Iran says China group ready to replace Total on gas deal:
"Chinese state-owned oil company CNPC will replace Total on a major gas field project in Iran if the French energy giant pulls out over renewed US sanctions against Tehran, Iran’s oil minister has said. “Total has said that if it doesn’t get an exemption from the United States to continue its work, it will begin to pull out of the deal,” Bijan Namdar Zanganeh was quoted as saying by his ministry’s Shana news service. “If that happens, the Chinese firm CNPC will replace Total.”"
'via Blog this'
Thursday, 17 May 2018
QSE’s main index gained 141.51 points last week - The Peninsula Qatar
QSE’s main index gained 141.51 points last week - The Peninsula Qatar:
"Qatar Stock Exchange’s (QSE) benchmark gained 141.51 points, or 1.62 percent, last week when the bourse closed yesterday at 8,891.16 points.
Trading value during last week increased by 65.14 percent to reach QR1.60bn compared to QR974.25m at the end of the previous week.
Trading volume decreased by 10.19 percent to reach 43.54 million shares, as against 48.48 million shares, while the number of transactions rose by 24.77 percent, to reach 20,716 transactions as compared to 16,603 transactions."
'via Blog this'
"Qatar Stock Exchange’s (QSE) benchmark gained 141.51 points, or 1.62 percent, last week when the bourse closed yesterday at 8,891.16 points.
Trading value during last week increased by 65.14 percent to reach QR1.60bn compared to QR974.25m at the end of the previous week.
Trading volume decreased by 10.19 percent to reach 43.54 million shares, as against 48.48 million shares, while the number of transactions rose by 24.77 percent, to reach 20,716 transactions as compared to 16,603 transactions."
'via Blog this'
Bahrain slow to implement reforms despite debt woes
Bahrain slow to implement reforms despite debt woes:
"Greylock Capital Management LLC, a hedge fund that holds the distressed bonds of Mozambique and Venezuela, says Bahrain is its next potential target.
The cash-strapped Gulf nation has been slow to implement reforms compared with its richer neighbours, including Saudi Arabia, after the slide in oil prices that began in 2014 eroded their wealth. Bahrain will have to revive its financial fortunes to prevent its debt from slumping to distressed levels, according to Bashar Zakaria at the California Public Employees’ Retirement System, the largest US pension fund.
“There’s been a lot of chatter around some of their fiscal stresses,” said Hans Humes, the chief executive officer of New York-based Greylock Capital Management, which specializes in emerging-markets distressed debt."
'via Blog this'
"Greylock Capital Management LLC, a hedge fund that holds the distressed bonds of Mozambique and Venezuela, says Bahrain is its next potential target.
The cash-strapped Gulf nation has been slow to implement reforms compared with its richer neighbours, including Saudi Arabia, after the slide in oil prices that began in 2014 eroded their wealth. Bahrain will have to revive its financial fortunes to prevent its debt from slumping to distressed levels, according to Bashar Zakaria at the California Public Employees’ Retirement System, the largest US pension fund.
“There’s been a lot of chatter around some of their fiscal stresses,” said Hans Humes, the chief executive officer of New York-based Greylock Capital Management, which specializes in emerging-markets distressed debt."
'via Blog this'
A $200 Billion Question: Can Tech Swallow Another Son Mega Fund? - Bloomberg
A $200 Billion Question: Can Tech Swallow Another Son Mega Fund? - Bloomberg:
"Ask investors from Silicon Valley to Wall Street what’s had the biggest recent impact on tech startup exits and most will answer: Masayoshi Son’s almost $100 billion Vision Fund. Now Son, the the founder and chief executive officer of SoftBank Group Corp., has a version 2.0 in the works, according to people familiar with the matter. It’s likely to be similar in size to the first -- already the world’s biggest tech fund -- and it could be coming as soon as next year, the people said, asking not to be identified as the matter is private. Another mega fund rooting for deals among private tech companies would give founders cash to grow their businesses, and early investors a potential opportunity to sell and get liquidity. But it also could help further inflate already-pumped private valuations, crowding out other investors and delaying the inevitable sale or initial public offering -- and the scrutiny of public markets."
