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Thursday 29 July 2021
Oil Extends Gain From Two-Week High as U.S. Stockpiles Decline - Bloomberg
Oil Extends Gain From Two-Week High as U.S. Stockpiles Decline - Bloomberg
MIDEAST STOCKS #AbuDhabi hits record high, major Gulf bourses gain | Reuters
MIDEAST STOCKS Abu Dhabi hits record high, major Gulf bourses gain | Reuters
Major stock markets in the Gulf ended higher on Thursday, amid rising oil prices, with the Abu Dhabi index hitting a record high.
Brent crude oil futures were up 39 cents, or 0.5%, at $75.13 a barrel by 1254 GMT, as crude stockpiles in the United States, the world's top oil consumer, fell to their lowest since January 2020.
GCC stock markets opened in the black as U.S. oil stockpiles continued decreasing, revealing strong consumption and an active economic recovery, said Daniel Takieddine, senior market analyst at FXPrimus.
"The reduced stockpile has propped crude prices up which gave a boost to the region's stock markets."
Saudi Arabia's benchmark index (.TASI) rose 0.7%, with Al Rajhi Bank (1120.SE) increasing 1.1% and Saudi Telecom Company (7010.SE) surging 3.4%.
The kingdom's oil exports value increased 147% in May to just over 60 billion riyals ($16.00 billion) from a year earlier while non-oil exports rose by 70%, official data showed on Wednesday. read more
In Abu Dhabi, the index (.ADI) advanced 1%, hitting a record high, buoyed by a 2% rise in First Abu Dhabi Bank (FAB) (FAB.AD).
FAB, the United Arab Emirates' largest lender, on Wednesday posted a net profit of 2.88 billion dirhams ($784.14 million) in the quarter ended June 30, up from 2.4 billion a year earlier. read more
Dubai's main share index (.DFMGI) added 0.5%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) rising 1.7% and blue-chip developer Emaar Properties (EMAR.DU) closing 1.8%.
The Qatari index (.QSI) rose 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) gaining 1.3%, while Commercial Bank (COMB.QA) added 0.9%, extending gains from the previous session when it recommended a shareholder meeting to increase foreign ownership limit to 100%.
On the other hand, telecoms firm Ooredoo (ORDS.QA) fell 0.7% after it posted a net loss of 1.15 billion riyals ($315.93 million) for the second-quarter, versus profit of 432 million riyals year ago.
Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 0.3%, as most of the stocks on the index were in negative territory including Fawry for Banking Technology and Electronic (FWRY.CA), which was down 3.2%.
Major stock markets in the Gulf ended higher on Thursday, amid rising oil prices, with the Abu Dhabi index hitting a record high.
Brent crude oil futures were up 39 cents, or 0.5%, at $75.13 a barrel by 1254 GMT, as crude stockpiles in the United States, the world's top oil consumer, fell to their lowest since January 2020.
GCC stock markets opened in the black as U.S. oil stockpiles continued decreasing, revealing strong consumption and an active economic recovery, said Daniel Takieddine, senior market analyst at FXPrimus.
"The reduced stockpile has propped crude prices up which gave a boost to the region's stock markets."
Saudi Arabia's benchmark index (.TASI) rose 0.7%, with Al Rajhi Bank (1120.SE) increasing 1.1% and Saudi Telecom Company (7010.SE) surging 3.4%.
The kingdom's oil exports value increased 147% in May to just over 60 billion riyals ($16.00 billion) from a year earlier while non-oil exports rose by 70%, official data showed on Wednesday. read more
In Abu Dhabi, the index (.ADI) advanced 1%, hitting a record high, buoyed by a 2% rise in First Abu Dhabi Bank (FAB) (FAB.AD).
FAB, the United Arab Emirates' largest lender, on Wednesday posted a net profit of 2.88 billion dirhams ($784.14 million) in the quarter ended June 30, up from 2.4 billion a year earlier. read more
Dubai's main share index (.DFMGI) added 0.5%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) rising 1.7% and blue-chip developer Emaar Properties (EMAR.DU) closing 1.8%.
The Qatari index (.QSI) rose 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) gaining 1.3%, while Commercial Bank (COMB.QA) added 0.9%, extending gains from the previous session when it recommended a shareholder meeting to increase foreign ownership limit to 100%.
On the other hand, telecoms firm Ooredoo (ORDS.QA) fell 0.7% after it posted a net loss of 1.15 billion riyals ($315.93 million) for the second-quarter, versus profit of 432 million riyals year ago.
Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 0.3%, as most of the stocks on the index were in negative territory including Fawry for Banking Technology and Electronic (FWRY.CA), which was down 3.2%.
Etisalat’s second-quarter net profit rises on higher revenue
Etisalat’s second-quarter net profit rises on higher revenue
Etisalat, the UAE’s biggest telecoms operator, reported a slight increase in second-quarter net profit on the back of higher revenue.
