Saudi debt binge amid oil gains eases liquidity drought | GulfNews.com:
"Saudi Arabia’s repeat visits to international bond markets and a partial recovery in the price of oil, its biggest export, is easing a liquidity squeeze that was hampering its financial system. As the country finalised its first issue of dollar-denominated Islamic notes, six months after selling the biggest ever bond by an emerging market country, an interest rate used by Saudi banks to price loans stood at its lowest level in almost 14 months. That rate, known as Saibor, will probably fall further after the latest sukuk issue, according to Anita Yadav, head of fixed-income research at Emirates NBD PJSC, Dubai’s biggest bank. Saibor has been falling since reaching a seven-year peak of 2.386 per cent on October 17, immediately before the country’s debut dollar-bond sale, as oil export revenue dwindled, sending the state budget into deficit. Cost cutting by a government usually associated with vast reserves of petrodollars, and a drawing down of its bank deposits to prop up spending, prompted a cash squeeze in the economy, helping drive Saibor higher."
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Thursday 13 April 2017
Turkish banker pleads not guilty in New York in Iran sanctions case | Reuters
Turkish banker pleads not guilty in New York in Iran sanctions case | Reuters:
"An executive at the Turkish state-owned bank Halkbank on Thursday pleaded not guilty to charges he violated U.S. sanctions against Iran in a politically charged case that has drawn the ire of Turkey President Recep Tayyip Erdogan. Mehmet Hakan Atilla, a deputy general manager at Halkbank, entered his plea through his lawyer at a hearing in Manhattan federal court. The lawyer, Victor Rocco, said his firm also counts the Republic of Turkey as a client, adding another potential conflict of interest to be vetted by the court. U.S. prosecutors arrested Atilla last month, accusing him of conspiring with Turkish gold trader Reza Zarrab to conduct hundreds of millions of dollars of illegal transactions through U.S. banks on behalf of Iran's government and other entities in Iran. "
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"An executive at the Turkish state-owned bank Halkbank on Thursday pleaded not guilty to charges he violated U.S. sanctions against Iran in a politically charged case that has drawn the ire of Turkey President Recep Tayyip Erdogan. Mehmet Hakan Atilla, a deputy general manager at Halkbank, entered his plea through his lawyer at a hearing in Manhattan federal court. The lawyer, Victor Rocco, said his firm also counts the Republic of Turkey as a client, adding another potential conflict of interest to be vetted by the court. U.S. prosecutors arrested Atilla last month, accusing him of conspiring with Turkish gold trader Reza Zarrab to conduct hundreds of millions of dollars of illegal transactions through U.S. banks on behalf of Iran's government and other entities in Iran. "
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Oil Stocks Rose in First Quarter Despite OPEC Cut, IEA Says - Bloomberg
Oil Stocks Rose in First Quarter Despite OPEC Cut, IEA Says - Bloomberg:
"Global oil inventories probably increased in the first quarter despite OPEC’s near-perfect implementation of production cuts aimed at clearing the surplus, the International Energy Agency said.
While cutbacks by OPEC and Russia since January have brought world markets “very close to balance” and should deplete stockpiles in the second quarter, inventories nonetheless expanded “marginally” because of production increases just before the deal took effect, the IEA said in its monthly report on Thursday. The agency lowered estimates for global demand growth because of weaker-than-expected economic activity in India and Russia."
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"Global oil inventories probably increased in the first quarter despite OPEC’s near-perfect implementation of production cuts aimed at clearing the surplus, the International Energy Agency said.
While cutbacks by OPEC and Russia since January have brought world markets “very close to balance” and should deplete stockpiles in the second quarter, inventories nonetheless expanded “marginally” because of production increases just before the deal took effect, the IEA said in its monthly report on Thursday. The agency lowered estimates for global demand growth because of weaker-than-expected economic activity in India and Russia."
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UPDATE 2-Iran completes long-awaited ATR turboprop aircraft deal | Reuters
UPDATE 2-Iran completes long-awaited ATR turboprop aircraft deal | Reuters:
"Iran secured a contract with a third Western aircraft supplier on Thursday since the easing of sanctions by completing a deal to buy 20 regional turboprops from Europe's ATR, part of an effort to modernise the nation's creaking fleet.
After months of talks that required navigating a way through separate U.S. sanctions and regulations still in place, ATR and Iranian officials said the contract with national carrier IranAir was signed in Tehran.
Iran initially announced the signing on Monday, but ATR said at the time elements were still being finalised."
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"Iran secured a contract with a third Western aircraft supplier on Thursday since the easing of sanctions by completing a deal to buy 20 regional turboprops from Europe's ATR, part of an effort to modernise the nation's creaking fleet.
After months of talks that required navigating a way through separate U.S. sanctions and regulations still in place, ATR and Iranian officials said the contract with national carrier IranAir was signed in Tehran.
Iran initially announced the signing on Monday, but ATR said at the time elements were still being finalised."
