Iran mulls new investment rules in push to boost clean energy | GulfNews.com:
"Iran, which gets most of its electricity from natural gas, is considering new rules that may entice foreign investors to raise the amount of clean energy generated on its grid.
The government is reviewing regulations to streamline and accelerate the process “for investors to bring funds inside the country and repatriate the profits,” presidential adviser Elham Aminzadeh said in an interview at a conference on renewable energy investment.
Though known best for its oil and gas resources, Iran has immense renewable energy potential, according to Bloomberg New Energy Finance. The Islamic republic also stands to benefit from the lifting of nuclear sanctions and government incentives known as feed-in-tariffs designed to attract investment in renewables."
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Wednesday, 9 November 2016
UAE energy firm TAQA posts wider Q3 loss on oil price slump | Reuters
UAE energy firm TAQA posts wider Q3 loss on oil price slump | Reuters:
"Abu Dhabi National Energy Co (TAQA), the state-owned oil explorer and power supplier, reported on Wednesday a wider loss for the third quarter caused by the drop in oil prices.
TAQA, majority-owned by Abu Dhabi's government, made a net loss attributable to equity holders of 524 million dirhams ($143 million) in the three months ended Sept. 30, according to a bourse filing.
This compares with a net loss of 416 million dirhams in the previous-year period."
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"Abu Dhabi National Energy Co (TAQA), the state-owned oil explorer and power supplier, reported on Wednesday a wider loss for the third quarter caused by the drop in oil prices.
TAQA, majority-owned by Abu Dhabi's government, made a net loss attributable to equity holders of 524 million dirhams ($143 million) in the three months ended Sept. 30, according to a bourse filing.
This compares with a net loss of 416 million dirhams in the previous-year period."
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Trump victory likely to empower Iran's hardliners, worry investors | Reuters
Trump victory likely to empower Iran's hardliners, worry investors | Reuters:
"Donald Trump's victory in the U.S. presidential election is likely to empower hardliners in Iran who are pushing for global isolation and discourage already wary foreign investors.
Republican Trump said during the election campaign that he would abandon the nuclear deal reached between Tehran and six world powers in 2015 that curbed Iran's nuclear program in return for the removal of international sanctions.
His tough stance, in contrast to President Barack Obama's offer of an olive branch to Tehran, could serve the interests of hardliners in Iran."
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"Donald Trump's victory in the U.S. presidential election is likely to empower hardliners in Iran who are pushing for global isolation and discourage already wary foreign investors.
Republican Trump said during the election campaign that he would abandon the nuclear deal reached between Tehran and six world powers in 2015 that curbed Iran's nuclear program in return for the removal of international sanctions.
His tough stance, in contrast to President Barack Obama's offer of an olive branch to Tehran, could serve the interests of hardliners in Iran."
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MIDEAST STOCKS-Markets absorb shock Trump victory, region seen resilient | Reuters
MIDEAST STOCKS-Markets absorb shock Trump victory, region seen resilient | Reuters:
"Gulf stock markets dependent on foreign funds, such as Dubai and Qatar fell on Wednesday as the region absorbed the shock of Donald Trump's U.S. election win and prepared for more volatile trading ahead.
Trump, feared by markets because of his views on trade, immigration and taxation, may enact policies that could affect the oil price, the strength of the dollar and capital flows, said Monica Malik, chief economist of Abu Dhabi Commercial Bank.
"More uncertainty could place downside pressure on oil prices and capital flows. Trump has also supported increasing hydrocarbon production to support jobs growth, which could delay the rebalancing of the oil price," she said."
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"Gulf stock markets dependent on foreign funds, such as Dubai and Qatar fell on Wednesday as the region absorbed the shock of Donald Trump's U.S. election win and prepared for more volatile trading ahead.
Trump, feared by markets because of his views on trade, immigration and taxation, may enact policies that could affect the oil price, the strength of the dollar and capital flows, said Monica Malik, chief economist of Abu Dhabi Commercial Bank.
"More uncertainty could place downside pressure on oil prices and capital flows. Trump has also supported increasing hydrocarbon production to support jobs growth, which could delay the rebalancing of the oil price," she said."
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Iran signs $4.8bn gas deal led by France’s Total
Iran signs $4.8bn gas deal led by France’s Total:
"Iran signed a $4.8bn provisional deal with a consortium led by France’s Total to develop part of a massive gas field, the first major energy agreement since the landmark nuclear accord.
