Iran replaces central bank chief as economy faces crisis | GulfNews.com:
Iran replaced its central bank chief on Wednesday, local media reported, amid fallout over banking scandals and the crisis facing the country’s economy.
Valiollah Seif, who had served as the bank’s governor since President Hassan Rouhani took power in August 2013, was replaced by Abdolnasser Hemati following a cabinet meeting, according to the official IRNA news agency.
Hemati, 61, previously served as head of Central Insurance of Iran, as well as both Sina Bank and Bank Melli. He had been slated to become ambassador to China until he was recalled at the last minute.
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Wednesday 25 July 2018
Dubai Shariah court to decide fate of $460m super-yacht Luna
Dubai Shariah court to decide fate of $460m super-yacht Luna:
Dubai’s judicial authorities have ruled that a controversial case involving the $460 million super-yacht Luna must be decided in a UAE Shariah court and not in the Dubai International Financial Center’s common-law courts system.
Ownership of the yacht — once the property of billionaire Russian oligarch Roman Abramovich — is a key part in bitter divorce proceedings between wealthy Azerbaijan-born businessman Farkhad Akhmedov and his former wife Tatiana Akhmedova.
The super-yacht was impounded by DIFC courts while docked in the UAE for maintenance after a London court handed it to Akhmedova as part of a £453 million ($600 million) divorce settlement in 2016.
Dubai’s judicial authorities have ruled that a controversial case involving the $460 million super-yacht Luna must be decided in a UAE Shariah court and not in the Dubai International Financial Center’s common-law courts system.
Ownership of the yacht — once the property of billionaire Russian oligarch Roman Abramovich — is a key part in bitter divorce proceedings between wealthy Azerbaijan-born businessman Farkhad Akhmedov and his former wife Tatiana Akhmedova.
The super-yacht was impounded by DIFC courts while docked in the UAE for maintenance after a London court handed it to Akhmedova as part of a £453 million ($600 million) divorce settlement in 2016.
Qatari Diar to build legacy hotel at former site of US Embassy in London’s Mayfair neighbourhood - The Peninsula Qatar
Qatari Diar to build legacy hotel at former site of US Embassy in London’s Mayfair neighbourhood - The Peninsula Qatar:
Globally renowned developer, Qatari Diar Europe LLP has broken ground at 30 Grosvenor Square – the former site of the historic US Embassy - as it commences construction on London’s second Rosewood hotel in the heart of Mayfair.
The world-class hotel will comprise 137 guest rooms, five restaurants, six flagship retail units, a spa and a ballroom with space for 1,000 guests, at the prestigious and historic location. Prominent British architect, Sir David Chipperfield, will breathe new life into the Grade II listed building whilst retaining the unique external façade to reimagine the spirit of its original pioneering architect Eero Saarinen.
The new design will delicately showcase the mid-20th century heritage of the building, combining traditional and contemporary craftsmanship through exquisite and refined interiors.
Globally renowned developer, Qatari Diar Europe LLP has broken ground at 30 Grosvenor Square – the former site of the historic US Embassy - as it commences construction on London’s second Rosewood hotel in the heart of Mayfair.
The world-class hotel will comprise 137 guest rooms, five restaurants, six flagship retail units, a spa and a ballroom with space for 1,000 guests, at the prestigious and historic location. Prominent British architect, Sir David Chipperfield, will breathe new life into the Grade II listed building whilst retaining the unique external façade to reimagine the spirit of its original pioneering architect Eero Saarinen.
The new design will delicately showcase the mid-20th century heritage of the building, combining traditional and contemporary craftsmanship through exquisite and refined interiors.
Qatar signs over 50 bilateral agreements to protect overseas investments
Qatar signs over 50 bilateral agreements to protect overseas investments:
Qatar has signed more than 50 bilateral agreements aimed at safeguarding and protecting investments abroad, according to a member of the International Court of Arbitration of the International Chamber of Commerce (ICC).
Sheikh Dr Thani bin Ali al-Thani said the agreements represent a basic guarantee for all Qatari investors, including the Qatar investment Authority, economic entities, government-owned corporations, and private companies on establishing investments in projects being implemented in other countries.
