Barclays bosses pressured by Qatar to mask Gulf state PM’s holding, court told | UK news | The Guardian:
Barclays bosses were put under pressure by Qatari officials to mask the Gulf state prime minister’s holding in the UK bank as it rushed to close a multibillion-pound rescue package that would help the bank avoid a government bailout, a court has heard.
Prosecutors for the Serious Fraud Office presented internal emails and phone calls to a jury at Southwark crown court on Monday, detailing discussions on how the bank might disclose Sheikh Hamad bin Jassim bin Jaber al-Thani’s planned stake in the bank via his British Virgin Islands-based investment vehicle, Challenger.
The court heard Hamad was first involved in fundraising discussions with Barclays through his role as chairman of Qatar Holding, which would end up being a key investor in the bank’s 2008 capital raising.
Monday 4 February 2019
#Qatar shares cross 10,700 level on transport, realty buy interest
Qatar shares cross 10,700 level on transport, realty buy interest:
Strong buying interests, especially in the transport and real estate sectors, on Monday lifted the Qatar Stock Exchange above the 10,700 level.
Foreign institutions’ stronger buying interests drove the 20-stock Qatar Index up 0.36% to 10,727.53 points.
Gulf individuals’ weakened selling pressure also helped the market, whose sensitive index is up 4.16% year-to-date.
Strong buying interests, especially in the transport and real estate sectors, on Monday lifted the Qatar Stock Exchange above the 10,700 level.
Foreign institutions’ stronger buying interests drove the 20-stock Qatar Index up 0.36% to 10,727.53 points.
Gulf individuals’ weakened selling pressure also helped the market, whose sensitive index is up 4.16% year-to-date.
Oil Slides as U.S. Stockpiles Swell, Factory Orders Disappoint - Bloomberg
Oil Slides as U.S. Stockpiles Swell, Factory Orders Disappoint - Bloomberg:
Oil fell the most in a week amid reports of swelling crude stockpiles and disappointing economic activity in the U.S.
Futures declined as much as 3.6 percent on Monday in New York. Supplies at a key crude storage hub in Cushing, Oklahoma, jumped by almost 1 million barrels last week, data provider Genscape Inc. was said to report. Meanwhile, the U.S. government said factory orders unexpectedly fell in November, a warning sign for demand.
Oil fell the most in a week amid reports of swelling crude stockpiles and disappointing economic activity in the U.S.
Futures declined as much as 3.6 percent on Monday in New York. Supplies at a key crude storage hub in Cushing, Oklahoma, jumped by almost 1 million barrels last week, data provider Genscape Inc. was said to report. Meanwhile, the U.S. government said factory orders unexpectedly fell in November, a warning sign for demand.
FTSE Russell, Nasdaq #Dubai to start Saudi equity indexes for derivatives trading | ZAWYA MENA Edition
FTSE Russell, Nasdaq Dubai to start Saudi equity indexes for derivatives trading | ZAWYA MENA Edition:
Nasdaq Dubai has signed a licence agreement to launch derivatives based on FTSE Russell's Saudi Arabia equity indexes in the coming months, the two companies said on Monday.
The move is part of an expansion of Nasdaq Dubai's derivatives market and follows the launch of single stock futures on 12 Saudi companies last month, they said in a joint statement.
Monday's announcement said the futures, together with other derivatives to be launched, are designed to attract global and regional investors including the many funds that use FTSE Russell's indexes as benchmarks for investing in Saudi equities.
Nasdaq Dubai has signed a licence agreement to launch derivatives based on FTSE Russell's Saudi Arabia equity indexes in the coming months, the two companies said on Monday.
The move is part of an expansion of Nasdaq Dubai's derivatives market and follows the launch of single stock futures on 12 Saudi companies last month, they said in a joint statement.
Monday's announcement said the futures, together with other derivatives to be launched, are designed to attract global and regional investors including the many funds that use FTSE Russell's indexes as benchmarks for investing in Saudi equities.
The dire debt numbers facing Lebanon's new government | Reuters
The dire debt numbers facing Lebanon's new government | Reuters:
With fixed exchange rates and some of the world’s worst debt and balance-of-payment ratios, Lebanon’s newly-formed government knows it needs to act fast to avoid sinking into a full-blown economic crisis.
Lebanon’s ability to dodge financial disaster has for years confounded critics, whose warnings of debt defaults, balance of payments crises and a collapse of the pound currency, have all failed to materialise.
The hope is that it will stay that way, but as the charts below show the numbers are daunting.
With fixed exchange rates and some of the world’s worst debt and balance-of-payment ratios, Lebanon’s newly-formed government knows it needs to act fast to avoid sinking into a full-blown economic crisis.
