Abu Dhabi's Etihad to cut 50 pilots after big loss last year: sources | Reuters:
Etihad Airways plans to cut 50 pilot jobs by end of this month after a significant loss last year, two sources who have seen an internal memo by the airline told Reuters on Thursday.
The state-owned Gulf carrier has been reviewing its business since 2016 after a strategy of investing billions of dollars in other airlines failed.
Etihad has around 160 surplus pilots and will lay off 50 by the end of January, the airline told pilots in the memo, according to the sources, who declined to be named because the memo was intended to be private.
Thursday, 10 January 2019
MIDEAST STOCKS- #Qatar hits highest in nearly 2 years, financials lift most Gulf markets | Reuters
MIDEAST STOCKS-Qatar hits highest in nearly 2 years, financials lift most Gulf markets | Reuters:
The Qatar stock market hit its highest level in nearly two years on Thursday, as financial stocks boosted most major Gulf bourses ahead of corporate earnings announcements next week.
Saudi's main index gained 0.8 percent, aided by a 1.6 percent rise in Al Rajhi Bank and a 1.2 percent increase in Saudi Basic Industries.
Contractor Al Khodari rose 1.7 percent after its board proposed to use its statutory reserve of 71 million riyals ($19 million) to reduce a part of its losses. The proposal seeks to cut accumulated losses to 202 million riyals from 273 million.
The Qatar stock market hit its highest level in nearly two years on Thursday, as financial stocks boosted most major Gulf bourses ahead of corporate earnings announcements next week.
Saudi's main index gained 0.8 percent, aided by a 1.6 percent rise in Al Rajhi Bank and a 1.2 percent increase in Saudi Basic Industries.
Contractor Al Khodari rose 1.7 percent after its board proposed to use its statutory reserve of 71 million riyals ($19 million) to reduce a part of its losses. The proposal seeks to cut accumulated losses to 202 million riyals from 273 million.
Asian Investors Seek Harbor in Gulf Arab Bonds Amid Trade Storm - Bloomberg
Asian Investors Seek Harbor in Gulf Arab Bonds Amid Trade Storm - Bloomberg:
Highly rated dollar bonds from the Middle East are emerging as a refuge for Asian bond investors as they brace for the impact of U.S. sanctions in other regions and the trade row with China.
UOB Asset Management Ltd. and Bank of Singapore Ltd. have turned overweight on Gulf debt over the past year, arguing that the region is less exposed to international trade risks. Investors had sold off Gulf bonds because of falling oil prices, tension between Qatar and a Saudi-led coalition, and Saudi Arabia’s domestic crackdown and foreign policy.
The yield on investment-grade Gulf Cooperation Council nations’ dollar debt with an average rating of A+ has fallen since reaching a 2010-high in November and now trades at a rate that’s similar to Asian securities with an average debt score of A-, according to Bloomberg Barclays indexes. Increasing awareness of better credit quality in the Middle East region, coupled with the fact that Saudi Arabia was the biggest issuer of dollar bonds among emerging markets in 2018 and 2017, have lured investors back.
Highly rated dollar bonds from the Middle East are emerging as a refuge for Asian bond investors as they brace for the impact of U.S. sanctions in other regions and the trade row with China.
UOB Asset Management Ltd. and Bank of Singapore Ltd. have turned overweight on Gulf debt over the past year, arguing that the region is less exposed to international trade risks. Investors had sold off Gulf bonds because of falling oil prices, tension between Qatar and a Saudi-led coalition, and Saudi Arabia’s domestic crackdown and foreign policy.
The yield on investment-grade Gulf Cooperation Council nations’ dollar debt with an average rating of A+ has fallen since reaching a 2010-high in November and now trades at a rate that’s similar to Asian securities with an average debt score of A-, according to Bloomberg Barclays indexes. Increasing awareness of better credit quality in the Middle East region, coupled with the fact that Saudi Arabia was the biggest issuer of dollar bonds among emerging markets in 2018 and 2017, have lured investors back.
Oil Slips From One-Month High as Economic Uncertainty Persists - Bloomberg
Oil Slips From One-Month High as Economic Uncertainty Persists - Bloomberg:
Oil retreated after entering a bull market in New York, as the tension between an uncertain economic outlook and efforts by OPEC to restrict supplies continued to cause volatile trading.
