US crude prices drop to 8-month low on easing supply concerns | Financial Times:
A decline in oil prices accelerated Tuesday, with US crude dropping to an eight-month low as the market re-evaluated the impact of Washington’s sanctions on Iran.
The US officially renewed sanctions on Iranian oil exports Monday, a development that traders expected would suppress global supplies. But the nation also offered a temporary reprieve to eight countries, including two of Iran’s largest importers, China and India. For its part, Iran said it has continued to sell a sufficient amount of oil.
Brent crude, the international benchmark, dipped 2.2 per cent to $71.59 per barrel. West Texas Intermediate fell 2.2 per cent to $61.70 per barrel. At a session low of $61.31 per barrel, US futures touched their lowest mark since mid-March.
Tuesday 6 November 2018
The Khashoggi affair could disrupt the Saudi succession | Financial Times
The Khashoggi affair could disrupt the Saudi succession | Financial Times:
The storm ignited by Saudi Arabia’s savage assassination of the journalist Jamal Khashoggi in its Istanbul consulate has momentarily given way to a lull. The purported Saudi investigation into the murder has put on hold any international response — even though it looks like a cover-up to shield Mohammed bin Salman, the kingdom’s crown prince and de facto ruler.
Riyadh sent its attorney-general, Saud al-Mojeb, to Turkey supposedly to co-operate in the probe. Far from providing any information, Turkish officials say, the Wahhabi jurist wanted to find out how much the Turks know. A lot, is the answer; certainly enough to point the finger towards the top, as they made clear to the CIA and other western intelligence agencies.
Yet anyone with even cursory knowledge of the way power works in Saudi Arabia could work that out anyway. Aside from the demand of justice for Khashoggi, the burning concern here is that, in an absolute monarchy wholly centralised around the person of the crown prince, it is truly a crisis when the wheels come off. There are real uncertainties about what happens next.
The storm ignited by Saudi Arabia’s savage assassination of the journalist Jamal Khashoggi in its Istanbul consulate has momentarily given way to a lull. The purported Saudi investigation into the murder has put on hold any international response — even though it looks like a cover-up to shield Mohammed bin Salman, the kingdom’s crown prince and de facto ruler.
Riyadh sent its attorney-general, Saud al-Mojeb, to Turkey supposedly to co-operate in the probe. Far from providing any information, Turkish officials say, the Wahhabi jurist wanted to find out how much the Turks know. A lot, is the answer; certainly enough to point the finger towards the top, as they made clear to the CIA and other western intelligence agencies.
Yet anyone with even cursory knowledge of the way power works in Saudi Arabia could work that out anyway. Aside from the demand of justice for Khashoggi, the burning concern here is that, in an absolute monarchy wholly centralised around the person of the crown prince, it is truly a crisis when the wheels come off. There are real uncertainties about what happens next.
Strong profit booking drags QSE below 10,400 levels
Strong profit booking drags QSE below 10,400 levels:
Strong profit booking, especially in the banking counter, on Tuesday dragged the Qatar Stock Exchange below 10,400 levels.
Foreign institutions’ substantially weakened buying interests led the 20-stock Qatar Index shed 0.78% to 10,376.94 points, which is up 21.75% year-to-date.
Market capitalisation eroded about QR7bn or 1.16% to QR582.22bn, mainly on account of large cap equities.
Strong profit booking, especially in the banking counter, on Tuesday dragged the Qatar Stock Exchange below 10,400 levels.
Foreign institutions’ substantially weakened buying interests led the 20-stock Qatar Index shed 0.78% to 10,376.94 points, which is up 21.75% year-to-date.
Market capitalisation eroded about QR7bn or 1.16% to QR582.22bn, mainly on account of large cap equities.
$1.7 Billion Flew Out of Saudi Markets Last Month - Bloomberg
$1.7 Billion Flew Out of Saudi Markets Last Month - Bloomberg:
Record foreign selling of Saudi Arabian stocks in the wake of last month’s killing of government critic Jamal Khashoggi put the brakes on a 10-month streak of international investments in the Middle East’s five biggest stock markets.
Net foreign outflows from Saudi Arabia were $1.7 billion, while most other markets had inflows, according to a report by Mohamad Al Hajj, a strategist at the research arm of EFG-Hermes Holding SAE in Dubai. Total outflows from the region were $1.4 billion.