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MIDEAST STOCKS-Profit taking main drag as company Q1 result optimism fades | Reuters
MIDEAST STOCKS-Profit taking main drag as company Q1 result optimism fades | Reuters:
"Profit taking dragged most stock markets in the Middle East lower on Thursday, erasing most of the previous session's gains as some of the optimism generated by generally positive first quarter results faded. Saudi Arabia's index retreated 0.3 percent, after rising 0.9 percent on Wednesday when Saudi British Bank reported an earnings beat and banking shares rose. The optimism failed to keep markets afloat even though another lender, Banque Saudi Fransi, reported first-quarter results that exceeded estimates after Wednesday's market close."
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"Profit taking dragged most stock markets in the Middle East lower on Thursday, erasing most of the previous session's gains as some of the optimism generated by generally positive first quarter results faded. Saudi Arabia's index retreated 0.3 percent, after rising 0.9 percent on Wednesday when Saudi British Bank reported an earnings beat and banking shares rose. The optimism failed to keep markets afloat even though another lender, Banque Saudi Fransi, reported first-quarter results that exceeded estimates after Wednesday's market close."
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Mediclinic’s Middle East arm still struggling, but margins better than expected
Mediclinic’s Middle East arm still struggling, but margins better than expected:
"Things still aren’t looking great at Mediclinic’s recently-acquired Middle East business, but they’re not quite as bad as the FTSE 100 hospital operator thought, according to its latest trading update. Mediclinic bought a group of hospitals in Abu Dhabi in 2015 via a reverse takeover of Al Noor, but integrating the purchase has proven harder than the company expected. In February the company, which also runs private hospitals in Switzerland and southern Africa, warned that full-year revenues and profit margins at the unit would be lower than previously forecast. In a pre-close trading update today, however, it said full-year revenues from the Middle East business fell in line with February’s guidance, but said its underlying profit margin was not quite as low as expected, at between 10.5 per cent and 11.5 per cent."
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"Things still aren’t looking great at Mediclinic’s recently-acquired Middle East business, but they’re not quite as bad as the FTSE 100 hospital operator thought, according to its latest trading update. Mediclinic bought a group of hospitals in Abu Dhabi in 2015 via a reverse takeover of Al Noor, but integrating the purchase has proven harder than the company expected. In February the company, which also runs private hospitals in Switzerland and southern Africa, warned that full-year revenues and profit margins at the unit would be lower than previously forecast. In a pre-close trading update today, however, it said full-year revenues from the Middle East business fell in line with February’s guidance, but said its underlying profit margin was not quite as low as expected, at between 10.5 per cent and 11.5 per cent."
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DMCC looks to expand into new commodities | GulfNews.com
DMCC looks to expand into new commodities | GulfNews.com:
"Dubai Multi Commodities Centre (DMCC) saw a 500 per cent increase in the value of murahaba transactions, a Sharia-compliant line of credit, last year, rising from Dh11.6 billion in 2015 to Dh58.4 billion in 2016. Over the same period, the number of companies registered at the DMCC Free Zone rose from 11,588 to 13,176, according to the organisation’s annual report, published on Thursday. DMCC executive chairman Ahmad Bin Sulayem said the free zone was registering seven new companies a day."
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"Dubai Multi Commodities Centre (DMCC) saw a 500 per cent increase in the value of murahaba transactions, a Sharia-compliant line of credit, last year, rising from Dh11.6 billion in 2015 to Dh58.4 billion in 2016. Over the same period, the number of companies registered at the DMCC Free Zone rose from 11,588 to 13,176, according to the organisation’s annual report, published on Thursday. DMCC executive chairman Ahmad Bin Sulayem said the free zone was registering seven new companies a day."
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Arab Populists Also Blame Foreigners as Gulf Austerity Sets In - Bloomberg
Arab Populists Also Blame Foreigners as Gulf Austerity Sets In - Bloomberg:
"The angst against foreigners that’s sweeping the globe isn’t skipping the oil-rich Middle East. Safa Al-Hashem, the only woman in Kuwait’s 50-seat parliament, is capitalizing on a growing resentment of foreigners to build support for a movement that’s taking shape as the nation’s ruling al-Sabah family withdraws some handouts in an era of cheap oil."
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"The angst against foreigners that’s sweeping the globe isn’t skipping the oil-rich Middle East. Safa Al-Hashem, the only woman in Kuwait’s 50-seat parliament, is capitalizing on a growing resentment of foreigners to build support for a movement that’s taking shape as the nation’s ruling al-Sabah family withdraws some handouts in an era of cheap oil."
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Dubai's Shuaa moving HQ to Abu Dhabi -sources | Reuters
Dubai's Shuaa moving HQ to Abu Dhabi -sources | Reuters:
"Dubai-listed investment bank Shuaa Capital plans to move its headquarters to Abu Dhabi, sources told Reuters on Thursday.
Shuaa, which has been based in the Emirates Towers for more than 10 years, is set to move to Abu Dhabi Global Market (ADGM), according to two sources familiar with the matter who spoke on condition of anonymity as the matter is not public.