The total net profit attributable to owners of the company for the three-month period ending June 30 climbed to Dh2.39 billion ($650 million) from Dh2.38bn during the same period last year, the company said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares trade.
Net profit in the first six months climbed nearly 4 per cent to Dh4.7bn from the same period a year earlier, as revenue grew more than 3 per cent to Dh26.43bn.
Revenue during the second quarter jumped 5.7 per cent year-on-year to Dh13.21bn. Impairment dropped 25 per cent to Dh246.6m.
Etisalat, the UAE’s biggest telecoms operator, reported a slight increase in second-quarter net profit on the back of higher revenue.
The total net profit attributable to owners of the company for the three-month period ending June 30 climbed to Dh2.39 billion ($650 million) from Dh2.38bn during the same period last year, the company said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares trade.
Net profit in the first six months climbed nearly 4 per cent to Dh4.7bn from the same period a year earlier, as revenue grew more than 3 per cent to Dh26.43bn.
Revenue during the second quarter jumped 5.7 per cent year-on-year to Dh13.21bn. Impairment dropped 25 per cent to Dh246.6m.
#SaudiArabia plans $15bln technology fund with private investors- report | ZAWYA MENA Edition
Saudi Arabia plans $15bln technology fund with private investors- report | ZAWYA MENA Edition
A public-private partnership will launch a $15 billion technology fund to advance the digital infrastructure in Saudi Arabia, Arab News reported on Thursday quoting Haytham AlOhali, vice minister of the Ministry of Communications & Information Technology (MCIT).
The minister made the announcement on Wednesday, during the Saudi 4th Industrial Revolution (4IR) conference held in Riyadh, the report said.
Telecom and technology operators invest between $3 billion and $4 billion annually in digital infrastructure, fiber infrastructure, Internet networks and 5G services, and this is not enough for the kingdom to take a lead, said AlOhali.
The public-private partnership will deploy the $15 billion in the kingdom's infrastructure, he said. It will invest in robotics, artificial intelligence, and wireless technology.
The investments in the fourth industrial technology are expected to reach $200 billion in the Kingdom, with value creation coming from improved efficiency and reduction in cost over a 10-year period, said AlOhali, according to Arab News.
A public-private partnership will launch a $15 billion technology fund to advance the digital infrastructure in Saudi Arabia, Arab News reported on Thursday quoting Haytham AlOhali, vice minister of the Ministry of Communications & Information Technology (MCIT).
The minister made the announcement on Wednesday, during the Saudi 4th Industrial Revolution (4IR) conference held in Riyadh, the report said.
Telecom and technology operators invest between $3 billion and $4 billion annually in digital infrastructure, fiber infrastructure, Internet networks and 5G services, and this is not enough for the kingdom to take a lead, said AlOhali.
The public-private partnership will deploy the $15 billion in the kingdom's infrastructure, he said. It will invest in robotics, artificial intelligence, and wireless technology.
The investments in the fourth industrial technology are expected to reach $200 billion in the Kingdom, with value creation coming from improved efficiency and reduction in cost over a 10-year period, said AlOhali, according to Arab News.
Queen's Gambit Growth Captial's Grace on Merger With Ride-Sharing Startup Swvl - Bloomberg
Queen's Gambit Growth Captial's Grace on Merger With Ride-Sharing Startup Swvl - Bloomberg
Victoria Grace, CEO of Queen's Gambit Growth, discusses a SPAC deal with Dubai-based ride hailing company Swvl. She speaks with Caroline Hyde and Sonali Basak on "Bloomberg Markets: European Close". (Source: Bloomberg)
Victoria Grace, CEO of Queen's Gambit Growth, discusses a SPAC deal with Dubai-based ride hailing company Swvl. She speaks with Caroline Hyde and Sonali Basak on "Bloomberg Markets: European Close". (Source: Bloomberg)
Doha Bank CEO Says Reorganizing Program Boosted Results - Bloomberg video
Doha Bank CEO Says Reorganizing Program Boosted Results - Bloomberg
Raghavan Seetharaman, Group CEO of Doha Bank discusses the lender's 2Q21 results and growth expectations in the UAE and Saudi markets. He speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Billion-dollar whales fill #1MDB’s wide net | Reuters
Billion-dollar whales fill 1MDB’s wide net | Reuters
Malaysia is steadily making good on its 1Malaysia Development Berhad disaster. The Southeast Asian country has so far clawed back $4.3 billion. That’s close to the base headline amount U.S. prosecutors indicated had been misappropriated from the sovereign fund originally set up by disgraced former Prime Minister Najib Razak to buy power plants and fund a new financial district. Now the current government may even be able to recoup enough to cover some $5.4 billion of remaining unfunded dues. Goldman Sachs was the first major player to cough up, with Malaysia extracting a $2.5 billion cash settlement one year ago. The Wall Street firm pocketed lucrative fees helping the fund issue bonds up until 2013, proceeds of which were allegedly misused. Other settlements followed with Deloitte and Malaysian lender AmBank. The U.S. Department of Justice also handed over $1 billion it had recouped, including some from selling assets like a super-yacht, Van Gogh and Monet paintings and a stake in the Park Lane Hotel in New York - all allegedly obtained using stolen funds. The balance left in the pot of money covers the fund’s obligations through 2022, but not the more than $5 billion Malaysia is on the hook for through 2039; that includes $3 billion of principal repayment in 2023. The gap explains why it continues to aggressively pursue claims. The country is targeting Deutsche Bank, JPMorgan and others in some 22 civil lawsuits seeking around $23 billion. This month it confirmed filing suits against 44 current and former partners of KPMG linked to its audit of 1MDB’s financial statements between 2010 and 2012, which Reuters reported are worth $5.6 billion. Companies have refuted the claims or refused to comment. The total owed might shrink, too, depending on the outcome of a dispute with Abu Dhabi: One of the emirate’s sovereign investment vehicles originally co-guaranteed 1MDB bonds but Malaysia has been trying to wriggle out of a related settlement agreement it says is worth $5.8 billion and which was agreed by Najib’s administration before he was ousted. The standoff in arbitration between the two countries may even fizzle out if enough funds are recouped elsewhere. Malaysia needs to secure a fifth or less of its claims to turn its highly embarrassing 1MDB shortfall into a surplus. Its close enough to that milestone for some of its targets to complain about the government’s overreach. The lawyers, at least, will have a field day.
