Boeing’s $20bn Iran contracts frozen by sanctions:
"The US company most affected by President Donald Trump’s decision to reimpose sanctions on Iran is Boeing, which has signed deals to sell about $20bn worth of aircraft to two Iranian airlines. Aircraft sales are banned under the renewed sanctions announced by the US on Tuesday, following Mr Trump’s decision to withdraw from the international deal over Iran’s nuclear programme. The US Treasury said it would no longer look at applications for export licences for sales of aircraft or components to Iran, except for flight safety reasons, and licenses granted earlier would be withdrawn. Boeing and Airbus, the European aircraft maker, were granted licences for exports to Iran in 2016, making it possible for them to agree multibillion dollar orders. Airbus needs a US licence to export to Iran as its aircraft contain a large proportion of US parts. The Toulouse-based company has an order from Iran Air that is even bigger than Boeing’s, worth an estimated $27bn."
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Wednesday, 9 May 2018
Emirates profits jump as currency moves outweigh pricier fuel
Emirates profits jump as currency moves outweigh pricier fuel:
"Dubai’s Emirates Airline profits for its financial year ending in March more than doubled to 2.8bn dirhams ($762m) as strong cargo performance and favourable currency movements offset rising oil prices. The turnround in profit growth comes after Emirates’ poor results in the previous full-year period, when confidence plummeted on political instability and lower oil prices hampered demand in its home region. Profit then slumped by 82 per cent. Regional carriers have been struggling to cope with these headwinds. Etihad is reviewing operations and focusing on sustainability after deep losses. Emirates has launched a code-share partnership with its sister low-cost airline Flydubai. Qatar Airways, Emirates’ main regional competitor, has been hit hard by a trade and travel embargo imposed by four Arab states, including the United Arab Emirates."
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"Dubai’s Emirates Airline profits for its financial year ending in March more than doubled to 2.8bn dirhams ($762m) as strong cargo performance and favourable currency movements offset rising oil prices. The turnround in profit growth comes after Emirates’ poor results in the previous full-year period, when confidence plummeted on political instability and lower oil prices hampered demand in its home region. Profit then slumped by 82 per cent. Regional carriers have been struggling to cope with these headwinds. Etihad is reviewing operations and focusing on sustainability after deep losses. Emirates has launched a code-share partnership with its sister low-cost airline Flydubai. Qatar Airways, Emirates’ main regional competitor, has been hit hard by a trade and travel embargo imposed by four Arab states, including the United Arab Emirates."
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Kuwait’s current account records $7.1bln in 2017 | ZAWYA MENA Edition
Kuwait’s current account records $7.1bln in 2017 | ZAWYA MENA Edition:
"Kuwait’s Current Account recorded a surplus of KD 2,152 million (about $7.1 billion), against a deficit of KD 1. 528 million ($5.04 billion in 2016, the CBK said in a press release Tuesday. The surplus in the current account is due to the rise in the surpluses of balance on goods and the primary income on one hand, and the decrease in the secondary income deficit on the other, it added. According to the CBK, the surplus in the current account mainly reflects a surge in the value of oil exports at a greater rate than that of value of merchandise imports."
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"Kuwait’s Current Account recorded a surplus of KD 2,152 million (about $7.1 billion), against a deficit of KD 1. 528 million ($5.04 billion in 2016, the CBK said in a press release Tuesday. The surplus in the current account is due to the rise in the surpluses of balance on goods and the primary income on one hand, and the decrease in the secondary income deficit on the other, it added. According to the CBK, the surplus in the current account mainly reflects a surge in the value of oil exports at a greater rate than that of value of merchandise imports."
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U.S. watchdog probes release of Trump lawyer's banking details: report
U.S. watchdog probes release of Trump lawyer's banking details: report:
"French President Emmanuel Macron said on Wednesday that U.S. President Donald Trump’s decision to pull out of the 2015 Iran nuclear deal was a mistake and Europe needed to stick to the agreement and discuss broadening it.
“Along with our partners, we need to prevent tensions escalating in the region,” Macron told Germany’s ARD television, according to an interpreter’s German translation. “It is therefore necessary, as of today, to immediately broaden the topics of discussion to make it possible for all parties to move towards a broader agreement at some point.” "
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"French President Emmanuel Macron said on Wednesday that U.S. President Donald Trump’s decision to pull out of the 2015 Iran nuclear deal was a mistake and Europe needed to stick to the agreement and discuss broadening it.
