Plunging UniCredit shares push Ipic into first half loss | The National:
"International Petroleum Investment Company (Ipic), which is merging with Abu Dhabi investment fund Mubadala Development, swung to a first-half loss because of the plunge in shares of Italian lender UniCredit, in which it holds a 5 per cent stake.
Net loss attributable to equity owners stood at US$257.5 million compared with a net profit of $1.07 billion a year earlier, according to the Abu Dhabi investment company’s financial results released today.
Revenue fell by 13.8 per cent to $16bn from $18.67bn a year earlier."
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Wednesday, 16 November 2016
Prince Alwaleed Sees Saudi Currency Depeg as ‘Last Resort’ - Bloomberg
Prince Alwaleed Sees Saudi Currency Depeg as ‘Last Resort’ - Bloomberg:
"Saudi billionaire Prince Alwaleed Bin Talal raised the possibility that the kingdom may need to depeg its currency in the future as the country undergoes unprecedented social, political and financial change.
“As a last resort maybe sometime two, three years down the line it’s a possibility,” Alwaleed, speaking in an interview with Bloomberg TV, said of a potential change to the riyal’s fixed valuation against the dollar. “Meanwhile it should stay where it is right now. There are so many things happening.”"
'via Blog this'
"Saudi billionaire Prince Alwaleed Bin Talal raised the possibility that the kingdom may need to depeg its currency in the future as the country undergoes unprecedented social, political and financial change.
“As a last resort maybe sometime two, three years down the line it’s a possibility,” Alwaleed, speaking in an interview with Bloomberg TV, said of a potential change to the riyal’s fixed valuation against the dollar. “Meanwhile it should stay where it is right now. There are so many things happening.”"
'via Blog this'
Trump's empty threat to stop buying Saudi oil: Kemp | Reuters
Trump's empty threat to stop buying Saudi oil: Kemp | Reuters:
"President-elect Donald Trump is very unlikely to restrict imports of crude oil from Saudi Arabia despite threats to do so issued during the election campaign.
Trump is first and foremost a showman and impresario rather than a policy wonk. Much of what he said on the campaign trail was intended to mobilize support rather than provide a detailed program for government.
The media "never takes (Trump) seriously but it always takes him literally. I think a lot of voters who vote for Trump take Trump seriously but not literally," as technology billionaire Peter Thiel observed in October."
'via Blog this'
"President-elect Donald Trump is very unlikely to restrict imports of crude oil from Saudi Arabia despite threats to do so issued during the election campaign.
Trump is first and foremost a showman and impresario rather than a policy wonk. Much of what he said on the campaign trail was intended to mobilize support rather than provide a detailed program for government.
The media "never takes (Trump) seriously but it always takes him literally. I think a lot of voters who vote for Trump take Trump seriously but not literally," as technology billionaire Peter Thiel observed in October."
'via Blog this'
Oil volatile as U.S. crude build faces OPEC freeze hopes | Reuters
Oil volatile as U.S. crude build faces OPEC freeze hopes | Reuters:
"Oil prices were little changed in volatile trading as the market weighed Russia's comments about a possible meeting with Saudi Arabia that renewed hopes for a production freeze deal against a bigger-than-expected U.S. crude inventory build.
Brent futures LCOc1 fell 2 cents to $46.93 a barrel by 12:52 p.m. EST (1752 GMT). U.S. crude CLc1 rose 7 cents, or 0.2 percent, to $45.88 per barrel.
That followed a near 6 percent price surge on Tuesday on news the Organization of the Petroleum Exporting Countries would renew efforts to limit production ahead of its official meeting in Vienna."
'via Blog this'
"Oil prices were little changed in volatile trading as the market weighed Russia's comments about a possible meeting with Saudi Arabia that renewed hopes for a production freeze deal against a bigger-than-expected U.S. crude inventory build.
Brent futures LCOc1 fell 2 cents to $46.93 a barrel by 12:52 p.m. EST (1752 GMT). U.S. crude CLc1 rose 7 cents, or 0.2 percent, to $45.88 per barrel.
That followed a near 6 percent price surge on Tuesday on news the Organization of the Petroleum Exporting Countries would renew efforts to limit production ahead of its official meeting in Vienna."
