Saudi Central Bank Fines 16 Banks Including Rajhi, Emirates NBD - Bloomberg:
Saudi Arabia’s central bank fined 16 financial institutions, including the kingdom’s largest banks, for violating "responsible finance principles."
The fines were imposed "in order to implement principles of justice and transparency and to ensure" that institutions comply with "responsible finance that should meet with the actual needs of all segments of the society," the central bank said in a statement on its website. It didn’t provide details of the fines.
The central bank said violations related to the ratio individuals were made to pay from their monthly income when obtaining financing.
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Monday 20 May 2019
Oil touches multi-week highs as OPEC signals it may extend cuts - Reuters
Oil touches multi-week highs as OPEC signals it may extend cuts - Reuters:
Oil prices on Monday rose to multi-week highs before easing later in the session as OPEC indicated it was likely to maintain production cuts that have helped boost prices this year, while escalating Middle East tensions provided further support.
U.S. West Texas Intermediate crude futures rose 34 cents to settle at $63.10 a barrel, after hitting $63.81, the highest price since May 1.
Brent crude futures fell 24 cents to settle at $71.97 a barrel, having earlier touched $73.40, their highest since April 26.
Oil prices on Monday rose to multi-week highs before easing later in the session as OPEC indicated it was likely to maintain production cuts that have helped boost prices this year, while escalating Middle East tensions provided further support.
U.S. West Texas Intermediate crude futures rose 34 cents to settle at $63.10 a barrel, after hitting $63.81, the highest price since May 1.
Brent crude futures fell 24 cents to settle at $71.97 a barrel, having earlier touched $73.40, their highest since April 26.
Goldman to Test #Saudi Rules to Limit Stock Swings Post IPO - Bloomberg
Goldman to Test Saudi Rules to Limit Stock Swings Post IPO - Bloomberg:
Goldman Sachs Group Inc. will test Saudi Arabia’s new market rules that aim to limit price swings after share sales.
The bank is acting as stabilization agent for mall owner Arabian Centres, which plans to start trading on May 22 after completing the kingdom’s biggest initial public offering since 2015. Arabian Centres raised about 2.47 billion riyals ($659 million) after pricing shares at the bottom end of the range.
Goldman Sachs may sell additional shares or take other actions to support the Arabian Centres shares. The mall owner allocated an extra 12.8 million shares, or 13.5% of the offering, to the bank, according to a statement from the Capital Market Authority. The fluctuation limit has been set at 10%.
Goldman Sachs Group Inc. will test Saudi Arabia’s new market rules that aim to limit price swings after share sales.
The bank is acting as stabilization agent for mall owner Arabian Centres, which plans to start trading on May 22 after completing the kingdom’s biggest initial public offering since 2015. Arabian Centres raised about 2.47 billion riyals ($659 million) after pricing shares at the bottom end of the range.
Goldman Sachs may sell additional shares or take other actions to support the Arabian Centres shares. The mall owner allocated an extra 12.8 million shares, or 13.5% of the offering, to the bank, according to a statement from the Capital Market Authority. The fluctuation limit has been set at 10%.
#SaudiArabia Widens Excise Tax to Sweetened Drinks, E-Cigarettes - Bloomberg
Saudi Arabia Widens Excise Tax to Sweetened Drinks, E-Cigarettes - Bloomberg:
Saudi Arabia will expand an excise tax charged on tobacco and soda to include electronic cigarettes and all drinks with added sugar as part of its efforts to boost non-oil revenue.
Sweetened drinks will be subject to a 50% levy, while e-cigarettes and their liquids will face a 100% tax, according to a document issued by the kingdom’s tax authority. The date of implementation hasn’t been determined yet.
The world’s largest crude exporter has introduced several new taxes and fees over the past few years as part of Crown Prince Mohammed bin Salman’s economic transformation plan, which calls for boosting non-oil revenue. Although crude still accounted for about two-thirds of the government’s earnings last year, non-oil revenue has been growing steadily. It jumped 46% in the first quarter compared with the same period last year, largely due to higher income from taxes on goods and services, including the excise levy.
Saudi Arabia will expand an excise tax charged on tobacco and soda to include electronic cigarettes and all drinks with added sugar as part of its efforts to boost non-oil revenue.
Sweetened drinks will be subject to a 50% levy, while e-cigarettes and their liquids will face a 100% tax, according to a document issued by the kingdom’s tax authority. The date of implementation hasn’t been determined yet.
