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☆ Oil prices could be marginally softer next year, economist says
▼ + stars: | 2024-10-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil prices could be marginally softer next year, economist saysSimon Ballard, chief economist at First Abu Dhabi Bank, discusses oil market reactions to geopolitical tensions in the Middle East.

Persons: Simon Ballard Organizations: Abu, Abu Dhabi Bank Locations: Abu Dhabi

The U.K.-headquartered bank, which earns most of its revenue in Asia, booked July-September statutory pretax profit of $633 million. That compared with $996 million a year earlier and the $1.41 billion average of 16 analyst estimates compiled by the bank. China Bohai booked a 17.8% fall in January-June net interest income, leading to a nearly 7% decline in its overall profit, according to company filings. StanChart's Chinese real estate exposure totalled $2.7 billion, down $200 million from the previous quarter. StanChart has recently had "no contact" with FAB, Chief Financial Officer Andy Halford told reporters on a conference call on Thursday.

Persons: Peter Nicholls, StanChart, China Bohai, Andy Halford, Jefferies, Joe Dickerson, Dickerson, Selena Li, Lawrence White, Christopher Cushing Organizations: Chartered, REUTERS, Bank, Bohai, China Bohai Bank, HK, Abu Dhabi Bank, Thomson Locations: London, Britain, Bohai Bank, China, HONG KONG, China Bohai, Russia, Ukraine, Asia, Tianjin, StanChart

☆ First Abu Dhabi Bank executive director says it prefers bonds to stocks right now
▼ + stars: | 2023-09-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFirst Abu Dhabi Bank executive director says it prefers bonds to stocks right nowOliver Kettlewell, executive director at First Abu Dhabi Bank, says there are "ominous signs" in the stock market despite a "rip-roaring" year so far.

Persons: Oliver Kettlewell Organizations: Abu Dhabi Bank, Abu Locations: Abu Dhabi

☆ Dubai rises on higher oil prices; FAB drags on Abu Dhabi
▼ + stars: | 2023-08-11 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +1 min

REUTERS/Hamad I Mohammed/File PhotoAug 11 (Reuters) - Stock markets in Dubai rose on Friday as upbeat demand growth forecasts from OPEC and the International Energy Agency (IEA) lifted oil prices, while lender FAB weighed on Abu Dhabi's index. In Dubai, the main share index (.DFMGI) added 0.4% after falling for four consecutive sessions. Emirates NBD Bank (ENBD.DU), Dubai's largest lender, rose more than 3% while toll operator Salik Company (SALIK.DU) was up 2% after reporting second quarter earnings. Emaar Properties (EMAR.DU), Dubai's largest listed real estate firm, was also up more than 0.7% the day after reporting second-quarter earnings. In Abu Dhabi, the benchmark index (.FTFADGI) dropped 0.3%, for a third negative session in a row, pressured by a 1.1% fall for the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 1.6% drop in Alpha Dhabi Holding (ALPHADHABI.AD).

Persons: Hamad I Mohammed, Brent, Shamsuddin, Kirsten Donovan Organizations: Bahrain Bourse, REUTERS, Stock, International Energy Agency, FAB, IEA, Organization of Petroleum, Emirates NBD Bank, Salik, Abu Dhabi Bank, Alpha, Thomson Locations: Bahrain, Manama, Dubai, Abu Dhabi, Alpha Dhabi, Bengaluru

☆ Bahrain's Investcorp seeks to raise up to $600 mln from investment vehicle IPO
▼ + stars: | 2023-06-20 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, June 20 (Reuters) - Middle East alternative asset manager Investcorp Holding is seeking to raise up to $600 million from the listing of an investment vehicle in Abu Dhabi this year, two sources with knowledge of the matter told Reuters. Bahrain-based Investcorp is making preparations for a potential public share sale of Investcorp Capital, registered in the Abu Dhabi Global Market, the international financial centre in the capital of the United Arab Emirates. Investcorp is working with Goldman Sachs (GS.N), First Abu Dhabi Bank (FAB) (FAB.AD), Emirates NBD (ENBD.DU) and HSBC (HSBA.L) on the plan, the people said. Bloomberg in March reported Investcorp was putting together a plan to list the vehicle. Abu Dhabi state fund Mubadala Investment Company acquired 20% of the firm in 2017.

