Protests Trigger the Worst Day for Egyptian Stocks Since 2016 - Bloomberg:
Egyptian stocks tumbled after anti-government protests threatened to tarnish the nation’s hard-won image as an emerging-market safe haven.
The EGX30 retreated 5.3%, the most for any single day since 2016, as every member declined, while the wider EGX100 index lost 5.7%, its biggest drop since 2012. Though the weekend demonstrations against President Abdel-Fattah El-Sisi’s government weren’t large, they occurred in cities and towns across the country, and evoked memories of the years of instability following the 2011 uprising that ousted Hosni Mubarak.
The “protest risk is not trivial,” Hasnain Malik, Dubai-based global head of equity research at Tellimer Markets Inc., said in a note. It’s especially precarious given the “significant foreign capital parked in local-currency bonds, an exchange-rate that’s no longer cheap on a real effective exchange-rate basis and the near-universally positive view of foreign investors on Egypt equities,” he said.
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Sunday 22 September 2019
Cheap Gas Is Killing Nuclear, Green Power May Finish the Job - Bloomberg
Cheap Gas Is Killing Nuclear, Green Power May Finish the Job - Bloomberg:
The natural gas boom is killing America’s nuclear industry. Wind and solar may finish the job.
While nuclear plants struggle to compete with the flood of cheap gas coming from the nation’s shale fields, they still offer a key advantage, supporters say: They generate 24-hour electricity without producing carbon emissions. Renewables, meanwhile, haven’t yet nailed down the storage capacity needed to do that. Proponents insist it’s only a matter of time.
Battery prices have plunged 85% from 2010 through 2018, and huge storage plants are planned in California and Arizona. Meanwhile, science is advancing on new technology -- including chemical alternatives to lithium-ion systems -- with the potential to supply power for 100 hours straight, sun or no sun.
The natural gas boom is killing America’s nuclear industry. Wind and solar may finish the job.
While nuclear plants struggle to compete with the flood of cheap gas coming from the nation’s shale fields, they still offer a key advantage, supporters say: They generate 24-hour electricity without producing carbon emissions. Renewables, meanwhile, haven’t yet nailed down the storage capacity needed to do that. Proponents insist it’s only a matter of time.
Battery prices have plunged 85% from 2010 through 2018, and huge storage plants are planned in California and Arizona. Meanwhile, science is advancing on new technology -- including chemical alternatives to lithium-ion systems -- with the potential to supply power for 100 hours straight, sun or no sun.
Bank of #Sharjah issues $600 million bonds | Banking – Gulf News
Bank of Sharjah issues $600 million bonds | Banking – Gulf News:
Bank of Sharjah on Sunday announced the issuance of a $600 million funding transaction through the issue of fixed rate senior unsecured bonds, from its $1.5 billion Euro Medium Term Note (EMTN) programme.
The bonds, carrying a coupon rate of 4 per cent, and listed on the Irish Stock Exchange, mature on 18 September, 2024, and were issued at a spread of 250 basis points over mid swaps, following marketing roadshow to international fixed income fund investors, banks, pension funds and insurance companies in Abu Dhabi, Dubai, Hong Kong, Singapore and London. The order book reached $1.85 billion, with 109 investors participating in the final allocation.
The proceeds will be used to refinance the bank’s existing $500 million bonds, maturing on 8 June 2020, and for general corporate financing purposes.
Bank of Sharjah on Sunday announced the issuance of a $600 million funding transaction through the issue of fixed rate senior unsecured bonds, from its $1.5 billion Euro Medium Term Note (EMTN) programme.
The bonds, carrying a coupon rate of 4 per cent, and listed on the Irish Stock Exchange, mature on 18 September, 2024, and were issued at a spread of 250 basis points over mid swaps, following marketing roadshow to international fixed income fund investors, banks, pension funds and insurance companies in Abu Dhabi, Dubai, Hong Kong, Singapore and London. The order book reached $1.85 billion, with 109 investors participating in the final allocation.
The proceeds will be used to refinance the bank’s existing $500 million bonds, maturing on 8 June 2020, and for general corporate financing purposes.
#UAE’s Emirates, Etihad working more closely than ever | Aviation – Gulf News
UAE’s Emirates, Etihad working more closely than ever | Aviation – Gulf News:
The head of Emirates airline said on Sunday that the carrier is working closely with Etihad Airways, and left the door open for further cooperation between the two in back office operations.
Tim Clark, president of Emirates, said that while it’s important each airline remains a separate entity, there are many areas including engine overhaul and supply chain where they can work together. Etihad and Emirates already cooperate in aviation security, as well as in maintenance, repair, and overhaul (MRO) works.
