Saudi Arabia takes first step into foreign equity benchmarks | Financial Times:
Saudi Arabia’s $536bn stock market took its first step into the world’s main equity benchmarks on Monday when it was admitted into indices run by FTSE Russell and S&P Dow Jones.
The moves will be added to in June, when Saudi stocks will be added to the widely followed MSCI Emerging Markets index, which MSCI says is tracked by $1.9tn of assets.
Saudi Arabia’s stock market, known as the Tadawul, is projected to be the eighth-largest bourse in the MSCI EM index by September, when it is fully included, with a weight of 2.7 per cent, according to Renaissance Capital. That is greater than Mexico, Indonesia and Poland.
Monday, 18 March 2019
#Dubai property developer Damac on hunt for land in Saudi Arabia
Dubai property developer Damac on hunt for land in Saudi Arabia:
The Dubai-listed developer Damac says it is scouting for additional plots of land in Saudi Arabia, both in established cities and the Kingdom’s emerging giga-projects such as Neom.
Hussain Sajwani, chairman of Damac Properties, also said the company would look to invest up to £500 million ($660 million) on a second development in the UK, and that it is on track to deliver a record 7,000 or more units this year.
Amid a slowing property market in Dubai, Damac’s base, the developer is eying Saudi Arabia as a potential ground for expansion for its high-spec residential projects.
The Dubai-listed developer Damac says it is scouting for additional plots of land in Saudi Arabia, both in established cities and the Kingdom’s emerging giga-projects such as Neom.
Hussain Sajwani, chairman of Damac Properties, also said the company would look to invest up to £500 million ($660 million) on a second development in the UK, and that it is on track to deliver a record 7,000 or more units this year.
Amid a slowing property market in Dubai, Damac’s base, the developer is eying Saudi Arabia as a potential ground for expansion for its high-spec residential projects.
Fitch affirms Doha Bank ratings at ‘A’ with Stable Outlook - The Peninsula Qatar
Fitch affirms Doha Bank ratings at ‘A’ with Stable Outlook - The Peninsula Qatar:
Fitch Ratings has affirmed Doha Bank’s (DB) Long-Term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook. At the same time, the agency has affirmed DB’s Viability Rating at ‘bb+’.
DB’s IDRs, Support Rating (SR) and Support Rating Floor (SRF) reflect Fitch’s expectation of an extremely high probability of support from the Qatari authorities for domestic banks in case of need.
This reflects the strong ability of Qatar to support its banks, as indicated by its rating (AA-/Stable), combined with Fitch’s belief of a strong willingness to support the banking sector and the bank. The latter is based on a strong track record of sovereign support to the banking sector including i) between 2009 and 1Q 2011 when some banks received capital injections to enhance their capital buffers and the government purchased some problem assets from the banks and ii) during 2H17 when the Qatari authorities placed significant deposits across the banks to support sector liquidity following the start of the blockade between Qatar and some of its neighbors.
Fitch Ratings has affirmed Doha Bank’s (DB) Long-Term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook. At the same time, the agency has affirmed DB’s Viability Rating at ‘bb+’.
DB’s IDRs, Support Rating (SR) and Support Rating Floor (SRF) reflect Fitch’s expectation of an extremely high probability of support from the Qatari authorities for domestic banks in case of need.
This reflects the strong ability of Qatar to support its banks, as indicated by its rating (AA-/Stable), combined with Fitch’s belief of a strong willingness to support the banking sector and the bank. The latter is based on a strong track record of sovereign support to the banking sector including i) between 2009 and 1Q 2011 when some banks received capital injections to enhance their capital buffers and the government purchased some problem assets from the banks and ii) during 2H17 when the Qatari authorities placed significant deposits across the banks to support sector liquidity following the start of the blockade between Qatar and some of its neighbors.
Foreigners Splurge on #Saudi Shares as FTSE Begins Upgrade - Bloomberg
Foreigners Splurge on Saudi Shares as FTSE Begins Upgrade - Bloomberg:
Foreign investors increased purchases of Saudi equities last week to the highest value on record as they positioned for the kingdom’s inclusion in major benchmarks.
