Saudis Let Wallets Do the Talking to Punish Turkey for Khashoggi - Bloomberg:
Biscuits and yogurt are emerging as weapons of choice for Saudis lashing out at Turkey for hounding their government over the grisly murder of Jamal Khashoggi in Istanbul.
Pro-government Saudis have been calling for a boycott of Turkish products on Twitter. Among the biggest targets are dairy producer Pinar Sut Mamulleri Sanayii AS and Ulker Biskuvi Sanayi AS, which has two plants in Saudi Arabia and ranks No. 1 in its biscuits market.
“The objective is not to destroy the economy,” Naifco, a pro-government Saudi user who promoted the campaign, tweeted to more than 500,000 followers. “It’s to express our anger in a civilized way.”
Thursday 22 November 2018
UAE's Finablr hires banks for IPO, listing in London- sources | ZAWYA MENA Edition
UAE's Finablr hires banks for IPO, listing in London- sources | ZAWYA MENA Edition:
United Arab Emirates-based payments and foreign exchange company Finablr has hired JP Morgan and Barclays as global coordinators for its listing in the first half of 2019 on the London Stock Exchange, three sources told Reuters.
Several London IPOs have been cancelled in recent weeks with issuers blaming market conditions. Others, including Aston Martin and Kazatomprom have traded below their issue price.
The joint book runners for the initial public offering (IPO), will include local and international banks and will be finalised this week, the sources said, declining to be named as the matter is not yet public.
United Arab Emirates-based payments and foreign exchange company Finablr has hired JP Morgan and Barclays as global coordinators for its listing in the first half of 2019 on the London Stock Exchange, three sources told Reuters.
Several London IPOs have been cancelled in recent weeks with issuers blaming market conditions. Others, including Aston Martin and Kazatomprom have traded below their issue price.
The joint book runners for the initial public offering (IPO), will include local and international banks and will be finalised this week, the sources said, declining to be named as the matter is not yet public.
COLUMN-Trump presses home his Saudi oil advantage after Khashoggi affair: Kemp | Reuters
COLUMN-Trump presses home his Saudi oil advantage after Khashoggi affair: Kemp | Reuters:
U.S. President Donald Trump has in effect agreed to overlook the killing of journalist Jamal Khashoggi in return for Saudi Arabia’s help to contain oil prices and for its assistance in other areas.
The United States and Britain have seized on the vulnerability of the kingdom and its de facto ruler Crown Prince Mohamed bin Salman to push harder for a partial ceasefire in Yemen and improve relations with Qatar.
The kingdom will also come under heightened pressure to deliver on promises of increased arms purchases and overseas investment as well as reconstruction aid in Yemen.
U.S. President Donald Trump has in effect agreed to overlook the killing of journalist Jamal Khashoggi in return for Saudi Arabia’s help to contain oil prices and for its assistance in other areas.
The United States and Britain have seized on the vulnerability of the kingdom and its de facto ruler Crown Prince Mohamed bin Salman to push harder for a partial ceasefire in Yemen and improve relations with Qatar.
The kingdom will also come under heightened pressure to deliver on promises of increased arms purchases and overseas investment as well as reconstruction aid in Yemen.
MIDEAST DEBT-Oman the weakest GCC link as yields rise | Reuters
MIDEAST DEBT-Oman the weakest GCC link as yields rise | Reuters:
A surge in Oman’s international bond yields suggests that, with investor concerns about its twin deficits growing, the country is fast replacing Bahrain as the weak debt market link among Gulf Arab oil exporters.
Oman’s January 2023 dollar bond yield has jumped 81 basis points since end-September, making Oman by far the worst performer in the six-nation Gulf Cooperation Council.
Saudi Arabia, the second worst, has seen its March 2023 bond yield rise just 44 bps, amid concern the killing of dissident Jamal Khashoggi could hurt ties with the West.
