Russia struggles to unleash clean energy potential:
"In the rocky hills of southern Siberia, five hydropower plants operated by Russia’s EN+ Group churn out green electricity at one-sixth of the cost of conventional fuel, tapping the Angara river that flows out of Lake Baikal to power half a dozen aluminium smelters along its banks. Already the world’s largest private hydropower company by capacity, EN+ is itching to ramp up output further. “We expect an increase in energy appetite of the region and we are prepared to satisfy it,” says Maxim Sokov, EN+ chief executive, citing new industrial projects in the area, including gold and copper mines and power-hungry processing plants, that should increase power demand. But stories like En+, which Mr Sokov says is finalising a modernisation programme to increase output and efficiency, are few and far between in Russia’s renewable energy industry, where the potential is great but the headwinds greater."
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Sunday 7 May 2017
Opec may need more than its oil output extension | The National
Opec may need more than its oil output extension | The National:
"Opec and its allies have run out of options ahead of their meeting at the end of this month, as oil prices slide.
It is almost certainly a foregone conclusion that oil ministers will extend their output deal when they meet in Vienna on May 25, with that outcome already baked into oil market expectations.
But the broader question is whether members will stay committed to a policy that, for its initial six-month period at least, has failed in its aim of hastening a rebalancing of a flooded world oil market."
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"Opec and its allies have run out of options ahead of their meeting at the end of this month, as oil prices slide.
It is almost certainly a foregone conclusion that oil ministers will extend their output deal when they meet in Vienna on May 25, with that outcome already baked into oil market expectations.
But the broader question is whether members will stay committed to a policy that, for its initial six-month period at least, has failed in its aim of hastening a rebalancing of a flooded world oil market."
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Shurooq sees Dh830m in hotel revenues by 2019: CEO | GulfNews.com
Shurooq sees Dh830m in hotel revenues by 2019: CEO | GulfNews.com:
"The Sharjah Investment and Development Authority (Shurooq) expects hotel revenues in the emirate, which have been growing at 12 per cent per annum, to reach Dh830 million by the end of 2019, its chief executive officer (CEO) said on Sunday. In an email interview with Gulf News, ahead of the Euromoney Emirates 2017 conference, Marwan Jasem Al Sarkal, said the majority of the investments will focus on four-and five-star hotels, revenues from which accounted for 70 per cent of Sharjah’s gross domestic product (GDP) last year Hotel revenues are expected to reach Dh687 million by the end of this year, he added."
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"The Sharjah Investment and Development Authority (Shurooq) expects hotel revenues in the emirate, which have been growing at 12 per cent per annum, to reach Dh830 million by the end of 2019, its chief executive officer (CEO) said on Sunday. In an email interview with Gulf News, ahead of the Euromoney Emirates 2017 conference, Marwan Jasem Al Sarkal, said the majority of the investments will focus on four-and five-star hotels, revenues from which accounted for 70 per cent of Sharjah’s gross domestic product (GDP) last year Hotel revenues are expected to reach Dh687 million by the end of this year, he added."
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Air Arabia profit down 10% to Dh103m | GulfNews.com
Air Arabia profit down 10% to Dh103m | GulfNews.com:
"Air Arabia, the Sharjah-based carrier, reported on Sunday Dh103 million in net profit for the first quarter of 2017, marking a 10 per cent drop over the Dh114 million recorded in the same period in 2016. In a statement, Air Arabia said it posted a first-quarter turnover of Dh810 million, a 14 per cent decline over the first quarter in 2016. The airline said the decline came amid a drop in yield margins across the industry over the first three months of the year. The profits for the first quarter, though lower year-on-year, are a turnaround from the Dh38.6 million in losses recorded by the carrier in the fourth quarter of 2016. The loss at the time came well below market expectations, with the consensus being for a fourth quarter profit of Dh57 million. Air Arabia attributed the results to challenges in the global aviation market."
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"Air Arabia, the Sharjah-based carrier, reported on Sunday Dh103 million in net profit for the first quarter of 2017, marking a 10 per cent drop over the Dh114 million recorded in the same period in 2016. In a statement, Air Arabia said it posted a first-quarter turnover of Dh810 million, a 14 per cent decline over the first quarter in 2016. The airline said the decline came amid a drop in yield margins across the industry over the first three months of the year. The profits for the first quarter, though lower year-on-year, are a turnaround from the Dh38.6 million in losses recorded by the carrier in the fourth quarter of 2016. The loss at the time came well below market expectations, with the consensus being for a fourth quarter profit of Dh57 million. Air Arabia attributed the results to challenges in the global aviation market."