Foreigners were net buyers of about 1.6 billion riyals ($427 million) of stocks in the five days through March 14, more than any other week since the data were first disclosed in 2015. The inflows picked up as FTSE Russell begins to include the country in its emerging-market category on Monday, attracting fund managers that follow the indexes passively.
Qualified foreign institutional investors, who were first allowed to directly access the Saudi bourse in 2015, were the leading category of purchasers. They’ve been net buyers almost every week this year, reversing a trend that started in October when they sold heavily amid increased volatility following the murder of Saudi journalist Jamal Khashoggi.
Foreign investors increased purchases of Saudi equities last week to the highest value on record as they positioned for the kingdom’s inclusion in major benchmarks.
Foreigners were net buyers of about 1.6 billion riyals ($427 million) of stocks in the five days through March 14, more than any other week since the data were first disclosed in 2015. The inflows picked up as FTSE Russell begins to include the country in its emerging-market category on Monday, attracting fund managers that follow the indexes passively.
Qualified foreign institutional investors, who were first allowed to directly access the Saudi bourse in 2015, were the leading category of purchasers. They’ve been net buyers almost every week this year, reversing a trend that started in October when they sold heavily amid increased volatility following the murder of Saudi journalist Jamal Khashoggi.
OPEC's Missing Meeting Shows Strain in Saudi-Russia Alliance - Bloomberg
OPEC's Missing Meeting Shows Strain in Saudi-Russia Alliance - Bloomberg:
The partnership at the heart of the OPEC+ alliance showed further signs of strain after Russia pressured the Saudi-led group to delay a decision on the future of their production cuts.
The unusual recommendation to cancel next month’s scheduled meeting means the group probably won’t decide whether to prolong its supply curbs until late June, just days before they expire.
At talks in Baku, Azerbaijan on Monday, Russian Energy Minister Alexander Novak convinced the committee overseeing the output cuts that the scheduled April meeting would be too soon to agree an extension. Khalid Al-Falih, the Saudi energy minister who had initially been in favor of making a decision at that time, acquiesced saying “April will be premature.”
The partnership at the heart of the OPEC+ alliance showed further signs of strain after Russia pressured the Saudi-led group to delay a decision on the future of their production cuts.
The unusual recommendation to cancel next month’s scheduled meeting means the group probably won’t decide whether to prolong its supply curbs until late June, just days before they expire.
At talks in Baku, Azerbaijan on Monday, Russian Energy Minister Alexander Novak convinced the committee overseeing the output cuts that the scheduled April meeting would be too soon to agree an extension. Khalid Al-Falih, the Saudi energy minister who had initially been in favor of making a decision at that time, acquiesced saying “April will be premature.”
#Israel's Delek Mulls London Listing for Major Gas Holdings - Bloomberg
Israel's Delek Mulls London Listing for Major Gas Holdings - Bloomberg:
Delek Drilling LP may create a separate company from its holdings in major Israeli and Cypriot natural gas fields and then list shares in the new business on the London Stock Exchange.
The new company would hold stakes in Leviathan, Israel’s largest gas deposit, and Aphrodite, a reservoir in nearby Cyprus, Delek said in an emailed statement. The Israeli energy explorer is seeking to combine supplies from both fields and sell them to a liquefied natural gas plant in Egypt.
“If they succeed in the spinoff and the sale on the London Stock Exchange and bring in new investors, that will be a positive development for the value of the shares, a positive for both the shareholders and Delek Group,” said Noam Pincu, an analyst at Psagot Investment House Ltd., who covers the companies. Delek Group Ltd., the parent of Delek Drilling, had tried to sell shares in London in 2014 but was unsuccessful, he said.
Delek Drilling LP may create a separate company from its holdings in major Israeli and Cypriot natural gas fields and then list shares in the new business on the London Stock Exchange.
The new company would hold stakes in Leviathan, Israel’s largest gas deposit, and Aphrodite, a reservoir in nearby Cyprus, Delek said in an emailed statement. The Israeli energy explorer is seeking to combine supplies from both fields and sell them to a liquefied natural gas plant in Egypt.
“If they succeed in the spinoff and the sale on the London Stock Exchange and bring in new investors, that will be a positive development for the value of the shares, a positive for both the shareholders and Delek Group,” said Noam Pincu, an analyst at Psagot Investment House Ltd., who covers the companies. Delek Group Ltd., the parent of Delek Drilling, had tried to sell shares in London in 2014 but was unsuccessful, he said.