Volatility in the main Saudi stock gauge surged last month after Khashoggi’s murder at the kingdom’s consulate in Istanbul, and net sales by foreign investors were the highest since the local exchange started providing the data in 2015. Foreigners also exited Kuwait’s market, but at a much slower rate. By contrast, they were were net buyers in Qatar, the United Arab Emirates and Egypt, Al Hajj wrote.
Record foreign selling of Saudi Arabian stocks in the wake of last month’s killing of government critic Jamal Khashoggi put the brakes on a 10-month streak of international investments in the Middle East’s five biggest stock markets.
Net foreign outflows from Saudi Arabia were $1.7 billion, while most other markets had inflows, according to a report by Mohamad Al Hajj, a strategist at the research arm of EFG-Hermes Holding SAE in Dubai. Total outflows from the region were $1.4 billion.
Volatility in the main Saudi stock gauge surged last month after Khashoggi’s murder at the kingdom’s consulate in Istanbul, and net sales by foreign investors were the highest since the local exchange started providing the data in 2015. Foreigners also exited Kuwait’s market, but at a much slower rate. By contrast, they were were net buyers in Qatar, the United Arab Emirates and Egypt, Al Hajj wrote.
Two Royals in Their 30s Have Been Given the Keys to a $320 Billion Fund - Bloomberg
Two Royals in Their 30s Have Been Given the Keys to a $320 Billion Fund - Bloomberg:
Two Qatari royals in their 30s have been entrusted to run the country’s $320 billion gas riches as the Gulf state turns its attention to technology deals.
Qatar’s ruler on Sunday named his younger brother deputy chairman of the Qatar Investment Authority, and another relative and foreign minister as chairman. The moves come less than a month after the QIA appointed Mansoor bin Ebrahim Al Mahmoud as chief executive officer, replacing an older royal.
Well-known for a raft of high-profile deals that gave Qatar holdings in Hollywood, New York office space, London residential property, luxury Italian fashion and even a soccer team, the fund has largely been reluctant to dabble in venture capital and technology investments -- until recently.
Two Qatari royals in their 30s have been entrusted to run the country’s $320 billion gas riches as the Gulf state turns its attention to technology deals.
Qatar’s ruler on Sunday named his younger brother deputy chairman of the Qatar Investment Authority, and another relative and foreign minister as chairman. The moves come less than a month after the QIA appointed Mansoor bin Ebrahim Al Mahmoud as chief executive officer, replacing an older royal.
Well-known for a raft of high-profile deals that gave Qatar holdings in Hollywood, New York office space, London residential property, luxury Italian fashion and even a soccer team, the fund has largely been reluctant to dabble in venture capital and technology investments -- until recently.
ADIA, Citi analysts see ample oil supply to withstand Iran sanctions | Reuters
ADIA, Citi analysts see ample oil supply to withstand Iran sanctions | Reuters:
U.S. sanctions on Iran are unlikely to impact the oil market due to a glut in supplies globally, but Iran’s production capacity could be hit due to a possible squeeze in investments, the head of research at Abu Dhabi Investment Authority (ADIA) said.
Big producers such as Saudi Arabia, Russia, the United States and others have enough capacity to ensure global supply, analysts at ADIA and Citigroup said.
“You can’t exclude spikes but basically there’s too much oil in the world and that will prevail in the long-term,” Christof Ruhl, head of global research at ADIA said on the sidelines of a financial conference in Abu Dhabi.
U.S. sanctions on Iran are unlikely to impact the oil market due to a glut in supplies globally, but Iran’s production capacity could be hit due to a possible squeeze in investments, the head of research at Abu Dhabi Investment Authority (ADIA) said.
Big producers such as Saudi Arabia, Russia, the United States and others have enough capacity to ensure global supply, analysts at ADIA and Citigroup said.
“You can’t exclude spikes but basically there’s too much oil in the world and that will prevail in the long-term,” Christof Ruhl, head of global research at ADIA said on the sidelines of a financial conference in Abu Dhabi.
Saudi Arabia's Savola makes third-quarter loss on lower sales | Reuters
Saudi Arabia's Savola makes third-quarter loss on lower sales | Reuters:
Savola Group, Saudi Arabia’s largest food products company, reported a third-quarter loss of 50.7 million riyals ($13.5 million), its third loss in the last four quarters, due to lower sales and higher financing costs.
