Wednesday, 28 December 2016
Airbus forced to postpone delivery of 12 A380 jets to Emirates | Business | The Guardian
Airbus forced to postpone delivery of 12 A380 jets to Emirates | Business | The Guardian:
"Airbus has suffered yet another hitch in the troubled life of its A380 “superjumbo”, as it was forced to postpone delivery of 12 aircraft to its largest customer, Emirates.
The double-decker A380, the world’s largest passenger jet, has proved a disappointment for Airbus since its much-delayed debut in 2007 and the firm has already been forced to cut production after winning fewer orders than expected.
The latest obstacle to throw the €25bn (£21bn) aircraft programme off course has left analysts questioning whether executives at Airbus might consider cancelling it altogether."
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"Airbus has suffered yet another hitch in the troubled life of its A380 “superjumbo”, as it was forced to postpone delivery of 12 aircraft to its largest customer, Emirates.
The double-decker A380, the world’s largest passenger jet, has proved a disappointment for Airbus since its much-delayed debut in 2007 and the firm has already been forced to cut production after winning fewer orders than expected.
The latest obstacle to throw the €25bn (£21bn) aircraft programme off course has left analysts questioning whether executives at Airbus might consider cancelling it altogether."
'via Blog this'
First-half profit declines at Dubai sovereign fund ICD | The National
First-half profit declines at Dubai sovereign fund ICD | The National:
"The Investment Corporation of Dubai (ICD), with holdings in some of the emirate’s most strategic companies including Emirates airline and lender Emirates NBD, said yesterday its first-half net profit dropped by 23 per cent year on year as revenues from its oil and gas interests declined.
Net profit attributable to equity holders fell to Dh8.2 billion in the six months to June 30 from Dh10.68bn in a year-earlier, it said in a statement to Nasdaq Dubai.
Revenue declined by 7.8 per cent to Dh82.47bn from Dh89.47bn as earnings from oil and gas products and services declined 30.5 per cent to Dh19.43bn from Dh27.98bn a year-earlier. ICD’s holdings in the energy and industrial segment of its portfolio are in diversified energy company Enoc, cable manufacturer Ducab and Emirates Global Aluminium."
'via Blog this'
"The Investment Corporation of Dubai (ICD), with holdings in some of the emirate’s most strategic companies including Emirates airline and lender Emirates NBD, said yesterday its first-half net profit dropped by 23 per cent year on year as revenues from its oil and gas interests declined.
Net profit attributable to equity holders fell to Dh8.2 billion in the six months to June 30 from Dh10.68bn in a year-earlier, it said in a statement to Nasdaq Dubai.
Revenue declined by 7.8 per cent to Dh82.47bn from Dh89.47bn as earnings from oil and gas products and services declined 30.5 per cent to Dh19.43bn from Dh27.98bn a year-earlier. ICD’s holdings in the energy and industrial segment of its portfolio are in diversified energy company Enoc, cable manufacturer Ducab and Emirates Global Aluminium."
'via Blog this'
Saudi sovereign fund to buy stake in UAE firm | GulfNews.com
Saudi sovereign fund to buy stake in UAE firm | GulfNews.com:
"Saudi Arabia’s top sovereign wealth fund is buying a stake in UAE utility company Utico in a multi-million dollar deal, the chief executive of the UAE firm told Reuters on Wednesday. Public Investment Fund (PIF) has entered into a binding agreement with private utility provider Utico Middle East to buy a “significant minority stake”, Richard Menezes said. He declined to give the deal value, saying details will be published soon.
PIF has been looking at investments in Saudi Arabia and elsewhere across a range of sectors in recent months. It hired HSBC to advise it on a potential purchase of a stake in Riyadh-based ACWA Power, a developer and operator of power and water plants, sources close to the matter told Reuters in November."
'via Blog this'
"Saudi Arabia’s top sovereign wealth fund is buying a stake in UAE utility company Utico in a multi-million dollar deal, the chief executive of the UAE firm told Reuters on Wednesday. Public Investment Fund (PIF) has entered into a binding agreement with private utility provider Utico Middle East to buy a “significant minority stake”, Richard Menezes said. He declined to give the deal value, saying details will be published soon.
PIF has been looking at investments in Saudi Arabia and elsewhere across a range of sectors in recent months. It hired HSBC to advise it on a potential purchase of a stake in Riyadh-based ACWA Power, a developer and operator of power and water plants, sources close to the matter told Reuters in November."
'via Blog this'
MIDEAST STOCKS-Gulf trades mixed, second-tier Saudi petchems rise | Daily Mail Online
MIDEAST STOCKS-Gulf trades mixed, second-tier Saudi petchems rise | Daily Mail Online:
"Major Gulf stock markets were mixed in quiet trade on Wednesday although some second-tier Saudi petrochemical stocks rose sharply after oil prices climbed overnight.
The main Saudi index traded higher for much of the day but closed 0.2 percent lower as Saudi Electricity, which had risen after last week's state budget for 2017 promised to raise electricity tariffs, fell back 2.6 percent.