'via Blog this'
"Ask investors from Silicon Valley to Wall Street what’s had the biggest recent impact on tech startup exits and most will answer: Masayoshi Son’s almost $100 billion Vision Fund. Now Son, the the founder and chief executive officer of SoftBank Group Corp., has a version 2.0 in the works, according to people familiar with the matter. It’s likely to be similar in size to the first -- already the world’s biggest tech fund -- and it could be coming as soon as next year, the people said, asking not to be identified as the matter is private. Another mega fund rooting for deals among private tech companies would give founders cash to grow their businesses, and early investors a potential opportunity to sell and get liquidity. But it also could help further inflate already-pumped private valuations, crowding out other investors and delaying the inevitable sale or initial public offering -- and the scrutiny of public markets."
'via Blog this'
EU Unites Against Trump on Iran With Moves to Counter Sanctions - Bloomberg
EU Unites Against Trump on Iran With Moves to Counter Sanctions - Bloomberg:
"The European Union’s 28 leaders came to Bulgaria this week to deepen ties with partners in the east. They left preparing defenses against the “America First” policies of U.S. President Donald Trump. On Friday morning the European Commission, the EU’s executive arm, will begin putting a so-called blocking statute in place to shield European companies doing business with Iran from U.S. sanctions. It’s the first time in more than two decades that the measure is being invoked. The deepening rift in trans-Atlantic ties was the main takeaway from the Bulgarian capital of Sofia, where leaders rallied in defense of the rules-based international system and vowed to confront what EU President Donald Tusk called Trump’s “capricious assertiveness.” The EU agreed to throw its weight behind the Iran nuclear deal that Trump quit and pledged to suspend trade talks with Washington until the bloc is granted an unlimited exemption from his threatened steel and aluminum tariffs."
'via Blog this'
"The European Union’s 28 leaders came to Bulgaria this week to deepen ties with partners in the east. They left preparing defenses against the “America First” policies of U.S. President Donald Trump. On Friday morning the European Commission, the EU’s executive arm, will begin putting a so-called blocking statute in place to shield European companies doing business with Iran from U.S. sanctions. It’s the first time in more than two decades that the measure is being invoked. The deepening rift in trans-Atlantic ties was the main takeaway from the Bulgarian capital of Sofia, where leaders rallied in defense of the rules-based international system and vowed to confront what EU President Donald Tusk called Trump’s “capricious assertiveness.” The EU agreed to throw its weight behind the Iran nuclear deal that Trump quit and pledged to suspend trade talks with Washington until the bloc is granted an unlimited exemption from his threatened steel and aluminum tariffs."
'via Blog this'
Fitch Says EM Is Vulnerable as Debt Balloons to $19 Trillion - Bloomberg
Fitch Says EM Is Vulnerable as Debt Balloons to $19 Trillion - Bloomberg:
"Debt levels that quadrupled in a decade have made emerging markets vulnerable to tightening financial conditions in the era of rising U.S. interest rates, Fitch Ratings said. Outstanding debt securities from developing nations have ballooned to $19 trillion from $5 trillion a decade earlier, the credit-rating company said in a report. Despite the development of local-currency bond markets, borrowers will be hobbled by higher external borrowing costs, a stronger dollar and slowdown of capital inflows, it said. Fitch estimates the Federal Reserve will raise rates at least six times by the end of next year."
'via Blog this'
"Debt levels that quadrupled in a decade have made emerging markets vulnerable to tightening financial conditions in the era of rising U.S. interest rates, Fitch Ratings said. Outstanding debt securities from developing nations have ballooned to $19 trillion from $5 trillion a decade earlier, the credit-rating company said in a report. Despite the development of local-currency bond markets, borrowers will be hobbled by higher external borrowing costs, a stronger dollar and slowdown of capital inflows, it said. Fitch estimates the Federal Reserve will raise rates at least six times by the end of next year."
'via Blog this'
Qatar and the Kushners: What to Watch For - Bloomberg
Qatar and the Kushners: What to Watch For - Bloomberg:
"As you may recall, the Kushner family owns a troubled skyscraper in Manhattan located at 666 Fifth Avenue. Jared Kushner bought the building in 2007 for a record-setting $1.8 billion, a lofty price that marked the young developer's entry into high-profile New York dealmaking while also threatening to strain his family's personal finances should the transaction not work out.