A surge in Oman’s international bond yields suggests that, with investor concerns about its twin deficits growing, the country is fast replacing Bahrain as the weak debt market link among Gulf Arab oil exporters.
Oman’s January 2023 dollar bond yield has jumped 81 basis points since end-September, making Oman by far the worst performer in the six-nation Gulf Cooperation Council.
Saudi Arabia, the second worst, has seen its March 2023 bond yield rise just 44 bps, amid concern the killing of dissident Jamal Khashoggi could hurt ties with the West.
Breakingviews - Saudi stock market’s “MbS discount” to get worse | Reuters
Breakingviews - Saudi stock market’s “MbS discount” to get worse | Reuters:
Call it the MbS discount. Since Jamal Khashoggi’s brutal murder by Saudi Arabian agents in early October, equity and bond prices in Riyadh have slumped. U.S. President Donald Trump’s indifference to Crown Prince Mohammed bin Salman’s alleged role in the journalist’s murder may offer a temporary lift for the Saudi market. But too many other problems lie in wait.
The selloff is tangible. Foreign investor exposure to shares on the Saudi Tadawul exchange fell almost a quarter in October from the previous month. The Tadawul All Share Index is 5 percent below its October high. Meantime, the cost of insuring Saudi senior debt for five years has jumped over 20 basis points since October 5 while that of regional rival Qatar has barely budged. And the spread of a Saudi Eurobond maturing in 2028 over U.S. Treasuries has spiked up over 35 basis points to 144 basis points, near 10-year highs, Refinitiv data shows.
Despite recent lurches in emerging markets and oil prices, a good chunk of this looks Khashoggi-related. In the short term, the bond market worries complicate efforts to finance oil giant Aramco’s$70 billion purchase of chemicals group SABIC. Attempting a bond that large right now might require Aramco to pay a coupon more in line with a high-yield issuer.
Call it the MbS discount. Since Jamal Khashoggi’s brutal murder by Saudi Arabian agents in early October, equity and bond prices in Riyadh have slumped. U.S. President Donald Trump’s indifference to Crown Prince Mohammed bin Salman’s alleged role in the journalist’s murder may offer a temporary lift for the Saudi market. But too many other problems lie in wait.
The selloff is tangible. Foreign investor exposure to shares on the Saudi Tadawul exchange fell almost a quarter in October from the previous month. The Tadawul All Share Index is 5 percent below its October high. Meantime, the cost of insuring Saudi senior debt for five years has jumped over 20 basis points since October 5 while that of regional rival Qatar has barely budged. And the spread of a Saudi Eurobond maturing in 2028 over U.S. Treasuries has spiked up over 35 basis points to 144 basis points, near 10-year highs, Refinitiv data shows.
Despite recent lurches in emerging markets and oil prices, a good chunk of this looks Khashoggi-related. In the short term, the bond market worries complicate efforts to finance oil giant Aramco’s$70 billion purchase of chemicals group SABIC. Attempting a bond that large right now might require Aramco to pay a coupon more in line with a high-yield issuer.
Qatar quarrel plays out in battle over UAE banks | Reuters
Qatar quarrel plays out in battle over UAE banks | Reuters:
A proxy war between the United Arab Emirates and Qatar is being played out at banks in the UAE which have Qatari shareholders, weighing on their business and raising questions about their future.
Some banks and other businesses had been warned by the UAE government against entering into deals with Qatari companies, since the UAE, Saudi Arabia, Bahrain and Egypt began a boycott of Qatar in June 2017, sources including a senior UAE banker and a UAE business official told Reuters.
As a result, some UAE companies and banks have shied away from business with United Arab Bank (UAB), Commercial Bank International and Al Khaliji France, sources said.
A proxy war between the United Arab Emirates and Qatar is being played out at banks in the UAE which have Qatari shareholders, weighing on their business and raising questions about their future.