“Along with our partners, we need to prevent tensions escalating in the region,” Macron told Germany’s ARD television, according to an interpreter’s German translation. “It is therefore necessary, as of today, to immediately broaden the topics of discussion to make it possible for all parties to move towards a broader agreement at some point.” "
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Big Gulf Arab economies may be winners as U.S. exits Iran deal | Reuters
Big Gulf Arab economies may be winners as U.S. exits Iran deal | Reuters:
"Surging oil prices mean the big Arab countries of the Gulf — especially Saudi Arabia — look set to gain financially as well as politically from U.S. President Donald Trump’s decision to pull out of the Iran nuclear deal.
In 2014, Saudi Arabia was willing to see oil prices tumble during a supply glut partly, diplomats said, because cheaper oil cut the income of arch-rival Iran, limiting Tehran’s capacity to finance proxy wars against Saudi interests in the region.
It was a painful trade-off which also hurt the Saudi economy. Now, Riyadh faces an ideal situation: Trump’s decision appears likely to reduce Iran’s oil income while giving the Gulf Arab states room to boost their own energy exports. "
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"Surging oil prices mean the big Arab countries of the Gulf — especially Saudi Arabia — look set to gain financially as well as politically from U.S. President Donald Trump’s decision to pull out of the Iran nuclear deal.
In 2014, Saudi Arabia was willing to see oil prices tumble during a supply glut partly, diplomats said, because cheaper oil cut the income of arch-rival Iran, limiting Tehran’s capacity to finance proxy wars against Saudi interests in the region.
It was a painful trade-off which also hurt the Saudi economy. Now, Riyadh faces an ideal situation: Trump’s decision appears likely to reduce Iran’s oil income while giving the Gulf Arab states room to boost their own energy exports. "
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Europeans work to save Iran deal, and business, after Trump pulls out | Reuters
Europeans work to save Iran deal, and business, after Trump pulls out | Reuters:
"Dismayed European allies sought to salvage the international nuclear pact and preserve their business with Iran on Wednesday after President Donald Trump pulled the United States out of the landmark accord. “The deal is not dead. There’s an American withdrawal from the deal but the deal is still there,” French Foreign Minister Jean-Yves Le Drian said. Iranian Supreme Leader Ayatollah Ali Khamenei said: “Mr Trump, I tell you on behalf of the Iranian people: You’ve made a mistake ... I said many times from the first day: don’t trust America.” A government spokesman said Iran had drawn up a response proportional to Washington’s withdrawal."
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"Dismayed European allies sought to salvage the international nuclear pact and preserve their business with Iran on Wednesday after President Donald Trump pulled the United States out of the landmark accord. “The deal is not dead. There’s an American withdrawal from the deal but the deal is still there,” French Foreign Minister Jean-Yves Le Drian said. Iranian Supreme Leader Ayatollah Ali Khamenei said: “Mr Trump, I tell you on behalf of the Iranian people: You’ve made a mistake ... I said many times from the first day: don’t trust America.” A government spokesman said Iran had drawn up a response proportional to Washington’s withdrawal."
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MIDEAST STOCKS-Saudi market hits 3-week low as geopolitical tensions weigh | Reuters
MIDEAST STOCKS-Saudi market hits 3-week low as geopolitical tensions weigh | Reuters:
"Saudi stocks closed at their lowest level in more than three weeks, while most other Gulf markets were weak, as geopolitical tensions weighed on the market.
The Saudi index dropped 1.7 percent to 7878 points, its lowest level since April 15. Blue-chips Al Rajhi Bank and National Commercial Bank dropped 2.3 percent and 2.2 percent respectively.
Samba Financial Group shed 2.8 percent despite recording a 6 percent rise in first-quarter net profit, meeting analyst forecasts."
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"Saudi stocks closed at their lowest level in more than three weeks, while most other Gulf markets were weak, as geopolitical tensions weighed on the market.
The Saudi index dropped 1.7 percent to 7878 points, its lowest level since April 15. Blue-chips Al Rajhi Bank and National Commercial Bank dropped 2.3 percent and 2.2 percent respectively.
