Middle East airlines expecting more turbulence in 2019 remain optimistic on strong travel demand - The National:
Arabian Gulf airlines say they expect to face further headwinds in the next 12 months but are optimistic about growth in 2019 as demand for travel remains strong.
Airlines in the region foresee oil price volatility, currency fluctuations, escalating trade tensions and increasingly fierce competition clouding the industry outlook next year. However, the companies said they remain bullish as they focus on expanding into new markets, keeping costs in check and growing their fleet to cater to rising passenger demand for travel.
“We are optimistic about our own growth in 2019,” Tim Clark, president of Emirates airlines, told The National this week. “We’ve seen that the global appetite for travel remains resilient, in spite of the patchy economic growth or geopolitical turbulence. People still want to travel. Consumers will simply re-calibrate their travel plans and we have to stay agile in how we deploy our capacity to best serve that demand.”
Friday, 28 December 2018
#AbuDhabi’s three-way banking merger likely in 2019 first quarter
Abu Dhabi’s three-way banking merger likely in 2019 first quarter:
Creating bigger banks would help with the industry’s medium-term progress, especially as fintech-related services are making a presence regionally, analysts said as news reports emerged that the merger of Abu Dhabi Commercial Bank (ADCB), Union National Bank and Al Hilal Bank is expected to be completed in the first quarter next year.
The Arabic daily ‘Al Khaleej’ quoting sources reported that a committee consisting of financial and legal consultants completed the merger study and a decision is expected in February. The merger would result in GCC’s fifth largest bank with a capital of $13.8 billion (Dh51 billion) and assets of about $120 billion (Dh440.7 billion). The new bank will offer commercial banking and Islamic banking services.
The development comes after ADCB and Union National Bank both confirmed in separate statements on Abu Dhabi bourse in September that they are in early talks about a potential merger.
Creating bigger banks would help with the industry’s medium-term progress, especially as fintech-related services are making a presence regionally, analysts said as news reports emerged that the merger of Abu Dhabi Commercial Bank (ADCB), Union National Bank and Al Hilal Bank is expected to be completed in the first quarter next year.
The Arabic daily ‘Al Khaleej’ quoting sources reported that a committee consisting of financial and legal consultants completed the merger study and a decision is expected in February. The merger would result in GCC’s fifth largest bank with a capital of $13.8 billion (Dh51 billion) and assets of about $120 billion (Dh440.7 billion). The new bank will offer commercial banking and Islamic banking services.
The development comes after ADCB and Union National Bank both confirmed in separate statements on Abu Dhabi bourse in September that they are in early talks about a potential merger.
QSE’s main index closes at 10,287.70 points - The Peninsula Qatar
QSE’s main index closes at 10,287.70 points - The Peninsula Qatar:
Qatar Stock Exchange’s (QSE) benchmark index lost 124.81 points, or 1.20 percent, last week when the bourse closed yesterday at 10,287.70 points.
Trading value during last week decreased by 51.05 percent to reach QR926.99m compared to QR1.89bn in the previous week.
Trading volume decreased by 43.34 percent to reach 54.44 million shares, as against 96.08 million shares, while the number of transactions fell by 50.94 percent, to reach 32,603 transactions as compared to 66,457 transactions.
Qatar Stock Exchange’s (QSE) benchmark index lost 124.81 points, or 1.20 percent, last week when the bourse closed yesterday at 10,287.70 points.
Trading value during last week decreased by 51.05 percent to reach QR926.99m compared to QR1.89bn in the previous week.
Trading volume decreased by 43.34 percent to reach 54.44 million shares, as against 96.08 million shares, while the number of transactions fell by 50.94 percent, to reach 32,603 transactions as compared to 66,457 transactions.
QSE world's best performer in 2018 with about 20% returns
QSE world's best performer in 2018 with about 20% returns:
The #Qatar Stock Exchange (QSE) brought out the best performance in the world in 2018 with about 20% returns, a far higher than that offered in the neighbourhood; denting the hopes of the Saudi-led quartet that imposed trade and economic blockade on Doha.
The consumer goods, telecom, industrials and transport sectors were seen out-performing the market, whose capitalisation gained approximately QR25bn in 2018; although their net profitability had a chequered path.
The year saw the increased exposure of international funds, especially from the US and Europe. A preliminary estimate suggests that the first six months of 2018 has seen more than $1.45bn in foreign net inflows demonstrating the confidence in the outlook for Qatar, particularly amongst foreign investors.
The #Qatar Stock Exchange (QSE) brought out the best performance in the world in 2018 with about 20% returns, a far higher than that offered in the neighbourhood; denting the hopes of the Saudi-led quartet that imposed trade and economic blockade on Doha.
The consumer goods, telecom, industrials and transport sectors were seen out-performing the market, whose capitalisation gained approximately QR25bn in 2018; although their net profitability had a chequered path.
The year saw the increased exposure of international funds, especially from the US and Europe. A preliminary estimate suggests that the first six months of 2018 has seen more than $1.45bn in foreign net inflows demonstrating the confidence in the outlook for Qatar, particularly amongst foreign investors.
Shale Explorers Boost U.S. Work Again Despite Oil Price Collapse - Bloomberg
Shale Explorers Boost U.S. Work Again Despite Oil Price Collapse - Bloomberg:
Oil producers again boosted U.S. drilling this week despite the biggest quarterly drop in oil prices since 2014.
