ADX falls to lowest in over a year | The National:
"Shares in Abu Dhabi suffered their worst day in over a year, as FGB and NBAD went ex-dividend. Dubai shares also fell.
Lower oil prices drove Saudi stocks lower, with most other bourses across the Arabian Gulf finishing higher.
The Abu Dhabi Securities Exchange General Index fell 2.9 per cent to a one-month low of 4,457.30, making it one of the day’s worst performing indexes worldwide."
'via Blog this'
Thursday 9 March 2017
Emirates chief fears ‘gathering storm’ as he hints at exit | GulfNews.com
Emirates chief fears ‘gathering storm’ as he hints at exit | GulfNews.com:
"Emirates President Tim Clark said the world’s biggest long-haul airline faces a “gathering storm” as a new generation of low-cost carriers targets the intercontinental routes around which it has built its business. Dubai-based Emirates sees threats across all markets from rivals spanning Norwegian Air Shuttle ASA to the Scoot unit of Singapore Airlines Ltd, Clark said Thursday in Berlin. The Gulf airline may also need to establish a short-haul fleet as Mideast nations, which it has struggled to serve, begin to open up, he said, while cautioning that the decision will be one for his successor. “The dynamic is changing in the Middle East with regard to access to new markets,” the executive said in Berlin, where travel industry executives have are gathered for the ITB tourism fair. “Our business model was set in the late 1980s, when access was denied to us by many places in the region.”"
'via Blog this'
"Emirates President Tim Clark said the world’s biggest long-haul airline faces a “gathering storm” as a new generation of low-cost carriers targets the intercontinental routes around which it has built its business. Dubai-based Emirates sees threats across all markets from rivals spanning Norwegian Air Shuttle ASA to the Scoot unit of Singapore Airlines Ltd, Clark said Thursday in Berlin. The Gulf airline may also need to establish a short-haul fleet as Mideast nations, which it has struggled to serve, begin to open up, he said, while cautioning that the decision will be one for his successor. “The dynamic is changing in the Middle East with regard to access to new markets,” the executive said in Berlin, where travel industry executives have are gathered for the ITB tourism fair. “Our business model was set in the late 1980s, when access was denied to us by many places in the region.”"
'via Blog this'
Linde revives Iran contracts, waits for banking system | Reuters
Linde revives Iran contracts, waits for banking system | Reuters:
"German industrial gases group Linde (LING.DE) has revived plant-engineering contracts in Iran that lay dormant for years under sanctions but cannot act on them until there is a way to transfer money out of the country, its chief executive said.
"We have already signed engineering contracts to resuscitate projects from years ago but the banking system has to be fixed first before we can start performing on these contracts," Aldo Belloni told analysts on a conference call on Thursday."
'via Blog this'
"German industrial gases group Linde (LING.DE) has revived plant-engineering contracts in Iran that lay dormant for years under sanctions but cannot act on them until there is a way to transfer money out of the country, its chief executive said.
"We have already signed engineering contracts to resuscitate projects from years ago but the banking system has to be fixed first before we can start performing on these contracts," Aldo Belloni told analysts on a conference call on Thursday."
'via Blog this'
Qatar's Savvy as Indian Skies Crowd Over - Bloomberg Gadfly
Qatar's Savvy as Indian Skies Crowd Over - Bloomberg Gadfly:
"In Qatar Airways Ltd.'s decision to set up a brand new short-haul carrier in India, there's a hint of commercial savvy that goes back a millennium and a half.Otherwise, why introduce 100 new planes in crowded Indian skies? For all the lure of world-beating growth out to 2035, the hyper-competitive market has already seen the rapid implosion of local beer tycoon Vijay Mallya's Kingfisher Airlines Ltd. and is currently witnessing a painfully slow crumpling of state-run Air India Ltd. under a $7 billion debt load. So what's motivating Qatar to dive into this air pocket? A two-word answer may be: Southern India.
Centuries before Arabs first invaded the northern parts of the country, they controlled a flourishing trading empire between Kerala on the southwestern Indian coast and Yemen and Oman. As far back as the first century AD, Greek navigators remarked on how the Kerala port of Muziris "abounds in ships sent there with cargoes from Arabia.""
'via Blog this'
"In Qatar Airways Ltd.'s decision to set up a brand new short-haul carrier in India, there's a hint of commercial savvy that goes back a millennium and a half.Otherwise, why introduce 100 new planes in crowded Indian skies? For all the lure of world-beating growth out to 2035, the hyper-competitive market has already seen the rapid implosion of local beer tycoon Vijay Mallya's Kingfisher Airlines Ltd. and is currently witnessing a painfully slow crumpling of state-run Air India Ltd. under a $7 billion debt load. So what's motivating Qatar to dive into this air pocket? A two-word answer may be: Southern India.
Centuries before Arabs first invaded the northern parts of the country, they controlled a flourishing trading empire between Kerala on the southwestern Indian coast and Yemen and Oman. As far back as the first century AD, Greek navigators remarked on how the Kerala port of Muziris "abounds in ships sent there with cargoes from Arabia.""
'via Blog this'
Deutsche Bank Qatar, China Investors Said to Back Cash Call - Bloomberg
Deutsche Bank Qatar, China Investors Said to Back Cash Call - Bloomberg:
"Qatar’s royal family and China’s HNA Group Co., two of Deutsche Bank AG’s biggest investors, plan to buy shares in the lender’s 8 billion-euro ($8.4 billion) rights offer with a view to increasing their stakes, according to people with knowledge of the matter.