The world’s largest crude exporter has introduced several new taxes and fees over the past few years as part of Crown Prince Mohammed bin Salman’s economic transformation plan, which calls for boosting non-oil revenue. Although crude still accounted for about two-thirds of the government’s earnings last year, non-oil revenue has been growing steadily. It jumped 46% in the first quarter compared with the same period last year, largely due to higher income from taxes on goods and services, including the excise levy.
#Dubai-based Majid Al Futtaim plans $4bln worth of shopping centres in Saudi- CEO | ZAWYA MENA Edition
Dubai-based Majid Al Futtaim plans $4bln worth of shopping centres in Saudi- CEO | ZAWYA MENA Edition:
Majid Al Futtaim, a UAE-based developer and shopping mall operator, has a multi-billion dollar portfolio worth of shopping centres in Saudi Arabia in the pipeline, its chief executive said.
“We have a very strong pipeline of shopping centres in Saudi Arabia worth about $4 billion,” Alain Bejjani, CEO of Majid Al Futtaim Holding told Zawya.
Bejjani noted that the company has been present in the Saudi market for more than 12 years, adding that he’s ‘very enthusiastic’ about the opportunities in the kingdom.
Majid Al Futtaim, a UAE-based developer and shopping mall operator, has a multi-billion dollar portfolio worth of shopping centres in Saudi Arabia in the pipeline, its chief executive said.
“We have a very strong pipeline of shopping centres in Saudi Arabia worth about $4 billion,” Alain Bejjani, CEO of Majid Al Futtaim Holding told Zawya.
Bejjani noted that the company has been present in the Saudi market for more than 12 years, adding that he’s ‘very enthusiastic’ about the opportunities in the kingdom.
#Oman hires banks for bond issue, deal could raise $2 billion – sources - Reuters
Oman hires banks for bond issue, deal could raise $2 billion – sources - Reuters:
Oman has hired a group of international banks including HSBC and Standard Chartered for a planned bond issue which could go up to $2 billion in size, sources familiar with the matter said.
The government has been preparing the debt sale for quite some time and last month sources told Reuters the deal was almost ready.
Oman’s bond would be the country’s first international issuance of 2019, and will be seen by many as a test of its ability to access external funding after Moody’s downgraded it to junk earlier this year – the last international rating agency to do so.
Oman has hired a group of international banks including HSBC and Standard Chartered for a planned bond issue which could go up to $2 billion in size, sources familiar with the matter said.
The government has been preparing the debt sale for quite some time and last month sources told Reuters the deal was almost ready.
Oman’s bond would be the country’s first international issuance of 2019, and will be seen by many as a test of its ability to access external funding after Moody’s downgraded it to junk earlier this year – the last international rating agency to do so.
Indebted Lebanon may struggle to refinance as austerity budget makes slow progress - Reuters
Indebted Lebanon may struggle to refinance as austerity budget makes slow progress - Reuters:
Lebanon’s impasse in agreeing a credible fiscal reform plan and deteriorating global market conditions means it may struggle to refinance key foreign currency debts coming due this year, unnerving overseas investors.
Outright default can likely be averted in the short-term by a government financing maneuver involving the central bank and local banks, the main holders of its debt.
But this is only likely to be a stopgap and many foreign funds contacted said they would be reluctant to delve into new Lebanese Eurobonds until they assess reforms.
Lebanon’s impasse in agreeing a credible fiscal reform plan and deteriorating global market conditions means it may struggle to refinance key foreign currency debts coming due this year, unnerving overseas investors.
Outright default can likely be averted in the short-term by a government financing maneuver involving the central bank and local banks, the main holders of its debt.
But this is only likely to be a stopgap and many foreign funds contacted said they would be reluctant to delve into new Lebanese Eurobonds until they assess reforms.
Oil touches multi-week highs as OPEC signals may extend cuts - Reuters
Oil touches multi-week highs as OPEC signals may extend cuts - Reuters:
Oil prices rose to multi-week highs on Monday as OPEC indicated it was likely to maintain production cuts that have helped boost prices this year, while escalating Middle East tensions provided further support.
Brent crude futures rose 45 cents to $72.66 a barrel by 11:00 a.m. EDT (1500 GMT), having earlier touched $73.40, their highest since April 26.
U.S. West Texas Intermediate crude futures gained 47 cents to $63.23 a barrel, after hitting $63.81, the highest since May 1.
Oil prices rose to multi-week highs on Monday as OPEC indicated it was likely to maintain production cuts that have helped boost prices this year, while escalating Middle East tensions provided further support.
Brent crude futures rose 45 cents to $72.66 a barrel by 11:00 a.m. EDT (1500 GMT), having earlier touched $73.40, their highest since April 26.
U.S. West Texas Intermediate crude futures gained 47 cents to $63.23 a barrel, after hitting $63.81, the highest since May 1.