It didn't work out. Now, help is finally on the way. And suddenly it’s not just a story about a New York real estate deal, but one that raises questions about the commingling of private business interests with the public policy of the United States.
It begins with Kushner, who later became the son-in-law of President Donald Trump, in control of a building with low occupancy rates and not enough cash flow to comfortably manage payments on the buckets of debt he took on to buy it in the first place."
'via Blog this'
"As you may recall, the Kushner family owns a troubled skyscraper in Manhattan located at 666 Fifth Avenue. Jared Kushner bought the building in 2007 for a record-setting $1.8 billion, a lofty price that marked the young developer's entry into high-profile New York dealmaking while also threatening to strain his family's personal finances should the transaction not work out.
It didn't work out. Now, help is finally on the way. And suddenly it’s not just a story about a New York real estate deal, but one that raises questions about the commingling of private business interests with the public policy of the United States.
It begins with Kushner, who later became the son-in-law of President Donald Trump, in control of a building with low occupancy rates and not enough cash flow to comfortably manage payments on the buckets of debt he took on to buy it in the first place."
'via Blog this'
MIDEAST STOCKS-Saudi rebounds on strong oil prices, rest of Gulf down | ZAWYA MENA Edition
MIDEAST STOCKS-Saudi rebounds on strong oil prices, rest of Gulf down | ZAWYA MENA Edition:
"Higher oil prices helped Saudi Arabia's stock market to offset some of this week's losses on Thursday, though other Gulf markets were down as geopolitical concerns continued to weigh on investors in the region.
Trading activity was also slow because of the Muslim fasting month of Ramadan, traders said.
The Saudi index gained 0.7 percent as Brent crude futures LCOc1 hit $80 a barrel for the first time since November 2014 on concerns Iranian exports could fall, reducing supply in an already tightening market. "
'via Blog this'
"Higher oil prices helped Saudi Arabia's stock market to offset some of this week's losses on Thursday, though other Gulf markets were down as geopolitical concerns continued to weigh on investors in the region.
Trading activity was also slow because of the Muslim fasting month of Ramadan, traders said.
The Saudi index gained 0.7 percent as Brent crude futures LCOc1 hit $80 a barrel for the first time since November 2014 on concerns Iranian exports could fall, reducing supply in an already tightening market. "
'via Blog this'
Exclusive: Dubai Aerospace in talks to place huge order for 400 jets | Reuters
Exclusive: Dubai Aerospace in talks to place huge order for 400 jets | Reuters:
"Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, is in talks to buy a near-record total of 400 jetliners from Airbus and Boeing, its CEO told Reuters, in a $40 billion blowout that would match the order pipeline of rivals.
The move comes months after a leading U.S. airline investor orchestrated a record deal involving more than 400 planes from Airbus as economists project strong growth for air travel, led by the continued expansion of budget carriers.
Airbus and Boeing have sold thousands of the latest versions of their workhorse single-aisle jets in recent years, but the order cycle is slowing down. However, the boom has left long waiting times for jets for remaining potential buyers like DAE. "
'via Blog this'
"Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, is in talks to buy a near-record total of 400 jetliners from Airbus and Boeing, its CEO told Reuters, in a $40 billion blowout that would match the order pipeline of rivals.
The move comes months after a leading U.S. airline investor orchestrated a record deal involving more than 400 planes from Airbus as economists project strong growth for air travel, led by the continued expansion of budget carriers.
Airbus and Boeing have sold thousands of the latest versions of their workhorse single-aisle jets in recent years, but the order cycle is slowing down. However, the boom has left long waiting times for jets for remaining potential buyers like DAE. "
'via Blog this'
Dubai’s TECOM in talks to refinance, increase $1 bln loan -sources | Reuters
Dubai’s TECOM in talks to refinance, increase $1 bln loan -sources | Reuters:
"TECOM Group, a business park operator owned by Dubai Holding is considering refinancing and increasing the size of a loan of around $1 billion it raised in 2014, banking sources said.
The company borrowed 3.53 billion dirhams ($961 million) at the end of 2014 to back general corporate needs and new development plans.
It is now in talks with banks to refinance that facility and potentially increase it to 6 billion dirhams, as it seeks to take advantage of favourable local loan market conditions."