Persons: Investcorp Holding, Goldman Sachs, Investcorp, Emirates NBD, Gucci, Mohammed Al Ardhi, Hadeel Al Sayegh, Jason Neely Organizations: Reuters, Investcorp, Abu Dhabi Global Market, United, United Arab Emirates, Abu Dhabi Bank, Emirates, HSBC, Moelis, Bloomberg, FAB, Tiffany, Nasdaq, Mubadala Investment Company, Thomson Locations: DUBAI, Abu Dhabi, Bahrain, United Arab, Abu, Emirates, U.S, Europe, India, Singapore, Beijing, Mumbai, Delhi

☆ Brookfield gets some M&A help from Gulf friends
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 9 (Reuters Breakingviews) - Brookfield Asset Management (BAM.TO) has won its payments race. The Canadian investment group’s 2.2 billion pound bid for London-listed payments provider Network International (NETW.L) was enough to see off a rival pitch from CVC and Francisco Partners. They’ve also endorsed a plan to merge Dubai-based Network International with domestic peer Magnati, a former unit of FAB. If Network International alone can grow revenues at a 15% annual clip and reach a margin of 44% from the current 41%, EBITDA could hit $388 million by 2028. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brookfield, They’ve, EBITDA, Pamela Barbaglia, Xavier Niel, George Hay, Streisand Neto Organizations: Reuters, Brookfield Asset Management, London, Network, Francisco Partners, Abu Dhabi Bank, Abu, Abu Dhabi Developmental Holding Company, FAB, ACI, Brookfield, Twitter, Thomson Locations: Abu Dhabi, Saudi, Dubai

☆ Brookfield buys payments firm Network International for $2.76 bln
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

June 9 (Reuters) - Canada's Brookfield Asset Management (BAM.TO) said on Friday it would buy payments provider Network International (NETW.L) for 2.2 billion pounds ($2.76 billion) in cash, as it expands its payments business in the Middle East and Africa. The Canadian firm said Network directors intended to unanimously recommend that shareholders vote in favour of the deal. Brookfield, which has over $5 billion in assets under management in the Middle East, last year bought a 60% stake in Magnati, the payments business of First Abu Dhabi Bank (FAB.AD). The investment firm said the deal would be financed by a combination of equity investment, as part of which Brookfield Business Partners expects to invest up to about $150 million. Network International, whose top investors include Capital Research and Mastercard UK, listed in London in April 2019 at an initial public offering price of 435 pence a share.

Persons: Brookfield, Aby Jose Koilparambil, Eva Mathews, Nivedita Bhattacharjee, Jason Neely Organizations: Brookfield Asset Management, Network, United, Capital, Francisco Partners, Brookfield, Abu Dhabi Bank, Brookfield Business Partners, Network International, Capital Research, Mastercard, Thomson Locations: Brookfield, East, Africa, United Arab Emirates, Magnati, London, Bengaluru

☆ UAE's ADNOC to offer 15% stake in logistics unit IPO
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

DUBAI, May 10 (Reuters) - Abu Dhabi oil giant ADNOC intends to offer 15% of its shares in unit ADNOC Logistics & Services (ADNOC L&S) through an initial public offering (IPO) on the Abu Dhabi stock exchange, the company said on Wednesday. ADNOC will offer about 1.1 million shares in its maritime logistics services unit, which is expected to list on June 1, subject to market conditions, the statement said. Reuters had reported in March that ADNOC was gearing up to list ADNOC L&S in June. This will be the Abu Dhabi oil giant's second IPO this year after it raised $2.5 billion from its gas business in March. It was created in 2016 following a merger between Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co.

