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MIDEAST STOCKS-Weak oil, fears of prolonged lockdowns weigh on Mideast | Nasdaq

MIDEAST STOCKS-Weak oil, fears of prolonged lockdowns weigh on Mideast | Nasdaq:Most bourses in the Middle East fell on Monday, weakened by a combination of lower oil prices and intensified fears that the global coronavirus shutdown could last for months.Brent crude LCOc1, the international benchmark for oil prices, was down $1.92, or 7.7%, at $23.01 by 1027 GMT, after earlier dropping to $22.58, the lowest since November 2002.In Abu Dhabi, the index .ADI sank 3.5%, with its top lender First Abu...
Tags: Travel, Qatar, Middle East, United Arab Emirates, Dubai, Abu Dhabi, Mideast, Qatar National Bank, Emaar, Rupert Neil Bumfrey, First Abu Dhabi Bank, Dubai Islamic Bank DISB DU, Etisalat ETISALAT, Qatar Islamic Bank QISB


BRIEF-QFC Regulatory Authority fines Horizon Crescent Wealth for Regulatory Violations - Reuters

BRIEF-QFC Regulatory Authority fines Horizon Crescent Wealth for Regulatory Violations - Reuters:  QATAR FINANCIAL CENTRE REGULATORY AUTHORITY: * SAYS HAS TAKEN ENFORCEMENT ACTION AGAINST HORIZON CRESCENT WEALTH LLC (HCW) * IMPOSED A FINE OF 30 MILLION RIYALS ON HCW AS A RESULT OF SERIOUS LEGAL AND REGULATORY BREACHES * SAYS ENFORCEMENT ACTION TAKEN AFTER AN INVESTIGATION OF THE FIRM THAT IDENTIFIED SIGNIFICANT FAILINGS BY HCW IN ITS COMPLIANCE WITH THE ANTI-MONEY LAUNDERING AND ...
Tags: Travel, Qatar, Rupert Neil Bumfrey, QFC Regulatory Authority


#Qatar Airways CEO says will keep flying but warns cash is running out - Reuters

Qatar Airways CEO says will keep flying but warns cash is running out - Reuters:Qatar Airways will continue to operate flights as long as necessary to get stranded travelers home, Chief Executive Akbar al-Baker told Reuters on Sunday, but warned that the carrier could soon run out of cash.“We have enough cash to take us through a very short period of time,” he said in a phone interview.He said the airline would eventually have to seek support from its owner, the Qatar government.The Middle East ...
Tags: Travel, Qatar, Middle East, Baker, Reuters, Qatar Airways, Rupert Neil Bumfrey


MIDEAST STOCKS-Stocks in Middle East fall on coronavirus impact - Reuters

MIDEAST STOCKS-Stocks in Middle East fall on coronavirus impact - Reuters:Middle Eastern stocks declined on Sunday in early trade, as the economies across the globe remained pressured from the coronavirus outbreak as the cases continued to surge.More than 615,600 people have been infected by the coronavirus across the world and 28,316 have died, according to a Reuters tally.In Qatar, which on Saturday recorded its first death from the coronavirus, the index lost 1.3%, dragged down by a 2.8% fall...
Tags: Travel, Qatar, Middle East, Middle Eastern, Reuters, Qatar National Bank, Rupert Neil Bumfrey, Qatar The Gulf


London Ritz Sale Said to Fetch Less Than 800 Million Pounds - Bloomberg #Qatar

London Ritz Sale Said to Fetch Less Than 800 Million Pounds - Bloomberg:The sale of London’s Ritz Hotel by the U.K.’s billionaire Barclay twins fetched less than 800 million pounds ($997 million), according to a person familiar with the matter who asked not to be identified.Law firm Macfarlanes said in a statement that it advised one of its private Qatari investor clients on the acquisition of the hotel that opened in London’s Mayfair in 1906.“It is a privilege to become the owner of the iconic ...
Tags: Travel, London, Qatar, David, Mayfair, St James, Ritz, Frederick, Barclay, Ritz Hotel, Rupert Neil Bumfrey, Frederick Barclay, Macfarlanes, London Ritz Sale Said


