UAE PMI at 17-month high on higher output and demand | GulfNews.com:
"The non-oil private sector economic activity in the UAE witnessed further improvement last month supported by sharp increase in inflows of new work and a robust expansion of output. The Emirates NBD Purchasing Managers’ Index (PMI) rose to 56 in February from 55.3 in January, a level last seen in September 2015. Strong demand conditions and a favourable economic environment encouraged companies to scale up purchasing activity and hire additional workers over the month. The main driver for the improvement in PMI was a surge in output (63), which expanded at the fastest rate in 18 months. New orders (59.9) also rose at a faster pace in February, supported by improving external demand."
'via Blog this'
Sunday, 5 March 2017
Dubai Financial Market launches platform to trade ETFs | Reuters
Dubai Financial Market launches platform to trade ETFs | Reuters:
"Dubai Financial Market (DFM) , the emirate's main stock exchange, launched a trading platform for exchange-traded funds (ETFs) on Sunday in an effort to encourage the listing of more such funds by improving liquidity. The market currently lists just one ETF, Afkar Capital's S&P UAE UCITS fund, which invests on the Abu Dhabi Securities Exchange and NASDAQ Dubai as well as DFM itself. It replicates the S&P UAE BMI Liquid 20/35 Capped Index, which includes the largest stocks by capitalisation in the United Arab Emirates. The new platform, which DFM described as the region's first of its kind, aims to make trading smoother and more efficient. Afkar Capital said on Sunday it had appointed Egypt's Beltone Financial as foreign market maker for its fund. "
'via Blog this'
"Dubai Financial Market (DFM) , the emirate's main stock exchange, launched a trading platform for exchange-traded funds (ETFs) on Sunday in an effort to encourage the listing of more such funds by improving liquidity. The market currently lists just one ETF, Afkar Capital's S&P UAE UCITS fund, which invests on the Abu Dhabi Securities Exchange and NASDAQ Dubai as well as DFM itself. It replicates the S&P UAE BMI Liquid 20/35 Capped Index, which includes the largest stocks by capitalisation in the United Arab Emirates. The new platform, which DFM described as the region's first of its kind, aims to make trading smoother and more efficient. Afkar Capital said on Sunday it had appointed Egypt's Beltone Financial as foreign market maker for its fund. "
'via Blog this'
MIDEAST STOCKS-Most of Gulf falls, Egypt buoyed by gradual stamp duty plan | Reuters
MIDEAST STOCKS-Most of Gulf falls, Egypt buoyed by gradual stamp duty plan | Reuters:
"Most Gulf bourses fell in light trade on Sunday, with Dubai's index dropping below technical support while Egypt continued to firm on the news that authorities would tax stock market transactions only gradually. Saudi Arabia's index lost 0.7 percent, with about 70 percent of stocks dropping. Most petrochemicals shares fell, including a 1.8 percent decline for Saudi Kayan Petrochemical . Tourism company Al Tayyar Travel slumped 5.1 percent in heavy trade after it denied local media reports that it had signed 5 billion riyals ($1.3 billion) of deals with Indonesian companies for religious tourism."
'via Blog this'
"Most Gulf bourses fell in light trade on Sunday, with Dubai's index dropping below technical support while Egypt continued to firm on the news that authorities would tax stock market transactions only gradually. Saudi Arabia's index lost 0.7 percent, with about 70 percent of stocks dropping. Most petrochemicals shares fell, including a 1.8 percent decline for Saudi Kayan Petrochemical . Tourism company Al Tayyar Travel slumped 5.1 percent in heavy trade after it denied local media reports that it had signed 5 billion riyals ($1.3 billion) of deals with Indonesian companies for religious tourism."
'via Blog this'
OPEC, Russia head to Texas for an away game in oil price wars
OPEC, Russia head to Texas for an away game in oil price wars:
"Crude oil prices are being pumped by OPEC's production cuts, but they are at risk of being knocked down by a gusher of new U.S. shale drilling.
OPEC and non-OPEC producers, like Russia, agreed in December to take 1.8 million barrels of crude off the world market. As a result, they have kept the price of oil in the $50s per barrel even with a supply glut, most apparent in the United States. At the same time, U.S. drillers, emboldened by the higher oil price, are drilling at the highest rate in more than a year and look on track to go back to record levels by year-end.
All of these principals — the Saudis, other Gulf producers, Russians, Brazilians, Mexicans, big oil and U.S. shale drillers — will meet in Houston starting Monday, Mar. 6, on panels, at dinners and in the hallways of the annual CERAWeek energy conference, sponsored by IHS Markit."
'via Blog this'
"Crude oil prices are being pumped by OPEC's production cuts, but they are at risk of being knocked down by a gusher of new U.S. shale drilling.
OPEC and non-OPEC producers, like Russia, agreed in December to take 1.8 million barrels of crude off the world market. As a result, they have kept the price of oil in the $50s per barrel even with a supply glut, most apparent in the United States. At the same time, U.S. drillers, emboldened by the higher oil price, are drilling at the highest rate in more than a year and look on track to go back to record levels by year-end.
All of these principals — the Saudis, other Gulf producers, Russians, Brazilians, Mexicans, big oil and U.S. shale drillers — will meet in Houston starting Monday, Mar. 6, on panels, at dinners and in the hallways of the annual CERAWeek energy conference, sponsored by IHS Markit."