Emirates News Agency - #UAE Central Bank maintains Base Rate at 15 basis points
Emirates News Agency - UAE Central Bank maintains Base Rate at 15 basis points
The Central Bank of the UAE (CBUAE) has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) at 15 basis points, effective from Thursday, 29th July 2021.
This decision was taken following the US Federal Reserve Board’s announcement on 28th July 2021, to set the Interest on Reserve Balances (IORB) at 15 basis points, CBUAE said in a statement on Thursday.
The Central Bank also has decided to maintain the rate applicable to borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the Base Rate.
The Base Rate, which signals the general stance of the CBUAE’s monetary policy, shall be anchored to the US Federal Reserve Board’s IORB rate, effective from 29th July 2021. This follows the Federal Reserve’s announcement that, as of 29th July 2021, rates applicable on Interest on Excess Reserves (IOER) and Interest of Requited Reserves (IORR) will be replaced by the single IORB rate.
Previously, the rate applicable to IOER had been the anchor for the CBUAE’s Base Rate.
The Central Bank of the UAE (CBUAE) has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) at 15 basis points, effective from Thursday, 29th July 2021.
This decision was taken following the US Federal Reserve Board’s announcement on 28th July 2021, to set the Interest on Reserve Balances (IORB) at 15 basis points, CBUAE said in a statement on Thursday.
The Central Bank also has decided to maintain the rate applicable to borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the Base Rate.
The Base Rate, which signals the general stance of the CBUAE’s monetary policy, shall be anchored to the US Federal Reserve Board’s IORB rate, effective from 29th July 2021. This follows the Federal Reserve’s announcement that, as of 29th July 2021, rates applicable on Interest on Excess Reserves (IOER) and Interest of Requited Reserves (IORR) will be replaced by the single IORB rate.
Previously, the rate applicable to IOER had been the anchor for the CBUAE’s Base Rate.
Oil edges higher on inventory drawdowns, Brent tops $75 a barrel | Reuters
Oil edges higher on inventory drawdowns, Brent tops $75 a barrel | Reuters
Oil prices rose on Thursday as crude stockpiles in the United States, the world's top oil consumer, fell to their lowest since January 2020, with Brent crude oil prices pushing back past $75 a barrel.
Brent crude oil futures gained 37 cents, or 0.5%, to $75.11 a barrel by 0646 GMT, while U.S. West Texas Intermediate (WTI) crude oil futures increased by 39 cents, or 0.5%, to $72.78 a barrel.
Brent topped $75 a barrel for the first time in more than two years in June, but fell back sharply earlier this month on fears about the rapid spread of the Delta variant and a compromise deal by leading OPEC producers to increase supply.
"The (oil inventory) falls suggest the rise in cases of COVID-19's Delta variant is having little impact on mobility," ANZ analysts said in a note on Thursday.
Oil prices rose on Thursday as crude stockpiles in the United States, the world's top oil consumer, fell to their lowest since January 2020, with Brent crude oil prices pushing back past $75 a barrel.
Brent crude oil futures gained 37 cents, or 0.5%, to $75.11 a barrel by 0646 GMT, while U.S. West Texas Intermediate (WTI) crude oil futures increased by 39 cents, or 0.5%, to $72.78 a barrel.
Brent topped $75 a barrel for the first time in more than two years in June, but fell back sharply earlier this month on fears about the rapid spread of the Delta variant and a compromise deal by leading OPEC producers to increase supply.
"The (oil inventory) falls suggest the rise in cases of COVID-19's Delta variant is having little impact on mobility," ANZ analysts said in a note on Thursday.