UAE’s top-four banks to maintain stable profitability into 2019, report says - The National:
The UAE’s top four banks have performed well in the second quarter of this year on the back of higher net interest income and lower provisioning for bad loans and are forecast to maintain “stable” profitability into 2019, according to a new report.
First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank and Dubai Islamic Bank posted a combined 21 per cent year-on-year increase in second quarter net profit to Dh8 billion, Moody’s Investors Services said in a report released on Wednesday.
"We expect core profitability for the large UAE banks to remain broadly stable over the next 12-18 months, as interest earnings hold steady at current levels," said Nitish Bhojnagarwala, Vice President -- Senior Credit Officer at Moody's
Wednesday 15 August 2018
Nakheel reports 3.83% fall in first-half profit to Dh2.51b | GulfNews.com
Nakheel reports 3.83% fall in first-half profit to Dh2.51b | GulfNews.com:
Nakheel reported a 3.83 per cent decline in first-half net profit to Dh2.51 billion compared to Dh2.61 billion a year ago.
The property developer handed over 451 units to customers in the first six months of the year.
Annual revenues from non-development businesses — retail, leasing, hospitality and asset management — are now Dh2.6 billion and currently accounts for 38 per cent of the company’s total revenue.
Nakheel reported a 3.83 per cent decline in first-half net profit to Dh2.51 billion compared to Dh2.61 billion a year ago.
The property developer handed over 451 units to customers in the first six months of the year.
Annual revenues from non-development businesses — retail, leasing, hospitality and asset management — are now Dh2.6 billion and currently accounts for 38 per cent of the company’s total revenue.
ADX admits SICO as market maker | GulfNews.com
ADX admits SICO as market maker | GulfNews.com:
Abu Dhabi Securities Exchange (ADX) said it has awarded SICO with the first non-UAE licence to serve as market maker, making it the fifth registered Market Maker on the Exchange.
SICO BSC is a regional asset manager, broker, market maker and investment bank based in Bahrain, and has been the leading market maker on the Bahrain Bourse since 1995.
“Awarding a new market maker license represents yet another milestone in ADX history, pointing to our willingness to expand our investor base, and continually improve market liquidity. Increasing the number of market makers on the Exchange is a key part of our long-term strategy of promoting Abu Dhabi to a wider range of international and domestic investors who can benefit from its competitive yet friendly business environment,” Chief Executive of ADX, Rashed Al Beloushi said in a statement.
Abu Dhabi Securities Exchange (ADX) said it has awarded SICO with the first non-UAE licence to serve as market maker, making it the fifth registered Market Maker on the Exchange.
SICO BSC is a regional asset manager, broker, market maker and investment bank based in Bahrain, and has been the leading market maker on the Bahrain Bourse since 1995.
“Awarding a new market maker license represents yet another milestone in ADX history, pointing to our willingness to expand our investor base, and continually improve market liquidity. Increasing the number of market makers on the Exchange is a key part of our long-term strategy of promoting Abu Dhabi to a wider range of international and domestic investors who can benefit from its competitive yet friendly business environment,” Chief Executive of ADX, Rashed Al Beloushi said in a statement.
Oil Sinks to 10-Week Low After Surprise U.S. Stockpile Build - Bloomberg
Oil Sinks to 10-Week Low After Surprise U.S. Stockpile Build - Bloomberg:
Oil plunged after U.S. stockpiles swelled by the most since March 2017 as investor concerns increased that the U.S.-China trade war and the Turkish crisis will undercut demand.
Futures in New York fell 3 percent on Wednesday to the lowest level since June 6. American crude inventories increased by 6.81 million barrels last week, the Energy Information Administration reported, contrary to analyst estimates for a 2.5 million-barrel decline in a Bloomberg survey.
Oil plunged after U.S. stockpiles swelled by the most since March 2017 as investor concerns increased that the U.S.-China trade war and the Turkish crisis will undercut demand.
Futures in New York fell 3 percent on Wednesday to the lowest level since June 6. American crude inventories increased by 6.81 million barrels last week, the Energy Information Administration reported, contrary to analyst estimates for a 2.5 million-barrel decline in a Bloomberg survey.
Merkel Enters Fray to Calm Turkey Turmoil as German Stakes Rise - Bloomberg
Merkel Enters Fray to Calm Turkey Turmoil as German Stakes Rise - Bloomberg:
Angela Merkel is reminding Turkish President Recep Tayyip Erdogan that he has a potential ally in Berlin.
