Iranian anger at elite corruption grows as sanctions bite | Financial Times:
Iran’s currency crisis has left ordinary citizens enduring soaring living costs, but prosecutors allege that corrupt business people have turned it into a moneymaking opportunity.
In one case the name of a dead person was used to import 10,500 mobile phones using foreign currency issued at Iran’s favourable official rate. In another an unskilled worker thought to be someone else’s pawn managed to buy 38,000 gold coins from the central bank at below-market rates.
Both examples are likely to be aired by Tehran’s state prosecutors when dozens of businessmen go on trial for “economic disruption”. The first cases began on Sunday when three mobile phone importers appeared in court. The hearings are the first in about two decades to be given high-profile broadcast slots on state television. Their prominence reflects the regime’s desire to show it is tackling graft as public anger grows over what many Iranians believe is endemic corruption among their leaders and the business elite.
Monday, 27 August 2018
Exclusive: Dubai Aerospace Enterprise to double fleet by 2030, CEO says - The National
Exclusive: Dubai Aerospace Enterprise to double fleet by 2030, CEO says - The National:
Dubai Aerospace Enterprise, the Middle East’s biggest aircraft lessor, plans to double its fleet over the coming decade from 375 planes, as it expands after the acquisition of Ireland’s Awas last August, its chief executive said.
Dubai government-owned DAE is in talks with plane makers Boeing and Airbus for a potential multibillion dollar order of around 400 narrow-body jets, said Firaz Tarapore.
“If you look at where we are today size-wise and in terms of industry evolution – the technology changes going through the fleets – we have to sell about 300 aircraft and buy about 500 new aircraft over the next eight to 10 years,” he said.
Dubai Aerospace Enterprise, the Middle East’s biggest aircraft lessor, plans to double its fleet over the coming decade from 375 planes, as it expands after the acquisition of Ireland’s Awas last August, its chief executive said.
Dubai government-owned DAE is in talks with plane makers Boeing and Airbus for a potential multibillion dollar order of around 400 narrow-body jets, said Firaz Tarapore.
“If you look at where we are today size-wise and in terms of industry evolution – the technology changes going through the fleets – we have to sell about 300 aircraft and buy about 500 new aircraft over the next eight to 10 years,” he said.
Abraaj Fund Investors Claim They Are Owed at Least $300 Million - Bloomberg
Abraaj Fund Investors Claim They Are Owed at Least $300 Million - Bloomberg:
Investors in a $1.6 billion-Abraaj Group fund said they are owed at least $300 million by the floundering Middle Eastern private equity firm, according to a letter seen by Bloomberg News. They also ask to remove the company as manager.
The estimate of what is owed to Private Equity Fund IV by Abraaj is nearly triple the $94.6 million found after a review by Abraaj’s accounting firm Deloitte LLP in June. The investors are also seeking to stop paying management fees to Abraaj, citing breach of duties to the fund, according to the letter dated Aug. 13.
The investors’ council has said it would take legal action if it is unable to reach an acceptable agreement with court-appointed liquidators Deloitte and PricewaterhouseCoopers LLP. It said since Deloitte and PwC were appointed on June 18, they have made "insufficient progress” to stem losses tied to “mismanagement and apparent fraudulent activity” by Abraaj and the general partner.
Investors in a $1.6 billion-Abraaj Group fund said they are owed at least $300 million by the floundering Middle Eastern private equity firm, according to a letter seen by Bloomberg News. They also ask to remove the company as manager.
The estimate of what is owed to Private Equity Fund IV by Abraaj is nearly triple the $94.6 million found after a review by Abraaj’s accounting firm Deloitte LLP in June. The investors are also seeking to stop paying management fees to Abraaj, citing breach of duties to the fund, according to the letter dated Aug. 13.
The investors’ council has said it would take legal action if it is unable to reach an acceptable agreement with court-appointed liquidators Deloitte and PricewaterhouseCoopers LLP. It said since Deloitte and PwC were appointed on June 18, they have made "insufficient progress” to stem losses tied to “mismanagement and apparent fraudulent activity” by Abraaj and the general partner.
Qatar sovereign assets totalling more than 100% of GDP to remain 'solid' until 2021: S&P
Qatar sovereign assets totalling more than 100% of GDP to remain 'solid' until 2021: S&P:
Qatar’s sovereign assets totalling more than 100% of GDP are expected to remain “solid” until 2021, premier rating agency S&P Global said Monday.