#UAE banks' net interest margins expected to remain under pressure | ZAWYA MENA Edition
UAE banks' net interest margins expected to remain under pressure | ZAWYA MENA Edition:
Net interest margins (NIMs) for nine of the ten biggest listed banks in the United Arab Emirates dropped during the fourth quarter (Q4) of last year, according to Alvarez and Marsal.
In its UAE Banking Pulse report, the professional services firm stated that NIMs for the UAE’s biggest banks dropped by six basis points quarter-on-quarter, to 2.52 percent in Q4 2018, from 2.58 percent in Q3 2018 .
“We will probably continue to see some pressure on NIMs as we go forward,” Dr. Saeeda Jaffar, managing director at Alvarez and Marsal, told journalists at a media roundtable discussing the Banking Pulse report.
Net interest margins (NIMs) for nine of the ten biggest listed banks in the United Arab Emirates dropped during the fourth quarter (Q4) of last year, according to Alvarez and Marsal.
In its UAE Banking Pulse report, the professional services firm stated that NIMs for the UAE’s biggest banks dropped by six basis points quarter-on-quarter, to 2.52 percent in Q4 2018, from 2.58 percent in Q3 2018 .
“We will probably continue to see some pressure on NIMs as we go forward,” Dr. Saeeda Jaffar, managing director at Alvarez and Marsal, told journalists at a media roundtable discussing the Banking Pulse report.
Rouhani says #Iran will file legal case against U.S. for sanctions | Reuters
Rouhani says Iran will file legal case against U.S. for sanctions | Reuters:
Iranian President Hassan Rouhani said on Monday that the government would file a legal case in Iran against U.S. officials who imposed sanctions on the country as a precursor to action in international courts.
Rouhani said in a speech broadcast live on state television that U.S. sanctions had created difficulties including a weaker rial currency that has fed into higher inflation.
The United States reimposed sanctions on Tehran after U.S. President Donald Trump chose last May to abandon Iran’s 2015 nuclear accord, negotiated with five other world powers.
Iranian President Hassan Rouhani said on Monday that the government would file a legal case in Iran against U.S. officials who imposed sanctions on the country as a precursor to action in international courts.
Rouhani said in a speech broadcast live on state television that U.S. sanctions had created difficulties including a weaker rial currency that has fed into higher inflation.
The United States reimposed sanctions on Tehran after U.S. President Donald Trump chose last May to abandon Iran’s 2015 nuclear accord, negotiated with five other world powers.
Exclusive: #SaudiArabia curbs family influence in Binladin group shake-up | Reuters
Exclusive: Saudi Arabia curbs family influence in Binladin group shake-up | Reuters:
The influence of Saudi Arabia’s Bin Laden family on its eponymous construction business has been curtailed in a restructuring that follows an anti-corruption crackdown by Riyadh, a document seen by Reuters shows.
Saudi businessman Khalid Nahas has been named chairman of the newly-established Binladin Group Global Holding Company, which is 36.22 percent owned by Istidama, a finance ministry subsidiary, and 63.78 percent by Binladin Company for Development and Commercial Investment.
Only two Bin Laden brothers, Saad and Abdullah, are represented on the new nine-person board, the document from the kingdom’s commerce ministry reveals, in a break from the family’s exclusive control over its earlier company, Saudi Binladin Group (SBG).
The influence of Saudi Arabia’s Bin Laden family on its eponymous construction business has been curtailed in a restructuring that follows an anti-corruption crackdown by Riyadh, a document seen by Reuters shows.
Saudi businessman Khalid Nahas has been named chairman of the newly-established Binladin Group Global Holding Company, which is 36.22 percent owned by Istidama, a finance ministry subsidiary, and 63.78 percent by Binladin Company for Development and Commercial Investment.
Only two Bin Laden brothers, Saad and Abdullah, are represented on the new nine-person board, the document from the kingdom’s commerce ministry reveals, in a break from the family’s exclusive control over its earlier company, Saudi Binladin Group (SBG).
