Tackling the oil glut | FT Markets - YouTube: ""
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Tuesday 8 December 2015
Dubai's Damac says it is sticking with Trump Organization despite Donald's anti-Muslim tirade | The National
Dubai's Damac says it is sticking with Trump Organization despite Donald's anti-Muslim tirade | The National:
"Damac is sticking by its partnership with the Trump Organization despite the latest anti-Muslim tirade by the front-runner for the Republican presidential nomination.
Donald Trump on Monday called for a “total and complete shutdown of Muslims entering the United States”.
His remark drew swift rebukes from across the political spectrum. It came just weeks after he said he would consider closing down some US mosques in response to the Paris terror attacks."
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"Damac is sticking by its partnership with the Trump Organization despite the latest anti-Muslim tirade by the front-runner for the Republican presidential nomination.
Donald Trump on Monday called for a “total and complete shutdown of Muslims entering the United States”.
His remark drew swift rebukes from across the political spectrum. It came just weeks after he said he would consider closing down some US mosques in response to the Paris terror attacks."
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15 to 20% of GCC firms to freeze pay hike, benefits | GulfNews.com
15 to 20% of GCC firms to freeze pay hike, benefits | GulfNews.com:
"Employees in the UAE will receive modest or no increases in their salaries and bonus payouts next year as companies are getting cautious about spending more money on staff wages amid the economic slowdown.
According to a report released on Tuesday, around 15 to 20 per cent of companies in the Gulf Cooperation Council (GCC) region are likely to impose a freeze on wage adjustments, while workers in the UAE are set to receive the lowest increase in real earnings.
A forecast issued by Korn Ferry, an organizational advisory firm, however, showed that workers around the world will see real income growing faster at 2.5 per cent, the highest in three years."
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"Employees in the UAE will receive modest or no increases in their salaries and bonus payouts next year as companies are getting cautious about spending more money on staff wages amid the economic slowdown.
According to a report released on Tuesday, around 15 to 20 per cent of companies in the Gulf Cooperation Council (GCC) region are likely to impose a freeze on wage adjustments, while workers in the UAE are set to receive the lowest increase in real earnings.
A forecast issued by Korn Ferry, an organizational advisory firm, however, showed that workers around the world will see real income growing faster at 2.5 per cent, the highest in three years."
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OPEC Takes Down Oil Majors as Lower-for-Even-Longer Kicks In - Bloomberg Business
OPEC Takes Down Oil Majors as Lower-for-Even-Longer Kicks In - Bloomberg Business:
"For months, many executives at the world’s largest oil producers have been talking about prices staying lower for longer. After OPEC’s decision to keep pumping full pelt that could become lower for even longer.
Even before Friday, the prolonged slump in crude had forced analysts to cut their earnings-per-share estimates for the world’s 10 largest integrated oil companies in recent weeks. With oil dropping to the lowest in more than six years after the Organization of Petroleum Exporting Countries meeting on Friday, further downgrades are probably on the way.
“A potential OPEC cut was the last source of hope for the bulls near term,” Aneek Haq, a London-based analyst with Exane BNP Paribas said Dec. 4. “The oil majors have already started to underperform the market over the past few weeks, but this now coupled with earnings downgrades and valuations that imply $70 a barrel should put further pressure on share prices.”"
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"For months, many executives at the world’s largest oil producers have been talking about prices staying lower for longer. After OPEC’s decision to keep pumping full pelt that could become lower for even longer.
Even before Friday, the prolonged slump in crude had forced analysts to cut their earnings-per-share estimates for the world’s 10 largest integrated oil companies in recent weeks. With oil dropping to the lowest in more than six years after the Organization of Petroleum Exporting Countries meeting on Friday, further downgrades are probably on the way.
“A potential OPEC cut was the last source of hope for the bulls near term,” Aneek Haq, a London-based analyst with Exane BNP Paribas said Dec. 4. “The oil majors have already started to underperform the market over the past few weeks, but this now coupled with earnings downgrades and valuations that imply $70 a barrel should put further pressure on share prices.”"
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Mideast Stocks Sink as Brent Crude Trades Near Lowest Since 2009 - Bloomberg Business
Mideast Stocks Sink as Brent Crude Trades Near Lowest Since 2009 - Bloomberg Business:
"Middle Eastern stocks were among the world’s biggest decliners after OPEC’s failure to limit output amid a global supply glut pushed the commodity to the lowest level in almost seven years this week.