Oil Shock Unmasks Fragile Mideast Trio With Bahrain Most Exposed - Bloomberg

Oil Shock Unmasks Fragile Mideast Trio With Bahrain Most Exposed - Bloomberg:The collapse in oil prices is exposing a divide between Arab energy producers, with Bahrain the most vulnerable to the shockwaves rippling through the market amid the coronavirus outbreak, according to Bloomberg Economics.Bahrain, Oman, Iraq, as well as Iran, are the weakest when measured by a set of five criteria ranging from international reserves and public debt to the price of oil needed to balance the current accou...
Tags: Travel, Qatar, Bloomberg, Iran, Middle East, Dubai, Bahrain, Kuwait, United Arab Emirates Saudi Arabia, Rupert Neil Bumfrey, Ziad Daoud Bloomberg, Bloomberg Economics Bahrain Oman Iraq


#Qatar Air CEO Warns There May be ‘Nothing Left to Consolidate’ - Bloomberg

Qatar Air CEO Warns There May be ‘Nothing Left to Consolidate’ - Bloomberg:Qatar Airways Chief Executive Officer Akbar Al Baker said many airlines will go bust as the coronavirus outbreak ravages demand for travel, limiting the scope for takeovers.While the Gulf carrier is open to acting on any investment opportunities that present themselves, the pandemic is likely to lead to the immediate collapse of some operators, Al Baker said Thursday on Bloomberg Television.“There will be nothing left for...
Tags: Travel, Qatar, Bloomberg, Gulf, Qatar Airways, Bloomberg Television, Akbar Al Baker, Rupert Neil Bumfrey, al Baker


#Qatar to shut money exchange and transfer services from March 26 -state news agency - Reuters

Qatar to shut money exchange and transfer services from March 26 -state news agency - Reuters:Qatar announced it will temporarily close all in-person money exchange and transfer services from March 26 to limit the spread of the coronavirus, its state news agency said on Wednesday. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Qatar, Reuters, Rupert Neil Bumfrey


MIDEAST STOCKS- #Saudi, #Qatar extend gains on U.S. stimulus, others retreat | Nasdaq

MIDEAST STOCKS-Saudi, Qatar extend gains on U.S. stimulus, others retreat | Nasdaq:Major stock markets in the Gulf were mixed on Thursday, with Saudi Arabia and Qatar extending gains on hopes that a $2 trillion U.S. emergency stimulus package will shore up economic activity across the globe.On Wednesday, the U.S. Senate unanimously backed a $2 trillion bill aimed at helping unemployed workers and industries hurt by the pandemic.Saudi Arabia's benchmark index .TASI rose 1.5%, with Al Rajhi Bank 1...
Tags: Travel, Saudi Arabia, Qatar, Mecca, Medina, Gulf, Riyadh, U S Senate, Tasi, Rupert Neil Bumfrey, Al Rajhi Bank, Al Moammar Information Systems


Zomato extends Gold membership duration by 2 months, announces fund for delivery persons

Zomato will extend all paid Gold memberships across India, UAE, Australia, Indonesia, Philippines, Lebanon, Turkey, New Zealand, Portugal and Qatar by two months at no extra cost, founder Deepinder Goyal announced. The company will also start a fund to cover up the lost earnings of its delivery partners, and is “hoping” for government’s support towards […] ...
Tags: Travel, News, Qatar, E-commerce, Zomato, Deepinder Goyal, Coronavirus, Ecommerce and COVID-19


Coronavirus: #Qatar Airways Still Operating a Third of Flights - Bloomberg

Coronavirus: Qatar Airways Still Operating a Third of Flights - Bloomberg:Qatar Airways said it’s continuing to operate a third of its normal schedule while bulking up on cargo flights as the Mideast carrier seeks to ride out the coronavirus outbreak.The second-biggest Gulf airline is still operating about 150 flights a day, serving European cities such as Frankfurt and Munich and more far-flung destinations in the U.S., Australia and parts of Asia, Thierry Antinori, its head of strategy, said W...
Tags: Travel, Asia, Europe, Australia, Qatar, Bloomberg, Frankfurt, Munich, Middle East, Emirates, Airbus, Gulf, Qatar Airways, Mideast, Boeing Co, Doha Qatar


Gulf dollar bonds rally as global markets rebound - Reuters

Gulf dollar bonds rally as global markets rebound - Reuters:Gulf bonds posted further gains on Wednesday as global markets rebounded on news of a $2 trillion U.S. fiscal stimulus package.Saudi Arabia’s 30-year dollar bonds due in 2049 were up 8.5 cents, while similar bonds by its oil giant Aramco gained 6 cents, Refinitiv data showed.Similar bonds by Qatar also rose 6.4 cents. Abu Dhabi 30-year bonds due in 2047 were up 6 cents, while similar Bahrain bonds gained 2.6 cents. Oman 30-year bonds du...
Tags: Travel, Saudi Arabia, Qatar, Oman, Abu Dhabi, Bahrain, Reuters, Aramco, Rupert Neil Bumfrey