“We have a closer working relationship with Etihad than we’ve ever had. Tony Douglas [Etihad’s chief executive officer] and I often have in-depth conversations about what we can do behind the scenes,” he said.
The head of Emirates airline said on Sunday that the carrier is working closely with Etihad Airways, and left the door open for further cooperation between the two in back office operations.
Tim Clark, president of Emirates, said that while it’s important each airline remains a separate entity, there are many areas including engine overhaul and supply chain where they can work together. Etihad and Emirates already cooperate in aviation security, as well as in maintenance, repair, and overhaul (MRO) works.
“We have a closer working relationship with Etihad than we’ve ever had. Tony Douglas [Etihad’s chief executive officer] and I often have in-depth conversations about what we can do behind the scenes,” he said.
Total gross bank assets in August $812bln: #UAE Central Bank | ZAWYA MENA Edition
Total gross bank assets in August $812bln: UAE Central Bank | ZAWYA MENA Edition:
The UAE Central Bank has announced that gross bank assets, including bankers’ acceptances, rose by 0.3 percent, increasing from AED 2975.8 billion at the end of July 2019, to AED2983.4 billion at the end of August 2019.
The gross credit grew by 0.2 percent from AED1705 billion at the end of July 2019, to AED1707.6 billion at the end of August 2019, said a press release issued by the Central Bank on Sunday,
The Money Supply aggregate M1 increased by 1.3 percent, from AED502.7 billion at the end of July 2019, to AED509 billion at the end of August 2019.
The Money Supply aggregate M2 dropped by 0.1 percent, from AED1363.8 billion at the end of July 2019, to AED1362.4 billion at the end of August 2019. The Money Supply aggregate M3 also decreased by 0.6 percent, from AED1642.5 billion at the end of July 2019, to AED1632.2 billion at the end of August 2019.
The UAE Central Bank has announced that gross bank assets, including bankers’ acceptances, rose by 0.3 percent, increasing from AED 2975.8 billion at the end of July 2019, to AED2983.4 billion at the end of August 2019.
The gross credit grew by 0.2 percent from AED1705 billion at the end of July 2019, to AED1707.6 billion at the end of August 2019, said a press release issued by the Central Bank on Sunday,
The Money Supply aggregate M1 increased by 1.3 percent, from AED502.7 billion at the end of July 2019, to AED509 billion at the end of August 2019.
The Money Supply aggregate M2 dropped by 0.1 percent, from AED1363.8 billion at the end of July 2019, to AED1362.4 billion at the end of August 2019. The Money Supply aggregate M3 also decreased by 0.6 percent, from AED1642.5 billion at the end of July 2019, to AED1632.2 billion at the end of August 2019.
MIDEAST STOCKS-Protests drag down Egyptian indexes to multi-year lows - Agricultural Commodities - Reuters
MIDEAST STOCKS-Protests drag down Egyptian indexes to multi-year lows - Agricultural Commodities - Reuters:
Egypt's stock indexes EGX 30
and EGX 100 plunged to multi-year intraday lows on
Sunday after protests broke out in Egyptian cities over the
weekend.
The blue-chip index dropped 5.3% in its biggest single-day
fall since mid-2016 as all its stocks slipped into the red.
Commercial International Bank dropped 4.2% and
Eastern Co was down 5.7%.
The broader index EGX 100 slumped 5.7%, the most since
November 2012, with 95 of 100 stocks dropping, causing trading
to be suspended due to a 5% swing for the first time since 2016.
Egypt's stock indexes EGX 30
and EGX 100 plunged to multi-year intraday lows on
Sunday after protests broke out in Egyptian cities over the
weekend.
The blue-chip index dropped 5.3% in its biggest single-day
fall since mid-2016 as all its stocks slipped into the red.
Commercial International Bank dropped 4.2% and
Eastern Co was down 5.7%.
The broader index EGX 100 slumped 5.7%, the most since
November 2012, with 95 of 100 stocks dropping, causing trading
to be suspended due to a 5% swing for the first time since 2016.
#Saudi Attacks: The World's Oil Security Blanket Has Been Torched - Bloomberg
Saudi Attacks: The World's Oil Security Blanket Has Been Torched - Bloomberg:
The real impact of the attack on Saudi oil installations last weekend goes well beyond the temporary loss of 5% of global oil production: It strikes at the heart of the mechanism that’s guaranteed the security of the world’s crude supply for most of the past 50 years.