Some banks and other businesses had been warned by the UAE government against entering into deals with Qatari companies, since the UAE, Saudi Arabia, Bahrain and Egypt began a boycott of Qatar in June 2017, sources including a senior UAE banker and a UAE business official told Reuters.
As a result, some UAE companies and banks have shied away from business with United Arab Bank (UAB), Commercial Bank International and Al Khaliji France, sources said.
Oil falls on rising U.S. inventories, OPEC talk of cut limits loss | Reuters
Oil falls on rising U.S. inventories, OPEC talk of cut limits loss | Reuters:
Oil prices dipped on Thursday after U.S. inventories swelled to their highest level since December adding to concerns about a global crude glut but OPEC talk of an output cut limited losses.
Benchmark Brent fell 96 cents last trading at $62.52 a barrel at 1840 GMT, edging back from a more than $1 drop in early European trading. U.S. WTI fell more than a $1 before easing back to settle down 78 cents at $53.85.
Trading was thin due to Thursday’s Thanksgiving holiday in the United States.
Oil prices dipped on Thursday after U.S. inventories swelled to their highest level since December adding to concerns about a global crude glut but OPEC talk of an output cut limited losses.
Benchmark Brent fell 96 cents last trading at $62.52 a barrel at 1840 GMT, edging back from a more than $1 drop in early European trading. U.S. WTI fell more than a $1 before easing back to settle down 78 cents at $53.85.
Trading was thin due to Thursday’s Thanksgiving holiday in the United States.
MIDEAST STOCKS-Banks aid Saudi gain, most Gulf markets quiet | Reuters
MIDEAST STOCKS-Banks aid Saudi gain, most Gulf markets quiet | Reuters:
Saudi Arabia’s stock market rose sharply on Thursday, boosted by rebounding bank shares, while most Gulf markets were little changed in quiet trade.
The Saudi index rose 1.2 percent, with National Commercial Bank, the largest Saudi lender, adding 2.5 percent and Al Rajhi Bank gaining 2.3 percent.
Anaam International Holding Group surged to its 10 percent limit in heavy trade after it signed a non-binding memorandum of understanding to buy real estate and commercial assets owned by Abdullah Abbar & Sons Cold Stores and Dar Al Abbar Co.
Saudi Arabia’s stock market rose sharply on Thursday, boosted by rebounding bank shares, while most Gulf markets were little changed in quiet trade.
The Saudi index rose 1.2 percent, with National Commercial Bank, the largest Saudi lender, adding 2.5 percent and Al Rajhi Bank gaining 2.3 percent.
Anaam International Holding Group surged to its 10 percent limit in heavy trade after it signed a non-binding memorandum of understanding to buy real estate and commercial assets owned by Abdullah Abbar & Sons Cold Stores and Dar Al Abbar Co.
OPEC Will Struggle to Muster Its Friends for 2019 Oil Cuts - Bloomberg
OPEC Will Struggle to Muster Its Friends for 2019 Oil Cuts - Bloomberg:
OPEC will struggle to carry all of its partners from outside the group along with it as oil producing group looks to extend output cuts into a third year at meetings to be held in Vienna in early December, writes Bloomberg oil strategist Julian Lee.
For key partner Russia, the decision will hinge more on President Vladimir's Putin’s assessment of its value in strengthening broader political ties with Saudi Arabia, than on any oil price impact. But Mexico, which offered up natural decline in its oil output as cuts last time around, may balk at extending its participation, as its output is forecast to grow next year.
Saudi oil minister Khalid Al-Falih told reporters that the baseline for new output cuts should be a recent production level, without offering a specific suggestion. While this might not be a problem for Russia, which boosted its output to a post-Soviet high in October, it will pose more of a challenge for others.
OPEC will struggle to carry all of its partners from outside the group along with it as oil producing group looks to extend output cuts into a third year at meetings to be held in Vienna in early December, writes Bloomberg oil strategist Julian Lee.