Petrochemical stocks were the top three gainers, with Petrochem up by its 10 percent daily limit, Chemanol gaining 8.5 percent and Sipchem adding 5.4 percent."
'via Blog this'
"Major Gulf stock markets were mixed in quiet trade on Wednesday although some second-tier Saudi petrochemical stocks rose sharply after oil prices climbed overnight.
The main Saudi index traded higher for much of the day but closed 0.2 percent lower as Saudi Electricity, which had risen after last week's state budget for 2017 promised to raise electricity tariffs, fell back 2.6 percent.
Petrochemical stocks were the top three gainers, with Petrochem up by its 10 percent daily limit, Chemanol gaining 8.5 percent and Sipchem adding 5.4 percent."
'via Blog this'
Iran's Gulf Ally Said to Signal Rapprochement With Saudi Arabia - Bloomberg
Iran's Gulf Ally Said to Signal Rapprochement With Saudi Arabia - Bloomberg:
"Saudi Arabia has received notification from Oman that it intends to join the Saudi-led anti-terror coalition, according to a person familiar with the matter, a sign that Iran’s closest ally in the region is ready to improve its ties with the kingdom.
The letter was sent by Oman’s defense minister to Saudi Deputy Crown Prince Mohammed bin Salman, the person said on condition of anonymity. Prince Mohammed will go to Oman in the coming weeks to pave the way for a visit by King Salman. The king’s trip would help re-establish security, military and economic cooperation, the person said.
Oman’s ties with Saudi Arabia and its allies in the Gulf Cooperation Council have been strained because of its close relationship with Iran, the kingdom’s biggest regional rival."
'via Blog this'
"Saudi Arabia has received notification from Oman that it intends to join the Saudi-led anti-terror coalition, according to a person familiar with the matter, a sign that Iran’s closest ally in the region is ready to improve its ties with the kingdom.
The letter was sent by Oman’s defense minister to Saudi Deputy Crown Prince Mohammed bin Salman, the person said on condition of anonymity. Prince Mohammed will go to Oman in the coming weeks to pave the way for a visit by King Salman. The king’s trip would help re-establish security, military and economic cooperation, the person said.
Oman’s ties with Saudi Arabia and its allies in the Gulf Cooperation Council have been strained because of its close relationship with Iran, the kingdom’s biggest regional rival."
'via Blog this'
Gulf Navigation to expand its operations to settle debt | The National
Gulf Navigation to expand its operations to settle debt | The National:
"Gulf Navigation plans to invest at least US$950 million by 2020 to double its petrochemical fleet and expand operations in the Northern Emirates as the company expects to settle its legacy debts by next year, the chief executive said on Tuesday.
The Dubai-based shipping company will tap global fund providers to finance most of its investments through a "buy-to-lease" mechanism, whereby it will own the ships and then service the investments from the generated income, said Khamis Juma Buamim, declining to name the funds. It will also use other resources to finance its expansion plans.
"Some companies already want us to service their business so they are willing to inject money now to ensure this service is available when they start trading in our region," said Mr Buamim. "We will use part of our money, but that is only for infrastructure.""
'via Blog this'
"Gulf Navigation plans to invest at least US$950 million by 2020 to double its petrochemical fleet and expand operations in the Northern Emirates as the company expects to settle its legacy debts by next year, the chief executive said on Tuesday.
The Dubai-based shipping company will tap global fund providers to finance most of its investments through a "buy-to-lease" mechanism, whereby it will own the ships and then service the investments from the generated income, said Khamis Juma Buamim, declining to name the funds. It will also use other resources to finance its expansion plans.
"Some companies already want us to service their business so they are willing to inject money now to ensure this service is available when they start trading in our region," said Mr Buamim. "We will use part of our money, but that is only for infrastructure.""
'via Blog this'
The Key Takeaways From Saudi Arabia's Historic Budget - Bloomberg
The Key Takeaways From Saudi Arabia's Historic Budget - Bloomberg:
"Monica Malik, chief economist at Abu Dhabi Commercial Bank, discusses the key takeaways from Saudi Arabia's historic budget with Bloomberg's Yousef Gamal El-Din and Angie Lau on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
'via Blog this'
"Monica Malik, chief economist at Abu Dhabi Commercial Bank, discusses the key takeaways from Saudi Arabia's historic budget with Bloomberg's Yousef Gamal El-Din and Angie Lau on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
'via Blog this'
TABLE-Qatar November trade surplus shrinks 8 pct y/y | Reuters
TABLE-Qatar November trade surplus shrinks 8 pct y/y | Reuters:
"Dec 28 Qatar's November trade surplus shrank 8.0
percent from a year earlier hurt by low natural gas and oil
prices, Ministry of Development, Planning and Statistics data
showed.
Exports of petroleum gases and other gaseous hydrocarbons
fell 12.2 percent to 11.64 billion riyals ($3.20 billion).
QATAR FOREIGN TRADE 11/16 10/16 11/15
Exports (mln riyals, FOB) 18,720 18,745 20,826
Imports (CIF) 9,090 11,042 10,354
Balance 9,630 7,703 10,472
DYNAMICS (pct yr/yr change in riyal terms)
Exports -10.1 -14.9
Imports -12.2 6.5
Balance -8.0 -34.0
NOTE: FOB - free on board, CIF - cost, insurance and freight.