As Erdogan seeks to shield Turkey’s economy from a feud with President Donald Trump, he and the German chancellor spoke by phone on Wednesday to arrange a meeting of both countries’ finance ministers. While Berlin isn’t offering any aid, the conversation reflects the stakes on both sides and Germany’s sway as the biggest economy in Europe.
Germany wants Turkey to avoid a financial meltdown and can’t allow the country to descend into chaos, according to a person familiar with Merkel’s thinking who asked not to be identified discussing government deliberations. In an overture that signals normalizing relations after a series of diplomatic clashes, Germany plans to host Erdogan for a state visit on Sept. 28.
Angela Merkel is reminding Turkish President Recep Tayyip Erdogan that he has a potential ally in Berlin.
As Erdogan seeks to shield Turkey’s economy from a feud with President Donald Trump, he and the German chancellor spoke by phone on Wednesday to arrange a meeting of both countries’ finance ministers. While Berlin isn’t offering any aid, the conversation reflects the stakes on both sides and Germany’s sway as the biggest economy in Europe.
Germany wants Turkey to avoid a financial meltdown and can’t allow the country to descend into chaos, according to a person familiar with Merkel’s thinking who asked not to be identified discussing government deliberations. In an overture that signals normalizing relations after a series of diplomatic clashes, Germany plans to host Erdogan for a state visit on Sept. 28.
Musk's Saudi Gambit Invites the Kind of Leverage He Doesn't Want - Bloomberg
Musk's Saudi Gambit Invites the Kind of Leverage He Doesn't Want - Bloomberg:
Elon Musk has painted an idyllic picture of a private Tesla Inc. operating away from investor scrutiny and short-seller attacks. But in casting Saudi Arabia’s sovereign wealth fund as a key player to allow him freer reign, he’s given them leverage to exert significant influence.
The Tesla chief executive officer has said the Saudi Public Investment Fund’s interest alone justified his claim last week that he had the funding secured to buy out some investors. The outsize role Musk described the fund playing in going public with his proposal could even give the Saudi fund a stake on par with his.
The Saudi PIF is unlikely to operate like famous activists Carl Icahn or Bill Ackman, who’ve built their reputations by taking on boards and management, but they do have an agenda to bring more technology to the kingdom. Acquiring a big stake may embolden the fund to urge Musk to share solar or battery tech and even rein in Musk’s boisterous public persona.
Elon Musk has painted an idyllic picture of a private Tesla Inc. operating away from investor scrutiny and short-seller attacks. But in casting Saudi Arabia’s sovereign wealth fund as a key player to allow him freer reign, he’s given them leverage to exert significant influence.
The Tesla chief executive officer has said the Saudi Public Investment Fund’s interest alone justified his claim last week that he had the funding secured to buy out some investors. The outsize role Musk described the fund playing in going public with his proposal could even give the Saudi fund a stake on par with his.
The Saudi PIF is unlikely to operate like famous activists Carl Icahn or Bill Ackman, who’ve built their reputations by taking on boards and management, but they do have an agenda to bring more technology to the kingdom. Acquiring a big stake may embolden the fund to urge Musk to share solar or battery tech and even rein in Musk’s boisterous public persona.
Bahrain's Gulf Allies Review Aid Program in Show of Support - Bloomberg
Bahrain's Gulf Allies Review Aid Program in Show of Support - Bloomberg:
Bahrain’s Gulf Arab allies met to review a financial support program designed to help the country repair its finances and stave off a possible currency devaluation that could roil regional markets.
The finance ministers of Saudi Arabia, the United Arab Emirates and Kuwait met with their Bahraini counterpart on Wednesday in the island-kingdom. They said their countries were “committed to backing Bahrain’s fiscal stability” and economic growth, according to the official Bahrain News Agency.
The ministers reviewed a report prepared by a joint technical team in coordination with the Arab Monetary Fund, BNA said. The AMF is an Abu Dhabi-based organization modeled on the International Monetary Fund.
Bahrain’s Gulf Arab allies met to review a financial support program designed to help the country repair its finances and stave off a possible currency devaluation that could roil regional markets.
The finance ministers of Saudi Arabia, the United Arab Emirates and Kuwait met with their Bahraini counterpart on Wednesday in the island-kingdom. They said their countries were “committed to backing Bahrain’s fiscal stability” and economic growth, according to the official Bahrain News Agency.