Oil closes in on four-month highs on OPEC cuts, U.S. stock draw | Reuters
Oil closes in on four-month highs on OPEC cuts, U.S. stock draw | Reuters:
Oil prices rose to near four-month highs on Monday, supported by the prospect of extended OPEC-led oil supply curbs and signs of inventory declines in U.S. crude stockpiles.
Brent crude futures settled at $67.54 a barrel, rising 38 cents, or 0.6 percent. The international benchmark held near its 2019 peak of $68.14 reached on Thursday.
U.S. West Texas Intermediate crude settled at $59.09 a barrel, adding 57 cents, or 1 percent, after hitting a four-month high at $59.23.
Oil prices rose to near four-month highs on Monday, supported by the prospect of extended OPEC-led oil supply curbs and signs of inventory declines in U.S. crude stockpiles.
Brent crude futures settled at $67.54 a barrel, rising 38 cents, or 0.6 percent. The international benchmark held near its 2019 peak of $68.14 reached on Thursday.
U.S. West Texas Intermediate crude settled at $59.09 a barrel, adding 57 cents, or 1 percent, after hitting a four-month high at $59.23.
Mideast's biggest exchange expects foreign investment to grow, CEO says | Reuters
Mideast's biggest exchange expects foreign investment to grow, CEO says | Reuters:
Saudi Arabia’s listed companies could see holdings by foreign investors rise to 10 percent when their shares are included in index providers MSCI and FTSE’s emerging-market indices, the chief executive of Tadawul told Reuters on Monday.
Tadawul is the Middle East’s largest exchange and Saudi Arabia’s main exchange. It has a total market capitalization of around $541.3 billion, with a free float of about 40 percent.
Saudi shares on Monday joined the FTSE Emerging All Cap Index with a weighting of 2.9 percent. In May, Saudi shares will join the MSCI Emerging Markets Index.
Saudi Arabia’s listed companies could see holdings by foreign investors rise to 10 percent when their shares are included in index providers MSCI and FTSE’s emerging-market indices, the chief executive of Tadawul told Reuters on Monday.
Tadawul is the Middle East’s largest exchange and Saudi Arabia’s main exchange. It has a total market capitalization of around $541.3 billion, with a free float of about 40 percent.
Saudi shares on Monday joined the FTSE Emerging All Cap Index with a weighting of 2.9 percent. In May, Saudi shares will join the MSCI Emerging Markets Index.
MIDEAST STOCKS- #Saudi closes at near 4-year high as it joins FTSE Russell index | Reuters
MIDEAST STOCKS-Saudi closes at near 4-year high as it joins FTSE Russell index | Reuters:
Saudi Arabia's benchmark stock index closed at its highest in nearly four years on Monday as bank shares rose on its first day as a member of FTSE Russell's emerging-market index, which is expected to attract billions in passive fund inflows.
Saudi's Tadawul index will have a weighting of 2.9 percent in the FTSE Emerging All Cap Index and later this year will join the MSCI emerging market benchmark. The market is positioned for passive fund inflows of around $20 billion.
The kingdom is hoping its inclusion in the indexes will fuel its drive to become a major destination for foreign capital, after its global reputation was tainted by the murder of journalist Jamal Khashoggi in October.
Saudi Arabia's benchmark stock index closed at its highest in nearly four years on Monday as bank shares rose on its first day as a member of FTSE Russell's emerging-market index, which is expected to attract billions in passive fund inflows.
Saudi's Tadawul index will have a weighting of 2.9 percent in the FTSE Emerging All Cap Index and later this year will join the MSCI emerging market benchmark. The market is positioned for passive fund inflows of around $20 billion.
The kingdom is hoping its inclusion in the indexes will fuel its drive to become a major destination for foreign capital, after its global reputation was tainted by the murder of journalist Jamal Khashoggi in October.
#Saudi crown prince allegedly stripped of some authority | World news | The Guardian
Saudi crown prince allegedly stripped of some authority | World news | The Guardian:
The heir to the Saudi throne has not attended a series of high-profile ministerial and diplomatic meetings in Saudi Arabia over the last fortnight and is alleged to have been stripped of some of his financial and economic authority, the Guardian has been told.
The move to restrict, if only temporarily, the responsibilities of Crown Prince Mohammed bin Salman is understood to have been revealed to a group of senior ministers earlier last week by his father, King Salman.