Ever since the western oil majors lost control of output in the Middle East, Saudi Arabia’s willingness to maintain idle production capacity has been the world’s safety valve to offset its dependence on the volatile region. When there was conflict and blockages elsewhere, Riyadh could always turn on the taps and serve the international market. But its new vulnerability requires a complete rethink of how we view and perhaps pay for the future security of supplies.
Some
25 pilotless aircraft and cruise missiles of Iranian origin were used to strike the two sites, the Saudi Defense Ministry said at a press briefing four days after the attacks. The extent of Iran’s involvement remains unclear. It may have taken a direct role or it may have supplied the Houthi rebels in Yemen with hardware. That second possibility is almost more troubling because it puts the power to wreak havoc into the hands of anybody able to fly a drone.
The real impact of the attack on Saudi oil installations last weekend goes well beyond the temporary loss of 5% of global oil production: It strikes at the heart of the mechanism that’s guaranteed the security of the world’s crude supply for most of the past 50 years.
Ever since the western oil majors lost control of output in the Middle East, Saudi Arabia’s willingness to maintain idle production capacity has been the world’s safety valve to offset its dependence on the volatile region. When there was conflict and blockages elsewhere, Riyadh could always turn on the taps and serve the international market. But its new vulnerability requires a complete rethink of how we view and perhaps pay for the future security of supplies.
Some
25 pilotless aircraft and cruise missiles of Iranian origin were used to strike the two sites, the Saudi Defense Ministry said at a press briefing four days after the attacks. The extent of Iran’s involvement remains unclear. It may have taken a direct role or it may have supplied the Houthi rebels in Yemen with hardware. That second possibility is almost more troubling because it puts the power to wreak havoc into the hands of anybody able to fly a drone.
Boeing Delay Prompts Emirates to Delay Premium Economy Start - Bloomberg
Boeing Delay Prompts Emirates to Delay Premium Economy Start - Bloomberg:
Emirates President Tim Clark doubts the world’s biggest long-haul airline will receive Boeing Co.’s 777x jetliner on time, causing a delay in the launch of its premium economy class.
When asked at a Dubai media briefing on Sunday about the planes being delivered on time in June 2020, Clark replied: “I would strongly suggest that it won’t.”
Boeing has pushed back the first flight of its 777X to 2020, saying deliveries may be delayed amid problems with its General Electric Co.-made turbines. Emirates is the launch customer for the plane, with 150 orders.
Emirates President Tim Clark doubts the world’s biggest long-haul airline will receive Boeing Co.’s 777x jetliner on time, causing a delay in the launch of its premium economy class.
When asked at a Dubai media briefing on Sunday about the planes being delivered on time in June 2020, Clark replied: “I would strongly suggest that it won’t.”
Boeing has pushed back the first flight of its 777X to 2020, saying deliveries may be delayed amid problems with its General Electric Co.-made turbines. Emirates is the launch customer for the plane, with 150 orders.
#UAE expects 2.4% GDP growth in 2019-c.bank - Agricultural Commodities - Reuters
UAE expects 2.4% GDP growth in 2019-c.bank - Agricultural Commodities - Reuters:
The United Arab Emirates expects its economy to grow 2.4% in 2019, driven by faster growth in the oil sector, the central bank said in a report on Sunday.
The economy grew 1.7% in 2018, according to preliminary data released by the government.
The oil sector is expected to grow 5% in 2019, compared with 2.8% in 2018, while the non-oil sector will grow 1.4%, slightly faster than 2018, the central bank said.
The United Arab Emirates expects its economy to grow 2.4% in 2019, driven by faster growth in the oil sector, the central bank said in a report on Sunday.
The economy grew 1.7% in 2018, according to preliminary data released by the government.
The oil sector is expected to grow 5% in 2019, compared with 2.8% in 2018, while the non-oil sector will grow 1.4%, slightly faster than 2018, the central bank said.
#Qatar's Ahli Bank raises $500mln through new 5-year bond | ZAWYA MENA Edition
Qatar's Ahli Bank raises $500mln through new 5-year bond | ZAWYA MENA Edition:
Qatar’s Ahli Bank has completed a new 5-year bond transaction, raising $500 million in the third bond issuance under its $1.5 billion Euro Medium Term Note (EMTN) Programme.
The 5 year bond has been assigned A2 credit rating with a stable outlook by Moody’s and carries a coupon rate of 3.125 percent and was oversubscribed by more than 3 times with orders from more than 85 investors in Asia, MENA and Europe, the bank said in a statement to the Qatari bourse.
The bank had reported a 1.73 percent rise in H1 2019 net profit to 359.3 million riyals, compared to 353.2 million riyals in H1 2018.
Qatar’s Ahli Bank has completed a new 5-year bond transaction, raising $500 million in the third bond issuance under its $1.5 billion Euro Medium Term Note (EMTN) Programme.
