Oil drops to 13-month low on weak Chinese demand, traders eye OPEC+ cuts - Reuters:
Oil prices fell to their lowest level since December 2018 on Monday on weaker Chinese demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.
Oil has dropped more than 25% from a peak in January with U.S. crude back below $50 a barrel after the spreading virus hit demand in China, the world’s largest oil importer, and fueled concerns about excess global supplies.
Brent futures LCOc1 fell $1.20, or 2.2%, to settle at $53.27 a barrel, their lowest close since Dec. 28, 2018, while U.S. West Texas Intermediate crude CLc1 fell 75 cents, or 1.5%, to settle at $49.57, the lowest close since Jan. 7, 2019.
That keeps both Brent and WTI in oversold territory for 13 days and 14 days, respectively, their longest bearish streaks since November 2018.
Monday, 10 February 2020
Shuaa Capital completes sale of its securities and market-making businesses - The National
Shuaa Capital completes sale of its securities and market-making businesses - The National:
Shuaa Capital completed the sale of its securities and market-making businesses for Dh100 million, the company said on Monday.
The new deal comes as the group continues to implement its non-core exit strategy to focus on growing and expanding its asset management and investment banking platform.
On January 15, 2020, Shuaa announced its agreement to sell its equities market-making business to Al Ramz Corporation Investment & Development. It also sold its securities brokerage unit in the UAE to IHC RSC, a subsidiary of International Holdings Company last year.
“Both transactions were completed under the terms of an all-cash deal with a total deal value of Dh100m,” Shuaa Capital said in a statement.
Shuaa Capital completed the sale of its securities and market-making businesses for Dh100 million, the company said on Monday.
The new deal comes as the group continues to implement its non-core exit strategy to focus on growing and expanding its asset management and investment banking platform.
On January 15, 2020, Shuaa announced its agreement to sell its equities market-making business to Al Ramz Corporation Investment & Development. It also sold its securities brokerage unit in the UAE to IHC RSC, a subsidiary of International Holdings Company last year.
“Both transactions were completed under the terms of an all-cash deal with a total deal value of Dh100m,” Shuaa Capital said in a statement.
Shuaa Capital completes sale of its securities and market-making businesses - The National
Shuaa Capital completes sale of its securities and market-making businesses - The National:
Shuaa Capital completed the sale of its securities and market-making businesses for Dh100 million, the company said on Monday.
The new deal comes as the group continues to implement its non-core exit strategy to focus on growing and expanding its asset management and investment banking platform.
On January 15, 2020, Shuaa announced its agreement to sell its equities market-making business to Al Ramz Corporation Investment & Development. It also sold its securities brokerage unit in the UAE to IHC RSC, a subsidiary of International Holdings Company last year.
“Both transactions were completed under the terms of an all-cash deal with a total deal value of Dh100m,” Shuaa Capital said in a statement.
Shuaa Capital completed the sale of its securities and market-making businesses for Dh100 million, the company said on Monday.
The new deal comes as the group continues to implement its non-core exit strategy to focus on growing and expanding its asset management and investment banking platform.
On January 15, 2020, Shuaa announced its agreement to sell its equities market-making business to Al Ramz Corporation Investment & Development. It also sold its securities brokerage unit in the UAE to IHC RSC, a subsidiary of International Holdings Company last year.
“Both transactions were completed under the terms of an all-cash deal with a total deal value of Dh100m,” Shuaa Capital said in a statement.
Maybank Islamic to arrange Gulf sukuk, opens #Dubai branch - Reuters
Maybank Islamic to arrange Gulf sukuk, opens Dubai branch - Reuters:
Maybank Islamic aims to arrange six dollar sukuk deals in the Gulf in 2020, including at least one sovereign issuance, its CEO said on Monday, as the bank opened a branch in Dubai, its first outside of Malaysia.
The lender, which the CEO said is the largest Islamic bank by assets in the ASEAN group of Southeast Asian countries, is the Islamic banking arm of Malayan Banking Bhd (Maybank) , Malaysia’s largest lender by assets.
“By having a presence here, we are closer to the ground and it’s much easier for us to also understand some of the deal flow coming through,” Dato’ Mohamed Rafique Merican, Maybank Islamic’s CEO, told Reuters on Monday on the sidelines of an event for the launch of its Dubai branch.
Maybank Islamic aims to arrange six dollar sukuk deals in the Gulf in 2020, including at least one sovereign issuance, its CEO said on Monday, as the bank opened a branch in Dubai, its first outside of Malaysia.
The lender, which the CEO said is the largest Islamic bank by assets in the ASEAN group of Southeast Asian countries, is the Islamic banking arm of Malayan Banking Bhd (Maybank) , Malaysia’s largest lender by assets.
