Markets & Exchanges News | Business News Headlines - Yahoo! Maktoob News

MIDEAST MONEY-Subsidy reform dispute imperils Morocco's ruling coalition

Fri, 24 May 2013 14:33:39 +0300

By Aziz El Yaakoubi RABAT, May 20 (Reuters) - Morocco's junior government partyis threatening to quit the coalition unless Islamist primeminister Abdelilah Benkirane moderates plans for sweeping cutsto subsidies on food and energy. Increased subsidies have been part of Morocco's strategy toprevent popular discontent welling up into an uprising of thekind that has toppled rulers across north Africa, but themoderate Islamist PJD argues, along with the IMF, that they havebecome unsustainable. State subsidies on food and energy shot up to 57 billiondirhams ($6. ...

Yemen's main oil pipeline attacked, pumping stopped

Fri, 24 May 2013 14:19:09 +0300

(Adds details, background) SANAA, May 24 (Reuters) - Attackers blew up Yemen's main oilexport pipeline on Friday, halting the flow of crude, thegovernment and industry sources said. "Subversive elements" in Serwah in central Maarib provincehad blown up the pipeline, which leads to the Red Sea, at dawnon Friday, the Defence Ministry said in a statement. The Arabian Peninsula state, which relies on crude exportsto replenish its reserves and finance up to 70 percent of budgetspending, has suffered frequent bombings of its main oilpipeline since an uprising broke out in 2011. ...

Attackers blow up Yemen's main oil pipeline, pumping stopped

Fri, 24 May 2013 13:52:46 +0300

SANAA, May 24 (Reuters) - Attackers blew up Yemen's main oilexport pipeline on Friday, halting the flow of crude, thedefence ministry and industry sources said. "Subversive elements" in Serwah in the central Maaribprovince had blown up the pipeline which leads to the Red Sea,the statement said. The pipeline had been pumping around 125,000 barrels per day(bpd), an industry source told Reuters. (Reporting by Mohammed Ghobari; Writing by Raissa Kasolowsky)

Kerry says talks with Israel, Palestinians "very productive"

Fri, 24 May 2013 13:49:25 +0300

TEL AVIV, May 24 (Reuters) - U.S. Secretary of State JohnKerry said on Friday that his shuttle talks with Israeli andPalestinian leaders on prospects for reviving directnegotiations had been "very productive". Speaking to reporters in Tel Aviv after two days of talks inIsrael and the Palestinian territories, Kerry urged both sidesto refrain from provocative actions "that take us backwards" andsaid they should focus instead on progress towards peace talks. ...

PRECIOUS-Gold steadies near $1,390/oz, set for best week in four

Fri, 24 May 2013 13:02:27 +0300

* Gold boosted this week by drop in stock markets * Fed official dampens talk Fed policy may tighten * Coming Up: U.S. durable goods orders; 1230 GMT (Updates throughout, changes dateline, pvs SINGAPORE) By Jan Harvey LONDON, May 24 (Reuters) - Gold steadied on Friday as stockmarkets stabilised, arresting the metal's rally, though commentsfrom a Federal Reserve official that dampened talk that the U.S.central bank is set to curb monetary policy kept prices firmlyunderpinned. ...

Syria opposition struggles to forge transition plan before talks

Fri, 24 May 2013 12:45:22 +0300

* Syrian National Coalition likely to attend Geneva talks * Fails to endorse outgoing leader's transition plan * Opposition in exile also has to elect new leader By Khaled Yacoub Oweis ISTANBUL, May 24 (Reuters) - Syria's divided oppositionleaders have failed to back a plan by their outgoing leader forPresident Bashar al-Assad to cede power gradually to end thecountry's civil war, highlighting the obstacles to internationalpeace talks expected next month. ...

European stock markets recover slightly at open

Fri, 24 May 2013 12:26:05 +0300

European stock markets rebounded modestly at the start of trading on Friday following sharp losses suffered the previous day.

Oil prices set for biggest weekly drop since mid-April

Fri, 24 May 2013 12:09:27 +0300

* Shrinking factory activity in China limits oil demandgrowth * Rosy U.S. economic data raise worries Fed may end stimulussoon * Gasoline demand over U.S. summer driving season maydisappoint * Coming Up: U.S. durable goods orders; 1230 GMT (Updates previous SINGAPORE) LONDON, May 24 (Reuters) - Oil is poised to post its biggestweekly loss in more than a month, with Brent edging down towards$102 per barrel on Friday - pressured by ample supply and asluggish economic recovery that could dent demand for fuel. ...