The 5 year bond has been assigned A2 credit rating with a stable outlook by Moody’s and carries a coupon rate of 3.125 percent and was oversubscribed by more than 3 times with orders from more than 85 investors in Asia, MENA and Europe, the bank said in a statement to the Qatari bourse.
The bank had reported a 1.73 percent rise in H1 2019 net profit to 359.3 million riyals, compared to 353.2 million riyals in H1 2018.
#Dubai's Meraas creates $1.4bln retail JV with Brookfield | ZAWYA MENA Edition
Dubai's Meraas creates $1.4bln retail JV with Brookfield | ZAWYA MENA Edition:
Dubai’s Meraas Holding has formed a 5 billion dirhams ($1.4 billion) strategic joint venture with Canada’s Brookfield Asset Management to own and operate retail destinations in the UAE.
The JV will seek to leverage its platform capabilities to source and execute retail opportunities across the region including expansion into high growth markets.
Meraas develops and operates a portfolio of retail assets including the already established The Beach, City Walk, La Mer, Box Park, Kite Beach.
Dubai’s Meraas Holding has formed a 5 billion dirhams ($1.4 billion) strategic joint venture with Canada’s Brookfield Asset Management to own and operate retail destinations in the UAE.
The JV will seek to leverage its platform capabilities to source and execute retail opportunities across the region including expansion into high growth markets.
Meraas develops and operates a portfolio of retail assets including the already established The Beach, City Walk, La Mer, Box Park, Kite Beach.
Inside #SaudiArabia's response to a raid on the heart of the oil kingdom - Reuters
Inside Saudi Arabia's response to a raid on the heart of the oil kingdom - Reuters:
Saudi Arabia’s newly appointed energy minister was in London when he learned in the middle of the night of the largest-ever attack on the kingdom’s oil infrastructure.
Prince Abdulaziz bin Salman, a veteran oil official and senior member of the Al Saud ruling family, hurried back to the kingdom, flying by private jet to Aramco’s headquarters in Dhahran to assess the damage and manage the fallout from the attack on the world’s largest oil exporter, three sources close to the matter said. Officials at state-run oil company Saudi Aramco, meanwhile, gathered in what was referred to internally as the “emergency management room” at the company’s headquarters.
Interviews with at least a dozen Gulf and Western officials provide the most detailed account to date of the response by Saudi officials and state oil company Aramco to the most destructive strike on Saudi Arabia since it opened an offensive in Yemen more than four years ago. The attack knocked out more than half the kingdom’s oil production, or almost 6 percent of global oil output.
Saudi Arabia’s newly appointed energy minister was in London when he learned in the middle of the night of the largest-ever attack on the kingdom’s oil infrastructure.
Prince Abdulaziz bin Salman, a veteran oil official and senior member of the Al Saud ruling family, hurried back to the kingdom, flying by private jet to Aramco’s headquarters in Dhahran to assess the damage and manage the fallout from the attack on the world’s largest oil exporter, three sources close to the matter said. Officials at state-run oil company Saudi Aramco, meanwhile, gathered in what was referred to internally as the “emergency management room” at the company’s headquarters.
Interviews with at least a dozen Gulf and Western officials provide the most detailed account to date of the response by Saudi officials and state oil company Aramco to the most destructive strike on Saudi Arabia since it opened an offensive in Yemen more than four years ago. The attack knocked out more than half the kingdom’s oil production, or almost 6 percent of global oil output.
MIDEAST STOCKS- #Saudi extends gains on joining FTSE Russel and S&P Dow Jones indexes - Agricultural Commodities - Reuters
MIDEAST STOCKS-Saudi extends gains on joining FTSE Russel and S&P Dow Jones indexes - Agricultural Commodities - Reuters:
Saudi Arabia’s stock market rose in early trading on Sunday ahead of their inclusion in FTSE Russell and S&P Dow Jones emerging market indexes on Monday, which are expected to attract billions of dollars in passive funds.
Saudi stocks initially joined the two indexes earlier this year.
Saudi stocks will see fourth tranche inclusion in FTSE Russell and the second and final tranche entry into S&P Dow Jones as an emerging market starting on September 23.
Saudi Arabia’s stock market rose in early trading on Sunday ahead of their inclusion in FTSE Russell and S&P Dow Jones emerging market indexes on Monday, which are expected to attract billions of dollars in passive funds.
Saudi stocks initially joined the two indexes earlier this year.
Saudi stocks will see fourth tranche inclusion in FTSE Russell and the second and final tranche entry into S&P Dow Jones as an emerging market starting on September 23.