Mideast Stocks: Dubai outperforms as Aramco hurts Saudi | ZAWYA MENA Edition:
Most major stock markets in the Middle East ended higher on Thursday, with Dubai leading the way as blue-chip stocks advanced, but oil giant Saudi Aramco weighed on the Saudi index.
Dubai's index advanced 2%, with Dubai Investments rising 7.4% after its shareholders approved payment of a 10% cash dividend for the 2019 fiscal year.
Air Arabia was up 4.6% after the United Arab Emirates said it would allow transit flights to resume after suspending them in March.
The budget airliner, which has about 2,000 employees, said on Wednesday it had made further job cuts due to the impact of the coronavirus but did not give a number.
Thursday 4 June 2020
#Oman to set up an investment authority to manage government assets - state TV - Reuters
Oman to set up an investment authority to manage government assets - state TV - Reuters:
Oman’s government is setting up the Oman Investment Authority to own and manage most sovereign wealth fund and finance ministry assets, state TV reported on Thursday, citing a decree from the sultanate’s ruler.
The decree, issued by Sultan Haitham bin Tariq al-Said, will allow the new authority to own all public assets except the Petroleum Development Oman company and government stakes in international institutions.
The investment authority will also replace sovereign wealth funds in the country’s official documents, it added.
Oman’s government is setting up the Oman Investment Authority to own and manage most sovereign wealth fund and finance ministry assets, state TV reported on Thursday, citing a decree from the sultanate’s ruler.
The decree, issued by Sultan Haitham bin Tariq al-Said, will allow the new authority to own all public assets except the Petroleum Development Oman company and government stakes in international institutions.
The investment authority will also replace sovereign wealth funds in the country’s official documents, it added.
#Kuwait PM vows nobody is immune from corruption investigations - Arabianbusiness
Kuwait PM vows nobody is immune from corruption investigations - Arabianbusiness:
Kuwait Prime Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah has said that nobody is immune from prosecution when it comes to cases of corruption in the country.
Sheikh Al-Sabah spoke as the Kuwaiti government intensified efforts to crack down on corruption cases involving public funds, money laundering and human trafficking.
He said: “We will not stay silent nor keep our hands crossed regarding human trafficking and money laundry, and we will not accept these issues be associated with the State of Kuwait, no matter how influential this person is.”
Kuwait Prime Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah has said that nobody is immune from prosecution when it comes to cases of corruption in the country.
Sheikh Al-Sabah spoke as the Kuwaiti government intensified efforts to crack down on corruption cases involving public funds, money laundering and human trafficking.
He said: “We will not stay silent nor keep our hands crossed regarding human trafficking and money laundry, and we will not accept these issues be associated with the State of Kuwait, no matter how influential this person is.”
Oil prices steady as market awaits clarity on OPEC+ output cuts - Reuters
Oil prices steady as market awaits clarity on OPEC+ output cuts - Reuters:
Oil prices were little changed in choppy trade on Thursday as investors awaited a decision from top crude producers on whether to extend record output cuts.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, are debating when to hold ministerial talks to discuss a possible extension of the existing cuts.
Brent crude futures LCOc1 ended the session 20 cents, or 0.5% higher, at $39.99 a barrel after a volatile session. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 12 cents to $37.41.
Saudi Arabia and Russia, two of the world’s biggest oil producers, want to extend cuts of 9.7 million barrels per day (bpd) that major producers agreed to in April. But a suggestion by OPEC president Algeria to meet on Thursday was delayed amid talks about poor compliance by some producers.
Oil prices were little changed in choppy trade on Thursday as investors awaited a decision from top crude producers on whether to extend record output cuts.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, are debating when to hold ministerial talks to discuss a possible extension of the existing cuts.
Brent crude futures LCOc1 ended the session 20 cents, or 0.5% higher, at $39.99 a barrel after a volatile session. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 12 cents to $37.41.