Analysts at EFG Hermes and NCB Capital had forecast the company would make a profit of 211.9 million riyals and 196.0 million riyals, respectively.
The company made a profit of 829 million riyals in the third quarter of last year.
Savola Group, Saudi Arabia’s largest food products company, reported a third-quarter loss of 50.7 million riyals ($13.5 million), its third loss in the last four quarters, due to lower sales and higher financing costs.
Analysts at EFG Hermes and NCB Capital had forecast the company would make a profit of 211.9 million riyals and 196.0 million riyals, respectively.
The company made a profit of 829 million riyals in the third quarter of last year.
Iran says it is selling the oil it needs to, despite U.S. pressure | Reuters
Iran says it is selling the oil it needs to, despite U.S. pressure | Reuters: Iran said on Tuesday it had so far been able to sell as much oil as it needs despite U.S. pressure, but it urged European countries opposed to U.S. sanctions to do more to shield Iran, as Russia and Turkey also voiced their objections.
The United States on Monday restored sanctions targeting Iran’s oil, banking and transport sectors and threatened more action to stop what Washington called its “outlaw” policies - steps that Tehran called economic warfare and vowed to defy.
The measures are part of a wider effort by U.S. President Donald Trump to curb Tehran’s missile and nuclear programs and diminish the Islamic Republic’s influence in the Middle East, notably its support for proxies in Syria, Yemen and Lebanon.
The United States on Monday restored sanctions targeting Iran’s oil, banking and transport sectors and threatened more action to stop what Washington called its “outlaw” policies - steps that Tehran called economic warfare and vowed to defy.
The measures are part of a wider effort by U.S. President Donald Trump to curb Tehran’s missile and nuclear programs and diminish the Islamic Republic’s influence in the Middle East, notably its support for proxies in Syria, Yemen and Lebanon.
Qatar agrees to buy London's Grosvenor House hotel - source | Reuters
Qatar agrees to buy London's Grosvenor House hotel - source | Reuters:
Qatar has agreed to buy one of London’s most famous hotels, Grosvenor House, as the energy-fueled economy enables the wealthy Gulf state to go on a buying spree of luxury Western properties despite a blockade by its neighbours.
A source with knowledge of the deal said the acquisition of Grosvenor House - located on Park Lane in front of Hyde Park in London’s Mayfair district - had been agreed on Tuesday with the previous owner, private U.S. real estate investment firm Ashkenazy Acquisition Corp. The price was not disclosed.
Ashkenazy Acquisition did not respond to a request for comment. Qatar’s wealth fund, Qatar’s Investment Authority, which is buying the hotel via its Katara Hospitality holding, did not respond to a request for comment.
Qatar has agreed to buy one of London’s most famous hotels, Grosvenor House, as the energy-fueled economy enables the wealthy Gulf state to go on a buying spree of luxury Western properties despite a blockade by its neighbours.
A source with knowledge of the deal said the acquisition of Grosvenor House - located on Park Lane in front of Hyde Park in London’s Mayfair district - had been agreed on Tuesday with the previous owner, private U.S. real estate investment firm Ashkenazy Acquisition Corp. The price was not disclosed.
Ashkenazy Acquisition did not respond to a request for comment. Qatar’s wealth fund, Qatar’s Investment Authority, which is buying the hotel via its Katara Hospitality holding, did not respond to a request for comment.
MIDEAST STOCKS-Banks pressure Qatar, Egypt rises sharply | Reuters
MIDEAST STOCKS-Banks pressure Qatar, Egypt rises sharply | Reuters:
Egypt’s blue-chip index rose on Tuesday, boosted by its real estate and industrial shares, while Qatar fell a day after hitting its highest level in a year and a half following a government reshuffle.
Twenty five of 30 stocks on the Egyptian blue-chip index gained, sending the index rising 1.5 percent. The broader EGX 100 index was up 2.6 percent.
Emaar Misr For Development rose 2.2 percent after reporting a 37.2 percent increase in its third-quarter profit.
Egypt’s blue-chip index rose on Tuesday, boosted by its real estate and industrial shares, while Qatar fell a day after hitting its highest level in a year and a half following a government reshuffle.
Twenty five of 30 stocks on the Egyptian blue-chip index gained, sending the index rising 1.5 percent. The broader EGX 100 index was up 2.6 percent.
Emaar Misr For Development rose 2.2 percent after reporting a 37.2 percent increase in its third-quarter profit.