West Texas Intermediate futures fell as much as 1.7 percent after a rally on Wednesday brought crude’s rebound from an 18-month low in December to 23 percent. Prices had climbed as Saudi Energy Minister Khalid Al-Falih expressed confidence that production curbs by the OPEC+ coalition would balance the market. Yet investors remain wary as they await concrete details of U.S.-China trade negotiations, which are clouding the economic outlook.
Oil’s eight-day gain through Wednesday marked its longest advance since mid-2017, reflecting a return of economic optimism as the U.S. and China worked on resolving their trade dispute and the Organization of Petroleum Exporting Countries began production cuts. Yet an increase in American petroleum inventories on Wednesday served as a reminder that booming U.S. shale-oil production may still leave the global market with more supply than it needs.
Oil retreated after entering a bull market in New York, as the tension between an uncertain economic outlook and efforts by OPEC to restrict supplies continued to cause volatile trading.
West Texas Intermediate futures fell as much as 1.7 percent after a rally on Wednesday brought crude’s rebound from an 18-month low in December to 23 percent. Prices had climbed as Saudi Energy Minister Khalid Al-Falih expressed confidence that production curbs by the OPEC+ coalition would balance the market. Yet investors remain wary as they await concrete details of U.S.-China trade negotiations, which are clouding the economic outlook.
Oil’s eight-day gain through Wednesday marked its longest advance since mid-2017, reflecting a return of economic optimism as the U.S. and China worked on resolving their trade dispute and the Organization of Petroleum Exporting Countries began production cuts. Yet an increase in American petroleum inventories on Wednesday served as a reminder that booming U.S. shale-oil production may still leave the global market with more supply than it needs.
Saudis Lure Investors to $7.5 Billion Debt After Khashoggi - Bloomberg
Saudis Lure Investors to $7.5 Billion Debt After Khashoggi - Bloomberg:
Saudi Arabia sold $7.5 billion of international bonds on Wednesday in the first test of how much damage the brutal killing of Washington Post columnist Jamal Khashoggi has inflicted on investor appetite.
Only three months have passed since global investors — along with some of the banks managing the deal — skipped a major economic forum in Riyadh amid broad condemnation over the murder, which some blame on Crown Prince Mohammed bin Salman. While early indications showed the kingdom would have to pay up, the premium narrowed substantially as the day went by.
“Saudi is not sanctioned, so I guess in the end for investors it’s a question of price, set against perceived risks,” said Tim Ash, a London-based strategist at BlueBay Asset Management LLC.
Saudi Arabia sold $7.5 billion of international bonds on Wednesday in the first test of how much damage the brutal killing of Washington Post columnist Jamal Khashoggi has inflicted on investor appetite.
Only three months have passed since global investors — along with some of the banks managing the deal — skipped a major economic forum in Riyadh amid broad condemnation over the murder, which some blame on Crown Prince Mohammed bin Salman. While early indications showed the kingdom would have to pay up, the premium narrowed substantially as the day went by.
“Saudi is not sanctioned, so I guess in the end for investors it’s a question of price, set against perceived risks,” said Tim Ash, a London-based strategist at BlueBay Asset Management LLC.
Interview: Nasdaq #Dubai CEO targets investor and broker growth as it pushes into new markets | ZAWYA MENA Edition
Interview: Nasdaq Dubai CEO targets investor and broker growth as it pushes into new markets | ZAWYA MENA Edition:
A bell-ringing ceremony conducted at Nasdaq Dubai's Dubai International Financial Centre (DIFC) offices on Wednesday by the centre's governor, Essa Kazim, kicked off trading on futures contracts on the 12 biggest stocks on the region's biggest market, Saudi Arabia's Tadawul.
Although the launch of these contracts was four months behind schedule (the launch was originally planned for September), Nasdaq Dubai's chief executive officer Hamed Ali argued that the launch date has worked out well.
The launch had been delayed in part due to the turmoil experienced in emerging markets during the third quarter of 2018, and although a launch could have taken place later in the year, starting in January provided "a much better template" in terms of offering months of uninterrupted trading.