Saudi Arabia and Russia, two of the world’s biggest oil producers, want to extend cuts of 9.7 million barrels per day (bpd) that major producers agreed to in April. But a suggestion by OPEC president Algeria to meet on Thursday was delayed amid talks about poor compliance by some producers.
#Kuwait to cut government entities' budget for fiscal year 2020-2021 by at least 20% - Reuters
Kuwait to cut government entities' budget for fiscal year 2020-2021 by at least 20% - Reuters:
Kuwait agreed to cut the government entities’ budget for fiscal year 2020-2021 by at least 20%, Kuwait’s cabinet said on twitter on Thursday.
The cabinet also ordered the ministry of finance to coordinate with all the governmental entities to review public services and the value of government subsidies.
Kuwait agreed to cut the government entities’ budget for fiscal year 2020-2021 by at least 20%, Kuwait’s cabinet said on twitter on Thursday.
The cabinet also ordered the ministry of finance to coordinate with all the governmental entities to review public services and the value of government subsidies.
Middle East News: #SaudiArabia Redraws Customs Policy With Consumers to Bear Costs - Bloomberg
Middle East News: Saudi Arabia Lifts Duties on Meat, Vegetables - Bloomberg:
Saudi Arabia is raising a raft of customs fees in another policy revamp that could hurt consumer spending at a time when it’s already down.
The new levies, set to come into effect June 10, will be applied to a 74-page list of imported products, from dairy, meat and vegetables to rugs, police cars and building materials, according to a document released by the customs authority.
Fee increases differ for each item, ranging from half a percentage point for certain types of acid to 15 percentage points for some imported vegetables and herbs. Some of the items had been exempt from customs fees before.
The change could bring in much-needed non-oil revenue for the world’s largest crude exporter, and will likely give a boost to local agriculture and manufacturing. But it will also hit consumers’ wallets in a time of crisis. The government already plans to triple its value-added tax to 15% in July, which will further increase prices during a period when many Saudis are facing job loss or salary cuts.
Saudi Arabia is raising a raft of customs fees in another policy revamp that could hurt consumer spending at a time when it’s already down.
The new levies, set to come into effect June 10, will be applied to a 74-page list of imported products, from dairy, meat and vegetables to rugs, police cars and building materials, according to a document released by the customs authority.
Fee increases differ for each item, ranging from half a percentage point for certain types of acid to 15 percentage points for some imported vegetables and herbs. Some of the items had been exempt from customs fees before.
The change could bring in much-needed non-oil revenue for the world’s largest crude exporter, and will likely give a boost to local agriculture and manufacturing. But it will also hit consumers’ wallets in a time of crisis. The government already plans to triple its value-added tax to 15% in July, which will further increase prices during a period when many Saudis are facing job loss or salary cuts.
OPEC+ Unity Shaken as Iraq Pushed to Atone for Oil Cheating - Bloomberg
OPEC+ Unity Shaken as Iraq Pushed to Atone for Oil Cheating - Bloomberg:
The grand alliance that’s helped revive global oil markets is being rattled by a long-running feud over members breaking their promises.
Just a day before a proposed gathering on Thursday, the OPEC+ coalition hurriedly backtracked from a meeting intended to green-light an extension of its deepest production cutbacks and prop up crude prices.
Saudi Arabia and Russia -- the leaders of the group -- have lost patience with the errant behavior of the next-biggest member, Iraq, according to people familiar with the matter. While most of the main players are delivering their agreed share of output curbs, Baghdad is once again reneging on its commitments.
The grand alliance that’s helped revive global oil markets is being rattled by a long-running feud over members breaking their promises.
Just a day before a proposed gathering on Thursday, the OPEC+ coalition hurriedly backtracked from a meeting intended to green-light an extension of its deepest production cutbacks and prop up crude prices.
Saudi Arabia and Russia -- the leaders of the group -- have lost patience with the errant behavior of the next-biggest member, Iraq, according to people familiar with the matter. While most of the main players are delivering their agreed share of output curbs, Baghdad is once again reneging on its commitments.