'via Blog this'
"TECOM Group, a business park operator owned by Dubai Holding is considering refinancing and increasing the size of a loan of around $1 billion it raised in 2014, banking sources said.
The company borrowed 3.53 billion dirhams ($961 million) at the end of 2014 to back general corporate needs and new development plans.
It is now in talks with banks to refinance that facility and potentially increase it to 6 billion dirhams, as it seeks to take advantage of favourable local loan market conditions."
'via Blog this'
Oil steady after retreating from 2014 highs on dollar strength | Reuters
Oil steady after retreating from 2014 highs on dollar strength | Reuters:
"Oil prices climbed above $80 a barrel on Thursday for the first time since November 2014, before retreating on a stronger dollar and climbing U.S. output to end unchanged.
A rapid slide in oil supply from Venezuela, concern that U.S. sanctions will disrupt exports from Iran, and falling global inventories have all combined to push oil prices up nearly 20 percent in 2018.
The U.S. dollar hit its highest level in four months against the yen JPY= as yields on benchmark U.S. government bonds hit a seven-year high."
'via Blog this'
"Oil prices climbed above $80 a barrel on Thursday for the first time since November 2014, before retreating on a stronger dollar and climbing U.S. output to end unchanged.
A rapid slide in oil supply from Venezuela, concern that U.S. sanctions will disrupt exports from Iran, and falling global inventories have all combined to push oil prices up nearly 20 percent in 2018.
The U.S. dollar hit its highest level in four months against the yen JPY= as yields on benchmark U.S. government bonds hit a seven-year high."
'via Blog this'
Oil Rises to $80 a Barrel in London for First Time Since 2014 - Bloomberg
Oil Rises to $80 a Barrel in London for First Time Since 2014 - Bloomberg:
"Oil rose to $80 a barrel in London for the first time since 2014 as U.S. crude inventories fell and traders braced for the impact of renewed sanctions on OPEC member Iran.
Brent futures added as much as 1.1 percent to $80.18 on Thursday. U.S. crude stockpiles slipped for a second week as the summer driving season approaches, government data showed on Wednesday. Goldman Sachs Group Inc. said America’s surging shale output won’t be able to replace the potential drop in Iranian oil shipments after the U.S. reimposed sanctions on OPEC’s third-largest producer.
Crude has rallied this month to the highest level in more than three years after U.S. President Donald Trump withdrew from a 2015 pact between Iran and world powers that had eased sanctions on the Islamic Republic in exchange for curbs on its nuclear program. While the International Energy Agency said a global glut’s been eliminated thanks to output curbs by OPEC, it warned high prices may hurt consumption and cut forecasts for demand growth."
'via Blog this'
"Oil rose to $80 a barrel in London for the first time since 2014 as U.S. crude inventories fell and traders braced for the impact of renewed sanctions on OPEC member Iran.
Brent futures added as much as 1.1 percent to $80.18 on Thursday. U.S. crude stockpiles slipped for a second week as the summer driving season approaches, government data showed on Wednesday. Goldman Sachs Group Inc. said America’s surging shale output won’t be able to replace the potential drop in Iranian oil shipments after the U.S. reimposed sanctions on OPEC’s third-largest producer.
Crude has rallied this month to the highest level in more than three years after U.S. President Donald Trump withdrew from a 2015 pact between Iran and world powers that had eased sanctions on the Islamic Republic in exchange for curbs on its nuclear program. While the International Energy Agency said a global glut’s been eliminated thanks to output curbs by OPEC, it warned high prices may hurt consumption and cut forecasts for demand growth."
'via Blog this'
EU firms will make their own call on Iran business: Macron | Reuters
EU firms will make their own call on Iran business: Macron | Reuters:
"French President Emmanuel Macron said on Thursday Europe would try to protect its companies doing business with Iran from U.S. sanctions, reimposed over Tehran’s nuclear program, but said giants like Total would make their own choices.
Macron spoke as the world’s largest container shipping firm, A.P. Moller-Maersk, followed the French oil major in saying it would quit Iran, denting EU efforts to save the nuclear accord with Tehran and protect European companies doing business with the Islamic Republic.
