Dana Gas looks to appoint advisers for London listing - The National:
Dana Gas is in the process of screening advisers to help it list shares in London as Sharjah-based energy firm revives plans to woo a broader range of international investors to boost the value of its stocks.
“We are a reviewing a list, but we haven’t appointed [advisers] yet,” said Patrick Allman-Ward, chief executive of Dana Gas.
The board of Dana Gas, whose shares currently trade on Abu Dhabi Securities Exchange, has been of the opinion “for some considerable time” that its stocks on the Capital’s bourse are undervalued and it has been "looking to list at the alternative exchanges”, he noted.
Monday 6 May 2019
QFMA issues new listing rules and governance code for funds
QFMA issues new listing rules and governance code for funds:
The Qatar Financial Markets Authority (QFMA) announced on Monday the issuance of Governance Code for Listed Funds and Listing Rules for Funds' Units listed in the Qatar Stock Exchange (QSE).
This issuance comes as a part of the QFMA's ongoing development of its regulations to enhance attractiveness of investment environment of the capital market, as well as to increase diversity of the financial products listed on the QSE.
The QFMA said in its statement on Monday that it will continue to strengthen its regulations to meet the investors' needs by adopting the best international practices related to investment funds and relevant governance.
The Qatar Financial Markets Authority (QFMA) announced on Monday the issuance of Governance Code for Listed Funds and Listing Rules for Funds' Units listed in the Qatar Stock Exchange (QSE).
This issuance comes as a part of the QFMA's ongoing development of its regulations to enhance attractiveness of investment environment of the capital market, as well as to increase diversity of the financial products listed on the QSE.
The QFMA said in its statement on Monday that it will continue to strengthen its regulations to meet the investors' needs by adopting the best international practices related to investment funds and relevant governance.
#UAE Investment Banks Arqaam and TNI Are Said to Weigh Merger - Bloomberg
U.A.E. Investment Banks Arqaam and TNI Are Said to Weigh Merger - Bloomberg:
Dubai-based Arqaam Capital Ltd. and Abu Dhabi’s The National Investor are weighing a possible merger, according to people with knowledge of the matter.
The investment banks are in talks about a combination that would create an entity with an equity value of about $250 million, according to one of the people, who asked not to be identified because the matter is private. Arqaam would have management control of the merged bank and its investors would hold about 40 percent, the person said.
Discussions are at an early stage and may not lead to a deal, the people said. Officials at Arqaam Capital didn’t respond to several requests for comment over the past two weeks. No one at The National Investor responded to requests for comment.
Dubai-based Arqaam Capital Ltd. and Abu Dhabi’s The National Investor are weighing a possible merger, according to people with knowledge of the matter.
The investment banks are in talks about a combination that would create an entity with an equity value of about $250 million, according to one of the people, who asked not to be identified because the matter is private. Arqaam would have management control of the merged bank and its investors would hold about 40 percent, the person said.
Discussions are at an early stage and may not lead to a deal, the people said. Officials at Arqaam Capital didn’t respond to several requests for comment over the past two weeks. No one at The National Investor responded to requests for comment.
Oil Rises as Middle East Tension Drowns Out Trump Trade Threats - Bloomberg
Oil Rises as Middle East Tension Drowns Out Trump Trade Threats - Bloomberg:
Oil recovered from early declines after U.S. President Donald Trump threatened to escalate his trade war with China but also dispatched warships to the Middle East in a warning to Iran.
Futures in New York climbed 0.5 percent as Trump’s national security adviser announced an aircraft carrier strike group and bomber force were on their way to the Middle East. That erased a steep plunge earlier in the session after the president’s tweets suggested U.S.-China trade talks were in jeopardy, stoking fears about the global economy.
U.S. crude has retreated around 6 percent since hitting a six-month high in late April amid signs global markets may not be as tight as feared. While the possibility that the world’s two largest economies won’t reach a trade truce undermined prices, the decision to dispatch forces to the heart of global crude production posed a new risk to supplies, after Trump tightened sanctions on Iran last week.