“By having a presence here, we are closer to the ground and it’s much easier for us to also understand some of the deal flow coming through,” Dato’ Mohamed Rafique Merican, Maybank Islamic’s CEO, told Reuters on Monday on the sidelines of an event for the launch of its Dubai branch.
Oil hits 13-month low on weak Chinese demand, traders eye OPEC+ cuts - Reuters
Oil hits 13-month low on weak Chinese demand, traders eye OPEC+ cuts - Reuters:
Oil prices fell to their lowest since January 2019 on Monday on weaker Chinese demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.
Oil has dropped over 25% from a peak in January after the spreading virus hit demand in China, the world’s largest oil importer, and fueled concerns of excess global supplies.
Brent futures LCOc1 fell 99 cents, or 1.8%, to $53.48 a barrel by 12:05 p.m. EST (1705 GMT), while U.S. West Texas Intermediate crude CLc1 fell 56 cents, or 1.1%, to $49.76.
That keeps both Brent and WTI in oversold territory for 13 days and 14 days, respectively, their longest bearish streaks since Nov. 2018. If Brent closes at its current level, it would be its lowest settle since December 2018.
Oil prices fell to their lowest since January 2019 on Monday on weaker Chinese demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.
Oil has dropped over 25% from a peak in January after the spreading virus hit demand in China, the world’s largest oil importer, and fueled concerns of excess global supplies.
Brent futures LCOc1 fell 99 cents, or 1.8%, to $53.48 a barrel by 12:05 p.m. EST (1705 GMT), while U.S. West Texas Intermediate crude CLc1 fell 56 cents, or 1.1%, to $49.76.
That keeps both Brent and WTI in oversold territory for 13 days and 14 days, respectively, their longest bearish streaks since Nov. 2018. If Brent closes at its current level, it would be its lowest settle since December 2018.
Muddy Waters Target NMC Health Plc Has a Credibility Problem - Bloomberg
Muddy Waters Target NMC Health Plc Has a Credibility Problem - Bloomberg:
When short-sellers such as Muddy Waters Capital LLC accuse listed companies of balance sheet manipulation, the target typically responds with their own lengthy rebuttal. Other investors caught in the middle often don’t know what to think and so a lot depends on the board’s credibility and transparency.
NMC Health Plc, the subject of Muddy Waters’s latest attack, is now a little short of both.
On Monday, the United Arab Emirates’ hospital operator and member of the FTSE 100, admitted that it doesn’t know how much of the company its major shareholders actually own. (This is separate to the Muddy Waters allegations, which focused on the asset values, debt and cash balances that NMC reports, as well as governance issues).
Founder and chairman Bavaguthu Raghuram Shetty is conducting a legal review to verify the size of his stake and that of two other Emirati controlling shareholders. These may have been “incorrectly reported historically to the company and the market,” NMC said in a statement.
When short-sellers such as Muddy Waters Capital LLC accuse listed companies of balance sheet manipulation, the target typically responds with their own lengthy rebuttal. Other investors caught in the middle often don’t know what to think and so a lot depends on the board’s credibility and transparency.
NMC Health Plc, the subject of Muddy Waters’s latest attack, is now a little short of both.
On Monday, the United Arab Emirates’ hospital operator and member of the FTSE 100, admitted that it doesn’t know how much of the company its major shareholders actually own. (This is separate to the Muddy Waters allegations, which focused on the asset values, debt and cash balances that NMC reports, as well as governance issues).
Founder and chairman Bavaguthu Raghuram Shetty is conducting a legal review to verify the size of his stake and that of two other Emirati controlling shareholders. These may have been “incorrectly reported historically to the company and the market,” NMC said in a statement.
#UAE News: #Dubai’s Jobs Vanish at the Fastest Pace in a Decade - Bloomberg
UAE News: Dubai’s Jobs Vanish at the Fastest Pace in a Decade - Bloomberg:
Business growth in Dubai stalled while jobs disappeared at the fastest pace in at least a decade in the latest signs of strain on the Middle East’s commercial hub.
Operating conditions in Dubai’s non-oil private sector worsened in January for a third straight month to the lowest level in nearly four years, according to IHS Markit. Its Purchasing Managers’ Index dropped to 50.6, barely above the threshold that separates growth from contraction. Wholesale and retail, as well as construction, slipped below the no-change mark, IHS Markit said.
“Employment in Dubai was notably affected, with companies reporting the joint-quickest fall in job numbers seen throughout the 10-year series history,” David Owen, economist at IHS Markit, said in the report Monday. “Firms expect little pick-up in sales in the near future.”
