Aircraft magnate accused of ‘secret plot’ to smear RAK ruler - The National:
A US-Iranian aviation executive allegedly plotted to secretly involve Latin American drug cartels in the business affairs of Ras Al Khaimah as part of a sophisticated campaign to smear the emirate’s ruler, a London court has heard.
Farhad Azima, 75, a veteran businessman and fixer, is accused of devising plans for scams, frauds and to “manufacture dissent” to denigrate Sheikh Saud Bin Saqr Al Qasimi as part of a multi-million dollar legal dispute, according to court documents.
The vendetta is strongly denied by Mr Azima whose lawyers said he was “absolutely gutted” about allegations made against him.
Wednesday, 18 July 2018
Moody’s upgraded outlook of Doha Bank reflects view that Qatar can withstand challenges, says CEO
Moody’s upgraded outlook of Doha Bank reflects view that Qatar can withstand challenges, says CEO:
Global credit rating agency Moody’s has upgraded the outlook of Doha Bank to “stable” and affirmed the long-term issuer default ratings (IDR) at ‘Aa3’.
The upgrade to stable, follows the revision of the Qatari sovereign’s outlook to stable and affirmation of the country’s long-term issuer and foreign-currency senior unsecured debt ratings at ‘Aa3’, and reflects Moody’s view that Qatar can withstand the economic, financial and diplomatic boycott by the three neighbouring Gulf Co-operation Council countries.
Doha Bank group chief executive Dr R Seetharaman said Moody’s ratings recognised resilience of the Qatari banks and Qatar’s operating environment to the economic blockade and the support of Qatari Government for banking system in Qatar.
Global credit rating agency Moody’s has upgraded the outlook of Doha Bank to “stable” and affirmed the long-term issuer default ratings (IDR) at ‘Aa3’.
The upgrade to stable, follows the revision of the Qatari sovereign’s outlook to stable and affirmation of the country’s long-term issuer and foreign-currency senior unsecured debt ratings at ‘Aa3’, and reflects Moody’s view that Qatar can withstand the economic, financial and diplomatic boycott by the three neighbouring Gulf Co-operation Council countries.
Doha Bank group chief executive Dr R Seetharaman said Moody’s ratings recognised resilience of the Qatari banks and Qatar’s operating environment to the economic blockade and the support of Qatari Government for banking system in Qatar.
Hedge Fund York Capital Joins Race for Abraaj Assets - Bloomberg
Hedge Fund York Capital Joins Race for Abraaj Assets - Bloomberg:
Another American bidder is joining the race for the rights to manage a network of emerging-market funds up for grabs in the liquidation of Dubai-based private equity firm Abraaj Group.
New York-based hedge fund York Capital Management, run by Jamie Dinan, is said to have placed a $45 million offer for Abraaj’s asset-management platform, which will give the winner easy access to more than a dozen developing countries across the world where the collapsing company has offices.
The network offers "a relatively cheap entry for a U.S. or European firm to gain quick access to a large number of emerging markets, and will also pay for some of the costs borne by the near collapse of Abraaj," said Richard Segal, a senior analyst at Manulife Asset Management Ltd. in London.
Another American bidder is joining the race for the rights to manage a network of emerging-market funds up for grabs in the liquidation of Dubai-based private equity firm Abraaj Group.
New York-based hedge fund York Capital Management, run by Jamie Dinan, is said to have placed a $45 million offer for Abraaj’s asset-management platform, which will give the winner easy access to more than a dozen developing countries across the world where the collapsing company has offices.
The network offers "a relatively cheap entry for a U.S. or European firm to gain quick access to a large number of emerging markets, and will also pay for some of the costs borne by the near collapse of Abraaj," said Richard Segal, a senior analyst at Manulife Asset Management Ltd. in London.
Looking for Stranded Oil? Start With OPEC - Bloomberg
Looking for Stranded Oil? Start With OPEC - Bloomberg:
The oil market is weird.
Imagine two widget-makers, WidgetKing and Standard Widgets. Their product is generic as can be. Standard Widgets, however, is lucky enough to have its factory built next to a major port and rail terminal, keeping distribution costs low, while WidgetKing’s founder loved the mountains and thought trains would never catch on. Thus, Standard Widgets can undercut its rival on price every time. We all know who ends up controlling the widget market and who goes belly-up.
Oil doesn’t work like that. More than 70 percent of the world’s proved oil reserves are held by OPEC countries, according to BP’s statistical review. By and large, those are also the lowest-cost barrels to produce in the world (due to geology rather than logistics). And yet roughly 60 percent of the world’s oil comes from outside OPEC, produced in countries where costs are often much higher.