“International companies with interests in many countries make their own choices according to their own interests. They should continue to have this freedom,” he said on arriving for a second day of EU leaders’ talks in the Bulgarian capital. "
'via Blog this'
"French President Emmanuel Macron said on Thursday Europe would try to protect its companies doing business with Iran from U.S. sanctions, reimposed over Tehran’s nuclear program, but said giants like Total would make their own choices.
Macron spoke as the world’s largest container shipping firm, A.P. Moller-Maersk, followed the French oil major in saying it would quit Iran, denting EU efforts to save the nuclear accord with Tehran and protect European companies doing business with the Islamic Republic.
“International companies with interests in many countries make their own choices according to their own interests. They should continue to have this freedom,” he said on arriving for a second day of EU leaders’ talks in the Bulgarian capital. "
'via Blog this'
S&P Dow Jones may lift Saudi Arabia to emerging market status | Reuters
S&P Dow Jones may lift Saudi Arabia to emerging market status | Reuters:
"Equity index compiler S&P Dow Jones said it was consulting investors on whether to upgrade Saudi Arabia to emerging market status, a new sign of growing interest in the kingdom among global fund managers.
An upgrade by S&P Dow Jones could draw more foreign money to the Saudi stock market, although considerably less than the amounts linked to similar upgrades by MSCI and FTSE Russell, fund managers believe.
S&P Dow Jones has been considering a Saudi upgrade for several years but decided against one last year because of limited market access for foreign investors. The kingdom is currently ranked as a “stand-alone country”."
'via Blog this'
"Equity index compiler S&P Dow Jones said it was consulting investors on whether to upgrade Saudi Arabia to emerging market status, a new sign of growing interest in the kingdom among global fund managers.
An upgrade by S&P Dow Jones could draw more foreign money to the Saudi stock market, although considerably less than the amounts linked to similar upgrades by MSCI and FTSE Russell, fund managers believe.
S&P Dow Jones has been considering a Saudi upgrade for several years but decided against one last year because of limited market access for foreign investors. The kingdom is currently ranked as a “stand-alone country”."
'via Blog this'
MIDEAST STOCKS-Gulf largely ignores high oil prices; Alawwal Bank rises again | Reuters
MIDEAST STOCKS-Gulf largely ignores high oil prices; Alawwal Bank rises again | Reuters:
"Saudi Arabia and other Gulf markets failed to reflect strength in oil prices on Thursday, with geopolitics continuing to weigh on investor sentiment, though Saudi bank Alawwal soared again on its merger plans.
Investor activity was also slow because of the Muslim fasting month of Ramadan, traders said.
The Saudi index edged up by only 0.1 percent despite Brent crude futures moving ever closer to $80 a barrel, their highest since 2014, as supplies tighten and demand remains strong."
'via Blog this'
"Saudi Arabia and other Gulf markets failed to reflect strength in oil prices on Thursday, with geopolitics continuing to weigh on investor sentiment, though Saudi bank Alawwal soared again on its merger plans.
Investor activity was also slow because of the Muslim fasting month of Ramadan, traders said.
The Saudi index edged up by only 0.1 percent despite Brent crude futures moving ever closer to $80 a barrel, their highest since 2014, as supplies tighten and demand remains strong."
'via Blog this'
Commercial Bank of Qatar starts marketing first public bond since Gulf rift | Reuters
Commercial Bank of Qatar starts marketing first public bond since Gulf rift | Reuters:
"Commercial Bank of Qatar has given initial price guidance in the area of 237.5 basis points over mid-swaps for a planned U.S. dollar-denominated bond issue, a document by one of the banks leading the deal showed.
Should it reach completion, the deal 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.
BofA Merrill Lynch, Al Khaliji, Barclays, QNB Capital, Standard Chartered Bank and Wells Fargo are arranging the transaction."
'via Blog this'
"Commercial Bank of Qatar has given initial price guidance in the area of 237.5 basis points over mid-swaps for a planned U.S. dollar-denominated bond issue, a document by one of the banks leading the deal showed.
Should it reach completion, the deal 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.
BofA Merrill Lynch, Al Khaliji, Barclays, QNB Capital, Standard Chartered Bank and Wells Fargo are arranging the transaction."
'via Blog this'
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