Qatar LNG company postpones layoffs amid diplomatic crisis:
"Majority state-owned Qatari gas producer Rasgas has postponed a round of job cuts after the diplomatic crisis which erupted between Qatar and its neighbors in early June, people familiar with the matter have told Reuters. Staff at Rasgas were told earlier this year that they would be laid off in June, with the job cuts following last year's decision to merge RasGas with Qatargas, the two liquefied natural gas divisions of Qatar Petroleum [QATPE.UL]. But in a company email last month staff were informed that the job cuts had been delayed, two Rasgas employees said."
'via Blog this'
Wednesday, 19 July 2017
ADCB's Malik Says Qatar Has Deep FX Reserve Pockets - Bloomberg
ADCB's Malik Says Qatar Has Deep FX Reserve Pockets - Bloomberg:
"Monica Malik, chief economist at Abu Dhabi Commercial Bank, discusses Qatar's geopolitical headwinds on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
'via Blog this'
"Monica Malik, chief economist at Abu Dhabi Commercial Bank, discusses Qatar's geopolitical headwinds on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
'via Blog this'
Qatar's $300 billion conundrum: how liquid are its reserves?
Qatar's $300 billion conundrum: how liquid are its reserves?:
"When is $300 billion not enough? That question is key to Qatar's future as some bankers and hedge funds speculate the super-rich state's vast financial reserves may not be liquid enough to defend its currency in the long term. Nobody doubts Qatar has a lot of money to resist economic sanctions imposed on it early last month, when Saudi Arabia and three other Arab states cut diplomatic and transport ties. Central bank governor Sheikh Abdullah bin Saud al-Thani said last week that Doha could employ about $340 billion of reserves: some $40 billion plus gold at the central bank, and $300 billion at the Qatar Investment Authority, the sovereign wealth fund."
'via Blog this'
"When is $300 billion not enough? That question is key to Qatar's future as some bankers and hedge funds speculate the super-rich state's vast financial reserves may not be liquid enough to defend its currency in the long term. Nobody doubts Qatar has a lot of money to resist economic sanctions imposed on it early last month, when Saudi Arabia and three other Arab states cut diplomatic and transport ties. Central bank governor Sheikh Abdullah bin Saud al-Thani said last week that Doha could employ about $340 billion of reserves: some $40 billion plus gold at the central bank, and $300 billion at the Qatar Investment Authority, the sovereign wealth fund."
'via Blog this'
Saudi Arabia empties domestic crude tanks: Kemp
Saudi Arabia empties domestic crude tanks: Kemp:
"Saudi Arabia has been progressively reducing its bloated domestic stocks of crude in a sign the global oil market is rebalancing, albeit more slowly than OPEC anticipated. Saudi Arabia’s domestic crude stocks declined in 16 of the 19 months between November 2015 and May 2017 according to government data reported to the Joint Organisations Data Initiative (tmsnrt.rs/2uIi9dC). Domestic stocks fell to just 259 million barrels at the end of May 2017, which was the lowest level since January 2012, according to updated figures published on Tuesday."
'via Blog this'
"Saudi Arabia has been progressively reducing its bloated domestic stocks of crude in a sign the global oil market is rebalancing, albeit more slowly than OPEC anticipated. Saudi Arabia’s domestic crude stocks declined in 16 of the 19 months between November 2015 and May 2017 according to government data reported to the Joint Organisations Data Initiative (tmsnrt.rs/2uIi9dC). Domestic stocks fell to just 259 million barrels at the end of May 2017, which was the lowest level since January 2012, according to updated figures published on Tuesday."
'via Blog this'
Collapse in Saudi Oil Shipments Puts Upward Pressure on Prices - Bloomberg
Collapse in Saudi Oil Shipments Puts Upward Pressure on Prices - Bloomberg:
"Forget for a moment about the stock-draws in crude, gasoline and distillates. The most relevant piece of data is the collapse in Saudi shipments into the U.S., with last week’s arrivals at a seven-year low of just 524,000 barrels a day. Riyadh has promised to cut supplies this summer to the market that traders care the most (and where the data is most visible) and it seems to be delivering. If the trend holds, it could put upward pressure on prices."
'via Blog this'
"Forget for a moment about the stock-draws in crude, gasoline and distillates. The most relevant piece of data is the collapse in Saudi shipments into the U.S., with last week’s arrivals at a seven-year low of just 524,000 barrels a day. Riyadh has promised to cut supplies this summer to the market that traders care the most (and where the data is most visible) and it seems to be delivering. If the trend holds, it could put upward pressure on prices."
