Malaysia's 1MDB unable to repay debts; finance ministry picks PwC for audit | ZAWYA MENA Edition:
"Malaysia's newly appointed finance minister has asked for PricewaterhouseCoopers (PwC) to be appointed as auditors for scandal-hit state fund 1Malaysia Development Berhad (1MDB), he said on Wednesday.
1MDB is the subject of money laundering investigations in at least six countries, including the United States, Switzerland and Singapore.
Lim Guan Eng made the announcement in a statement issued after a meeting with some 1MDB directors and the fund's president, Arul Kanda."
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Wednesday 23 May 2018
No compromise in sight on Iran nuclear deal, Germany says | Reuters
No compromise in sight on Iran nuclear deal, Germany says | Reuters:
"Europe and the United States remain deeply divided over how to proceed after Washington’s exit from the 2015 Iran nuclear accord, German Foreign Minister Heiko Maas said on Wednesday after back-to-back meetings with two senior U.S. officials.
Maas issued his sober assessment after a meeting with Secretary of State Mike Pompeo, saying the two officials had restated their known positions, but no new information emerged.
“I think we’re still far away from a compromise,” said Maas, who met earlier with John Bolton, U.S. President Donald Trump’s new security adviser, who is known for his hawkish views. “We’re pursuing two completely different paths.”
"
'via Blog this'
"Europe and the United States remain deeply divided over how to proceed after Washington’s exit from the 2015 Iran nuclear accord, German Foreign Minister Heiko Maas said on Wednesday after back-to-back meetings with two senior U.S. officials.
Maas issued his sober assessment after a meeting with Secretary of State Mike Pompeo, saying the two officials had restated their known positions, but no new information emerged.
“I think we’re still far away from a compromise,” said Maas, who met earlier with John Bolton, U.S. President Donald Trump’s new security adviser, who is known for his hawkish views. “We’re pursuing two completely different paths.”
"
'via Blog this'
Japan's Osaka Gas may sign new long-term LNG supplies to boost trading | Reuters
Japan's Osaka Gas may sign new long-term LNG supplies to boost trading | Reuters:
"Osaka Gas may sign new long-term liquefied natural gas (LNG) contracts as Japan’s second-biggest city gas supplier boosts its trading operations amid a shake-up in the Asian market for the fuel, a senior official said.
The comment signals there may be a willing buyer of long-term supplies in Japan, where utilities have been spurning such contracts because of a ready availability of the fuel on a short-term, or spot, basis, excess supplies and falling demand.
The resistance to long-term contracts among buyers in Japan, the world’s biggest importer of LNG, in recent years has been one factor for a dearth of new big export projects coming online, as developers need commitments over many years."
'via Blog this'
"Osaka Gas may sign new long-term liquefied natural gas (LNG) contracts as Japan’s second-biggest city gas supplier boosts its trading operations amid a shake-up in the Asian market for the fuel, a senior official said.
The comment signals there may be a willing buyer of long-term supplies in Japan, where utilities have been spurning such contracts because of a ready availability of the fuel on a short-term, or spot, basis, excess supplies and falling demand.
The resistance to long-term contracts among buyers in Japan, the world’s biggest importer of LNG, in recent years has been one factor for a dearth of new big export projects coming online, as developers need commitments over many years."
'via Blog this'
TPG in talks with Abraaj investors to manage healthcare fund assets -sources | Reuters
TPG in talks with Abraaj investors to manage healthcare fund assets -sources | Reuters:
"U.S. private equity firm TPG is in talks with investors in Abraaj’s healthcare fund to take over management of the assets of the $1 billion fund, which is embroiled in a scandal over alleged misuse of investor money, two sources familiar with the matter said.
These talks are separate from an ongoing sale process for Abraaj Investment Management Ltd (AIML), which has attracted bidders including Colony Northstar.
The talks come after Abraaj indicated it may step down as the manager of the fund following a dispute over how the Dubai-based private equity firm used the money of some of its investors, including the Bill & Melinda Gates Foundation and International Finance Corp (IFC), a member of World Bank Group."
'via Blog this'
"U.S. private equity firm TPG is in talks with investors in Abraaj’s healthcare fund to take over management of the assets of the $1 billion fund, which is embroiled in a scandal over alleged misuse of investor money, two sources familiar with the matter said.