Dubai's Latest Entertainment Park May Be Delayed Amid Losses - Bloomberg
Dubai's Latest Entertainment Park May Be Delayed Amid Losses - Bloomberg:
Dubai may have to wait for its latest attraction.
A strategic review at DXB Entertainments PJSC, which on Tuesday posted its 20th consecutive quarterly loss, may lead to a delay in the opening of Six Flags Dubai.
The review is to “determine scope, timeline and potential alternatives in light of existing customer demand,” the company said a the statement to the Dubai stock exchange. The results will be presented to the board before the end of the year and “may have an impact on the target opening date of Six Flags Dubai.”
Dubai may have to wait for its latest attraction.
A strategic review at DXB Entertainments PJSC, which on Tuesday posted its 20th consecutive quarterly loss, may lead to a delay in the opening of Six Flags Dubai.
The review is to “determine scope, timeline and potential alternatives in light of existing customer demand,” the company said a the statement to the Dubai stock exchange. The results will be presented to the board before the end of the year and “may have an impact on the target opening date of Six Flags Dubai.”
Qatar's Emir Annual Speech Is Notable for What It Didn't Include - Bloomberg
Qatar's Emir Annual Speech Is Notable for What It Didn't Include - Bloomberg:
Qatar’s emir addressed the national assembly on Tuesday and discussed economic growth, plans for the energy industry and infrastructure projects. But it’s what he didn’t say that will likely attract more attention.
During the 17-minute annual speech, Sheikh Tamim bin Hamad Al Thani didn’t mention anything about efforts to end the Saudi-led boycott of his country, or respond to the Saudi crown prince’s surprising praise of the Qatar economy’s resilience last month in Riyadh.
While the emir isn’t known for grand public overtures, the speech also highlights what economists describe as Qatar’s successful efforts to weather the impact of the embargo imposed by Saudi Arabia and three of its allies in June 2017.
Qatar’s emir addressed the national assembly on Tuesday and discussed economic growth, plans for the energy industry and infrastructure projects. But it’s what he didn’t say that will likely attract more attention.
During the 17-minute annual speech, Sheikh Tamim bin Hamad Al Thani didn’t mention anything about efforts to end the Saudi-led boycott of his country, or respond to the Saudi crown prince’s surprising praise of the Qatar economy’s resilience last month in Riyadh.
While the emir isn’t known for grand public overtures, the speech also highlights what economists describe as Qatar’s successful efforts to weather the impact of the embargo imposed by Saudi Arabia and three of its allies in June 2017.
Russia's Rosneft says Qatari fund to pay 3.7 billion euros for Rosneft stake | Reuters
Russia's Rosneft says Qatari fund to pay 3.7 billion euros for Rosneft stake | Reuters:
Russian oil giant Rosneft (ROSN.MM) said on Tuesday that the Qatar Investment Authority sovereign wealth fund would pay around 3.7 billion euros ($4.23 billion) for a 14.16 percent stake in the company.
The QIA would become the third-largest Rosneft shareholder as a result of the deal after the Russian government and British oil major BP (BP.L), the company added. Trader Glencore (GLEN.L) would retain a 0.6 percent stake.
Russian oil giant Rosneft (ROSN.MM) said on Tuesday that the Qatar Investment Authority sovereign wealth fund would pay around 3.7 billion euros ($4.23 billion) for a 14.16 percent stake in the company.
The QIA would become the third-largest Rosneft shareholder as a result of the deal after the Russian government and British oil major BP (BP.L), the company added. Trader Glencore (GLEN.L) would retain a 0.6 percent stake.
UAE real estate slump will not impact financial stability - cenbank governor | Reuters
UAE real estate slump will not impact financial stability - cenbank governor | Reuters:
A drop in real estate prices in the United Arab Emirates will not affect financial stability, the country’s central bank governor said on Tuesday.
“Quite to the contrary, real estate prices have become more convenient than before, and lending is continuing,” Mubarak Rashed al-Mansoori told reporters on the sidelines of a conference in Abu Dhabi.
A drop in real estate prices in the United Arab Emirates will not affect financial stability, the country’s central bank governor said on Tuesday.
“Quite to the contrary, real estate prices have become more convenient than before, and lending is continuing,” Mubarak Rashed al-Mansoori told reporters on the sidelines of a conference in Abu Dhabi.
