Sept. 25."
'via Blog this'
"Saudi Arabia has work to do to ease pressure in the kingdom’s banking system.
The interest rate banks charge one another for loans rose by the most since August on Sunday, extending a trend that’s slowing earnings and corporate borrowing in the world’s biggest oil exporter. The increase is defying the central bank, which has sought to ease the cash crunch by relaxing lending limits, offering new borrowing facilities and injecting funds into the financial system, including 20 billion riyals ($5.3 billion) pledged Sept. 25."
'via Blog this'
Exclusive: Saudi Oger seeking buyers for $1 billion Arab Bank stake - sources | Reuters
Exclusive: Saudi Oger seeking buyers for $1 billion Arab Bank stake - sources | Reuters:
"Saudi Oger has begun talks with potential buyers for its 20.93 percent stake in Arab Bank ARBK.AM in a deal that could raise about $1 billion for the embattled construction giant, sources aware of the matter told Reuters.
Oger was one of two large Saudi contractors charged with implementing the kingdom's grand infrastructure plans before the fall in oil prices and consequent state spending cuts left the company facing a multibillion-dollar debt restructuring to stave off collapse.
A small number of potential buyers from Saudi Arabia and the wider Middle East have started negotiations, five sources said on condition of anonymity because the information had not been made public."
'via Blog this'
"Saudi Oger has begun talks with potential buyers for its 20.93 percent stake in Arab Bank ARBK.AM in a deal that could raise about $1 billion for the embattled construction giant, sources aware of the matter told Reuters.
Oger was one of two large Saudi contractors charged with implementing the kingdom's grand infrastructure plans before the fall in oil prices and consequent state spending cuts left the company facing a multibillion-dollar debt restructuring to stave off collapse.
A small number of potential buyers from Saudi Arabia and the wider Middle East have started negotiations, five sources said on condition of anonymity because the information had not been made public."
'via Blog this'
MIDEAST STOCKS-Markets fall across region, NCB earnings hit Saudi | Reuters
MIDEAST STOCKS-Markets fall across region, NCB earnings hit Saudi | Reuters:
"The performance of banking shares weighed on Saudi Arabia's market index on Sunday after the largest listed bank reported profits below analysts' expectations, while indexes for other markets in the region also fell.
Riyadh's index fell 1.1 percent as National Commercial Bank (NCB) tumbled 5.6 percent after reporting a third-quarter net profit of 1.96 billion riyals ($523 million), down 1.6 percent from the same period of 2015. Three analysts had on average forecast a quarterly profit of 2.31 billion riyals.
NCB, like most other Saudi banks that have already reported quarterly results, cited higher costs, including a rise in impairments on financings and investments. The bank is a key lender to Saudi Arabia's troubled construction sector."
'via Blog this'
"The performance of banking shares weighed on Saudi Arabia's market index on Sunday after the largest listed bank reported profits below analysts' expectations, while indexes for other markets in the region also fell.
Riyadh's index fell 1.1 percent as National Commercial Bank (NCB) tumbled 5.6 percent after reporting a third-quarter net profit of 1.96 billion riyals ($523 million), down 1.6 percent from the same period of 2015. Three analysts had on average forecast a quarterly profit of 2.31 billion riyals.
NCB, like most other Saudi banks that have already reported quarterly results, cited higher costs, including a rise in impairments on financings and investments. The bank is a key lender to Saudi Arabia's troubled construction sector."
'via Blog this'
Qatar funding banker takes Barclays to employment tribunal
Qatar funding banker takes Barclays to employment tribunal:
"One of Barclays’ most senior former executives is pushing ahead with an employment claim against the bank, alleging unfair dismissal amid a criminal probe by fraud prosecutors into Barclays’ £7.3bn fundraising at the height of the financial crisis.
A date in November has now been set in the case brought by Richard Boath, who until earlier this year was Barclays’ chairman of financial services. He is alleging unfair dismissal and has a pay dispute, as well as making a claim under whistleblower protection laws, which means any award is potentially uncapped. Tribunal records do not indicate the size of the pay dispute.
Mr Boath is one of several former senior executives — along with former chief executives Bob Diamond and John Varley — to be questioned by the Serious Fraud Office as part of its investigation into the bank’s dealings with Qatar during an emergency cash call in 2008, which enabled it to stay out of UK government control. The SFO has indicated that it will make a charging decision early next year."
'via Blog this'
"One of Barclays’ most senior former executives is pushing ahead with an employment claim against the bank, alleging unfair dismissal amid a criminal probe by fraud prosecutors into Barclays’ £7.3bn fundraising at the height of the financial crisis.
A date in November has now been set in the case brought by Richard Boath, who until earlier this year was Barclays’ chairman of financial services. He is alleging unfair dismissal and has a pay dispute, as well as making a claim under whistleblower protection laws, which means any award is potentially uncapped. Tribunal records do not indicate the size of the pay dispute.