The dim outlook is increasingly translating into layoffs as companies streamline operations in the face of weak demand, with average prices extending a decline uninterrupted since May 2018. Dubai’s biggest bank, Emirates NBD, is among lenders in the United Arab Emirates that have cut thousands of jobs.
Business growth in Dubai stalled while jobs disappeared at the fastest pace in at least a decade in the latest signs of strain on the Middle East’s commercial hub.
Operating conditions in Dubai’s non-oil private sector worsened in January for a third straight month to the lowest level in nearly four years, according to IHS Markit. Its Purchasing Managers’ Index dropped to 50.6, barely above the threshold that separates growth from contraction. Wholesale and retail, as well as construction, slipped below the no-change mark, IHS Markit said.
“Employment in Dubai was notably affected, with companies reporting the joint-quickest fall in job numbers seen throughout the 10-year series history,” David Owen, economist at IHS Markit, said in the report Monday. “Firms expect little pick-up in sales in the near future.”
The dim outlook is increasingly translating into layoffs as companies streamline operations in the face of weak demand, with average prices extending a decline uninterrupted since May 2018. Dubai’s biggest bank, Emirates NBD, is among lenders in the United Arab Emirates that have cut thousands of jobs.
#Dubai DFM's net profit falls by 4%; $54mln cash dividend proposed | ZAWYA MENA Edition
Dubai DFM's net profit falls by 4%; $54mln cash dividend proposed | ZAWYA MENA Edition:
The Dubai Financial Market (DFM) Company saw its net profits dip last year on the back of low trading values.
The listed stock exchange reported a net profit of 120.6 million UAE dirhams ($32.8 million) for the financial year ending December 31, 2019, down by 4 percent compared to the 125.5 million ($34.2 million) recorded in 2018.
“[The profit drop] is due to the decline of total trading value [last year],” a spokesperson told Zawya on Monday.
Despite the slump, the DFM’s board of directors has proposed a cash dividend of 200 million UAE dirhams ($54 million), which is equivalent to 2.5 percent of the company’s capital.
The Dubai Financial Market (DFM) Company saw its net profits dip last year on the back of low trading values.
The listed stock exchange reported a net profit of 120.6 million UAE dirhams ($32.8 million) for the financial year ending December 31, 2019, down by 4 percent compared to the 125.5 million ($34.2 million) recorded in 2018.
“[The profit drop] is due to the decline of total trading value [last year],” a spokesperson told Zawya on Monday.
Despite the slump, the DFM’s board of directors has proposed a cash dividend of 200 million UAE dirhams ($54 million), which is equivalent to 2.5 percent of the company’s capital.
UPDATE 1- #Dubai's Emirates NBD to raise $500 mln in bonds - Reuters
UPDATE 1-Dubai's Emirates NBD to raise $500 mln in bonds - Reuters:
Dubai’s biggest lender Emirates NBD is set to raise $500 million in five-year bonds on Monday, a document issued by one of the banks leading the deal showed.
The deal attracted over $2.2 billion in orders, according to the document.
ANZ, Citi, Emirates NBD Capital, JPMorgan, Societe Generale and ICBC have been appointed to arrange the deal.
Dubai’s biggest lender Emirates NBD is set to raise $500 million in five-year bonds on Monday, a document issued by one of the banks leading the deal showed.
The deal attracted over $2.2 billion in orders, according to the document.
ANZ, Citi, Emirates NBD Capital, JPMorgan, Societe Generale and ICBC have been appointed to arrange the deal.
#Dubai's Aramex posts flat 2019 net profit - Gulf Business
Dubai's Aramex posts flat 2019 net profit - Gulf Business:
UAE-based logistics and transportation solutions provider, Aramex, has reported a marginal increase of 1 per cent in net profit for 2019, it announced on Monday.
The logistics service provider posted net profit of Dhs497.4m in 2019, compared to Dhs492.6m in 2018. However, Aramex’s full year revenues for 2019 stood at Dhs5.2bn, up 3 per cent from Dhs5.0bn in 2018.
At the end of 2019, Aramex’s total cash stood at Dhs1bn and free cash flow at Dhs294m, attributed to its prudent financial management, a statement said.
UAE-based logistics and transportation solutions provider, Aramex, has reported a marginal increase of 1 per cent in net profit for 2019, it announced on Monday.
The logistics service provider posted net profit of Dhs497.4m in 2019, compared to Dhs492.6m in 2018. However, Aramex’s full year revenues for 2019 stood at Dhs5.2bn, up 3 per cent from Dhs5.0bn in 2018.
At the end of 2019, Aramex’s total cash stood at Dhs1bn and free cash flow at Dhs294m, attributed to its prudent financial management, a statement said.