The oil market is weird.
Imagine two widget-makers, WidgetKing and Standard Widgets. Their product is generic as can be. Standard Widgets, however, is lucky enough to have its factory built next to a major port and rail terminal, keeping distribution costs low, while WidgetKing’s founder loved the mountains and thought trains would never catch on. Thus, Standard Widgets can undercut its rival on price every time. We all know who ends up controlling the widget market and who goes belly-up.
Oil doesn’t work like that. More than 70 percent of the world’s proved oil reserves are held by OPEC countries, according to BP’s statistical review. By and large, those are also the lowest-cost barrels to produce in the world (due to geology rather than logistics). And yet roughly 60 percent of the world’s oil comes from outside OPEC, produced in countries where costs are often much higher.
Looking for Stranded Oil? Start With OPEC - Bloomberg
Looking for Stranded Oil? Start With OPEC - Bloomberg:
The oil market is weird.
Imagine two widget-makers, WidgetKing and Standard Widgets. Their product is generic as can be. Standard Widgets, however, is lucky enough to have its factory built next to a major port and rail terminal, keeping distribution costs low, while WidgetKing’s founder loved the mountains and thought trains would never catch on. Thus, Standard Widgets can undercut its rival on price every time. We all know who ends up controlling the widget market and who goes belly-up.
Oil doesn’t work like that. More than 70 percent of the world’s proved oil reserves are held by OPEC countries, according to BP’s statistical review. By and large, those are also the lowest-cost barrels to produce in the world (due to geology rather than logistics). And yet roughly 60 percent of the world’s oil comes from outside OPEC, produced in countries where costs are often much higher.
The oil market is weird.
Imagine two widget-makers, WidgetKing and Standard Widgets. Their product is generic as can be. Standard Widgets, however, is lucky enough to have its factory built next to a major port and rail terminal, keeping distribution costs low, while WidgetKing’s founder loved the mountains and thought trains would never catch on. Thus, Standard Widgets can undercut its rival on price every time. We all know who ends up controlling the widget market and who goes belly-up.
Oil doesn’t work like that. More than 70 percent of the world’s proved oil reserves are held by OPEC countries, according to BP’s statistical review. By and large, those are also the lowest-cost barrels to produce in the world (due to geology rather than logistics). And yet roughly 60 percent of the world’s oil comes from outside OPEC, produced in countries where costs are often much higher.
DP World JV acquires majority stake in India firm | ZAWYA MENA Edition
DP World JV acquires majority stake in India firm | ZAWYA MENA Edition:
Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), has closed the transaction to acquire 90 per cent stake in Continental Warehousing Corporation (Nhava Seva) in India.
CWCNSL’s founders, the Reddy family, will retain the remaining 10 per cent shareholding and will remain involved in the business operations. It is the first investment of HIPL, the recently created investment vehicle between DP World and NIIF to invest up to $3 billion in ports, logistics and related sectors.
DP World Group chairman and CEO Sultan Ahmed Bin Sulayem said: “We’re pleased to announce the completion of this acquisition and look forward to beginning this new growth journey, enabling India’s great commerce and trade potential. We will continue our efforts to grow into complementary sectors of the global supply chain and look for opportunities where our customers want us to be.”
Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), has closed the transaction to acquire 90 per cent stake in Continental Warehousing Corporation (Nhava Seva) in India.
CWCNSL’s founders, the Reddy family, will retain the remaining 10 per cent shareholding and will remain involved in the business operations. It is the first investment of HIPL, the recently created investment vehicle between DP World and NIIF to invest up to $3 billion in ports, logistics and related sectors.
DP World Group chairman and CEO Sultan Ahmed Bin Sulayem said: “We’re pleased to announce the completion of this acquisition and look forward to beginning this new growth journey, enabling India’s great commerce and trade potential. We will continue our efforts to grow into complementary sectors of the global supply chain and look for opportunities where our customers want us to be.”
Bidders emerge for Abraaj's investment business -sources | Reuters
Bidders emerge for Abraaj's investment business -sources | Reuters:
Several potential buyers have emerged for Middle East buyout firm Abraaj’s investment management business as a revised offer from previous frontrunner Colony Capital was rejected, say sources familiar with the matter. The bids by Cerberus Capital Management, York Capital Management and Abu Dhabi Financial Group (ADFG) will be considered by Dubai-based Abraaj’s newly-appointed liquidation committee, which was established this week to help steer the company’s future, said the sources.