Qatar’s QE Index slid 3.1 percent, the most among 93 stock indexes tracked by Bloomberg globally after equities in Athens, to 10,096.51. Dubai’s DFM General Index followed with a 3 percent slide. The Bloomberg GCC 200 Index, a gauge of the largest companies in the six-nation Gulf Cooperation Council, had its worst day since August."
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"Middle Eastern stocks were among the world’s biggest decliners after OPEC’s failure to limit output amid a global supply glut pushed the commodity to the lowest level in almost seven years this week.
Qatar’s QE Index slid 3.1 percent, the most among 93 stock indexes tracked by Bloomberg globally after equities in Athens, to 10,096.51. Dubai’s DFM General Index followed with a 3 percent slide. The Bloomberg GCC 200 Index, a gauge of the largest companies in the six-nation Gulf Cooperation Council, had its worst day since August."
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MIDEAST STOCKS-Stocks fall as regional investors cash out; Qatar hits two-year low | Reuters
MIDEAST STOCKS-Stocks fall as regional investors cash out; Qatar hits two-year low | Reuters:
"Middle East stocks fell as Arab investors cashed out of regional on Tuesday after oil prices dropped to near a seven-year low, with all regional markets ending the day lower.
Brent futures hovered just above $40 and U.S. crude broke below $37, levels last seen during the credit crunch of 2008/09.
Qatar's benchmark index plunged 3.1 percent, hitting a two-year low."
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"Middle East stocks fell as Arab investors cashed out of regional on Tuesday after oil prices dropped to near a seven-year low, with all regional markets ending the day lower.
Brent futures hovered just above $40 and U.S. crude broke below $37, levels last seen during the credit crunch of 2008/09.
Qatar's benchmark index plunged 3.1 percent, hitting a two-year low."
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Oil falls to near seven-year low - FT.com
Oil falls to near seven-year low - FT.com:
"Oil slumped to its lowest level since the financial crisis as traders reacted to a rancorous Opec meeting last week that exposed the organisation’s inability to tackle a global oil glut.
The seven-hour meeting ended in chaotic scenes on Friday evening and highlighted the growing discord between Saudi Arabia and Iran, two of Opec’s most powerful members, as Tehran prepares its return to international markets next year when sanctions are lifted.
As oil traders delivered their verdict on Monday, Brent, the global benchmark, dropped by 5 per cent towards $40 a barrel, its lowest in almost seven years. US marker West Texas Intermediate fell 5.8 per cent to $37.65."
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"Oil slumped to its lowest level since the financial crisis as traders reacted to a rancorous Opec meeting last week that exposed the organisation’s inability to tackle a global oil glut.
The seven-hour meeting ended in chaotic scenes on Friday evening and highlighted the growing discord between Saudi Arabia and Iran, two of Opec’s most powerful members, as Tehran prepares its return to international markets next year when sanctions are lifted.
As oil traders delivered their verdict on Monday, Brent, the global benchmark, dropped by 5 per cent towards $40 a barrel, its lowest in almost seven years. US marker West Texas Intermediate fell 5.8 per cent to $37.65."
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Emirates Airline attacks EU attempts to target airline state subsidies - FT.com
Emirates Airline attacks EU attempts to target airline state subsidies - FT.com:
"Emirates Airline has hit out at European Commission plans to use aviation negotiations with Gulf countries as a way to challenge alleged illegal state subsidies to the Middle East region’s airlines.
The commission on Monday announced a package of measures aimed at tackling unfair competition and creating a level-playing field for European airlines. This included a plan to use EU-wide negotiations with particular countries to address competition concerns."
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"Emirates Airline has hit out at European Commission plans to use aviation negotiations with Gulf countries as a way to challenge alleged illegal state subsidies to the Middle East region’s airlines.
The commission on Monday announced a package of measures aimed at tackling unfair competition and creating a level-playing field for European airlines. This included a plan to use EU-wide negotiations with particular countries to address competition concerns."
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The fall of Jersey: how a tax haven goes bust | Oliver Bullough | The Guardian
The fall of Jersey: how a tax haven goes bust | Oliver Bullough | UK news | The Guardian:
"As you approach Jersey by air, your plane’s shadow touches cliffs rising from the English Channel, then patchwork fields with wooded dingles between them, then four‑square buildings with groomed lawns. Down below, the island is lush and verdant, set in a sparkling procession of eastward-marching waves. It looks like a bit of Devon that ran away to sea and did rather well for itself.