Sheikh Thani stressed on the key role played by international policies in safeguarding foreign investments worldwide, noting that all international organisations and agreements are keen on setting up unified rules to provide equal treatment for all investments without discrimination between local and foreign investors.
Qatar has signed more than 50 bilateral agreements aimed at safeguarding and protecting investments abroad, according to a member of the International Court of Arbitration of the International Chamber of Commerce (ICC).
Sheikh Dr Thani bin Ali al-Thani said the agreements represent a basic guarantee for all Qatari investors, including the Qatar investment Authority, economic entities, government-owned corporations, and private companies on establishing investments in projects being implemented in other countries.
Sheikh Thani stressed on the key role played by international policies in safeguarding foreign investments worldwide, noting that all international organisations and agreements are keen on setting up unified rules to provide equal treatment for all investments without discrimination between local and foreign investors.
Oil Rises as Shrinking U.S. Crude Stockpiles Signal Tightness - Bloomberg
Oil Rises as Shrinking U.S. Crude Stockpiles Signal Tightness - Bloomberg:
Oil climbed as plunging crude and gasoline inventories in the world’s biggest economy heightened supply concerns.
Futures advanced 1.1 percent in New York on Wednesday. Nationwide crude stockpiles dropped to the lowest since 2015 last week and gasoline supplies fell for a fourth week, according to the Energy Information Administration. The bullish nature of the data was tempered by the fact that more than 70 percent of the inventory decline occurred in U.S. western markets that are too isolated to have much impact on the rest of the nation.
“They tend to put a little less weight on that type of inventory draw,” said Craig Bethune, a senior portfolio manager at Manulife Asset Management. But still, the report “is still a net positive relative to the past few.”
Oil climbed as plunging crude and gasoline inventories in the world’s biggest economy heightened supply concerns.
Futures advanced 1.1 percent in New York on Wednesday. Nationwide crude stockpiles dropped to the lowest since 2015 last week and gasoline supplies fell for a fourth week, according to the Energy Information Administration. The bullish nature of the data was tempered by the fact that more than 70 percent of the inventory decline occurred in U.S. western markets that are too isolated to have much impact on the rest of the nation.
“They tend to put a little less weight on that type of inventory draw,” said Craig Bethune, a senior portfolio manager at Manulife Asset Management. But still, the report “is still a net positive relative to the past few.”
UAE’s Etihad confirms 5-aircraft sale; buyer not revealed | ZAWYA MENA Edition
UAE’s Etihad confirms 5-aircraft sale; buyer not revealed | ZAWYA MENA Edition:
Etihad Airways said it was in the process of selling a fleet of five A330-200(F) jets.
“The widebody freighters were withdrawn from service effective 1 January and have been placed into storage in Abu Dhabi Int'l and Teruel ever since,” Ch-Aviation.com reported.
An Etihad spokesperson told Ch-Aviation.com that the five aircraft were “in advanced stages of being sold to a new owner” but did not give further details about the buyers or the cost of the transaction.
Etihad Airways said it was in the process of selling a fleet of five A330-200(F) jets.
“The widebody freighters were withdrawn from service effective 1 January and have been placed into storage in Abu Dhabi Int'l and Teruel ever since,” Ch-Aviation.com reported.
An Etihad spokesperson told Ch-Aviation.com that the five aircraft were “in advanced stages of being sold to a new owner” but did not give further details about the buyers or the cost of the transaction.
Oil prices rise after U.S. crude inventories fall | ZAWYA MENA Edition
Oil prices rise after U.S. crude inventories fall | ZAWYA MENA Edition:
Oil prices rose for a second day on Wednesday after data showed U.S. crude inventories fell more than expected, easing worries about oversupply that have dragged on markets in recent weeks.
Brent crude was up 40 cents, or 0.55 percent, at $73.84 a barrel by 1310 GMT, after gaining 0.5 percent on Tuesday. U.S. light crude was 20 cents higher at $68.72, having risen nearly 1 percent in the previous session.
U.S. crude and fuel stockpiles fell more than expected last week, industry group the American Petroleum Institute (API) reported late on Tuesday.
