Exclusive: MAF Retail expects Carrefour expansion to rake in 10% revenue growth - The National:
Majid Al Futtaim Retail, the supermarkets unit of the Dubai conglomerate, is aiming for 10 per cent year-on-year revenue growth in 2018, as it expands its Carrefour regional franchise and weighs acquisition opportunities in Saudi Arabia, its chief executive said.
The company plans to invest between Dh1.5 billion and Dh2bn in expanding Carrefour’s store portfolio by 2021, with Saudi Arabia, Egypt, Pakistan and East Africa the key growth markets outside the UAE, Hani Weiss told The National.
“We continued to see a very robust performance in 2017 and are forecasting even higher, growth this year – far above 10 per cent.”
Friday, 3 August 2018
Depa's H1 net profit plunges 68% as fit-out firm's expenses climb - The National
Depa's H1 net profit plunges 68% as fit-out firm's expenses climb - The National:
Depa, the fit-out firm behind the world's tallest tower Burj Khalifa, said first-half net income plunged by more than two-thirds as expenses increased, but it maintains a positive outlook with plans for expansion.
Depa's group net income declined 68 per cent to Dh35.8 million in the first six months of the year compared to Dh113.3m in the prior-year period when the recovery of two major long-outstanding receivables impacted earnings positively, it said in a statement to Nasdaq Dubai. First-half sales grew two per cent to Dh852.2m year-on-year.
"Depa has continued to deliver both sound financial and operational performance in the first half of 2018," said Hamish Tyrwhitt, Depa’s group chief executive. "The outlook for the group remains positive with Depa continuing to invest in organic growth, while evaluating opportunities for inorganic growth through value-accretive acquisitions."
Depa, the fit-out firm behind the world's tallest tower Burj Khalifa, said first-half net income plunged by more than two-thirds as expenses increased, but it maintains a positive outlook with plans for expansion.
Depa's group net income declined 68 per cent to Dh35.8 million in the first six months of the year compared to Dh113.3m in the prior-year period when the recovery of two major long-outstanding receivables impacted earnings positively, it said in a statement to Nasdaq Dubai. First-half sales grew two per cent to Dh852.2m year-on-year.
"Depa has continued to deliver both sound financial and operational performance in the first half of 2018," said Hamish Tyrwhitt, Depa’s group chief executive. "The outlook for the group remains positive with Depa continuing to invest in organic growth, while evaluating opportunities for inorganic growth through value-accretive acquisitions."
Moody’s downgrades Bahrain to B2 | GulfNews.com
Moody’s downgrades Bahrain to B2 | GulfNews.com:
Moody’s has downgraded the Bahrain government’s long-term issuer ratings to B2 from B1, and maintained its negative outlook.
The ratings firm said on Thursday evening that the new rating assumes Gulf Cooperation Council members will provide some financial support to Bahrain, but the negative outlook reflects the risk that the support will not be timely or comprehensive enough to maintain Bahrain’s rating at B2 through forthcoming debt repayments, including a $750-million (Dh2.75 billion) sovereign sukuk due on November 22.
At the same time, Moody’s lowered Bahrain’s long-term foreign-currency bond ceiling to Ba3 from Ba2 and long-term foreign-currency deposit ceiling to B3 from B2.
Moody’s has downgraded the Bahrain government’s long-term issuer ratings to B2 from B1, and maintained its negative outlook.
The ratings firm said on Thursday evening that the new rating assumes Gulf Cooperation Council members will provide some financial support to Bahrain, but the negative outlook reflects the risk that the support will not be timely or comprehensive enough to maintain Bahrain’s rating at B2 through forthcoming debt repayments, including a $750-million (Dh2.75 billion) sovereign sukuk due on November 22.
At the same time, Moody’s lowered Bahrain’s long-term foreign-currency bond ceiling to Ba3 from Ba2 and long-term foreign-currency deposit ceiling to B3 from B2.
Pakistan’s upcoming govt to start laying TAPI pipeline
Pakistan’s upcoming govt to start laying TAPI pipeline:
In a bid to cope with the daunting challenge of energy shortages, the incoming government of Pakistan Tehreek-e-Insaf (PTI) will have to immediately kick off construction work on the $10bn Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project.
