Growth for UAE to come in below IMF forecast | The National:
"The Institute of International Finance (IIF) expects the UAE’s growth this year to come in below IMF forecasts and post a wider deficit because of lower spending and low oil prices.
The UAE economy is forecast to grow at 2.5 per cent this year and post a fiscal deficit of 8 per cent, according to the IIF.
The IMF, however, had UAE’s growth for 2016 at 2.6 per cent, a cut of 0.5 percentage point compared with its October projection of 3.1 per cent growth."
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Monday 15 February 2016
Turkey's Iyzico Beats PayPal to Unlock Iran's E-Commerce System - Bloomberg Business
Turkey's Iyzico Beats PayPal to Unlock Iran's E-Commerce System - Bloomberg Business:
"An Istanbul-based payments startup says it’s signed a deal that smooths the way for companies seeking to follow it into Iran’s $400 billion economy.
Iyzico’s agreement with Tehran-based electronic payments platform PECCO lets its customers process transactions from some 230 million payment cards that until recently weren’t connected to any financial system outside Iran, according to Barbaros Ozbugutu, Iyzico’s German-Turkish chief executive. The deal is the first of its kind, he said in an interview in Istanbul.
Since visiting Tehran last year, the founders of the World Bank-backed company have been working on expanding in Iran, Ozbugutu said. That gives them a foothold in a country that’s been so far untapped by U.S.-based competitors Paypal Holdings Inc. and Stripe Inc."
'via Blog this'
"An Istanbul-based payments startup says it’s signed a deal that smooths the way for companies seeking to follow it into Iran’s $400 billion economy.
Iyzico’s agreement with Tehran-based electronic payments platform PECCO lets its customers process transactions from some 230 million payment cards that until recently weren’t connected to any financial system outside Iran, according to Barbaros Ozbugutu, Iyzico’s German-Turkish chief executive. The deal is the first of its kind, he said in an interview in Istanbul.
Since visiting Tehran last year, the founders of the World Bank-backed company have been working on expanding in Iran, Ozbugutu said. That gives them a foothold in a country that’s been so far untapped by U.S.-based competitors Paypal Holdings Inc. and Stripe Inc."
'via Blog this'
China's Silk Road revival steams ahead as cargo train arrives in Iran | Business | The Guardian
China's Silk Road revival steams ahead as cargo train arrives in Iran | Business | The Guardian:
"A long-distance cargo train has travelled from China to Iran as part of an attempted revival of the ancient Silk Road, a trans-Asian trade route connecting the east to Europe and the Mediterranean Sea.
The 32-container train, which arrived in Tehran on Monday, took 14 days to complete the 6,462 mile (10,399km) journey from China’s eastern Zhejiang province through Kazakhstan and Turkmenistan – one month less than the sea route from Shanghai to the Iranian port of Bandar Abbas.
Iranian officials have indicated that the ultimate aim is to extend the rail route to Europe, positioning Iran on a key stretch to the continent. The train, which departed from Zhejiang’s trading hub Yiwu, travelled an average of more than 700km a day."
'via Blog this'
"A long-distance cargo train has travelled from China to Iran as part of an attempted revival of the ancient Silk Road, a trans-Asian trade route connecting the east to Europe and the Mediterranean Sea.
The 32-container train, which arrived in Tehran on Monday, took 14 days to complete the 6,462 mile (10,399km) journey from China’s eastern Zhejiang province through Kazakhstan and Turkmenistan – one month less than the sea route from Shanghai to the Iranian port of Bandar Abbas.
Iranian officials have indicated that the ultimate aim is to extend the rail route to Europe, positioning Iran on a key stretch to the continent. The train, which departed from Zhejiang’s trading hub Yiwu, travelled an average of more than 700km a day."
'via Blog this'
Oil extends rally on prospects OPEC could act to counter low prices | Reuters
Oil extends rally on prospects OPEC could act to counter low prices | Reuters:
"Oil prices rose on Monday, extending a rally triggered last week by speculation that OPEC might agree to cut production to reduce a supply glut that has pushed prices to the lowest in over a decade.
Brent crude futures LCOc1, the global benchmark, were up 46 cents at $33.82 a barrel at 1232 GMT. U.S. futures CLc1 traded at $30.02 a barrel, up 58 cents on Friday's close. Trade is likely to be thinner than usual on Monday due to the U.S. Presidents Day holiday.
"Some traders still think about the chances of an OPEC plus Russia (production) cut and close their short positions," said Frank Klumpp, oil analyst at Stuttgart-based Landesbank Baden-Wuerttemberg."
