Germany Probes Deutsche Bank Payments to Saudi Royal Adviser: FT - Bloomberg:
German prosecutors are investigating two former Deutsche Bank AG employees for allegedly paying $1.1 million to secure the wealth management business of a senior Saudi royal, the Financial Times reported.
The money transfers were arranged in 2011 and 2012, along with other perks, including an internship and a seminar at a Swiss ski resort, according to the results of an international probe, seen by the Financial Times.
The lender conducted its probe between 2014 and 2016, leading to the departure of six employees and 12 staff having their bonuses suspended.
Deutsche Bank told Bloomberg it has since put in place measures to ensure there are no similar breaches of the lender’s policies.
Sunday 26 January 2020
MIDEAST STOCKS-Middle Eastern stocks dip as China virus fears escalate - Agricultural Commodities - Reuters
MIDEAST STOCKS-Middle Eastern stocks dip as China virus fears escalate - Agricultural Commodities - Reuters:
Saudi's benchmark index ended down 0.7%, with Al
Rajhi Bank and Saudi Basic Industries
shedding 0.6% and 1.2%, respectively.
Saudi Kayan Petrochemical plunged 4.3%, its
biggest intraday fall since April. On Thursday, the firm
reported that its fourth-quarter loss widened to 167.4 million
riyals ($44.63 million).
Saudi Arabia Fertilizers Co (SAFCO), which posted
a 40.5% decline in fourth-quarter profit, dropped 2.3%.
However, National Medical Care leapt 4.2% after
announcing a higher dividend of 2 riyal per share for 2019.
The Dubai index eased 0.6%, hurt by a 1.4% decline
in Dubai Islamic Bank and a 0.7% fall in Emirates NBD
Bank.
Saudi's benchmark index ended down 0.7%, with Al
Rajhi Bank and Saudi Basic Industries
shedding 0.6% and 1.2%, respectively.
Saudi Kayan Petrochemical plunged 4.3%, its
biggest intraday fall since April. On Thursday, the firm
reported that its fourth-quarter loss widened to 167.4 million
riyals ($44.63 million).
Saudi Arabia Fertilizers Co (SAFCO), which posted
a 40.5% decline in fourth-quarter profit, dropped 2.3%.
However, National Medical Care leapt 4.2% after
announcing a higher dividend of 2 riyal per share for 2019.
The Dubai index eased 0.6%, hurt by a 1.4% decline
in Dubai Islamic Bank and a 0.7% fall in Emirates NBD
Bank.
Finablr shares tumble after it says half of its stock pledged as collateral for Travelex debt - The National
Finablr shares tumble after it says half of its stock pledged as collateral for Travelex debt - The National:
Payments and foreign exchange holding company Finablr's share price tumbled on Friday after a bourse filing showed its majority owner, UAE-based Indian billionaire B.R. Shetty, pledged more than half of its stock as security to raise loans.
Finablr said on Friday that 56.03 per cent of its stock, or 392,220,890 shares, was pledged as a security against borrowings by BRS Investments, an investment company owned by Mr Shetty, to buy Travelex, according to a filing to the London Stock Exchange, where its shares trade. The payments processing company's shares plunged 27.37 per cent to 95 pounds (Dh456) at the market close in London on January 24.
Finablr's "operations continue to function as normal," the company said. "BRS has reassured the company around the level of security represented by its shareholding in Finablr and the discussions that it has had with its banking group around repayment/refinancing of the loan as well as the other collateral sources should these be required."
Payments and foreign exchange holding company Finablr's share price tumbled on Friday after a bourse filing showed its majority owner, UAE-based Indian billionaire B.R. Shetty, pledged more than half of its stock as security to raise loans.
Finablr said on Friday that 56.03 per cent of its stock, or 392,220,890 shares, was pledged as a security against borrowings by BRS Investments, an investment company owned by Mr Shetty, to buy Travelex, according to a filing to the London Stock Exchange, where its shares trade. The payments processing company's shares plunged 27.37 per cent to 95 pounds (Dh456) at the market close in London on January 24.
Finablr's "operations continue to function as normal," the company said. "BRS has reassured the company around the level of security represented by its shareholding in Finablr and the discussions that it has had with its banking group around repayment/refinancing of the loan as well as the other collateral sources should these be required."
Al Rajhi Capital rates #SaudiAramco 'neutral'; fair price at SAR 37.50 | ZAWYA MENA Edition
Al Rajhi Capital rates Saudi Aramco 'neutral'; fair price at SAR 37.50 | ZAWYA MENA Edition:
Saudi Arabia-based brokerage, Al Rajhi Capital, has initiated coverage on the state oil giant, Saudi Aramco, with a ‘neutral’ rating and at a fair price of 37.50 riyals ($10) per share. The stock is currently trading on Sunday at 34.15 Saudi riyals on the Saudi stock exchange.
The target price, implying 8.9 percent upside, gives Aramco a valuation of $2 trillion.