Sheikh Hamad Bin Jassim Bin Jabr Al Thani, former prime minister of the Gulf state, and the former emir of the country, Sheikh Hamad bin Khalifa Al Thani, are considering boosting their current combined holding of less than 10 percent, the people said, asking not to be identified because the information is private. Separately, HNA has a long-term goal of increasing its 3.04 percent holding, two people said. In both cases, no final decision has been made on the final size of the investments."
'via Blog this'
"Qatar’s royal family and China’s HNA Group Co., two of Deutsche Bank AG’s biggest investors, plan to buy shares in the lender’s 8 billion-euro ($8.4 billion) rights offer with a view to increasing their stakes, according to people with knowledge of the matter.
Sheikh Hamad Bin Jassim Bin Jabr Al Thani, former prime minister of the Gulf state, and the former emir of the country, Sheikh Hamad bin Khalifa Al Thani, are considering boosting their current combined holding of less than 10 percent, the people said, asking not to be identified because the information is private. Separately, HNA has a long-term goal of increasing its 3.04 percent holding, two people said. In both cases, no final decision has been made on the final size of the investments."
'via Blog this'
Oil Drops Below $50 for First Time Since December on Supply Glut - Bloomberg
Oil Drops Below $50 for First Time Since December on Supply Glut - Bloomberg:
"Oil dropped below $50 for the first time since December after concerns that OPEC’s output cuts aren’t tempering a surplus in the U.S. triggered the biggest slump in more than a year.
Futures dropped as much as 2.2 percent in New York to $49.20 after losing 5.7 percent the previous three sessions. Stockpiles rose 8.2 million to the highest level in weekly government data since 1982. Harold Hamm, the U.S. shale oil billionaire, warned on Wednesday that the industry could “kill” the crude market if it embarks on another spending binge."
'via Blog this'
"Oil dropped below $50 for the first time since December after concerns that OPEC’s output cuts aren’t tempering a surplus in the U.S. triggered the biggest slump in more than a year.
Futures dropped as much as 2.2 percent in New York to $49.20 after losing 5.7 percent the previous three sessions. Stockpiles rose 8.2 million to the highest level in weekly government data since 1982. Harold Hamm, the U.S. shale oil billionaire, warned on Wednesday that the industry could “kill” the crude market if it embarks on another spending binge."
'via Blog this'
Shale Billionaire Hamm Says Industry Binge Can ‘Kill’ Oil Market - Bloomberg
Shale Billionaire Hamm Says Industry Binge Can ‘Kill’ Oil Market - Bloomberg:
"Harold Hamm, the billionaire shale oilman, said the U.S. industry could "kill" the oil market if it embarks into another spending binge, a rare warning in a business focused on fast growth to compete with OPEC. The statement, at an energy conference in Houston on Wednesday, comes as top shale companies announce large increases in spending for this year, and the U.S. government says domestic oil output next year will surpass the record high set in 1970. OPEC ministers have said they are keeping a close watch on shale production to decide in late May whether to extend their oil-supply cuts into the second half of the year. Oil prices plunged 5 percent on Wednesday to their lowest level this year, falling just above $50 a barrel, on investor concerns about unbridled growth in America’s shale basins swelling U.S. inventories."
'via Blog this'
"Harold Hamm, the billionaire shale oilman, said the U.S. industry could "kill" the oil market if it embarks into another spending binge, a rare warning in a business focused on fast growth to compete with OPEC. The statement, at an energy conference in Houston on Wednesday, comes as top shale companies announce large increases in spending for this year, and the U.S. government says domestic oil output next year will surpass the record high set in 1970. OPEC ministers have said they are keeping a close watch on shale production to decide in late May whether to extend their oil-supply cuts into the second half of the year. Oil prices plunged 5 percent on Wednesday to their lowest level this year, falling just above $50 a barrel, on investor concerns about unbridled growth in America’s shale basins swelling U.S. inventories."
'via Blog this'
MIDEAST STOCKS-Oil depresses Gulf, Abu Dhabi hit by ex-dividend FGB, NBAD | Reuters
MIDEAST STOCKS-Oil depresses Gulf, Abu Dhabi hit by ex-dividend FGB, NBAD | Reuters:
"Gulf stock markets were pulled down early on Thursday by a 5 percent overnight slide in oil prices, while Abu Dhabi was hit particularly hard as heavyweights First Gulf Bank and National Bank of Abu Dhabi traded ex-dividend. Abu Dhabi's stock index dropped 2.9 percent as First Gulf Bank tumbled 9.0 percent and National Bank of Abu Dhabi lost 5.6 percent. The pair are due to merge on April 1. Dubai's index fell 0.1 percent in very thin trade with tourism-sensitive companies trading lower; theme parks operator DXB Entertainments was down 1.9 percent and Emaar Malls Group fell 0.8 percent."
'via Blog this'
"Gulf stock markets were pulled down early on Thursday by a 5 percent overnight slide in oil prices, while Abu Dhabi was hit particularly hard as heavyweights First Gulf Bank and National Bank of Abu Dhabi traded ex-dividend. Abu Dhabi's stock index dropped 2.9 percent as First Gulf Bank tumbled 9.0 percent and National Bank of Abu Dhabi lost 5.6 percent. The pair are due to merge on April 1. Dubai's index fell 0.1 percent in very thin trade with tourism-sensitive companies trading lower; theme parks operator DXB Entertainments was down 1.9 percent and Emaar Malls Group fell 0.8 percent."
'via Blog this'
Subscribe to:
Posts (Atom)