Qatar is among the seven sovereigns whose assets exceed 100% of GDP and rated by S&P. The others are Kuwait, Norway, Abu Dhabi, Singapore, Jersey and Guernsey.
Combined, the seven sovereigns have accumulated $3tn in assets (200% of GDP on average) to date, it said.
Qatar’s sovereign assets totalling more than 100% of GDP are expected to remain “solid” until 2021, premier rating agency S&P Global said Monday.
Qatar is among the seven sovereigns whose assets exceed 100% of GDP and rated by S&P. The others are Kuwait, Norway, Abu Dhabi, Singapore, Jersey and Guernsey.
Combined, the seven sovereigns have accumulated $3tn in assets (200% of GDP on average) to date, it said.
Crude Edges Higher Amid Low-Volume Trading and Dollar's Decline - Bloomberg
Crude Edges Higher Amid Low-Volume Trading and Dollar's Decline - Bloomberg:
Crude closed at the highest in almost three weeks, largely influenced by moves in the U.S. currency.
Futures settled 0.2 percent higher in New York on Monday. Trading in benchmark American oil futures was almost 60 percent below normal, in part because of a U.K. holiday. Meanwhile, the fading greenback breathed life into commodities priced in dollars.
“London’s closed, you have an end-of-summer situation where liquidity is just really not there,” said Bob Yawger, director of futures division at Mizuho Securities USA LLC.
Crude closed at the highest in almost three weeks, largely influenced by moves in the U.S. currency.
Futures settled 0.2 percent higher in New York on Monday. Trading in benchmark American oil futures was almost 60 percent below normal, in part because of a U.K. holiday. Meanwhile, the fading greenback breathed life into commodities priced in dollars.
“London’s closed, you have an end-of-summer situation where liquidity is just really not there,” said Bob Yawger, director of futures division at Mizuho Securities USA LLC.
Natural Gas Market Should Be Panicking, But Whatever - Bloomberg
Natural Gas Market Should Be Panicking, But Whatever - Bloomberg:
With Labor Day looming, it’s obviously time to start thinking about winter. Obvious, that is, if you follow that battered, crushed, flayed corner of the energy market called U.S. natural gas.
America is awash in the stuff. Production will jump 10 percent this year, according to the Department of Energy, hitting a new record — just ahead of probably hitting another one in 2019. Export terminals can’t be built fast enough. This isn’t helpful for the dogged, if shrunken, cohort of gas bulls still out there.
What is helpful, though, is that, for all the gas coming out of the ground, there’s a surprising shortage of it underneath — in storage.
With Labor Day looming, it’s obviously time to start thinking about winter. Obvious, that is, if you follow that battered, crushed, flayed corner of the energy market called U.S. natural gas.
America is awash in the stuff. Production will jump 10 percent this year, according to the Department of Energy, hitting a new record — just ahead of probably hitting another one in 2019. Export terminals can’t be built fast enough. This isn’t helpful for the dogged, if shrunken, cohort of gas bulls still out there.
What is helpful, though, is that, for all the gas coming out of the ground, there’s a surprising shortage of it underneath — in storage.
Saudi Arabia Is Said to Grant Aramco 40-Year Oil Concession - Bloomberg
Saudi Arabia Is Said to Grant Aramco 40-Year Oil Concession - Bloomberg:
Saudi Arabia has granted its state-owned oil company a 40-year concession to exploit the kingdom’s hydrocarbon reserves as part of Aramco’s preparation for a potential initial public offering, a person familiar with the matter said.
The pact replaces norms dating in some cases from 1933, when the kingdom first agreed to let companies drill for oil there, the person said, asking not to be named discussing internal matters. Saudi Aramco declined to comment.
The legal change may mean little initially since the IPO’s been put on hold while Aramco closes a deal to buy a majority stake in a local petrochemical company worth as much as $70 billion. But Khalid al-Falih, the Saudi oil minister, said last week that the kingdom remained “committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum.”
Saudi Arabia has granted its state-owned oil company a 40-year concession to exploit the kingdom’s hydrocarbon reserves as part of Aramco’s preparation for a potential initial public offering, a person familiar with the matter said.