PRECIOUS-Gold climbs as Fed official says no rush to end bond buying

Fri, 24 May 2013 10:19:44 +0300

* Gold on track for strongest week in a month * No rush to end monetary easing -Fed's Bullard * Volatile Nikkei keeps Asian stocks on edge * Coming Up: U.S. durable goods orders; 1230 GMT (Updates prices) By A. Ananthalakshmi SINGAPORE, May 24 (Reuters) - Gold rose on Friday, on trackfor its strongest week in a month, after a U.S. Federal Reserveofficial said there was no rush to end the monetary easingprogramme that has increased the metal's appeal as a hedgeagainst inflation. ...

India's HPCL to buy up to 40,000 bpd of Basra from Total

Fri, 24 May 2013 09:17:22 +0300

NEW DELHI, May 22 (Reuters) - Hindustan Petroleum Corp will buy up to 40,000 barrels per day (bpd) of Basralight oil from France's Total at a discount to theofficial selling price, said a source at the Indian firm. HPCL will lift 15,000 bpd of the Iraqi oil with an option tobuy another 25,000 bpd, said the source, who declined to benamed as he is not authorised to speak to media. He said that the deal was signed in the first week of May,but declined to give details on pricing. ...

Market Chatter-Corporate finance press digest

Fri, 24 May 2013 07:32:24 +0300

May 24 (Reuters) - The following corporate finance-relatedstories were reported by media on Friday: * Former News Corp president Peter Chernin andprivate equity fund Guggenheim Digital Media have placed bidsfor Hulu, two people with knowledge of the matter told Reuters,triggering a tug-of-war for the online video service. * Google Inc is considering buying Israeli mobilesatellite navigation start-up Waze Inc, which may lead to abidding war with Facebook Inc, Bloomberg news reported,citing people familiar with the matter. ...

Oil prices set for biggest weekly loss in five

Fri, 24 May 2013 06:45:22 +0300

* Shrinking factory activity in China limits oil demandgrowth * Rosy U.S. economic data raise worries Fed may end stimulussoon * Gasoline demand over U.S. summer driving season maydisappoint * Coming up: Germany detailed Q1 GDP; 0600 GMT By Florence Tan SINGAPORE, May 24 (Reuters) - Crude futures are set to posttheir biggest weekly loss in five weeks, with Brent edging downtoward $102 per barrel on Friday, as ample supply and a slowglobal economic recovery fuelled worries that demand for oilwould be hit. ...

NYMEX-Oil prices slip towards $94 on China data, Fed concerns

Fri, 24 May 2013 03:58:18 +0300

PERTH, May 24 (Reuters) - U.S. crude futures dropped toaround $94 a barrel on Friday after disappointing China data andon lingering concerns the U.S. Federal Reserve would curb itsstimulus programme. FUNDAMENTALS * The U.S. July oil futures contract had fallen 9cents to $94.16 a barrel by 0038 GMT. * Brent rose 5 cents to $102.49 a barrel. * China's factory activity shrank for the first time inseven months in May, a survey showed, stoking worries over thedemand outlook for commodities. * Strong U.S. housing data renewed worries the Fed wouldcurtail its bond-buying programme. ...

PRECIOUS-Gold edges lower on stronger dollar, stocks

Fri, 24 May 2013 03:45:34 +0300

SINGAPORE, May 24 (Reuters) - Gold edged lower on Friday asthe dollar and equities regained momentum after a volatiletrading session the day before, and as holdings inbullion-backed exchange-traded funds fell to fresh four-yearlows. FUNDAMENTALS * Spot gold fell 0.17 percent to $1,388.36 an ounceby 0030 GMT, not far off two-year lows of $1,321.35 seen inmid-April. * U.S. gold fell 0.31 percent to $1,387.5. * Gold rose as much as 2 percent to $1,397. ...

PRECIOUS-Gold up sharply as dollar, stocks slide

Fri, 24 May 2013 00:13:34 +0300

* U.S. dollar falls 0.75 percent versus basket of currencies * Weak manufacturing in China, Europe, U.S. spur buying * Big drop in US jobless claims suggests labor mart strength (Updates commentary and prices, changes byline, dateline (prevLONDON) By Carole Vaporean NEW YORK, May 23 (Reuters) - Gold rose sharply on Thursdayas investors sought its safe-haven status after the dollar andequity markets were hit by a slew of weak manufacturing datathat indicated stagnant global economic growth. ...

Oil recovers after dive on Chinese data

Thu, 23 May 2013 23:43:14 +0300

Global oil prices closed little changed Thursday, recovering from sharper losses earlier in the day after weak Chinese manufacturing data.