Mr Boath is one of several former senior executives — along with former chief executives Bob Diamond and John Varley — to be questioned by the Serious Fraud Office as part of its investigation into the bank’s dealings with Qatar during an emergency cash call in 2008, which enabled it to stay out of UK government control. The SFO has indicated that it will make a charging decision early next year."
'via Blog this'
Iran moves to woo foreign investors
Iran moves to woo foreign investors:
"The Iranian government has invited a prestigious group of international investors that includes the Heinz Family Office, Capital Group and Fidelity to visit the country following the relaxation of trade barriers between Iran and the west in January.
The 20-20 Investment Association, a group of influential investors overseeing $7tn of assets, received the invitation from Hassan Rouhani, the Iranian president, after the implementation of a landmark nuclear agreement between the country and six leading powers at the start of the year.
James Donald, head of emerging markets at Lazard Asset Management, the US fund company that oversees $174bn of assets, and a board member of the 20-20 association, said the invitation reflected the Iranian government’s desire to attract more foreign investors."
'via Blog this'
"The Iranian government has invited a prestigious group of international investors that includes the Heinz Family Office, Capital Group and Fidelity to visit the country following the relaxation of trade barriers between Iran and the west in January.
The 20-20 Investment Association, a group of influential investors overseeing $7tn of assets, received the invitation from Hassan Rouhani, the Iranian president, after the implementation of a landmark nuclear agreement between the country and six leading powers at the start of the year.
James Donald, head of emerging markets at Lazard Asset Management, the US fund company that oversees $174bn of assets, and a board member of the 20-20 association, said the invitation reflected the Iranian government’s desire to attract more foreign investors."
'via Blog this'
UAE’s credit cycle on the mend, skips are declining | GulfNews.com
UAE’s credit cycle on the mend, skips are declining | GulfNews.com:
"The banking sector in the UAE is going through a difficult phase as the overall credit demand has slowed down. While the credit cycle is gradually turning senior bankers who spoke to Gulf News expect, the decline in non-performing loans (NPLs) will come with a lag.
“The economy is slowing down. It is not secret to anybody. The world is slowing down, our region is slowing. The levels of activities at our stock exchanges are slowing. I think, despite the all-round slowdown, the economy and the financial sector remains healthy and resilient,” said, AbdulAziz Al Ghurair, Chairman, UAE Banks Federation and CEO of Mashreq.
Banks faced large NPL formation estimated in the range of Dh5 to Dh7 billion last year from loans to small and medium enterprises (SME) sector. Senior bankers in the country say the credit cycle is turning and there have been visible improvement in overall credit quality."
'via Blog this'
"The banking sector in the UAE is going through a difficult phase as the overall credit demand has slowed down. While the credit cycle is gradually turning senior bankers who spoke to Gulf News expect, the decline in non-performing loans (NPLs) will come with a lag.
“The economy is slowing down. It is not secret to anybody. The world is slowing down, our region is slowing. The levels of activities at our stock exchanges are slowing. I think, despite the all-round slowdown, the economy and the financial sector remains healthy and resilient,” said, AbdulAziz Al Ghurair, Chairman, UAE Banks Federation and CEO of Mashreq.
Banks faced large NPL formation estimated in the range of Dh5 to Dh7 billion last year from loans to small and medium enterprises (SME) sector. Senior bankers in the country say the credit cycle is turning and there have been visible improvement in overall credit quality."
'via Blog this'
MIDEAST STOCKS-NCB Q3 profit miss weighs on Saudi, rest of Gulf weak | Reuters
MIDEAST STOCKS-NCB Q3 profit miss weighs on Saudi, rest of Gulf weak | Reuters:
"Banking shares weighed on Saudi Arabia's stock index in morning trade on Sunday after the largest listed lender reported third-quarter profit below expectations, while neighbouring Gulf bourses were also soft.
Riyadh's index pulled back 0.9 percent in the first 40 minutes of trade as National Commercial Bank (NCB) dropped 3.9 percent after reporting third-quarter net profit of 1.96 billion riyals ($522.7 million), down 1.6 percent from the same period of 2015. Three analysts had forecast on average that NCB would make a quarterly profit of 2.31 billion riyals.
NCB, like most other Saudi banks that have already reported quarterly results, cited higher operating expenses, caused by higher impairments on financings and investments. The bank is a key lender to Saudi Arabia's troubled construction sector."
'via Blog this'
"Banking shares weighed on Saudi Arabia's stock index in morning trade on Sunday after the largest listed lender reported third-quarter profit below expectations, while neighbouring Gulf bourses were also soft.
Riyadh's index pulled back 0.9 percent in the first 40 minutes of trade as National Commercial Bank (NCB) dropped 3.9 percent after reporting third-quarter net profit of 1.96 billion riyals ($522.7 million), down 1.6 percent from the same period of 2015. Three analysts had forecast on average that NCB would make a quarterly profit of 2.31 billion riyals.
NCB, like most other Saudi banks that have already reported quarterly results, cited higher operating expenses, caused by higher impairments on financings and investments. The bank is a key lender to Saudi Arabia's troubled construction sector."
'via Blog this'
Subscribe to:
Posts (Atom)