Oil prices rose for a second day on Wednesday after data showed U.S. crude inventories fell more than expected, easing worries about oversupply that have dragged on markets in recent weeks.
Brent crude was up 40 cents, or 0.55 percent, at $73.84 a barrel by 1310 GMT, after gaining 0.5 percent on Tuesday. U.S. light crude was 20 cents higher at $68.72, having risen nearly 1 percent in the previous session.
U.S. crude and fuel stockpiles fell more than expected last week, industry group the American Petroleum Institute (API) reported late on Tuesday.
Kuwait's Agility bid for part of Abraaj's investment business - document | Reuters
Kuwait's Agility bid for part of Abraaj's investment business - document | Reuters:
Kuwait’s Agility, one of the largest Gulf logistics companies, submitted a bid to acquire part of the investment management business of troubled Middle East private equity firm Abraaj, a document seen by Reuters on Wednesday showed.
Agility is one of several potential buyers of the investment management unit of Dubai-based Abraaj, which filed for provisional liquidation in the Cayman Islands in June after months of turmoil related to a row with investors over the use of their money in a $1 billion healthcare fund.
Abraaj denies any wrongdoing.
Kuwait’s Agility, one of the largest Gulf logistics companies, submitted a bid to acquire part of the investment management business of troubled Middle East private equity firm Abraaj, a document seen by Reuters on Wednesday showed.
Agility is one of several potential buyers of the investment management unit of Dubai-based Abraaj, which filed for provisional liquidation in the Cayman Islands in June after months of turmoil related to a row with investors over the use of their money in a $1 billion healthcare fund.
Abraaj denies any wrongdoing.
Qatar to build sugar refinery to avoid boycott disruptions: sources | Reuters
Qatar to build sugar refinery to avoid boycott disruptions: sources | Reuters:
Qatar is building a sugar refinery in a bid to avoid supply disruptions after neighboring Gulf Arab states severed economic and political ties with Doha more than a year ago, sources say.
In normal trading conditions, building a refinery in Qatar would make little commercial sense because of depressed sugar prices, surplus world stocks and the presence of regional refineries that could provide supplies, the sources said.
But they said Qatar, with its huge financial resources generated from gas exports and as host of the 2022 World Cup, wanted to avoid any shortfall for the desert nation that depends heavily on imports to feed its 2.7 million population.
Qatar is building a sugar refinery in a bid to avoid supply disruptions after neighboring Gulf Arab states severed economic and political ties with Doha more than a year ago, sources say.
In normal trading conditions, building a refinery in Qatar would make little commercial sense because of depressed sugar prices, surplus world stocks and the presence of regional refineries that could provide supplies, the sources said.
But they said Qatar, with its huge financial resources generated from gas exports and as host of the 2022 World Cup, wanted to avoid any shortfall for the desert nation that depends heavily on imports to feed its 2.7 million population.
Saudi Arabia suspends oil exports through Bab El-Mandeb after Houthi attack | Reuters
Saudi Arabia suspends oil exports through Bab El-Mandeb after Houthi attack | Reuters:
Saudi Arabia’s Energy Minister Khalid al-Falih said on Thursday that the world’s top exporter was “temporarily halting” all oil shipments through Bab El-Mandeb strait immediately, after an earlier attack on two crude vessels by the Iran-aligned Houthi movement.
“Saudi Arabia is temporarily halting all oil shipments through Bab El-Mandeb Strait immediately until the situation becomes clearer and the maritime transit through Bab El-Mandeb is safe,” Falih said in a statement sent by his ministry.
Saudi Arabia’s Energy Minister Khalid al-Falih said on Thursday that the world’s top exporter was “temporarily halting” all oil shipments through Bab El-Mandeb strait immediately, after an earlier attack on two crude vessels by the Iran-aligned Houthi movement.
“Saudi Arabia is temporarily halting all oil shipments through Bab El-Mandeb Strait immediately until the situation becomes clearer and the maritime transit through Bab El-Mandeb is safe,” Falih said in a statement sent by his ministry.
