Daily Archives: January 27, 2017

Stocks slip on earnings, data; dollar advances

NEW YORK, Rabi’II 29, 1438, Jan 27, 2017, SPA — A key index of global equity markets slipped from near record highs on Friday after underwhelming corporate earnings and U.S. economic growth data gave investors reason to pause following the recent sharp rally in equity prices, Reuters reported.
The dollar shrugged off disappointing U.S. fourth-quarter gross domestic product numbers to extend its rally against a basket of currencies, and U.S. Treasury debt yields slipped as the data spurred buying of U.S. government debt.
MSCI’s world index, which tracks shares in 46 countries, was down 0.12 and about 2 percent off its record high hit in April 2015. Weakness in Europe weighed on the index and it found little support on Wall Street.
Lackluster corporate results gave little reason to investors to push U.S. stocks higher.
Chevron fell 2.5 percent to $113.67 after its quarterly profit fell short of analysts’ expectations. The stock was the biggest drag on the S&P 500 and the Dow Jones Industrial Average indexes.
The Dow Jones Industrial Average fell 18.91 points, or 0.09 percent, to 20,082, the S&P 500 lost 3.62 points, or 0.16 percent, to 2,293.06 and the Nasdaq Composite added 0.07 points, or 0 percent, to 5,655.24.
European shares eased with UBS dragging bank stocks lower after posting a drop in full-year profit, while Britain’s biggest supermarket, Tesco, surged after a 3.7 billion-pound takeover of a supplier.
The pan-European STOXX 600 index closed down 0.4 percent at 366.04.
The greenback, which has climbed for two straight days from a seven-week low against a basket of major currencies, was buoyed by hopes that U.S. President Donald Trump’s pro-growth policies will further bolster the U.S. economy.
Increasing expectations of tax reforms and fiscal stimulus, which support the dollar, are temporarily soothing concerns about Trump’s stance on trade protectionism, said Karl Schamotta, director of global product & market strategy at Cambridge Global Payments in Toronto.
The dollar retreated a little against a basket of currencies after data showed U.S. economic growth slowed more than expected to 1.9 percent in the fourth quarter but recouped losses to trade up 0.19 at 100.57.
The greenback rose to a one-week high of 115.37 against the yen.
The Mexican peso, which slumped on Thursday after the White House said Trump wants a 20-percent tax on imports from Mexico to pay for a wall on their shared border, strengthened more than 1 percent after the two countries agreed not to talk publicly for now about payment for the wall.
In bond markets, U.S. Treasury yields fell as investors reached for U.S. government debt following the disappointing fourth-quarter GDP data.
The benchmark 10-year Treasury yield was down 2 basis points at 2.486 percent.
Oil prices extended losses after data suggested drilling is ramping up in the United States, easing the focus on efforts by OPEC and other producers to support prices by cutting supplies.
Brent crude was down 1.64 percent at $55.32 a barrel, while U.S. crude was down 1.56 percent at $52.94. Gold was on track for its first weekly loss of the year as persistent dollar strength prompted some traders to cash in on this week’s rally to two-month highs. On Friday, spot gold was little changed at $1,189.81.
— SPA
23:05 LOCAL TIME 20:05 GMT

Serafina’s Grand Opening In Riyadh, Saudi Arabia

RIYADH, Saudi Arabia, Jan. 26, 2017 /PRNewswire/ — Serafina, the Northern Italian eatery and global hot-spot, will be opening its newest branch in Riyadh on January 28, 2017. The restaurant, at two floors, will be the largest of the upscale chain’s 35 locations over the globe and the first in Saudi Arabia.

Created by founders Fabio Granata and Vittorio Assaf, Serafina’s menu is comprised of a set of authentic Northern Italian family recipes passed down from generations and adapted by Chef Assaf and his team of gourmet chefs. Offering an array of creative pasta choices, authentic Italian pizza, and specialties such as risotto Serafina, the Northern Italian cuisine at Serafina is prepared with a focus on locally grown produce and fresh ingredients. Each location offers both signature Serafina specialties available worldwide and different dishes available exclusively in each individual location developed to fit local tastes and seasons.