Deals of the day -- mergers and acquisitions

Thu, 23 May 2013 23:00:08 +0300

(Adds Dell Inc, Orkla, Marathon Oil, Elan, prada, TelecomItalia and others) May 23 (Reuters) - The following bids, mergers, acquisitionsand disposals were reported by 2000 GMT on Thursday: ** Activist investor Carl Icahn and Southeastern AssetManagement Inc have initiated talks with banks and assetmanagers to line up commitments for as much as $7 billion inbridge loans to back their leveraged recapitalization proposalfor Dell Inc, banking sources told Thomson Reuters LPCon Thursday. ** U.S. ...

Oil prices pare losses on U.S. equities turnaround

Thu, 23 May 2013 22:37:07 +0300

* U.S. equities recoup earlier losses, supporting oil * Chinese factory activity shrinks, raising demand doubts * U.S. single-family home sales rise 2.3 pct * Euro zone business downturn eases in May-PMI * U.S. gasoline stocks abundant ahead of driving season (Updates prices, recasts) By Anna Louie Sussman NEW YORK, May 23 (Reuters) - Brent crude oil prices retracedearlier losses after falling to a three-week low on Thursday ina broader commodities selloff, riding the coattails of a lateturnaround in U.S. equities to end flat. Traders said the U.S. ...

NYSE says to spin off, not sell Euronext

Thu, 23 May 2013 22:31:47 +0300

NYSE Euronext with spin off European stock exchange group Euronext via an initial public offer rather than sell it following its merger with InterContinentalExchange (ICE), a senior executive said Thursday.

Sudan, S. Sudan vow to keep oil flowing, differ on pumping problem

Thu, 23 May 2013 19:49:20 +0300

* Sudan and South Sudan pledge to keep oil pipeline open * Mistrust still prevails between the long-time foes By Ulf Laessing and Aaron Maasho KHARTOUM/ADDIS ABABA, May 23 (Reuters) - Sudan and SouthSudan's oil ministers on Thursday vowed to continue cross-borderoil flows but gave contradictionary opinions whether a technicalproblem at a pumping station which had cut output had beenfixed. Landlocked South Sudan is in the process of restarting oilexports via cross-border pipelines to the Sudanese Red Sea portof Port Sudan following a 16-month shutdown. ...

U.S.'s Kerry samples Palestinian shawarma and sweets

Thu, 23 May 2013 19:07:40 +0300

RAMALLAH, West Bank, May 23 (Reuters) - U.S. Secretary ofState John Kerry stepped off the diplomatic track on Thursdayand onto a West Bank street where he sampled a shawarma sandwichand a pistachio-sprinkled Palestinian sweet. In a rare gesture for a U.S. secretary of state - but astaple of U.S. political campaigns - Kerry dropped by the SamerRestaurant in the Palestinian city of Ramallah to enjoy typical Middle Eastern fare. ...

Turkish assets fall on U.S. stimulus worries

Thu, 23 May 2013 19:06:18 +0300

ISTANBUL, May 23 (Reuters) - Turkish assets fell on Thursdayin line with other emerging markets as concern that the U.S.Federal Reserve may scale back stimulus measures drove investorsto safer havens. Turkey's main share index closed down 1.96 percentat 91,351.4 points, narrowly outperforming the global emergingmarkets index. Turkish stocks had risen 19 percentthis year by Wednesday's close, when they hit a record high. "With increased volatility on global markets, investors areexiting some risky assets and realizing profits. ...

Hit by recession, Mediterranean refiners battle oil shortage

Thu, 23 May 2013 18:48:17 +0300

* Structural shortage as sour crude is scarce, light oil -plentiful * Supplies of traditional sour barrels in Med halved in past5 years * Eni buys Urals in long-term tender in Baltic By Dmitry Zhdannikov LONDON, May 23 (Reuters) - Sanctions against Iranian oil,Iraqi flow outages and a change in Russian export routes haveleft Europe's recession-hit Mediterranean refiners short oftheir preferred oil grades at a time when the rest of the worldhas plentiful supply. ...