Samba Financial Group shed 2.8 percent despite recording a 6 percent rise in first-quarter net profit, meeting analyst forecasts."
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Iran sanctions threaten North Sea deal - BBC News
Iran sanctions threaten North Sea deal - BBC News:
"The Rhum gas field in the North Sea, which supplies 5% of the UK's gas, is half-owned by the Iranian State Oil Company.
BP, which owns the other half, is in the process of offloading its share to small North Sea specialist Serica, but that deal has not completed.
BP does huge amounts of business in the US and will be desperately keen to avoid being seen as a business partner of the Iranian state."
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"The Rhum gas field in the North Sea, which supplies 5% of the UK's gas, is half-owned by the Iranian State Oil Company.
BP, which owns the other half, is in the process of offloading its share to small North Sea specialist Serica, but that deal has not completed.
BP does huge amounts of business in the US and will be desperately keen to avoid being seen as a business partner of the Iranian state."
'via Blog this'
Trump Iran Deal Pull-Out Deepens Dubai Refiner's Supply Dilemma - Bloomberg
Trump Iran Deal Pull-Out Deepens Dubai Refiner's Supply Dilemma - Bloomberg:
"One of the unknowns in Donald Trump’s decision to restore sanctions on Iran’s petroleum exports is whether the U.S. will also restrict the country’s substantial sales of condensate.
The lack of clarity compounds a dilemma for Iran’s neighbor Dubai, potentially cutting off the emirate’s main refinery from the Middle East’s biggest supplier of condensate, a light oil found with natural gas. Dubai’s government-owned refiner Emirates National Oil Co. imports about three condensate cargoes a month from Iran, or the equivalent of more than 100,000 barrels a day, according to Bloomberg tanker tracking.
If the U.S. tries to curb Iran’s condensate sales -- the Trump administration hasn’t specified if it will -- Dubai will have to find another supplier or risk financial penalties. And unlike the earlier U.S. energy sanctions in 2012-2015, this round coincides wth a diplomatic dispute between Dubai and the region’s second-largest condensate exporter, Qatar."
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"One of the unknowns in Donald Trump’s decision to restore sanctions on Iran’s petroleum exports is whether the U.S. will also restrict the country’s substantial sales of condensate.
The lack of clarity compounds a dilemma for Iran’s neighbor Dubai, potentially cutting off the emirate’s main refinery from the Middle East’s biggest supplier of condensate, a light oil found with natural gas. Dubai’s government-owned refiner Emirates National Oil Co. imports about three condensate cargoes a month from Iran, or the equivalent of more than 100,000 barrels a day, according to Bloomberg tanker tracking.
If the U.S. tries to curb Iran’s condensate sales -- the Trump administration hasn’t specified if it will -- Dubai will have to find another supplier or risk financial penalties. And unlike the earlier U.S. energy sanctions in 2012-2015, this round coincides wth a diplomatic dispute between Dubai and the region’s second-largest condensate exporter, Qatar."
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Emirates could share facilities with Etihad outside of UAE - chairman | ZAWYA MENA Edition
Emirates could share facilities with Etihad outside of UAE - chairman | ZAWYA MENA Edition:
"Emirates could share facilities with rival airline Etihad outside of the United Arab Emirates, Emirates Chairman Sheikh Ahmed bin Saeed al-Maktoum said on Wednesday.
The partnership with Etihad was going in the "right direction," he told reporters at Emirates headquarters in Dubai.
He also said no decision had been made on the engines for Emirates' latest Airbus a380 order."
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"Emirates could share facilities with rival airline Etihad outside of the United Arab Emirates, Emirates Chairman Sheikh Ahmed bin Saeed al-Maktoum said on Wednesday.
The partnership with Etihad was going in the "right direction," he told reporters at Emirates headquarters in Dubai.
He also said no decision had been made on the engines for Emirates' latest Airbus a380 order."
'via Blog this'
Emirates profit more than doubles on currency boost, fewer staff | ZAWYA MENA Edition
Emirates profit more than doubles on currency boost, fewer staff | ZAWYA MENA Edition:
"Emirates airline on Wednesday reported a sharp increase in profits for 2017 as a favourable dollar exchange rate and lower staff numbers helped the long-haul carrier to rebound from a profit fall in its previous financial year, its first annual profit decline in five years. Emirates' profit more than doubled to 2.8 billion dirhams ($762 million) in the financial year to March 31, compared with 1.3 billion dirhams a year earlier, the airline said. Airlines around the world have been battling pressure on fares over the last couple of years due to volatile demand and fierce competition."