MIDEAST STOCKS-Banks drag down Saudi, Qatar stock markets | Reuters
MIDEAST STOCKS-Banks drag down Saudi, Qatar stock markets | Reuters:
Banking shares slipped in Saudi Arabia and Qatar on Wednesday as investors digested a mixed bag of results.
Banque Saudi Fransi, which reported lower second quarter earnings on Tuesday, was down 4.1 percent. The lender disclosed a profit of 921 million riyals ($246 million) in the three months to June 30, down from 1.01 billion riyals in the same period of 2017.
National Commercial Bank lost 0.6 percent, even after the kingdom’s largest lender on Tuesday reported a 6.7 percent rise in second-quarter profit to 2.58 billion riyals.
Banking shares slipped in Saudi Arabia and Qatar on Wednesday as investors digested a mixed bag of results.
Banque Saudi Fransi, which reported lower second quarter earnings on Tuesday, was down 4.1 percent. The lender disclosed a profit of 921 million riyals ($246 million) in the three months to June 30, down from 1.01 billion riyals in the same period of 2017.
National Commercial Bank lost 0.6 percent, even after the kingdom’s largest lender on Tuesday reported a 6.7 percent rise in second-quarter profit to 2.58 billion riyals.
Bigger than Dubai Mall: Emaar and Dubai Holding announce Dh10b mega mall | GulfNews.com
Bigger than Dubai Mall: Emaar and Dubai Holding announce Dh10b mega mall | GulfNews.com:
State-linked developer Emaar Properties and Dubai Holding will build a new mall, said to be larger than Dubai Mall, at their flagship project Dubai Creek Harbour.
Dubai Square, as the developer has named the project, will also have around 1,500 hotel rooms and thousands more apartment units.
The project is expected to cost Dh10 billion, according to Mohammad Alabbar, chairman and CEO of Emaar Properties, speaking to members of the press. Half of this will be funded by debt, while the other half will be funded by Emaar capital, he added.
State-linked developer Emaar Properties and Dubai Holding will build a new mall, said to be larger than Dubai Mall, at their flagship project Dubai Creek Harbour.
Dubai Square, as the developer has named the project, will also have around 1,500 hotel rooms and thousands more apartment units.
The project is expected to cost Dh10 billion, according to Mohammad Alabbar, chairman and CEO of Emaar Properties, speaking to members of the press. Half of this will be funded by debt, while the other half will be funded by Emaar capital, he added.
Saudis Load Up on Debt as Government's Austerity Program Bites - Bloomberg
Saudis Load Up on Debt as Government's Austerity Program Bites - Bloomberg:
Saudi nationals are borrowing two to three times more money than last year as government moves to shore up public finances push living costs through the roof.
Since the beginning of 2018, the government has raised fuel and utility prices, introduced value added tax and imposed a levy on some temporary foreign workers not under an employer’s sponsorship. But while the authorities’ aim is to boost revenue without snuffing out economic growth, the latest official loan data suggest the policy is hitting ordinary citizens in their wallets.
Saudi nationals are borrowing two to three times more money than last year as government moves to shore up public finances push living costs through the roof.
Since the beginning of 2018, the government has raised fuel and utility prices, introduced value added tax and imposed a levy on some temporary foreign workers not under an employer’s sponsorship. But while the authorities’ aim is to boost revenue without snuffing out economic growth, the latest official loan data suggest the policy is hitting ordinary citizens in their wallets.
Clariant's update on SABIC tie-up faces delay, CEO says | ZAWYA MENA Edition
Clariant's update on SABIC tie-up faces delay, CEO says | ZAWYA MENA Edition:
Clariant's update on its ties with Saudi Basic Industries (SABIC) may be delayed, as antitrust approvals for the Saudi company's 25 percent stake in the Swiss speciality chemical maker take longer than expected.
The timing of the long-awaited strategy update, planned for early September, is now uncertain, Clariant Chief Executive Hariolf Kottmann told Reuters on Wednesday after the company released first-half 2018 results.
The Saudi chemicals company bought a quarter of Clariant in January, ending the Swiss company's fight with activist investors who had blocked its planned merger with Huntsman.
Clariant's update on its ties with Saudi Basic Industries (SABIC) may be delayed, as antitrust approvals for the Saudi company's 25 percent stake in the Swiss speciality chemical maker take longer than expected.