Former Prime Minister Shahid Khaqan Abbasi had participated in the groundbreaking ceremonies held to begin construction of the pipeline in Turkmenistan and Afghanistan.
In Pakistan, the work was scheduled to commence in May this year, but the plan could not be pushed ahead as tenure of the Pakistan Muslim League-Nawaz (PML-N) government was going to end on May 31, 2018.
In a bid to cope with the daunting challenge of energy shortages, the incoming government of Pakistan Tehreek-e-Insaf (PTI) will have to immediately kick off construction work on the $10bn Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project.
Former Prime Minister Shahid Khaqan Abbasi had participated in the groundbreaking ceremonies held to begin construction of the pipeline in Turkmenistan and Afghanistan.
In Pakistan, the work was scheduled to commence in May this year, but the plan could not be pushed ahead as tenure of the Pakistan Muslim League-Nawaz (PML-N) government was going to end on May 31, 2018.
Sokotra Capital Buys Tunisian Fish-Farm Business - Bloomberg
Sokotra Capital Buys Tunisian Fish-Farm Business - Bloomberg:
Sokotra Capital, a Dubai firm set up by former UBS Group AG banker Albert Momdjian, led a consortium of investors in acquiring fish-farm L’Aquaculture Tunisienne for an undisclosed amount.
The company, based in Sousse, Tunisia, is the largest seabass and seabream hatchery and nursery in North Africa, with a current annual production capacity of 20 million fingerlings and 1,500 tons of fish per year, the two companies said in a statement Friday.
The deal builds on Sokotra’s investments in the agriculture and aquaculture sectors, and the firm said it plans to pursue more such investments in Africa and South East Asia. It will also seek to expand L’Aquaculture Tunisienne’s business in North Africa, gradually extending it to the Mediterranean basin.
Sokotra Capital, a Dubai firm set up by former UBS Group AG banker Albert Momdjian, led a consortium of investors in acquiring fish-farm L’Aquaculture Tunisienne for an undisclosed amount.
The company, based in Sousse, Tunisia, is the largest seabass and seabream hatchery and nursery in North Africa, with a current annual production capacity of 20 million fingerlings and 1,500 tons of fish per year, the two companies said in a statement Friday.
The deal builds on Sokotra’s investments in the agriculture and aquaculture sectors, and the firm said it plans to pursue more such investments in Africa and South East Asia. It will also seek to expand L’Aquaculture Tunisienne’s business in North Africa, gradually extending it to the Mediterranean basin.
Saudi Arabia Reduced Oil Production in July - Bloomberg
Saudi Arabia Reduced Oil Production in July - Bloomberg:
Saudi Arabia, which recently pledged oil-supply increases to tame rallying crude prices, cut production last month, according to OPEC delegates familiar with the matter.
The biggest member of the Organization of Petroleum Exporting Countries pumped 10.3 million barrels a day in July, according to the delegates, who asked not to be identified because the data is private. The kingdom told the cartel it produced 10.489 million in June.
Saudi Arabia, which recently pledged oil-supply increases to tame rallying crude prices, cut production last month, according to OPEC delegates familiar with the matter.
The biggest member of the Organization of Petroleum Exporting Countries pumped 10.3 million barrels a day in July, according to the delegates, who asked not to be identified because the data is private. The kingdom told the cartel it produced 10.489 million in June.
China Snubs Trump on Iran as Biggest Refiner Halts U.S. Oil Buys - Bloomberg
China Snubs Trump on Iran as Biggest Refiner Halts U.S. Oil Buys - Bloomberg:
Rising trade tensions between China and the U.S. may soon affect global oil flows.
China’s largest refiner, Sinopec, will delay making any purchases of U.S. oil for September amid concern that the Asian giant will slap tariffs on American crude, making imports more expensive, according to a person familiar with the matter. Beijing declined to stop imports from Iran, dealing a blow to U.S. efforts to isolate the Islamic Republic, though it agreed not to increase shipments, according to officials familiar with the negotiations.
