May, 2017

• 11 May

  Oil producers reach consensus to extend cuts

  

  BAGHDAD / Agencies OPEC and other major oil exporters which are currently taking part in output reduction have reached consensus to extend the limits of cuts until the end of the year, according to the Iraqi and Algerian oil ministers. “All members of the Organisation of Petroleum Exporting Countries support an extension of the output cuts for a second six-month ...

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• 11 May

  UAE stocks gain AED8 billion

  ABU DHABI / Agencies UAE stocks closed on a high note on Thursday, gaining AED8 billion driven by a buying spree over leaders, primarily Emaar Properties which rose AED 7.49 ahead of the company’s announcement of its Q1 financial statements. The Dubai Financial Market (DFM), General Index rose by 0.74 percent to 3,420 points and Abu Dhabi Securities Exchange, ADX, ...

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• 11 May

  Dana Gas Q1 profit nearly doubles as production rises

  

  Bloomberg Dana Gas PJSC profit nearly doubled in the first quarter as the United Arab Emirates-based natural gas producer boosted output. Net income rose to 40 million dirhams ($11 million) from 22 million dirhams a year earlier, the company said on Thursday in a statement to the Abu Dhabi stock exchange. Sales climbed 44 percent to 432 million dirhams. Dana ...

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• 11 May

  UAE dirham continues to appreciate in Q1

  ABU DHABI / WAM The UAE dirham has continued to appreciate in Q1 2017 for the twelfth consecutive quarter, according to Central Bank of the UAE statistics. With a few exceptions, the dirham appreciated against most of the UAE’s main trade partners. From the import side, the weighted dirham’s appreciation against its top-nine non-dollarised import partners, which claim 48.5 percent ...

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• 11 May

  Waha Capital posts AED87.6mn gains

  ABU DHABI / WAM Waha Capital, a leading investment company based in Abu Dhabi, has reported a net profit of AED87.6 million for the first quarter of 2017. The company’s asset management division, which manages capital markets, and private equity and private debt investments, continued to deliver strong returns and now accounts for just over two thirds of total income. ...

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• 11 May

  TAQA revenues up 6% to AED4.1bn

  ABU DHABI / WAM Abu Dhabi National Energy Company (TAQA) announced Q1 total revenues of AED4.1 billion, an increase of 6 % on previous year (Q1 2016: AED 3.9 billion), for the period ended March 31, 2017. Saeed Al Dhaheri, Acting Chief Operating Officer, said, “After the completion of our two-year transformation programme, I am pleased to announce a return ...

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• 11 May

  UAE committed to global tax transparency standards

  Dubai / WAM The country’s commitment to internationally agreed standards of transparency and exchange of information for taxation purposes was the crux of a workshop organised by the Ministry of Finance in collaboration with the Organisation of Economic Cooperation and Development. The workshop reviewed a series of issues of close relevance to tax and monetary policies developed to realign taxation ...

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• 11 May

  Why Trump digs himself into a hole on Russia?

  

  The mystery at the center of the Michael Flynn case is why Donald Trump didn’t react sooner to warnings about Flynn’s involvement with Russia. Why didn’t Trump listen to President Obama’s caution against hiring him? Why did Trump wait 18 days before removing his national security adviser after urgent advice that Flynn could be ‘blackmailed’? We don’t have answers. But ...

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• 11 May

  It’s time to start running with the bulls in Europe

  

  Emmanuel Macron’s election as French president removes the risk that one of the founding members of the European Union might seek to extricate itself from the euro. That in turn should be the signal for equity investors to take advantage of a less febrile political environment and buy European stocks. After several years of underperformance, economic growth in the euro ...

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• 11 May

  South Korea needs a united front with US

  His differences with US President Donald Trump may have helped win Moon Jae-in the presidency of South Korea. Now he and Trump need to focus on what unites them. During the campaign, Moon took issue with the U.S. administration’s approach to North Korea. In the past, he’s called for engaging economically with the North and restarting joint development projects, rather ...

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