Standard Chartered cuts 150 jobs in the UAE, may lay off more by year-end | The National:
"Standard Chartered has cut 150 jobs in the UAE with more expected to be shed by the year-end amid a lending slowdown across the banking sector. The bank last year revealed plans to axe 15,000 jobs worldwide after years of losses but it did not say at the time how many positions would be lost across its local operations.
The move, which has affected the bank’s UAE retail business the most, also comes at a time when local lenders have been suffering because of a slowdown in the economy.
As more customers use online banking to make day-to-day transactions, retail banks need fewer staff in their branches."
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Thursday, 17 November 2016
Oil falls as stronger dollar outweighs OPEC deal optimism | Reuters
Oil falls as stronger dollar outweighs OPEC deal optimism | Reuters:
"Oil prices settled slightly lower on Thursday, then fell as much as 1 percent in the after-market session as a stronger dollar outweighed expectations of an OPEC deal to limit production.
Oil started the day in the positive, with U.S. crude briefly up by as much as $1, on optimism that the Organization of the Petroleum Exporting Countries (OPEC) would reach an agreement to cap production at its meeting in Vienna on Nov. 30.
Saudi Energy Minister Khalid al-Falih said he was optimistic about OPEC's deal to limit oil output, while Venezuelan President Nicolas Maduro said OPEC members are ready to reach a "forceful" agreement, following a meeting with OPEC Secretary-General."
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"Oil prices settled slightly lower on Thursday, then fell as much as 1 percent in the after-market session as a stronger dollar outweighed expectations of an OPEC deal to limit production.
Oil started the day in the positive, with U.S. crude briefly up by as much as $1, on optimism that the Organization of the Petroleum Exporting Countries (OPEC) would reach an agreement to cap production at its meeting in Vienna on Nov. 30.
Saudi Energy Minister Khalid al-Falih said he was optimistic about OPEC's deal to limit oil output, while Venezuelan President Nicolas Maduro said OPEC members are ready to reach a "forceful" agreement, following a meeting with OPEC Secretary-General."
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MIDEAST STOCKS-Egypt gains in record volume, Saudi underperforms peer markets | Reuters
MIDEAST STOCKS-Egypt gains in record volume, Saudi underperforms peer markets | Reuters:
"Egypt's blue chips carried the Cairo stock index to fresh eight-year highs in the heaviest trading volume on record on Thursday as foreign funds continued to flow in, while Saudi Arabia edged down in modest volumes.
The Cairo blue chip index jumped 2 percent as a record 770 million shares traded hands, bringing its gains to 32 percent since the Egyptian pound was floated on Nov. 3.
Bourse data showed foreign investors remained net buyers of Egyptian equities on Thursday to the tune of about $8 million; they have been net buyers every day since the float."
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"Egypt's blue chips carried the Cairo stock index to fresh eight-year highs in the heaviest trading volume on record on Thursday as foreign funds continued to flow in, while Saudi Arabia edged down in modest volumes.
The Cairo blue chip index jumped 2 percent as a record 770 million shares traded hands, bringing its gains to 32 percent since the Egyptian pound was floated on Nov. 3.
Bourse data showed foreign investors remained net buyers of Egyptian equities on Thursday to the tune of about $8 million; they have been net buyers every day since the float."
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Iran overtakes Saudi Arabia as top oil supplier to India | Reuters
Iran overtakes Saudi Arabia as top oil supplier to India | Reuters:
"Iran overtook political rival Saudi Arabia as India's top oil supplier in October, shipping data showed, just ahead of a producers' meeting this month to hammer out the details on output cuts aimed at reining in a global glut.
Iran used to be India's second-biggest oil supplier, a position it ceded to Iraq after tough Western sanctions over its nuclear development programme limited Tehran's exports and access to finance.
But India's oil imports from Iran have shot up this year after those sanctions were lifted in January. In October they surged more than threefold compared with the same month last year, rising to 789,000 barrels per day (bpd), according to ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts."
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"Iran overtook political rival Saudi Arabia as India's top oil supplier in October, shipping data showed, just ahead of a producers' meeting this month to hammer out the details on output cuts aimed at reining in a global glut.
Iran used to be India's second-biggest oil supplier, a position it ceded to Iraq after tough Western sanctions over its nuclear development programme limited Tehran's exports and access to finance.
But India's oil imports from Iran have shot up this year after those sanctions were lifted in January. In October they surged more than threefold compared with the same month last year, rising to 789,000 barrels per day (bpd), according to ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts."
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Saudi Aramco: the Big Spoof
Saudi Aramco: the Big Spoof:
"Saudi Arabia is preparing to lift the hem of its robes a few inches, allowing gawkers to assess the firmness of its financial footing. Energy minister Khalid al-Falih says the kingdom will publish an audited total for its oil reserves. Western investors see this as a prerequisite for the flotation of Saudi Aramco, the national energy company optimistically valued at up to $2tn.
The longest session of Spoof in the history of the world may thus be ending. Since the eighties, world oil prices have been based partly on the belief that the country has reserves of about 260bn barrels. As in the alcohol-fuelled gambling game — which is hard to play in Saudi Arabia without getting arrested — the government plans to reveal a number it has concealed.
It would be extraordinary if the house of Saud has really been sitting on exactly 260bn barrels of oil for all 36 years. Its geologists would have needed to identify new reserves at the pace old ones were depleted."