OPEC seaborne exports to fall in 4 weeks to June 8-analyst

Thu, 23 May 2013 18:30:00 +0300

LONDON, May 23 (Reuters) - Seaborne oil exports from OPEC,excluding Angola and Ecuador, will fall by 100,000 barrels perday (bpd) in the four weeks to June 8, an analyst who estimatesfuture shipments said on Thursday. Exports will reach 23.80 million bpd on average, comparedwith 23.90 million bpd in the four weeks to May 11, Britishconsultancy Oil Movements said in its weekly estimate. The Organization of the Petroleum Exporting Countries pumpsmore than a third of the world's oil. (Reporting by Jonathan Saul, editing by William Hardy)

Egypt T-bills yields rise on c.bank decree, tight liquidity

Thu, 23 May 2013 17:54:47 +0300

CAIRO, May 23 (Reuters) - Egyptian treasury bill yields roseat an auction on Thursday and the central bank cut the offeringsize as the market continued to adjust to new rules that limitthe amount banks can channel into money market funds to buyT-bills. Traders said a liquidity shortage in a number of banksseemed to have reduced the amount available to invest inT-bills, which was also pushing up yields. ...

UAE's NBAD raises convertible bond issue to $465 mln

Thu, 23 May 2013 17:49:47 +0300

* Hikes size to $465 mln from $350 mln * High demand for rare Gulf, highly-rated convertible * Pricing at tight end of 1-1.5 pct coupon (Adds size increase, pricing details, banker comments) DUBAI, May 23 (Reuters) - National Bank of Abu Dhabi (NBAD), the UAE's largest lender by market value, hasincreased its convertible bond offering to $465 millionfollowing high demand from investors for a rare convertible fromthe Gulf region. ...

MIDEAST STOCKS-Gulf mkts fall as global sell-off spooks investors

Thu, 23 May 2013 17:49:12 +0300

By Nadia Saleem DUBAI, May 23 (Reuters) - Most Gulf markets fell on Thursdayas a sell-off on international bourses spurred regionalinvestors to cash in gains from an early-year rally. World markets suffered from the twin setbacks of a surprisedrop in Chinese factory activity in May and U.S. Federal ReserveChairman Ben Bernanke's comments signalling the bank may trimits bond purchases at one of its next policy meetings. Oil fell below $102 a barrel as the market worriedabout weak demand going forward. In Egypt, the main benchmark fell 1.4 percent,extending 2013 losses to 2.2 percent. ...

NBAD's $465m convertible bond benefits from rarity value

Thu, 23 May 2013 17:43:47 +0300

By Abhinav Ramnarayan LONDON, May 23 (IFR) - National Bank of Abu Dhabi tookadvantage of rarity value to upsize its convertible bond issueto US$465m this afternoon and still achieve a coupon of 1%, thetight end of guidance. The UAE's second largest lender earlier today said it wouldlook to issue a US$350m convertible bond with a yield of1.0%-1.5%, with a US$35m upsize option and a premium of 30% tothe stock price. Traditional convertible bond investors do not often get achance to invest in investment-grade financials, especially fromthe Gulf, and the scarcity led to strong demand. ...

Tel Aviv Stock Exchange extends trading day to overlap with U.S.

Thu, 23 May 2013 17:38:50 +0300

JERUSALEM, May 23 (Reuters) - Trading hours on the Tel AvivStock Exchange (TASE) will be extended by one hour next month tooverlap more with Europe and the United States, in a bid toattract more foreign investors to Israeli stocks and bonds. Starting June 16, the TASE will close at 5.25 pm (1425 GMT)rather than 4.25 pm on Monday to Thursday, giving it an hour ofoverlap with New York, the TASE said on Thursday. On Sunday, when foreign bourses are closed, the Israeliexchange will close at 4.25 pm as it does now. The opening willremain unchanged at 9.45 am. ...

U.S. crude falls $2, drops below 200-day moving average

Thu, 23 May 2013 17:06:49 +0300

NEW YORK, May 23 (Reuters) - U.S. crude futures fell morethan $2 and pushed below the 200-day moving average on Thursday,as a decline in China's factory activity and the possibilitythat the Federal Reserve could scale back stimulus weighed onoil prices. U.S. July crude was down $2 at $92.28 a barrel at10:04 a.m. EDT (1404 GMT), below the 200-day moving average of$92.29 and having dropped as low as $92.21. (Reporting by Robert Gibbons; Editing by Gerald E. McCormick)

Dubai fund ICD may raise $2 bln loan target after heavy demand

Thu, 23 May 2013 17:00:21 +0300

By David French DUBAI, May 23 (Reuters) - Investment Corporation of Dubai(ICD), the holding company for some of the emirate's best-knowncompanies, may increase the size of a $2 billion loan aftersignificant interest in the deal from lenders, banking sourcessaid. Strong demand for the loan is a sign of renewed confidenceamong bankers in Dubai, which is recovering from the aftermathof a real estate crash and sovereign-linked debt crisis whichfollowed the global financial meltdown of 2008. The loan has been marketed since mid-March, with $1. ...