The ministers reviewed a report prepared by a joint technical team in coordination with the Arab Monetary Fund, BNA said. The AMF is an Abu Dhabi-based organization modeled on the International Monetary Fund.
Qatar Comes to Rescue as Turkey Moves to Avert Financial Crisis - Bloomberg
Qatar Comes to Rescue as Turkey Moves to Avert Financial Crisis - Bloomberg:
President Recep Tayyip Erdogan has found a benefactor to help pull Turkey from the brink of a financial crisis as Qatar promised to invest $15 billion in the country.
The lira extended gains to 6 percent after Qatar’s Emir Sheikh Tamim Bin Hamad Bin Al Thani made the pledge after a 3-1/2-hour meeting with Erdogan in Ankara on Wednesday. It follows a string of urgent steps Erdogan has taken to protect its economy from an escalating feud with U.S. counterpart Donald Trump over an American pastor held in Turkey.
With the pledge, Turkey is reaping the rewards of standing by its wealthy Arab ally while Gulf neighbors led by Saudi Arabia cut off diplomatic ties with Qatar last year. Since tightening his grip on power in June elections, Erdogan’s relations with the U.S., a NATO ally, have deteriorated.
President Recep Tayyip Erdogan has found a benefactor to help pull Turkey from the brink of a financial crisis as Qatar promised to invest $15 billion in the country.
The lira extended gains to 6 percent after Qatar’s Emir Sheikh Tamim Bin Hamad Bin Al Thani made the pledge after a 3-1/2-hour meeting with Erdogan in Ankara on Wednesday. It follows a string of urgent steps Erdogan has taken to protect its economy from an escalating feud with U.S. counterpart Donald Trump over an American pastor held in Turkey.
With the pledge, Turkey is reaping the rewards of standing by its wealthy Arab ally while Gulf neighbors led by Saudi Arabia cut off diplomatic ties with Qatar last year. Since tightening his grip on power in June elections, Erdogan’s relations with the U.S., a NATO ally, have deteriorated.
Kuwait's KAMCO to acquire 70% of Global Investment House | ZAWYA MENA Edition
Kuwait's KAMCO to acquire 70% of Global Investment House | ZAWYA MENA Edition:
KAMCO Investment (KAMCO) on Tuesday announced receiving the approval of the Capital Markets Authority (CMA) to acquire the majority of Global Investment House (Global).
KAMCO intends to buy around 396.43 million shares from Global, which is not listed on Boursa Kuwait. The acquired shares represent 69.5% of Global's capital, according to the company’s statement to the Kuwaiti bourse.
Early in May, KAMCO has signed a preliminary contract to purchase about 396.43 million of the issued capital in Global Investment House.
KAMCO Investment (KAMCO) on Tuesday announced receiving the approval of the Capital Markets Authority (CMA) to acquire the majority of Global Investment House (Global).
KAMCO intends to buy around 396.43 million shares from Global, which is not listed on Boursa Kuwait. The acquired shares represent 69.5% of Global's capital, according to the company’s statement to the Kuwaiti bourse.
Early in May, KAMCO has signed a preliminary contract to purchase about 396.43 million of the issued capital in Global Investment House.
Oil falls as U.S. crude inventories jump unexpectedly | Reuters
Oil falls as U.S. crude inventories jump unexpectedly | Reuters:
Oil futures fell more than $2 a barrel on Wednesday after data showed U.S. crude stockpiles jumped last week, compounding worries about a weaker global economic growth outlook.
Brent crude futures LCOc1 were down $1.96 a barrel at $70.50 a barrel by 11:07 a.m. EDT [1507 GMT]. The contract earlier touched $70.40 a barrel. U.S. crude futures CLc1 fell $2.22 to $64.82 a barrel.
U.S. crude inventories rose unexpectedly last week USOILC=ECI, climbing 6.8 million barrels in spite of refinery crude runs hitting a record high, the Energy Information Administration’s data showed. Crude stocks at the Cushing, Oklahoma USOICC=ECI, delivery hub for U.S. crude futures rose 1.6 million barrels.
Oil futures fell more than $2 a barrel on Wednesday after data showed U.S. crude stockpiles jumped last week, compounding worries about a weaker global economic growth outlook.
Brent crude futures LCOc1 were down $1.96 a barrel at $70.50 a barrel by 11:07 a.m. EDT [1507 GMT]. The contract earlier touched $70.40 a barrel. U.S. crude futures CLc1 fell $2.22 to $64.82 a barrel.