West Texas Intermediate crude for June delivery added 31 cents to $62.25 a barrel on the New York Mercantile Exchange as trading closed. Brent for July settlement climbed 39 cents to $71.24 a barrel on the London-based ICE Futures Europe exchange.
Oil recovered from early declines after U.S. President Donald Trump threatened to escalate his trade war with China but also dispatched warships to the Middle East in a warning to Iran.
Futures in New York climbed 0.5 percent as Trump’s national security adviser announced an aircraft carrier strike group and bomber force were on their way to the Middle East. That erased a steep plunge earlier in the session after the president’s tweets suggested U.S.-China trade talks were in jeopardy, stoking fears about the global economy.
U.S. crude has retreated around 6 percent since hitting a six-month high in late April amid signs global markets may not be as tight as feared. While the possibility that the world’s two largest economies won’t reach a trade truce undermined prices, the decision to dispatch forces to the heart of global crude production posed a new risk to supplies, after Trump tightened sanctions on Iran last week.
West Texas Intermediate crude for June delivery added 31 cents to $62.25 a barrel on the New York Mercantile Exchange as trading closed. Brent for July settlement climbed 39 cents to $71.24 a barrel on the London-based ICE Futures Europe exchange.
Asian Buyers Forced to Pay More for #Saudi Crude on Supply Crunch - Bloomberg
Asian Buyers Forced to Pay More for Saudi Crude on Supply Crunch - Bloomberg:
Saudi Arabia, the world’s biggest oil exporter, hiked June pricing for all crude grades to Asia just as the region scrambles for replacement barrels to make up for a supply shortfall.
The kingdom raised its official selling price of Arab Light crude for June to the biggest premium to Middle East benchmark prices in 11 months, increasing the cost of its flagship grade to Asia by more than traders had forecast. The price of Arab Medium crude was set at the highest since December 2013, while Arab Heavy was priced at the most in more than six years.
The spike in prices for Asian buyers comes as refiners across the top oil-importing region seek more Saudi Arabian crude for June and July loading after the expiration of U.S.-issued waivers permitting imports of Iranian oil. A fall in supplies from Iran -- coupled with declining exports from Venezuela and outages across Africa -- are creating a sellers’ market, handing crude producers the upper hand in negotiations and sales.
Saudi Arabia, the world’s biggest oil exporter, hiked June pricing for all crude grades to Asia just as the region scrambles for replacement barrels to make up for a supply shortfall.
The kingdom raised its official selling price of Arab Light crude for June to the biggest premium to Middle East benchmark prices in 11 months, increasing the cost of its flagship grade to Asia by more than traders had forecast. The price of Arab Medium crude was set at the highest since December 2013, while Arab Heavy was priced at the most in more than six years.
The spike in prices for Asian buyers comes as refiners across the top oil-importing region seek more Saudi Arabian crude for June and July loading after the expiration of U.S.-issued waivers permitting imports of Iranian oil. A fall in supplies from Iran -- coupled with declining exports from Venezuela and outages across Africa -- are creating a sellers’ market, handing crude producers the upper hand in negotiations and sales.
#AbuDhabi Commercial Bank 2019 Q1 profit falls 5%, sees cost synergies from three-way merger | ZAWYA MENA Edition
Abu Dhabi Commercial Bank 2019 Q1 profit falls 5%, sees cost synergies from three-way merger | ZAWYA MENA Edition:
Abu Dhabi Commercial Bank , which formalised a merger with two other banks last week, reported a 5 percent fall in first-quarter profit, hurt by lower interest income, missing analysts’ forecasts.
Net interest and Islamic financing income of 1.71 billion UAE dirham ($465.58 million) fell 7 percent from the first quarter of 2018, as the bank said its move to raise long-term funds hit its profitability.
"Bottom line was impacted by higher cost of funds underpinned by a conscious decision to increase long-term time deposits and wholesale funding to meet the evolving regulatory liquidity requirements," said Deepak Khullar, chief financial officer.
Abu Dhabi Commercial Bank , which formalised a merger with two other banks last week, reported a 5 percent fall in first-quarter profit, hurt by lower interest income, missing analysts’ forecasts.
