28 jailed for Dh635-million bank swindle in Abu Dhabi | GulfNews.com:
"The Abu Dhabi Criminal Court on Wednesday found 28 defendants guilty of the embezzlement of Dh635 million from an Abu Dhabi bank and awarded them jail terms ranging from one year to 15 years.
They were convicted of carrying out fraudulent activities and misappropriating the huge amount on different occasions from the bank.
The court ordered the convicts to pay back Dh9 million, which the bank has not been able to recover yet."
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Wednesday, 30 May 2018
OECD highlights low Saudi corporate debt, but risks for Turkey
OECD highlights low Saudi corporate debt, but risks for Turkey:
"Saudi non-banking corporates have one of the lowest borrowing levels among the G-20 countries, according to the OECD’s latest global economic outlook. The report also showed that Turkey had the most foreign-denominated debt within the G-20, heaping pressure on President Recep Erdogan ahead of elections. But the next two years looked promising for global GDP growth running at its long-term average of about 4 percent, while world trade levels had recovered since the financial crisis. Unemployment within OECD countries was expected to drop to its lowest since 1980, although measures should be undertaken “to bring more people into the workforce.”"
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"Saudi non-banking corporates have one of the lowest borrowing levels among the G-20 countries, according to the OECD’s latest global economic outlook. The report also showed that Turkey had the most foreign-denominated debt within the G-20, heaping pressure on President Recep Erdogan ahead of elections. But the next two years looked promising for global GDP growth running at its long-term average of about 4 percent, while world trade levels had recovered since the financial crisis. Unemployment within OECD countries was expected to drop to its lowest since 1980, although measures should be undertaken “to bring more people into the workforce.”"
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Shale Surge Crashes Into Bottlenecks From Pipelines to Ports - Bloomberg
Shale Surge Crashes Into Bottlenecks From Pipelines to Ports - Bloomberg:
"The U.S. shale surge is crashing headlong into a barrage of bottlenecks. From West Texas pipelines to Oklahoma storage centers and Gulf Coast export terminals, the delivery system for American crude is straining to keep up with soaring production. That’s limiting the industry’s ability to take full advantage of growing worldwide demand, with U.S. barrels forced to take an a $9-a-barrel price discount to international crude. Barclays Plc analysts on Tuesday predicted “a new shock" for energy markets as a dearth of pipeline capacity near a key Oklahoma storage hub threatens the flow of oil. Pipeline shortages in Texas’ Permian basin, meanwhile, may not clear until late 2019. The problems undercut hopes American output will stabilize global prices as crude from Venezuela and Iran is increasingly at risk."
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"The U.S. shale surge is crashing headlong into a barrage of bottlenecks. From West Texas pipelines to Oklahoma storage centers and Gulf Coast export terminals, the delivery system for American crude is straining to keep up with soaring production. That’s limiting the industry’s ability to take full advantage of growing worldwide demand, with U.S. barrels forced to take an a $9-a-barrel price discount to international crude. Barclays Plc analysts on Tuesday predicted “a new shock" for energy markets as a dearth of pipeline capacity near a key Oklahoma storage hub threatens the flow of oil. Pipeline shortages in Texas’ Permian basin, meanwhile, may not clear until late 2019. The problems undercut hopes American output will stabilize global prices as crude from Venezuela and Iran is increasingly at risk."
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Two senior executives resign from Abraaj | ZAWYA MENA Edition
Two senior executives resign from Abraaj | ZAWYA MENA Edition:
"The departures come mere months following their appointment as part of the private-equity firm’s restructure
Two more senior executives at private-equity firm Abraaj Group have resigned in recent days, people familiar with the matter said, piling new pressure on the embattled former star of Dubai's financial centre, according to Private Equity News.
Bisher Barazi, the Chief Financial Officer of Abraaj's private-equity unit, and Matthew McGuire, the unit's Chief Operating Officer, resigned mere months after they were appointed to their respective roles as part of a wider reorganisation that saw the firm's founder and CEO Arif Naqvi step back from the day-to-day running of the private-equity business."
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"The departures come mere months following their appointment as part of the private-equity firm’s restructure
Two more senior executives at private-equity firm Abraaj Group have resigned in recent days, people familiar with the matter said, piling new pressure on the embattled former star of Dubai's financial centre, according to Private Equity News.
Bisher Barazi, the Chief Financial Officer of Abraaj's private-equity unit, and Matthew McGuire, the unit's Chief Operating Officer, resigned mere months after they were appointed to their respective roles as part of a wider reorganisation that saw the firm's founder and CEO Arif Naqvi step back from the day-to-day running of the private-equity business."