Abu Dhabi banks' merger at early stage, UAE cenbank governor says | Reuters
Abu Dhabi banks' merger at early stage, UAE cenbank governor says | Reuters:
The merger of three banks in Abu Dhabi is at an early stage, the United Arab Emirates central bank governor said on Tuesday.
Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank are in talks for a deal that could form a lender with $113 billion in assets.
Mubarak Rashed al-Mansoori told reporters on the sidelines of a conference in Abu Dhabi that he expected more consolidation in the future.
The merger of three banks in Abu Dhabi is at an early stage, the United Arab Emirates central bank governor said on Tuesday.
Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank are in talks for a deal that could form a lender with $113 billion in assets.
Mubarak Rashed al-Mansoori told reporters on the sidelines of a conference in Abu Dhabi that he expected more consolidation in the future.
Oil prices down on Iran sanction exemptions, demand concerns | Reuters
Oil prices down on Iran sanction exemptions, demand concerns | Reuters:
Oil prices declined on Tuesday after Washington granted sanctions exemptions to top buyers of Iranian oil, lifting supply concerns and turning the market’s focus to worries that an economic slowdown may curb fuel demand.
Benchmark Brent crude futures LCOc1 were down 20 cents at $72.97 a barrel by 0929 GMT.
U.S. West Texas Intermediate crude futures CLc1 were at $62.98 a barrel, down 12 cents from their last settlement.
Oil prices declined on Tuesday after Washington granted sanctions exemptions to top buyers of Iranian oil, lifting supply concerns and turning the market’s focus to worries that an economic slowdown may curb fuel demand.
Benchmark Brent crude futures LCOc1 were down 20 cents at $72.97 a barrel by 0929 GMT.
U.S. West Texas Intermediate crude futures CLc1 were at $62.98 a barrel, down 12 cents from their last settlement.
Qatar's ruler hopes Gulf crisis will end for sake of region | Reuters
Qatar's ruler hopes Gulf crisis will end for sake of region | Reuters:
Qatar’s ruler said on Tuesday that a political and economic boycott of his country by larger neighbors had weakened a Gulf Arab bloc at a time of regional instability, but he voiced hope the crisis would pass.
Emir Sheikh Tamim bin Hamad al-Thani outlined Qatar’s economic achievements over the past year despite sanctions imposed by Saudi Arabia and four Arab states since June 2017, saying the tiny but wealthy country would preserve its status as the world’s top liquefied natural gas exporter.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut transport and trade ties with Qatar, accusing it of supporting terrorism and their foe Iran. Doha denies the charges and says the boycott aims to impinge on its sovereignty.
Qatar’s ruler said on Tuesday that a political and economic boycott of his country by larger neighbors had weakened a Gulf Arab bloc at a time of regional instability, but he voiced hope the crisis would pass.
Emir Sheikh Tamim bin Hamad al-Thani outlined Qatar’s economic achievements over the past year despite sanctions imposed by Saudi Arabia and four Arab states since June 2017, saying the tiny but wealthy country would preserve its status as the world’s top liquefied natural gas exporter.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut transport and trade ties with Qatar, accusing it of supporting terrorism and their foe Iran. Doha denies the charges and says the boycott aims to impinge on its sovereignty.
Mideast Stocks: Banks lift Saudi index, most Gulf markets mixed | ZAWYA MENA Edition
Mideast Stocks: Banks lift Saudi index, most Gulf markets mixed | ZAWYA MENA Edition:
Saudi Arabia's stock market inched up on Tuesday buoyed by the banking sector, while real estate shares propped up Dubai's index and other regional Gulf markets were mixed.
Saudi Arabia's bourse was up 0.4 percent after half an hour of trading, with Al Khaleej Training and Education jumping 5.7 percent after its third-quarter revenue rose.
Saudi Vitrified Clay Pipe rose 1.7 percent after reporting a 23 percent gain in profit for the same period.
Saudi Arabia's stock market inched up on Tuesday buoyed by the banking sector, while real estate shares propped up Dubai's index and other regional Gulf markets were mixed.
Saudi Arabia's bourse was up 0.4 percent after half an hour of trading, with Al Khaleej Training and Education jumping 5.7 percent after its third-quarter revenue rose.
Saudi Vitrified Clay Pipe rose 1.7 percent after reporting a 23 percent gain in profit for the same period.
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