Abraaj filed for provisional liquidation in the Cayman Islands last month after months of turmoil at the Middle East and Africa’s largest private equity firm in the wake of a row with investors over the use of their money in a $1 billion healthcare fund. Abraaj denies any wrongdoing.
Abraaj’s joint provisional liquidators, PwC and Deloitte, are seeking a buyer for Abraaj Investment Management Limited as they seek to safeguard the funds and repay creditors.
Several potential buyers have emerged for Middle East buyout firm Abraaj’s investment management business as a revised offer from previous frontrunner Colony Capital was rejected, say sources familiar with the matter. The bids by Cerberus Capital Management, York Capital Management and Abu Dhabi Financial Group (ADFG) will be considered by Dubai-based Abraaj’s newly-appointed liquidation committee, which was established this week to help steer the company’s future, said the sources.
Abraaj filed for provisional liquidation in the Cayman Islands last month after months of turmoil at the Middle East and Africa’s largest private equity firm in the wake of a row with investors over the use of their money in a $1 billion healthcare fund. Abraaj denies any wrongdoing.
Abraaj’s joint provisional liquidators, PwC and Deloitte, are seeking a buyer for Abraaj Investment Management Limited as they seek to safeguard the funds and repay creditors.
Saudi Electricity Co in talks for international bond issue - sources | Reuters
Saudi Electricity Co in talks for international bond issue - sources | Reuters:
State-controlled utility Saudi Electricity Co has recently discussed with a group of international banks its plan to issue a U.S. dollar-denominated bond, sources familiar with the matter said.
The company is looking to refinance a $2.6 billion bridge syndicated loan it raised in January and was aiming to issue the debt securities already this month, depending on market conditions.
Saudi Electricity, which did not immediately respond to requests for comment, raised the bridge loan for general corporate purposes and to back its capital expenditure programme, it said in January.
State-controlled utility Saudi Electricity Co has recently discussed with a group of international banks its plan to issue a U.S. dollar-denominated bond, sources familiar with the matter said.
The company is looking to refinance a $2.6 billion bridge syndicated loan it raised in January and was aiming to issue the debt securities already this month, depending on market conditions.
Saudi Electricity, which did not immediately respond to requests for comment, raised the bridge loan for general corporate purposes and to back its capital expenditure programme, it said in January.
Exclusive: Saudi Aramco mulls stake in world's no. 4 chemical firm: sources | Reuters
Exclusive: Saudi Aramco mulls stake in world's no. 4 chemical firm: sources | Reuters:
Saudi Arabia’s government is considering a plan under which Aramco would buy a stake in Saudi petrochemical maker SABIC (2010.SE), a move that could boost the state oil giant’s market valuation ahead of a planned initial public offering.
Saudi Aramco IPO-ARAM.SE has invited banks to pitch for an advisory role on the potential acquisition of a strategic stake in Saudi Basic Industries Corp, two sources with direct knowledge of the matter told Reuters.
Aramco wants to develop its downstream business as the government prepares to sell up to 5 percent of the world’s largest oil producer, possibly by next year. Boosting its petrochemicals portfolio further could help attract potential investors for the IPO.
Saudi Arabia’s government is considering a plan under which Aramco would buy a stake in Saudi petrochemical maker SABIC (2010.SE), a move that could boost the state oil giant’s market valuation ahead of a planned initial public offering.
Saudi Aramco IPO-ARAM.SE has invited banks to pitch for an advisory role on the potential acquisition of a strategic stake in Saudi Basic Industries Corp, two sources with direct knowledge of the matter told Reuters.
Aramco wants to develop its downstream business as the government prepares to sell up to 5 percent of the world’s largest oil producer, possibly by next year. Boosting its petrochemicals portfolio further could help attract potential investors for the IPO.
MIDEAST STOCKS-Dubai rises on bank gains; other Gulf markets mixed | Reuters
MIDEAST STOCKS-Dubai rises on bank gains; other Gulf markets mixed | Reuters:
The Dubai stock market closed on a positive note on Wednesday helped by solid gains at Emirates NBD after the emirate’s largest bank reported solid quarterly earnings, while other markets were mixed.
The Dubai index climbed 0.6 percent, backed by a two percent rise in Emirates NBD shares after the bank announced a 30 percent increase in second-quarter net profit.
Boosted by a climb in net interest income and a drop in bad loan provisions, the bank made net profit of 2.63 billion dirhams ($716.1 million) in the three months to June 30, up from 2.02 billion dirhams in the corresponding period of 2017.