'via Blog this'
Mena countries need to get creative when exploring for oil | The National
Mena countries need to get creative when exploring for oil | The National:
"By August 2015, Eni seemed out of luck in the eastern Mediterranean. Two wells drilled off the shore of Cyprus had been failures. Several other companies looked at data on its deep-water block north of Egypt, where Shell had sunk ten wells in previous years without any real success, but decided against taking a share. There was a promising deeper structure with untested geology, but the Italian company would have to go it alone. Eni drilled in almost a kilometre and a half of water, then through more than four thousand metres of sand, shales and salt. During the Miocene period, six million years ago, the entire Mediterranean dried up, leaving a thick layer of salt – ideal for trapping any oil or gas that formed below it. And Eni’s boldness was rewarded – the giant Zohr discovery, with 32 trillion cubic feet of gas. For a well costing US$100 million, Eni then sold 10 per cent of the find to BP for $375m, and 30 per cent to Rosneft for $1.12 billion, repaying its initial investment many times over even before a molecule of gas is produced."
'via Blog this'
"By August 2015, Eni seemed out of luck in the eastern Mediterranean. Two wells drilled off the shore of Cyprus had been failures. Several other companies looked at data on its deep-water block north of Egypt, where Shell had sunk ten wells in previous years without any real success, but decided against taking a share. There was a promising deeper structure with untested geology, but the Italian company would have to go it alone. Eni drilled in almost a kilometre and a half of water, then through more than four thousand metres of sand, shales and salt. During the Miocene period, six million years ago, the entire Mediterranean dried up, leaving a thick layer of salt – ideal for trapping any oil or gas that formed below it. And Eni’s boldness was rewarded – the giant Zohr discovery, with 32 trillion cubic feet of gas. For a well costing US$100 million, Eni then sold 10 per cent of the find to BP for $375m, and 30 per cent to Rosneft for $1.12 billion, repaying its initial investment many times over even before a molecule of gas is produced."
'via Blog this'
Why U.K. Is Getting Natural Gas From the Amazon: QuickTake Q&A - Bloomberg
Why U.K. Is Getting Natural Gas From the Amazon: QuickTake Q&A - Bloomberg:
"The U.K. received its first natural gas from a new supplier across the Atlantic: Peru. The Gallina liquefied natural gas tanker docked at the Isle of Grain terminal east of London on Saturday after taking advantage of an expansion of the Panama Canal that shaved almost 4,000 miles off its journey from South America. Its long trip is a reflection of shifting world demand for heating and power-plant fuel."
'via Blog this'
"The U.K. received its first natural gas from a new supplier across the Atlantic: Peru. The Gallina liquefied natural gas tanker docked at the Isle of Grain terminal east of London on Saturday after taking advantage of an expansion of the Panama Canal that shaved almost 4,000 miles off its journey from South America. Its long trip is a reflection of shifting world demand for heating and power-plant fuel."
'via Blog this'
France Plans Loans for Companies Wanting to Invest in Iran - Bloomberg
France Plans Loans for Companies Wanting to Invest in Iran - Bloomberg:
"France is working on plans to issue direct loans to companies that want to invest in Iran, Finance Minister Michel Sapin said in a press conference in Tehran. “We are trying to help these companies,” Sapin told reporters at the Ministry of Finance and Economic Affairs in Tehran at a joint press conference with his Iranian counterpart, Ali Tayebnia. “They wil be able to apply for loans, but it’s not active yet. We are working on this.”"
'via Blog this'
"France is working on plans to issue direct loans to companies that want to invest in Iran, Finance Minister Michel Sapin said in a press conference in Tehran. “We are trying to help these companies,” Sapin told reporters at the Ministry of Finance and Economic Affairs in Tehran at a joint press conference with his Iranian counterpart, Ali Tayebnia. “They wil be able to apply for loans, but it’s not active yet. We are working on this.”"
'via Blog this'
MIDEAST STOCKS-Gulf bourses edge down in thin trade, Kuwait outperforms | Reuters
MIDEAST STOCKS-Gulf bourses edge down in thin trade, Kuwait outperforms | Reuters:
"Most Gulf bourses edged down in light, early trade on Sunday, while Kuwait outperformed on the back of financial stocks.
Saudi Arabia's index inched down 0.1 percent in the first 15 minutes of trade. Banks were weak with heavyweight National Commercial Bank declining 0.5 percent.
Al Sagr Cooperative Insurance dropped 2.6 percent after the board recommended a cash dividend for 2016 of 2 riyals per share, the same payout as for the prior year."
'via Blog this'
"Most Gulf bourses edged down in light, early trade on Sunday, while Kuwait outperformed on the back of financial stocks.
Saudi Arabia's index inched down 0.1 percent in the first 15 minutes of trade. Banks were weak with heavyweight National Commercial Bank declining 0.5 percent.
Al Sagr Cooperative Insurance dropped 2.6 percent after the board recommended a cash dividend for 2016 of 2 riyals per share, the same payout as for the prior year."
'via Blog this'
Standard Life and Aberdeen Asset Management confirm merger talks - BBC News
Standard Life and Aberdeen Asset Management confirm merger talks - BBC News:
"Fund managers Aberdeen Asset Management and Standard Life have confirmed they are holding talks about a possible all-share merger. It follows a report on Sky News that the companies were exploring an £11bn merger. The move would create one of the UK's largest fund managers, overseeing £660bn-worth of assets."
'via Blog this'
"Fund managers Aberdeen Asset Management and Standard Life have confirmed they are holding talks about a possible all-share merger. It follows a report on Sky News that the companies were exploring an £11bn merger. The move would create one of the UK's largest fund managers, overseeing £660bn-worth of assets."
'via Blog this'
Subscribe to:
Posts (Atom)