Mideast Stocks: Oil price fall hurts most Gulf markets | ZAWYA MENA Edition:
Most Middle Eastern markets ended lower on Sunday following a sharp decline in oil prices prompted by fears of a slow economic recovery from the COVID-19 pandemic.
Brent crude, the international benchmark, on Friday fell $1.41, or 3.2%, to settle at $42.66 a barrel.
Saudi Arabia's benchmark index eased 0.3%. Saudi Basic Industries Corp (SABIC) declined 1.9%, while Riyad Bank was down 1.7%.
SABIC, the world's fourth-biggest petrochemicals firm, sold $1 billion in dual-tranche bonds on Thursday, as Gulf debt markets pick up after the summer break.
Dubai's main share index fell 1.1%, pressured by a 2% fall in blue-chip developer Emaar Properties and a 0.9% drop in Emirates NBD Bank.
In Abu Dhabi, the index dropped 0.6%, with top lender First Abu Dhabi BankFAB.AD losing 0.9% and telecoms firm Etisalat closing own 0.7%.
First Abu Dhabi Bank plans to restart talks to buy the Egyptian business of Lebanon's Bank Audi, two sources familiar with the matter said.
Emirates NBD, Dubai’s largest lender, is currently in talks to buy the Egyptian unit of Lebanon's Blom Bank.
The Qatari index declined 1.2% with most stocks in negative territory including petrochemicals firm Industries Qatar.
Sunday 6 September 2020
European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #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.
REFILE- #AbuDhabi's Etihad extends wage cuts until end of year - Reuters
REFILE-Abu Dhabi's Etihad extends wage cuts until end of year - Reuters:
Abu Dhabi’s Etihad Airways has extended the period of reduced pay for their staff until the end of the year, a spokeswoman for the carrier said on Sunday.
Employees will have their salaries reduced by 10% from September until the end of December, she said, compared to an earlier cut of between 25% and 50% which ended last month.
The aviation industry has been hit hard by the outbreak which has shattered demand for air travel and forced airlines to preserve cash.
Etihad and rival Emirates have laid off staff and asked employees to take months of voluntary unpaid leave.
Emirates has cut wages until the end of September.
Abu Dhabi’s Etihad Airways has extended the period of reduced pay for their staff until the end of the year, a spokeswoman for the carrier said on Sunday.
Employees will have their salaries reduced by 10% from September until the end of December, she said, compared to an earlier cut of between 25% and 50% which ended last month.
The aviation industry has been hit hard by the outbreak which has shattered demand for air travel and forced airlines to preserve cash.
Etihad and rival Emirates have laid off staff and asked employees to take months of voluntary unpaid leave.
Emirates has cut wages until the end of September.
European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #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.
Israeli Shares Extend Drop Ahead of Decision on Virus Lockdown - Bloomberg
Israeli Shares Extend Drop Ahead of Decision on Virus Lockdown - Bloomberg:
Israeli stocks led losses in the Middle East as markets in the region catch up with a rout in the U.S. at the end of last week that spilled over to shares in developed and emerging markets.
The TA-35 fell as much as 3.4% in Tel Aviv to the lowest level in more than five months after the country’s interior minister said the government will meet later this week to decide on a general lockdown following a recent surge in coronavirus cases. Benchmarks in the United Arab Emirates, Saudi Arabia, Qatar and Kuwait also declined.
Emerging-market stocks posted the biggest weekly drop since April with a sell-off on Wall Street adding to rising frictions between the U.S. and China. The Nasdaq 100 lost 6.4% in the last two days of the week, when most markets in the Middle East were closed. Brent crude also dropped, with futures contracts ending at the lowest since July.
“Going forward, global equities might witness increased volatility as investors will continue to take some profits off the table on the back of stretched valuations,” analysts at Allied Investment Partners wrote in a note.
Israeli stocks led losses in the Middle East as markets in the region catch up with a rout in the U.S. at the end of last week that spilled over to shares in developed and emerging markets.
The TA-35 fell as much as 3.4% in Tel Aviv to the lowest level in more than five months after the country’s interior minister said the government will meet later this week to decide on a general lockdown following a recent surge in coronavirus cases. Benchmarks in the United Arab Emirates, Saudi Arabia, Qatar and Kuwait also declined.
Emerging-market stocks posted the biggest weekly drop since April with a sell-off on Wall Street adding to rising frictions between the U.S. and China. The Nasdaq 100 lost 6.4% in the last two days of the week, when most markets in the Middle East were closed. Brent crude also dropped, with futures contracts ending at the lowest since July.
“Going forward, global equities might witness increased volatility as investors will continue to take some profits off the table on the back of stretched valuations,” analysts at Allied Investment Partners wrote in a note.