The agreement has raised hopes in Tehran that it will open the way for more foreign investments to be attracted to various industrial and economic sectors after lifting of nuclear-related sanctions this year, reports Najmeh Bozorgmehr in Tehran.
“This is an icebreaker and we shall see more multi-billion-dollar oil and gas contracts with other companies including Russians and Europeans soon,” Amir-Hossein Zamaninia, Iran’s deputy oil minister for international affairs told the Financial Times."
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"Iran signed a $4.8bn provisional deal with a consortium led by France’s Total to develop part of a massive gas field, the first major energy agreement since the landmark nuclear accord.
The agreement has raised hopes in Tehran that it will open the way for more foreign investments to be attracted to various industrial and economic sectors after lifting of nuclear-related sanctions this year, reports Najmeh Bozorgmehr in Tehran.
“This is an icebreaker and we shall see more multi-billion-dollar oil and gas contracts with other companies including Russians and Europeans soon,” Amir-Hossein Zamaninia, Iran’s deputy oil minister for international affairs told the Financial Times."
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Emirates airline profits fall 75 per cent
Emirates airline profits fall 75 per cent:
"Dubai’s national carrier Emirates airline saw net profit drop 75 per cent in its first half, hit hard by the strong US dollar and a “challenging environment for the airline and travel business.”
The fast-growing airline said the first half of its 2016-17 financial year net profit was Dh786m ($214m), 75 per cent lower than the same period last year, which was one of its best half-year performances, writes Simeon Kerr.
Revenue was down one per cent at Dh41.9bn as the US dollar – to which the United Arab Emirates dirham is pegged – strengthened against major currencies, while competition drove down average fares. Demand for travel has also been dampened by economic and security concerns, it said."
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"Dubai’s national carrier Emirates airline saw net profit drop 75 per cent in its first half, hit hard by the strong US dollar and a “challenging environment for the airline and travel business.”
The fast-growing airline said the first half of its 2016-17 financial year net profit was Dh786m ($214m), 75 per cent lower than the same period last year, which was one of its best half-year performances, writes Simeon Kerr.
Revenue was down one per cent at Dh41.9bn as the US dollar – to which the United Arab Emirates dirham is pegged – strengthened against major currencies, while competition drove down average fares. Demand for travel has also been dampened by economic and security concerns, it said."
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MIDEAST STOCKS-Gulf markets sink in line with global shares on Trump win | Reuters
MIDEAST STOCKS-Gulf markets sink in line with global shares on Trump win | Reuters:
"Stock markets in the Gulf fell sharply in line with global bourses in morning trade on Wednesday as investors faced up to a shock win by Donald Trump in the U.S. presidential election.
Saudi Arabia's index pulled back 2.7 percent in the first 10 minutes of trade as a little over nine-tenth of the traded shares declined.
Petrochemical shares, which have been robust over the last several weeks turned south as Brent futures were down 1.7 percent to $45.3 a barrel. Saudi Basic Industries pulled back 1.2 percent."
'via Blog this'
"Stock markets in the Gulf fell sharply in line with global bourses in morning trade on Wednesday as investors faced up to a shock win by Donald Trump in the U.S. presidential election.
Saudi Arabia's index pulled back 2.7 percent in the first 10 minutes of trade as a little over nine-tenth of the traded shares declined.
Petrochemical shares, which have been robust over the last several weeks turned south as Brent futures were down 1.7 percent to $45.3 a barrel. Saudi Basic Industries pulled back 1.2 percent."
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Trump presidency: what next for markets?
Trump presidency: what next for markets?:
"Donald Trump’s shock victory in the US presidential race caught investors off guard and is expected to lead to a period of sustained market volatility. How did markets react and how will they respond in the coming days and weeks?
Currencies
Asian trading saw marked foreign exchange volatility as election results came through. While some of that may be down to thin markets, the moves were not surprising, given the extent to which the market had been pricing in a Clinton victory.
There was also a sense of preparedness on some trading floors, given the experience of Brexit, with a readiness to take stock of the implications of the result."
'via Blog this'
"Donald Trump’s shock victory in the US presidential race caught investors off guard and is expected to lead to a period of sustained market volatility. How did markets react and how will they respond in the coming days and weeks?
Currencies
Asian trading saw marked foreign exchange volatility as election results came through. While some of that may be down to thin markets, the moves were not surprising, given the extent to which the market had been pricing in a Clinton victory.
There was also a sense of preparedness on some trading floors, given the experience of Brexit, with a readiness to take stock of the implications of the result."
'via Blog this'
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