Exclusive: Iran in talks with UK over jetliner export funding | Reuters:
"Iran is in talks with Britain's export credit agency to facilitate the financing of aircraft sales to state airline IranAir as part of its pact with world powers to lift sanctions over its nuclear program, a senior Iranian official said. IranAir's plan to buy more than 180 jets from Airbus [AIR.PA] and Boeing (BA.N) is the most visible economic deal on the table after major powers last year lifted most sanctions on Iran in return for restrictions on its nuclear activities. But financing for the purchases has been hard to secure because most Western banks are holding back, concerned about the future of the 2015 agreement after U.S. President Donald Trump called it a bad deal and ordered a review."
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Thursday, 4 May 2017
REFILE-UPDATE 1-Qatar National Bank to seek Saudi investment banking licence | Reuters
REFILE-UPDATE 1-Qatar National Bank to seek Saudi investment banking licence | Reuters:
"Qatar National Bank (QNB) , the Middle East's biggest bank by assets, said on Thursday it planned to apply for an investment banking licence in Saudi Arabia, where low oil prices are expected to encourage more asset sales and debt raising. Riyadh is already planning to sell about 5 percent of state-owned Saudi Aramco through an initial public offer (IPO) of shares in 2018 that could value the oil giant at $2 trillion, with proceeds used to develop other industries. "One of the plans is to have an investment licence company," QNB Group Chief Executive Officer Ali Ahmed al-Kuwari told reporters while inaugurating a branch in Riyadh offering retail and corporate banking services."
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"Qatar National Bank (QNB) , the Middle East's biggest bank by assets, said on Thursday it planned to apply for an investment banking licence in Saudi Arabia, where low oil prices are expected to encourage more asset sales and debt raising. Riyadh is already planning to sell about 5 percent of state-owned Saudi Aramco through an initial public offer (IPO) of shares in 2018 that could value the oil giant at $2 trillion, with proceeds used to develop other industries. "One of the plans is to have an investment licence company," QNB Group Chief Executive Officer Ali Ahmed al-Kuwari told reporters while inaugurating a branch in Riyadh offering retail and corporate banking services."
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Etihad Faces Tough Air Berlin Call After Alitalia Bankruptcy - Bloomberg
Etihad Faces Tough Air Berlin Call After Alitalia Bankruptcy - Bloomberg:
"While Etihad Airways PJSC let Alitalia SpA slide into bankruptcy after workers spurned a restructuring plan, the Persian Gulf carrier is showing more patience with its other ailing European asset.
Hidden on page 154 of Air Berlin Plc’s annual report, published hours after Alitalia’s insolvency filing, was the revelation that Abu Dhabi-based Etihad had agreed to provide the German company with financial support for at least another 18 months, including 350 million euros ($382 million) of new funds.
That extra injection takes Etihad’s total exposure to Air Berlin close to 2 billion euros and suggests the Mideast company is not yet ready to abandon a partner which sits at the heart of a so-called Equity Alliance strategy that saw it build up minority holdings in carriers spanning Ireland to Australia."
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"While Etihad Airways PJSC let Alitalia SpA slide into bankruptcy after workers spurned a restructuring plan, the Persian Gulf carrier is showing more patience with its other ailing European asset.
Hidden on page 154 of Air Berlin Plc’s annual report, published hours after Alitalia’s insolvency filing, was the revelation that Abu Dhabi-based Etihad had agreed to provide the German company with financial support for at least another 18 months, including 350 million euros ($382 million) of new funds.
That extra injection takes Etihad’s total exposure to Air Berlin close to 2 billion euros and suggests the Mideast company is not yet ready to abandon a partner which sits at the heart of a so-called Equity Alliance strategy that saw it build up minority holdings in carriers spanning Ireland to Australia."