The Dubai stock market closed on a positive note on Wednesday helped by solid gains at Emirates NBD after the emirate’s largest bank reported solid quarterly earnings, while other markets were mixed.
The Dubai index climbed 0.6 percent, backed by a two percent rise in Emirates NBD shares after the bank announced a 30 percent increase in second-quarter net profit.
Boosted by a climb in net interest income and a drop in bad loan provisions, the bank made net profit of 2.63 billion dirhams ($716.1 million) in the three months to June 30, up from 2.02 billion dirhams in the corresponding period of 2017.
Dubai landlords get flexible to woo tenants - Khaleej Times
Dubai landlords get flexible to woo tenants - Khaleej Times:
Rent declines for residential properties in Dubai averaged five per cent for the last 12 months and 2.5 per cent on average quarter on quarter, estimates property consultants Cavendish Maxwell.
"Declines were more pronounced in International City, The Greens, Discovery Gardens and Al Furjan, averaging a 12-month change of more than six per cent. Rent declines are expected to continue in the second half of 2018 with new handovers planned across Dubai," says Moe Abeidat, chief technology officer, Property Monitor.
Approximately 3,700 residential units were handed over in Q2 2018, reckons Abeidat. The majority of handovers were in Jumeirah Village Circle (JVC), Damac Hills, Dubai Silicon Oasis and Al Nahda. For the remainder of the year, majority of the upcoming supply is in Business Bay, JVC and Downtown Dubai.
Rent declines for residential properties in Dubai averaged five per cent for the last 12 months and 2.5 per cent on average quarter on quarter, estimates property consultants Cavendish Maxwell.
"Declines were more pronounced in International City, The Greens, Discovery Gardens and Al Furjan, averaging a 12-month change of more than six per cent. Rent declines are expected to continue in the second half of 2018 with new handovers planned across Dubai," says Moe Abeidat, chief technology officer, Property Monitor.
Approximately 3,700 residential units were handed over in Q2 2018, reckons Abeidat. The majority of handovers were in Jumeirah Village Circle (JVC), Damac Hills, Dubai Silicon Oasis and Al Nahda. For the remainder of the year, majority of the upcoming supply is in Business Bay, JVC and Downtown Dubai.
Why Investors in Oil Companies Don't Care About Crude's Drop - Bloomberg
Why Investors in Oil Companies Don't Care About Crude's Drop - Bloomberg:
Crude prices are down yet European oil companies are weathering the slump, signaling a change in fortunes for last year’s laggards.
While benchmark Brent crude has fallen more than 9 percent over the past week, the Stoxx Europe 600 Oil & Gas index has retreated just 3.9 percent. The reason? Oil companies’ discipline during the 2014-2016 crash proved to investors they can now easily withstand such crude-price corrections.
“Oil companies have done a good job adjusting their budgets to the lower oil-price environment and their shareholders are now benefiting from that,” said Ahmed Ben Salem, an analyst at Oddo Bhf. “The resilience is mainly linked to the fact that oil companies have an oil cash breakeven as low as $50 per barrel and their budget and share-buyback plans are based on $60.”
Crude prices are down yet European oil companies are weathering the slump, signaling a change in fortunes for last year’s laggards.
While benchmark Brent crude has fallen more than 9 percent over the past week, the Stoxx Europe 600 Oil & Gas index has retreated just 3.9 percent. The reason? Oil companies’ discipline during the 2014-2016 crash proved to investors they can now easily withstand such crude-price corrections.
“Oil companies have done a good job adjusting their budgets to the lower oil-price environment and their shareholders are now benefiting from that,” said Ahmed Ben Salem, an analyst at Oddo Bhf. “The resilience is mainly linked to the fact that oil companies have an oil cash breakeven as low as $50 per barrel and their budget and share-buyback plans are based on $60.”
Bahrain Bond Rally Fizzles Out as Gulf Bailout Remains Elusive - Bloomberg
Bahrain Bond Rally Fizzles Out as Gulf Bailout Remains Elusive - Bloomberg:
Bondholders’ relief over a Gulf pledge to prop up Bahrain’s struggling economy has given way to anxiety now that three weeks have passed without any sign aid is on the way.
Saudi Arabia, Kuwait and the United Arab Emirates are waiting for Bahrain to submit its proposal for economic reforms before giving any money to the cash-strapped nation, according to three people familiar with the issue, who declined to be identified because of the sensitivity of the discussions. While other Gulf nations scrambled to cope with falling oil prices, Bahrain has been slow to implement policy changes and attract foreign investment.
