Most Mideast Gauges Drop as 2018 Earnings Pressure: Inside EM - Bloomberg:
Most stock gauges in the Middle East retreated on Sunday, with Bahrain’s index dropping after Aluminium Bahrain posted its first loss in 12 quarters.
The Bahrain Bourse All Share Index fell 0.6 percent, the most since Jan. 28, dragged down by Aluminium Bahrain’s 9.5 percent loss. The company, which accounts for almost 10 percent of the index, was one of just nine stocks on the 39 member gauge to move in either direction.
Sunday, 10 February 2019
#Kuwait Petroleum Said to Reassess $500 Billion Spending Plan - Bloomberg
Kuwait Petroleum Said to Reassess $500 Billion Spending Plan - Bloomberg:
Kuwait Petroleum Corp. is reassessing plans to spend about $500 billion in capital investment and may decide this year to combine its eight business units into four to streamline the company, according to a person familiar with the matter.
Lower oil prices, Kuwait’s reduced output under a deal by OPEC to pump less crude, and a reevaluation of how best to spend the money have prompted the review, the person said, asking not to be identified as the potential changes have yet to be approved. The company announced plans last year to spend about $500 billion on capital projects until 2040.
State-run KPC also may merge Kuwait Foreign Petroleum Co., Kuwait Oil Tanker Co., Kuwait Gulf Oil Co. and Kuwait Integrated Petroleum Industries Co. into larger units as part of its long-term strategy, the person said. The consolidation would still require approval from the government’s Supreme Petroleum Council, the person said.
Kuwait Petroleum Corp. is reassessing plans to spend about $500 billion in capital investment and may decide this year to combine its eight business units into four to streamline the company, according to a person familiar with the matter.
Lower oil prices, Kuwait’s reduced output under a deal by OPEC to pump less crude, and a reevaluation of how best to spend the money have prompted the review, the person said, asking not to be identified as the potential changes have yet to be approved. The company announced plans last year to spend about $500 billion on capital projects until 2040.
State-run KPC also may merge Kuwait Foreign Petroleum Co., Kuwait Oil Tanker Co., Kuwait Gulf Oil Co. and Kuwait Integrated Petroleum Industries Co. into larger units as part of its long-term strategy, the person said. The consolidation would still require approval from the government’s Supreme Petroleum Council, the person said.
#Saudi Named in Report on Khashoggi Murder Becomes #UAE Envoy - Bloomberg
Saudi Named in Report on Khashoggi Murder Becomes U.A.E. Envoy - Bloomberg:
The former head of a Saudi-owned broadcaster has been sworn in as the kingdom’s ambassador to the United Arab Emirates, days after the New York Times reported that Crown Prince Mohammed bin Salman had told him he might use “a bullet” on Jamal Khashoggi.
Turki Aldakhil, who was previously general manager of Al Arabiya television, was sworn in by King Salman along with other new ambassadors, state-run SPA news agency reported.
A year before Khashoggi was murdered Oct. 2 in the Saudi consulate in Istanbul, Prince Mohammed told Aldakhil that he’d use that bullet if Khashoggi didn’t return to the kingdom and stop criticizing the government from his perch in the U.S., the Times reported on Thursday.
The former head of a Saudi-owned broadcaster has been sworn in as the kingdom’s ambassador to the United Arab Emirates, days after the New York Times reported that Crown Prince Mohammed bin Salman had told him he might use “a bullet” on Jamal Khashoggi.
Turki Aldakhil, who was previously general manager of Al Arabiya television, was sworn in by King Salman along with other new ambassadors, state-run SPA news agency reported.
A year before Khashoggi was murdered Oct. 2 in the Saudi consulate in Istanbul, Prince Mohammed told Aldakhil that he’d use that bullet if Khashoggi didn’t return to the kingdom and stop criticizing the government from his perch in the U.S., the Times reported on Thursday.