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Saudi Arabia avoids financial crisis - now for the hard part | Reuters
Saudi Arabia avoids financial crisis - now for the hard part | Reuters:
"Saudi Arabia has dodged a financial crisis due to low oil prices by slashing state spending and borrowing tens of billions of dollars abroad, but now it faces a tougher challenge: getting the economy growing again. In a series of interviews with Reuters reporters last week, senior Saudi officials said reforms announced on national television by Deputy Crown Prince Mohammed bin Salman a year ago had stabilised state finances enough for the government to begin focusing on investing in the economy. Spending cuts are shrinking a $98 billion budget deficit that was created by oil's plunge. Foreign investors are eagerly buying Saudi bonds, and the government has begun to shake up its bureaucracy and simplify regulation, promising efficiency gains."
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"Saudi Arabia has dodged a financial crisis due to low oil prices by slashing state spending and borrowing tens of billions of dollars abroad, but now it faces a tougher challenge: getting the economy growing again. In a series of interviews with Reuters reporters last week, senior Saudi officials said reforms announced on national television by Deputy Crown Prince Mohammed bin Salman a year ago had stabilised state finances enough for the government to begin focusing on investing in the economy. Spending cuts are shrinking a $98 billion budget deficit that was created by oil's plunge. Foreign investors are eagerly buying Saudi bonds, and the government has begun to shake up its bureaucracy and simplify regulation, promising efficiency gains."
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Crude Erases OPEC Rally as Cuts Seen Ineffective at Easing Glut - Bloomberg
Crude Erases OPEC Rally as Cuts Seen Ineffective at Easing Glut - Bloomberg:
"Oil dropped to the lowest since late November on growing signs that OPEC’s production cuts are failing to clear a surplus of crude.
Futures fell more than 2 percent on both sides of the Atlantic. U.S. crude output rose to 9.29 million barrels a day, the highest level since August 2015, according to the Energy Information Administration. OPEC is likely to extend the 1.2 million barrel-a-day cut agreed to in November for six months, according to Nigerian Oil Minister Emmanuel Ibe Kachikwu. Energy and metal futures declined Thursday on concerns over demand in China."
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"Oil dropped to the lowest since late November on growing signs that OPEC’s production cuts are failing to clear a surplus of crude.
Futures fell more than 2 percent on both sides of the Atlantic. U.S. crude output rose to 9.29 million barrels a day, the highest level since August 2015, according to the Energy Information Administration. OPEC is likely to extend the 1.2 million barrel-a-day cut agreed to in November for six months, according to Nigerian Oil Minister Emmanuel Ibe Kachikwu. Energy and metal futures declined Thursday on concerns over demand in China."
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MIDEAST STOCKS-Dubai's Arabtec shines, Egypt rises in slack markets | Reuters
MIDEAST STOCKS-Dubai's Arabtec shines, Egypt rises in slack markets | Reuters:
"Arabtec's shares rose after the Dubai builder swung to its first quarterly net profit since September 2014, bucking the trend in most of the region's markets which followed global bourses and oil prices lower on Thursday. "The return to profitability (at Arabtec) is a good indicator and we believe there will be no negative surprises in the near term," said Allen Sandeep, head of equities research at Naeem Brokerage. Arabtec's board approved a 1.5 billion dirham rights issue on Monday and Sandeep maintained a "hold" rating on its shares until after the capital hike is completed this month, when he will reassess his recommendation."
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"Arabtec's shares rose after the Dubai builder swung to its first quarterly net profit since September 2014, bucking the trend in most of the region's markets which followed global bourses and oil prices lower on Thursday. "The return to profitability (at Arabtec) is a good indicator and we believe there will be no negative surprises in the near term," said Allen Sandeep, head of equities research at Naeem Brokerage. Arabtec's board approved a 1.5 billion dirham rights issue on Monday and Sandeep maintained a "hold" rating on its shares until after the capital hike is completed this month, when he will reassess his recommendation."
