Emirates looks to scale up flights to US after electronics ban hits demand - The National:
"Emirates, the world’s largest airline by international passengers, has started to ramp up some of its routes to the US that it had scaled back as a result of an electronics ban implemented in March by the Trump administration, and is looking to boost further capacity, its president said. “We’ve already put Orlando back up to a daily and we’ve seen extraordinary high seat factors on Boston and Seattle on the one frequency,” Emirates president Tim Clark said in an interview with The National. “I would say it’s not going to be long before we start re-assessing a reintroduction of our capacity into the US… I’m hoping we can restore that fairly soon.” In March, the US announced that laptops, tablets, e-readers and other large electronic devices would be banned from cabins on flights from 10 airports, including those in Abu Dhabi and Dubai. The ban disrupted operations of a number of carriers, with the drop in demand translating into commercial losses."
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Thursday 13 July 2017
Commerzbank Banker Says He Was Told to Shut Up on Compliance - Bloomberg
Commerzbank Banker Says He Was Told to Shut Up on Compliance - Bloomberg:
"A former Commerzbank AG executive said in a London employment lawsuit that he was told to "shut up," harassed and eventually let go after he blew the whistle on corporate misconduct at the German lender. Najam Khan, who was head of corporate finance and Middle East Islamic finance in Dubai, said the bank ignored his repeated concerns over the lender’s failures to properly separate the private and public sides of the business, according to his statement in the employment tribunal case Thursday. Khan said a 2016 layoff was used to terminate him after he flagged the issues. Khan said that his superior, global head of corporate finance Roman Schmidt, rebuked his attempts to point out that the bank’s units weren’t adequately divided. Banks are required to split the business areas to avoid information sharing that could lead to conflicts of interest or insider trading ahead of deals."
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"A former Commerzbank AG executive said in a London employment lawsuit that he was told to "shut up," harassed and eventually let go after he blew the whistle on corporate misconduct at the German lender. Najam Khan, who was head of corporate finance and Middle East Islamic finance in Dubai, said the bank ignored his repeated concerns over the lender’s failures to properly separate the private and public sides of the business, according to his statement in the employment tribunal case Thursday. Khan said a 2016 layoff was used to terminate him after he flagged the issues. Khan said that his superior, global head of corporate finance Roman Schmidt, rebuked his attempts to point out that the bank’s units weren’t adequately divided. Banks are required to split the business areas to avoid information sharing that could lead to conflicts of interest or insider trading ahead of deals."
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Qatar's Biggest Bank Turns to Asia to Offset Saudi-Led Sanctions - Bloomberg
Qatar's Biggest Bank Turns to Asia to Offset Saudi-Led Sanctions - Bloomberg:
"Qatar National Bank QPSC’s expansion into Asia is helping the lender offset the impact of the ongoing Saudi-led campaign to isolate the gas-rich Arab state, its chief executive officer said. The shares rose. The Middle East’s biggest bank by assets aims to cut the income generated from its domestic market to 50 percent by 2020 from about 63 percent currently, Ali al-Kuwari said in a Bloomberg TV interview, his first since the standoff began on June 5. The bank will apply to open a branch in Hong Kong this year and convert its China representative office to a branch, he said. "
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"Qatar National Bank QPSC’s expansion into Asia is helping the lender offset the impact of the ongoing Saudi-led campaign to isolate the gas-rich Arab state, its chief executive officer said. The shares rose. The Middle East’s biggest bank by assets aims to cut the income generated from its domestic market to 50 percent by 2020 from about 63 percent currently, Ali al-Kuwari said in a Bloomberg TV interview, his first since the standoff began on June 5. The bank will apply to open a branch in Hong Kong this year and convert its China representative office to a branch, he said. "
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Oman Oil closes $2 billion loan financing - source
Oman Oil closes $2 billion loan financing - source:
"Oman Oil Co, the Omani state-owned petroleum firm, has completed a $2 billion loan financing, a source close to the matter said.
The company’s funding efforts are part of a wider push by the government to raise international finance to reduce pressure on its budget, which has been hit by low oil prices.
Oman Oil has signed a revolving credit facility (RCF) of $1.15 billion, with a five-year maturity, and has slightly amended the terms of an existing $850 million revolving loan that matures in 2019, the source said."
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"Oman Oil Co, the Omani state-owned petroleum firm, has completed a $2 billion loan financing, a source close to the matter said.