Gulf bonds post gains on global market rally - Reuters

Gulf bonds post gains on global market rally - Reuters:Gulf government dollar bonds posted gains on Tuesday as global markets rallied as investors bet the U.S. Federal Reserve’s promise of unlimited dollar funding would ease strains on financial markets even if it could not stop the economic hit of the coronavirus epidemic.At 0940 GMT, Saudi 30-year dollar bonds due in 2049 were up 3 cents, Refinitiv data showed. Similar bonds by its oil giant Saudi Aramco were up 2.3 cents.Bonds by Abu Dhabi, s...
Tags: Travel, Qatar, Oman, Abu Dhabi, Reuters, Saudi Aramco, U S Federal Reserve, Rupert Neil Bumfrey


#Qatar bans gatherings, deploy patrols to contain coronavirus - Reuters

Qatar bans gatherings, deploy patrols to contain coronavirus - Reuters:Qatar said it would deploy mobile patrols and set up checkpoints after enacting a ban on Saturday on all gatherings to contain the spread of the coronavirus.The Supreme Committee for Crisis Management said a hotline would be opened for people to report breaches of the ban, and that violators would be arrested.The Gulf state also closed its parks and public beaches, but said food outlets, pharmacies and delivery services would...
Tags: Travel, Qatar, Gulf, Reuters, Rupert Neil Bumfrey, Supreme Committee for Crisis Management


#Qatar eases exit restrictions on migrant employees in the oil and gas industry - Reuters

Qatar eases exit restrictions on migrant employees in the oil and gas industry - Reuters:Qatar has removed exit visa requirements for an additional segment of its foreign labour force, including some of those working in the oil and gas industry, according to official tweets posted on Friday.Qatar in 2018 eliminated exit visas for many foreign migrant workers. But the reform did not apply to domestic workers, government and public institution staff, the oil and gas sector, and workers employed at...
Tags: Travel, Qatar, Gulf, Reuters, Rupert Neil Bumfrey, Lolwah Alkhater


Qatari, U.A.E., Indian Lenders Face Exposure to Troubled Finablr - Bloomberg

Qatari, U.A.E., Indian Lenders Face Exposure to Troubled Finablr - Bloomberg:Banks from Qatar, the United Arab Emirates and India risk losing millions of dollars due to their exposure to Finablr Plc, the foreign-exchange operator that’s preparing for potential insolvency, according to people with knowledge of the matter.Qatar National Bank, Doha Bank, National Bank of Fujairah, Commercial Bank International and Bank of Baroda are still owed about $300 million by Finablr’s parent BRS Ventures, wh...
Tags: Travel, London, Saudi Arabia, India, Qatar, United Arab Emirates, Gulf, Shetty, Bank of Baroda, Rupert Neil Bumfrey, Bavaguthu Raghuram Shetty, Finablr, Finablr Plc, BRS Ventures, Travelex Holdings Ltd Shetty


Gulf’s sovereign funds are now gilt-edged airbags – Breakingviews

Gulf’s sovereign funds are now gilt-edged airbags – Breakingviews:The Middle East’s big sovereign wealth funds are set to become coronavirus airbags. The $700 billion Abu Dhabi Investment Authority, $300 billion Qatar Investment Authority and Saudi Arabia’s $300 billion Public Investment Fund control a big slug of global assets and have become a fixture in global dealmaking. But they’re attached to increasingly precarious economies.Emerging markets, including Saudi Arabia, are hearing a deafenin...
Tags: Travel, Saudi Arabia, Qatar, Middle East, Qatar Investment Authority, U S Treasuries, ADIA, Rupert Neil Bumfrey, Abu Dhabi Investment Authority, Institute of International Finance With, United Arab Emirates Bahrain Oman Kuwait


#UAE best-positioned in GCC to absorb oil shock | ZAWYA MENA Edition

UAE best-positioned in GCC to absorb oil shock | ZAWYA MENA Edition:The UAE is best-positioned among GCC economies to weather the decline in oil prices as it can finance its current account deficit longer than any of its regional peers, says a new report.According to Capital Economics, the UAE can finance its current account deficit for 35 years if oil prices stay at $25 a barrel. Kuwait comes second followed by Qatar, Saudi Arabia, Bahrain and Oman. "In the four largest Gulf economies - Saudi A...
Tags: Travel, Saudi Arabia, Qatar, GCC, Oman, Kuwait, Uae, Gulf, Capital Economics, Jason Tuvey, UAE Kuwait, Rupert Neil Bumfrey, Qatar Saudi Arabia Bahrain