At the helm of Serafina Riyadh’s kitchen is Executive Chef Danilo Cardia, a native Italian from Sardinia. Pastry chef Alessio None has specially created a number of desserts including Dates Tiramisu and homemade Dates Gelato that local guests are raving about.

In addition to its fine dining restaurant, the Riyadh location includes a first-floor food retailer that will offer guests the opportunity to purchase from a range of 450 gourmet products, including housemade pasta and other signature goods, as well as a café and gelateria that offer a more casual dining experience in comparison to the second floor’s fine dining.

Serafina is also available for corporate events, wedding receptions and other special events.

The restaurant, which is open for lunch and dinner seven nights a week, is located at 3831 Makkah Al Mukarramah Branch Road, Umm Al Hamam Al Sharqi, Riyadh, Saudi Arabia 12721.

Serafina’s telephone number in Riyadh is +(966) 11 222 4492.

For more information, visit www.serafinariyadh.com.

For media information contact the Serafina Riyadh Marketing Team, at: marketing@serafinariyadh.com
Links to social media:

Website
Facebook @serafinariyadh
Tumblr serafinariyadh
Instagram @serafinaksa
Twitter @SerafinaRiyadh

Yemeni Premier Expresses Regret for Putschists' Embezzling of YR 300 billion

Aden, Rabi’II 29, 1438, Jan 27, 2017, SPA — Yemeni Premier Dr. Ahmed Obaid bin Dagher expressed deep regret, because al-Houthi and Saleh militia coup still take over than YR 300 billion, they collect from customs, taxes, excesses and profits of telecommunications, tobacco, cigarettes and cement factories, as they compel its directors to severe terror and enforce them to hand over revenues worth billions.
In a statement reported by the official Yemeni news agency, he accused rebels of extorting private industrial and service sectors, to pay more royalties, to support their military efforts, through putting commercial banks under arbitrary measures and take over a large part of their surpluses, under various names to cover their expenses of war, thus prolonging the war.
He stressed that it is time the government began delivering payment of staff salaries, in all parts of the republic, and that these funds are placed under the legitimate government authority or allocated to the payment of the salaries of some government facilities, in the areas controlled by the coup leaders, because leaving these funds under the militias control, will further damage people’s lives, as such situation allow them to buy and smuggle weapons to fight the Yemeni people.
The Premier called militia of al-Houthi the putschists to stop the illegal and illegitimate seizure of the central bank branch, in Sana’a and allow it to operate, within the framework of the central bank system and under the leadership of the new bank governor Munassar Al-Qu’aiti and its new board of directors.
— SPA
19:57 LOCAL TIME 16:57 GMT

Qatar Foreign Merchandise Trade Surplus Was QR 10.7 Billion In December 2016

Doha, The Ministry of Development Planning and Statistics has released preliminary figures of the value of exports of domestic goods, re-exports and imports for December 2016.

In December 2016, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR19.3 Billion, showing a decrease of 2.6% compared to December 2015, and increased by 2.6% compared to November 2016.

On other hand, the imports of goods in December 2016 amounted to around QR 8.5 billion, showing decrease of 22.2% over December 2015. However, on a month on month (M-o-M) basis the imports decreased by 6.1%.

In December 2016, the foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR 10.7 Billion almost, i.e. an increase of about QR 1.9 Billion or 21.7% compared to December 2015, And increased by nearly QR 1.0 Billion or 10.7% compared to November 2016.

The year on year (December 2016 to December 2015) decrease in total exports was mainly due to lower exports of Petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, etc.) reaching 11.9 billion approximately in December 2016, i.e. a decrease of 6.6%, while increase was shown in Petroleum oils & oils from bituminous minerals (crude) reaching QR 3.4 billion nearly, increased by 52.9%, and decreases in the Petroleum oils & oils from bituminous minerals (not crude) reaching QR 0.9 Billion, increased by 4.6%.

In December 2016, Japan was at the top of the countries of destination of Qatar’s exports with close to QR 3.3 Billion, a share of 17.3% of total exports, followed by South Korea with almost QR 3.1 Billion and a share of 16.0%, India with about QR 2.3 Billion, a share of 11.8%.

