Dubai index hits new low as heavyweights extend losses:
Selling pressure grew on the Dubai Financial Market (DFM) general index as heavyweight counters such as Emaar Properties and Damac extended losses on Wednesday.
The index touched an intra-day low of 2,624.94 before recovering slightly to close at 2,632.15, down 1.63 per cent from the previous close.
On a declining trend, the index is down an average 7.1 per cent from the November 8 high of 2,833, and has formed continuous lows over the last week.
Wednesday 5 December 2018
#UAE widens scope of penal code to fight corruption
UAE widens scope of penal code to fight corruption:
President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has decreed changes to the UAE Penal Code that boost the country’s anti-corruption legislation.
The penal code is now more wide-ranging than before, covering both foreign and domestic acts of bribery. The decree covers both the public and private sectors, as well as international organisations.
The amendments to the penal code, which take effect immediately, have brought anti-corruption regulations in the UAE more in line with other jurisdictions, with the inclusion of foreign public officials.
President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has decreed changes to the UAE Penal Code that boost the country’s anti-corruption legislation.
The penal code is now more wide-ranging than before, covering both foreign and domestic acts of bribery. The decree covers both the public and private sectors, as well as international organisations.
The amendments to the penal code, which take effect immediately, have brought anti-corruption regulations in the UAE more in line with other jurisdictions, with the inclusion of foreign public officials.
Oil slips as Saudis says Opec deal still unresolved
Oil slips as Saudis says Opec deal still unresolved:
Oil retreated after the biggest two-day gain since June as investors grapple with doubts over whether the Organisation of Petroleum Exporting Countries (Opec) and its allies will curb production.
Futures slipped as much as 2.1 per cent in New York, paring gains of 4.6 per cent in the previous two sessions. Saudi Energy Minister Khalid Al Falih said it’s “premature” to say whether the producer group will agree on efforts to stabilise the oversupplied market and walked back recent statements about the size of any supply reduction.
Meanwhile, industry data signalled crude stockpiles in America expanded last week.
Oil retreated after the biggest two-day gain since June as investors grapple with doubts over whether the Organisation of Petroleum Exporting Countries (Opec) and its allies will curb production.
Futures slipped as much as 2.1 per cent in New York, paring gains of 4.6 per cent in the previous two sessions. Saudi Energy Minister Khalid Al Falih said it’s “premature” to say whether the producer group will agree on efforts to stabilise the oversupplied market and walked back recent statements about the size of any supply reduction.
Meanwhile, industry data signalled crude stockpiles in America expanded last week.
Brent likely to average $70 next year, says American bank
Brent likely to average $70 next year, says American bank:
Brent crude is expected to average $70 per barrel in 2019 according to an energy sector outlook from Bank of America Merrill Lynch (BAML).
It expects the WTI grade to average around $59, helped both by demand growth and a production cut from OPEC and some of its allies.
OPEC is due to meet today in Vienna, followed by talks with allies such as Russia on Friday.
Brent crude is expected to average $70 per barrel in 2019 according to an energy sector outlook from Bank of America Merrill Lynch (BAML).
It expects the WTI grade to average around $59, helped both by demand growth and a production cut from OPEC and some of its allies.
OPEC is due to meet today in Vienna, followed by talks with allies such as Russia on Friday.
Shale's growing profits at the mercy of OPEC cuts and Trump's tweets | Reuters
Shale's growing profits at the mercy of OPEC cuts and Trump's tweets | Reuters:
The recent nosedive in crude oil prices came just as shale producers had started delivering healthy returns after years of heavy spending to boost production and market share.
The shift has pleased investors who had grown weary of waiting for a payoff while watching the frenetic west Texas shale boom make the United States the world’s top oil producer and a major exporter.
The 29 percent drop in U.S. crude oil prices CLc1 since October now threatens those improved margins, and sustained prices below $50 per barrel could dent the value of shale reserves, which banks use to determine borrowing power.