European, Middle Eastern & African Stocks - Bloomberg Close #Qatar, #SaudiArabia, #UAE

European, Middle Eastern & African Stocks - Bloomberg:Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Qatar, Europe Middle East Africa, Rupert Neil Bumfrey, Europe UK Germany Russia


MIDEAST STOCKS-Most Gulf bourses extend losses; banks boost #Saudi - Reuters

MIDEAST STOCKS-Most Gulf bourses extend losses; banks boost Saudi - Reuters:25 of 30 Egyptian stocks declineNine of 11 banks rise in SaudiSaudi Aramco closes up, at 29.1 riyals Qatar extends gains on stimulus plan  Most Middle Eastern stocks slid to newmulti-year lows on Tuesday, as heightened fears of thecoronavirus pandemic weighed on sentiment, while Saudi took abreather after four sessions of losses.  The cases of coronavirus in the six-nation Gulf CooperationCouncil reached to 1,042, w...
Tags: Travel, Wam, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Bahrain, Emaar Properties, Etisalat, Rupert Neil Bumfrey, First Abu Dhabi Bank, Emirates NBD Bank, Saudi Reuters, SaudiSaudi Aramco, Gulf CooperationCouncil


MIDEAST STOCKS-Most Gulf stocks dive, #Qatar gains on stimulus measures - Reuters

MIDEAST STOCKS-Most Gulf stocks dive, Qatar gains on stimulus measures - Reuters: Aramco closes down at 27.8 riyals Yansab slips on ex-dividend Jarir Marketing falls after showrooms shutdown Stimulus plan boosts Qatari index Most major Gulf shares fell sharply on Monday asstimulus measures, including rate cuts, failed to calm investors worried aboutthe economic damage from the coronavirus that has infected nearly 1,000 peoplein the region.While Saudi Arabia and United Arab Emirates announced ...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Gulf, Reuters, U S Federal Reserve, Rupert Neil Bumfrey, Jarir Marketing, Al Rajhi Bankfalling


Fed’s Dash to Zero Lets Gulf Top Off Stimulus With Rate Cuts - Bloomberg

Fed’s Dash to Zero Lets Gulf Top Off Stimulus With Rate Cuts - Bloomberg:The central bank of the United Arab Emirates cut the rate on one-week certificates of deposit by 75 basis points. The Saudi Arabian Monetary Authority also lowered its repo rate by 75 basis points to 1%, and its reverse repo rate by the same amount to 0.5%. Kuwait reduced its discount rate by 100 basis points to an all-time low of 1.5%. Qatar’s central bank decreased its deposit and repurchase rates by half a percentage poi...
Tags: Travel, Saudi Arabia, Qatar, Bloomberg, United Arab Emirates, Oman, Bahrain, Kuwait, Gulf, Fed, Mohammed bin Zayed, Bahrain News Agency, Al Mansoori, Rupert Neil Bumfrey, Abu Dhabi Crown, Saudi Arabian Monetary Authority


Coronavirus, oil plunge to pressure MEA sovereigns - Fitch | ZAWYA MENA Edition

Coronavirus, oil plunge to pressure MEA sovereigns - Fitch | ZAWYA MENA Edition:A sharp drop in oil prices, the outbreak of coronavirus as well as a slump in tourism and a weakening demand for non-oil exports add to rating pressures for Middle East and Africa (MEA) sovereigns, Fitch Ratings said.Earlier in March, OPEC failed to strike a deal with its allies, led by Russia, on oil production cuts. This means members can now pump what they like starting April 1.Saudi Arabia slashed crude prices fo...
Tags: Travel, Saudi Arabia, Russia, Africa, Opec, Qatar, Middle East, Oman, Abu Dhabi, Bahrain, Kuwait, Fitch Ratings, Fitch, Gulf Cooperation Council GCC, Rupert Neil Bumfrey


Gulf stocks tumble amid oil price, coronavirus impact - Arabianbusiness

Gulf stocks tumble amid oil price, coronavirus impact - Arabianbusiness:Stock markets in energy-rich Gulf states tumbled Thursday with Saudi shares down more than 4 percent following worldwide losses amid fears over the coronavirus pandemic and an oil price war. Dubai Financial Market dived more than 7 percent at the open on the last trading day of the week. Abu Dhabi shares dropped 6 percent.Stocks in gas-rich Qatar dropped 5.2 percent, while bourses in Bahrain and Oman were down 3.5 percent an...
Tags: Travel, Qatar, Oman, Abu Dhabi, Bahrain, Kuwait, Gulf, Dubai Financial Market, Rupert Neil Bumfrey