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BRIEF-UAE's Emaar Malls Group Q1 profit rises | Reuters
BRIEF-UAE's Emaar Malls Group Q1 profit rises | Reuters:
"* Q1 net profit 539 million dirhams versus 529 million dirhams year ago * Has leasable area of about 6 million sq. ft. in Dubai, another 1 million sq. ft. of built up area will be added with ongoing expansion of Dubai Mall's fashion avenue * Developing Boulevard and new retail addition under its souk concept in springs village with over 245,000 sq. ft. GLA"
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"* Q1 net profit 539 million dirhams versus 529 million dirhams year ago * Has leasable area of about 6 million sq. ft. in Dubai, another 1 million sq. ft. of built up area will be added with ongoing expansion of Dubai Mall's fashion avenue * Developing Boulevard and new retail addition under its souk concept in springs village with over 245,000 sq. ft. GLA"
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MIDEAST STOCKS-Dubai's DSI slumps on more write-offs, oil below $50 sours sentiment | Reuters
MIDEAST STOCKS-Dubai's DSI slumps on more write-offs, oil below $50 sours sentiment | Reuters:
"Shares of Dubai builder Drake & Scull (DSI) slumped to a 14-month low in heavy trade on Sunday as investors reacted to the company's revised capital restructuring plan, while last week's fall in oil prices knocked down oil-sensitive shares. Dubai's stock index fell 1.0 percent as DSI plummeted 9.9 percent to 0.399 dirham after a shareholder meeting held on Thursday. "The new news from the meeting is the 722 million dirhams additional write off from potentially unrecoverable receivables, and the market - rightfully so - was reacting to that as it would effectively dilute current shareholder value by up to 75 percent, more than previously anticipated," said Allen Sandeep, head of equity research at Naeem Brokerage in Cairo."
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"Shares of Dubai builder Drake & Scull (DSI) slumped to a 14-month low in heavy trade on Sunday as investors reacted to the company's revised capital restructuring plan, while last week's fall in oil prices knocked down oil-sensitive shares. Dubai's stock index fell 1.0 percent as DSI plummeted 9.9 percent to 0.399 dirham after a shareholder meeting held on Thursday. "The new news from the meeting is the 722 million dirhams additional write off from potentially unrecoverable receivables, and the market - rightfully so - was reacting to that as it would effectively dilute current shareholder value by up to 75 percent, more than previously anticipated," said Allen Sandeep, head of equity research at Naeem Brokerage in Cairo."
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What’s the outlook for oil and metals after their recent slump?
What’s the outlook for oil and metals after their recent slump?:
"A slumping oil price heading down to the lowest levels this year has overshadowed upbeat earnings from international energy companies for the first quarter. Confidence in Opec’s ability to reduce excess stockpiles and bring to a close the worst price crash in a generation is wavering. Inventories remain bloated, the cartel’s own exports are higher than expected and the US shale oil industry is reinvigorated. Oil ministers from Opec and Russia are expected to renew the initial six-month deal to cut supply at the end of May but the push has failed to support prices that have fallen below $50 a barrel. Efforts to talk up the price have resumed but to what extent will they succeed? “There is still further downside ahead, even if a dead cat bounce can be expected in the short term,” says Alexandre Andlauer, analyst at Alphavalue."
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"A slumping oil price heading down to the lowest levels this year has overshadowed upbeat earnings from international energy companies for the first quarter. Confidence in Opec’s ability to reduce excess stockpiles and bring to a close the worst price crash in a generation is wavering. Inventories remain bloated, the cartel’s own exports are higher than expected and the US shale oil industry is reinvigorated. Oil ministers from Opec and Russia are expected to renew the initial six-month deal to cut supply at the end of May but the push has failed to support prices that have fallen below $50 a barrel. Efforts to talk up the price have resumed but to what extent will they succeed? “There is still further downside ahead, even if a dead cat bounce can be expected in the short term,” says Alexandre Andlauer, analyst at Alphavalue."