The recent nosedive in crude oil prices came just as shale producers had started delivering healthy returns after years of heavy spending to boost production and market share.
The shift has pleased investors who had grown weary of waiting for a payoff while watching the frenetic west Texas shale boom make the United States the world’s top oil producer and a major exporter.
The 29 percent drop in U.S. crude oil prices CLc1 since October now threatens those improved margins, and sustained prices below $50 per barrel could dent the value of shale reserves, which banks use to determine borrowing power.
#Qatar banks’ outlook for 2019 remains stable: Moody’s - The Peninsula Qatar
Qatar banks’ outlook for 2019 remains stable: Moody’s - The Peninsula Qatar:
With improving operating conditions, solid loan performance and strong capital, Qatar banks have stable outlook for 2019.
Moody’s Outlook for ‘GCC Banks for 2019’ showed Qatar’s banking system showed stability in all the seven components of credit drivers, including operating environment, asset risks, capital, profitability & efficiency, funding & liquidity and government support. Qatar is among the two countries in the region which ticked all these boxes as ‘stable’ in Moody’s Outlook for the GCC Banks.
The rating agency noted Qatari banks are most reliant on confidence-sensitive foreign funding, along with Bahrain, in the region. The 2019 Outlook expresses the rating agency’s expectation of how banks’ creditworthiness will evolve over the next 12 to 18 months in the GCC.
With improving operating conditions, solid loan performance and strong capital, Qatar banks have stable outlook for 2019.
Moody’s Outlook for ‘GCC Banks for 2019’ showed Qatar’s banking system showed stability in all the seven components of credit drivers, including operating environment, asset risks, capital, profitability & efficiency, funding & liquidity and government support. Qatar is among the two countries in the region which ticked all these boxes as ‘stable’ in Moody’s Outlook for the GCC Banks.
The rating agency noted Qatari banks are most reliant on confidence-sensitive foreign funding, along with Bahrain, in the region. The 2019 Outlook expresses the rating agency’s expectation of how banks’ creditworthiness will evolve over the next 12 to 18 months in the GCC.
‘Made in #Qatar’ offers new co-operation ties with #Oman, says Qatar Chamber chairman
‘Made in Qatar’ offers new co-operation ties with Oman, says Qatar Chamber chairman:
The ‘Made in Qatar’ Oman edition, which concludes today (December 6) in Muscat, has opened new opportunities for Qatar and Oman to strengthen co-operation ties in a wide range of sectors, Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani has said.
Sheikh Khalifa lauded the staging of the four-day exhibition, which was held for the second time outside Qatar, for its ability to attract thousands of visitors, especially major Omani investors.
He said the exhibition aims to promote Qatari industries and explore the needs of the Qatari market in new industries that meet local demand and supports Qatari industrial exports by encouraging Qatari businessmen and foreign investors to establish industrial projects in Qatar and take advantage of the incentives provided by the State to encourage investment in industrial sectors.
The ‘Made in Qatar’ Oman edition, which concludes today (December 6) in Muscat, has opened new opportunities for Qatar and Oman to strengthen co-operation ties in a wide range of sectors, Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani has said.
Sheikh Khalifa lauded the staging of the four-day exhibition, which was held for the second time outside Qatar, for its ability to attract thousands of visitors, especially major Omani investors.
He said the exhibition aims to promote Qatari industries and explore the needs of the Qatari market in new industries that meet local demand and supports Qatari industrial exports by encouraging Qatari businessmen and foreign investors to establish industrial projects in Qatar and take advantage of the incentives provided by the State to encourage investment in industrial sectors.
OPEC+ Recommends Oil Cuts, But No Deal Yet on Size of Reductions - Bloomberg
OPEC+ Recommends Oil Cuts, But No Deal Yet on Size of Reductions - Bloomberg:
A meeting of Saudi Arabia, Russia and other members of the OPEC+ group recommended an oil production cut, defying a Twitter plea from President Donald Trump to keep the taps open, but didn’t agree on how big any reduction should be.
