Corbat to Fink: The Who’s Who of Finance Head to Saudi Arabia - Bloomberg:
Global finance and business elites are descending on Riyadh this week for Saudi Arabia’s marquee investment summit after last year’s event was overshadowed by the murder of government critic Jamal Khashoggi.
Blackstone Group Inc. Chief Executive Officer Stephen Schwarzman and SoftBank Group Corp. founder Masayoshi Son are among scores of executives due to speak at the three-day Future Investment Initiative — an annual jamboree that showcases the kingdom’s ambitions, starting on Tuesday.
Wall Street A-listers such as Bank of America Corp.’s Chief Operating Officer Tom Montag and JPMorgan Chase & Co.’s global banking head Carlos Hernandez, who are working on Saudi Aramco’s on-off IPO, will also rub shoulders with the oil giant’s Chairman Yasir Al-Rumayyan. Speculation is swirling over when the much-anticipated deal will be announced.
Monday, 28 October 2019
UPDATE 1-Jordan's Arab Bank Group 9-month net profit rises 4% - Reuters
UPDATE 1-Jordan's Arab Bank Group 9-month net profit rises 4% - Reuters:
Jordan’s largest lender, Arab Bank Group, said on Monday its January-September net profit rose 4% to $668.9 million, driven by growth in core banking income.
Arab Bank Group’s net interest income rose by 5% as a result of higher yields, while loans rose 3% to $26.1 billion as of the end of September.
Deposits rose 4% to $34.7 billion compared with the same period last year, the statement showed.
The bank, one of the Middle East’s major financial institutions and owner of 40 percent of Saudi Arabia’s Arab National Bank ANB, gave no third-quarter figures.
Jordan’s largest lender, Arab Bank Group, said on Monday its January-September net profit rose 4% to $668.9 million, driven by growth in core banking income.
Arab Bank Group’s net interest income rose by 5% as a result of higher yields, while loans rose 3% to $26.1 billion as of the end of September.
Deposits rose 4% to $34.7 billion compared with the same period last year, the statement showed.
The bank, one of the Middle East’s major financial institutions and owner of 40 percent of Saudi Arabia’s Arab National Bank ANB, gave no third-quarter figures.
Oil falls on weak Chinese data, forecasts for U.S. crude stocks build - Reuters
Oil falls on weak Chinese data, forecasts for U.S. crude stocks build - Reuters:
Oil prices fell on Monday after four days of gains as expectations U.S. crude stockpiles will rise and worries about weak Chinese industrial data offset hopes oil demand will increase if talks progress on a Sino-American trade deal.
Brent futures fell 45 cents, or 0.7%, to $61.57 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 85 cents, or 1.5%, to $55.81.
Earlier in the session, Brent and WTI both climbed to their highest levels in a month, hitting $62.34 and $56.92, respectively.
“The energy complex came out of the gate underperforming our expectations as it appears that another significant build in Cushing supply could be forthcoming,” Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois, said in a report.
Oil prices fell on Monday after four days of gains as expectations U.S. crude stockpiles will rise and worries about weak Chinese industrial data offset hopes oil demand will increase if talks progress on a Sino-American trade deal.
Brent futures fell 45 cents, or 0.7%, to $61.57 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 85 cents, or 1.5%, to $55.81.
Earlier in the session, Brent and WTI both climbed to their highest levels in a month, hitting $62.34 and $56.92, respectively.
“The energy complex came out of the gate underperforming our expectations as it appears that another significant build in Cushing supply could be forthcoming,” Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois, said in a report.
MIDEAST STOCKS- #Saudi drops as banks decline but COMI supports Egypt - Reuters
MIDEAST STOCKS-Saudi drops as banks decline but COMI supports Egypt - Reuters:
Most major Gulf stock markets fell on Monday, with Saudi
stocks leading the losses on the back of declines in financial shares, while
Commercial International Bank (COMI) aided Egypt's index.
In Saudi Arabia the index dropped 1.4%, with Al Rajhi Bank
losing 2.9% and National Commercial Bank diving 3.8%.
Zain Saudi extended losses from the previous session to end 3.4%
down. The telecoms operator on Thursday reported a third-quarter net profit of
121 million riyals ($32 million), up from 48 million a year earlier but down
nearly 7% from the second quarter.
Al Hammadi Company For Development And Investment fell 2.4% after
it reported a fall in third-quarter net profit.
Most major Gulf stock markets fell on Monday, with Saudi
stocks leading the losses on the back of declines in financial shares, while
Commercial International Bank (COMI) aided Egypt's index.
In Saudi Arabia the index dropped 1.4%, with Al Rajhi Bank
losing 2.9% and National Commercial Bank diving 3.8%.
Zain Saudi extended losses from the previous session to end 3.4%
down. The telecoms operator on Thursday reported a third-quarter net profit of
121 million riyals ($32 million), up from 48 million a year earlier but down
nearly 7% from the second quarter.
Al Hammadi Company For Development And Investment fell 2.4% after
it reported a fall in third-quarter net profit.