#Dubai Islamic Bank to revive Islamic bond deal postponed amid market turmoil - sources - Reuters
Dubai Islamic Bank to revive Islamic bond deal postponed amid market turmoil - sources - Reuters:
Dubai Islamic Bank has revived plans to issue a U.S. dollar-denominated sukuk, or Islamic bond, sources familiar with the matter said, a deal the bank had postponed during financial market volatility earlier this year.
The United Arab Emirates’ largest shariah-compliant lender had hired a group of banks in February for a deal, which one source said would have been for around $750 million. The sale was postponed due to turbulent market conditions resulting from the new coronavirus outbreak.
The bank is now considering issuing the bond soon, two sources familiar with the matter said, with one of them saying the deal could happen as early as next Monday.
Dubai Islamic Bank did not immediately respond to a request for comment.
Dubai Islamic Bank has revived plans to issue a U.S. dollar-denominated sukuk, or Islamic bond, sources familiar with the matter said, a deal the bank had postponed during financial market volatility earlier this year.
The United Arab Emirates’ largest shariah-compliant lender had hired a group of banks in February for a deal, which one source said would have been for around $750 million. The sale was postponed due to turbulent market conditions resulting from the new coronavirus outbreak.
The bank is now considering issuing the bond soon, two sources familiar with the matter said, with one of them saying the deal could happen as early as next Monday.
Dubai Islamic Bank did not immediately respond to a request for comment.
US says Alaska man laundered nearly $1B for Iran through #UAE
US says Alaska man laundered nearly $1B for Iran through UAE:
An Alaska man accused of laundering $1 billion held in South Korea for Iran funneled nearly all the money through the United Arab Emirates, U.S. federal court documents released early Thursday show.
The court documents, filed as part of a U.S. asset seizure effort, shed further light on how Kenneth Zong allegedly created fake invoices to help Iran draw cash held by South Korea in lieu of payment for oil shipments.
It also renewed questions about financial transparency in the UAE, as the order sought to seize $20 million held by one of the country’s seven emirates.
An Alaska man accused of laundering $1 billion held in South Korea for Iran funneled nearly all the money through the United Arab Emirates, U.S. federal court documents released early Thursday show.
The court documents, filed as part of a U.S. asset seizure effort, shed further light on how Kenneth Zong allegedly created fake invoices to help Iran draw cash held by South Korea in lieu of payment for oil shipments.
It also renewed questions about financial transparency in the UAE, as the order sought to seize $20 million held by one of the country’s seven emirates.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar close
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Oil drops on U.S. inventories and doubts over output cuts - Reuters
Oil drops on U.S. inventories and doubts over output cuts - Reuters:
Oil prices dropped on Thursday on doubts over the ability of crude producers to agree to extend record output cuts, heightened by worries over a build in U.S. fuel inventories.
Brent crude LCOc1 futures were down 19 cents to $39.60 a barrel at 1211 GMT, heading for their first fall in six sessions. U.S. West Texas Intermediate (WTI) crude CLc1 futures dropped 40 cents to $36.89.
Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support an extension into July of the 9.7 million barrels per day (bpd) supply cuts backed in April by the OPEC+ group, comprising the Organization of the Petroleum Exporting Countries and other major producers.
Oil prices dropped on Thursday on doubts over the ability of crude producers to agree to extend record output cuts, heightened by worries over a build in U.S. fuel inventories.
Brent crude LCOc1 futures were down 19 cents to $39.60 a barrel at 1211 GMT, heading for their first fall in six sessions. U.S. West Texas Intermediate (WTI) crude CLc1 futures dropped 40 cents to $36.89.
Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support an extension into July of the 9.7 million barrels per day (bpd) supply cuts backed in April by the OPEC+ group, comprising the Organization of the Petroleum Exporting Countries and other major producers.