For key partner Russia, the decision will hinge more on President Vladimir's Putin’s assessment of its value in strengthening broader political ties with Saudi Arabia, than on any oil price impact. But Mexico, which offered up natural decline in its oil output as cuts last time around, may balk at extending its participation, as its output is forecast to grow next year.
Saudi oil minister Khalid Al-Falih told reporters that the baseline for new output cuts should be a recent production level, without offering a specific suggestion. While this might not be a problem for Russia, which boosted its output to a post-Soviet high in October, it will pose more of a challenge for others.
Justice Department Is Said To Be Reviewing Anti-OPEC Legislation - Bloomberg
Justice Department Is Said To Be Reviewing Anti-OPEC Legislation - Bloomberg:
The Department of Justice is formally reviewing antitrust legislation aimed at reining in OPEC’s power over oil markets, according to a department official.
While the study is ongoing, there is an understanding that the oil cartel’s efforts to affect crude prices through production quotas has raised costs for American consumers, said the official, who spoke on condition of anonymity. That’s traditionally the type of conduct the Justice Department would frown upon, the person said.
Bipartisan, anti-OPEC bills have been introduced in both the House and Senate, though neither chamber has voted on the measures yet.
The Department of Justice is formally reviewing antitrust legislation aimed at reining in OPEC’s power over oil markets, according to a department official.
While the study is ongoing, there is an understanding that the oil cartel’s efforts to affect crude prices through production quotas has raised costs for American consumers, said the official, who spoke on condition of anonymity. That’s traditionally the type of conduct the Justice Department would frown upon, the person said.
Bipartisan, anti-OPEC bills have been introduced in both the House and Senate, though neither chamber has voted on the measures yet.
Oil dips as U.S. crude stockpiles swell; possible OPEC cuts prevent bigger slide | Reuters
Oil dips as U.S. crude stockpiles swell; possible OPEC cuts prevent bigger slide | Reuters:
Oil prices slipped on Thursday after U.S. crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops.
U.S. West Texas Intermediate (WTI) crude futures, were at $54.47 per barrel at 0740 GMT, 16 cents, or 0.3 percent below their last settlement.
Front-month Brent crude oil futures were at $63.34 per barrel, down 14 cents, or 0.2 percent.
Oil prices slipped on Thursday after U.S. crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops.
U.S. West Texas Intermediate (WTI) crude futures, were at $54.47 per barrel at 0740 GMT, 16 cents, or 0.3 percent below their last settlement.
Front-month Brent crude oil futures were at $63.34 per barrel, down 14 cents, or 0.2 percent.
Mideast Stocks: Saudi rises on banks, technical glitch hits Qatar | ZAWYA MENA Edition
Mideast Stocks: Saudi rises on banks, technical glitch hits Qatar | ZAWYA MENA Edition:
Saudi Arabia's stock market rose in early trading on Thursday, boosted by bank shares, while the Qatar stock exchange suffered a technical failure and cancelled some trades.
Saudi Arabia's main index was up 0.6 percent after an hour. National Commercial Bank 1180.SE , the largest Saudi lender, added 1.3 percent.
Anaam International Holding Group surged 4.6 percent in heavy trade after it signed a non-binding memorandum of understanding to buy real estate and commercial assets owned by Abdullah Abbar & Sons Cold Stores and Dar Al Abbar Co. The companies will get new shares issued by Anaam as part of the deal.
Saudi Arabia's stock market rose in early trading on Thursday, boosted by bank shares, while the Qatar stock exchange suffered a technical failure and cancelled some trades.
Saudi Arabia's main index was up 0.6 percent after an hour. National Commercial Bank 1180.SE , the largest Saudi lender, added 1.3 percent.
Anaam International Holding Group surged 4.6 percent in heavy trade after it signed a non-binding memorandum of understanding to buy real estate and commercial assets owned by Abdullah Abbar & Sons Cold Stores and Dar Al Abbar Co. The companies will get new shares issued by Anaam as part of the deal.
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