IMF Says Mideast Markets Twice as Sensitive to Global Risk as EM - Bloomberg
IMF Says Mideast Markets Twice as Sensitive to Global Risk as EM - Bloomberg:
Markets in the Middle East and Central Asia may have more to lose from a shift in global risk sentiment than other developing nations, according to an International Monetary Fund report highlighting the region’s increased reliance on hot money.
Capital inflows into the region have almost doubled over the last decade, as governments grappling with low oil prices rushed to bond markets to finance their budget and current-account deficits. Long-term foreign direct investment, on the other hand, has dropped almost by half.
While the funds provided some governments the means to plug deficits relatively cheaply, “lower government and corporate transparency” make them twice as sensitive to changes in risk appetite than inflows into other emerging markets, the IMF said.
Markets in the Middle East and Central Asia may have more to lose from a shift in global risk sentiment than other developing nations, according to an International Monetary Fund report highlighting the region’s increased reliance on hot money.
Capital inflows into the region have almost doubled over the last decade, as governments grappling with low oil prices rushed to bond markets to finance their budget and current-account deficits. Long-term foreign direct investment, on the other hand, has dropped almost by half.
While the funds provided some governments the means to plug deficits relatively cheaply, “lower government and corporate transparency” make them twice as sensitive to changes in risk appetite than inflows into other emerging markets, the IMF said.
#AbuDhabi Billionaire Considers IPO of Pharmaceuticals Business - Bloomberg
Abu Dhabi Billionaire Considers IPO of Pharmaceuticals Business - Bloomberg:
Abu Dhabi billionaire Bavaguthu Raghuram Shetty, the founder of two London-listed companies, is considering selling shares in his pharmaceuticals business.
"It makes sense to take it down this path where an IPO as an option is a good thing," said Binay Shetty, chief executive officer of BRS Ventures. Work on the potential share sale in Neopharma is at an initial stage, he said.
Shetty said the business could be listed in the next three years but that there was no decision on whether to return to London again. "We want to work on this for the next six months internally."
Shetty’s father founded London-traded NMC Health Plc and Finablr Plc, the payments processor that went public in May. Neopharma currently operates in about 50 markets, including Middle East, Africa and Asia.
Abu Dhabi billionaire Bavaguthu Raghuram Shetty, the founder of two London-listed companies, is considering selling shares in his pharmaceuticals business.
"It makes sense to take it down this path where an IPO as an option is a good thing," said Binay Shetty, chief executive officer of BRS Ventures. Work on the potential share sale in Neopharma is at an initial stage, he said.
Shetty said the business could be listed in the next three years but that there was no decision on whether to return to London again. "We want to work on this for the next six months internally."
Shetty’s father founded London-traded NMC Health Plc and Finablr Plc, the payments processor that went public in May. Neopharma currently operates in about 50 markets, including Middle East, Africa and Asia.
#Dubai's Biggest Bank Hires StanChart's Patrick Sullivan as CFO - Bloomberg
Dubai's Biggest Bank Hires StanChart's Patrick Sullivan as CFO - Bloomberg:
Dubai’s biggest bank hired Patrick Sullivan from Standard Chartered Plc as its group chief financial officer.
Sullivan will assume the role from January 1, replacing Surya Subramanian who will leave Emirates NBD PJSC after about nine years.
Sullivan is group financial controller at Standard Chartered, according to a spokesman for the Dubai-based bank.
Subramanian, also a former Standard Chartered banker, will return to Singapore to pursue family interests, Emirates NBD said in April.
Dubai’s biggest bank hired Patrick Sullivan from Standard Chartered Plc as its group chief financial officer.
Sullivan will assume the role from January 1, replacing Surya Subramanian who will leave Emirates NBD PJSC after about nine years.
Sullivan is group financial controller at Standard Chartered, according to a spokesman for the Dubai-based bank.
Subramanian, also a former Standard Chartered banker, will return to Singapore to pursue family interests, Emirates NBD said in April.
IMF slashes growth outlook in GCC states over oil production cuts | ZAWYA MENA Edition
IMF slashes growth outlook in GCC states over oil production cuts | ZAWYA MENA Edition:
Growth in Gulf Cooperation Council (GCC) countries is projected to decelerate to 0.7 percent in 2019 from 2 percent in 2018, due to oil production cuts in line with OPEC+ agreements, according to the International Monetary Fund (IMF).
In April, IMF had forecast 2.1 per cent growth in 2019.
However, growth in 2020 is expected to rebound to 2.5 percent, driven by a recovery in real oil GDP growth of 1.9 percent (compared to –1.4 percent in 2019 and 2.5 percent in 2018), the IMF said in its October 2019 Regional Economic Outlook (REO) report for the Middle East, North Africa, Afghanistan and Pakistan (MENAP), launched in Dubai on Monday.
The report said the recovery in 2020 reflects a mix of rising oil production in Kuwait and Saudi Arabia, the Jizan refinery becoming fully operational (Saudi Arabia), and a pickup in gas output in Oman and Qatar. However, there is uncertainty on whether the OPEC+ agreement will expire by March 2020.