Working U.S. oil rigs rose by 2 this week to 885, according to data released Friday by oilfield services provider Baker Hughes. More than 100 additional rigs have been deployed across American fields this year.
Still, drilling activity may be poised to slow as producers including Diamondback Energy Inc. and Parsley Energy Inc. scale back spending in response to the lowest crude prices in more than a year.
Oil producers again boosted U.S. drilling this week despite the biggest quarterly drop in oil prices since 2014.
Working U.S. oil rigs rose by 2 this week to 885, according to data released Friday by oilfield services provider Baker Hughes. More than 100 additional rigs have been deployed across American fields this year.
Still, drilling activity may be poised to slow as producers including Diamondback Energy Inc. and Parsley Energy Inc. scale back spending in response to the lowest crude prices in more than a year.
Oil prices steady near year-and-a-half lows ahead of New Year | Reuters
Oil prices steady near year-and-a-half lows ahead of New Year | Reuters:
Oil prices steadied on Friday after a week of volatile trading ahead of the New Year holiday, supported by a rise in U.S. equity markets but pressured by worries about a global glut of crude.
Brent crude LCOc1 futures rose 6 cents to $52.22 a barrel by 1:12 p.m. EST (1812 GMT), off the session high of $53.80 a barrel.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 83 cents to $45.44 a barrel, after reaching $46.22 a barrel.
Oil prices steadied on Friday after a week of volatile trading ahead of the New Year holiday, supported by a rise in U.S. equity markets but pressured by worries about a global glut of crude.
Brent crude LCOc1 futures rose 6 cents to $52.22 a barrel by 1:12 p.m. EST (1812 GMT), off the session high of $53.80 a barrel.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 83 cents to $45.44 a barrel, after reaching $46.22 a barrel.
Oil Watchers See $70 a Barrel in 2019 as Recession Fears Fade - Bloomberg
Oil Watchers See $70 a Barrel in 2019 as Recession Fears Fade - Bloomberg:
The world’s biggest banks are reckoning on a rebound in oil prices next year as fears of a recession prove misplaced.
The Brent benchmark will average $70 a barrel in 2019, almost a third higher than its price on Thursday, according to a Bloomberg survey of oil analysts. Futures in London and New York plunged this quarter, with volatility soaring in its final week as crude tracked gyrations in equity markets.
Despite plans by OPEC and its allies to limit production next year to prevent a glut from forming, oil’s fortunes have increasingly been driven by moves in financial assets and concerns about the global economy. However, analysts expect markets are about to tighten as growth stays strong, OPEC’s supply cuts kick in, and unintended losses in Venezuela and Iran escalate.
The world’s biggest banks are reckoning on a rebound in oil prices next year as fears of a recession prove misplaced.
The Brent benchmark will average $70 a barrel in 2019, almost a third higher than its price on Thursday, according to a Bloomberg survey of oil analysts. Futures in London and New York plunged this quarter, with volatility soaring in its final week as crude tracked gyrations in equity markets.
Despite plans by OPEC and its allies to limit production next year to prevent a glut from forming, oil’s fortunes have increasingly been driven by moves in financial assets and concerns about the global economy. However, analysts expect markets are about to tighten as growth stays strong, OPEC’s supply cuts kick in, and unintended losses in Venezuela and Iran escalate.
No fee hikes, new taxes in #UAE for 2019 | ZAWYA MENA Edition
No fee hikes, new taxes in UAE for 2019 | ZAWYA MENA Edition:
After a fruitful 2018, the UAE will be starting the new year with an affirmation that will benefit businesses, individuals and the overall economy.
The UAE government earlier announced that Federal government fees will not be increased for a period of three years.
A decision to this effect was taken during a UAE Cabinet meeting and is intended to attract more foreign investments and promote economic and social stability, as well as support the industrial and commercial sectors.
After a fruitful 2018, the UAE will be starting the new year with an affirmation that will benefit businesses, individuals and the overall economy.
The UAE government earlier announced that Federal government fees will not be increased for a period of three years.
A decision to this effect was taken during a UAE Cabinet meeting and is intended to attract more foreign investments and promote economic and social stability, as well as support the industrial and commercial sectors.
Oil prices rebound but still weak due to oversupply | Reuters
Oil prices rebound but still weak due to oversupply | Reuters:
Oil prices rebounded on Friday, clawing back some of the ground lost this week, but remained close to their lowest levels in more than a year as rising U.S. inventories and concern over global economic growth kept markets under pressure.
Brent crude oil LCOc1 was up $1.20, or 2.3 percent, at $53.36 a barrel by 0830 GMT, having earlier risen more than 3 percent. It had dropped 4.2 percent on Thursday.
U.S. light crude CLc1 was up $1.20, or 2.7 percent, at $45.81, after rising 3.6 percent in early trade.
Oil prices rebounded on Friday, clawing back some of the ground lost this week, but remained close to their lowest levels in more than a year as rising U.S. inventories and concern over global economic growth kept markets under pressure.
Brent crude oil LCOc1 was up $1.20, or 2.3 percent, at $53.36 a barrel by 0830 GMT, having earlier risen more than 3 percent. It had dropped 4.2 percent on Thursday.
U.S. light crude CLc1 was up $1.20, or 2.7 percent, at $45.81, after rising 3.6 percent in early trade.
Subscribe to:
Posts (Atom)