☆ Standard Chartered CEO says big U.S. recession unlikely
▼ + stars: | 2023-05-08 | by ( Yousef Saba | ) www.reuters.com time to read: +3 min

[1/2] The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter NichollsDUBAI, May 8 (Reuters) - Standard Chartered (STAN.L) Chief Executive Bill Winters said on Monday he sees a big recession in the United States as unlikely, although a period of negative growth was possible. "I think it's less the question of a massive decline in the U.S. - I think that's very, very unlikely," Winters said at conference in Dubai, adding the economy was "extremely strong". I think unlikely. First Abu Dhabi Bank, the UAE's biggest lender, earlier this year had considered a bid to take over Standard Chartered, but later said it was no longer doing so.

☆ That simple 'hi' text from a stranger could be the start of a scam that ends up costing you millions
▼ + stars: | 2023-05-02 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +14 min

The scammer networks operate fake trading platforms that look "exactly the way they should look," Friedman told CNBC. "When I was looking at who had messaged, I was like, 'I don't know if this person is real,'" Kaimi told CNBC. When pressed, Kaimi told Mike about his financial difficulties, stemming from past credit-card debt. "I thought I was someone who knew when they were being scammed, was able to discern things," Kaimi told CNBC. But when Kaimi told Mike he was planning to withdraw his funds, the penny dropped.

☆ Most Gulf markets fall as Fed seen hiking rates
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

May 1 (Reuters) - Most major stock markets in the Gulf fell in early trade on Monday, dragged lower by expectations the Federal Reserve will increase interest rates, although the Qatari index bucked the trend. The Fed is predicted to raise rates by another 25 basis points this week. The U.S. central bank has raised its policy rate by 475 basis points since March last year from the near-zero level to the current 4.75%-5.00% range. Dubai's main share index (.DFMGI) fell 0.1%, hit by a 1.1% fall in Emirates NBD Bank (ENBD.DU) and a 0.8% decrease in utility firm Dubai Electricity and Water Authority (DEWAA.DU). In Qatar, the index (.QSI) bucked the trend to trade 0.5% higher, with telecoms firm Ooredoo (ORDS.QA) up more than 5%.

HONG KONG, April 26 (Reuters) - Standard Chartered PLC (StanChart) (STAN.L) on Wednesday said first-quarter profit jumped 21%, beating expectations, as rising interest rates buoyed income from its cash management and retail banking businesses. The earnings update showed how rising central bank rates have boosted revenue, as StanChart charged borrowers more interest while not passing all of the increase to depositors. StanChart, which earns most of its revenue in Asia, said January-March statutory pretax profit reached $1.81 billion. That compared with $1.49 billion a year earlier and the $1.43 billion average of 14 analyst estimates compiled by the bank. The bank said it saw signs of stabilisation in China's troubled commercial real estate market, with no increase in credit impairment from the previous quarter.

☆ Dollar bonds of India's Adani Ports rise as company starts debt buyback
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, April 24 (Reuters) - The U.S. dollar-denominated bonds issued by India's Adani Ports and Special Economic Zone (APSE.NS) rose on Monday, after the company commenced a cash tender offer for a buyback of securities. On Monday, Adani Ports and Special Economic Zone (APSE.NS), part of the beleaguered Adani Group, said it has floated a tender of up to $130 million of 3.375% 2024 maturity dollar-denominated bonds. The company has engaged Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank, PJSC, MUFG Securities Asia Singapore Branch, SMBC Nikko Securities (Hong Kong) and StandardChartered Bank to serve as dealer managers for the offer. The dollar bonds of Adani Transmission (ADAI.NS), Adani Green Energy (ADNA.NS) and Adani Electricity Mumbai were trading mixed. However, India's market regulator is looking into Hindenburg's allegations as well as the group's related party dealings following a Supreme Court directive.

☆ Most Gulf markets rise in early trade; Fed meeting in focus
▼ + stars: | 2023-03-22 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

March 22(Reuters) - Most Stock markets in the Gulf rose in early trade on Wednesday, mirroring gains in global peers ahead of the U.S. Federal Reserve's interest rate decision, as worries on a banking crisis eased. The Qatari Stock index (.QSI) rose 0.7%, with gains in most sectors, led by finance and industry. The region's largest bank Qatar National Bank and Qatar International Islamic Bank gained 0.6% and 1.5% respectively, while conglomerate Industries Qatar climbed 2.9%. In Abu Dhabi, the benchmark stock index (.FTFADGI) was up 0.2%, aided by a 1.7% gain in Alpha Dhabi Holding and 0.9% rise in First Abu Dhabi Bank, the largest lender in the United Arab Emirates. Dubai's benchmark stock index (.DFMGI) fell 0.3% in early trade, weighed down by losses in finance and communication sectors, with Emaar Properties dropping 0.5% and Dubai Commercial Bank losing 2.1%.