#Saudi banks face tough few quarters but are well capitalised, say CEOs - Reuters
Saudi banks face tough few quarters but are well capitalised, say CEOs - Reuters:
Saudi Arabia’s banks face a tough few quarters as the coronavirus crisis and weak oil prices put pressure on profitability and loan growth, banking executives told Reuters.
But they said strong capital buffers would help them weather the storm.
“This crisis is not going to be over in a very short period of time,” David Dew, managing director of Saudi British Bank (SABB) (1060.SE), the kingdom’s third-biggest lender by assets, told Reuters.
“The second and probably third quarters will remain challenging and 2020 will be a tough year.”
Saudi Arabia’s banks face a tough few quarters as the coronavirus crisis and weak oil prices put pressure on profitability and loan growth, banking executives told Reuters.
But they said strong capital buffers would help them weather the storm.
“This crisis is not going to be over in a very short period of time,” David Dew, managing director of Saudi British Bank (SABB) (1060.SE), the kingdom’s third-biggest lender by assets, told Reuters.
“The second and probably third quarters will remain challenging and 2020 will be a tough year.”
Oil Slips With OPEC+ Discord and U.S. Demand Data Sowing Doubt - Bloomberg
Oil Slips With OPEC+ Discord and U.S. Demand Data Sowing Doubt - Bloomberg:
Oil retreated from a three-month high as OPEC+ unity was threatened by a long-running feud over complying with production cutbacks, while U.S. data cast doubt on the strength of the demand recovery.
Futures in New York fell 1.9% to below $37 a barrel after closing at the highest since March 6. Saudi Arabia and Russia have reached a preliminary deal to extend output curbs for an extra month, but it’s conditional on other members making deeper cuts in the months ahead to make up for past non-compliance, people familiar with the matter said. The two leading producers have lost patience with the errant behavior of the next-biggest member, Iraq.
Oil retreated from a three-month high as OPEC+ unity was threatened by a long-running feud over complying with production cutbacks, while U.S. data cast doubt on the strength of the demand recovery.
Futures in New York fell 1.9% to below $37 a barrel after closing at the highest since March 6. Saudi Arabia and Russia have reached a preliminary deal to extend output curbs for an extra month, but it’s conditional on other members making deeper cuts in the months ahead to make up for past non-compliance, people familiar with the matter said. The two leading producers have lost patience with the errant behavior of the next-biggest member, Iraq.
| PRICES: |
|---|
|
Middle East News: #Kuwait Leads Effort to Resolve Gulf Split - Bloomberg
Middle East News: Kuwait Leads Effort to Resolve Gulf Split - Bloomberg:
Kuwait is guiding a new effort to broker an agreement between feuding Gulf states, according to a person familiar with the matter.
This round of negotiations is based on a months-old U.S. proposal for Saudi Arabia and the United Arab Emirates to open their airspace to Qatar, the person said, asking not to be identified because the talks aren’t public. Mediators are trying to convince the Saudis and Qataris to accept the proposal, with no real reaction or progress from either side, and there have been no direct talks between the two sides since those broke down last year, the person said.
The rift has affected trade, transport, security and health cooperation between the Gulf countries, and even split families. Washington, which sees cooperation among the energy-rich Gulf Arab states as crucial to efforts to push back against Iranian influence, has lobbied unsuccessfully for a unified front among them.
“Efforts are ongoing and the hopes are higher than they were before,” Kuwait’s prime minister, Sheikh Sabah Al-Khalid Al-Sabah, told top editors of local newspapers on Wednesday. “We used to take one step forward, another one follows.” President Donald Trump has personally pressed Saudi Arabia to end the airspace restrictions amid a fresh U.S. attempt to resolve the feud, the Wall Street Journal reported Wednesday.
Kuwait is guiding a new effort to broker an agreement between feuding Gulf states, according to a person familiar with the matter.