US stocks sink after global rout; S&P loses 1.1%

Thu, 23 May 2013 16:58:20 +0300

US stocks opened sharply lower Thursday after the plunge in the Japanese market sparked a selloff throughout Asia and Europe.

POLL-Bank of Israel may cut rates for 2nd time in a month

Thu, 23 May 2013 16:41:43 +0300

By Steven Scheer JERUSALEM, May 23 (Reuters) - The Bank of Israel could lowershort-term interest rates for the second time this month nextweek to further weaken the shekel and support exports, althoughit's a close call, according to a Reuters poll. Of 13 economists surveyed, seven expect the monetary policycommittee (MPC) to leave its benchmark interest rate at 1.5 percent. Six others expect a quarter-point reduction whenthe decision is announced on Monday at 5.30 pm (1430 GMT). ...

Egypt to issue smart cards to fuel stations next month

Thu, 23 May 2013 16:17:48 +0300

CAIRO, May 23 (Reuters) - Egypt will begin using smart cardsin the next few weeks to distribute gasoline and diesel, OilMinister Sherif Haddara said on Thursday, in a step towardsmeeting IMF terms for a loan. The first smart cards will go to fuel stations and then theprogramme will widen to include all car owners. The government is turning to smart cards to reduce theamount of money it spends on subsidised energy products, whicheat up a fifth of all state spending. The International Monetary Fund is asking Egypt to act toreduce its budget deficit in return for a $4.8 billion loan. ...

Iraq's state-owned Trade Bank eyes Lebanon, Turkey - president

Thu, 23 May 2013 14:20:51 +0300

By Stanley Carvalho ABU DHABI, May 23 (Reuters) - State-owned Trade Bank of Iraq(TBI) plans to expand its domestic presence as well as openbranches in Lebanon and Turkey to tap growing trade between thecountries, the bank's top executive said on Thursday. The bank, set up in 2003, operates as a commercial bank witha virtual monopoly on letters of credit, which are used ininternational trade to guarantee government purchases. ...

STOCKS NEWS MIDEAST-Dubai slips but pares some losses; Gulf mkt dip

Thu, 23 May 2013 14:15:38 +0300

1110 GMT - Selling pressure on Dubai's bourse lessens but itcloses lower for the day and other regional markets alsoretreat, taking worries over demand in China and global sharelosses as cues to book recent gains. Global markets suffered from the twin setbacks of a surprisedrop in Chinese factory activity in May and U.S. Federal ReserveChairman Ben Bernanke's comments signalling the bank may trimits bond purchases at one of its next policy meetings. Oil fell below $102 a barrel. Dubai's benchmark slips 0. ...

Iran seeks to speed up nuclear activity-IAEA

Thu, 23 May 2013 13:40:22 +0300

* Iran installing advanced centrifuges - IAEA * New machines could enrich uranium faster * Launch date, efficiency unclear, experts say * EU says Iranian nuclear expansion "aggravates" concerns (Adds EU comment, paragraphs 8-9) By Fredrik Dahl VIENNA, May 23 (Reuters) - Iran is trying to accelerate itsuranium enrichment programme, a U.N. nuclear report showed, butexperts said it was unclear when Tehran's new machines couldstart operating and how efficiently they would work. ...

Tunisia in talks with Qatar over central bank deposit -PM

Thu, 23 May 2013 13:29:22 +0300

TUNIS, May 23 (Reuters) - Tunisia is in talks with Qatarover a deposit in Tunis' central bank "with easy conditions"Prime Minister Ali Larayedh said on Thursday. "Qatari officials have shown their willingness to supportus," he told a news conference. He did not give details on the amount being discussed butsome officials sources have said it could be around $1 billion. Larayedh, who travelled to Doha last week, said Qatariofficials had said they were "ready to boost investments inTunisia." Last month, the International Monetary Fund said it hadreached a $1. ...

U.N. report stokes concern over Iran's nuclear programme-EU

Thu, 23 May 2013 13:14:29 +0300

BRUSSELS, May 23 (Reuters) - Iran's expansion of sensitivenuclear activity breaks United Nations resolutions and increasesconcerns about whether its nuclear programme is entirelypeaceful, the European Union said on Thursday. A U.N. nuclear agency report released on Wednesday showedIran was expanding nuclear activities, in clear violation ofresolutions of both the U.N. Security Council and of the boardof the world body's International Atomic Energy Agency (IAEA),the EU said. ...

Tunis in talks with Qatar over central bank deposit -PM

Thu, 23 May 2013 12:51:27 +0300