Petroleum was left off the list of products on which Beijing said Friday it plans to levy duties of 5 percent to 25 percent as soon as the Trump Administration enacts measures. The world’s biggest oil importer took a record volume from the U.S. in June, increasing the potential hit to American producers if China does enact tariffs.
Rising trade tensions between China and the U.S. may soon affect global oil flows.
China’s largest refiner, Sinopec, will delay making any purchases of U.S. oil for September amid concern that the Asian giant will slap tariffs on American crude, making imports more expensive, according to a person familiar with the matter. Beijing declined to stop imports from Iran, dealing a blow to U.S. efforts to isolate the Islamic Republic, though it agreed not to increase shipments, according to officials familiar with the negotiations.
Petroleum was left off the list of products on which Beijing said Friday it plans to levy duties of 5 percent to 25 percent as soon as the Trump Administration enacts measures. The world’s biggest oil importer took a record volume from the U.S. in June, increasing the potential hit to American producers if China does enact tariffs.
Poland buys more LNG, reduces reliance on Russian gas | Reuters
Poland buys more LNG, reduces reliance on Russian gas | Reuters:
Poland’s dominant gas firm PGNiG said on Friday that its LNG purchases from Qatar and elsewhere jumped by 60 percent in January-July from a year earlier, as the country diversifies its sources to reduce reliance on Russian gas.
PGNiG has to buy certain amounts of gas annually from Russia under a long-term deal with Russia’s Gazprom, which expires in 2022 and which Warsaw has said will not be renewed.
In the first seven months of this year, PGNiG’s imports from Gazprom rose by 6 percent, it said, but the Russian share of PGNiG’s total gas imports fell by 2 percentage points from a year earlier to 75 percent.
Poland’s dominant gas firm PGNiG said on Friday that its LNG purchases from Qatar and elsewhere jumped by 60 percent in January-July from a year earlier, as the country diversifies its sources to reduce reliance on Russian gas.
PGNiG has to buy certain amounts of gas annually from Russia under a long-term deal with Russia’s Gazprom, which expires in 2022 and which Warsaw has said will not be renewed.
In the first seven months of this year, PGNiG’s imports from Gazprom rose by 6 percent, it said, but the Russian share of PGNiG’s total gas imports fell by 2 percentage points from a year earlier to 75 percent.
Oil prices pull back as trade tensions weigh on market | Reuters
Oil prices pull back as trade tensions weigh on market | Reuters:
Crude futures pulled back on Friday, giving up gains from the previous session as trade concerns weighed on the market and fueled concerns about demand.
U.S. West Texas Intermediate (WTI) crude futures CLc1 settled down 47 cents at $68.49 a barrel. Brent crude futures LCOc1 settled at $73.21 per barrel, down 24 cents from their last close.
Both grades briefly traded down more than $1 a barrel. U.S. crude ended the week down 0.4 percent, while Brent has fallen 1.5 percent in the week so far.
Crude futures pulled back on Friday, giving up gains from the previous session as trade concerns weighed on the market and fueled concerns about demand.
U.S. West Texas Intermediate (WTI) crude futures CLc1 settled down 47 cents at $68.49 a barrel. Brent crude futures LCOc1 settled at $73.21 per barrel, down 24 cents from their last close.
Both grades briefly traded down more than $1 a barrel. U.S. crude ended the week down 0.4 percent, while Brent has fallen 1.5 percent in the week so far.
Oil futures edge lower on longer-term bearish factors | Reuters
Oil futures edge lower on longer-term bearish factors | Reuters:
Oil prices were down on Friday as the market re-focused on bearish longer term factors following a bounce in the previous session as U.S. crude inventories in a key hub fell to their lowest in nearly four years.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $68.70 per barrel at 0847 GMT, down 26 cents from their last settlement.
Brent crude futures LCOc1 were at $73.15 per barrel, down 30 cents from their last close.
Oil prices were down on Friday as the market re-focused on bearish longer term factors following a bounce in the previous session as U.S. crude inventories in a key hub fell to their lowest in nearly four years.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $68.70 per barrel at 0847 GMT, down 26 cents from their last settlement.
Brent crude futures LCOc1 were at $73.15 per barrel, down 30 cents from their last close.
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