The group secured Russia’s participation in six months of output curbs starting in January, Oman’s Oil Minister Mohammed Al Rumhy told reporters in Vienna as he left the meeting on Wednesday. Although the committee didn’t discuss specific cuts, there’s still time to agree on numbers and the final deal could remove about 1 million barrels a day from the market, he said.
Ministers from the core OPEC group, which doesn’t include Russia, will now meet tomorrow to seek a consensus on exactly who will cut and by how much. While Saudi Arabia, the group’s biggest producer, will shoulder most of the burden, the kingdom wants commitments from other countries before committing to a final deal.
A meeting of Saudi Arabia, Russia and other members of the OPEC+ group recommended an oil production cut, defying a Twitter plea from President Donald Trump to keep the taps open, but didn’t agree on how big any reduction should be.
The group secured Russia’s participation in six months of output curbs starting in January, Oman’s Oil Minister Mohammed Al Rumhy told reporters in Vienna as he left the meeting on Wednesday. Although the committee didn’t discuss specific cuts, there’s still time to agree on numbers and the final deal could remove about 1 million barrels a day from the market, he said.
Ministers from the core OPEC group, which doesn’t include Russia, will now meet tomorrow to seek a consensus on exactly who will cut and by how much. While Saudi Arabia, the group’s biggest producer, will shoulder most of the burden, the kingdom wants commitments from other countries before committing to a final deal.
#Kuwait's Jazeera to decide between Airbus, Boeing order next year | ZAWYA MENA Edition
Kuwait's Jazeera to decide between Airbus, Boeing order next year | ZAWYA MENA Edition:
Kuwait's Jazeera Airways will by the end of February ask Airbus AIR.PA and Boeing to pitch to supply up to 25 narrow-body jets, its chief executive told Reuters on Wednesday.
The discount airline previously said it was likely to place an order by the end of 2018 but had not said how many aircraft it would take.
Jazeera is likely to decide on the order "very quickly" after it issues a request for proposal (RFP) for between 20 and 25 aircraft, CEO Rohit Ramachandran said in a phone interview.
Kuwait's Jazeera Airways will by the end of February ask Airbus AIR.PA and Boeing to pitch to supply up to 25 narrow-body jets, its chief executive told Reuters on Wednesday.
The discount airline previously said it was likely to place an order by the end of 2018 but had not said how many aircraft it would take.
Jazeera is likely to decide on the order "very quickly" after it issues a request for proposal (RFP) for between 20 and 25 aircraft, CEO Rohit Ramachandran said in a phone interview.
EU pushes for broader global use of euro to challenge dollar | Reuters
EU pushes for broader global use of euro to challenge dollar | Reuters:
The European Commission published on Wednesday non-binding proposals to boost the role of the euro in international payments and its use as a reserve currency to challenge the dominance of the dollar.
The move follows the decision by the United States to withdraw from an agreement with Iran on its nuclear program. That has forced many European companies to stop trading with Iran to avoid U.S. sanctions.
The European Commission called on companies and states to increase their use of the euro in energy contracts. It said it would study possible measures to promote the European Union currency in financial and commodity markets.
The European Commission published on Wednesday non-binding proposals to boost the role of the euro in international payments and its use as a reserve currency to challenge the dominance of the dollar.
The move follows the decision by the United States to withdraw from an agreement with Iran on its nuclear program. That has forced many European companies to stop trading with Iran to avoid U.S. sanctions.
The European Commission called on companies and states to increase their use of the euro in energy contracts. It said it would study possible measures to promote the European Union currency in financial and commodity markets.
OPEC, Russia moving closer to agreeing oil cuts for 2019 | Reuters
OPEC, Russia moving closer to agreeing oil cuts for 2019 | Reuters:
A key monitoring committee of OPEC and its allies, including Russia, agreed on Wednesday on the need to cut oil output in 2019, two sources familiar with the decision said, adding that debates about volumes and the baseline for cuts were ongoing.
