Document 6600214

Libyan protesters stop oil exports from Hariga port
Libyan state security guards have
started a protest at the 120,000
barrels a day Hariga oil port in the
east, halting any oil exports, a
Libyan oil official said on Saturday.
The port closure is the second
blow to Libya’s oil industry within
days after gunmen forced the closure of the southern El Sharara oilfield which used the pump at least
200,000 bpd.
A tanker had been waiting for
three days to lift oil Hariga, located
in Tobruk, but the guards did not
allow it to, the official said, asking
not to be named. The port was only
open for fuel imports, he added.
The closure will lower Libya’s
output to around 500,000 bpd,
based on previous published figures. State firm National Oil Corp
(NOC) has not given a production
update for a month.
The protesters at Hariga were
part of a state security oil force
which had gone several times on
Market Movements
AUSTRALIA
JAPAN
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All Ordinaries
Nikkei
Change
+42.90
+87.90
Closing pts
5,522.10
16,880.38
APR suspends power generation in Libya
strike this year to complain about
allegedly missing salary payments.
“There is a sit-in from security
guards who say they have not been
paid,” the official said. “We are trying to solve the issue.”
Libya’s oil industry had recovered in the past few months from a
wave of protests at ports and oilfields which had lowered output to
100,000 bpd in the first half of thee
year. Output had hit 900,000 bpd in
September. (RTRS)
APR Energy Plc, which runs temporary power plants, suspended
electricity generation in Libya and
said its results could be hurt, a
warning that wiped out more than a
fifth of its market value.
APR’s stock fell to a record low on
Friday after the company said it suspended operations due to unfinished
paperwork by the Libyan government
on a contract that was instrumental in
APR posting a profit last year.
“Well there obviously will be a
financial impact on APR but we’re
taking it one day at a time at this
point,” founder and Chief Executive
Laurence Anderson told Reuters.
He said the company would
quantify the impact once the issue
was resolved, but did not give a
timeline for a resolution.
“One would expect that with the
acute need of electricity (in Libya),
this should expedite the process or
raise the priority level for them.”
In
July,
General
Electric
Company of Libya (GECOL)
extended APR’s 450-megawatt
power contract through to the first
quarter of 2015, but the final parliamentary review process has been
continuously delayed.
APR, which rents out 25
megawatts turbines and generators, said on Friday its plants were
on standby until the matter was
resolved. Its power plants at six
sites in Libya have been shut for 48
hours already. (RTRS)
07-11-2014
INDIA
S. KOREA
PHILIPPINES
HONG KONG
GERMANY
FRANCE
EUROPE
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Sensex
KRX 100
All Shares
Hang Seng
DAX
CAC 40
Euro Stoxx 50
Change
-47.25
-0.68
-18.11
-99.07
-85.58
-37.79
-37.15
Closing pts
27,868.63
4,049.31
4,243.68
23,550.24
9,291.83
4,189.89
3,064.92
Business
KSE weekly reporty
Bayan Investment Co
Kuwait stock market continues to decline
K
uwait Stock Exchange (KSE) ended
last week in the red zone. The Price
Index closed at 7,134.61 points, down
by 3.08 percent from the week before
closing, the Weighted Index decreased
by 1.90 percent after closing at 473.02
points, whereas the KSX-15 Index
closed at 1,144.88 points, down by 2.21
percent. Furthermore, last week’s average daily turnover increased by 9.21
percent, compared to the preceding
week, reaching KD 18.65 million,
whereas trading volume average was
166.68 million shares, recording a
increase of 15.71 percent.
As far as the KSE indices performance during the last week; the stock market initiated November trading activity
with mixed performance to its three
indices, whereas the Price Index witnessed limited decline by 1.70 point due
to the selective speculative operations
that increased the sale for profit operations, going on the opposite direction of
most of the GCC stock markets, which
its technical indicators increased in
response to the recovery of the international financial markets on the preceding
week, whilst both of the Weighted and
KSX-15 indices increased, supported by
the limited purchasing operations executed on the large-cap stocks, among a
drop in the liquidity level.
