LEBANON. Economena Analytics, a specialized economic information provider, released its Lebanese Economic Outlook (LEO) for the second quarter of 2015. Key forecast findings show heightened levels of pessimism in recent months, with growth forecasts for 2015 falling to 1.5% in the Q2 survey from 2% at the start of the year. The findings are based on the views of 17 leading Lebanese economists. None of the surveyed […]
ABU DHABI // The prices of meat and vegetables increased by 20 per cent and 5 per cent respectively by vendors in Mina Market on the eve of Ramadan. According to Al Ittihad, The National’s Ararbic sister publication, workers at Mina Market expressed their anger at the price rise, which they claim happens every year on this occasion. They said some vegetable and meat vendors were deliberately […]
Logistics … only 18 per cent of all new productsachieve their profit targets. Logistics suffering price pressure, product flops BONN, Germany, 1 days ago The logistics sector seems to have a hard time when it comes to raising prices in their customer base, a report said, noting that only 18 per cent of all new logistics products and services are successful. Logistics firms succeed with only 40 […]
INTERNATIONAL. Oil production from the Organization of the Petroleum Exporting Countries (OPEC) totaled 31.11 million barrels per day (b/d) in May, up 180,000 b/d from April and the group’s highest monthly volume since October 2012, according to the latest Platts survey of OPEC and oil industry officials and analysts. “OPEC’s communique after the June 5 meeting mentioned that members had been urged to adhere to its production […]
By KAREEM FAHIM June 16, 2015 BAGHDAD — Al Qaeda’s affiliate in Yemen released a video statement on Tuesday confirming the death of its leader, Nasser al-Wuhayshi, in an American missile strike last week. His death was also confirmed by the Obama administration on Tuesday. Mr. Wuhayshi, 38, who had led Qaeda operations in Yemen since 2002 and was also the global extremist network’s second-ranking leader, was killed along […]
Saudi opening may be non-event with no licences awarded RIYADH, 11 hours, 30 minutes ago The opening of Saudi Arabia’s stock market to direct foreign investment on Monday may disappoint traders who have been hoping for large and immediate fund inflows, as the kingdom has yet to announce the award of any licences. Saudi Arabia’s Capital Market Authority announced plans to open the market last July, and […]
BAHRAIN. On June 12, 2015, Standard & Poor’s Ratings Services affirmed its long- and short-term foreign and local currency sovereign credit ratings on the Kingdom of Bahrain at ‘BBB-/A-3’. We also affirmed our long- and short-term foreign and local currency credit ratings on the Central Bank of Bahrain at ‘BBB-/A-3’. The outlooks on both Bahrain and its central bank remain negative. RATIONALE We expect that Bahrain’s fiscal […]
A motorcyclist rides past the entrance of the headquarters of Hon Hai, which is also known by its trading name Foxconn, in Tucheng, New Taipei city, December 24, 2013. Reuters/Pichi Chuang/Files MUMBAI Foxconn Technology is in talks to manufacture Apple’s(AAPL.O) iPhone in India, government officials said, in a move that could lower prices in the world’s No.3 smartphone market where the U.S. firm trails Samsung Electronics and […]
UAE. Dubai private sector companies indicated a modest rebound in output growth from the 18-month low recorded during April, according to the latest Emirates NBD Dubai Economy Tracker™ report. The latest survey also pointed to a slightly faster expansion of incoming new work, while modest job creation and positive sentiment regarding the business outlook was sustained. Of the three key sub-sectors monitored by the survey, construction was […]
UAE. Invesco today released its third annual Invesco Global Sovereign Asset Management Study[1], an in-depth report on the complex investment behaviour of sovereign wealth funds, conducted amongst more than 50 individual sovereign investors across the globe representing $7.09 trillion2 of assets, including Middle East based sovereign wealth funds. This year’s study took place against a backdrop of an extreme fall in the price of oil and provides […]
UAE. Economic Insight: Middle East Q2 2015 is produced by Cebr, ICAEW’s partner and economic forecaster. Commissioned by ICAEW, the report provides a snapshot of the region’s economic performance. The report undertakes a quarterly review of the Middle East, focusing on the Gulf Cooperation Council (GCC) member countries (United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait), as well as Egypt, Iran, Iraq, Jordan and Lebanon […]
Bond issue … big shift in Saudi economic policy. Saudi may issue government bonds this year DUBAI, 6 days ago The Saudi Arabian government may resume issuing bonds this year, easing downward pressure on the country’s foreign reserves caused by low oil prices, a senior International Monetary Fund official said after talks with Saudi officials. “The sense we had is this year,” Tim Callen, chief of the […]