Lebanon’s ability to dodge financial disaster has for years confounded critics, whose warnings of debt defaults, balance of payments crises and a collapse of the pound currency, have all failed to materialise.
The hope is that it will stay that way, but as the charts below show the numbers are daunting.
Oil Slips From Two-Month High in New York as Dollar Strengthens - Bloomberg
Oil Slips From Two-Month High in New York as Dollar Strengthens - Bloomberg:
Oil slipped from a two-month high as the dollar strengthened, reducing the appeal of commodities priced in the U.S. currency.
Futures fell as much as 2.2 percent in New York as the Bloomberg Dollar Spot Index rose as much as 0.4 percent. Crude had gained earlier in the day as slumping OPEC output, a decline in U.S. oil rigs and American sanctions on Venezuela raised concerns over supply.
Oil has rebounded this year as OPEC’s output cuts have taken effect. The rally has seen hedge funds slash bearish bets on crude, though gains have been capped by slowing global growth and uncertainty over the U.S.-China trade war. While Venezuela’s political crisis has kept traders on edge amid possible further disruption to supplies, the dollar on Monday helped push crude down.
Oil slipped from a two-month high as the dollar strengthened, reducing the appeal of commodities priced in the U.S. currency.
Futures fell as much as 2.2 percent in New York as the Bloomberg Dollar Spot Index rose as much as 0.4 percent. Crude had gained earlier in the day as slumping OPEC output, a decline in U.S. oil rigs and American sanctions on Venezuela raised concerns over supply.
Oil has rebounded this year as OPEC’s output cuts have taken effect. The rally has seen hedge funds slash bearish bets on crude, though gains have been capped by slowing global growth and uncertainty over the U.S.-China trade war. While Venezuela’s political crisis has kept traders on edge amid possible further disruption to supplies, the dollar on Monday helped push crude down.
Record Foreign Buying of #Saudi Stocks as Khashoggi Woes Fade - Bloomberg
Record Foreign Buying of Saudi Stocks as Khashoggi Woes Fade - Bloomberg:
Foreigners made their highest net purchases of Saudi shares on record last month as the inclusion of local stocks in major benchmarks outweighed concerns sparked by the killing of Jamal Khashoggi.
Investors from outside the country and the Gulf were net buyers of around 4.4 billion riyals ($1.17 billion) of Saudi-listed stocks in January, the most for a single month since data became available in 2015. International funds are seeking to build exposure as some of the stocks will be added to emerging-market indexes compiled by MSCI Inc. and FTSE Russell. Local funds, on the other hand, are buying less.
The purchases mark a change in trend after a selloff triggered by the killing of Khashoggi inside the Saudi consulate in Istanbul last October. Back then, foreigners sold the most for a single month since they were allowed to directly trade in the country. As volatility surged, funds tied to the government were constantly mentioned by traders and investors as giving support to the market, by purchasing mostly large caps. The main Saudi index is up 8.9 percent this year.
Foreigners made their highest net purchases of Saudi shares on record last month as the inclusion of local stocks in major benchmarks outweighed concerns sparked by the killing of Jamal Khashoggi.
Investors from outside the country and the Gulf were net buyers of around 4.4 billion riyals ($1.17 billion) of Saudi-listed stocks in January, the most for a single month since data became available in 2015. International funds are seeking to build exposure as some of the stocks will be added to emerging-market indexes compiled by MSCI Inc. and FTSE Russell. Local funds, on the other hand, are buying less.
The purchases mark a change in trend after a selloff triggered by the killing of Khashoggi inside the Saudi consulate in Istanbul last October. Back then, foreigners sold the most for a single month since they were allowed to directly trade in the country. As volatility surged, funds tied to the government were constantly mentioned by traders and investors as giving support to the market, by purchasing mostly large caps. The main Saudi index is up 8.9 percent this year.
MIDEAST STOCKS-FAB elevates #AbuDhabi, COMI lifts Egypt | Reuters
MIDEAST STOCKS-FAB elevates Abu Dhabi, COMI lifts Egypt | Reuters:
Abu Dhabi stock market rose sharply on Monday, buoyed by First Abu Dhabi Bank after it proposed an increase in the foreign ownership limit, while Egypt's blue-chip index was lifted by its top lender Commercial International Bank.
The Abu Dhabi index gained for a third straight day, rising 1 percent to close at its highest sice Oct. 2014.
The United Arab Emirates' largest lender First Abu Dhabi Bank jumped 2.3 percent to 15.34 dirhams, its highest close since May 29, 2014. The bank had last week proposed an increase in its foreign ownership limit to 40 percent from 25 percent and had posted a 4 percent rise in fourth-quarter profit, beating analysts' forecasts.