A bell-ringing ceremony conducted at Nasdaq Dubai's Dubai International Financial Centre (DIFC) offices on Wednesday by the centre's governor, Essa Kazim, kicked off trading on futures contracts on the 12 biggest stocks on the region's biggest market, Saudi Arabia's Tadawul.
Although the launch of these contracts was four months behind schedule (the launch was originally planned for September), Nasdaq Dubai's chief executive officer Hamed Ali argued that the launch date has worked out well.
The launch had been delayed in part due to the turmoil experienced in emerging markets during the third quarter of 2018, and although a launch could have taken place later in the year, starting in January provided "a much better template" in terms of offering months of uninterrupted trading.
#AbuDhabi's nominal GDP grows 14% in nine months | ZAWYA MENA Edition
Abu Dhabi's nominal GDP grows 14% in nine months | ZAWYA MENA Edition:
The Abu Dhabi's nominal Gross Domestic Product amounted to AED692.8 billion in the first nine months of 2018, 14 percent up from AED608 billion during the corresponding period of 2017, according to the Statistics Centre- Abu Dhabi (SCAD).
Driven by an economic upturn across oil and non-oil sectors alike, the nine-month GDP accounts for 83.3 percent of the emirate's total GDP for 2017 which stood at circa AED833 billion.
The GDP's oil value-added differentiators rose to about AED280 billion during the first nine months 2018, a growth of 33.3 percent from AED210.2 billion during the same period 2017.
The Abu Dhabi's nominal Gross Domestic Product amounted to AED692.8 billion in the first nine months of 2018, 14 percent up from AED608 billion during the corresponding period of 2017, according to the Statistics Centre- Abu Dhabi (SCAD).
Driven by an economic upturn across oil and non-oil sectors alike, the nine-month GDP accounts for 83.3 percent of the emirate's total GDP for 2017 which stood at circa AED833 billion.
The GDP's oil value-added differentiators rose to about AED280 billion during the first nine months 2018, a growth of 33.3 percent from AED210.2 billion during the same period 2017.
MIDEAST STOCKS- #Saudi stocks continue to gain, rest of Gulf falls | Reuters
MIDEAST STOCKS-Saudi stocks continue to gain, rest of Gulf falls | Reuters:
Saudi Arabia’s stock market was the sole gainer in early trading on Thursday, with most major Gulf bourses sliding before corporate earnings announcements next week.
Saudi’s main index rose 0.4 percent, with petrochemical company Saudi Basic Industries adding 0.5 percent and Saudi British Bank rising 2.3 percent.
Contractor Al Khodari rose 4.2 percent in heavy trade after its board proposed to use its statutory reserve of 71 million riyals ($18.93 million) to reduce a part of its losses. The proposal seeks to cut accumulated losses to 202 million riyals from 273 million riyals.
Saudi Arabia’s stock market was the sole gainer in early trading on Thursday, with most major Gulf bourses sliding before corporate earnings announcements next week.
Saudi’s main index rose 0.4 percent, with petrochemical company Saudi Basic Industries adding 0.5 percent and Saudi British Bank rising 2.3 percent.
Contractor Al Khodari rose 4.2 percent in heavy trade after its board proposed to use its statutory reserve of 71 million riyals ($18.93 million) to reduce a part of its losses. The proposal seeks to cut accumulated losses to 202 million riyals from 273 million riyals.
Man Group to fight $156m Kuwaiti lawsuit | Financial Times
Man Group to fight $156m Kuwaiti lawsuit | Financial Times:
A Kuwaiti state pension fund is suing Man Group, the UK alternative investment manager, in a UK court for $156m.
The Gulf country’s Public Institution for Social Security filed the lawsuit in November, the government-run agency told Reuters in a statement.
It claimed that Man entered into “secret contracts with a former PIFSS executive between 1996 to 2013.” Its press statement did not provide any further explanation. The Kuwaiti fund could not be reached for comment.
A Kuwaiti state pension fund is suing Man Group, the UK alternative investment manager, in a UK court for $156m.
The Gulf country’s Public Institution for Social Security filed the lawsuit in November, the government-run agency told Reuters in a statement.
It claimed that Man entered into “secret contracts with a former PIFSS executive between 1996 to 2013.” Its press statement did not provide any further explanation. The Kuwaiti fund could not be reached for comment.
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