Its rich neighbors pledged last month to consider all options to reduce Bahrain’s ballooning debt and shore up its foreign-exchange reserves to help avoid a currency devaluation. That eased concerns of a default and fueled a record jump in Bahrain’s dollar-denominated bonds. The rally has fizzled in the past week as investors look for signs the deal will hold.
Bondholders’ relief over a Gulf pledge to prop up Bahrain’s struggling economy has given way to anxiety now that three weeks have passed without any sign aid is on the way.
Saudi Arabia, Kuwait and the United Arab Emirates are waiting for Bahrain to submit its proposal for economic reforms before giving any money to the cash-strapped nation, according to three people familiar with the issue, who declined to be identified because of the sensitivity of the discussions. While other Gulf nations scrambled to cope with falling oil prices, Bahrain has been slow to implement policy changes and attract foreign investment.
Its rich neighbors pledged last month to consider all options to reduce Bahrain’s ballooning debt and shore up its foreign-exchange reserves to help avoid a currency devaluation. That eased concerns of a default and fueled a record jump in Bahrain’s dollar-denominated bonds. The rally has fizzled in the past week as investors look for signs the deal will hold.
It’s Adapt or Die in the New Saudi Economy - Bloomberg
It’s Adapt or Die in the New Saudi Economy - Bloomberg:
Just off the busy boulevard that runs through central Riyadh, an Italian restaurant called Forchetta lay empty and dusty for months. Less than a year after it opened, the branch succumbed to Saudi Arabia’s economic slump as disposable income fell and unemployment climbed to the highest level in more than a decade.
A few doors down, Draft cafe looks right out of Brooklyn or Beirut. Women smoke cigarettes on the terrace as a soundtrack of American pop music plays in the background. A medium espresso costs the equivalent of $2.90, while a quinoa and beetroot salad is $7.70. Forchetta used to charge $13 for a Margherita pizza.
“People are still going to have a cup of coffee even when the economy is bad,” says Wadha Al Rashid, the 34-year-old businesswoman who opened the cafe in July last year and recently added a second location. “We kind of serve a niche for the young creative individuals. I think that really serves us as well.”
Just off the busy boulevard that runs through central Riyadh, an Italian restaurant called Forchetta lay empty and dusty for months. Less than a year after it opened, the branch succumbed to Saudi Arabia’s economic slump as disposable income fell and unemployment climbed to the highest level in more than a decade.
A few doors down, Draft cafe looks right out of Brooklyn or Beirut. Women smoke cigarettes on the terrace as a soundtrack of American pop music plays in the background. A medium espresso costs the equivalent of $2.90, while a quinoa and beetroot salad is $7.70. Forchetta used to charge $13 for a Margherita pizza.
“People are still going to have a cup of coffee even when the economy is bad,” says Wadha Al Rashid, the 34-year-old businesswoman who opened the cafe in July last year and recently added a second location. “We kind of serve a niche for the young creative individuals. I think that really serves us as well.”
REITs’ listing to energise UAE markets | ZAWYA MENA Edition
REITs’ listing to energise UAE markets | ZAWYA MENA Edition:
The UAE authorities are at pains to attract investors from all over the world through a variety of means, decisions, and plans, such as the Dubai Financial Market’s (DFM) scheme to list real estate investment trusts (REITs).
Earlier in July, the DFM signed a memorandum of understanding (MoU) with the Dubai Land Department (DLD) for the facilitation of the listing of REITs and real estate companies in general.
The offering of REITs will boost the market, as this type of business is different from listed companies and eager for investments in highly profitable real estate assets, Wadah Al-Taha, member of the National Advisory Board of Chartered Institute for Securities &Investments (CISI), commented.
The UAE authorities are at pains to attract investors from all over the world through a variety of means, decisions, and plans, such as the Dubai Financial Market’s (DFM) scheme to list real estate investment trusts (REITs).
Earlier in July, the DFM signed a memorandum of understanding (MoU) with the Dubai Land Department (DLD) for the facilitation of the listing of REITs and real estate companies in general.
The offering of REITs will boost the market, as this type of business is different from listed companies and eager for investments in highly profitable real estate assets, Wadah Al-Taha, member of the National Advisory Board of Chartered Institute for Securities &Investments (CISI), commented.