The timing of the long-awaited strategy update, planned for early September, is now uncertain, Clariant Chief Executive Hariolf Kottmann told Reuters on Wednesday after the company released first-half 2018 results.
The Saudi chemicals company bought a quarter of Clariant in January, ending the Swiss company's fight with activist investors who had blocked its planned merger with Huntsman.
Analysts express mixed opinions over UAE bourses on Trump’s comments | ZAWYA MENA Edition
Analysts express mixed opinions over UAE bourses on Trump’s comments | ZAWYA MENA Edition:
Analysts expressed different opinions on the performance of the UAE stock markets on Wednesday following the US president Donald Trump’s recent comments on diplomatic relations with Iran.
On Tuesday, Trump said the US is ready to make a "real deal" with Iran two days after he threatened the country.
In May, Trump decided to walk away from the Iran nuclear deal, stressing he would reinstate the US economic sanctions imposed on Iran before the deal was signed in 2015.
Analysts expressed different opinions on the performance of the UAE stock markets on Wednesday following the US president Donald Trump’s recent comments on diplomatic relations with Iran.
On Tuesday, Trump said the US is ready to make a "real deal" with Iran two days after he threatened the country.
In May, Trump decided to walk away from the Iran nuclear deal, stressing he would reinstate the US economic sanctions imposed on Iran before the deal was signed in 2015.
Dubai airport passenger traffic climbs in June on Ramadan effect | Reuters
Dubai airport passenger traffic climbs in June on Ramadan effect | Reuters:
The number of passengers travelling through Dubai International Airport rose 11.7 percent in June, rebounding from declines in April and May, largely because of the impact of the holy month of Ramadan on traffic.
The world’s busiest airport for international travellers handled 6.80 million passengers last month compared with 6.08 million a year earlier, its operator said on Wednesday.
The sharp increase was largely due to the timing of Ramadan, when passenger traffic typically slows, Dubai Airports said in a statement. Ramadan fell mostly in June 2017 but was more evenly split between May and June this year.
The number of passengers travelling through Dubai International Airport rose 11.7 percent in June, rebounding from declines in April and May, largely because of the impact of the holy month of Ramadan on traffic.
The world’s busiest airport for international travellers handled 6.80 million passengers last month compared with 6.08 million a year earlier, its operator said on Wednesday.
The sharp increase was largely due to the timing of Ramadan, when passenger traffic typically slows, Dubai Airports said in a statement. Ramadan fell mostly in June 2017 but was more evenly split between May and June this year.
With economy faltering, Iran appoints two new heads of key agencies | Reuters
With economy faltering, Iran appoints two new heads of key agencies | Reuters:
Iran’s cabinet appointed new heads at two of the government’s top economic institutions, as the country grapples with a faltering economy and a sliding currency that have provoked public protests.
President Hassan Rouhani has come under increasing pressure from hardliners to reshuffle his economic team, and senior government officials had suggested a shakeup was imminent.
The new appointments suggest Rouhani, who has mostly touted the economic successes of his administration, is acknowledging a need for change to stifle criticism and tamp down ongoing protests.
Iran’s cabinet appointed new heads at two of the government’s top economic institutions, as the country grapples with a faltering economy and a sliding currency that have provoked public protests.
President Hassan Rouhani has come under increasing pressure from hardliners to reshuffle his economic team, and senior government officials had suggested a shakeup was imminent.
The new appointments suggest Rouhani, who has mostly touted the economic successes of his administration, is acknowledging a need for change to stifle criticism and tamp down ongoing protests.
S&P Dow Jones to upgrade Saudi stocks to emerging market next year | Reuters
S&P Dow Jones to upgrade Saudi stocks to emerging market next year | Reuters:
Global equity index compiler S&P Dow Jones Indices will upgrade Saudi Arabia’s bourse to emerging market status from a stand-alone market next year, becoming the latest in a series of index firms to promote Riyadh.
S&P Dow Jones will add major Saudi stocks to its global indexes with a 50 percent weighting in March 2019 and raise their weightings to 100 percent in September, the company said in a statement late on Tuesday.