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"Emirates airline on Wednesday reported a sharp increase in profits for 2017 as a favourable dollar exchange rate and lower staff numbers helped the long-haul carrier to rebound from a profit fall in its previous financial year, its first annual profit decline in five years. Emirates' profit more than doubled to 2.8 billion dirhams ($762 million) in the financial year to March 31, compared with 1.3 billion dirhams a year earlier, the airline said. Airlines around the world have been battling pressure on fares over the last couple of years due to volatile demand and fierce competition."
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Oil hits 3-1/2-year high after U.S. quits Iran deal | Reuters
Oil hits 3-1/2-year high after U.S. quits Iran deal | Reuters:
"Oil prices rose more than 3 percent on Wednesday, hitting 3-1/2-year highs, after U.S. President Trump abandoned a nuclear deal with Iran and announced the “highest level” of sanctions against the OPEC member.
Ignoring pleas by allies, Trump on Tuesday pulled out of an international agreement with Iran that was agreed in late 2015, raising the risk of conflict in the Middle East and casting uncertainty over global oil supplies at a time when the crude market is already tight.
Brent crude oil touched its highest since November 2014 at $77.20 a barrel. The benchmark contract was up $1.80 a barrel, or 2.4 percent, at $76.65 by 1050 GMT. "
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"Oil prices rose more than 3 percent on Wednesday, hitting 3-1/2-year highs, after U.S. President Trump abandoned a nuclear deal with Iran and announced the “highest level” of sanctions against the OPEC member.
Ignoring pleas by allies, Trump on Tuesday pulled out of an international agreement with Iran that was agreed in late 2015, raising the risk of conflict in the Middle East and casting uncertainty over global oil supplies at a time when the crude market is already tight.
Brent crude oil touched its highest since November 2014 at $77.20 a barrel. The benchmark contract was up $1.80 a barrel, or 2.4 percent, at $76.65 by 1050 GMT. "
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Alhokair Saudi mall developer secures $1.9 bln Islamic loan | Reuters
Alhokair Saudi mall developer secures $1.9 bln Islamic loan | Reuters:
"Fawaz Abdulaziz Alhokair said one of its businesses had secured a 7.2 billion riyal ($1.9 billion) Islamic loan, one of the first such facilities for a firm owned by an individual detained in Saudi Arabia’s recent anti-corruption drive. The two-tranche financing for Arabian Centres Company will be used to refinance existing debt and to build new malls, Fawaz Abdulaziz Alhokair said in a statement on Tuesday, confirming what banking sources had earlier told Reuters. Fawaz Alhokair was one of hundreds of business people and officials detained for several months in a sweeping anti-graft crackdown by Riyadh in November last year. "
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"Fawaz Abdulaziz Alhokair said one of its businesses had secured a 7.2 billion riyal ($1.9 billion) Islamic loan, one of the first such facilities for a firm owned by an individual detained in Saudi Arabia’s recent anti-corruption drive. The two-tranche financing for Arabian Centres Company will be used to refinance existing debt and to build new malls, Fawaz Abdulaziz Alhokair said in a statement on Tuesday, confirming what banking sources had earlier told Reuters. Fawaz Alhokair was one of hundreds of business people and officials detained for several months in a sweeping anti-graft crackdown by Riyadh in November last year. "
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Saudi lender Samba says Q1 net profit rises 6 pct | Reuters
Saudi lender Samba says Q1 net profit rises 6 pct | Reuters:
"Samba Financial Group, Saudi Arabia’s third-largest bank by assets, reported a 6 percent rise in first-quarter net profit on Wednesday, in line with analysts’ forecasts.
The bank made a profit of 1.3 billion riyals ($347 million) in the three months to March 31, up from 1.2 billion riyals in the same period a year earlier, it said in a bourse statement.
SICO Bahrain had forecast the bank would make a profit of 1.33 billion riyals, while EFG Hermes forecast a profit of 1.28 billion riyals."