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The Elusive Benefits of OPEC's Oil Output Plan - Bloomberg Gadfly
The Elusive Benefits of OPEC's Oil Output Plan - Bloomberg Gadfly:
"The benefits of OPEC's agreement to cut output have proved elusive. With less than three weeks to go before the group's next meeting, something is very, very wrong as far as oil producers are concerned. And they have no easy solution to put it right.The oil price is not far off where it was in November, before OPEC and friends agreed to cut output -- Brent briefly fell to within 30 cents a barrel of its pre-meeting price during early trading on Friday."
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"The benefits of OPEC's agreement to cut output have proved elusive. With less than three weeks to go before the group's next meeting, something is very, very wrong as far as oil producers are concerned. And they have no easy solution to put it right.The oil price is not far off where it was in November, before OPEC and friends agreed to cut output -- Brent briefly fell to within 30 cents a barrel of its pre-meeting price during early trading on Friday."
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MIDEAST STOCKS-Dubai's Drake & Scull slumps; oil below $50 drags region down | Reuters
MIDEAST STOCKS-Dubai's Drake & Scull slumps; oil below $50 drags region down | Reuters:
"Shares of Dubai builder Drake & Scull (DSI) slumped to a 14-month low in heavy trade early on Sunday morning as investors worried about its capital restructuring, while petrochemicals weighed on Saudi Arabian stocks after crude oil prices tumbled. Dubai's stock index fell 0.5 percent as DSI dropped 8.6 percent to 0.405 dirham after a shareholder meeting held on Thursday. Shareholders "unanimously expressed no interest" in a 500 million-dirham ($136 million) capital increase via a new share issue at 1 dirham per share, the company said. It added that Tabarak Investment, a Dubai-based investment firm, had agreed to buy the shares, which would be issued if the securities regulator approved a further capital reduction by DSI."
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"Shares of Dubai builder Drake & Scull (DSI) slumped to a 14-month low in heavy trade early on Sunday morning as investors worried about its capital restructuring, while petrochemicals weighed on Saudi Arabian stocks after crude oil prices tumbled. Dubai's stock index fell 0.5 percent as DSI dropped 8.6 percent to 0.405 dirham after a shareholder meeting held on Thursday. Shareholders "unanimously expressed no interest" in a 500 million-dirham ($136 million) capital increase via a new share issue at 1 dirham per share, the company said. It added that Tabarak Investment, a Dubai-based investment firm, had agreed to buy the shares, which would be issued if the securities regulator approved a further capital reduction by DSI."
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Apple can’t just make iPhones for ever. What’s next? - Shale industry turns tables on Opec | Business | The Guardian
Apple can’t just make iPhones for ever. What’s next? | Business | The Guardian:
"Oil industry hopes that the price of Brent crude would stabilise at around $60 (£46) a barrel were dashed last week. The price was supposed to rise from the average of $55 seen over recent months, following a squeeze on oil production orchestrated by Saudi Arabia and the 13-nation Opec cartel. An improving global economy was also expected to push the price higher as global demand outstripped supply. Indeed, BP and Shell reported bumper profits last week amid signs of an upturn for the big industry players. But US shale operators have had other ideas. They turned on the taps once the price passed $50 and their derricks became profitable again. This led to the oil price falling below the $50 mark again last week. For consumers, it spells a return to lower prices at the petrol pumps and some relief from rising inflation. For the industry and Opec, however, it confirms that shale provides an effective cap on prices however hard they work."
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"Oil industry hopes that the price of Brent crude would stabilise at around $60 (£46) a barrel were dashed last week. The price was supposed to rise from the average of $55 seen over recent months, following a squeeze on oil production orchestrated by Saudi Arabia and the 13-nation Opec cartel. An improving global economy was also expected to push the price higher as global demand outstripped supply. Indeed, BP and Shell reported bumper profits last week amid signs of an upturn for the big industry players. But US shale operators have had other ideas. They turned on the taps once the price passed $50 and their derricks became profitable again. This led to the oil price falling below the $50 mark again last week. For consumers, it spells a return to lower prices at the petrol pumps and some relief from rising inflation. For the industry and Opec, however, it confirms that shale provides an effective cap on prices however hard they work."
'via Blog this'
Saudi's Ma'aden posts 41.9 percent profit rise | Reuters
Saudi's Ma'aden posts 41.9 percent profit rise | Reuters:
"Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, posted a 41.9 percent rise in first-quarter net profit on Sunday, beating analysts' forecasts as sales volumes rose and aluminum and gold prices climbed.