Banque Havilland Investigated by FCA Over #Qatar FX Manipulation - Bloomberg

Banque Havilland Investigated by FCA Over Qatar FX Manipulation - Bloomberg:David Rowland’s Banque Havilland SA faces investigations by Britain’s financial regulator over its role in what the Qatari government has called a “brazen scheme” to manipulate currency and bond markets during an embargo that cost the Gulf nation billions.The bank, which has historic ties to Abu Dhabi, told the Qataris that it is preparing for litigation with the U.K.’s Financial Conduct Authority and its Luxembourg coun...
Tags: Travel, London, Qatar, Britain, Luxembourg, Abu Dhabi, Gulf, Rupert Neil Bumfrey, David Rowland, Banque Havilland, U K 's Financial Conduct Authority, Banque Havilland Investigated, FCA Over Qatar FX Manipulation Bloomberg, Banque Havilland SA


Saudi Arabia’s risky game of Russian roulette with oil could end in tears

Saudi Arabia’s risky game of Russian roulette with oil could end in tears:Oil markets have been caught in the eye of a storm between the fears of coronavirus and bickering between Saudi Arabia and Russia at Opec. Some industry veterans now fret this high-stakes game of roulette could see the value of a barrel of the global economy’s lifeblood tumble below $20. They may be right.Brent crude suffered its biggest fall since the start of the Gulf war in 1991 in London trading on Monday. The benchmar...
Tags: Travel, London, Saudi Arabia, Russia, Opec, Qatar, Kremlin, Riyadh, Rupert Neil Bumfrey, Opec Abdullah bin Hamad Al Attiyah


#Dubai Banks Buy Park Operator’s Debt as Meraas Plans Revamp - Bloomberg

Dubai Banks Buy Park Operator’s Debt as Meraas Plans Revamp - Bloomberg:Two of Dubai’s biggest banks bought loans made to DXB Entertainments PJSC from other regional lenders as part of plans by its majority owner to support the struggling theme park operator, according to people with knowledge of the matter.Emirates NBD PJSC and Dubai Islamic Bank PJSC acquired the debt from mainly non-United Arab Emirates-based lenders at a discount so Meraas Holding LLC can restructure the park operator with a...
Tags: Travel, Qatar, Bloomberg, United Arab Emirates, Dubai, Legoland Dubai, Kuwait Investment Authority, Rupert Neil Bumfrey, Emirates NBD PJSC, Meraas Holding LLC, DXB Entertainments, Meraas, Dubai Islamic Bank PJSC, DXB Entertainments PJSC, Meraas Plans Revamp Bloomberg, Christopher Pike Bloomberg


Mideast Stocks: Most Gulf stocks close higher on stimulus hopes; #Qatar slides | ZAWYA MENA Edition

Mideast Stocks: Most Gulf stocks close higher on stimulus hopes; Qatar slides | ZAWYA MENA Edition:Middle Eastern stocks ended higher on Monday, a day after witnessing steep declines, as hopes of global interest rate cuts offset fears of damage to demand from the coronavirus outbreak.Last week's wide losses led financial markets to price in policy responses from the U.S. Federal Reserve to the Bank of Japan, which indicated on Monday it would take necessary steps to stabilise financial markets. ...
Tags: Travel, Qatar, Iran, Dubai, Abu Dhabi, Uae, U S Federal Reserve, Bank of Japan, Emaar Properties, Rupert Neil Bumfrey, Most Gulf, First Abu Dhabi Bank


MIDEAST STOCKS-Most major Gulf markets stabilise; #Qatar retreats | Nasdaq

MIDEAST STOCKS-Most major Gulf markets stabilise; Qatar retreats | Nasdaq:Most major Gulf stock markets steadied on Monday after sharp losses in the previous session, on rising expectations of a coordinated global monetary response to help soften the economic blow of the coronavirus outbreak.Bank of Japan Governor Haruhiko Kuroda said on Monday the central bank will take necessary steps to stabilise the markets, days after U.S. Federal Reserve Chair Jerome Powell echoed similar views.Dubai's mai...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Gulf, Bank of Japan, Haruhiko Kuroda, Jerome Powell, U S Federal Reserve Chair, Tasi, Air Arabia, Rupert Neil Bumfrey, Saudi Basic Industries, Al Rajhi Bank, Emaar Properties EMAR, Dubai Islamic Bank DISB DU



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