The committee, known as the Joint Ministerial Monitoring Committee that includes Saudi Arabia and Russia, met in Vienna on Wednesday, a day before the meeting of members of the Organization of the Petroleum Exporting Countries.
Saudi Arabia has been seeking to persuade Russia to cut oil production substantially with OPEC next year in a bid to halt a decline in the price of crude and prevent another global glut.
A key monitoring committee of OPEC and its allies, including Russia, agreed on Wednesday on the need to cut oil output in 2019, two sources familiar with the decision said, adding that debates about volumes and the baseline for cuts were ongoing.
The committee, known as the Joint Ministerial Monitoring Committee that includes Saudi Arabia and Russia, met in Vienna on Wednesday, a day before the meeting of members of the Organization of the Petroleum Exporting Countries.
Saudi Arabia has been seeking to persuade Russia to cut oil production substantially with OPEC next year in a bid to halt a decline in the price of crude and prevent another global glut.
#Dubai's ruler snubs #Kuwait request to release frozen funds: letter | Reuters
Dubai's ruler snubs Kuwait request to release frozen funds: letter | Reuters:
Dubai’s ruler has resisted efforts by Kuwait to release nearly $500 million in frozen funds at the heart of a money laundering probe straining relations between the two Gulf allies, according to correspondence seen by Reuters.
The investigation is taking place as the United Arab Emirates tightens financial regulations to fight a perception among some foreign investors that it is a hot spot for illicit money flows owing to its free trade zones and proximity to Iran, the target of U.S. sanctions.
The frozen funds belong in part to the Kuwait government and have been frozen at Dubai’s state-owned Noor Bank since late 2017, when the emirate’s public prosecutor, in collaboration with Kuwait’s prosecutors, started probing the lawfulness of their transfer to Dubai from the Philippines.
Dubai’s ruler has resisted efforts by Kuwait to release nearly $500 million in frozen funds at the heart of a money laundering probe straining relations between the two Gulf allies, according to correspondence seen by Reuters.
The investigation is taking place as the United Arab Emirates tightens financial regulations to fight a perception among some foreign investors that it is a hot spot for illicit money flows owing to its free trade zones and proximity to Iran, the target of U.S. sanctions.
The frozen funds belong in part to the Kuwait government and have been frozen at Dubai’s state-owned Noor Bank since late 2017, when the emirate’s public prosecutor, in collaboration with Kuwait’s prosecutors, started probing the lawfulness of their transfer to Dubai from the Philippines.
Mideast Stocks: #Dubai dives on real estate, oil hurts major Gulf markets | ZAWYA MENA Edition
Mideast Stocks: Dubai dives on real estate, oil hurts major Gulf markets | ZAWYA MENA Edition:
The Dubai stock market fell to its lowest in nearly three years on Wednesday, pulled down by real estate stocks, while most major Middle Eastern markets slid on falling oil prices.
Oil prices were pulled down by a decline across financial markets, as concern about global growth and evidence of greater crude supply wiped out half of this week's gains.
"Both weak oil and uncertain near term outlook, be it real estate outlook in Dubai or geopolitics currently, are acting as a drag for many of these markets," said Nishit Lakhotia, head of research at SICO in Bahrain.
The Dubai stock market fell to its lowest in nearly three years on Wednesday, pulled down by real estate stocks, while most major Middle Eastern markets slid on falling oil prices.
Oil prices were pulled down by a decline across financial markets, as concern about global growth and evidence of greater crude supply wiped out half of this week's gains.
"Both weak oil and uncertain near term outlook, be it real estate outlook in Dubai or geopolitics currently, are acting as a drag for many of these markets," said Nishit Lakhotia, head of research at SICO in Bahrain.