By DAVID D. KIRKPATRICK and KAREEM FAHIM June 9, 2015 CAIRO — Islamic State militants staged attacks near Baghdad and the Libyan city of Surt on Tuesday, underscoring the group’s persistent strength on both fronts despite a monthslong American-led air campaign against it in Syria and Iraq. In Libya, the Islamic State captured a critical power plant along the coastal road westward from its stronghold in Surt toward Misurata, a commercial center […]
UAE. Today, Phidar Advisory released its Q2 mid-quarter Dubai residential research note. The report shows that residential prices continue to decline in the first six weeks of Q2, compared to Q1-15. “The ongoing erosion of sale prices is a healthy correction” said Jesse Downs, Managing Director of Phidar Advisory. “The more significant concern is the scale and nature of the upcoming launched and announced projects.” she added. Apartment […]
Political unrest dents business confidence in region DUBAI, 3 days ago Political turmoil and instability in the region have led to a drop in business confidence in the UAE and Middle East in the first quarter (Q1) of 2015, according to a new survey of finance professionals. The Global Economic Conditions Survey for the first quarter of 2015, carried out by ACCA (the Association of Chartered Certified […]
BAHRAIN. Fitch Ratings has downgraded Bahrain’s Long-term foreign currency Issuer Default Rating(IDR) to ‘BBB-‘ from ‘BBB’ and Long-term local currency IDR to ‘BBB’ from ‘BBB+’. The Outlooks are Stable. The issue ratings on Bahrain’s senior unsecured foreign and local currency bonds have also been downgraded to ‘BBB-‘ from ‘BBB’ and ‘BBB’ from ‘BBB+’, respectively. The agency has simultaneously affirmed Bahrain’s Country Ceiling at ‘BBB+’ and Short-term foreign […]
Tariq Aziz, left, in 1992 at the United Nations as deputy prime minister of Iraq, talking with Chinmaya Rajaninath Gharekhan, the Indian delegate, at a meeting of the Security Council. By ALISSA J. RUBIN June 5, 2015 Tariq Aziz, the Iraqi foreign minister and deputy prime minister who for decades was the most public face of Saddam Hussein’s government on the world stage, died on Friday in Nasiriya, Iraq, where […]
By ALISSA J. RUBIN June 5, 2015 Tariq Aziz, the Iraqi foreign minister and deputy prime minister who for decades was the most public face of Saddam Hussein’s government on the world stage, died on Friday in Nasiriya, Iraq, where he had been imprisoned. He was 79. Adel Aldikhaly, the deputy governor of Nasiriya, said Mr. Aziz had had a heart attack after “a long-term incurable disease” and was transferred […]
UAE. The Global Economic Conditions Survey for the first quarter of 2015, carried out by ACCA (the Association of Chartered Certified Accountants) and IMA (the Institute of Management Accountants) also shows that while lower oil prices have helped oil-importing nations such as the USA and Europe, they have undermined performance in many net oil-exporting regions such as Asia Pacific and the Middle East. Confidence has dipped in […]
Shares in Dubai Islamic mortgage provider Amlak Finance fell sharply as they resumed trading on Tuesday after being suspended for nearly six years. The stock tumbled as much as 23.5 percent shortly after opening but then pared losses to 14.7 percent. It topped trading volumes on the emirate’s bourse, whose main index slipped 0.2 percent. Trading in Amlak, part-owned by Dubai’s biggest developer Emaar Properties, was halted […]
By ANNE BARNARD June 2, 2015 ISTANBUL, Turkey — Syrian insurgents rushed reinforcements into combat on Tuesday against rival Islamic State militants who have seized crucial territory near the northern city of Aleppo in recent days, building on the momentum the group has achieved in other battlefield successes in Syria and Iraq. Amid increased fears that Aleppo could be the next big prize to fall to the Islamic State […]
An employee answers phone calls at the switchboard of the Google office in Zurich August 18, 2009. Reuters/Christian Hartmann Google Inc (GOOGL.O) said 21 percent of tech hires last year were women, boosting overall number of women in technical roles by 1 percent, as part of efforts to increase diversity. The company recently began disclosing the makeup of its workforce after admitting that it was “wrong, and […]
Men stood on a building damaged during Hamas’s last war with Israel. Gaza’s unemployment rate has risen to 44 percent, the highest in the world. By DIAA HADID and MAJD AL WAHEIDI June 1, 2015 GAZA CITY — On a street here crammed with glittery clothing and electronic shops, Mahmoud Matar flipped through the receipt book for his appliance store, much of it blank: His lone sale that day was a $7 […]
|By Fiona Maharg-Bravo |Big Oil is too confident about crude prices. After a 40 percent rally from January’s six-year low, the momentum has been on the upside. But the current prices – $65 a barrel for Brent and $60 for WTI – look more like a ceiling than a floor. That is not what many insiders seem to think. Some oil service companies expect mid-$70s Brent by […]