U.S. crude inventories rose unexpectedly last week USOILC=ECI, climbing 6.8 million barrels in spite of refinery crude runs hitting a record high, the Energy Information Administration’s data showed. Crude stocks at the Cushing, Oklahoma USOICC=ECI, delivery hub for U.S. crude futures rose 1.6 million barrels.
Emerging market stocks in bear territory after 20 percent drop since January | Reuters
Emerging market stocks in bear territory after 20 percent drop since January | Reuters:
A leading emerging market stock index extended its slump since January to 20 percent on Wednesday in a fresh wave of selling which took it into territory commonly regarded as a bear market.
The scale of the fall in MSCI’s widely tracked 24-country emerging market index .MSCIEF is likely to be painful for many investors, given the index compiler estimates that more than $1.9 trillion of assets globally are benchmarked to the measure.
The sharp drop in the index comes as the threat of a full-blown trade war between China and the United States has scuttled Chinese markets. Political stress has brought heavy losses in countries like Brazil, Turkey and Argentina, while a strong dollar - partly due to rising U.S. interest rates - has hit virtually anyone who borrows in the currency.
A leading emerging market stock index extended its slump since January to 20 percent on Wednesday in a fresh wave of selling which took it into territory commonly regarded as a bear market.
The scale of the fall in MSCI’s widely tracked 24-country emerging market index .MSCIEF is likely to be painful for many investors, given the index compiler estimates that more than $1.9 trillion of assets globally are benchmarked to the measure.
The sharp drop in the index comes as the threat of a full-blown trade war between China and the United States has scuttled Chinese markets. Political stress has brought heavy losses in countries like Brazil, Turkey and Argentina, while a strong dollar - partly due to rising U.S. interest rates - has hit virtually anyone who borrows in the currency.
Qatar to invest $15 billion in Turkey; source says banks the focus | Reuters
Qatar to invest $15 billion in Turkey; source says banks the focus | Reuters:
Qatar pledged $15 billion of investment in Turkey on Wednesday that a government source in Ankara said would be channeled into its banks and financial markets.
The investment package was announced after Qatar’s Emir Tamim bin Hamad Al-Thani met President Tayyip Erdogan in the capital, as Turkey grapples with a collapsing lira and a worsening commercial and political standoff with NATO ally the United States.
The currency TRYTOM=D3 has lost nearly 40 percent against the dollar this year, driven by worries over Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.
Qatar pledged $15 billion of investment in Turkey on Wednesday that a government source in Ankara said would be channeled into its banks and financial markets.
The investment package was announced after Qatar’s Emir Tamim bin Hamad Al-Thani met President Tayyip Erdogan in the capital, as Turkey grapples with a collapsing lira and a worsening commercial and political standoff with NATO ally the United States.
The currency TRYTOM=D3 has lost nearly 40 percent against the dollar this year, driven by worries over Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.
Saudi fund may only play minor part in Musk's $72 billion Tesla plan: bankers | Reuters
Saudi fund may only play minor part in Musk's $72 billion Tesla plan: bankers | Reuters:
Elon Musk told investors this week that “obviously, the Saudi sovereign fund has more than enough capital needed” to finance taking Tesla private.
The fund is estimated to have over $250 billion in assets. But it is not that simple.
The Public Investment Fund (PIF) has many claims on its resources, both financial and political.
Elon Musk told investors this week that “obviously, the Saudi sovereign fund has more than enough capital needed” to finance taking Tesla private.
The fund is estimated to have over $250 billion in assets. But it is not that simple.
The Public Investment Fund (PIF) has many claims on its resources, both financial and political.
MIDEAST STOCKS-Abu Dhabi bucks trend as Turkey concerns weigh on Gulf markets | Reuters
MIDEAST STOCKS-Abu Dhabi bucks trend as Turkey concerns weigh on Gulf markets | Reuters:
Abu Dhabi shares ended 1.1 percent higher on Wednesday, bucking weakness in other major Gulf markets which were dragged down by concerns about the Turkish economy as market activity slowed ahead of a Muslim festival next week.
Abu Dhabi index was boosted by gains in market-heavyweight First Abu Dhabi Bank (FAB), which ended 2.5 percent higher, and telecom firm Etisalat, which rose 1.2 percent.
FAB, UAE’s biggest lender, has benefited from its lack of major exposure to Turkey and continued interest after its strong quarterly earnings.