What next for #Dubai's troubled satellite broadcaster OSN? - Arabianbusiness
What next for Dubai's troubled satellite broadcaster OSN? - Arabianbusiness:
When millions of fans across the Middle East tuned in to watch the last ever episode of HBO’s blood-spattered, dragon-filled fantasy show Game of Thrones in May last year, little did they know the platform on which they streamed the drama series was struggling with its own existential crisis.
Unlike the world’s most profitable TV show of all-time, the MENA platform Wavo, which viewers used to stream the Game of Thrones, is part of floundering Dubai-based Orbit Showtime Network (OSN).
Owned by Panther Media Group, a joint venture between Kuwaiti Projects Company (KIPCO) and Saudi investment firm Mawarid Group Limited, OSN is the Middle East’s largest direct-broadcast satellite provider.
In 2013, it was even valued at a whopping $4.3bn by Arqaam Capital, leading majority shareholder KIPCO (60.5 percent) to reject a $3.2bn offer by an unnamed US buyout firm the following year. But it’s a decision it’s likely to be regretting now.
When millions of fans across the Middle East tuned in to watch the last ever episode of HBO’s blood-spattered, dragon-filled fantasy show Game of Thrones in May last year, little did they know the platform on which they streamed the drama series was struggling with its own existential crisis.
Unlike the world’s most profitable TV show of all-time, the MENA platform Wavo, which viewers used to stream the Game of Thrones, is part of floundering Dubai-based Orbit Showtime Network (OSN).
Owned by Panther Media Group, a joint venture between Kuwaiti Projects Company (KIPCO) and Saudi investment firm Mawarid Group Limited, OSN is the Middle East’s largest direct-broadcast satellite provider.
In 2013, it was even valued at a whopping $4.3bn by Arqaam Capital, leading majority shareholder KIPCO (60.5 percent) to reject a $3.2bn offer by an unnamed US buyout firm the following year. But it’s a decision it’s likely to be regretting now.
How the #UAE plans to give more protection to bank customers - Arabianbusiness
How the UAE plans to give more protection to bank customers - Arabianbusiness:
The Central Bank of the UAE has launched a consultation process with key stakeholders, aimed at developing a new financial consumer protection regulatory framework.
Officials said the framework will strengthen the protection of consumers in the UAE through more comprehensive requirements to be met by all financial institutions that are subject to central bank supervision.
It will include enhancements to the quality of disclosure and transparency, ensure timely responses to customer complaints and will require financial institutions to provide consumers with effective dispute resolution services, a statement said.
CBUAE said it has set in place the foundations for a new Consumer Protection Department, which has initiated an extensive review of consumers’ experiences with financial institutions in the UAE.
The Central Bank of the UAE has launched a consultation process with key stakeholders, aimed at developing a new financial consumer protection regulatory framework.
Officials said the framework will strengthen the protection of consumers in the UAE through more comprehensive requirements to be met by all financial institutions that are subject to central bank supervision.
It will include enhancements to the quality of disclosure and transparency, ensure timely responses to customer complaints and will require financial institutions to provide consumers with effective dispute resolution services, a statement said.
CBUAE said it has set in place the foundations for a new Consumer Protection Department, which has initiated an extensive review of consumers’ experiences with financial institutions in the UAE.
#UAE restores postal service to #Qatar despite protracted dispute - Reuters
UAE restores postal service to Qatar despite protracted dispute - Reuters:
The United Arab Emirates has resumed postal services to Qatar nearly three years after they were suspended due to a Gulf Arab political dispute.
The move followed a meeting of parties involved in the dispute with the United Nations postal agency.
Indirect services began on Feb. 9 with mail transported via Oman, according to a notice from state-run Emirates Post sent to other postal firms and seen by Reuters. It was not immediately clear why the service had been restored amid the protracted row.
The UAE, Saudi Arabia, Bahrain and Egypt have since June 2017 imposed a political, trade and transport boycott on Qatar over charges it supports terrorism, a catch-all word denoting Islamist militants. Doha denies the charges, saying the embargo aims to curtail its sovereignty.
The United Arab Emirates has resumed postal services to Qatar nearly three years after they were suspended due to a Gulf Arab political dispute.
The move followed a meeting of parties involved in the dispute with the United Nations postal agency.
Indirect services began on Feb. 9 with mail transported via Oman, according to a notice from state-run Emirates Post sent to other postal firms and seen by Reuters. It was not immediately clear why the service had been restored amid the protracted row.
The UAE, Saudi Arabia, Bahrain and Egypt have since June 2017 imposed a political, trade and transport boycott on Qatar over charges it supports terrorism, a catch-all word denoting Islamist militants. Doha denies the charges, saying the embargo aims to curtail its sovereignty.