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How ‘Insolvent’ 1MDB's Debt Stacks Up and Who's Saddled With It - Bloomberg
How ‘Insolvent’ 1MDB's Debt Stacks Up and Who's Saddled With It - Bloomberg:
"Malaysia’s scandal-plagued state investment fund 1MDB has a 143.75 million ringgit ($36 million) bond coupon payment that may still be due this month. With the company unable to repay debt, the government has said it will honor 1MDB’s obligations as it had done since April 2017. This is what you need to know about 1MDB’s path to insolvency, the debt commitments that the government’s earmarked 38 billion ringgit for, and who else could be saddled with payments."
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"Malaysia’s scandal-plagued state investment fund 1MDB has a 143.75 million ringgit ($36 million) bond coupon payment that may still be due this month. With the company unable to repay debt, the government has said it will honor 1MDB’s obligations as it had done since April 2017. This is what you need to know about 1MDB’s path to insolvency, the debt commitments that the government’s earmarked 38 billion ringgit for, and who else could be saddled with payments."
'via Blog this'
Dubai Aerospace says sold 16 aircraft worth $900 million | Reuters
Dubai Aerospace says sold 16 aircraft worth $900 million | Reuters:
"Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, said on Wednesday it had signed three agreements to sell 16 aircraft worth $900 million.
Proceeds of the sale would be used to pay down debt and to support growth plans, DAE Chief Executive Firoz Tarapore said in a statement, which did not disclose who was buying the aircraft.
The agreements, which include Boeing 737 and Airbus A320, A330, and A350 aircraft, are expected to close in the second half of the year, the statement said."
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"Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, said on Wednesday it had signed three agreements to sell 16 aircraft worth $900 million.
Proceeds of the sale would be used to pay down debt and to support growth plans, DAE Chief Executive Firoz Tarapore said in a statement, which did not disclose who was buying the aircraft.
The agreements, which include Boeing 737 and Airbus A320, A330, and A350 aircraft, are expected to close in the second half of the year, the statement said."
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Deutsche Bank looking to sell stake in Dubai-based Abraaj: sources | Reuters
Deutsche Bank looking to sell stake in Dubai-based Abraaj: sources | Reuters:
"Deutsche Bank (DBKGn.DE) is looking to sell its small stake in Dubai-based Abraaj, the embattled private equity firm involved in a row over alleged misuse of investor money, two sources familiar with the matter said.
The potential sale, which the German bank has been considering for some time, has become more urgent since Abraaj, the Middle East and Africa’s biggest private equity fund, has been locked in a dispute with investors, said the sources.
Deutsche, which is undergoing a restructuring and said last week it plans to cut at least 7,000 jobs worldwide, has an 8.8 percent stake in Abraaj Holdings, according to the bank’s latest annual report. "
'via Blog this'
"Deutsche Bank (DBKGn.DE) is looking to sell its small stake in Dubai-based Abraaj, the embattled private equity firm involved in a row over alleged misuse of investor money, two sources familiar with the matter said.
The potential sale, which the German bank has been considering for some time, has become more urgent since Abraaj, the Middle East and Africa’s biggest private equity fund, has been locked in a dispute with investors, said the sources.
Deutsche, which is undergoing a restructuring and said last week it plans to cut at least 7,000 jobs worldwide, has an 8.8 percent stake in Abraaj Holdings, according to the bank’s latest annual report. "
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Dubai cancels corporate fines in fresh effort to boost business | Reuters
Dubai cancels corporate fines in fresh effort to boost business | Reuters:
"Dubai is exempting companies from administrative fines in a fresh effort to stimulate business, which has been dampened by new taxes and slumping asset markets. A decree by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum cancels fines imposed by the Department of Economic Development through the end of 2018, the DED said on Tuesday. It levies over 60 different fines for commercial violations, some worth thousands of dollars. “This decree is a positive step in promoting economic growth and consolidating Dubai’s position as one of the important commercial and economic centres internationally,” said Omar Bushahab, head of the DED’s business registration section."
'via Blog this'
"Dubai is exempting companies from administrative fines in a fresh effort to stimulate business, which has been dampened by new taxes and slumping asset markets. A decree by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum cancels fines imposed by the Department of Economic Development through the end of 2018, the DED said on Tuesday. It levies over 60 different fines for commercial violations, some worth thousands of dollars. “This decree is a positive step in promoting economic growth and consolidating Dubai’s position as one of the important commercial and economic centres internationally,” said Omar Bushahab, head of the DED’s business registration section."
'via Blog this'
Oil climbs more than two percent as tight supplies in focus | Reuters
Oil climbs more than two percent as tight supplies in focus | Reuters:
"Oil prices climbed on Wednesday, supported by tight supplies, forecasts of a drawdown in U.S. crude inventories, and a weaker dollar.
Brent LCOc1 rose $1.98, or 2.6 percent, to $77.37 a barrel by 11:52 a.m. EDT (1552 GMT). U.S. crude CLc1 gained $1.62, or 2.4 percent, to $68.35.