Previous figures are slightly revised"
'via Blog this'
"Dec 28 Qatar's November trade surplus shrank 8.0
percent from a year earlier hurt by low natural gas and oil
prices, Ministry of Development, Planning and Statistics data
showed.
Exports of petroleum gases and other gaseous hydrocarbons
fell 12.2 percent to 11.64 billion riyals ($3.20 billion).
QATAR FOREIGN TRADE 11/16 10/16 11/15
Exports (mln riyals, FOB) 18,720 18,745 20,826
Imports (CIF) 9,090 11,042 10,354
Balance 9,630 7,703 10,472
DYNAMICS (pct yr/yr change in riyal terms)
Exports -10.1 -14.9
Imports -12.2 6.5
Balance -8.0 -34.0
NOTE: FOB - free on board, CIF - cost, insurance and freight.
Previous figures are slightly revised"
'via Blog this'
Oil prices edge down ahead of OPEC, non-OPEC production cuts | Reuters
Oil prices edge down ahead of OPEC, non-OPEC production cuts | Reuters:
"Oil prices edged down on Wednesday as the market waits to see how OPEC and non-OPEC members carry through on planned supply cuts in the new year.
International Brent LCOc1 crude futures were trading down 7 cents, or 0.12 percent, at $56.02 a barrel at 0722 GMT (2.22 a.m. ET) after closing the previous session up 93 cents.
U.S. benchmark West Texas Intermediate (WTI) crude oil prices CLc1 were down 8 cents at $53.82 per barrel after settling up 88 cents at $53.90 a barrel in the previous session."
'via Blog this'
"Oil prices edged down on Wednesday as the market waits to see how OPEC and non-OPEC members carry through on planned supply cuts in the new year.
International Brent LCOc1 crude futures were trading down 7 cents, or 0.12 percent, at $56.02 a barrel at 0722 GMT (2.22 a.m. ET) after closing the previous session up 93 cents.
U.S. benchmark West Texas Intermediate (WTI) crude oil prices CLc1 were down 8 cents at $53.82 per barrel after settling up 88 cents at $53.90 a barrel in the previous session."
'via Blog this'
MIDEAST STOCKS-Gulf bourses edge up in early trade, petchems buoy Saudi | Reuters
MIDEAST STOCKS-Gulf bourses edge up in early trade, petchems buoy Saudi | Reuters:
"Most major Gulf stock markets edged up in early trade on Wednesday in line with global bourses, as petrochemical producers led Saudi Arabia's bourse.
The Saudi index, which surged 1.3 percent on Tuesday to a new high for the year, climbed 0.3 percent in the first 15 minutes.
The petrochemical sector index added 0.5 percent after oil prices rose overnight. Relatively small companies in the sector outperformed, with Petrochem up 4.1 percent."
'via Blog this'
"Most major Gulf stock markets edged up in early trade on Wednesday in line with global bourses, as petrochemical producers led Saudi Arabia's bourse.
The Saudi index, which surged 1.3 percent on Tuesday to a new high for the year, climbed 0.3 percent in the first 15 minutes.
The petrochemical sector index added 0.5 percent after oil prices rose overnight. Relatively small companies in the sector outperformed, with Petrochem up 4.1 percent."
'via Blog this'
Year in a Word: MbS | #SaudiArabia
Year in a Word: MbS:
"(Acronym, proper noun) Mohammed bin Salman: Saudi Arabia’s deputy crown prince, defence minister, chairman of the council for economic and development affairs and chief of the royal court. The 31-year-old is favourite son of King Salman, who ascended to the throne in January 2015.
Diplomats like to abbreviate the names of Gulf leaders into acronyms. This year, MbS has dominated, eclipsing MbN (Muhammad bin Nayef, the Saudi crown prince), MbZ (Abu Dhabi crown prince Mohammed bin Zayed) and MbR (Dubai ruler Mohammed bin Rashid).
The prince’s elevation to the heart of Saudi policymaking means he is a major influence over foreign policy, from the proxy war against Iran-allied rebels in Yemen, to eleventh-hour interventions at Opec, the oil producers’ cartel."
'via Blog this'
"(Acronym, proper noun) Mohammed bin Salman: Saudi Arabia’s deputy crown prince, defence minister, chairman of the council for economic and development affairs and chief of the royal court. The 31-year-old is favourite son of King Salman, who ascended to the throne in January 2015.
Diplomats like to abbreviate the names of Gulf leaders into acronyms. This year, MbS has dominated, eclipsing MbN (Muhammad bin Nayef, the Saudi crown prince), MbZ (Abu Dhabi crown prince Mohammed bin Zayed) and MbR (Dubai ruler Mohammed bin Rashid).
The prince’s elevation to the heart of Saudi policymaking means he is a major influence over foreign policy, from the proxy war against Iran-allied rebels in Yemen, to eleventh-hour interventions at Opec, the oil producers’ cartel."
'via Blog this'
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