Emirates to return staff salaries to 100% from October reversing coronavirus cuts - Arabianbusiness
Emirates to return staff salaries to 100% from October reversing coronavirus cuts - Arabianbusiness:
Dubai-based carrier Emirates airline has announced that staff salaries will be returned to 100 percent from October.
The group had implemented widespread salary cuts in March when it was forced to suspend all its flights due to the closure of international borders as part of measures to curb the spread of coronavirus.
However, a spokesperson told Arabian Business on Sunday: “We can confirm that Emirates will restore full salaries of our employees from next month.”
It comes as the airline continues to increase its capacity, with flights operating to over 80 destinations, including 13 cities in Africa and eight across the Gulf and Middle East.
Dubai-based carrier Emirates airline has announced that staff salaries will be returned to 100 percent from October.
The group had implemented widespread salary cuts in March when it was forced to suspend all its flights due to the closure of international borders as part of measures to curb the spread of coronavirus.
However, a spokesperson told Arabian Business on Sunday: “We can confirm that Emirates will restore full salaries of our employees from next month.”
It comes as the airline continues to increase its capacity, with flights operating to over 80 destinations, including 13 cities in Africa and eight across the Gulf and Middle East.
First #AbuDhabi Bank wants to restart talks to buy Bank Audi's Egypt unit, say sources - Reuters
First Abu Dhabi Bank wants to restart talks to buy Bank Audi's Egypt unit, say sources - Reuters:
First Abu Dhabi Bank (FAB) FAB.AD plans to restart talks to buy the Egyptian business of Lebanon’s Bank Audi (AUDI.BY), two sources familiar with the matter said.
FAB, the United Arab Emirates’ biggest lender, will have an internal meeting this week to decide on a way to resume negotiations and put in a final bid, said one of the sources, declining to be named as the matter is not public.
A second source said FAB planned to restart negotiations within two weeks.
FAB declined to comment. Bank Audi did not immediately respond to a request for comment.
First Abu Dhabi Bank (FAB) FAB.AD plans to restart talks to buy the Egyptian business of Lebanon’s Bank Audi (AUDI.BY), two sources familiar with the matter said.
FAB, the United Arab Emirates’ biggest lender, will have an internal meeting this week to decide on a way to resume negotiations and put in a final bid, said one of the sources, declining to be named as the matter is not public.
A second source said FAB planned to restart negotiations within two weeks.
FAB declined to comment. Bank Audi did not immediately respond to a request for comment.
MIDEAST STOCKS-Major Gulf markets fall on oil price slide | Reuters
MIDEAST STOCKS-Major Gulf markets fall on oil price slide | Reuters:
Major stock markets in the Gulf fell on Sunday in response to Friday’s slide in oil prices as fears of a slow economic recovery from the COVID-19 pandemic compounded worries about weak oil demand.
Benchmark Brent crude oil fell $1.41, or 3.2%, to settle at $42.66 a barrel.
Saudi Arabia’s benchmark index eased 0.5%, with Saudi Basic Industries Corp (SABIC) falling 2% and Al Rajhi Bank down 0.6%.
SABIC, the world’s fourth-biggest petrochemicals firm, sold $1 billion in dual-tranche bonds on Thursday, as Gulf debt markets pick up after the summer break.
Dubai’s main share index fell 0.9%, dragged down by a 2% fall in blue-chip developer Emaar Properties and a 0.9% fall in decrease in Dubai Islamic Bank.
Meanwhile, the emirate’s $2 billion dual-tranche bond sale on Wednesday was backed mostly by funds in the Middle East, Europe and the United Kingdom, a document showed, while the emirate’s lack of a rating may have contributed to Asian investors shying away.
Major stock markets in the Gulf fell on Sunday in response to Friday’s slide in oil prices as fears of a slow economic recovery from the COVID-19 pandemic compounded worries about weak oil demand.
Benchmark Brent crude oil fell $1.41, or 3.2%, to settle at $42.66 a barrel.
Saudi Arabia’s benchmark index eased 0.5%, with Saudi Basic Industries Corp (SABIC) falling 2% and Al Rajhi Bank down 0.6%.
SABIC, the world’s fourth-biggest petrochemicals firm, sold $1 billion in dual-tranche bonds on Thursday, as Gulf debt markets pick up after the summer break.
Dubai’s main share index fell 0.9%, dragged down by a 2% fall in blue-chip developer Emaar Properties and a 0.9% fall in decrease in Dubai Islamic Bank.
Meanwhile, the emirate’s $2 billion dual-tranche bond sale on Wednesday was backed mostly by funds in the Middle East, Europe and the United Kingdom, a document showed, while the emirate’s lack of a rating may have contributed to Asian investors shying away.