Dubai Islamic Bank Q2 profit rises 14.6 pct | Reuters
Dubai Islamic Bank Q2 profit rises 14.6 pct | Reuters:
Dubai Islamic Bank (DIB), the United Arab Emirates’ largest sharia-compliant lender, posted a 14.6 percent increase in second-quarter net profit on Wednesday as income from Islamic financing and investment grew.
It is the third Dubai-based bank to report double-digit profit growth for the quarter after Commercial Bank of Dubai and Emirates NBD, Dubai’s largest lender, which posted a 30 percent rise in net profit on Wednesday.
DIB made 1.21 billion dirhams ($329.5 million) in the three months to June 30, it said, up from 1.06 billion a year earlier.
Dubai Islamic Bank (DIB), the United Arab Emirates’ largest sharia-compliant lender, posted a 14.6 percent increase in second-quarter net profit on Wednesday as income from Islamic financing and investment grew.
It is the third Dubai-based bank to report double-digit profit growth for the quarter after Commercial Bank of Dubai and Emirates NBD, Dubai’s largest lender, which posted a 30 percent rise in net profit on Wednesday.
DIB made 1.21 billion dirhams ($329.5 million) in the three months to June 30, it said, up from 1.06 billion a year earlier.
Emirates NBD Q2 profit surges 30 pct as net interest income rises | Reuters
Emirates NBD Q2 profit surges 30 pct as net interest income rises | Reuters:
Emirates NBD (ENBD), Dubai’s largest lender, posted a 30 percent rise in second-quarter net profit on Wednesday, boosted by a climb in net interest income and a drop in provisions to cover bad loans.
The bank made a net profit of 2.63 billion dirhams ($716.1 million) in the three months to June 30, it said in a statement, compared with 2.02 billion dirhams in the corresponding period of 2017.
That was ahead of two analysts’ forecasts. SICO Bahrain forecast the bank would make a net profit for the quarter of 2.31 billion dirhams, while EFG Hermes expected a profit of 2.14 billion dirhams.
Emirates NBD (ENBD), Dubai’s largest lender, posted a 30 percent rise in second-quarter net profit on Wednesday, boosted by a climb in net interest income and a drop in provisions to cover bad loans.
The bank made a net profit of 2.63 billion dirhams ($716.1 million) in the three months to June 30, it said in a statement, compared with 2.02 billion dirhams in the corresponding period of 2017.
That was ahead of two analysts’ forecasts. SICO Bahrain forecast the bank would make a net profit for the quarter of 2.31 billion dirhams, while EFG Hermes expected a profit of 2.14 billion dirhams.
Oil prices fall on rise in U.S. stocks, demand worries | Reuters
Oil prices fall on rise in U.S. stocks, demand worries | Reuters:
Oil prices fell on Wednesday after news of a rise in U.S. crude inventories last week, defying analysts’ expectations for a big fall, while concerns about weak demand also resurfaced.
Brent crude oil was down 60 cents at $71.56 a barrel by 0750 GMT. The benchmark hit a three-month low on Tuesday.
U.S. light crude was down 50 cents at $67.58, not far off Tuesday’s one-month low of $67.03 per barrel.
Oil prices fell on Wednesday after news of a rise in U.S. crude inventories last week, defying analysts’ expectations for a big fall, while concerns about weak demand also resurfaced.
Brent crude oil was down 60 cents at $71.56 a barrel by 0750 GMT. The benchmark hit a three-month low on Tuesday.
U.S. light crude was down 50 cents at $67.58, not far off Tuesday’s one-month low of $67.03 per barrel.
MIDEAST STOCKS-Banks' strong earnings boost Dubai, other markets mixed | Reuters
MIDEAST STOCKS-Banks' strong earnings boost Dubai, other markets mixed | Reuters:
The Dubai stock market rose on Wednesday morning after the emirate’s largest bank, Emirates NBD , and Dubai Islamic Bank, the United Arab Emirates’ largest sharia-compliant lender, both reported strong quarterly earnings.
Trading in other markets was mixed.
The Dubai index climbed 0.3 percent, boosted by a 1 percent rise in the shares of Emirates NBD after the bank announced a 30 percent increase in second-quarter net profit.
The Dubai stock market rose on Wednesday morning after the emirate’s largest bank, Emirates NBD , and Dubai Islamic Bank, the United Arab Emirates’ largest sharia-compliant lender, both reported strong quarterly earnings.
Trading in other markets was mixed.
The Dubai index climbed 0.3 percent, boosted by a 1 percent rise in the shares of Emirates NBD after the bank announced a 30 percent increase in second-quarter net profit.
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