Oil dips on weaker Chinese demand, traders await OPEC+ cuts - Reuters
Oil dips on weaker Chinese demand, traders await OPEC+ cuts - Reuters:
Oil prices dipped on Monday on weaker Chinese oil demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.
Oil has dropped more than 20% from a peak in January after the spreading virus hit demand in the world’s largest oil importer and fuelled concerns of excess supplies.
Brent crude LCOc1 slipped to $54.38 a barrel by 1255 GMT, down 9 cents or 0.2%. U.S. West Texas Intermediate CLc1 fell 2 cents to $50.30 a barrel.
“The concern remains that the wider markets have yet to reflect the full impact of the disruption,” said Saxo Bank commodity strategist Ole Hansen.
Oil prices dipped on Monday on weaker Chinese oil demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.
Oil has dropped more than 20% from a peak in January after the spreading virus hit demand in the world’s largest oil importer and fuelled concerns of excess supplies.
Brent crude LCOc1 slipped to $54.38 a barrel by 1255 GMT, down 9 cents or 0.2%. U.S. West Texas Intermediate CLc1 fell 2 cents to $50.30 a barrel.
“The concern remains that the wider markets have yet to reflect the full impact of the disruption,” said Saxo Bank commodity strategist Ole Hansen.
MIDEAST STOCKS-Most major gulf markets gain; QNB drags #Qatar lower - Reuters
MIDEAST STOCKS-Most major gulf markets gain; QNB drags Qatar lower - Reuters:
Most major Gulf stock markets gained on Monday, with
Dubai leading the gains on corporate earnings, while Qatar slipped as its top
lender traded ex-dividend.
Dubai's main share index gained 0.5% as Dubai Islamic Bank, which
is due to report 2019 earnings on Wednesday, rose 1.1%. Emaar Properties
was up 1.3%.
Air Arabia closed up 4.7%, after rising as much as 8% during the
session. The budget airliner swung to a profit in 2019 on lower fuel prices and
proposed a dividend of 9 fils per share. But Dubai Financial Market
dropped 5.2% after it reported a lower profit for the year.
Saudi Arabia's benchmark index was up 0.2%, supported by gains by
banking and petrochemical shares. Kingdom's largest bank, National Commercial
Bank, rose 1.2%. Banque Saudi Fransi rose 1.8%.
State-owned Saudi Aramco was down 1.3% to 33.6 riyals ($8.96), a
day after it snapped a five sessions of losses. The stock closed up 2% in the
previous session after touching a low of 32.8 riyals, not far from its initial
public offering price of 32 riyals.
Most major Gulf stock markets gained on Monday, with
Dubai leading the gains on corporate earnings, while Qatar slipped as its top
lender traded ex-dividend.
Dubai's main share index gained 0.5% as Dubai Islamic Bank, which
is due to report 2019 earnings on Wednesday, rose 1.1%. Emaar Properties
was up 1.3%.
Air Arabia closed up 4.7%, after rising as much as 8% during the
session. The budget airliner swung to a profit in 2019 on lower fuel prices and
proposed a dividend of 9 fils per share. But Dubai Financial Market
dropped 5.2% after it reported a lower profit for the year.
Saudi Arabia's benchmark index was up 0.2%, supported by gains by
banking and petrochemical shares. Kingdom's largest bank, National Commercial
Bank, rose 1.2%. Banque Saudi Fransi rose 1.8%.
State-owned Saudi Aramco was down 1.3% to 33.6 riyals ($8.96), a
day after it snapped a five sessions of losses. The stock closed up 2% in the
previous session after touching a low of 32.8 riyals, not far from its initial
public offering price of 32 riyals.
NMC Health founder to step back from board after stake confusion | Financial Times
NMC Health founder to step back from board after stake confusion | Financial Times:
NMC Health’s founder BR Shetty and fellow controlling shareholder Khalifa al-Muhairi have been forced to step back from the company’s board after revealing that their shareholdings have been reported incorrectly to the market.
The healthcare group said that non-executive chairman BR Shetty is carrying out a legal review to verify his stake in the group.
This, it said, suggests that the holdings of Mr Shetty and his two Emirati partners, Saeed al-Qebaisi and his relative Mr Muhairi, “have been incorrectly reported historically to the company and the market”.
Mr Shetty, co-chairman, and Mr Muhairi will “absent themselves from further board discussions until clarification of these matters”, it added, “pending a board decision about their ongoing roles as directors of the company”.
NMC Health’s founder BR Shetty and fellow controlling shareholder Khalifa al-Muhairi have been forced to step back from the company’s board after revealing that their shareholdings have been reported incorrectly to the market.