These talks are separate from an ongoing sale process for Abraaj Investment Management Ltd (AIML), which has attracted bidders including Colony Northstar.
The talks come after Abraaj indicated it may step down as the manager of the fund following a dispute over how the Dubai-based private equity firm used the money of some of its investors, including the Bill & Melinda Gates Foundation and International Finance Corp (IFC), a member of World Bank Group."
'via Blog this'
Kuwait Petroleum plans $2.6 bln loan for LNG terminal -sources | Reuters
Kuwait Petroleum plans $2.6 bln loan for LNG terminal -sources | Reuters:
"A Kuwait Petroleum Corporation-owned firm plans to borrow up to $2.6 billion from banks and export credit agencies to build a liquefied natural gas import terminal, banking sources said.
Kuwait Integrated Petroleum Industries Company (KIPIC) will use the money raised to develop the terminal at Kuwait’s Al Zour complex, which also has a refinery and a petrochemical facility.
KPC did not respond to requests for comment on the planned loan for the LNG facility, which will be used to meet domestic demand for gas and is expected to be operating by 2020."
'via Blog this'
"A Kuwait Petroleum Corporation-owned firm plans to borrow up to $2.6 billion from banks and export credit agencies to build a liquefied natural gas import terminal, banking sources said.
Kuwait Integrated Petroleum Industries Company (KIPIC) will use the money raised to develop the terminal at Kuwait’s Al Zour complex, which also has a refinery and a petrochemical facility.
KPC did not respond to requests for comment on the planned loan for the LNG facility, which will be used to meet domestic demand for gas and is expected to be operating by 2020."
'via Blog this'
Cost of insuring Bahrain's debt jumps as deficit jitters increase | Reuters
Cost of insuring Bahrain's debt jumps as deficit jitters increase | Reuters:
"The cost of insuring Bahrain’s sovereign debt against default has jumped to near multi-year highs this week because of concern the country will lose access to international capital markets, bankers and debt traders said on Wednesday.
Bahrain credit default swaps soared to a 19-month high of 380 basis points on Tuesday from 283 bps at the end of April. On Wednesday, CDS pulled back slightly to 367 bps, implying a 23 percent chance of default in the next five years.
Their previous peak of 405 bps was reached in February 2016, when oil prices below $35 a barrel threatened Gulf economies. Oil is now around $80, but that is not easing worries about Bahrain."
'via Blog this'
"The cost of insuring Bahrain’s sovereign debt against default has jumped to near multi-year highs this week because of concern the country will lose access to international capital markets, bankers and debt traders said on Wednesday.
Bahrain credit default swaps soared to a 19-month high of 380 basis points on Tuesday from 283 bps at the end of April. On Wednesday, CDS pulled back slightly to 367 bps, implying a 23 percent chance of default in the next five years.
Their previous peak of 405 bps was reached in February 2016, when oil prices below $35 a barrel threatened Gulf economies. Oil is now around $80, but that is not easing worries about Bahrain."
'via Blog this'
IMF urges Saudi not to boost spending as oil rises as reforms progress | Reuters
IMF urges Saudi not to boost spending as oil rises as reforms progress | Reuters:
"Saudi Arabia’s economic reforms are going well, the International Monetary Fund said after annual consultations with authorities, urging the government not to boost spending in line with climbing oil prices.
“Saudi Arabia is making good progress in implementing its ambitious reform program under Vision 2030,” Tim Callen, head of an IMF team which held talks with Saudi officials over 12 days this month, said in a statement late on Tuesday.
He predicted economic growth would start picking up this year, after gross domestic product shrank last year for the first time since 2009. "
'via Blog this'
"Saudi Arabia’s economic reforms are going well, the International Monetary Fund said after annual consultations with authorities, urging the government not to boost spending in line with climbing oil prices.
“Saudi Arabia is making good progress in implementing its ambitious reform program under Vision 2030,” Tim Callen, head of an IMF team which held talks with Saudi officials over 12 days this month, said in a statement late on Tuesday.