The stock market continued to decline
on the second session of the week, however more steeply from the day before,
to close at 7,318.99 point with a
decrease of 40.92 point, as the specula-
tions controlled the overall market performance and included the small-cap
stocks, especially that did not disclose
its third quarter financial results for the
current year. The Weighted Index followed the same direction of the Price
Index, due to the selling pressures on the
small-cap and mid-cap stocks, however
the KSX-15 Index was able to hold and
realize limited gains. In addition, the
Price Index continued its downward
direction on Tuesday’s session, accompanied by the Weighted and KSX-15
indices due to the strong selling pressures on the small-cap stocks and the
profit collection operations on the largecap stocks of previous increases, where
the trading activity recorded a noticeable
Businesses braving new tech frontier
EGOV2 tech parade
‘kicks off’ in Kuwait
KUWAIT CITY, Nov 8: NoufEXPO
announced today that arrangements
are in place for the take-off of the
“2nd E-Government Forum: Future
Trends of Government Datacenters”
at Arraya Center of Courtyard
Marriott Kuwait City today evening.
EGOV2 shall be held under the
patronage of His Highness the Prime
Minister Sheikh Jaber Mubarak AlHamad AL-Sabah.
The opening ceremony that is
scheduled for 6:30 pm today shall be
inaugurated by His Excellency
Sheikh Mohammad Abdullah AlMubarak Al-Sabah, Minister of State
for Cabinet Affairs, the Minister of
Justice and the Chairman of the
Board of the Central Agency for
Information Technology.
A NoufEXPO spokesman said
today “EGOV2, convening for the
second year in a row, represents a
unique technology parade. It has
attracted many world-class technology companies that help shape the
future of private and government datacenters. The spokesman said “This
year, we are pleased to welcome
world-class technology leaders.
Particularly, I extend my sincere welcome to the representative and speakers of Microsoft, IBM, CISCO, Ernst
& Young, Fidelis — General
Dynamics, EMC, and Aruba
Networks who made it to Kuwait
from their countries. I would like also
to welcome our guest from Kuwait,
Agility, IT Partners, and Cyber
Systems.
Genuine
The NoufEXPO spokesman added
“We hope that EGOV2 shall be of a
genuine added value to the efforts of
Government datacenters and their
employees alike. These datacenters
are playing a vital role in developing
the e-government program of
Kuwait. To succeed, their efforts
should be brought together and they
should solidify the capabilities of
their human resources, business
processes, and their technical
resources. NoufEXPO is proud to
organize EGOV2 in cooperation with
the Central Agency for Information
Technology and to be part of
Kuwait’s progress towards building
the future knowledge and information based society.
Meanwhile, Tarek Ghoul, Director
and General Manager for Gulf,
Levant and Pakistan at CISCO, highlighted how technology will shape
our future and the leading role that
CISCO is playing in this regard.
Ghoul was commenting on CISCO’s
participation in the 2nd E-
Government Forum.
“Business-leaders: imagine holding a virtual press conference
between Dubai, London, and New
York, sharing real-time interactive
whiteboards and online videos, fielding questions from global journalists,
and posting real-time video across
the company’s social media
accounts.
These abilities were once only
available for the world’s largest
enterprises — but are now set to
transform businesses of all sizes
across the Middle East, thanks to several technology trends: browserbased video collaboration, video
mega trends, context aware computing, machine-to-machine connections, security, mobile device management, and new Internet architectures.
Dynamic
Businesses across the Middle East
are already buzzing about the rise of
new technologies. The Middle East’s
dynamic IT market is projected to
reach $32 billion by 2014, according
to the IDC, whereas Cisco predicts
the Middle East and Africa will post
the world’s strongest mobile data
traffic 77 percent CAGR to 2017.
Browser-based video and collaboration tools and video mega trends
will be game-changing. Together,
they can revolutionize real-time
employee collaboration in fields such
as commerce and retail, healthcare,
education, manufacturing, transportation, and security.
Employees will soon be able to
seamlessly work across different
office locations and mobile devices,
integrating in real-time ultra HD
audio-visual
conferences,
text
notepads, and whiteboards, and share
files, photos, and social media posts.
decline and the volume decreased by
65.34 percent.