'via Blog this'
MIDEAST STOCKS-Banks boost Qatar in otherwise quiet region
MIDEAST STOCKS-Banks boost Qatar in otherwise quiet region:
"Banking stocks boosted Qatar's equities market on Wednesday, with some share prices approaching levels last reached before the country's diplomatic crisis erupted in early June, while other bourses in the region were mostly quiet. The Qatar index advanced by 1.2 percent to 9,502 points, its highest finish since Saudi Arabia and other Arab states cut diplomatic and transport links with Doha on June 5. Wednesday's gain left the index only 4.3 percent below its pre-crisis close. It has been as much as 13 percent lower early this month. Qatar National Bank(QNB), the largest lender, jumped by 4.4 percent to 143 riyals. It closed at 145.30 riyals on June 4."
'via Blog this'
"Banking stocks boosted Qatar's equities market on Wednesday, with some share prices approaching levels last reached before the country's diplomatic crisis erupted in early June, while other bourses in the region were mostly quiet. The Qatar index advanced by 1.2 percent to 9,502 points, its highest finish since Saudi Arabia and other Arab states cut diplomatic and transport links with Doha on June 5. Wednesday's gain left the index only 4.3 percent below its pre-crisis close. It has been as much as 13 percent lower early this month. Qatar National Bank(QNB), the largest lender, jumped by 4.4 percent to 143 riyals. It closed at 145.30 riyals on June 4."
'via Blog this'
UPDATE 1-Dubai's Emirates NBD Q2 profit rises 6 pct, meets forecasts
UPDATE 1-Dubai's Emirates NBD Q2 profit rises 6 pct, meets forecasts:
"Emirates NBD (ENBD), Dubai's largest lender, posted a 6 percent rise in its second-quarter net profit on Wednesday, in line with analysts' forecasts, as net interest income edged up due to loan growth and higher lending rates.
The bank, the first major lender from the United Arab Emirates to report its earnings this quarter, made a net profit of 2.02 billion dirhams ($550 million) in the three months to June 30, it said in a statement, compared with 1.91 billion dirhams a year earlier.
Three analysts on average had forecast the bank to post a net profit of 1.88 billion dirhams."
'via Blog this'
"Emirates NBD (ENBD), Dubai's largest lender, posted a 6 percent rise in its second-quarter net profit on Wednesday, in line with analysts' forecasts, as net interest income edged up due to loan growth and higher lending rates.
The bank, the first major lender from the United Arab Emirates to report its earnings this quarter, made a net profit of 2.02 billion dirhams ($550 million) in the three months to June 30, it said in a statement, compared with 1.91 billion dirhams a year earlier.
Three analysts on average had forecast the bank to post a net profit of 1.88 billion dirhams."
'via Blog this'
Gulf business counts cost of Arab states’ Qatar embargo
Gulf business counts cost of Arab states’ Qatar embargo:
"When the quartet of Arab nations imposed an embargo on Qatar a month ago, accusing the gas-rich Gulf state of backing terrorism, they quickly closed air, sea and land borders to their neighbour.
For Mohammed Saleh, who runs a business that distributes building materials across the region, the crisis left an important Qatar-bound cargo stranded at Dubai’s Jebel Ali port. He had to take out a loan to pay his supplier, losing £30,000 in the process.
“One minute we are doing business with Qatar, the next we are told we are doing business with terrorist financiers,” he said. “It’s all so confusing.”"
'via Blog this'
"When the quartet of Arab nations imposed an embargo on Qatar a month ago, accusing the gas-rich Gulf state of backing terrorism, they quickly closed air, sea and land borders to their neighbour.
For Mohammed Saleh, who runs a business that distributes building materials across the region, the crisis left an important Qatar-bound cargo stranded at Dubai’s Jebel Ali port. He had to take out a loan to pay his supplier, losing £30,000 in the process.
“One minute we are doing business with Qatar, the next we are told we are doing business with terrorist financiers,” he said. “It’s all so confusing.”"
'via Blog this'
Oil Steadies Amid Mixed Signals on U.S. Crude Inventories - Bloomberg
Oil Steadies Amid Mixed Signals on U.S. Crude Inventories - Bloomberg:
"Oil was steady amid mixed signals on U.S. crude inventories, with industry data showing supplies increased last week while government statistics were expected to indicate a decline.