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"Samba Financial Group, Saudi Arabia’s third-largest bank by assets, reported a 6 percent rise in first-quarter net profit on Wednesday, in line with analysts’ forecasts.
The bank made a profit of 1.3 billion riyals ($347 million) in the three months to March 31, up from 1.2 billion riyals in the same period a year earlier, it said in a bourse statement.
SICO Bahrain had forecast the bank would make a profit of 1.33 billion riyals, while EFG Hermes forecast a profit of 1.28 billion riyals."
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Qatar's Commercial Bank hires banks for first public bond since Gulf dispute | Reuters
Qatar's Commercial Bank hires banks for first public bond since Gulf dispute | Reuters:
"Commercial Bank COMB.QA, Qatar’s third-largest lender by assets, has mandated banks to arrange a series of fixed-income investor meetings ahead of a potential U.S. dollar-denominated bond.
The planned transaction would be the first public bond issue by a Qatari bank since a political dispute erupted in June last year between Qatar, Saudi Arabia, the United Arab Emirates, Bahrain and Egypt.
Qatari banks have sought to diversify their funding since the boycott started."
'via Blog this'
"Commercial Bank COMB.QA, Qatar’s third-largest lender by assets, has mandated banks to arrange a series of fixed-income investor meetings ahead of a potential U.S. dollar-denominated bond.
The planned transaction would be the first public bond issue by a Qatari bank since a political dispute erupted in June last year between Qatar, Saudi Arabia, the United Arab Emirates, Bahrain and Egypt.
Qatari banks have sought to diversify their funding since the boycott started."
'via Blog this'
Buyers seek U.S. waivers to buy Iranian oil amid new sanctions | Reuters
Buyers seek U.S. waivers to buy Iranian oil amid new sanctions | Reuters:
"South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices.
Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and a key supplier, especially to refiners in Asia.
The United States plans to impose new unilateral sanctions after abandoning an agreement reached in late 2015 which limited Iran’s nuclear ambitions in exchange for removing joint U.S.-Europe sanctions, which included strict curbs on crude oil exports.
"
'via Blog this'
"South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices.
Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and a key supplier, especially to refiners in Asia.
The United States plans to impose new unilateral sanctions after abandoning an agreement reached in late 2015 which limited Iran’s nuclear ambitions in exchange for removing joint U.S.-Europe sanctions, which included strict curbs on crude oil exports.
"
'via Blog this'
Buyers seek U.S. waivers to buy Iranian oil amid new sanctions | Reuters
Buyers seek U.S. waivers to buy Iranian oil amid new sanctions | Reuters:
"South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices.
FILE PHOTO: A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo
Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and a key supplier, especially to refiners in Asia.
The United States plans to impose new unilateral sanctions after abandoning an agreement reached in late 2015 which limited Iran’s nuclear ambitions in exchange for removing joint U.S.-Europe sanctions, which included strict curbs on crude oil exports.
"
'via Blog this'
"South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices.
FILE PHOTO: A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo
Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and a key supplier, especially to refiners in Asia.
The United States plans to impose new unilateral sanctions after abandoning an agreement reached in late 2015 which limited Iran’s nuclear ambitions in exchange for removing joint U.S.-Europe sanctions, which included strict curbs on crude oil exports.
"
'via Blog this'
MIDEAST STOCKS- Gulf markets in mixed reaction to Trump decision | Reuters
MIDEAST STOCKS- Gulf markets in mixed reaction to Trump decision | Reuters:
"Gulf markets had a mixed reaction in early trade on Wednesday after U.S. President Donald Trump announced the United States would withdraw from the 2015 Iran nuclear deal. Trump’s decision raised the risk of conflict in the Middle East and has cast uncertainty over global oil supplies. Oil prices pushed higher in early trading on Wednesday as the U.S. move may curb crude exports by OPEC member Tehran in an already tight market."
'via Blog this'
"Gulf markets had a mixed reaction in early trade on Wednesday after U.S. President Donald Trump announced the United States would withdraw from the 2015 Iran nuclear deal. Trump’s decision raised the risk of conflict in the Middle East and has cast uncertainty over global oil supplies. Oil prices pushed higher in early trading on Wednesday as the U.S. move may curb crude exports by OPEC member Tehran in an already tight market."
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