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UAE central bank survey shows modest growth in credit appetite | Reuters
UAE central bank survey shows modest growth in credit appetite | Reuters:
"Demand for business credit and personal loans in the United Arab Emirates increased modestly in the January-March quarter because of higher oil prices and more moderate government austerity measures, a central bank survey showed on Sunday.
The net balance measure for business lending - the weighted percentage of respondents reporting an increase in demand for loans minus those reporting a fall in demand - was plus 7.6 in the latest quarter, up from minus 1.3 in the previous quarter.
Banks continued to tighten credit standards last quarter but more slowly, the survey found. For the current quarter, respondents expected the net balance measure to increase further to plus 16.8."
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"Demand for business credit and personal loans in the United Arab Emirates increased modestly in the January-March quarter because of higher oil prices and more moderate government austerity measures, a central bank survey showed on Sunday.
The net balance measure for business lending - the weighted percentage of respondents reporting an increase in demand for loans minus those reporting a fall in demand - was plus 7.6 in the latest quarter, up from minus 1.3 in the previous quarter.
Banks continued to tighten credit standards last quarter but more slowly, the survey found. For the current quarter, respondents expected the net balance measure to increase further to plus 16.8."
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Exclusive: London tries to lure Saudi Aramco with new listing structure - sources | Reuters
Exclusive: London tries to lure Saudi Aramco with new listing structure - sources | Reuters:
"The London Stock Exchange (LSE.L) is working on a new type of listing structure that would make it more attractive for oil giant Saudi Aramco to join the bourse, sources familiar with the discussions said.
Exchanges around the world are vying for a piece of Saudi Aramco's initial public offering (IPO), expected to be the largest in history. The company is expected to list on the Riyadh exchange, the Tadawul, and at least one major international stock market.
The LSE is seen as one of the front-runners to win part of the IPO and has been pushing hard to land it."
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"The London Stock Exchange (LSE.L) is working on a new type of listing structure that would make it more attractive for oil giant Saudi Aramco to join the bourse, sources familiar with the discussions said.
Exchanges around the world are vying for a piece of Saudi Aramco's initial public offering (IPO), expected to be the largest in history. The company is expected to list on the Riyadh exchange, the Tadawul, and at least one major international stock market.
The LSE is seen as one of the front-runners to win part of the IPO and has been pushing hard to land it."
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Saudi central bank chief: doesn't see more bank mergers in pipeline | Reuters
Saudi central bank chief: doesn't see more bank mergers in pipeline | Reuters:
"Saudi Arabia's central bank governor Ahmed al-Kholifey said on Thursday that he did not see more bank mergers looming, after Alawwal Bank and Saudi British Bank agreed last week to start talks on a possible merger. "I don't see any in the pipeline," Kholifey told reporters. Reuters reported in March that French bank Credit Agricole had picked JPMorgan to advise it on a potential sale of its 31 percent stake in Banque Saudi Fransi. Kholifey said on Thursday that he had met with Credit Agricole officials but had not received a request for approval from them to sell the stake. "
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"Saudi Arabia's central bank governor Ahmed al-Kholifey said on Thursday that he did not see more bank mergers looming, after Alawwal Bank and Saudi British Bank agreed last week to start talks on a possible merger. "I don't see any in the pipeline," Kholifey told reporters. Reuters reported in March that French bank Credit Agricole had picked JPMorgan to advise it on a potential sale of its 31 percent stake in Banque Saudi Fransi. Kholifey said on Thursday that he had met with Credit Agricole officials but had not received a request for approval from them to sell the stake. "
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MIDEAST STOCKS-Gulf dips in early trade following global markets, oil lower | Reuters
MIDEAST STOCKS-Gulf dips in early trade following global markets, oil lower | Reuters:
"Stock markets in the Gulf pulled back in early trade on Thursday, following global bourses and oil down, though some shares outperformed in response to corporate earnings.
Riyadh's index was down 0.3 percent after half an hour of trade as 95 shares declined and 22 rose.