The company’s funding efforts are part of a wider push by the government to raise international finance to reduce pressure on its budget, which has been hit by low oil prices.
Oman Oil has signed a revolving credit facility (RCF) of $1.15 billion, with a five-year maturity, and has slightly amended the terms of an existing $850 million revolving loan that matures in 2019, the source said."
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Britain seeks looser IPO rules to lure Saudi Aramco, worries investors
Britain seeks looser IPO rules to lure Saudi Aramco, worries investors:
"Britain wants to loosen rules on listing state companies in a move that could help London win the lucrative IPO of oil giant Saudi Aramco (IPO-ARMO.SE) but which has raised fears for minority investors. The Financial Conduct Authority's proposals on Thursday would create a new listing category for companies controlled by sovereign states and come as exchanges vie to win the Aramco initial public offering, which is set to be the largest ever. But they met with criticism from British fund managers, who have already expressed concerns about Aramco's governance."
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"Britain wants to loosen rules on listing state companies in a move that could help London win the lucrative IPO of oil giant Saudi Aramco (IPO-ARMO.SE) but which has raised fears for minority investors. The Financial Conduct Authority's proposals on Thursday would create a new listing category for companies controlled by sovereign states and come as exchanges vie to win the Aramco initial public offering, which is set to be the largest ever. But they met with criticism from British fund managers, who have already expressed concerns about Aramco's governance."
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Deeper OPEC Cuts Would Help Shale, Former Qatar Minister Warns - Bloomberg
Deeper OPEC Cuts Would Help Shale, Former Qatar Minister Warns - Bloomberg:
"OPEC would hurt itself and help U.S. shale producers if it adopted deeper cuts, the former oil minister of Qatar warned. "It’s not beneficial for OPEC to deepen their cuts because prices will go up and shale oil producers and others will take OPEC’s market share," Abdullah al-Attiyah said in interview in Istanbul. “The problem is that there is someone waiting in the dark corner for OPEC -- it’s shale oil producers and whenever prices rise, they raise production.” The Organization of Petroleum Exporting Countries and Russia’s quest to rebalance the oil market through a deal to curb production have failed to sustainably boost prices. Resilient U.S. shale output and rising production from Libya and Nigeria -- OPEC members exempt from cutting -- have diluted the group’s efforts and global inventories remain well above the five-year average."
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"OPEC would hurt itself and help U.S. shale producers if it adopted deeper cuts, the former oil minister of Qatar warned. "It’s not beneficial for OPEC to deepen their cuts because prices will go up and shale oil producers and others will take OPEC’s market share," Abdullah al-Attiyah said in interview in Istanbul. “The problem is that there is someone waiting in the dark corner for OPEC -- it’s shale oil producers and whenever prices rise, they raise production.” The Organization of Petroleum Exporting Countries and Russia’s quest to rebalance the oil market through a deal to curb production have failed to sustainably boost prices. Resilient U.S. shale output and rising production from Libya and Nigeria -- OPEC members exempt from cutting -- have diluted the group’s efforts and global inventories remain well above the five-year average."
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MIDEAST STOCKS-Gulf stocks end week on high after Fed's dovish comments, good Q2 results
MIDEAST STOCKS-Gulf stocks end week on high after Fed's dovish comments, good Q2 results:
"Middle East stock markets extended gains on Thursday, helped by a rise in oil prices this week and by dovish comments from U.S. Federal Reserve Chair Janet Yellen that pointed to a more gradual tightening of monetary policy. U.S. treasury yields eased following Yellen’s statement that interest rates could not rise "all that much further", a positive factor for emerging markets globally. Inflows from emerging market investors in the Gulf provided support to the Qatari and the United Arab Emirates stock markets in particular, as they are both linked to the MSCI emerging markets equity index."
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"Middle East stock markets extended gains on Thursday, helped by a rise in oil prices this week and by dovish comments from U.S. Federal Reserve Chair Janet Yellen that pointed to a more gradual tightening of monetary policy. U.S. treasury yields eased following Yellen’s statement that interest rates could not rise "all that much further", a positive factor for emerging markets globally. Inflows from emerging market investors in the Gulf provided support to the Qatari and the United Arab Emirates stock markets in particular, as they are both linked to the MSCI emerging markets equity index."