Abu Dhabi shares ended 1.1 percent higher on Wednesday, bucking weakness in other major Gulf markets which were dragged down by concerns about the Turkish economy as market activity slowed ahead of a Muslim festival next week.
Abu Dhabi index was boosted by gains in market-heavyweight First Abu Dhabi Bank (FAB), which ended 2.5 percent higher, and telecom firm Etisalat, which rose 1.2 percent.
FAB, UAE’s biggest lender, has benefited from its lack of major exposure to Turkey and continued interest after its strong quarterly earnings.
Oil falls on U.S. stocks rise, weaker economic outlook | Reuters
Oil falls on U.S. stocks rise, weaker economic outlook | Reuters:
Oil prices fell on Wednesday, weighed down by a gloomier global economic outlook and a report of rising U.S. crude inventories, even as U.S. sanctions on Tehran threatened to curb Iranian crude oil supplies.
Global benchmark Brent crude oil LCOc1 was down 50 cents a barrel at $71.96 by 0830 GMT. U.S. light crude CLc1 was 55 cents lower at $66.49.
“Sentiment is sandwiched between a darkening global economic outlook and looming Iranian supply shortages,” said Stephen Brennock, analyst at London brokerage PVM Oil Associates.
Oil prices fell on Wednesday, weighed down by a gloomier global economic outlook and a report of rising U.S. crude inventories, even as U.S. sanctions on Tehran threatened to curb Iranian crude oil supplies.
Global benchmark Brent crude oil LCOc1 was down 50 cents a barrel at $71.96 by 0830 GMT. U.S. light crude CLc1 was 55 cents lower at $66.49.
“Sentiment is sandwiched between a darkening global economic outlook and looming Iranian supply shortages,” said Stephen Brennock, analyst at London brokerage PVM Oil Associates.
Qatar's emir heads to Turkey for talks with Erdogan | Reuters
Qatar's emir heads to Turkey for talks with Erdogan | Reuters:
Qatar’s emir headed to Turkey on Wednesday for talks with President Tayyip Erdogan who is dealing with a collapse of the lira currency and deteriorating relations with the United States.
Emir Tamim bin Hamad Al Thani and Erdogan are expected to discuss “means of strengthening the existing strategic cooperation between the two countries in various fields”, the state news agency QNA reported.
Turkey and Qatar have traditionally maintained good ties and Ankara stood by Doha after Saudi Arabia and other Arab states severed diplomatic, trade and travel ties with Qatar last year, accusing it of financing terrorism, a charge Doha denies.
Qatar’s emir headed to Turkey on Wednesday for talks with President Tayyip Erdogan who is dealing with a collapse of the lira currency and deteriorating relations with the United States.
Emir Tamim bin Hamad Al Thani and Erdogan are expected to discuss “means of strengthening the existing strategic cooperation between the two countries in various fields”, the state news agency QNA reported.
Turkey and Qatar have traditionally maintained good ties and Ankara stood by Doha after Saudi Arabia and other Arab states severed diplomatic, trade and travel ties with Qatar last year, accusing it of financing terrorism, a charge Doha denies.
MIDEAST STOCKS-Abu Dhabi shines in dull Gulf trade before holidays | Reuters
MIDEAST STOCKS-Abu Dhabi shines in dull Gulf trade before holidays | Reuters:
Abu Dhabi shares rose 1.1 percent in early trade on Wednesday, the only market shining in an otherwise lacklustre day in the region before holidays, helped by gains in defensive stocks such as First Abu Dhabi Bank and Etisalat.
FAB rose 2.2 percent as UAE’s biggest lender benefited from its lack of exposure to Turkey and continued interest after its strong quarterly earnings, while telecom firm Etisalat climbed 1.2 percent.
Dana Gas was down 1.8 percent after it reported a 14 percent decrease in second-quarter net profit on Tuesday, citing one-off sukuk restructuring costs.
Abu Dhabi shares rose 1.1 percent in early trade on Wednesday, the only market shining in an otherwise lacklustre day in the region before holidays, helped by gains in defensive stocks such as First Abu Dhabi Bank and Etisalat.
FAB rose 2.2 percent as UAE’s biggest lender benefited from its lack of exposure to Turkey and continued interest after its strong quarterly earnings, while telecom firm Etisalat climbed 1.2 percent.
Dana Gas was down 1.8 percent after it reported a 14 percent decrease in second-quarter net profit on Tuesday, citing one-off sukuk restructuring costs.
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