“With a dividend prioritization of pro-rata $75 billion for 2020-24 to non-government shareholders, Aramco stock gives the cushion of a bond for the downside and capital appreciation on the upside,” the brokerage said in a note issued last week.
It forecast $80 billion dividend for 2020 and implied dividend yields that could range between 3.6 percent and 4.6 percent. Aramco has the potential to increase dividends and hence there should be lesser dividend risk, the note said. Furthermore, Aramco has the ability to lower capex, “and with a total debt to total assets ratio of 7.5 percent as of 2018, it also has the capacity to borrow to increase dividends, if required.”
Saudi Arabia-based brokerage, Al Rajhi Capital, has initiated coverage on the state oil giant, Saudi Aramco, with a ‘neutral’ rating and at a fair price of 37.50 riyals ($10) per share. The stock is currently trading on Sunday at 34.15 Saudi riyals on the Saudi stock exchange.
The target price, implying 8.9 percent upside, gives Aramco a valuation of $2 trillion.
“With a dividend prioritization of pro-rata $75 billion for 2020-24 to non-government shareholders, Aramco stock gives the cushion of a bond for the downside and capital appreciation on the upside,” the brokerage said in a note issued last week.
It forecast $80 billion dividend for 2020 and implied dividend yields that could range between 3.6 percent and 4.6 percent. Aramco has the potential to increase dividends and hence there should be lesser dividend risk, the note said. Furthermore, Aramco has the ability to lower capex, “and with a total debt to total assets ratio of 7.5 percent as of 2018, it also has the capacity to borrow to increase dividends, if required.”
Lebanon's Bank Audi chooses Egypt's EFG Hermes as financial advisor in deal to sell its Egypt unit - Reuters
Lebanon's Bank Audi chooses Egypt's EFG Hermes as financial advisor in deal to sell its Egypt unit - Reuters:
Lebanon’s Bank Audi has appointed Egypt’s EFG Hermes as a financial advisor and Zulficar & Partners Law Firm as legal advisor in a deal to sell its Egyptian unit, financial newspaper Al Mal reported on Sunday.
The bank said on Thursday it was in exclusive negotiations with First Abu Dhabi Bank to sell its Egyptian unit in a move aimed at boosting its liquidity and financial resilience.
Hermes declined to comment to emailed questions on the appointment.
Talks with the United Arab Emirates’ largest bank were still at an early stage, with no definitive agreement reached, Bank Audi said in a statement on Thursday, adding it had no current intention to engage in talks to sell any other overseas subsidiary.
Lebanon’s Bank Audi has appointed Egypt’s EFG Hermes as a financial advisor and Zulficar & Partners Law Firm as legal advisor in a deal to sell its Egyptian unit, financial newspaper Al Mal reported on Sunday.
The bank said on Thursday it was in exclusive negotiations with First Abu Dhabi Bank to sell its Egyptian unit in a move aimed at boosting its liquidity and financial resilience.
Hermes declined to comment to emailed questions on the appointment.
Talks with the United Arab Emirates’ largest bank were still at an early stage, with no definitive agreement reached, Bank Audi said in a statement on Thursday, adding it had no current intention to engage in talks to sell any other overseas subsidiary.
Peak Permian Is Approaching Making U.S. Oil Independence Elusive - Bloomberg
Peak Permian Is Approaching Making U.S. Oil Independence Elusive - Bloomberg: The heart of America’s oil renaissance is found in the Permian basin, which is showing signs of maturing fast. And for shale basins, that’s not a good thing. If the rich petroleum region wanes, U.S. oil independence will remain elusive and the OPEC cartel may finally see off its greatest threat.
The Permian, spread across west Texas and southeast New Mexico, yields more than a third of all U.S. oil production and it has contributed about two-thirds of the past three years’ worth of growth. Its boom has allowed America to export more than 3 million barrels a day of crude on a regular basis since May — more than every OPEC country except Saudi Arabia and Iraq. But the U.S. still imports twice that volume. A slowdown in the Permian would see that gap widen again.
Output from the region, where oil was first discovered by W.H. Abrams a century ago with a well that produced just 10 barrels a day, is hitting new heights. Production has continued to grow in recent months despite a drop in the number of rigs drilling in the basin, which fell by 17% last year, according to data from the Energy Information Administration, as the chart above shows. But that cannot last forever.
The Permian, spread across west Texas and southeast New Mexico, yields more than a third of all U.S. oil production and it has contributed about two-thirds of the past three years’ worth of growth. Its boom has allowed America to export more than 3 million barrels a day of crude on a regular basis since May — more than every OPEC country except Saudi Arabia and Iraq. But the U.S. still imports twice that volume. A slowdown in the Permian would see that gap widen again.
Output from the region, where oil was first discovered by W.H. Abrams a century ago with a well that produced just 10 barrels a day, is hitting new heights. Production has continued to grow in recent months despite a drop in the number of rigs drilling in the basin, which fell by 17% last year, according to data from the Energy Information Administration, as the chart above shows. But that cannot last forever.