He predicted economic growth would start picking up this year, after gross domestic product shrank last year for the first time since 2009. "
'via Blog this'
Pakistan hires UAE banks to raise $200 million loan | Reuters
Pakistan hires UAE banks to raise $200 million loan | Reuters:
"The government of Pakistan is raising a $200 million syndicated loan with three United Arab Emirates (UAE) banks, banking sources familiar with the matter said, as Islamabad clings to external funding to stave off the pressure of balance payments. The loan, with a one-year maturity, is being arranged by Commercial Bank of Dubai, Emirates NBD, and Noor Bank, said the sources. Pakistan needs to raise funds to offset a drop in international reserves and to fill a fiscal deficit which the International Monetary Fund estimates at 5.5 percent of gross domestic product this year."
'via Blog this'
"The government of Pakistan is raising a $200 million syndicated loan with three United Arab Emirates (UAE) banks, banking sources familiar with the matter said, as Islamabad clings to external funding to stave off the pressure of balance payments. The loan, with a one-year maturity, is being arranged by Commercial Bank of Dubai, Emirates NBD, and Noor Bank, said the sources. Pakistan needs to raise funds to offset a drop in international reserves and to fill a fiscal deficit which the International Monetary Fund estimates at 5.5 percent of gross domestic product this year."
'via Blog this'
MIDEAST STOCKS-Dubai market down on profit taking, other markets mixed | Reuters
MIDEAST STOCKS-Dubai market down on profit taking, other markets mixed | Reuters:
"The Dubai market closed lower on Wednesday, ending a two-day rally as investors took profit on a select number of stocks, while blue chips led by Jabal Omar pushed the Saudi market into weaker territory. Other markets were slightly higher, but volumes were generally low during the Muslim fasting month of Ramadan. The Saudi index was down 0.1 percent, with 98 declining stocks out of 181 stocks traded during the session."
'via Blog this'
"The Dubai market closed lower on Wednesday, ending a two-day rally as investors took profit on a select number of stocks, while blue chips led by Jabal Omar pushed the Saudi market into weaker territory. Other markets were slightly higher, but volumes were generally low during the Muslim fasting month of Ramadan. The Saudi index was down 0.1 percent, with 98 declining stocks out of 181 stocks traded during the session."
'via Blog this'
Emirates NBD's Turkish deal riskier than it looks | ZAWYA MENA Edition
Emirates NBD's Turkish deal riskier than it looks | ZAWYA MENA Edition:
" Emirates NBD is making a virtue out of Turkish turbulence. The United Arab Emirates lender has agreed to pay Russia’s Sberbank 14.6 billion lira ($3.2 billion) for Istanbul-based Denizbank. In the long term, NBD should benefit from diversification and increased trade between Turkey and the Arab world. Right now, erratic politics and economic decline mean it is by no means a bargain.
Sberbank, Russia’s largest bank by assets, bought Turkey’s fifth-largest bank by assets in 2012 signaling intentions to expand abroad. Western sanctions have halted all that. Morgan Stanley reckons Sberbank breaks even, but can also reallocate capital to Russia, where it makes a return on equity exceeding 20 percent.
NBD is paying a small premium to Denizbank’s 2017 book value. That looks cheap given Denizbank made a 15 percent and 13 percent return on equity over the last two years respectively, and acquisitions of fast-growing emerging markets lenders are often done at multiples of book. NBD also advances its strategy – roughly 30 percent of group revenue will now be overseas – and can link local clients doing business in Turkey into a network stretching via Dubai into Saudi Arabia, Egypt and India."
'via Blog this'
" Emirates NBD is making a virtue out of Turkish turbulence. The United Arab Emirates lender has agreed to pay Russia’s Sberbank 14.6 billion lira ($3.2 billion) for Istanbul-based Denizbank. In the long term, NBD should benefit from diversification and increased trade between Turkey and the Arab world. Right now, erratic politics and economic decline mean it is by no means a bargain.
Sberbank, Russia’s largest bank by assets, bought Turkey’s fifth-largest bank by assets in 2012 signaling intentions to expand abroad. Western sanctions have halted all that. Morgan Stanley reckons Sberbank breaks even, but can also reallocate capital to Russia, where it makes a return on equity exceeding 20 percent.