#Lebanon economy needs urgent "surgery" to avoid collapse- PM Hariri | ZAWYA MENA Edition
Lebanon economy needs urgent "surgery" to avoid collapse- PM Hariri | ZAWYA MENA Edition:
Lebanon's economy needs urgent "surgery" or it could collapse, Prime Minister Saad al-Hariri said on Sunday, though he also tried to reassure foreign donors that politicians remained fully united behind reforms agreed with them last year.
After nine months of wrangling over cabinet portfolios, Lebanon's politicians finally formed a government 10 days ago. The heavily-indebted country has said it will enact long-overdue reforms to avoid a worsening of economic, financial and social conditions.
"Today in Lebanon we don't have time for luxury in politics because our economy could be subjected to collapse, if we do not carry out this surgery quickly and with (political) unanimity," he told the World Government Summit in Dubai.
Lebanon's economy needs urgent "surgery" or it could collapse, Prime Minister Saad al-Hariri said on Sunday, though he also tried to reassure foreign donors that politicians remained fully united behind reforms agreed with them last year.
After nine months of wrangling over cabinet portfolios, Lebanon's politicians finally formed a government 10 days ago. The heavily-indebted country has said it will enact long-overdue reforms to avoid a worsening of economic, financial and social conditions.
"Today in Lebanon we don't have time for luxury in politics because our economy could be subjected to collapse, if we do not carry out this surgery quickly and with (political) unanimity," he told the World Government Summit in Dubai.
#Dubai Investments' stock price drops sharply as company announces earnings retreat | ZAWYA MENA Edition
Dubai Investments' stock price drops sharply as company announces earnings retreat | ZAWYA MENA Edition:
Shares in Dubai Investments (DIC) fell sharply on Sunday as the company announced a drop in fourth quarter (Q4) earnings for 2018.
DIC recorded a net loss of 72.9 million UAE dirhams ($19.8 million) for Q4 2018, compared to a net profit of 171.3 million UAE dirhams for Q4 2017, translating into a 142.6 percent drop.
“The company’s preliminary results were somewhat expected and yet not as bad as the public has received them so far,” Issam Kassabieh, senior financial analyst at Menacorp Financial Services, told Zawya by email.
Shares in Dubai Investments (DIC) fell sharply on Sunday as the company announced a drop in fourth quarter (Q4) earnings for 2018.
DIC recorded a net loss of 72.9 million UAE dirhams ($19.8 million) for Q4 2018, compared to a net profit of 171.3 million UAE dirhams for Q4 2017, translating into a 142.6 percent drop.
“The company’s preliminary results were somewhat expected and yet not as bad as the public has received them so far,” Issam Kassabieh, senior financial analyst at Menacorp Financial Services, told Zawya by email.
MIDEAST STOCKS- #Saudi slides on weakness in blue-chips, #UAE hit by property woes | Reuters
MIDEAST STOCKS-Saudi slides on weakness in blue-chips, UAE hit by property woes | Reuters:
Most Gulf markets fell on Sunday, led by Saudi and Qatari stocks, as investors cut positions in blue-chip stocks after last week's weakness in global stocks amid lingering uncertainty about the world economy.
Saudi stocks began the day on a positive note after a rally in construction and cement stocks following a royal decree to reimburse rising expatriate fees that will help labour-intensive sectors.
But weakness in key banking and petrochemical shares quickly changed investor sentiment. The benchmark index ended 0.5 lower with Al Rajhi Bank down almost 1 percent and Saudi Basic Industries off by a similar margin.
Most Gulf markets fell on Sunday, led by Saudi and Qatari stocks, as investors cut positions in blue-chip stocks after last week's weakness in global stocks amid lingering uncertainty about the world economy.
Saudi stocks began the day on a positive note after a rally in construction and cement stocks following a royal decree to reimburse rising expatriate fees that will help labour-intensive sectors.
But weakness in key banking and petrochemical shares quickly changed investor sentiment. The benchmark index ended 0.5 lower with Al Rajhi Bank down almost 1 percent and Saudi Basic Industries off by a similar margin.
Emirates' A380 Shift Poses Questions for Its Own Future - Bloomberg
Emirates' A380 Shift Poses Questions for Its Own Future - Bloomberg:
Emirates may be about to deal a fatal blow to the world’s largest aircraft.