The healthcare group said that non-executive chairman BR Shetty is carrying out a legal review to verify his stake in the group.
This, it said, suggests that the holdings of Mr Shetty and his two Emirati partners, Saeed al-Qebaisi and his relative Mr Muhairi, “have been incorrectly reported historically to the company and the market”.
Mr Shetty, co-chairman, and Mr Muhairi will “absent themselves from further board discussions until clarification of these matters”, it added, “pending a board decision about their ongoing roles as directors of the company”.
The Middle East’s discontented youth : No jobs, no voice | Financial Times
The Middle East’s discontented youth : No jobs, no voice | Financial Times:
One in three Algerian youths are jobless — and Rabah, a university graduate with a degree in marketing, is one of them.
Chatting with friends on a typical weekday in Algiers’ working class district of Bab El Oued, he gives a wry smile when asked if he wants to work in the field he studied.
“In Algeria you study one thing and work in another,” says the 25-year-old. “I have done small jobs in many areas, I have assisted my father as a surveyor, I have washed cars and have done telemarketing.”
Across much of the Middle East and north Africa, school and university leavers struggle to find work in a region that has one of the world’s youngest populations and its highest youth unemployment rate.
One in three Algerian youths are jobless — and Rabah, a university graduate with a degree in marketing, is one of them.
Chatting with friends on a typical weekday in Algiers’ working class district of Bab El Oued, he gives a wry smile when asked if he wants to work in the field he studied.
“In Algeria you study one thing and work in another,” says the 25-year-old. “I have done small jobs in many areas, I have assisted my father as a surveyor, I have washed cars and have done telemarketing.”
Across much of the Middle East and north Africa, school and university leavers struggle to find work in a region that has one of the world’s youngest populations and its highest youth unemployment rate.
Lebanon News: Debt Crisis Pushes Stocks to 15-Year Low - Bloomberg
Lebanon News: Debt Crisis Pushes Stocks to 15-Year Low - Bloomberg:
Lebanon’s stocks are bearing the brunt of the nation’s funding crisis and the World Bank’s warning of a deeper recession. While investor attention has been focused on the possibility of a default in a government bond due next month, the equity benchmark has been hammered by nationwide discontent and a dollar squeeze. The gauge posted the worst weekly decline in almost 14 years and fell to the lowest level since February 2005.
Lebanon’s stocks are bearing the brunt of the nation’s funding crisis and the World Bank’s warning of a deeper recession. While investor attention has been focused on the possibility of a default in a government bond due next month, the equity benchmark has been hammered by nationwide discontent and a dollar squeeze. The gauge posted the worst weekly decline in almost 14 years and fell to the lowest level since February 2005.
Structurally cheaper LNG should displace coal from Japan, and broader Asia: Russell - Reuters
Structurally cheaper LNG should displace coal from Japan, and broader Asia: Russell - Reuters:
The collapse in the spot price of liquefied natural gas (LNG) in Asia is a short-term phenomenon that may well end up having a longer-term impact, especially on thermal coal.
The spot price dropped to $2.95 per million British thermal units (mmBtu) for the week ended Feb. 7, the lowest price in records stretching back to 2010.
It has lost 57% of its value since the pre-winter peak of $6.80 per mmBtu in mid-October, and is down 74% from the peak price in 2018 and 86% from the all-time high from February 2014.
The reasons for the slumping price are well understood, with both demand and supply factors playing a role.
The collapse in the spot price of liquefied natural gas (LNG) in Asia is a short-term phenomenon that may well end up having a longer-term impact, especially on thermal coal.
The spot price dropped to $2.95 per million British thermal units (mmBtu) for the week ended Feb. 7, the lowest price in records stretching back to 2010.
It has lost 57% of its value since the pre-winter peak of $6.80 per mmBtu in mid-October, and is down 74% from the peak price in 2018 and 86% from the all-time high from February 2014.
The reasons for the slumping price are well understood, with both demand and supply factors playing a role.
NMC Health gets preliminary offers, says co-chair's stake under legal review - Reuters
NMC Health gets preliminary offers, says co-chair's stake under legal review - Reuters:
NMC Health (NMC.L) said on Monday it has received two preliminary approaches from private equity firms and that the shareholdings of its co-chair and two other major investors were under a review for inaccurate disclosures.
The offers from U.S.-based KKR (KKR.N) and GK Investment for the UAE-based healthcare group sent its shares up 11% in early deals and came weeks after it faced a short-selling attack from Muddy Waters.
NMC said no discussion have taken place on the terms of any potential offer. KKR did not immediately respond to a request for comment, while GK Investment could not be immediately reached.