'via Blog this'
MIDEAST STOCKS-Abu Dhabi rallies on bank merger speculation; Saudi, Egypt rebound | Reuters
MIDEAST STOCKS-Abu Dhabi rallies on bank merger speculation; Saudi, Egypt rebound | Reuters:
"Abu Dhabi bank shares surged on Wednesday because of renewed speculation that the government might merge more banks as part of an efficiency drive, while other regional markets rebounded, encouraged by strong global bourses and oil prices.
The Abu Dhabi index jumped 2.6 percent, its largest single-day gain since June, but trading volume continued to decline from a seven-month peak hit earlier this month.
Quoting unnamed sources, Bloomberg reported Abu Dhabi was considering more financial sector mergers after First Gulf Bank and National Bank of Abu Dhabi announced earlier this year that they planned to merge in the first quarter next year. FGB shares closed 2.6 percent higher and NBAD shares added 1.5 percent.
"
'via Blog this'
"Abu Dhabi bank shares surged on Wednesday because of renewed speculation that the government might merge more banks as part of an efficiency drive, while other regional markets rebounded, encouraged by strong global bourses and oil prices.
The Abu Dhabi index jumped 2.6 percent, its largest single-day gain since June, but trading volume continued to decline from a seven-month peak hit earlier this month.
Quoting unnamed sources, Bloomberg reported Abu Dhabi was considering more financial sector mergers after First Gulf Bank and National Bank of Abu Dhabi announced earlier this year that they planned to merge in the first quarter next year. FGB shares closed 2.6 percent higher and NBAD shares added 1.5 percent.
"
'via Blog this'
Saudi Arabia set to reveal depth of oil reserves
Saudi Arabia set to reveal depth of oil reserves:
"Saudi Arabia is preparing to lift the lid on one of the global energy industry’s most closely guarded secrets as it prepares to sell shares in Saudi Aramco — how much crude lies beneath the desert kingdom’s sands.
“This is going to be the most transparent national oil company listing of all time,” Khalid al-Falih, Saudi Arabia’s energy minister, told the Financial Times in an interview.
Ever since the kingdom completed the nationalisation of the formerly US-controlled Saudi Aramco in the 1980s, the size of proven reserves of the world’s largest oil exporter have remained consistently around the 260bn barrels mark, according to officials."
'via Blog this'
"Saudi Arabia is preparing to lift the lid on one of the global energy industry’s most closely guarded secrets as it prepares to sell shares in Saudi Aramco — how much crude lies beneath the desert kingdom’s sands.
“This is going to be the most transparent national oil company listing of all time,” Khalid al-Falih, Saudi Arabia’s energy minister, told the Financial Times in an interview.
Ever since the kingdom completed the nationalisation of the formerly US-controlled Saudi Aramco in the 1980s, the size of proven reserves of the world’s largest oil exporter have remained consistently around the 260bn barrels mark, according to officials."
'via Blog this'
MIDEAST STOCKS-Abu Dhabi jumps on bank merger speculation, oil bounce supports region | Reuters
MIDEAST STOCKS-Abu Dhabi jumps on bank merger speculation, oil bounce supports region | Reuters:
"Abu Dhabi's leading banks rallied early on Wednesday on renewed speculation that the government could merge banks as part of an efficiency drive, while other Gulf shares bounced in line with global stocks and after an overnight rebound in oil prices.
Abu Dhabi's Union National Bank surged 12.8 percent and Abu Dhabi Commercial Bank jumped 6.0 percent as the lenders are thought likely to be next in line to be paired.
Quoting unnamed sources, Bloomberg reported Abu Dhabi is considering more financial sector mergers after First Gulf Bank and National Bank of Abu Dhabi announced earlier this year they planned to merge in first-quarter next year. FGB shares were up 2.1 percent and NBAD shares were unchanged.
"
'via Blog this'
"Abu Dhabi's leading banks rallied early on Wednesday on renewed speculation that the government could merge banks as part of an efficiency drive, while other Gulf shares bounced in line with global stocks and after an overnight rebound in oil prices.
Abu Dhabi's Union National Bank surged 12.8 percent and Abu Dhabi Commercial Bank jumped 6.0 percent as the lenders are thought likely to be next in line to be paired.
Quoting unnamed sources, Bloomberg reported Abu Dhabi is considering more financial sector mergers after First Gulf Bank and National Bank of Abu Dhabi announced earlier this year they planned to merge in first-quarter next year. FGB shares were up 2.1 percent and NBAD shares were unchanged.
"
'via Blog this'
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