Dubai’s national airline is considering switching 20 orders for Airbus SE A380 double-decker jets for the smaller A350 or new-engine variant of the A330, Benjamin Katz and Layan Odeh of Bloomberg News reported this month, citing people familiar with the matter.
It’s hard to see how the A380, on its last legs for several years, could survive such a cancellation: Of the 56 aircraft still on order with airlines globally, 53 of them are earmarked for Emirates. But such a move would pose questions for Emirates’ own future, too.
Emirates may be about to deal a fatal blow to the world’s largest aircraft.
Dubai’s national airline is considering switching 20 orders for Airbus SE A380 double-decker jets for the smaller A350 or new-engine variant of the A330, Benjamin Katz and Layan Odeh of Bloomberg News reported this month, citing people familiar with the matter.
It’s hard to see how the A380, on its last legs for several years, could survive such a cancellation: Of the 56 aircraft still on order with airlines globally, 53 of them are earmarked for Emirates. But such a move would pose questions for Emirates’ own future, too.
Bahraini Stocks Lead Middle Eastern Markets Lower: Inside EM - Bloomberg
Bahraini Stocks Lead Middle Eastern Markets Lower: Inside EM - Bloomberg:
Bahrain’s main stock gauge declined the most in the Middle East after Aluminium Bahrain posted its first loss in 12 quarters.
The Bahrain Bourse All Share Index fell 0.6 percent, the most since Jan. 28, dragged down by Aluminium Bahrain’s 9.5 percent loss. The company, which accounts for almost 10 percent of the index, was one of just five stocks on the 39 member gauge to move in either direction.
Bahrain’s main stock gauge declined the most in the Middle East after Aluminium Bahrain posted its first loss in 12 quarters.
The Bahrain Bourse All Share Index fell 0.6 percent, the most since Jan. 28, dragged down by Aluminium Bahrain’s 9.5 percent loss. The company, which accounts for almost 10 percent of the index, was one of just five stocks on the 39 member gauge to move in either direction.
Donald Trump’s Dream of Cheap Oil Might Still Come True - Bloomberg
Donald Trump’s Dream of Cheap Oil Might Still Come True - Bloomberg:
As winter keeps its grip on the northern hemisphere it is the oil bulls, not the bears, who have gone into hibernation. The price rally that greeted the new year has fizzled out as renewed concerns about demand growth outweigh the tightening of oil supply through OPEC cuts and U.S. sanctions.
Saudi Arabia had already started to deliver on its promised output reductions in December and went beyond what was pledged in January. U.S. production growth has stalled — for now — and President Donald Trump’s sanctions on oil flows from a second OPEC producer (Venezuela joins Iran on the naughty step) will cut supplies even further.
The flow of OPEC crude to the U.S. fell to the lowest in five years in January, according to data from the cargo-tracking and intelligence company Kpler. Bloomberg’s own tanker tracking shows the flow of crude from the Persian Gulf to the U.S. last month was 36 percent lower than in December and almost 60 percent lower than in August.
As winter keeps its grip on the northern hemisphere it is the oil bulls, not the bears, who have gone into hibernation. The price rally that greeted the new year has fizzled out as renewed concerns about demand growth outweigh the tightening of oil supply through OPEC cuts and U.S. sanctions.
Saudi Arabia had already started to deliver on its promised output reductions in December and went beyond what was pledged in January. U.S. production growth has stalled — for now — and President Donald Trump’s sanctions on oil flows from a second OPEC producer (Venezuela joins Iran on the naughty step) will cut supplies even further.
The flow of OPEC crude to the U.S. fell to the lowest in five years in January, according to data from the cargo-tracking and intelligence company Kpler. Bloomberg’s own tanker tracking shows the flow of crude from the Persian Gulf to the U.S. last month was 36 percent lower than in December and almost 60 percent lower than in August.
#Saudi King Approves $3.1 Billion Plan to Ease Expat Fee Costs - Bloomberg
Saudi King Approves $3.1 Billion Plan to Ease Expat Fee Costs - Bloomberg:
Saudi Arabia’s King Salman has approved a plan to ease levies businesses pay on foreign workers to help revive economic growth.