Bond-Market Bargain or Pariah? Oil Clouds Bahrain's Outlook - Bloomberg
Bond-Market Bargain or Pariah? Oil Clouds Bahrain's Outlook - Bloomberg:
Bahrain went from being a bond-market pariah to a darling this year after its Gulf neighbors came to the rescue to ward off any default. But falling oil prices have put the island kingdom’s finances under scrutiny again.
After outperforming Gulf peers in the third quarter, Bahrain’s dollar debt has been hurt by crude’s slump in the past two months. Investors are concerned about the government’s ability to put an austerity plan into action, with oil prices below what it needs to balance the budget. Bahrain’s cost-cutting targets, aimed at eliminating the budget deficit by 2022, are ambitious, Fitch Ratings said in October.
“Gulf Cooperation Council loans will help pull Bahrain back from the brink, but without meaningful fiscal reform, they just kick the can down the road,” said Brett Rowley, the Los Angeles-based managing director for emerging markets at TCW Group Inc, which holds about $198 billion. In addition, “a sharp drop in oil prices could jeopardize recently pledged assistance,” he said.
Bahrain went from being a bond-market pariah to a darling this year after its Gulf neighbors came to the rescue to ward off any default. But falling oil prices have put the island kingdom’s finances under scrutiny again.
After outperforming Gulf peers in the third quarter, Bahrain’s dollar debt has been hurt by crude’s slump in the past two months. Investors are concerned about the government’s ability to put an austerity plan into action, with oil prices below what it needs to balance the budget. Bahrain’s cost-cutting targets, aimed at eliminating the budget deficit by 2022, are ambitious, Fitch Ratings said in October.
“Gulf Cooperation Council loans will help pull Bahrain back from the brink, but without meaningful fiscal reform, they just kick the can down the road,” said Brett Rowley, the Los Angeles-based managing director for emerging markets at TCW Group Inc, which holds about $198 billion. In addition, “a sharp drop in oil prices could jeopardize recently pledged assistance,” he said.
Oil Halts Advance as Al-Falih Says OPEC Deal Remains Unresolved - Bloomberg
Oil Halts Advance as Al-Falih Says OPEC Deal Remains Unresolved - Bloomberg:
Oil retreated after the biggest two-day gain since June as investors grapple with doubts over whether OPEC and its allies will curb production.
Futures slipped as much as 2.1 percent in New York, paring gains of 4.6 percent in the previous two sessions. Saudi Energy Minister Khalid Al-Falih said it’s “premature” to say whether the producer group will agree on efforts to stabilize the oversupplied market and walked back recent statements about the size of any supply reduction. Meanwhile, industry data signaled crude stockpiles in America expanded last week.
Crude breached $53 a barrel for the first time in almost two weeks after Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman agreed they would cooperate on managing the oil market. But in talks between officials after that meeting, Saudi Arabia argued Russian proposals, which implied Moscow would cut by a maximum of 150,000 barrels a day, would leave the kingdom shouldering too much of the burden.
Oil retreated after the biggest two-day gain since June as investors grapple with doubts over whether OPEC and its allies will curb production.
Futures slipped as much as 2.1 percent in New York, paring gains of 4.6 percent in the previous two sessions. Saudi Energy Minister Khalid Al-Falih said it’s “premature” to say whether the producer group will agree on efforts to stabilize the oversupplied market and walked back recent statements about the size of any supply reduction. Meanwhile, industry data signaled crude stockpiles in America expanded last week.
Crude breached $53 a barrel for the first time in almost two weeks after Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman agreed they would cooperate on managing the oil market. But in talks between officials after that meeting, Saudi Arabia argued Russian proposals, which implied Moscow would cut by a maximum of 150,000 barrels a day, would leave the kingdom shouldering too much of the burden.
Khashoggi Murder: How Graham Plans to Punish Saudis - Bloomberg #MBS
Khashoggi Murder: How Graham Plans to Punish Saudis - Bloomberg:
Give Lindsey Graham credit. When it comes to regime change, at least he is consistent. The Republican senator from South Carolina has supported the removal of dictators from U.S. adversaries such as Iraq and Libya, and now he wants new leadership for a crucial U.S. ally: Saudi Arabia.