'via Blog this'
"Oil prices rose on Monday, extending a rally triggered last week by speculation that OPEC might agree to cut production to reduce a supply glut that has pushed prices to the lowest in over a decade.
Brent crude futures LCOc1, the global benchmark, were up 46 cents at $33.82 a barrel at 1232 GMT. U.S. futures CLc1 traded at $30.02 a barrel, up 58 cents on Friday's close. Trade is likely to be thinner than usual on Monday due to the U.S. Presidents Day holiday.
"Some traders still think about the chances of an OPEC plus Russia (production) cut and close their short positions," said Frank Klumpp, oil analyst at Stuttgart-based Landesbank Baden-Wuerttemberg."
'via Blog this'
MIDEAST STOCKS-Loan-deposit shift boosts Saudi; most markets firm | Reuters
MIDEAST STOCKS-Loan-deposit shift boosts Saudi; most markets firm | Reuters:
"Saudi Arabian stocks rose sharply on Monday after the central bank raised banks' maximum loan-deposit ratio, while most other bourses in the region were buoyed by a rebound of global markets.
The Saudi central bank, seeking to ease tightening liquidity caused by low oil prices, increased the ratio of deposits that commercial banks can lend out to 90 percent from 85 percent, industry sources told Reuters.
That may not make much difference in the long term to the pressures on Saudi banks, which face deteriorating credit quality as the economy slows as well as demands on their funds from heavy government bond issuance. The three-month Saudi interbank offered rate edged up on Monday to 1.73125 percent from 1.72875 percent."
'via Blog this'
"Saudi Arabian stocks rose sharply on Monday after the central bank raised banks' maximum loan-deposit ratio, while most other bourses in the region were buoyed by a rebound of global markets.
The Saudi central bank, seeking to ease tightening liquidity caused by low oil prices, increased the ratio of deposits that commercial banks can lend out to 90 percent from 85 percent, industry sources told Reuters.
That may not make much difference in the long term to the pressures on Saudi banks, which face deteriorating credit quality as the economy slows as well as demands on their funds from heavy government bond issuance. The three-month Saudi interbank offered rate edged up on Monday to 1.73125 percent from 1.72875 percent."
'via Blog this'
Iran loads Europe oil cargo as Brent resumes decline | The National
Iran loads Europe oil cargo as Brent resumes decline | The National:
"Oil prices traded near US$30 as the first shipment of Iranian crude set sail to Europe after the easing of sanctions last month.
The price of Brent, the global benchmark, opened in early morning trading in London at $33.31 on the news of Iranian crude being shipped to Europe for the first time in five years.
French energy giant, Total, is expected to set off with 2 million barrels while Spain’s Compania Espanola de Petroleos (Cepsa) and the trading arm of Russia’s Lukoil, Litasco, will also carry 1 million barrels each."
'via Blog this'
"Oil prices traded near US$30 as the first shipment of Iranian crude set sail to Europe after the easing of sanctions last month.
The price of Brent, the global benchmark, opened in early morning trading in London at $33.31 on the news of Iranian crude being shipped to Europe for the first time in five years.
French energy giant, Total, is expected to set off with 2 million barrels while Spain’s Compania Espanola de Petroleos (Cepsa) and the trading arm of Russia’s Lukoil, Litasco, will also carry 1 million barrels each."
'via Blog this'
MIDEAST STOCKS-Saudi shares rise after loan-deposit shift; Egypt gains | Reuters
MIDEAST STOCKS-Saudi shares rise after loan-deposit shift; Egypt gains | Reuters:
"Saudi Arabian stocks rose early on Monday after the central bank raised banks' loan-deposit ratio, while a rebound in global markets helped to lift Egypt's bourse.
The Saudi central bank, seeking to ease tightening liquidity caused by low oil prices, increased the ratio of deposits that commercial banks can lend to 90 percent from 85 percent, industry sources told Reuters .
That may not make much difference in the long term to the pressures on Saudi banks, which face deteriorating credit quality as the economy slows as well as demands on their funds from heavy government bond issuance. The three-month Saudi interbank offered rate edged up on Monday to 1.73125 percent from 1.72875 percent.
"
'via Blog this'
"Saudi Arabian stocks rose early on Monday after the central bank raised banks' loan-deposit ratio, while a rebound in global markets helped to lift Egypt's bourse.
