UAE economic growth forecast adjusted to 2% by Emirates NBD | The National:
"Emirates NBD, Dubai’s largest lender by assets, lowered its forecast for economic growth in the UAE this year to 2 per cent from 3.4 per cent. It pointed to the expected impact on growth from the extension of an oil output restraint deal agreed by Opec and a group of countries led by Russia. Khatija Haque, the head of Middle East and North Africa research at Emirates NBD, said in a report that the decision in May to extend production curbs until March 2018 to shore up crude prices has led the bank to revise down its 2017 real GDP growth forecast for the UAE."
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Thursday, 29 June 2017
Egypt Raises Fuel Prices as It Pushes Painful Overhaul - Bloomberg
Egypt Raises Fuel Prices as It Pushes Painful Overhaul - Bloomberg:
"Egypt raised fuel prices by as much as 55 percent and doubled the cost of cooking gas, pushing ahead with reforms that are designed to revive the economy but are also deepening the hardship that’s already rampant in the country. The price for a liter of 80 octane gasoline and diesel rose to 3.65 pounds (20 cents) from 2.35 pounds, the cabinet said in a statement on Thursday, while 92 octane fuel increased to 5 pounds from 3.5 pounds. Butane canisters, a staple in household cooking, doubled to 30 pounds. The measures, while expected ahead of the July 1 start of the new fiscal year, are part of a delicate balancing act the government is trying to perform. It’s eager to narrow its budget deficit, forecast to be 10.5 percent of gross domestic product in the current fiscal year. Yet it is also worried that price rises could spark unrest among the country’s 93 million people, about half of whom live near or below the poverty line."
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"Egypt raised fuel prices by as much as 55 percent and doubled the cost of cooking gas, pushing ahead with reforms that are designed to revive the economy but are also deepening the hardship that’s already rampant in the country. The price for a liter of 80 octane gasoline and diesel rose to 3.65 pounds (20 cents) from 2.35 pounds, the cabinet said in a statement on Thursday, while 92 octane fuel increased to 5 pounds from 3.5 pounds. Butane canisters, a staple in household cooking, doubled to 30 pounds. The measures, while expected ahead of the July 1 start of the new fiscal year, are part of a delicate balancing act the government is trying to perform. It’s eager to narrow its budget deficit, forecast to be 10.5 percent of gross domestic product in the current fiscal year. Yet it is also worried that price rises could spark unrest among the country’s 93 million people, about half of whom live near or below the poverty line."
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UAE energy minister says no talk about further OPEC supply cuts | Reuters
UAE energy minister says no talk about further OPEC supply cuts | Reuters:
"There is no talk of further oil output cuts by the Organization of the Petroleum Exporting Countries and its allies despite only a slow drawdown in inventories, the United Arab Emirates' energy minister said on Thursday. "I think OPEC countries and non-OPEC countries who joined us have done their part. We are looking at the others to do their part as well. We are not worried about the market recovery," Suhail bin Mohammed al-Mazroui told journalists on the sidelines of a conference in Paris. OPEC and allied non-OPEC producers agreed on May 25 to extend an existing supply curb into 2018, but oil prices have fallen on rising production from the United States and from Nigeria and Libya, two OPEC members exempt from cutting output."
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"There is no talk of further oil output cuts by the Organization of the Petroleum Exporting Countries and its allies despite only a slow drawdown in inventories, the United Arab Emirates' energy minister said on Thursday. "I think OPEC countries and non-OPEC countries who joined us have done their part. We are looking at the others to do their part as well. We are not worried about the market recovery," Suhail bin Mohammed al-Mazroui told journalists on the sidelines of a conference in Paris. OPEC and allied non-OPEC producers agreed on May 25 to extend an existing supply curb into 2018, but oil prices have fallen on rising production from the United States and from Nigeria and Libya, two OPEC members exempt from cutting output."
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International businesses caught in Qatar crossfire | Reuters
International businesses caught in Qatar crossfire | Reuters:
"International businesses are being caught in the crossfire of Qatar's dispute with its Arab neighbors as it delays shipments, lengthens travel times and prompts contingency plans in case the crisis deepens. The feud between Arab powers threatens to undermine the region's progress in positioning itself as business friendly and raises concerns that some firms may be forced to pick sides. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic ties with Qatar on June 5 and imposed economic sanctions, accusing it of funding terrorism, a claim Qatar rejects. Many multinational businesses, from builders to law firms and banks, have a base in Dubai from where they serve the region, including Qatar."
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"International businesses are being caught in the crossfire of Qatar's dispute with its Arab neighbors as it delays shipments, lengthens travel times and prompts contingency plans in case the crisis deepens. The feud between Arab powers threatens to undermine the region's progress in positioning itself as business friendly and raises concerns that some firms may be forced to pick sides. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic ties with Qatar on June 5 and imposed economic sanctions, accusing it of funding terrorism, a claim Qatar rejects. Many multinational businesses, from builders to law firms and banks, have a base in Dubai from where they serve the region, including Qatar."
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MIDEAST STOCKS-Banking shares fall, bucking global trend in UAE, Kuwait | Reuters
MIDEAST STOCKS-Banking shares fall, bucking global trend in UAE, Kuwait | Reuters:
"Gulf stock markets were mixed on Thursday, with banks in the United Arab Emirates and Kuwait generally weak despite a strong performance by their global counterparts. The prospect of higher interest rates from central banks around the world, including Britain and Canada, bolstered banking stocks overnight and helped the S&P 500 score its biggest one-day percentage gain in about two months on Wednesday. Banks were also strong in Asia on Thursday. In Abu Dhabi, the only lender that rose was Abu Dhabi Commercial Bank, which added 0.1 percent. Union National Bank fell 1.7 percent and First Abu Dhabi Bank declined 1.4 percent, dragging the index 0.6 percent lower."