The pact replaces norms dating in some cases from 1933, when the kingdom first agreed to let companies drill for oil there, the person said, asking not to be named discussing internal matters. Saudi Aramco declined to comment.
The legal change may mean little initially since the IPO’s been put on hold while Aramco closes a deal to buy a majority stake in a local petrochemical company worth as much as $70 billion. But Khalid al-Falih, the Saudi oil minister, said last week that the kingdom remained “committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum.”
Saudi Arabia issues draft on issuance of global depositary receipts | Reuters
Saudi Arabia issues draft on issuance of global depositary receipts | Reuters:
Saudi Arabia’s capital markets regulator has issued draft rules for local companies to issue depositary receipts abroad, giving them a new channel to attract foreign equity investment.
The draft sets out the requirements for issuing global depositary receipts, which bundle shares of local companies for trade on foreign exchanges. The draft is open to public consultation for 30 days, the Capital Market Authority said on Monday.
The move follows a string of market reforms in Saudi Arabia since 2015, when the Riyadh exchange opened itself to direct investment by foreign institutions and began easing restrictions on foreign ownership of companies.
Saudi Arabia’s capital markets regulator has issued draft rules for local companies to issue depositary receipts abroad, giving them a new channel to attract foreign equity investment.
The draft sets out the requirements for issuing global depositary receipts, which bundle shares of local companies for trade on foreign exchanges. The draft is open to public consultation for 30 days, the Capital Market Authority said on Monday.
The move follows a string of market reforms in Saudi Arabia since 2015, when the Riyadh exchange opened itself to direct investment by foreign institutions and began easing restrictions on foreign ownership of companies.
Exclusive: Saudi king tipped the scale against Aramco IPO plans | Reuters
Exclusive: Saudi king tipped the scale against Aramco IPO plans | Reuters:
The king spoke, and a $2 trillion dream went up in smoke.
For the past two years, Saudi Arabia has prepared to place up to 5 percent of its national oil company on the stock market. Officials talked up the Saudi Aramco initial public offering (IPO) with international exchanges, global banks and U.S. President Donald Trump.
The planned listing was to be the cornerstone of the kingdom’s promised economic overhaul and, at a targeted $100 billion, the biggest IPO ever. It was the brainchild of 32-year-old Crown Prince Mohammed bin Salman, heir apparent of the world’s largest oil exporter.
The king spoke, and a $2 trillion dream went up in smoke.
For the past two years, Saudi Arabia has prepared to place up to 5 percent of its national oil company on the stock market. Officials talked up the Saudi Aramco initial public offering (IPO) with international exchanges, global banks and U.S. President Donald Trump.
The planned listing was to be the cornerstone of the kingdom’s promised economic overhaul and, at a targeted $100 billion, the biggest IPO ever. It was the brainchild of 32-year-old Crown Prince Mohammed bin Salman, heir apparent of the world’s largest oil exporter.
Oil near flat; trade worries, rising output weigh | Reuters
Oil near flat; trade worries, rising output weigh | Reuters:
Oil prices were near flat on Monday, pausing after last week’s substantial gains as a committee monitoring a deal between OPEC and non-OPEC producers saw production increasing and a U.S.-China trade war also weighed on sentiment.
Brent crude LCOc1 futures rose 24 cents to $76.06 a barrel by 1:05 p.m. EDT (1705 GMT).
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 9 cents to $68.81 a barrel.
Oil prices were near flat on Monday, pausing after last week’s substantial gains as a committee monitoring a deal between OPEC and non-OPEC producers saw production increasing and a U.S.-China trade war also weighed on sentiment.
Brent crude LCOc1 futures rose 24 cents to $76.06 a barrel by 1:05 p.m. EDT (1705 GMT).
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 9 cents to $68.81 a barrel.
MIDEAST STOCKS-Saudi trims gains; banks send Qatar 3.8 pct higher | Reuters
MIDEAST STOCKS-Saudi trims gains; banks send Qatar 3.8 pct higher | Reuters:
The Saudi market ended on a positive note for the second day in a row, while a 6 percent gain in Qatar National Bank boosted the Qatar index, as the country’s biggest bank rebounded from recent selling due to concerns about its Turkey exposure.