The Saudi central bank, seeking to ease tightening liquidity caused by low oil prices, increased the ratio of deposits that commercial banks can lend to 90 percent from 85 percent, industry sources told Reuters .
That may not make much difference in the long term to the pressures on Saudi banks, which face deteriorating credit quality as the economy slows as well as demands on their funds from heavy government bond issuance. The three-month Saudi interbank offered rate edged up on Monday to 1.73125 percent from 1.72875 percent.
"
'via Blog this'
Just as Oil Price Rebounds, Fuel Demand Is Poised to Melt Away - Bloomberg Business
Just as Oil Price Rebounds, Fuel Demand Is Poised to Melt Away - Bloomberg Business:
"Here’s one reason to withhold faith in oil’s recovery after the biggest rally in seven years: Once winter fades, it’s downhill all the way for fuel demand until summer.
The 12 percent rebound in West Texas Intermediate on Friday couldn’t save the U.S. crude benchmark from a 4.7 percent weekly decline. Prices remain below $30 a barrel even as demand for heating amid the northern hemisphere weather drives demand to its seasonal peak. Fuel consumption will start to taper off next month as temperatures rise, removing further support from prices."
'via Blog this'
"Here’s one reason to withhold faith in oil’s recovery after the biggest rally in seven years: Once winter fades, it’s downhill all the way for fuel demand until summer.
The 12 percent rebound in West Texas Intermediate on Friday couldn’t save the U.S. crude benchmark from a 4.7 percent weekly decline. Prices remain below $30 a barrel even as demand for heating amid the northern hemisphere weather drives demand to its seasonal peak. Fuel consumption will start to taper off next month as temperatures rise, removing further support from prices."
'via Blog this'
MIDEAST STOCKS-Real estate firms buoy Qatar, UAE sluggish | Reuters
MIDEAST STOCKS-Real estate firms buoy Qatar, UAE sluggish | Reuters:
"Real estate stocks buoyed Qatar's bourse early on Monday after strong earnings from United Development Co, while United Arab Emirates markets were mixed in sluggish trade.
Qatar's index climbed 0.8 percent as United Development, the most heavily traded stock, jumped 7.8 percent. It reported a 10.2 percent rise in 2015 net profit and recommended a dividend of 1.5 riyals per share, up from 1.25 riyals a year earlier.
Other real estate shares rose in sympathy, with Barwa Real Estate gaining 3.7 percent."
'via Blog this'
"Real estate stocks buoyed Qatar's bourse early on Monday after strong earnings from United Development Co, while United Arab Emirates markets were mixed in sluggish trade.
Qatar's index climbed 0.8 percent as United Development, the most heavily traded stock, jumped 7.8 percent. It reported a 10.2 percent rise in 2015 net profit and recommended a dividend of 1.5 riyals per share, up from 1.25 riyals a year earlier.
Other real estate shares rose in sympathy, with Barwa Real Estate gaining 3.7 percent."
'via Blog this'
Ferrari Theme Park Developer Looking to Extend Debt Maturities - Bloomberg Business
Ferrari Theme Park Developer Looking to Extend Debt Maturities - Bloomberg Business:
"Aldar Properties PJSC, Abu Dhabi’s largest developer and the builder of a Ferrari theme park, is considering extending maturities on parts of its 6 billion dirhams ($1.6 billion) of debt.
The debt, which fell from 9.1 billion dirhams a year ago, includes loans due from 2016 to 2019, Chief Financial Officer Greg Fewer told reporters on a conference call Monday. The rest is a $750 million Islamic bond, or Sukuk, due in 2018.
“We are about half in the bond market, half in the debt market right now in terms of our gross debt and we like that proportion,” the CFO said. “We would like to extend the overall debt duration for the whole portfolio,” he said. “We are monitoring both bank and bond markets for opportunities.”"
'via Blog this'
"Aldar Properties PJSC, Abu Dhabi’s largest developer and the builder of a Ferrari theme park, is considering extending maturities on parts of its 6 billion dirhams ($1.6 billion) of debt.
The debt, which fell from 9.1 billion dirhams a year ago, includes loans due from 2016 to 2019, Chief Financial Officer Greg Fewer told reporters on a conference call Monday. The rest is a $750 million Islamic bond, or Sukuk, due in 2018.
“We are about half in the bond market, half in the debt market right now in terms of our gross debt and we like that proportion,” the CFO said. “We would like to extend the overall debt duration for the whole portfolio,” he said. “We are monitoring both bank and bond markets for opportunities.”"
'via Blog this'
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