During December 2016, Motor cars and other passenger vehicles, was at the top of the imported group of commodities, with QR 0.7 Billion, showing a decrease of 38.6% compared to December 2015. In second place was Electrical Apparatus for Line Telephony/Telegraphy, Telephone Sets etc. Parts Thereof. With QR 0.2 Billion, showing a decrease by 11.1%, and in third place was Parts of Balloons Etc., Parts of Aircraft, Spacecraft Etc., with QR 0.2 Billion, decreased of 79.9%.

In December 2016, United State of America was the leading country of origin of Qatar’s imports with about QR 1.2 Billion, a share of 13.5% of the imports, followed by United Arab Emirates with QR 1.0 Billion almost, a share of 11.3% and China with QR 0.8 billion, a share of 9.6%.

Source: Qatar News Agency

Asian Development Bank Signs $109 Mln Fund for Indonesia Geothermal Power Project

Manila, The Asian Development Bank (ADB) has signed a financing package worth $109 million for the Muara Laboh geothermal power generation project in western Indonesia.

Approved in December, the move is part of ADB’s efforts to “scale up private sector-led infrastructure development in Asia and the Pacific and boost support for clean energy,” the bank said in a press release.

The project will be one of the first transactions to receive funding from ADB’s newly established Leading Asia’s Private Infrastructure Fund (LEAP). The Fund is capitalized by $1.5 billion in equity from Japan International Cooperation Agency (JICA) and is managed by ADB’s Private Sector Operations Department. With the Muara Laboh approval and other recent LEAP financings, over $200 million of LEAP funds have been allocated.

On completion, the Muara Laboh geothermal facilities, located in West Sumatra, will generate 80 megawatts of electricity. Indonesia contains about 40 percent of the world’s geothermal reserves, making it an important resource for the country to achieve its commitments to reduce carbon dioxide emissions by 29 percent by 2030.

Source: Qatar News Agency

Asian Development Bank Signs $109 Mln Fund for Indonesia Geothermal Power Project

Manila, The Asian Development Bank (ADB) has signed a financing package worth $109 million for the Muara Laboh geothermal power generation project in western Indonesia.

Approved in December, the move is part of ADB’s efforts to “scale up private sector-led infrastructure development in Asia and the Pacific and boost support for clean energy,” the bank said in a press release.

The project will be one of the first transactions to receive funding from ADB’s newly established Leading Asia’s Private Infrastructure Fund (LEAP). The Fund is capitalized by $1.5 billion in equity from Japan International Cooperation Agency (JICA) and is managed by ADB’s Private Sector Operations Department. With the Muara Laboh approval and other recent LEAP financings, over $200 million of LEAP funds have been allocated.

On completion, the Muara Laboh geothermal facilities, located in West Sumatra, will generate 80 megawatts of electricity. Indonesia contains about 40 percent of the world’s geothermal reserves, making it an important resource for the country to achieve its commitments to reduce carbon dioxide emissions by 29 percent by 2030.

Source: Qatar News Agency

Kuwaiti Oil Price Rises 63 Cents to $51.46

Kuwait, The price of Kuwaiti oil rose by 63 cents to $51.46 per barrel on Thursday from 50.83 per barrel the day before, Kuwait Petroleum Corporation (KPC) said Friday.

Global oil price surged today as well backed by gains in U.S. stocks.

The Brent crude added $1.6 to $56.24 per barrel. The West Texas Intermediate was also up $1.03 to $53.78 pb.

OPEC members and other major producers are planning to decrease global production by 1.8 million barrels next January.

Source: Qatar News Agency

US Growth Slowed in Fourth Quarter to Annual Pace of 1.9 per cent

Washington, The US economy grew in the October-December quarter at an annual pace of 1.9 per cent, slowing sharply from the third quarter of 2016 due in part to a decline in exports and surging imports, according to the Commerce Department’s initial estimate.

After a slowing expansion in the first half of 2016, US economic growth had surged to an annualized 3.5 per cent in the July-September period, the fastest quarterly pace in two years.

In the fourth quarter, higher business investment and inventories, housing construction and state and local government spending contributed to growth. A fall in exports, a jump in imports and slower federal government spending weighed on growth.

Gross domestic product in the world’s largest economy was estimated at 18.86 trillion dollars.

Source: Qatar News Agency