'via Blog this'
"Saudi Arabia is preparing to lift the hem of its robes a few inches, allowing gawkers to assess the firmness of its financial footing. Energy minister Khalid al-Falih says the kingdom will publish an audited total for its oil reserves. Western investors see this as a prerequisite for the flotation of Saudi Aramco, the national energy company optimistically valued at up to $2tn.
The longest session of Spoof in the history of the world may thus be ending. Since the eighties, world oil prices have been based partly on the belief that the country has reserves of about 260bn barrels. As in the alcohol-fuelled gambling game — which is hard to play in Saudi Arabia without getting arrested — the government plans to reveal a number it has concealed.
It would be extraordinary if the house of Saud has really been sitting on exactly 260bn barrels of oil for all 36 years. Its geologists would have needed to identify new reserves at the pace old ones were depleted."
'via Blog this'
Brazil’s Cade gives Qatar Airways the all-clear for Latam stake
Brazil’s Cade gives Qatar Airways the all-clear for Latam stake:
"Brazil’s competition regulator Cade has approved Qatar Airways’ purchase of a 10 per cent stake in South America’s biggest airline, Latam.
The deal will give Latam – a combination of Brazilian and Chilean carriers Tam and Lan – some relief from tightening liquidity in its home markets, as Brazil suffers its worst recession in more than a century, analysts say.
First announced in July, the deal comes as Qatar tightens links with other members of the oneworld alliance, having purchased a 15 per cent stake in British Airways owner IAG in May."
'via Blog this'
"Brazil’s competition regulator Cade has approved Qatar Airways’ purchase of a 10 per cent stake in South America’s biggest airline, Latam.
The deal will give Latam – a combination of Brazilian and Chilean carriers Tam and Lan – some relief from tightening liquidity in its home markets, as Brazil suffers its worst recession in more than a century, analysts say.
First announced in July, the deal comes as Qatar tightens links with other members of the oneworld alliance, having purchased a 15 per cent stake in British Airways owner IAG in May."
'via Blog this'
How Donald Trump will make Russia great again in the Middle East
How Donald Trump will make Russia great again in the Middle East:
"Donald Trump has his admirers in the Middle East, in spite of his stigmatisation of Muslims and ostensible tolerance of anti-Semites. Yet the burning question is whether he plans to douse a region already in flames with more petrol. Local citizens find it no easier than anyone else to deduce Trumpian policy from bullet points that are all bullet. But many sense that, even if the next US president turns out to be a blip and most of his rhetoric bluster, he could do real damage in the Middle East.
It is not that liberal democracy has had much purchase in the region. But if the west was often regarded with mistrust for its support for tyrants, the US now risks discredit as the spiritual home of illiberal democracy, led by a champion of national populism.
Mr Trump will get along just fine with local strongmen. Abdel Fattah al-Sisi, the Egyptian army chief who took power in 2013 in what was initially a popularly backed coup, was among the first to congratulate him. The president-elect has argued against too much criticism of President Recep Tayyip Erdogan for the purges that followed this July’s failed coup in Turkey. The construction tycoon, in any case, makes them look moderate since neither leader publicly endorses torture or killing the families of terror suspects."
'via Blog this'
"Donald Trump has his admirers in the Middle East, in spite of his stigmatisation of Muslims and ostensible tolerance of anti-Semites. Yet the burning question is whether he plans to douse a region already in flames with more petrol. Local citizens find it no easier than anyone else to deduce Trumpian policy from bullet points that are all bullet. But many sense that, even if the next US president turns out to be a blip and most of his rhetoric bluster, he could do real damage in the Middle East.
It is not that liberal democracy has had much purchase in the region. But if the west was often regarded with mistrust for its support for tyrants, the US now risks discredit as the spiritual home of illiberal democracy, led by a champion of national populism.
Mr Trump will get along just fine with local strongmen. Abdel Fattah al-Sisi, the Egyptian army chief who took power in 2013 in what was initially a popularly backed coup, was among the first to congratulate him. The president-elect has argued against too much criticism of President Recep Tayyip Erdogan for the purges that followed this July’s failed coup in Turkey. The construction tycoon, in any case, makes them look moderate since neither leader publicly endorses torture or killing the families of terror suspects."
'via Blog this'
MIDEAST STOCKS-Abu Dhabi banks mixed, Saudi lenders weak | Reuters
MIDEAST STOCKS-Abu Dhabi banks mixed, Saudi lenders weak | Reuters:
"Abu Dhabi's banks were mixed in early trade on Thursday after soaring on Wednesday amid renewed speculation the government would merge more banks. Saudi banking shares were weak.
Union National Bank lost 1.1 percent after jumping 12.3 percent on Wednesday. Abu Dhabi Commercial Bank was flat after it gained 5.8 percent. Abu Dhabi Islamic Bank pulled back 1.9 percent after climbing 4.7 percent.
The banks did not issue a statement after the market close on Wednesday to confirm or deny the speculation. Several bankers familiar with the industry in Abu Dhabi told Reuters formal talks were not underway and the idea of any merger was still preliminary."
'via Blog this'
"Abu Dhabi's banks were mixed in early trade on Thursday after soaring on Wednesday amid renewed speculation the government would merge more banks. Saudi banking shares were weak.
Union National Bank lost 1.1 percent after jumping 12.3 percent on Wednesday. Abu Dhabi Commercial Bank was flat after it gained 5.8 percent. Abu Dhabi Islamic Bank pulled back 1.9 percent after climbing 4.7 percent.
The banks did not issue a statement after the market close on Wednesday to confirm or deny the speculation. Several bankers familiar with the industry in Abu Dhabi told Reuters formal talks were not underway and the idea of any merger was still preliminary."
'via Blog this'
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