Growth in Gulf Cooperation Council (GCC) countries is projected to decelerate to 0.7 percent in 2019 from 2 percent in 2018, due to oil production cuts in line with OPEC+ agreements, according to the International Monetary Fund (IMF).
In April, IMF had forecast 2.1 per cent growth in 2019.
However, growth in 2020 is expected to rebound to 2.5 percent, driven by a recovery in real oil GDP growth of 1.9 percent (compared to –1.4 percent in 2019 and 2.5 percent in 2018), the IMF said in its October 2019 Regional Economic Outlook (REO) report for the Middle East, North Africa, Afghanistan and Pakistan (MENAP), launched in Dubai on Monday.
The report said the recovery in 2020 reflects a mix of rising oil production in Kuwait and Saudi Arabia, the Jizan refinery becoming fully operational (Saudi Arabia), and a pickup in gas output in Oman and Qatar. However, there is uncertainty on whether the OPEC+ agreement will expire by March 2020.
UPDATE 1- #Dubai's Emirates NBD third-quarter profit surges 89% - Reuters
UPDATE 1-Dubai's Emirates NBD third-quarter profit surges 89% - Reuters:
Dubai’s largest lender Emirates NBD said on Monday its third-quarter profit almost doubled after the bank reported a gain of 4.4 billion dirhams ($1.2 billion) from the initial public offering of Network International.
Dubai-based Network International is the largest payments processor in the Middle East and Africa, and is jointly owned by Emirates NBD and private equity firms Warburg Pincus and General Atlantic.
Emirates NBD’s profit attributable to shareholders rose to 5 billion dirhams in the three months ended Sept. 30, the lender said in an earnings statement, compared with 2.64 billion dirhams in the corresponding period of 2018.
Dubai’s largest lender Emirates NBD said on Monday its third-quarter profit almost doubled after the bank reported a gain of 4.4 billion dirhams ($1.2 billion) from the initial public offering of Network International.
Dubai-based Network International is the largest payments processor in the Middle East and Africa, and is jointly owned by Emirates NBD and private equity firms Warburg Pincus and General Atlantic.
Emirates NBD’s profit attributable to shareholders rose to 5 billion dirhams in the three months ended Sept. 30, the lender said in an earnings statement, compared with 2.64 billion dirhams in the corresponding period of 2018.
Oil falls on weak Chinese industrial data - Reuters
Oil falls on weak Chinese industrial data - Reuters:
Oil prices fell on Monday after strong gains last week, as data released in China reinforced signs that its economy is slowing, though progress in China-U.S. trade talks has supported prices.
Brent crude was down 32 cents, or 0.5%, at $61.70 a barrel by 0933 GMT, having gained more than 4% last week, its best weekly gain since Sept. 20.
West Texas Intermediate (WTI) crude was down 33 cents, or 0.6%, at $56.33 a barrel, after rising more than 5% last week, also the biggest weekly increase since Sept. 20.
Profits at Chinese industrial companies fell for the second straight month in September as producer prices continued their slide, highlighting the impact of a slowing economy and protracted U.S. trade war on corporate balance sheets.
Oil prices fell on Monday after strong gains last week, as data released in China reinforced signs that its economy is slowing, though progress in China-U.S. trade talks has supported prices.
Brent crude was down 32 cents, or 0.5%, at $61.70 a barrel by 0933 GMT, having gained more than 4% last week, its best weekly gain since Sept. 20.
West Texas Intermediate (WTI) crude was down 33 cents, or 0.6%, at $56.33 a barrel, after rising more than 5% last week, also the biggest weekly increase since Sept. 20.
Profits at Chinese industrial companies fell for the second straight month in September as producer prices continued their slide, highlighting the impact of a slowing economy and protracted U.S. trade war on corporate balance sheets.
MIDEAST STOCKS-Emirates NBD lifts #Dubai; Saudis extend losses - Reuters
MIDEAST STOCKS-Emiartes NBD lifts Dubai; Saudis extend losses - Reuters:
Saudi stocks fell for a second day on Monday as banking shares fell, while Dubai was bolstered by Emirates NBD following strong third-quarter profit.
In Saudi Arabia, the index was down 0.3%. Al Rajhi Bank shed 0.7% and Alinma Bank dropped 1.5%.
Zain Saudi fell 2.6%. On Thursday, the telecoms operator reported a third-quarter net profit of 121 million riyals, up from 48 million riyals a year earlier but down nearly 7% from the second quarter.
Saudi stocks fell for a second day on Monday as banking shares fell, while Dubai was bolstered by Emirates NBD following strong third-quarter profit.
In Saudi Arabia, the index was down 0.3%. Al Rajhi Bank shed 0.7% and Alinma Bank dropped 1.5%.
Zain Saudi fell 2.6%. On Thursday, the telecoms operator reported a third-quarter net profit of 121 million riyals, up from 48 million riyals a year earlier but down nearly 7% from the second quarter.