☆ It would be 'very dangerous' for the market to price in the end of Fed tightening: Economist
▼ + stars: | 2023-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt would be 'very dangerous' for the market to price in the end of Fed tightening: EconomistSimon Ballard, chief economist at First Abu Dhabi Bank, discusses the outlook for the U.S. Federal Reserve in the wake of Silicon Valley Bank's collapse.

☆ Middle East pivot to Asia is strategic this time
▼ + stars: | 2023-03-14 | by ( Una Galani | ) www.reuters.com time to read: +6 min

Xi Jinping has brokered a deal the United States would have found hard to secure, despite its traditional military influence in the Middle East. The Middle East has trained its financial sights on Asia before. At current rates of growth, emerging Asia will become the top trade partner for the Gulf countries by 2028, per Asia House, surpassing advanced economies. As U.S.-China relations continue to sour, the Asian financial centre is looking to the Middle East to find new foreign companies to trade in the territory. Delegations from the two Middle East countries held talks in Beijing between March 6 and 10, the statement added.

☆ M&A bankers trip over their cracked crystal balls
▼ + stars: | 2023-03-08 | by ( Liam Proud | ) www.reuters.com time to read: +7 min

The M&A pipeline generally has three components: announced deals that are almost certain to happen; announced deals that may not get over the line; and deals that have neither been announced or perhaps even conceived. Reuters GraphicsThere’s a much tighter relationship between equity markets and M&A, implying that CEOs pursue corporate marriages when their share prices are high. One common way to get around this problem is to look at the value of announced deals as a percentage of total worldwide market capitalisation. WEAKNESS IN NUMBERSUnsurprisingly, given all the uncertainty, some bankers take their pipeline estimates with an appropriately large pinch of salt. Reuters GraphicsFollow @liamwardproud on TwitterCONTEXT NEWSCompanies announced $3.6 trillion of mergers and acquisitions in 2022, according to Refinitiv, compared with $5.7 trillion in 2021.

☆ Egypt to raise $1.5 billion with debut sukuk at 11% yield
▼ + stars: | 2023-02-21 | by ( Yousef Saba | ) www.reuters.com time to read: +1 min

DUBAI, Feb 21 (Reuters) - Egypt was set to raise $1.5 billion on Tuesday from its debut sale of Islamic bonds known as sukuk at a yield of 11%, a document on the deal showed. The three-year sukuk had initial guidance of around 11.625% and tightened after books closed with demand over $5.35 billion, the document reviewed by Reuters showed. Egypt's vulnerable finances fell into crisis after the war in Ukraine triggered heavy foreign investment outflows from Egyptian financial markets. The sukuk will be listed on the London Stock Exchange, issued through The Egyptian Financial Company for Sovereign Taskeek, with the finance ministry as obligor. The sukuk will help Egypt repay $1.25 billion in five-year Eurobonds, which carried a fixed interest rate of 5.577% and mature on Feb. 21.

☆ The Fed is playing a 'very fine balancing act,' economist says
▼ + stars: | 2023-02-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed is playing a 'very fine balancing act,' economist saysSimon Ballard, chief economist at First Abu Dhabi Bank, says the market is now underestimating "the extent to which the Fed is aggressively going to chase that elevated, sticky level of inflation."

☆ Standard Chartered 'absolutely not' for sale, bank CEO says
▼ + stars: | 2023-02-16 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

LONDON — The CEO of Standard Chartered said the bank was "absolutely not" for sale following speculation of a takeover bid. Bill Winters told CNBC's Geoff Cutmore Thursday that a potential sale is not what the company is focused on. "But of course, we have a fiduciary responsibility to our shareholders and if somebody wants to come and thinks they can add a lot of value, as I've said, be my guest." The comments come after First Abu Dhabi Bank said Friday that it was not evaluating an offer for Standard Chartered. "First Abu Dhabi Bank PJSC notes the recent press speculation in relation to Standard Chartered and re-iterates that it is not evaluating a possible offer for Standard Chartered," the bank said in a statement.