The king is said to have asked Bin Salman to be at this cabinet meeting, but he failed to attend.
The heir to the Saudi throne has not attended a series of high-profile ministerial and diplomatic meetings in Saudi Arabia over the last fortnight and is alleged to have been stripped of some of his financial and economic authority, the Guardian has been told.
The move to restrict, if only temporarily, the responsibilities of Crown Prince Mohammed bin Salman is understood to have been revealed to a group of senior ministers earlier last week by his father, King Salman.
The king is said to have asked Bin Salman to be at this cabinet meeting, but he failed to attend.
Understanding Sharia: Islamic Law in a Globalised World, by Raficq S Abdulla and Mohamed M Keshavjee | Financial Times
Understanding Sharia: Islamic Law in a Globalised World, by Raficq S Abdulla and Mohamed M Keshavjee | Financial Times:
In a ruminative lecture on Islamic Sharia’s place in English law a decade ago, Rowan Williams, the then Archbishop of Canterbury, asked whether small, culturally and religiously intimate matters of mainly family law might not be delegated to Muslim religious courts.
“What a Burkha”, the Sun newspaper boomed in the furore that ensued. While the tabloid response was predictable, it probably summarised accurately the popular image of sharia, as something veiled, menacing and alien. This rich and important book is a lucidly argued and accessibly written corrective.
Take that headline-grabbing burka. The Muslim practice of veiling women copied the (Christian) Byzantines, who probably borrowed it from the (Zoroastrian) Persian culture of hiding upper-class women from all men but their own. Similarly, other early Muslim practices seen as signatures of sharia law such as the imposition of a poll tax on Jews and Christians — which Islamist extremists would like restored — are also borrowings, in this case from the (pagan) Romans.
In a ruminative lecture on Islamic Sharia’s place in English law a decade ago, Rowan Williams, the then Archbishop of Canterbury, asked whether small, culturally and religiously intimate matters of mainly family law might not be delegated to Muslim religious courts.
“What a Burkha”, the Sun newspaper boomed in the furore that ensued. While the tabloid response was predictable, it probably summarised accurately the popular image of sharia, as something veiled, menacing and alien. This rich and important book is a lucidly argued and accessibly written corrective.
Take that headline-grabbing burka. The Muslim practice of veiling women copied the (Christian) Byzantines, who probably borrowed it from the (Zoroastrian) Persian culture of hiding upper-class women from all men but their own. Similarly, other early Muslim practices seen as signatures of sharia law such as the imposition of a poll tax on Jews and Christians — which Islamist extremists would like restored — are also borrowings, in this case from the (pagan) Romans.
Assessing the State of the #UAE Banking Sector – Bloomberg
Assessing the State of the U.A.E. Banking Sector – Bloomberg:
Saeeda Jaffar, managing director and Middle East co-head at Alvarez & Marsal, discusses the consolidation in the U.A.E. banking sector. She speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Saeeda Jaffar, managing director and Middle East co-head at Alvarez & Marsal, discusses the consolidation in the U.A.E. banking sector. She speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
#Saudi Market Will Struggle to Breach 9,000 Level, Says Credit Suisse’s Iqbal – Bloomberg
Saudi Market Will Struggle to Breach 9,000 Level, Says Credit Suisse’s Iqbal – Bloomberg:
Fahd Iqbal, head of Middle East research at Credit Suisse, discusses oil prices and the inclusion of Saudi stock into the FTSE Russell emerging-market indexes. He speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Fahd Iqbal, head of Middle East research at Credit Suisse, discusses oil prices and the inclusion of Saudi stock into the FTSE Russell emerging-market indexes. He speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
#UAE Plans to Ease Citizens' Debt Burden as Economy Slows - Bloomberg
U.A.E. Plans to Ease Citizens' Debt Burden as Economy Slows - Bloomberg:
The United Arab Emirates started a program that aims to reduce the debt burden of its citizens as the oil-rich Gulf country grapples with an economic slowdown.
The program, launched by the central bank, targets loans that cost individuals more than 50 percent of their monthly salary, according to the state-run WAM news agency. Payments would be consolidated over a maximum period of four years and capped at half the person’s salary or 30 percent of their pension. The interest rate won’t exceed the three-month interbank rate.