Crown Prince Mohammed bin Salman “is a wrecking ball,” Graham said at a press conference Tuesday after he and a small group of senators had received a CIA briefing on the October murder of Washington Post journalist Jamal Khashoggi. “If the Saudi government is going to be in the hands of this man for a long time to come, I find it very difficult to be able to do business because I think he’s crazy, I think he’s dangerous and he has put this relationship at risk.”
The pontifications of senators on foreign policy usually don’t count for much. Most of the constitutional power is invested in the executive branch. Senators get to advise and consent on treaties, diplomatic nominations and generals, but statecraft is left to the president and his advisers.
Give Lindsey Graham credit. When it comes to regime change, at least he is consistent. The Republican senator from South Carolina has supported the removal of dictators from U.S. adversaries such as Iraq and Libya, and now he wants new leadership for a crucial U.S. ally: Saudi Arabia.
Crown Prince Mohammed bin Salman “is a wrecking ball,” Graham said at a press conference Tuesday after he and a small group of senators had received a CIA briefing on the October murder of Washington Post journalist Jamal Khashoggi. “If the Saudi government is going to be in the hands of this man for a long time to come, I find it very difficult to be able to do business because I think he’s crazy, I think he’s dangerous and he has put this relationship at risk.”
The pontifications of senators on foreign policy usually don’t count for much. Most of the constitutional power is invested in the executive branch. Senators get to advise and consent on treaties, diplomatic nominations and generals, but statecraft is left to the president and his advisers.
OPEC Deal in Balance as Saudi Arabia, Russia Meet for Talks - Bloomberg
OPEC Deal in Balance as Saudi Arabia, Russia Meet for Talks - Bloomberg:
As ministers from OPEC and its allies arrive in Vienna for crucial talks, all have made clear they agree on the need for a cut in oil production. But none have explained how they’ll turn that desire into a reality.
With just a day to go before a critical OPEC summit, Saudi Arabia and Russia are set to meet Wednesday for make-or-break preparatory talks that’ll set the direction for the oil market. The stakes are high after prices suffered their largest monthly drop since the global financial crisis in November, and politicians including Donald Trump call on OPEC to keep energy prices in check.
“There is little disagreement among OPEC members over the need to cut, but there is not yet consensus over how much,” said Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd. “Communicating a large cut, if one can be agreed upon, will still be fraught with challenges given complicated U.S.-Saudi relations.”
As ministers from OPEC and its allies arrive in Vienna for crucial talks, all have made clear they agree on the need for a cut in oil production. But none have explained how they’ll turn that desire into a reality.
With just a day to go before a critical OPEC summit, Saudi Arabia and Russia are set to meet Wednesday for make-or-break preparatory talks that’ll set the direction for the oil market. The stakes are high after prices suffered their largest monthly drop since the global financial crisis in November, and politicians including Donald Trump call on OPEC to keep energy prices in check.
“There is little disagreement among OPEC members over the need to cut, but there is not yet consensus over how much,” said Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd. “Communicating a large cut, if one can be agreed upon, will still be fraught with challenges given complicated U.S.-Saudi relations.”
Etihad discusses rescue deal for India's Jet Airways with bankers: sources | Reuters
Etihad discusses rescue deal for India's Jet Airways with bankers: sources | Reuters:
Abu Dhabi-based Etihad Airways, the second largest shareholder of Jet Airways Ltd (JET.NS), is holding talks with the debt-laden Indian carrier and its bankers on a rescue plan, two sources aware of the matter told Reuters.
Shares in Jet Airways rose as much as 3 percent on Wednesday while the overall Mumbai market .BSESN was down 0.6 percent.
Executives from Etihad, which owns a 24 percent stake in Jet, and the Indian carrier have met some of the airline’s bankers from State Bank of India (SBI) (SBI.NS) in Mumbai in recent days to discuss ways to address its cash flow issues and evaluate the carrier’s future business plan, the sources said.