Separately, NMC said co-chairman B. R. Shetty and his advisers are reviewing interests held by him and two other major shareholders - Khaleefa Al Muhairi and Saeed Al Qebaisi - for historical inaccuracy.
NMC Health (NMC.L) said on Monday it has received two preliminary approaches from private equity firms and that the shareholdings of its co-chair and two other major investors were under a review for inaccurate disclosures.
The offers from U.S.-based KKR (KKR.N) and GK Investment for the UAE-based healthcare group sent its shares up 11% in early deals and came weeks after it faced a short-selling attack from Muddy Waters.
NMC said no discussion have taken place on the terms of any potential offer. KKR did not immediately respond to a request for comment, while GK Investment could not be immediately reached.
Separately, NMC said co-chairman B. R. Shetty and his advisers are reviewing interests held by him and two other major shareholders - Khaleefa Al Muhairi and Saeed Al Qebaisi - for historical inaccuracy.
PetroChina to cut February crude runs by 320,000-bpd due to virus: company official - Reuters
PetroChina to cut February crude runs by 320,000-bpd due to virus: company official - Reuters:
PetroChina, China’s second-biggest state refiner, plans to reduce its crude throughput by 320,000 barrels per day (bpd) this month versus its original plan as the Wuhan virus hits fuel demand, a company official told Reuters on Monday.
PetroChina’s planned February cut is equivalent to about 10% of the refiner’s average production rate of around 3.32 million bpd. This would bring total production scalebacks by state refiners, include Sinopec Corp and China National Offshore Oil Company, to around 940,000 bpd for this month.
The cuts from PetroChina are likely to be deepened to 377,000 bpd in March, said the senior company official with direct knowledge of the matter. He declined to be named as he’s not authorized to speak to the press.
PetroChina, China’s second-biggest state refiner, plans to reduce its crude throughput by 320,000 barrels per day (bpd) this month versus its original plan as the Wuhan virus hits fuel demand, a company official told Reuters on Monday.
PetroChina’s planned February cut is equivalent to about 10% of the refiner’s average production rate of around 3.32 million bpd. This would bring total production scalebacks by state refiners, include Sinopec Corp and China National Offshore Oil Company, to around 940,000 bpd for this month.
The cuts from PetroChina are likely to be deepened to 377,000 bpd in March, said the senior company official with direct knowledge of the matter. He declined to be named as he’s not authorized to speak to the press.
Oil slides lower as traders evaluate China's demand, await OPEC+ cuts - Reuters
Oil slides lower as traders evaluate China's demand, await OPEC+ cuts - Reuters:
Oil prices slipped lower on Monday as traders assessed China’s oil demand following the coronavirus outbreak and waited to see if major producers will cut output further to balance markets.
Oil is off more than 20% from peaks struck in January after a spreading virus hit demand in the world’s largest oil importer and fueled concerns of excess supplies.
Brent crude LCOc1 slipped to $53.63 a barrel in early Asian trade, the lowest since Jan. 2, 2019, before recovering to $54.32 by 0804 GMT, down 15 cents.
U.S. West Texas Intermediate CLc1 fell 17 cents to $50.15 a barrel after striking a low of $49.56.
Oil prices slipped lower on Monday as traders assessed China’s oil demand following the coronavirus outbreak and waited to see if major producers will cut output further to balance markets.
Oil is off more than 20% from peaks struck in January after a spreading virus hit demand in the world’s largest oil importer and fueled concerns of excess supplies.
Brent crude LCOc1 slipped to $53.63 a barrel in early Asian trade, the lowest since Jan. 2, 2019, before recovering to $54.32 by 0804 GMT, down 15 cents.
U.S. West Texas Intermediate CLc1 fell 17 cents to $50.15 a barrel after striking a low of $49.56.
Air Arabia reports 80% surge in net profit in 2019 | ZAWYA MENA Edition
Air Arabia reports 80% surge in net profit in 2019 | ZAWYA MENA Edition:
Air Arabia on Sunday announced its financial results for the full year ending December 31, 2019, reporting a track record net profit of Dh1 billion, an increase of 80 per cent compared to the net profit registered in 2018.
The figure excludes the impairment accounting treatment that Air Arabia took in 2018. The airline's turnover for the full year 2019 reached Dh4.75 billion, an increase of 15 per cent compared to the turnover registered in the full year 2018. The strong full year financial results were backed by solid growth in passenger demand with Air Arabia serving more than 12 million passengers from its four hubs in the UAE, Morocco, and Egypt, an increase of 10 per cent compared to the 11 million passengers carried last year. The average seat load factor - or passengers carried as a percentage of available seats - for the full year increased two per cent to 83 per cent.