National Shipping Company (Bahri) rose 0.6 percent; the crude oil transporter reported quarterly net income of 378.9 million riyals ($101 million), down 38.2 percent from a year ago.
"
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"Stock markets in the Gulf pulled back in early trade on Thursday, following global bourses and oil down, though some shares outperformed in response to corporate earnings.
Riyadh's index was down 0.3 percent after half an hour of trade as 95 shares declined and 22 rose.
National Shipping Company (Bahri) rose 0.6 percent; the crude oil transporter reported quarterly net income of 378.9 million riyals ($101 million), down 38.2 percent from a year ago.
"
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Malaysia's $1.7 bln property deal to cut 1MDB debt falls through
Malaysia's $1.7 bln property deal to cut 1MDB debt falls through:
"A $1.7 billion property deal that was expected to ease the debt burden of Malaysian state fund 1Malaysia Development Berhad (1MDB) fell through on Wednesday, complicating Prime Minister Najib Razak's efforts to move on from a financial scandal surrounding the fund.
TRX City Sdn Berhad, a former 1MDB division now owned by the Malaysian finance ministry, said the deal had lapsed to sell 60 percent of Bandar Malaysia, a major property development project on the site of the former Sungai Besi air force base in Kuala Lumpur, because the buyers "failed to meet the payment obligations".
In December 2015 Iskandar Waterfront Holdings, owned by Malaysian tycoon Lim Kang Hoo, and China Railway Engineering Corp (CREC) had said they would buy a 60 percent stake in Bandar Malaysia from 1MDB for 7.41 billion ringgit ($1.7 billion)."
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"A $1.7 billion property deal that was expected to ease the debt burden of Malaysian state fund 1Malaysia Development Berhad (1MDB) fell through on Wednesday, complicating Prime Minister Najib Razak's efforts to move on from a financial scandal surrounding the fund.
TRX City Sdn Berhad, a former 1MDB division now owned by the Malaysian finance ministry, said the deal had lapsed to sell 60 percent of Bandar Malaysia, a major property development project on the site of the former Sungai Besi air force base in Kuala Lumpur, because the buyers "failed to meet the payment obligations".
In December 2015 Iskandar Waterfront Holdings, owned by Malaysian tycoon Lim Kang Hoo, and China Railway Engineering Corp (CREC) had said they would buy a 60 percent stake in Bandar Malaysia from 1MDB for 7.41 billion ringgit ($1.7 billion)."
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Saudi Fannie Mae to Start Buying Mortgage Portfolios From Banks - Bloomberg
Saudi Fannie Mae to Start Buying Mortgage Portfolios From Banks - Bloomberg:
"Saudi Arabia’s first mortgage-refinancing firm has started approaching banks to buy their mortgage portfolios as the state tries to boost lending for homes. The state-run company, created to develop a secondary market for home loans, will have 5 billion riyals ($1.3 billion) of its own capital and will work with the government’s Real Estate Development Fund (REDF) to invest another 5 billion riyals buying mortgage portfolios, Housing Minister Majed al-Hogail told reporters in Riyadh on Wednesday. “We expect to start buying the portfolios from the banks in late May or mid-June,” al-Hogail said. “Hopefully by the end of the year, we will securitizing this portfolio.""
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"Saudi Arabia’s first mortgage-refinancing firm has started approaching banks to buy their mortgage portfolios as the state tries to boost lending for homes. The state-run company, created to develop a secondary market for home loans, will have 5 billion riyals ($1.3 billion) of its own capital and will work with the government’s Real Estate Development Fund (REDF) to invest another 5 billion riyals buying mortgage portfolios, Housing Minister Majed al-Hogail told reporters in Riyadh on Wednesday. “We expect to start buying the portfolios from the banks in late May or mid-June,” al-Hogail said. “Hopefully by the end of the year, we will securitizing this portfolio.""
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