The Saudi index rose 0.3 percent, off earlier highs, with losers outnumbering gainers by 89 to 68 and with a trading volume close to its lowest levels this year. The index rose 1.4 percent on Sunday.
National Commercial Bank jumped 3.0 percent and Savola added 2.6 percent.
The Saudi market ended on a positive note for the second day in a row, while a 6 percent gain in Qatar National Bank boosted the Qatar index, as the country’s biggest bank rebounded from recent selling due to concerns about its Turkey exposure.
The Saudi index rose 0.3 percent, off earlier highs, with losers outnumbering gainers by 89 to 68 and with a trading volume close to its lowest levels this year. The index rose 1.4 percent on Sunday.
National Commercial Bank jumped 3.0 percent and Savola added 2.6 percent.
Saudi Aramco loses its ‘in perpetuity’ exclusive oil rights | Financial Times
Saudi Aramco loses its ‘in perpetuity’ exclusive oil rights | Financial Times:
Saudi Arabia has cut the length of time that its state energy company has exclusive rights to the kingdom’s vast oil and gasfields, raising questions about Saudi Aramco’s long-term production and revealing a power struggle between the company and the government.
Saudi Aramco’s concession agreement with the state has limited the amount of time in which the group can explore and develop resources to 40 years — from a previous contract that gave it access in perpetuity. There will be an option to renew the contract.
The move, three people briefed on the matter said, came as part of the kingdom’s preparations for a stock market flotation of Saudi Aramco, which has been indefinitely delayed.
Saudi Arabia has cut the length of time that its state energy company has exclusive rights to the kingdom’s vast oil and gasfields, raising questions about Saudi Aramco’s long-term production and revealing a power struggle between the company and the government.
Saudi Aramco’s concession agreement with the state has limited the amount of time in which the group can explore and develop resources to 40 years — from a previous contract that gave it access in perpetuity. There will be an option to renew the contract.
The move, three people briefed on the matter said, came as part of the kingdom’s preparations for a stock market flotation of Saudi Aramco, which has been indefinitely delayed.
Oil dips as trade row weighs, Iran sanctions expected to cut supply | Reuters
Oil dips as trade row weighs, Iran sanctions expected to cut supply | Reuters:
Oil prices fell on Monday on concerns the U.S.-China trade dispute will erode global economic growth, although looming U.S. sanctions against Iran’s oil sector kept crude from falling further, traders said.
International Brent crude oil futures LCOc1 were at $75.63 per barrel at 0654 GMT, down 19 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 30 cents at $68.42 a barrel.
Oil prices fell on Monday on concerns the U.S.-China trade dispute will erode global economic growth, although looming U.S. sanctions against Iran’s oil sector kept crude from falling further, traders said.
International Brent crude oil futures LCOc1 were at $75.63 per barrel at 0654 GMT, down 19 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 30 cents at $68.42 a barrel.
MIDEAST STOCKS-Saudi rises, other markets mixed amid muted trading | Reuters
MIDEAST STOCKS-Saudi rises, other markets mixed amid muted trading | Reuters:
The Saudi market rose on Monday morning, heading for its second consecutive increase, backed by solid gains on selected stocks even though trading volumes were low in Gulf market after last week’s closure for the Muslim festival of Eid Al Adha.
The Saudi index rose 0.8 percent, after jumping 1.4 percent on Sunday, with gainers outnumbering losers by 84 to 33; however, trading volume remained close to its lowest levels this year.
Jabal Omar jumped 4.4 percent after it announced earlier on Monday selling 90 residential units in its second phase of its flagship project in Mecca to Al Bilad Hospitality Fund for 1.15 billion riyals ($306.7 million) and said the deal would reflect positively on second quarter financial statements.
The Saudi market rose on Monday morning, heading for its second consecutive increase, backed by solid gains on selected stocks even though trading volumes were low in Gulf market after last week’s closure for the Muslim festival of Eid Al Adha.
The Saudi index rose 0.8 percent, after jumping 1.4 percent on Sunday, with gainers outnumbering losers by 84 to 33; however, trading volume remained close to its lowest levels this year.
Jabal Omar jumped 4.4 percent after it announced earlier on Monday selling 90 residential units in its second phase of its flagship project in Mecca to Al Bilad Hospitality Fund for 1.15 billion riyals ($306.7 million) and said the deal would reflect positively on second quarter financial statements.
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