Air Arabia's board of directors proposed a dividend distribution of nine per cent of share capital, which is equivalent to 9 fils per share. This proposal was made following a meeting of the board of directors of Air Arabia and is subject to ratification by Air Arabia's shareholders at the company's upcoming annual general meeting.
Air Arabia on Sunday announced its financial results for the full year ending December 31, 2019, reporting a track record net profit of Dh1 billion, an increase of 80 per cent compared to the net profit registered in 2018.
The figure excludes the impairment accounting treatment that Air Arabia took in 2018. The airline's turnover for the full year 2019 reached Dh4.75 billion, an increase of 15 per cent compared to the turnover registered in the full year 2018. The strong full year financial results were backed by solid growth in passenger demand with Air Arabia serving more than 12 million passengers from its four hubs in the UAE, Morocco, and Egypt, an increase of 10 per cent compared to the 11 million passengers carried last year. The average seat load factor - or passengers carried as a percentage of available seats - for the full year increased two per cent to 83 per cent.
Air Arabia's board of directors proposed a dividend distribution of nine per cent of share capital, which is equivalent to 9 fils per share. This proposal was made following a meeting of the board of directors of Air Arabia and is subject to ratification by Air Arabia's shareholders at the company's upcoming annual general meeting.
#Kuwait stock exchange launches new main market index | ZAWYA MENA Edition
Kuwait stock exchange launches new main market index | ZAWYA MENA Edition:
Kuwait’s stock exchange, Boursa Kuwait, has launched BK Main 50 Index, which represents the 50 most liquid securities in the main market.
The new index will include or exclude companies based on the calculation of the average daily traded value, that signifies liquidity.
“The launch of the BK Main 50 Index represents a significant step further in Boursa Kuwait’s market segmentation and forms part of our ongoing endeavors aimed at creating a robust capital markets ecosystem in Kuwait that will benefit all market participants,” said Noura Al-Abdulkareem, Acting Head of Markets, Boursa Kuwait.
“This development, helping enhance the appeal of the equity market to foreign investors and encourage higher participation of local retail investors, will further strengthen the company’s position as a leading stock exchange in the region,” she added.
Kuwait’s stock exchange, Boursa Kuwait, has launched BK Main 50 Index, which represents the 50 most liquid securities in the main market.
The new index will include or exclude companies based on the calculation of the average daily traded value, that signifies liquidity.
“The launch of the BK Main 50 Index represents a significant step further in Boursa Kuwait’s market segmentation and forms part of our ongoing endeavors aimed at creating a robust capital markets ecosystem in Kuwait that will benefit all market participants,” said Noura Al-Abdulkareem, Acting Head of Markets, Boursa Kuwait.
“This development, helping enhance the appeal of the equity market to foreign investors and encourage higher participation of local retail investors, will further strengthen the company’s position as a leading stock exchange in the region,” she added.
MIDEAST STOCKS-Air Arabia lifts #Dubai; #Qatar declines as top lender trades ex-div | Nasdaq
MIDEAST STOCKS-Air Arabia lifts Dubai; Qatar declines as top lender trades ex-div | Nasdaq:
Dubai's benchmark stock index rose on Monday, led by gains in industrial and financial firms, while Qatar slipped on weakness in shares of the country's top lender, which traded ex-dividend.
Dubai's main share index gained 0.6% as Air Arabia leapt 6.7%, the biggest intraday gain since July 2014.
On Sunday, the budget airliner reported an annual profit of 990.2 million dirhams ($269.60 million), compared with a loss of 609.5 million dirhams a year ago. It also proposed a dividend of 9 fils per share.
Dubai Islamic Bank was 0.9% higher ahead of the release of its fiscal 2019 earnings on Feb. 12.
In Qatar, the index lost 0.8%, extending losses to a third session. The Gulf's largest lender Qatar National Bank sank 4.3% as its shares traded ex-dividend, while Industries Qatar slipped 0.4%.
Dubai's benchmark stock index rose on Monday, led by gains in industrial and financial firms, while Qatar slipped on weakness in shares of the country's top lender, which traded ex-dividend.
Dubai's main share index gained 0.6% as Air Arabia leapt 6.7%, the biggest intraday gain since July 2014.
On Sunday, the budget airliner reported an annual profit of 990.2 million dirhams ($269.60 million), compared with a loss of 609.5 million dirhams a year ago. It also proposed a dividend of 9 fils per share.
Dubai Islamic Bank was 0.9% higher ahead of the release of its fiscal 2019 earnings on Feb. 12.
In Qatar, the index lost 0.8%, extending losses to a third session. The Gulf's largest lender Qatar National Bank sank 4.3% as its shares traded ex-dividend, while Industries Qatar slipped 0.4%.