Middle East Stock Markets Fall as Coronavirus Spreads: Inside EM - Bloomberg
Middle East Stock Markets Fall as Coronavirus Spreads: Inside EM - Bloomberg:
Most Middle Eastern equity gauges dropped at the start of the trading week, following losses in global markets on Friday as the coronavirus emanating from China spread.
Saudi Arabian stocks fell the most among Gulf peers, with energy giant Aramco trading at its lowest level on a closing basis since it listed last month. The world’s most profitable company dropped 1% to 34.10 riyals as of 11:47 a.m. in Riyadh.
“There might be more to this downward trend” globally, Ali Malik, an investment adviser at Bank of Singapore Ltd., said in a Bloomberg TV interview on Sunday. But past viral outbreaks have shown that “as soon as the new instances stop getting reported, we see a bounce back,” he said.
Most Middle Eastern equity gauges dropped at the start of the trading week, following losses in global markets on Friday as the coronavirus emanating from China spread.
Saudi Arabian stocks fell the most among Gulf peers, with energy giant Aramco trading at its lowest level on a closing basis since it listed last month. The world’s most profitable company dropped 1% to 34.10 riyals as of 11:47 a.m. in Riyadh.
“There might be more to this downward trend” globally, Ali Malik, an investment adviser at Bank of Singapore Ltd., said in a Bloomberg TV interview on Sunday. But past viral outbreaks have shown that “as soon as the new instances stop getting reported, we see a bounce back,” he said.
#Sharjah Islamic Bank's net profit up 7% | ZAWYA MENA Edition
Sharjah Islamic Bank's net profit up 7% | ZAWYA MENA Edition:
Sharjah Islamic Bank (SIB) recorded a seven percent increase in its total net profit, making a total of AED545.5 million in 2019, in comparison to the AED510.4 million recorded in 2018.
In a statement today, the bank said its balance sheet reflects strong performance and sound financial position, with total assets reaching AED46.4 billion at the end of 2019, 3.7 pc increase in comparison to the AED44.7 billion achieved at the end of 2018.
"These results reflect the bank's strategy of achieving steady and stable growth, with the total operating income reaching AED1.9 billion in 2019 compared to AED1.7 billion in 2018. An 11 pc or AED187.3 million increase brought the net operating income to AED1.3 billion in 2019, compared with AED1.1 billion as compared to last year, or 19.9 pc with an increase of AED216.1 million." General and administration expenses declined to AED585.4 million by the end of 2019, compared to AED614.2 that was recorded at the end of 2018, a substantial decrease of AED 28.9 million or 4.7 pc.
The Board of Directors proposed 5 pc cash dividends (0.05 AED per share) and 5 pc Bonus share on the paid capital (1 share for each 20 shares).
Sharjah Islamic Bank (SIB) recorded a seven percent increase in its total net profit, making a total of AED545.5 million in 2019, in comparison to the AED510.4 million recorded in 2018.
In a statement today, the bank said its balance sheet reflects strong performance and sound financial position, with total assets reaching AED46.4 billion at the end of 2019, 3.7 pc increase in comparison to the AED44.7 billion achieved at the end of 2018.
"These results reflect the bank's strategy of achieving steady and stable growth, with the total operating income reaching AED1.9 billion in 2019 compared to AED1.7 billion in 2018. An 11 pc or AED187.3 million increase brought the net operating income to AED1.3 billion in 2019, compared with AED1.1 billion as compared to last year, or 19.9 pc with an increase of AED216.1 million." General and administration expenses declined to AED585.4 million by the end of 2019, compared to AED614.2 that was recorded at the end of 2018, a substantial decrease of AED 28.9 million or 4.7 pc.
The Board of Directors proposed 5 pc cash dividends (0.05 AED per share) and 5 pc Bonus share on the paid capital (1 share for each 20 shares).
MIDEAST STOCKS-Major Gulf stocks slide on concern over spreading coronavirus - Agricultural Commodities - Reuters
MIDEAST STOCKS-Major Gulf stocks slide on concern over spreading coronavirus - Agricultural Commodities - Reuters:
All major stock markets in the Gulf opened lower on Sunday following a fall in crude prices over concerns that a coronavirus will spread farther in China, curbing travel and oil demand.
On Friday, Brent crude settled at $60.69 a barrel, down $1.35, or 2.2%.
More than 2,000 people globally have been infected with a new coronavirus, the vast majority of them in China, where 56 people have died from the disease, according to figures released on Sunday.
In Saudi Arabia, the index fell 0.6% with Saudi Aramco declining 0.9% and Al Rajhi Bank shedding 0.6%.
All major stock markets in the Gulf opened lower on Sunday following a fall in crude prices over concerns that a coronavirus will spread farther in China, curbing travel and oil demand.
On Friday, Brent crude settled at $60.69 a barrel, down $1.35, or 2.2%.
More than 2,000 people globally have been infected with a new coronavirus, the vast majority of them in China, where 56 people have died from the disease, according to figures released on Sunday.
In Saudi Arabia, the index fell 0.6% with Saudi Aramco declining 0.9% and Al Rajhi Bank shedding 0.6%.