Oil has been pressured by reports that the Organization of the Petroleum Exporting Countries (OPEC) and Russia may ease up on output cuts that have been in place since January 2017. The supply reductions have driven down global inventories and boosted prices, with global benchmark Brent crude reaching a 3-1/2-year high of $80.50 a barrel on May 17."
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"Oil prices climbed on Wednesday, supported by tight supplies, forecasts of a drawdown in U.S. crude inventories, and a weaker dollar.
Brent LCOc1 rose $1.98, or 2.6 percent, to $77.37 a barrel by 11:52 a.m. EDT (1552 GMT). U.S. crude CLc1 gained $1.62, or 2.4 percent, to $68.35.
Oil has been pressured by reports that the Organization of the Petroleum Exporting Countries (OPEC) and Russia may ease up on output cuts that have been in place since January 2017. The supply reductions have driven down global inventories and boosted prices, with global benchmark Brent crude reaching a 3-1/2-year high of $80.50 a barrel on May 17."
'via Blog this'
MIDEAST STOCKS-Qatar leads Gulf down in quiet trade, QNB retreats from high | Reuters
MIDEAST STOCKS-Qatar leads Gulf down in quiet trade, QNB retreats from high | Reuters:
"Gulf stock markets mostly dropped on Wednesday in modest volumes, led by Qatar, where top lender Qatar National Bank (QNB) and several other blue-chips fell sharply on profit-taking. Qatar’s index lost 2.3 percent as Qatar Islamic Bank (QIB) fell 4.7 percent in heavy trade; its unit QInvest reported first-quarter net profit of 1.7 million riyals, down from 15 million riyals a year ago. QNB, which had on Tuesday surged to its highest level since December 2014, fell back 2.1 percent in heavy volume. Qatar Electricity and Water declined 4.1 percent and heavyweight Industries Qatar ended 3.9 percent lower."
'via Blog this'
"Gulf stock markets mostly dropped on Wednesday in modest volumes, led by Qatar, where top lender Qatar National Bank (QNB) and several other blue-chips fell sharply on profit-taking. Qatar’s index lost 2.3 percent as Qatar Islamic Bank (QIB) fell 4.7 percent in heavy trade; its unit QInvest reported first-quarter net profit of 1.7 million riyals, down from 15 million riyals a year ago. QNB, which had on Tuesday surged to its highest level since December 2014, fell back 2.1 percent in heavy volume. Qatar Electricity and Water declined 4.1 percent and heavyweight Industries Qatar ended 3.9 percent lower."
'via Blog this'
MIDEAST STOCKS-Qatar falls as blue chip banks give up recent gains | Reuters
MIDEAST STOCKS-Qatar falls as blue chip banks give up recent gains | Reuters:
"Qatari stocks fell on Wednesday, weighed down by Qatar National Bank (QNB) and Qatar Islamic Bank, while other Gulf markets were mixed The Qatar index was trading 1.8 percent lower as blue-chip stock Qatar National Bank fell 3.5 percent, giving up some of the recent gains driven by a 7 percent rise in first-quarter net profit, helped by rapid loan growth. Other index heavyweights Qatar Islamic Bank and Industries Qatar were down 2.5 percent and 2.9 percent, respectively. The Qatari index is nevertheless up 4.7 percent so far this year."
'via Blog this'
"Qatari stocks fell on Wednesday, weighed down by Qatar National Bank (QNB) and Qatar Islamic Bank, while other Gulf markets were mixed The Qatar index was trading 1.8 percent lower as blue-chip stock Qatar National Bank fell 3.5 percent, giving up some of the recent gains driven by a 7 percent rise in first-quarter net profit, helped by rapid loan growth. Other index heavyweights Qatar Islamic Bank and Industries Qatar were down 2.5 percent and 2.9 percent, respectively. The Qatari index is nevertheless up 4.7 percent so far this year."
'via Blog this'
Oil prices steady after shake-out on supply worries | Reuters
Oil prices steady after shake-out on supply worries | Reuters:
"Oil prices steadied on Wednesday after falling steeply in recent days on concerns that Saudi Arabia and Russia will pump more crude in the second half of the year in response to falling global crude inventories and rising consumer prices.
Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.
Brent crude LCOc1 clawed back early losses to be up 1 cent at $75.40 a barrel by 0619 GMT, after trading as low as $74.81 a barrel. "
'via Blog this'
"Oil prices steadied on Wednesday after falling steeply in recent days on concerns that Saudi Arabia and Russia will pump more crude in the second half of the year in response to falling global crude inventories and rising consumer prices.
Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.
Brent crude LCOc1 clawed back early losses to be up 1 cent at $75.40 a barrel by 0619 GMT, after trading as low as $74.81 a barrel. "
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