Net interest and Islamic financing income of 1.71 billion UAE dirham ($465.58 million) fell 7 percent from the first quarter of 2018, as the bank said its move to raise long-term funds hit its profitability.
"Bottom line was impacted by higher cost of funds underpinned by a conscious decision to increase long-term time deposits and wholesale funding to meet the evolving regulatory liquidity requirements," said Deepak Khullar, chief financial officer.
MIDEAST STOCKS- #Saudi hit by profit-taking, financials drag major Gulf markets - Reuters
MIDEAST STOCKS-Saudi hit by profit-taking, financials drag major Gulf markets - Reuters:
Saudi Arabia's stock market fell on Monday
to its lowest point in eight months, hurt by profit-taking in
its banks, while most major Middle Eastern markets also slid
sharply.
The Saudi index was down 1.5 percent, weakened by
financial and petrochemical stocks. Its biggest lender, National
Commercial Bank, decreased 1.9 percent and Banque
Saudi Fransi lost 4.3 percent.
Oil prices tumbled after U.S. President Donald Trump said he
would sharply raise tariffs on Chinese goods this week.
Saudi Arabia's stock market fell on Monday
to its lowest point in eight months, hurt by profit-taking in
its banks, while most major Middle Eastern markets also slid
sharply.
The Saudi index was down 1.5 percent, weakened by
financial and petrochemical stocks. Its biggest lender, National
Commercial Bank, decreased 1.9 percent and Banque
Saudi Fransi lost 4.3 percent.
Oil prices tumbled after U.S. President Donald Trump said he
would sharply raise tariffs on Chinese goods this week.
Oil prices slump after Trump's tariff threat against China - Reuters
Oil prices slump after Trump's tariff threat against China - Reuters:
Oil prices tumbled on Monday after U.S. President Donald Trump said he would sharply raise tariffs on Chinese goods this week, risking the derailment of trade talks between the world’s two biggest economies.
U.S. West Texas Intermediate (WTI) crude futures were at $60.83 per barrel at 0832 GMT, down $1.11. WTI hit $60.04 earlier in the session, its lowest since March 29.
Brent crude futures were at $69.78 per barrel, down $1.07. Brent earlier hit its lowest since April 2 at $68.79.
Oil prices tumbled on Monday after U.S. President Donald Trump said he would sharply raise tariffs on Chinese goods this week, risking the derailment of trade talks between the world’s two biggest economies.
U.S. West Texas Intermediate (WTI) crude futures were at $60.83 per barrel at 0832 GMT, down $1.11. WTI hit $60.04 earlier in the session, its lowest since March 29.
Brent crude futures were at $69.78 per barrel, down $1.07. Brent earlier hit its lowest since April 2 at $68.79.
MIDEAST STOCKS- #SaudiArabia drops to near-8 month low, major Gulf markets slide - Agricultural Commodities - Reuters
MIDEAST STOCKS-Saudi Arabia drops to near-8 month low, major Gulf markets slide - Agricultural Commodities - Reuters:
Saudi Arabia’s stock market fell sharply to hit a near eight month low on Monday, as oil prices weighed on its financial and petrochemical shares, while other major Gulf markets slid in early trading.
Saudi’s index slumped 2.5 percent, with Seera Group dropping 4.7 percent after the travel operator posted a 40 percent drop in its first-quarter net profit, citing competitive pricing and higher costs.
Oil prices tumbled after President Donald Trump said he would sharply hike tariffs on Chinese goods this week, risking the derailment of trade talks between the world’s two biggest economies.
Saudi Arabia’s stock market fell sharply to hit a near eight month low on Monday, as oil prices weighed on its financial and petrochemical shares, while other major Gulf markets slid in early trading.
Saudi’s index slumped 2.5 percent, with Seera Group dropping 4.7 percent after the travel operator posted a 40 percent drop in its first-quarter net profit, citing competitive pricing and higher costs.
Oil prices tumbled after President Donald Trump said he would sharply hike tariffs on Chinese goods this week, risking the derailment of trade talks between the world’s two biggest economies.
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