Gulf Arab monarchies have frequently bailed out citizens by writing off debt, part of an unwritten social pact that offers generous benefits in return for political loyalty. Critics say such moves encourage irresponsible borrowing. The vast majority of the U.A.E. population is made up of expatriates.
The United Arab Emirates started a program that aims to reduce the debt burden of its citizens as the oil-rich Gulf country grapples with an economic slowdown.
The program, launched by the central bank, targets loans that cost individuals more than 50 percent of their monthly salary, according to the state-run WAM news agency. Payments would be consolidated over a maximum period of four years and capped at half the person’s salary or 30 percent of their pension. The interest rate won’t exceed the three-month interbank rate.
Gulf Arab monarchies have frequently bailed out citizens by writing off debt, part of an unwritten social pact that offers generous benefits in return for political loyalty. Critics say such moves encourage irresponsible borrowing. The vast majority of the U.A.E. population is made up of expatriates.
Oil Bulls Stick to Their Guns as Saudis Say Job Isn't Complete - Bloomberg
Oil Bulls Stick to Their Guns as Saudis Say Job Isn't Complete - Bloomberg:
OPEC can make or break oil’s bull run, and hedge funds are betting the cartel will keep fueling the rally.
Money managers increased wagers on rising West Texas Intermediate and Brent crude prices to the highest since October ahead of a key meeting of top exporters in Azerbaijan over the weekend. OPEC and its partners need to “stay the course” until June as the group’s job is “nowhere near complete” in terms of restoring oil-market fundamentals, Saudi Energy Minister Khalid Al-Falih said late Sunday.
“As long as we come out of the weekend with stasis, the hedge funds will consider that a positive sign and will continue to support the bull run,” Ashley Petersen, an oil analyst at Stratas Advisors LLC in New York, said before the meeting.
OPEC can make or break oil’s bull run, and hedge funds are betting the cartel will keep fueling the rally.
Money managers increased wagers on rising West Texas Intermediate and Brent crude prices to the highest since October ahead of a key meeting of top exporters in Azerbaijan over the weekend. OPEC and its partners need to “stay the course” until June as the group’s job is “nowhere near complete” in terms of restoring oil-market fundamentals, Saudi Energy Minister Khalid Al-Falih said late Sunday.
“As long as we come out of the weekend with stasis, the hedge funds will consider that a positive sign and will continue to support the bull run,” Ashley Petersen, an oil analyst at Stratas Advisors LLC in New York, said before the meeting.
RPT- #Saudi stocks set to receive $20 bln windfall even as some investors sit out | Reuters
RPT-Saudi stocks set to receive $20 bln windfall even as some investors sit out | Reuters:
Saudi Arabia’s inclusion in major emerging markets stock indices from Monday is likely to suck in around $20 billion in passive inflows, but unease after Jamal Khashoggi’s murder and sluggish reforms could lead some active foreign investors to steer clear.
Saudi Arabia will be the biggest recent addition to the global indices, the largest of which is the MSCI Emerging Markets Index, which it joins from May. MSCI will give the kingdom a weight of 2.7 percent, between Russia and Mexico.
The kingdom is hoping the inclusions, starting on Monday when Saudi stocks join the FTSE Emerging All Cap Index, will kickstart its drive to become a major destination for foreign capital, after its global reputation was tainted by Khashoggi’s killing at the hands of Saudi agents in October.
Saudi Arabia’s inclusion in major emerging markets stock indices from Monday is likely to suck in around $20 billion in passive inflows, but unease after Jamal Khashoggi’s murder and sluggish reforms could lead some active foreign investors to steer clear.
Saudi Arabia will be the biggest recent addition to the global indices, the largest of which is the MSCI Emerging Markets Index, which it joins from May. MSCI will give the kingdom a weight of 2.7 percent, between Russia and Mexico.
The kingdom is hoping the inclusions, starting on Monday when Saudi stocks join the FTSE Emerging All Cap Index, will kickstart its drive to become a major destination for foreign capital, after its global reputation was tainted by Khashoggi’s killing at the hands of Saudi agents in October.
