ADCB and UNB shareholders greenlight mega-merger:
Shareholders of Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) have given their approval for a merger of the two banks and then to acquire Al Hilal Bank, creating an entity with Dh6.1 billion in net profit.
At the separate ADCB and UNB annual general meetings on Thursday, shareholders approved the terms of the transaction, under which ADCB will issue convertible bonds to Al Hilal’s shareholders as the acquisition price paid by ADCB for the privately-held bank.
The bonds will be converted into over 117 million new shares in ADCB, increasing the share capital of the bank to up to Dh6.9 billion on conversion of the bonds. ADCB said at the meeting the acquisition of Al Hilal Bank is expected to close in the second quarter, having earlier said that the merger with UNB alone is likely to be effective only by May 1.
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Friday 22 March 2019
Art is alive and kicking in #Dubai — and so is the bigger business picture | Arab News
Art is alive and kicking in Dubai — and so is the bigger business picture | Arab News:
There are several ways to feel the economic pulse of Dubai. You can pore over statistics from the Department of Economic Development; you can look at the sales and valuation figures from the property agents and the Land Department; you can look at the financial indices from the emirate’s two stock markets.
But by far the most enjoyable, and also maybe the most reliable, is to attend the opening night of Art Dubai, the annual cultural extravaganza that has been going for 13 years now and has made the emirate the main artistic center of the region. I’ve been to 12 of those, and in my experience the event faithfully reflects the underlying economic sentiment of the city.
In the early days, there was almost a feel of the California Gold Rush about it, with serious money chasing works at big valuations. Then, during the 2009 financial crisis, it all went rather flat, with investors keeping their wallets in their pockets for all but the most precious works.
There are several ways to feel the economic pulse of Dubai. You can pore over statistics from the Department of Economic Development; you can look at the sales and valuation figures from the property agents and the Land Department; you can look at the financial indices from the emirate’s two stock markets.
But by far the most enjoyable, and also maybe the most reliable, is to attend the opening night of Art Dubai, the annual cultural extravaganza that has been going for 13 years now and has made the emirate the main artistic center of the region. I’ve been to 12 of those, and in my experience the event faithfully reflects the underlying economic sentiment of the city.
In the early days, there was almost a feel of the California Gold Rush about it, with serious money chasing works at big valuations. Then, during the 2009 financial crisis, it all went rather flat, with investors keeping their wallets in their pockets for all but the most precious works.
QSE index closes at 9,953.72 points - The Peninsula #Qatar
QSE index closes at 9,953.72 points - The Peninsula Qatar:
Qatar Stock Exchange’s (QSE) benchmark index lost 16.83 points, or 0.17 percent, last week when the bourse closed yesterday at 9,953.72 points.
Trading value during last week decreased by 46.09 percent to reach QR1.33bn compared to QR2.48bn.
Trading volume decreased by 38.98 percent to reach 46.14 million shares, as against 75.63 million shares, while the number of transactions fell by 11.28 percent, to reach 27,553 transactions as compared to 31,056 transactions. Market cap rose by 0.40 percent to reach QR563.31bn as compared to QR561.06bn at the end of previous week, reports QNA.
Qatar Stock Exchange’s (QSE) benchmark index lost 16.83 points, or 0.17 percent, last week when the bourse closed yesterday at 9,953.72 points.
Trading value during last week decreased by 46.09 percent to reach QR1.33bn compared to QR2.48bn.
Trading volume decreased by 38.98 percent to reach 46.14 million shares, as against 75.63 million shares, while the number of transactions fell by 11.28 percent, to reach 27,553 transactions as compared to 31,056 transactions. Market cap rose by 0.40 percent to reach QR563.31bn as compared to QR561.06bn at the end of previous week, reports QNA.
Oil dips further from 2019 highs on demand worries | Reuters
Oil dips further from 2019 highs on demand worries | Reuters:
Oil fell about 2 percent on Friday, slipping further from 2019 highs as focus shifted to a lack of progress in U.S.-China trade talks and as grim manufacturing data from Germany and the U.S. reignited fears of a slowdown in the global economy and oil demand.
Wall Street’s main indexes tumbled between 1 and 2 percent on Friday after manufacturers in Europe, Japan and the United States suffered in March as surveys showed trade tensions had impacted factory output, a setback for hopes the global economy might be turning the corner on its slowdown.
Brent crude futures settled at $67.30 per barrel, 83 cents, or 1.2 percent below their last close and down about 0.2 percent on the week. The contract hit a four-month high of $68.69 on Thursday.
Oil fell about 2 percent on Friday, slipping further from 2019 highs as focus shifted to a lack of progress in U.S.-China trade talks and as grim manufacturing data from Germany and the U.S. reignited fears of a slowdown in the global economy and oil demand.
Wall Street’s main indexes tumbled between 1 and 2 percent on Friday after manufacturers in Europe, Japan and the United States suffered in March as surveys showed trade tensions had impacted factory output, a setback for hopes the global economy might be turning the corner on its slowdown.
Brent crude futures settled at $67.30 per barrel, 83 cents, or 1.2 percent below their last close and down about 0.2 percent on the week. The contract hit a four-month high of $68.69 on Thursday.
Oil slips further from 2019 highs on trade worries | Reuters
Oil slips further from 2019 highs on trade worries | Reuters:
Oil fell further from 2019 highs on Friday as focus shifted to a lack of progress in U.S.-China trade talks, but prices found support from supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela.
Brent crude futures were at $67.11 per barrel at 1204 GMT, 75 cents below their last close and broadly flat on the week. The contract hit a four-month high of $68.69 on Thursday.
Benchmark Brent has risen by just under a third since the beginning of January, when OPEC started to cut production.
Oil fell further from 2019 highs on Friday as focus shifted to a lack of progress in U.S.-China trade talks, but prices found support from supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela.
Brent crude futures were at $67.11 per barrel at 1204 GMT, 75 cents below their last close and broadly flat on the week. The contract hit a four-month high of $68.69 on Thursday.
Benchmark Brent has risen by just under a third since the beginning of January, when OPEC started to cut production.
More shale, who cares? #SaudiArabia pushes for at least $70 oil | Reuters
More shale, who cares? Saudi Arabia pushes for at least $70 oil | Reuters:
Budget needs are forcing Saudi Arabia to push for oil prices of at least $70 per barrel this year, industry sources say, even though U.S. shale oil producers could benefit and Riyadh’s share of global crude markets might be further eroded.
Riyadh, OPEC’s de facto leader, said it was steeply cutting exports to its main customers in March and April despite refiners asking for more of its oil. The move defies U.S. President Donald Trump’s demands for OPEC to help reduce prices while he toughens sanctions on oil producers Iran and Venezuela.
The export cuts are designed to prop up prices, sources close to Saudi oil policy say. Saudi officials say the kingdom’s output policies are merely intended to balance the world market and reduce high inventories.
Budget needs are forcing Saudi Arabia to push for oil prices of at least $70 per barrel this year, industry sources say, even though U.S. shale oil producers could benefit and Riyadh’s share of global crude markets might be further eroded.
Riyadh, OPEC’s de facto leader, said it was steeply cutting exports to its main customers in March and April despite refiners asking for more of its oil. The move defies U.S. President Donald Trump’s demands for OPEC to help reduce prices while he toughens sanctions on oil producers Iran and Venezuela.
The export cuts are designed to prop up prices, sources close to Saudi oil policy say. Saudi officials say the kingdom’s output policies are merely intended to balance the world market and reduce high inventories.