Abu Dhabi stock market rose sharply on Monday, buoyed by First Abu Dhabi Bank after it proposed an increase in the foreign ownership limit, while Egypt's blue-chip index was lifted by its top lender Commercial International Bank.
The Abu Dhabi index gained for a third straight day, rising 1 percent to close at its highest sice Oct. 2014.
The United Arab Emirates' largest lender First Abu Dhabi Bank jumped 2.3 percent to 15.34 dirhams, its highest close since May 29, 2014. The bank had last week proposed an increase in its foreign ownership limit to 40 percent from 25 percent and had posted a 4 percent rise in fourth-quarter profit, beating analysts' forecasts.
#Oman Aviation seeks adviser for multi-billion financing - sources | Reuters
Oman Aviation seeks adviser for multi-billion financing - sources | Reuters:
Oman Aviation Group, a government entity in charge of investments in the country’s civil aviation sector, is seeking an adviser for debt financing of around $5 billion, two sources familiar with the matter said.
The planned financing, spread across the next few years, would come as Oman – which is less wealthy than its oil-rich Gulf neighbours – increasingly relies on borrowing to offset a widening budget deficit caused by a slump in oil prices.
The government aviation entity, which includes the country’s national carrier Oman Air, has sent a request for proposals to banks seeking an adviser on a financing programme of about 1.9 billion Omani rials ($4.94 billion) spread across the next few years, said the sources.
Oman Aviation Group, a government entity in charge of investments in the country’s civil aviation sector, is seeking an adviser for debt financing of around $5 billion, two sources familiar with the matter said.
The planned financing, spread across the next few years, would come as Oman – which is less wealthy than its oil-rich Gulf neighbours – increasingly relies on borrowing to offset a widening budget deficit caused by a slump in oil prices.
The government aviation entity, which includes the country’s national carrier Oman Air, has sent a request for proposals to banks seeking an adviser on a financing programme of about 1.9 billion Omani rials ($4.94 billion) spread across the next few years, said the sources.
Oil hits 2019 high above $63 on Venezuela sanctions, OPEC | Reuters
Oil hits 2019 high above $63 on Venezuela sanctions, OPEC | Reuters:
Oil hit a two-month high above $63 a barrel on Monday as OPEC-led supply cuts and U.S. sanctions against Venezuela’s petroleum industry offset forecasts of weaker demand and an economic slowdown.
The Organization of the Petroleum Exporting Countries and its allies began a new round of supply cuts in January. These curbs, led by Saudi Arabia, have been compounded by involuntary losses that the Venezuelan sanctions could deepen.
Brent crude LCOc1, the global benchmark, hit $63.40 a barrel, the highest since Dec. 7, and was up 49 cents at $63.24 as of 0918 GMT.
U.S. crude CLc1 hit a 2019 high of $55.68 and was later up 9 cents at $55.35.
Oil hit a two-month high above $63 a barrel on Monday as OPEC-led supply cuts and U.S. sanctions against Venezuela’s petroleum industry offset forecasts of weaker demand and an economic slowdown.
The Organization of the Petroleum Exporting Countries and its allies began a new round of supply cuts in January. These curbs, led by Saudi Arabia, have been compounded by involuntary losses that the Venezuelan sanctions could deepen.
Brent crude LCOc1, the global benchmark, hit $63.40 a barrel, the highest since Dec. 7, and was up 49 cents at $63.24 as of 0918 GMT.
U.S. crude CLc1 hit a 2019 high of $55.68 and was later up 9 cents at $55.35.
MIDEAST STOCKS-Banks lift #Saudi index; major Gulf markets mixed | Reuters
MIDEAST STOCKS-Banks lift Saudi index; major Gulf markets mixed | Reuters:
Saudi Arabian stocks rose in early trading on Monday, bolstered by bank shares, while major Gulf markets moved sideways.
Saudi Arabia’s main index was up 0.4 percent. Major bank Al Rajhi Bank rose 0.6 percent after posting a full-year net profit 10.30 billion riyals ($2.75 billion), up from 9.12 billion riyals a year earlier.
The index has benefited from foreign fund inflows since the start of the year as funds build positions before Saudi Arabia’s entry into the MSCI emerging-market benchmark in the middle of this year.
Saudi Arabian stocks rose in early trading on Monday, bolstered by bank shares, while major Gulf markets moved sideways.
Saudi Arabia’s main index was up 0.4 percent. Major bank Al Rajhi Bank rose 0.6 percent after posting a full-year net profit 10.30 billion riyals ($2.75 billion), up from 9.12 billion riyals a year earlier.
The index has benefited from foreign fund inflows since the start of the year as funds build positions before Saudi Arabia’s entry into the MSCI emerging-market benchmark in the middle of this year.
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