Oil pulled two ways by economic slowdown, OPEC-led supply cuts | Reuters
Oil pulled two ways by economic slowdown, OPEC-led supply cuts | Reuters:
Oil prices were mixed on Monday, weighed by concerns that an economic downturn may dent fuel consumption, but supported by supply cuts led by producer group OPEC and U.S. sanctions against Iran and Venezuela.
Brent crude oil futures were at $67.24 per barrel at 0737 GMT, up 8 cents from their last close, and not far off the $68.14 per barrel 2019-high reached last week.
U.S. West Texas Intermediate (WTI) futures were at $58.43 per barrel, down 9 cents from their last settlement, but also still close to last week’s 2019-high of $58.95.
Oil prices were mixed on Monday, weighed by concerns that an economic downturn may dent fuel consumption, but supported by supply cuts led by producer group OPEC and U.S. sanctions against Iran and Venezuela.
Brent crude oil futures were at $67.24 per barrel at 0737 GMT, up 8 cents from their last close, and not far off the $68.14 per barrel 2019-high reached last week.
U.S. West Texas Intermediate (WTI) futures were at $58.43 per barrel, down 9 cents from their last settlement, but also still close to last week’s 2019-high of $58.95.
Bailed-out #Bahrain has little room for maneuver in economy reboot | Reuters
Bailed-out Bahrain has little room for maneuver in economy reboot | Reuters:
As the weekend kicks off in Bahrain, Saudi Arabian and Kuwaiti cars jam the capital’s roads and hotel lobbies fill with visitors looking for bars, restaurants and other night-time entertainment.
A new sales tax introduced this year means government coffers will gain with every glass of wine sold and shisha pipe smoked, but that’s still not enough to plug a large gap in the island kingdom’s finances and wean it off aid from richer neighbors.
Saudi Arabia, along with Kuwait and the United Arab Emirates, came to the rescue of Bahrain last year when a prolonged period of lower oil prices pushed its public debt to nearly 93 percent of annual economic output.
As the weekend kicks off in Bahrain, Saudi Arabian and Kuwaiti cars jam the capital’s roads and hotel lobbies fill with visitors looking for bars, restaurants and other night-time entertainment.
A new sales tax introduced this year means government coffers will gain with every glass of wine sold and shisha pipe smoked, but that’s still not enough to plug a large gap in the island kingdom’s finances and wean it off aid from richer neighbors.
Saudi Arabia, along with Kuwait and the United Arab Emirates, came to the rescue of Bahrain last year when a prolonged period of lower oil prices pushed its public debt to nearly 93 percent of annual economic output.
Mideast Stocks: #Saudi shares up as market enters FTSE Russell index | ZAWYA MENA Edition
Mideast Stocks: Saudi shares up as market enters FTSE Russell index | ZAWYA MENA Edition:
Saudi Arabia's stock market inched up on Monday, its first day as a member of the FTSE Russell's emerging-market index, which is expected to attract billions in passive fund inflows.
"We believe there is some leeway on how the FTSE inflows get affected – passive trackers can build positions over a few days prior to the actual date. On Thursday, the market traded more than 1.4 billion Saudi riyals, which is unusual. Nevertheless, we may still see strong inflows at close today," said Vrajesh Bhandari at Al Mal Capital.
Saudi's index rose 0.2 percent, with Abdullah Abdul Mohsin Al Khodari Sons surging 10 percent. The stock has risen since shareholders voted against the dissolution of the company. The company cancelled the completion of a contract, citing increased costs.
Saudi Arabia's stock market inched up on Monday, its first day as a member of the FTSE Russell's emerging-market index, which is expected to attract billions in passive fund inflows.
"We believe there is some leeway on how the FTSE inflows get affected – passive trackers can build positions over a few days prior to the actual date. On Thursday, the market traded more than 1.4 billion Saudi riyals, which is unusual. Nevertheless, we may still see strong inflows at close today," said Vrajesh Bhandari at Al Mal Capital.
Saudi's index rose 0.2 percent, with Abdullah Abdul Mohsin Al Khodari Sons surging 10 percent. The stock has risen since shareholders voted against the dissolution of the company. The company cancelled the completion of a contract, citing increased costs.
Subscribe to:
Posts (Atom)