MIDEAST STOCKS-Saudi slides on blue-chip weakness, Egypt hit by sell-off - Reuters
MIDEAST STOCKS-Saudi slides on blue-chip weakness, Egypt hit by sell-off - Reuters:
Saudi Arabia's stock market slipped on Monday as
investors cut positions in blue-chip stocks amid lingering uncertainty from
regional tensions, while a wide sell-off pulled down Egypt's blue-chip share
index.
Saudi Arabia's index was down 0.7%, pressured by weakness in key
banking and petrochemical shares. Al Rajhi Bank fell 0.7% and Saudi
Basic Industries was off by 1.3%.
Saudi Arabia's central bank said on Sunday it had fined 16 financial
institutions, including Al Rajhi Bank, for violating principles of responsible
finance.
Saudi Arabia's stock market slipped on Monday as
investors cut positions in blue-chip stocks amid lingering uncertainty from
regional tensions, while a wide sell-off pulled down Egypt's blue-chip share
index.
Saudi Arabia's index was down 0.7%, pressured by weakness in key
banking and petrochemical shares. Al Rajhi Bank fell 0.7% and Saudi
Basic Industries was off by 1.3%.
Saudi Arabia's central bank said on Sunday it had fined 16 financial
institutions, including Al Rajhi Bank, for violating principles of responsible
finance.
#Qatar not invited to emergency Arab summits in Saudi Arabia: Qatari official - Reuters
Qatar not invited to emergency Arab summits in Saudi Arabia: Qatari official - Reuters:
Qatar has not been invited to two regional summits called to discuss attacks on Saudi oil assets, a Foreign Ministry official said on Monday.
Saudi King Salman on Saturday proposed holding the two meetings in Mecca on May 30 to discuss implications of last week’s drone strikes on oil installations in the kingdom and attacks on four vessels, including two Saudi oil tankers, off the coast of the United Arab Emirates.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt have imposed an economic and diplomatic boycott on Qatar since June 2017 over allegations that Doha supports terrorism and is cosying up to regional foe Iran. Qatar denies the charges.
Qatar has not been invited to two regional summits called to discuss attacks on Saudi oil assets, a Foreign Ministry official said on Monday.
Saudi King Salman on Saturday proposed holding the two meetings in Mecca on May 30 to discuss implications of last week’s drone strikes on oil installations in the kingdom and attacks on four vessels, including two Saudi oil tankers, off the coast of the United Arab Emirates.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt have imposed an economic and diplomatic boycott on Qatar since June 2017 over allegations that Doha supports terrorism and is cosying up to regional foe Iran. Qatar denies the charges.
Oil rises after OPEC+ says to keep output cuts - Reuters
Oil rises after OPEC+ says to keep output cuts - Reuters:
Oil hit multi-week highs on Monday after OPEC indicated it was likely to maintain production cuts that have helped boost prices this year, while escalating Middle East tensions provided further support.
Brent crude was up by 34 cents to $72.55 a barrel by 0928 GMT, having earlier touched $73.40, the highest since April 26.
U.S. West Texas Intermediate crude was up 24 cents at $63 a barrel, after hitting a three-week high of $63.81.
Oil hit multi-week highs on Monday after OPEC indicated it was likely to maintain production cuts that have helped boost prices this year, while escalating Middle East tensions provided further support.
Brent crude was up by 34 cents to $72.55 a barrel by 0928 GMT, having earlier touched $73.40, the highest since April 26.
U.S. West Texas Intermediate crude was up 24 cents at $63 a barrel, after hitting a three-week high of $63.81.
Mideast Stocks: Property props up #Dubai; major Gulf markets mixed | ZAWYA MENA Edition
Mideast Stocks: Property props up Dubai; major Gulf markets mixed | ZAWYA MENA Edition:
Dubai's stock market opened higher on Monday, bolstered by its property shares, while major Gulf markets moved sideways.
The Dubai index edged 0.6% higher, supported by its real estate stocks. Deyaar Development rose 2.5% while Union Properties gained 2.7%.
The index has risen only 0.3% this year, while it has lost 7.7% since the beginning of May amid low trading during the Muslim holy month of Ramadan and as geopolitical tensions rise.
Dubai's stock market opened higher on Monday, bolstered by its property shares, while major Gulf markets moved sideways.
The Dubai index edged 0.6% higher, supported by its real estate stocks. Deyaar Development rose 2.5% while Union Properties gained 2.7%.
The index has risen only 0.3% this year, while it has lost 7.7% since the beginning of May amid low trading during the Muslim holy month of Ramadan and as geopolitical tensions rise.