This round of negotiations is based on a months-old U.S. proposal for Saudi Arabia and the United Arab Emirates to open their airspace to Qatar, the person said, asking not to be identified because the talks aren’t public. Mediators are trying to convince the Saudis and Qataris to accept the proposal, with no real reaction or progress from either side, and there have been no direct talks between the two sides since those broke down last year, the person said.
The rift has affected trade, transport, security and health cooperation between the Gulf countries, and even split families. Washington, which sees cooperation among the energy-rich Gulf Arab states as crucial to efforts to push back against Iranian influence, has lobbied unsuccessfully for a unified front among them.
“Efforts are ongoing and the hopes are higher than they were before,” Kuwait’s prime minister, Sheikh Sabah Al-Khalid Al-Sabah, told top editors of local newspapers on Wednesday. “We used to take one step forward, another one follows.” President Donald Trump has personally pressed Saudi Arabia to end the airspace restrictions amid a fresh U.S. attempt to resolve the feud, the Wall Street Journal reported Wednesday.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar mid-session
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Coronavirus frustrates #Saudi women's push for financial independence - Reuters
Coronavirus frustrates Saudi women's push for financial independence - Reuters:
Abeer al-Howayan despaired of ever working after spending eight years trying to find a job that would put her chemistry degree to use in the Saudi Arabian town of Al Ula.
She eventually abandoned her scientific ambitions and turned to selling homemade cakes, before she was chosen last year for a government training programme to support a $20 billion flagship tourism project in the kingdom’s northwestern region.
The 31-year-old learned how to make artisanal soap from French experts flown in by Saudi authorities, and in late December started selling her creations at a booth near the rock-hewn tombs of Madain Saleh, site of an ancient civilisation.
She also started offering her wares online.
Abeer al-Howayan despaired of ever working after spending eight years trying to find a job that would put her chemistry degree to use in the Saudi Arabian town of Al Ula.
She eventually abandoned her scientific ambitions and turned to selling homemade cakes, before she was chosen last year for a government training programme to support a $20 billion flagship tourism project in the kingdom’s northwestern region.
The 31-year-old learned how to make artisanal soap from French experts flown in by Saudi authorities, and in late December started selling her creations at a booth near the rock-hewn tombs of Madain Saleh, site of an ancient civilisation.
She also started offering her wares online.
Oil prices fall on doubts over output cuts, surging U.S. diesel inventories - Reuters
Oil prices fall on doubts over output cuts, surging U.S. diesel inventories - Reuters:
Oil prices dropped on Thursday, reversing gains in the previous session, on concern over whether major crude producers will be able to agree to extend record output cuts, heightened by worries over a huge build in U.S. distillate inventories.
Brent crude LCOc1 futures fell 1.18%, or 47 cents, to $39.32 a barrel as of 0652 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures slid 1.80%, or 67 cents, to $36.62 a barrel.
Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support extending into July the 9.7 million barrels per day (bpd) in supply cuts backed in April by the OPEC+ group, comprised of the Organization of the Petroleum Exporting Countries and other major producers.
But they failed to agree on holding an OPEC+ meeting on Thursday to discuss the cuts, with OPEC sources saying it would be conditional on countries that have not complied with their targets so far deepening their cuts.
Oil prices dropped on Thursday, reversing gains in the previous session, on concern over whether major crude producers will be able to agree to extend record output cuts, heightened by worries over a huge build in U.S. distillate inventories.
Brent crude LCOc1 futures fell 1.18%, or 47 cents, to $39.32 a barrel as of 0652 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures slid 1.80%, or 67 cents, to $36.62 a barrel.
Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support extending into July the 9.7 million barrels per day (bpd) in supply cuts backed in April by the OPEC+ group, comprised of the Organization of the Petroleum Exporting Countries and other major producers.
But they failed to agree on holding an OPEC+ meeting on Thursday to discuss the cuts, with OPEC sources saying it would be conditional on countries that have not complied with their targets so far deepening their cuts.
Subscribe to:
Posts (Atom)