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"Gulf stock markets were mixed on Thursday, with banks in the United Arab Emirates and Kuwait generally weak despite a strong performance by their global counterparts. The prospect of higher interest rates from central banks around the world, including Britain and Canada, bolstered banking stocks overnight and helped the S&P 500 score its biggest one-day percentage gain in about two months on Wednesday. Banks were also strong in Asia on Thursday. In Abu Dhabi, the only lender that rose was Abu Dhabi Commercial Bank, which added 0.1 percent. Union National Bank fell 1.7 percent and First Abu Dhabi Bank declined 1.4 percent, dragging the index 0.6 percent lower."
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Canada oil output threatens to derail Opec plan
Canada oil output threatens to derail Opec plan:
"As Opec glares at the surge in US shale production that is threatening to derail its attempt to balance the oil market, it may also want to cast an eye north.
Canada, home of the world’s third-largest oil reserves, might have seen producers slash capital spending during the three-year-old oil decline, but earlier investments in the country are set to keep pushing output higher for at least the next 18 months.
A forecast released this month by the Canadian Association of Petroleum Producers sees the country’s output increasing by 270,000 barrels a day in 2017 and another 320,000 b/d next year."
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"As Opec glares at the surge in US shale production that is threatening to derail its attempt to balance the oil market, it may also want to cast an eye north.
Canada, home of the world’s third-largest oil reserves, might have seen producers slash capital spending during the three-year-old oil decline, but earlier investments in the country are set to keep pushing output higher for at least the next 18 months.
A forecast released this month by the Canadian Association of Petroleum Producers sees the country’s output increasing by 270,000 barrels a day in 2017 and another 320,000 b/d next year."
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MIDEAST STOCKS-Banking shares buck global uptrend in UAE but Emaar helps Dubai | Reuters
MIDEAST STOCKS-Banking shares buck global uptrend in UAE but Emaar helps Dubai | Reuters:
"Banking shares in the United Arab Emirates were generally weak in early trade on Thursday despite a strong performance by their global counterparts, but Emaar Properties helped Dubai's bourse rise slightly. The prospect of higher interest rates from central banks around the world, including Britain and Canada, bolstered banking stocks overnight and helped the S&P 500 score its biggest one-day percentage gain in about two months on Wednesday. Banks were also strong in Asia on Thursday. But in Abu Dhabi, the only lender to rise was Abu Dhabi Islamic Bank, up 0.3 percent. Union National Bank was the worst performer , retreating 3.6 percent. The Abu Dhabi index was down 0.1 percent."
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"Banking shares in the United Arab Emirates were generally weak in early trade on Thursday despite a strong performance by their global counterparts, but Emaar Properties helped Dubai's bourse rise slightly. The prospect of higher interest rates from central banks around the world, including Britain and Canada, bolstered banking stocks overnight and helped the S&P 500 score its biggest one-day percentage gain in about two months on Wednesday. Banks were also strong in Asia on Thursday. But in Abu Dhabi, the only lender to rise was Abu Dhabi Islamic Bank, up 0.3 percent. Union National Bank was the worst performer , retreating 3.6 percent. The Abu Dhabi index was down 0.1 percent."
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UPDATE 1-Dubai's Majid Al Futtaim to expand Carrefour in Middle East with Geant stores buy | Reuters
UPDATE 1-Dubai's Majid Al Futtaim to expand Carrefour in Middle East with Geant stores buy | Reuters:
"Dubai's Majid Al Futtaim , which operates the franchise of French retailer Carrefour in the Middle East, has acquired 26 Geant hypermarket stores in the United Arab Emirates, Bahrain and Kuwait from BMA International. Majid Al Futtaim, a holding company which also owns and operates shopping centres in the Middle East and North Africa, said in a statement it had acquired Geant franchise owner Retail Arabia from BMA International. The value of the deal, which also includes four Gulfmart supermarkets in Bahrain, was not disclosed."
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"Dubai's Majid Al Futtaim , which operates the franchise of French retailer Carrefour in the Middle East, has acquired 26 Geant hypermarket stores in the United Arab Emirates, Bahrain and Kuwait from BMA International. Majid Al Futtaim, a holding company which also owns and operates shopping centres in the Middle East and North Africa, said in a statement it had acquired Geant franchise owner Retail Arabia from BMA International. The value of the deal, which also includes four Gulfmart supermarkets in Bahrain, was not disclosed."
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OPEC Resists Flow of History With Reluctance to Cut Deeper - Bloomberg
OPEC Resists Flow of History With Reluctance to Cut Deeper - Bloomberg:
"The chorus in the oil market calling for deeper production cuts gets louder almost every day. By resisting the clamor, OPEC is breaking with its own history. As crude sank below $50 a barrel -- less than half the price of two years ago -- market-watchers from Goldman Sachs Group Inc. to former OPEC officials said supply curbs imposed this year need to be intensified. That would be consistent with past behavior, when production cuts or increases often arrived in stages a few months apart. "
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"The chorus in the oil market calling for deeper production cuts gets louder almost every day. By resisting the clamor, OPEC is breaking with its own history. As crude sank below $50 a barrel -- less than half the price of two years ago -- market-watchers from Goldman Sachs Group Inc. to former OPEC officials said supply curbs imposed this year need to be intensified. That would be consistent with past behavior, when production cuts or increases often arrived in stages a few months apart. "
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