The company had been considering a Saudi upgrade for several years but decided against one last year because of limited market access for foreign investors.
Global equity index compiler S&P Dow Jones Indices will upgrade Saudi Arabia’s bourse to emerging market status from a stand-alone market next year, becoming the latest in a series of index firms to promote Riyadh.
S&P Dow Jones will add major Saudi stocks to its global indexes with a 50 percent weighting in March 2019 and raise their weightings to 100 percent in September, the company said in a statement late on Tuesday.
The company had been considering a Saudi upgrade for several years but decided against one last year because of limited market access for foreign investors.
CORRECTED-Saudi lender NCB lifted by rise in fees and investment income | Reuters
CORRECTED-Saudi lender NCB lifted by rise in fees and investment income | Reuters:
Saudi Arabia’s National Commercial Bank(NCB), the kingdom’s largest lender, reported a 6.7 percent rise in second-quarter net profit on Tuesday on increased fees, commission and investments.
It was the fourth Saudi bank to report earnings on Tuesday, with the other two reporting higher profit and the third, Banque Saudi Fransi(BSF), the kingdom’s fifth-largest bank by assets, posting an 8.4 percent profit fall.
Despite limited credit growth, Saudi banking industry profitability is expected to edge up this year as higher public spending helps to lift interest margins.
Saudi Arabia’s National Commercial Bank(NCB), the kingdom’s largest lender, reported a 6.7 percent rise in second-quarter net profit on Tuesday on increased fees, commission and investments.
It was the fourth Saudi bank to report earnings on Tuesday, with the other two reporting higher profit and the third, Banque Saudi Fransi(BSF), the kingdom’s fifth-largest bank by assets, posting an 8.4 percent profit fall.
Despite limited credit growth, Saudi banking industry profitability is expected to edge up this year as higher public spending helps to lift interest margins.
RPT-COLUMN-Oil market hits a cyclical pause: Kemp | Reuters
RPT-COLUMN-Oil market hits a cyclical pause: Kemp | Reuters:
Brent crude futures prices are trading in contango for the first time in 10 months, as traders anticipate an increase in crude availability during the remainder of 2018.
The Brent calendar spread for the first six months slumped into a contango of 43 cents per barrel on Monday, from a backwardation of $3.50 as recently as April 26.
Brent futures are trading in contango for the four contracts closest to delivery, from September 2018 through January 2019 (tmsnrt.rs/2JP7ykb).
Brent crude futures prices are trading in contango for the first time in 10 months, as traders anticipate an increase in crude availability during the remainder of 2018.
The Brent calendar spread for the first six months slumped into a contango of 43 cents per barrel on Monday, from a backwardation of $3.50 as recently as April 26.
Brent futures are trading in contango for the four contracts closest to delivery, from September 2018 through January 2019 (tmsnrt.rs/2JP7ykb).
MIDEAST STOCKS-Bank shares drag Saudi and Qatar indices, Dubai developers boost benchmark | Reuters
MIDEAST STOCKS-Bank shares drag Saudi and Qatar indices, Dubai developers boost benchmark | Reuters:
Banking shares slipped in Saudi Arabia and Qatar early on Wednesday as investors digested a mixed bag of results.
Banque Saudi Fransi, which reported lower second quarter earnings on Tuesday, was down 2.5 percent. The lender disclosed a profit of 921 million riyals ($245.58 million) in the three months to June 30, down from 1.01 billion riyals in the same period of 2017.
National Commercial Bank lost 0.6 percent, even after the kingdom’s largest lender on Tuesday reported a 6.7 percent rise in second-quarter profit to 2.58 billion riyals.
Banking shares slipped in Saudi Arabia and Qatar early on Wednesday as investors digested a mixed bag of results.
Banque Saudi Fransi, which reported lower second quarter earnings on Tuesday, was down 2.5 percent. The lender disclosed a profit of 921 million riyals ($245.58 million) in the three months to June 30, down from 1.01 billion riyals in the same period of 2017.
National Commercial Bank lost 0.6 percent, even after the kingdom’s largest lender on Tuesday reported a 6.7 percent rise in second-quarter profit to 2.58 billion riyals.