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Sukuk market stalls after UAE issuer declares $700m bond unlawful
Sukuk market stalls after UAE issuer declares $700m bond unlawful:
"The market for Islamic finance has stalled after a Middle Eastern energy company attempted to declare its bond issue unlawful, provoking a court battle. Dana Gas told investors last month that it could not make payments on its $700m sukuk bond because its structure had been deemed unlawful under Emirati law. The United Arab Emirates company wants to restructure the bonds but its investors say the move runs counter to the English law under which the bonds are governed."
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"The market for Islamic finance has stalled after a Middle Eastern energy company attempted to declare its bond issue unlawful, provoking a court battle. Dana Gas told investors last month that it could not make payments on its $700m sukuk bond because its structure had been deemed unlawful under Emirati law. The United Arab Emirates company wants to restructure the bonds but its investors say the move runs counter to the English law under which the bonds are governed."
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MIDEAST STOCKS- Gulf markets up on Fed hopes; Qatar index at highest since sanctions
MIDEAST STOCKS- Gulf markets up on Fed hopes; Qatar index at highest since sanctions:
"Gulf stocks advanced on Thursday, with Qatar leading the way as investors turned positive on financial earnings and also took heart from U.S. Federal Reserve Chair Janet Yellen's overnight comments hints of a more gradual monetary tightening.
Financial and property stocks were leading gainers across the region's stock markets, with the Qatari index at its highest since Saudi Arabia, Bahrain, the United Arab Emirates and Egypt cut diplomatic ties and severed transport links with Qatar in early June.
Qatar stocks were up 1.96 percent in early trade, led by Qatar National Bank's 4.9 percent gain and a 7.9 percent jump for Qatar Electricity and Water Co."
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"Gulf stocks advanced on Thursday, with Qatar leading the way as investors turned positive on financial earnings and also took heart from U.S. Federal Reserve Chair Janet Yellen's overnight comments hints of a more gradual monetary tightening.
Financial and property stocks were leading gainers across the region's stock markets, with the Qatari index at its highest since Saudi Arabia, Bahrain, the United Arab Emirates and Egypt cut diplomatic ties and severed transport links with Qatar in early June.
Qatar stocks were up 1.96 percent in early trade, led by Qatar National Bank's 4.9 percent gain and a 7.9 percent jump for Qatar Electricity and Water Co."
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New London listing rules open door to Saudi Aramco
New London listing rules open door to Saudi Aramco:
"The UK’s financial watchdog is making it easier for state-owned companies to list their shares in what will be a boon for those lobbying for Saudi Arabia’s Aramco to choose London for its initial public offering.
The Financial Conduct Authority said on Thursday it is planning to create a new category for sovereign-owned companies that are looking to privatise. The move is part of broader plans by the FCA to reform equity and debt markets in an attempt to keep the UK open for business after Brexit.
The plans involve creating a new category within the “premium” listing rules for companies controlled by sovereign entities rather than by oligarchs or other private groups."
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"The UK’s financial watchdog is making it easier for state-owned companies to list their shares in what will be a boon for those lobbying for Saudi Arabia’s Aramco to choose London for its initial public offering.
The Financial Conduct Authority said on Thursday it is planning to create a new category for sovereign-owned companies that are looking to privatise. The move is part of broader plans by the FCA to reform equity and debt markets in an attempt to keep the UK open for business after Brexit.
The plans involve creating a new category within the “premium” listing rules for companies controlled by sovereign entities rather than by oligarchs or other private groups."
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US 'will become one of the world's top gas exporters by 2020' | Business | The Guardian
US 'will become one of the world's top gas exporters by 2020' | Business | The Guardian:
"The American shale gas revolution will enjoy a second wind as rapid growth in domestic production sees the US join the world’s club of top gas exporters, a leading energy authority has predicted. Fracking has already opened up US shale oil and gas deposits, leading to a fall in gas prices and greenhouse gas emissions as power generation switches from coal to gas, as well as reducing America’s historical reliance on fossil fuel imports. But an increase in US gas production over the next five years will cause another revolution as the country begins liquefying and shipping gas to Asia, Europe and the Middle East, the International Energy Agency said."
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"The American shale gas revolution will enjoy a second wind as rapid growth in domestic production sees the US join the world’s club of top gas exporters, a leading energy authority has predicted. Fracking has already opened up US shale oil and gas deposits, leading to a fall in gas prices and greenhouse gas emissions as power generation switches from coal to gas, as well as reducing America’s historical reliance on fossil fuel imports. But an increase in US gas production over the next five years will cause another revolution as the country begins liquefying and shipping gas to Asia, Europe and the Middle East, the International Energy Agency said."
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