☆ StanChart’s takeover defences are getting stronger
▼ + stars: | 2023-02-16 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

This year, he reckons the bank will churn out a near-10% return, rising to more than 11% in 2024. But if Winters can convince investors his new targets are remotely plausible, he’ll have a stronger case for StanChart’s independence. A typical offer pitched 30% above the price before the latest takeover speculation would value StanChart at just three-quarters of forward tangible book value. StanChart’s stronger takeover defences may be a problem for its suitors. StanChart earned an 8% return on tangible equity (ROTE), excluding restructuring expenses and a writedown of goodwill on the bank’s balance sheet.

TOUGH TASK AHEADStanChart, which makes most of its profit in Asia, reported statutory pretax profit of $4.3 billion for 2022. That came below the $4.73 billion average of analyst forecasts compiled by the bank but beat the $3.35 billion it made in 2021. On Wednesday, Barclays (BARC.L) reported a 14% fall in full-year pretax profit as earnings were pole-axed by surging costs and a collapse in deal fees, among other factors. StanChart's financial markets trading business reported record income, up 21%, as accelerating inflation and Russia's invasion of Ukraine made for volatile markets, driving frenzied activity by institutional clients throughout 2022. StanChart also took a $308 million hit on its investment in China Bohai Bank (9668.HK), which it attributed to "industry challenges".

☆ Adani looks to repay $500 mln bridge loan taken for cement deals-ET
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 15 (Reuters) - India's embattled Adani Group is in talks with lenders to repay a $500 million bridge loan facility it had taken to buy controlling stakes in cement companies ACC Ltd (ACC.NS) and Ambuja Cements Ltd (ABUJ.NS) last year, the Economic Times daily reported on Wednesday. The group is looking to repay the bridge loan with cash this month, the report said, citing people aware of the matter, adding that the loan had a tenor of six months and was part of a larger $5.25 billion financing package. The loan was underwritten by Barclays (BARC.L), Deutsche Bank (DBKGn.DE) and Standard Chartered (STAN.L), ET reported. The financial consortium lending to Adani also includes DBS, MUFG, Sumitomo Mitsui Banking Corp, First Abu Dhabi Bank, Intesa and Mizuho, the report said. Adani and the lenders did not immediately respond to Reuters' requests for comment.

☆ Most Gulf markets drop as oil prices fall
▼ + stars: | 2023-02-13 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 13 (Reuters) - Most Gulf stock markets fell in early trade on Monday, in tandem with weaker oil prices and Asian peers as investors were cautious ahead release of crucial U.S. inflation data. Oil, which fuels the region's growth, declined around 1% with Brent crude was down $85.66 a barrel by 0743 GMT. In Abu Dhabi, the benchmark stock index (.FTFADGI) dropped 1.1%, dragged down by a 2.9% loss in Alpha Dhabi (ALPHADHABI.AD) and 1.9% fall in Al Dar Properties, while the largest lender by assets, First Abu Dhabi Bank slid 2.1%. The Qatari Stock index (.QSI) fell 0.2%, weighed down by losses in industry and energy sectors with Industries Qatar losing 2.9% and Qatar Fuel shedding 1.5%. Saudi Arabia's benchmark stock index (.TASI) opened on positive note trading 0.6% higher.

☆ Morning Bid: The waiting game
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +2 min

Worries over an economic slowdown, the direction of inflation and concerns about the pace of monetary tightening are all weighing on sentiment. But before that, UK GDP data for fourth quarter is due later on Friday and is expected to be flat, according to a Reuters poll. That's the third time it has scaled a new peak in less than a week and the GDP report will likely influence the market on the day. Investors are also waiting for Japan's government to present the new Bank of Japan governor nominee, also due on Tuesday. Since short-seller Hindenburg published its report on Adani last month, some $110 billion has been wiped off the value of the group's main seven listed firms.

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