NBD is paying a small premium to Denizbank’s 2017 book value. That looks cheap given Denizbank made a 15 percent and 13 percent return on equity over the last two years respectively, and acquisitions of fast-growing emerging markets lenders are often done at multiples of book. NBD also advances its strategy – roughly 30 percent of group revenue will now be overseas – and can link local clients doing business in Turkey into a network stretching via Dubai into Saudi Arabia, Egypt and India."
'via Blog this'
Public sector investor assets surge 7.3 percent to $36 trillion, biggest jump in 5 years | Reuters
Public sector investor assets surge 7.3 percent to $36 trillion, biggest jump in 5 years | Reuters:
"Public sector investor assets surged $2.5 trillion or 7.3 percent in 2017 to $36.2 trillion, the biggest jump in five years, an annual report showed on Wednesday, helped by stellar equity market gains and a gold price rise. The Official Monetary and Financial Institutions Forum (OMFIF) tracks the assets of 750 institutional investors such as central banks, sovereign wealth funds (SWFs) and public sector pension funds and ranks them by size in its Global Public Investor report. In this year’s report, OMFIF noted that one-fifth of the $2.5 trillion rise was concentrated in four institutions - Norges Bank Investment Management, the People’s Bank of China (PBOC), the Swiss National Bank and Japan’s Government Pension Investment Fund."
'via Blog this'
"Public sector investor assets surged $2.5 trillion or 7.3 percent in 2017 to $36.2 trillion, the biggest jump in five years, an annual report showed on Wednesday, helped by stellar equity market gains and a gold price rise. The Official Monetary and Financial Institutions Forum (OMFIF) tracks the assets of 750 institutional investors such as central banks, sovereign wealth funds (SWFs) and public sector pension funds and ranks them by size in its Global Public Investor report. In this year’s report, OMFIF noted that one-fifth of the $2.5 trillion rise was concentrated in four institutions - Norges Bank Investment Management, the People’s Bank of China (PBOC), the Swiss National Bank and Japan’s Government Pension Investment Fund."
'via Blog this'
IMF urges Saudi not to boost spending as oil rises as reforms progress | Reuters
IMF urges Saudi not to boost spending as oil rises as reforms progress | Reuters:
"Saudi Arabia’s economic reforms are going well, the International Monetary Fund said after annual consultations with authorities, urging the government not to boost spending in line with climbing oil prices.
“Saudi Arabia is making good progress in implementing its ambitious reform program under Vision 2030,” Tim Callen, head of an IMF team which held talks with Saudi officials over 12 days this month, said in a statement late on Tuesday.
He predicted economic growth would start picking up this year, after gross domestic product shrank last year for the first time since 2009.
"
'via Blog this'
"Saudi Arabia’s economic reforms are going well, the International Monetary Fund said after annual consultations with authorities, urging the government not to boost spending in line with climbing oil prices.
“Saudi Arabia is making good progress in implementing its ambitious reform program under Vision 2030,” Tim Callen, head of an IMF team which held talks with Saudi officials over 12 days this month, said in a statement late on Tuesday.
He predicted economic growth would start picking up this year, after gross domestic product shrank last year for the first time since 2009.
"
'via Blog this'
MIDEAST STOCKS-Dubai markets flat after 2-day rally, SABIC pulls Saudi down | Reuters
MIDEAST STOCKS-Dubai markets flat after 2-day rally, SABIC pulls Saudi down | Reuters:
"Dubai markets edged lower in early trading on Wednesday as investors took profit from a two-day rally, while petrochemical stocks took a hit from easing oil prices and pushed the Saudi market into a weaker territory. Other markets were slightly higher, but volumes were generally low during the Muslim fasting month of Ramadan. The Saudi index was down 0.2 percent, with 63 declining stocks out of 124 stocks being traded."
'via Blog this'
"Dubai markets edged lower in early trading on Wednesday as investors took profit from a two-day rally, while petrochemical stocks took a hit from easing oil prices and pushed the Saudi market into a weaker territory. Other markets were slightly higher, but volumes were generally low during the Muslim fasting month of Ramadan. The Saudi index was down 0.2 percent, with 63 declining stocks out of 124 stocks being traded."
'via Blog this'
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