Authorities will exempt some companies from paying the 2018 fees or reimburse those that have already paid, according to the official-Saudi Press Agency. To qualify for the aid, businesses need to have made strides in hiring more Saudi nationals.
The fees were introduced in 2018 as part of a drive to increase non-oil government revenue -- a key goal of Crown Prince Mohammed bin Salman’s economic transformation plan -- but have drawn fire from business owners in a country accustomed to cheap foreign labor. They’ve contributed to the exodus of hundreds of thousands of expatriate workers, hitting the already-struggling economy without making much of a dent in Saudi unemployment.
Saudi Arabia’s King Salman has approved a plan to ease levies businesses pay on foreign workers to help revive economic growth.
Authorities will exempt some companies from paying the 2018 fees or reimburse those that have already paid, according to the official-Saudi Press Agency. To qualify for the aid, businesses need to have made strides in hiring more Saudi nationals.
The fees were introduced in 2018 as part of a drive to increase non-oil government revenue -- a key goal of Crown Prince Mohammed bin Salman’s economic transformation plan -- but have drawn fire from business owners in a country accustomed to cheap foreign labor. They’ve contributed to the exodus of hundreds of thousands of expatriate workers, hitting the already-struggling economy without making much of a dent in Saudi unemployment.
#Dubai Property Glut on Show in Worst Week for Stocks Since 2016 - Bloomberg
Dubai Property Glut on Show in Worst Week for Stocks Since 2016 - Bloomberg:
Dubai stocks are giving investors an update on the woes confronting the local real-estate industry.
The DFM Real Estate & Construction Index fell about 7 percent last week, the biggest weekly drop since May 2016. All but one of its members were down by at least 2 percent, compared with an overall 0.1 percent retreat in an emerging-market gauge for the sector.
Oversupply is casting a cloud over Dubai developers and real-estate companies at the same time that the region confronts a slump in oil prices. Emaar Properties PJSC, the sheikhdom’s biggest developer and the stock with the third-largest weighting in the local benchmark index, last month put on hold plans to sell new debt as interest rates increased. Shares of subsidiary Emaar Development PJSC had the worst week since its 2017 market debut.
Dubai stocks are giving investors an update on the woes confronting the local real-estate industry.
The DFM Real Estate & Construction Index fell about 7 percent last week, the biggest weekly drop since May 2016. All but one of its members were down by at least 2 percent, compared with an overall 0.1 percent retreat in an emerging-market gauge for the sector.
Oversupply is casting a cloud over Dubai developers and real-estate companies at the same time that the region confronts a slump in oil prices. Emaar Properties PJSC, the sheikhdom’s biggest developer and the stock with the third-largest weighting in the local benchmark index, last month put on hold plans to sell new debt as interest rates increased. Shares of subsidiary Emaar Development PJSC had the worst week since its 2017 market debut.
Mideast Stocks: Construction stocks rise in #Saudi, other markets mixed | ZAWYA MENA Edition
Mideast Stocks: Construction stocks rise in Saudi, other markets mixed | ZAWYA MENA Edition:
Saudi construction and cement stocks rose in early Sunday trading following a royal decree to reimburse rising expatriate fees that will help labour-intensive sectors.
Other markets were mixed in lacklustre trading.
The Saudi government is allocating 11.5 billion riyals ($3.1 billion) under a scheme to reimburse some of the companies who struggled to pay steadily increasing fees for expatriate work permits in 2017 and 2018 and waive the fee hikes for some who weren't able to pay, the labour minister said.
Saudi construction and cement stocks rose in early Sunday trading following a royal decree to reimburse rising expatriate fees that will help labour-intensive sectors.
Other markets were mixed in lacklustre trading.
The Saudi government is allocating 11.5 billion riyals ($3.1 billion) under a scheme to reimburse some of the companies who struggled to pay steadily increasing fees for expatriate work permits in 2017 and 2018 and waive the fee hikes for some who weren't able to pay, the labour minister said.
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