The move comes as Shuaa Capital's major shareholder Abu Dhabi Financial Group (ADFG) seeks to reduce costs for the investment bank, consolidate the bank with its affiliates, and win mandates in Abu Dhabi, the sources said.
"
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"Dubai-listed investment bank Shuaa Capital plans to move its headquarters to Abu Dhabi, sources told Reuters on Thursday.
Shuaa, which has been based in the Emirates Towers for more than 10 years, is set to move to Abu Dhabi Global Market (ADGM), according to two sources familiar with the matter who spoke on condition of anonymity as the matter is not public.
The move comes as Shuaa Capital's major shareholder Abu Dhabi Financial Group (ADFG) seeks to reduce costs for the investment bank, consolidate the bank with its affiliates, and win mandates in Abu Dhabi, the sources said.
"
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Oil Inventories Rose in First Quarter Despite OPEC Cut, IEA Says - Bloomberg
Oil Inventories Rose in First Quarter Despite OPEC Cut, IEA Says - Bloomberg:
"Global oil inventories probably increased in the first quarter despite OPEC’s near-perfect implementation of production cuts aimed at clearing the surplus, the International Energy Agency said.
While cutbacks by OPEC and Russia since January have brought world markets “very close to balance” and should deplete stockpiles in the second quarter, inventories nonetheless expanded “marginally” because of production increases just before the deal took effect, the IEA said in its monthly report on Thursday. The agency lowered estimates for global demand growth because of weaker-than-expected economic activity in India and Russia."
'via Blog this'
"Global oil inventories probably increased in the first quarter despite OPEC’s near-perfect implementation of production cuts aimed at clearing the surplus, the International Energy Agency said.
While cutbacks by OPEC and Russia since January have brought world markets “very close to balance” and should deplete stockpiles in the second quarter, inventories nonetheless expanded “marginally” because of production increases just before the deal took effect, the IEA said in its monthly report on Thursday. The agency lowered estimates for global demand growth because of weaker-than-expected economic activity in India and Russia."
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U.S. Shale Investment Is Back on the Upswing - Bloomberg View
U.S. Shale Investment Is Back on the Upswing - Bloomberg View:
"Global upstream oil and gas merger and acquisitions reached $136 billion in 2016, according to Evaluate Energy's global M&A 2016 review. And one area seeing a jump in activity was the U.S. Marcellus shale, where close to eight times more was invested in asset and corporate acquisitions in 2016 than in 2015.
The Marcellus formation, which runs through northern Appalachia, primarily in Pennsylvania, West Virginia, New York and Ohio, is considered the second-largest natural gas field in the world, after Northfield in Qatar and Iran. Marcellus spans approximately 60.8 million net acres with an estimated 500 trillion cubic feet of natural gas, about 50 trillion cubic feet of which is recoverable using current technology.
"
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"Global upstream oil and gas merger and acquisitions reached $136 billion in 2016, according to Evaluate Energy's global M&A 2016 review. And one area seeing a jump in activity was the U.S. Marcellus shale, where close to eight times more was invested in asset and corporate acquisitions in 2016 than in 2015.
The Marcellus formation, which runs through northern Appalachia, primarily in Pennsylvania, West Virginia, New York and Ohio, is considered the second-largest natural gas field in the world, after Northfield in Qatar and Iran. Marcellus spans approximately 60.8 million net acres with an estimated 500 trillion cubic feet of natural gas, about 50 trillion cubic feet of which is recoverable using current technology.
"
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MIDEAST STOCKS-Positive mood fades as investors book profits in early trade | Reuters
MIDEAST STOCKS-Positive mood fades as investors book profits in early trade | Reuters:
"Stock markets in the Gulf erased some of the previous session's gains in early trade on Thursday as some of the optimism generated by generally positive first quarter results faded. Saudi Arabia's index was down 0.1 percent, after rising 0.9 percent on Wednesday on the back of banking shares after Saudi British Bank reported an earnings beat. The positive mood failed to keep markets afloat even after another lender, Banque Saudi Fransi, reported first-quarter results ahead of estimates after Wednesday's market close."
'via Blog this'
"Stock markets in the Gulf erased some of the previous session's gains in early trade on Thursday as some of the optimism generated by generally positive first quarter results faded. Saudi Arabia's index was down 0.1 percent, after rising 0.9 percent on Wednesday on the back of banking shares after Saudi British Bank reported an earnings beat. The positive mood failed to keep markets afloat even after another lender, Banque Saudi Fransi, reported first-quarter results ahead of estimates after Wednesday's market close."
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Saudi Arabia's Vision 2030 Progress Report - Bloomberg
Saudi Arabia's Vision 2030 Progress Report - Bloomberg:
"Saudi Transport Ministry Strategy Planning Advisor Mohammed Al Suwayed discusses the level of economic growth needed to achieve the goals of Saudi Vision 2030. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
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"Saudi Transport Ministry Strategy Planning Advisor Mohammed Al Suwayed discusses the level of economic growth needed to achieve the goals of Saudi Vision 2030. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
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