John Christensen grew up in one of those handsome houses, a Norman manor surrounded by fields. “It was heaven,” he said. “There were fantastic beaches, a strong sense of fun, because of the tourism industry. The Beatles played at Springfield in 1963, stuff like that. It was cool.”"
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"As you approach Jersey by air, your plane’s shadow touches cliffs rising from the English Channel, then patchwork fields with wooded dingles between them, then four‑square buildings with groomed lawns. Down below, the island is lush and verdant, set in a sparkling procession of eastward-marching waves. It looks like a bit of Devon that ran away to sea and did rather well for itself.
John Christensen grew up in one of those handsome houses, a Norman manor surrounded by fields. “It was heaven,” he said. “There were fantastic beaches, a strong sense of fun, because of the tourism industry. The Beatles played at Springfield in 1963, stuff like that. It was cool.”"
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UAE economy to grow by 3% to 3.5% in 2016 | GulfNews.com
UAE economy to grow by 3% to 3.5% in 2016 | GulfNews.com:
"The UAE's economy is expected to grow at a rate of 3 per cent to 3.5 per cent in 2016, maintaining almost the same rate expected in 2015, according to Sultan Al Mansouri, the country's Minister of Economy.
The figure will depend on oil prices in 2016, however.
"If we see minimal increase in the prices of oil, we expect to see 3-3.5 per cent increase in 2016. I think because we learnt from 2015 and we understand where the world economy is moving, we feel that we are better prepared in terms of how we put our vision as UAE."
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"The UAE's economy is expected to grow at a rate of 3 per cent to 3.5 per cent in 2016, maintaining almost the same rate expected in 2015, according to Sultan Al Mansouri, the country's Minister of Economy.
The figure will depend on oil prices in 2016, however.
"If we see minimal increase in the prices of oil, we expect to see 3-3.5 per cent increase in 2016. I think because we learnt from 2015 and we understand where the world economy is moving, we feel that we are better prepared in terms of how we put our vision as UAE."
'via Blog this'
GCC countries agree on key issues for VAT introduction | GulfNews.com
GCC countries agree on key issues for VAT introduction | GulfNews.com:
"Countries in the GCC have agreed on key issues regarding the implementation of Value Added Tax (VAT) in the region, but are still in talks about finalising and unifying the process, according to a spokesperson from the UAE’s Ministry of Finance.
The agreement was reached during a meeting a few days ago between representatives from the GCC countries.
“We have agreed to exempt some of the food [products] — approximately 94 items. We have also agreed to apply zero rates on health care and education sectors."
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"Countries in the GCC have agreed on key issues regarding the implementation of Value Added Tax (VAT) in the region, but are still in talks about finalising and unifying the process, according to a spokesperson from the UAE’s Ministry of Finance.
The agreement was reached during a meeting a few days ago between representatives from the GCC countries.
“We have agreed to exempt some of the food [products] — approximately 94 items. We have also agreed to apply zero rates on health care and education sectors."
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MIDEAST STOCKS-UAE, Qatar mkts fall in broad sell-off; Dubai hits 2015 low | Reuters
MIDEAST STOCKS-UAE, Qatar mkts fall in broad sell-off; Dubai hits 2015 low | Reuters:
"Markets in Qatar and the United Arab Emirates slid in a broad sell-off on Tuesday as most buyers await signs the bourses have bottomed out before committing more cash.
Abu Dhabi's bourse tumbled 2 percent to a three-week low as Monday's 0.3 percent gain proved a fleeting recovery.
Financial stocks were the main drag. Abu Dhabi Commercial Bank dropped 6.5 percent and First Gulf Bank lost 2.5 percent."
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"Markets in Qatar and the United Arab Emirates slid in a broad sell-off on Tuesday as most buyers await signs the bourses have bottomed out before committing more cash.
Abu Dhabi's bourse tumbled 2 percent to a three-week low as Monday's 0.3 percent gain proved a fleeting recovery.
Financial stocks were the main drag. Abu Dhabi Commercial Bank dropped 6.5 percent and First Gulf Bank lost 2.5 percent."
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