Abu Dhabi-based Etihad Airways, the second largest shareholder of Jet Airways Ltd (JET.NS), is holding talks with the debt-laden Indian carrier and its bankers on a rescue plan, two sources aware of the matter told Reuters.
Shares in Jet Airways rose as much as 3 percent on Wednesday while the overall Mumbai market .BSESN was down 0.6 percent.
Executives from Etihad, which owns a 24 percent stake in Jet, and the Indian carrier have met some of the airline’s bankers from State Bank of India (SBI) (SBI.NS) in Mumbai in recent days to discuss ways to address its cash flow issues and evaluate the carrier’s future business plan, the sources said.
UAE economy to grow more than 3 percent in 2019: official | Reuters
UAE economy to grow more than 3 percent in 2019: official | Reuters:
The United Arab Emirates economy will grow between 2.5 and 3 percent in 2018, before rising to more than 3 percent in 2019, its economy minister, Sultan bin Saeed al-Mansouri, told reporters on Wednesday.
The latest projections are in line with forecasts made by the International Monetary Fund, which said in October it expects the Arab world’s second biggest economy is likely to expand 2.9 percent this year and 3.7 percent next year.
The United Arab Emirates economy will grow between 2.5 and 3 percent in 2018, before rising to more than 3 percent in 2019, its economy minister, Sultan bin Saeed al-Mansouri, told reporters on Wednesday.
The latest projections are in line with forecasts made by the International Monetary Fund, which said in October it expects the Arab world’s second biggest economy is likely to expand 2.9 percent this year and 3.7 percent next year.
Iran won't discuss its OPEC quota while under sanctions: agency | Reuters
Iran won't discuss its OPEC quota while under sanctions: agency | Reuters:
Iran will not discuss its OPEC quota as long as it is under sanctions, Iranian Oil Minister Bijan Zanganeh was quoted by the state news agency IRNA as saying on Wednesday.
“As long as Iran is under sanctions, the Islamic Republic’s OPEC quota will not be discussed with anyone,” Zanganeh said, speaking ahead of a meeting of the Organization of the Petroleum Exporting Countries.
Iran will not discuss its OPEC quota as long as it is under sanctions, Iranian Oil Minister Bijan Zanganeh was quoted by the state news agency IRNA as saying on Wednesday.
“As long as Iran is under sanctions, the Islamic Republic’s OPEC quota will not be discussed with anyone,” Zanganeh said, speaking ahead of a meeting of the Organization of the Petroleum Exporting Countries.
MIDEAST STOCKS-Dubai hits near 3-year low, weak oil prices weigh on Gulf | Reuters
MIDEAST STOCKS-Dubai hits near 3-year low, weak oil prices weigh on Gulf | Reuters:
Saudi Arabia’s stock market slid on Wednesday, as falling oil prices weighed on its banks and petrochemical stocks, while Dubai fell to its lowest in nearly three years, hurt by a drop in property stocks.
Oil prices fell 2 percent overnight, pulled down by swelling U.S. inventories and a plunge in global stock markets as China’s government warned of increasing economic headwinds.
The Saudi Arabian index lost 0.7 percent, with Al Rajhi Bank falling 0.5 percent and top petrochemical producer Saudi Basic Industries Corporation (SABIC) shedding 0.7 percent.
Saudi Arabia’s stock market slid on Wednesday, as falling oil prices weighed on its banks and petrochemical stocks, while Dubai fell to its lowest in nearly three years, hurt by a drop in property stocks.
Oil prices fell 2 percent overnight, pulled down by swelling U.S. inventories and a plunge in global stock markets as China’s government warned of increasing economic headwinds.
The Saudi Arabian index lost 0.7 percent, with Al Rajhi Bank falling 0.5 percent and top petrochemical producer Saudi Basic Industries Corporation (SABIC) shedding 0.7 percent.