The company made a net profit of 275.6 million riyals ($73.5 million) in the three months to March 31, it said in a bourse statement. This compares with a net profit of 194.3 million riyals in the corresponding period of 2016.
The average estimate of three analysts polled by Reuters was for a quarterly net profit of 167.9 million riyals."
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"Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, posted a 41.9 percent rise in first-quarter net profit on Sunday, beating analysts' forecasts as sales volumes rose and aluminum and gold prices climbed.
The company made a net profit of 275.6 million riyals ($73.5 million) in the three months to March 31, it said in a bourse statement. This compares with a net profit of 194.3 million riyals in the corresponding period of 2016.
The average estimate of three analysts polled by Reuters was for a quarterly net profit of 167.9 million riyals."
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Dubai repays $600m sukuk certificates | GulfNews.com
Dubai repays $600m sukuk certificates | GulfNews.com:
"The Government of Dubai, acting through the Department of Finance, has announced that the $600 million (Dh2.2 billion) Sukuk Trust Certificates issued on May 2, 2012 under its $5 billion Trust Certificate Issuance Programme, reached maturity on May 2, 2017. Upon maturity, all the certificates were redeemed in full by making the required payment through the paying agent to the holders of the certificates, along with accrued profit. Abdul Rahman Saleh Al Saleh, Director-General of the Department of Finance, said, “This settlement reaffirms Dubai Government’s commitment to deal with its repayment obligations in a proactive manner, in line with the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the ongoing support from Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and the close follow-up from Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai. It also strengthens the government’s resolve to honour all its financial obligations on time.”"
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"The Government of Dubai, acting through the Department of Finance, has announced that the $600 million (Dh2.2 billion) Sukuk Trust Certificates issued on May 2, 2012 under its $5 billion Trust Certificate Issuance Programme, reached maturity on May 2, 2017. Upon maturity, all the certificates were redeemed in full by making the required payment through the paying agent to the holders of the certificates, along with accrued profit. Abdul Rahman Saleh Al Saleh, Director-General of the Department of Finance, said, “This settlement reaffirms Dubai Government’s commitment to deal with its repayment obligations in a proactive manner, in line with the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the ongoing support from Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and the close follow-up from Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai. It also strengthens the government’s resolve to honour all its financial obligations on time.”"
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Saudi's Kingdom Holding Q1 profit rises 12.7 pct | Reuters
Saudi's Kingdom Holding Q1 profit rises 12.7 pct | Reuters:
"Saudi Arabia's Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 12.7 percent rise in first-quarter net profit on Sunday from higher income and gains on investments. * Net profit of 129.1 million riyals in the three months ending Mar. 31, versus 114.5 million riyals a year earlier, according to a bourse filing. * The investment firm has minority stakes in some of the world's top companies. Aside from being one of the largest shareholders in Citigroup , it owns stakes in Rupert Murdoch's News Corp and microblogging site Twitter ."
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"Saudi Arabia's Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 12.7 percent rise in first-quarter net profit on Sunday from higher income and gains on investments. * Net profit of 129.1 million riyals in the three months ending Mar. 31, versus 114.5 million riyals a year earlier, according to a bourse filing. * The investment firm has minority stakes in some of the world's top companies. Aside from being one of the largest shareholders in Citigroup , it owns stakes in Rupert Murdoch's News Corp and microblogging site Twitter ."
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Iran Will Go Along With Whatever OPEC Decides on Crude Cutbacks - Bloomberg
Iran Will Go Along With Whatever OPEC Decides on Crude Cutbacks - Bloomberg:
"Iran will go along with whatever decision OPEC makes at its meeting later this month on whether to extend oil production cuts beyond June, Oil Minister Bijan Namdar Zanganeh said.
“All indications are that the members want a renewal of the deal and we will go along with what they agree upon,” Zanganeh said Saturday on the sidelines of an energy trade show in Tehran. Producers outside OPEC that joined the oil pact will probably agree to keep the cuts for longer, he said."
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"Iran will go along with whatever decision OPEC makes at its meeting later this month on whether to extend oil production cuts beyond June, Oil Minister Bijan Namdar Zanganeh said.
“All indications are that the members want a renewal of the deal and we will go along with what they agree upon,” Zanganeh said Saturday on the sidelines of an energy trade show in Tehran. Producers outside OPEC that joined the oil pact will probably agree to keep the cuts for longer, he said."
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