Futures were little changed in New York after adding 0.8 percent on Tuesday. U.S. inventories rose by 1.63 million barrels last week, according to people familiar with the API data. That contrasts with a Bloomberg survey before an Energy Information Administration report Wednesday that forecasts a 3.5 million-barrel decline, which would be the 13th drop in 15 weeks."
'via Blog this'
"Oil was steady amid mixed signals on U.S. crude inventories, with industry data showing supplies increased last week while government statistics were expected to indicate a decline.
Futures were little changed in New York after adding 0.8 percent on Tuesday. U.S. inventories rose by 1.63 million barrels last week, according to people familiar with the API data. That contrasts with a Bloomberg survey before an Energy Information Administration report Wednesday that forecasts a 3.5 million-barrel decline, which would be the 13th drop in 15 weeks."
'via Blog this'
Saudi Deflation Persists as Weak Demand Weighs on Growth - Bloomberg
Saudi Deflation Persists as Weak Demand Weighs on Growth - Bloomberg:
"Saudi Arabian consumer prices dropped again in June, reflecting the nation’s worst economic slowdown since 2009 as the kingdom struggles to cope with low oil prices. The economy shrank 0.5 percent year-on-year in the first quarter amid lower oil output and cutbacks in spending to shore up public finances. However, the reinstatement of public sector benefits and bonuses, and the introduction of value-added taxes in 2018 should support a return of positive inflation, according to Jason Tuvey, an economist at London-based Capital Economics."
'via Blog this'
"Saudi Arabian consumer prices dropped again in June, reflecting the nation’s worst economic slowdown since 2009 as the kingdom struggles to cope with low oil prices. The economy shrank 0.5 percent year-on-year in the first quarter amid lower oil output and cutbacks in spending to shore up public finances. However, the reinstatement of public sector benefits and bonuses, and the introduction of value-added taxes in 2018 should support a return of positive inflation, according to Jason Tuvey, an economist at London-based Capital Economics."
'via Blog this'
Oman Oil to close $1 billion PXF loan imminently - source
Oman Oil to close $1 billion PXF loan imminently - source:
"State-owned Oman Oil expects to close imminently, within two months at the latest, a pre-export financing (PXF) loan of around $1 billion, a source close to the matter told Reuters.
The petroleum firm has hired Natixis and Societe Generale to lead the debt transaction, which is being marketed to other lenders. The loan is in the region of $1 billion, but the final size could be larger, the source added.
In PXF loans, which are often used by commodity producers, the borrower raises funds based on confirmed orders for its production. Another Omani government-controlled company, Petroleum Development Oman, raised in June 2016 a $4 billion loan with a similar structure."
'via Blog this'
"State-owned Oman Oil expects to close imminently, within two months at the latest, a pre-export financing (PXF) loan of around $1 billion, a source close to the matter told Reuters.
The petroleum firm has hired Natixis and Societe Generale to lead the debt transaction, which is being marketed to other lenders. The loan is in the region of $1 billion, but the final size could be larger, the source added.
In PXF loans, which are often used by commodity producers, the borrower raises funds based on confirmed orders for its production. Another Omani government-controlled company, Petroleum Development Oman, raised in June 2016 a $4 billion loan with a similar structure."
'via Blog this'
MIDEAST STOCKS-Dubai rises after bank earnings, most of region sluggish
MIDEAST STOCKS-Dubai rises after bank earnings, most of region sluggish:
"Dubai's stock market rose on the back of strong bank earnings in early trade on Wednesday while most of the rest of the region was sluggish. The Dubai index, which has been technically bullish since rising earlier this week above resistance on its April peak, climbed 0.5 percent. Emirates NBD, Dubai's largest lender, gained 1.1 percent after it posted a 6 percent rise in second-quarter net profit to 2.02 billion dirhams ($550 million), at the high end of analysts' forecasts; three analysts had on average forecast 1.88 billion dirhams. Trade was very thin as the stock is tightly held."
'via Blog this'
"Dubai's stock market rose on the back of strong bank earnings in early trade on Wednesday while most of the rest of the region was sluggish. The Dubai index, which has been technically bullish since rising earlier this week above resistance on its April peak, climbed 0.5 percent. Emirates NBD, Dubai's largest lender, gained 1.1 percent after it posted a 6 percent rise in second-quarter net profit to 2.02 billion dirhams ($550 million), at the high end of analysts' forecasts; three analysts had on average forecast 1.88 billion dirhams. Trade was very thin as the stock is tightly held."
'via Blog this'
Subscribe to:
Posts (Atom)