#Qatar Can Annoy Saudi Arabia More by Staying in Gulf Alliance - Bloomberg
Qatar Can Annoy Saudi Arabia More by Staying in Gulf Alliance - Bloomberg:
Qatar’s surprise decision to leave OPEC, announced for maximum effect ahead of the organization’s meeting this week in Vienna, has inevitably raised questions about whether it might also quit the Gulf Cooperation Council. The GCC’s annual summit is Dec. 9 in Riyadh, and a similar announcement would undoubtedly irritate and embarrass Saudi Arabia. Tempting as this might be, the Qataris would do well to stay put.
The explanations offered by Qatar for its withdrawal from the Organization of the Petroleum Exporting Countries after 57 years could easily — indeed, more convincingly — be used to justify an exit from the GCC.
Sheikh Hamad bin Jassim bin Jaber Al Thani, Qatar’s former prime minister, has tweeted that OPEC “is only being used for purposes aimed at harming our national interest.” That goes double for the GCC, where two of its six members — Saudi Arabia and the United Arab Emirates — are prime movers in the economic blockade of Qatar. (The blockade has been going on for 18 months and counting, and it stems from Saudi accusations that Qatar is destabilizing the region by cozying up to Iran, charges Doha contests.)
Qatar’s surprise decision to leave OPEC, announced for maximum effect ahead of the organization’s meeting this week in Vienna, has inevitably raised questions about whether it might also quit the Gulf Cooperation Council. The GCC’s annual summit is Dec. 9 in Riyadh, and a similar announcement would undoubtedly irritate and embarrass Saudi Arabia. Tempting as this might be, the Qataris would do well to stay put.
The explanations offered by Qatar for its withdrawal from the Organization of the Petroleum Exporting Countries after 57 years could easily — indeed, more convincingly — be used to justify an exit from the GCC.
Sheikh Hamad bin Jassim bin Jaber Al Thani, Qatar’s former prime minister, has tweeted that OPEC “is only being used for purposes aimed at harming our national interest.” That goes double for the GCC, where two of its six members — Saudi Arabia and the United Arab Emirates — are prime movers in the economic blockade of Qatar. (The blockade has been going on for 18 months and counting, and it stems from Saudi accusations that Qatar is destabilizing the region by cozying up to Iran, charges Doha contests.)
Foreign Flows Favor Qatar Over Saudi Stocks as Gulf Spat Lingers - Bloomberg
Foreign Flows Favor Qatar Over Saudi Stocks as Gulf Spat Lingers - Bloomberg:
Foreign stock investors have made clear which side of the Saudi Arabia-versus-Qatar conundrum they favor, at least in 2018.
Overseas institutional investors were net buyers of about $2.3 billion of shares traded on Doha’s bourse this year, more than triple the foreign flows into Riyadh, according to stock-exchange data compiled by Bloomberg.
Inflows have picked up in Qatar this year after several large-cap companies announced they were easing limits on foreign ownership, prompting an adjustment of their weighting in benchmarks used by emerging-market fund managers. In Saudi Arabia, overseas investors were net buyers of as much as $3 billion at a peak in June, but that figure fell to around $700 million after a sell-off following the murder of newspaper columnist Jamal Khashoggi at the Saudi consulate in Istanbul in October.
Foreign stock investors have made clear which side of the Saudi Arabia-versus-Qatar conundrum they favor, at least in 2018.
Overseas institutional investors were net buyers of about $2.3 billion of shares traded on Doha’s bourse this year, more than triple the foreign flows into Riyadh, according to stock-exchange data compiled by Bloomberg.
Inflows have picked up in Qatar this year after several large-cap companies announced they were easing limits on foreign ownership, prompting an adjustment of their weighting in benchmarks used by emerging-market fund managers. In Saudi Arabia, overseas investors were net buyers of as much as $3 billion at a peak in June, but that figure fell to around $700 million after a sell-off following the murder of newspaper columnist Jamal Khashoggi at the Saudi consulate in Istanbul in October.
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