On Wednesday’s session, the Price
Index slipped by 99.83 point to close
below the 7,200 point level, in light of a
general state of selling and refrain from
purchasing by the traders, accompanied
by the Weighted Index and KSX-15
Index and in parallel with the GCC stock
markets performance, where all its indicators declined headed by Dubai
Financial Market, which decreased by
3.26 percent on the same day. Kuwait
Stock Market ended the weekly trading
activity in the red zone, closing at
7,134.61 point, the lowest level since the
first week of August 2014, with a weekly loss of 3.08 percent, as a result of the
random selling operations that pushed
the traders to draw back from the market
and watch the performance until settles
and away from risk, meanwhile the cash
liquidity level has increased noticeably.
For the annual performance, the price
index ended last week recording 5.50
percent annual loss compared to its closing in 2013, while the weighted index
increased by 4.45 percent, and the KSX15 recorded 7.16 percent growth.
Sectors’ Indices
All of KSE’s sectors ended last week in
the red zone, whereas the Health sector’s
index closed with no change from the
week before. The Financial Services sector headed the losers list as its index
declined by 5.38 percent to end the week’s
activity at 965.15 points. The Consumer
Goods sector was second on the losers list,
which index declined by 5.13 percent,
closing at 1,285.84 points, followed by the
Technology sector, as its index closed at
944.20 points at a loss of 4.83 percent. The
Insurance sector was the least declining as
its index closed at 1,191.58 points with a
0.45 percent decrease.
Sectors’ Activity
The Financial services sector dominated total trade volume during last
week with 472.51 million shares changing hands, representing 56.70 percent of
the total market trading volume. The
Real Estate sector was second in terms
Egypt received $10.6bn from
Gulf last fiscal year – finmin
Cairo, Greece, Cyprus pledge to boost energy cooperation
CAIRO, Nov 8, (RTRS): Egypt received $10.6 billion in aid
from Gulf states in the last fiscal year, the finance minister
said on Saturday, the first time the government has put a total
figure on how much its oil-rich allies spent to prop up the
economy.
year, 53 billion pounds was in the form of petroleum products, with the
remaining 21 billion pounds coming as cash grants, Hany Kadry Dimian told
a news conference.
Saudi Arabia, the United Arab Emirates and Kuwait have provided Egypt with political and economic support since then-army chief Abdel Fattah al-Sisi ousted elected
Islamist President Mohamed Morsi in July last year and led a crackdown on his supporters.
Of about 74 billion Egyptian pounds of aid received in the 2013-14 fiscal
Sisi went on to win a presidential election in May and has promised to restore stability and growth to a country convulsed by
turmoil since the 2011 overthrow of Hosni
Mubarak.
Soon after Morsi’s removal, Gulf states
pledged Egypt about $12 billion aid. In
September 2013, the Egyptian central
bank chief said about $7 billion of that had
been received. But Saturday’s figures are
the most concrete to date.
Although his critics say political freedoms have been eroded under Sisi, the
government has passed a raft of reforms
from subsidy cuts to tax hikes that have
impressed business leaders.
Egypt’s government deficit shrank as a
percentage of gross domestic product last
year, Dimian said, a positive sign for a
government that is trying to balance cutting its deficit and reviving growth.
The deficit was 255.4 billion pounds, or
about 12.8 percent of GDP, in 2013-14, he
said, compared to 13.7 percent of GDP, or
239.7 billion pounds, in the previous year.
Egypt’s spending on a generous subsidy
system that is weighing on government
finances rose by 10 percent last year, however, to 187.7 billion pounds. Most of last
year’s subsidies bill, 126 billion pounds,
This aerial photo shows the city of Detroit. A judge cleared
ruin. The plan calls for cutting retiree pensions by 4.5 perwas for fuel, the minister said.
Detroit to emerge from bankruptcy Friday, approving a
cent, erasing $7 billion of debt and spending $1.7 billion to
The government cut energy subsidies in
turnaround plan that will require discipline after years of
demolish thousands of blighted buildings, make the city
July, the start of the current fiscal year, in
corruption, mismanagement and an exodus of residents
safer and improve long-neglected basic services. (AP)
a bid to better balance its books. But the
brought this one-time industrial powerhouse to financial
– See Page 42
move raised prices of gasoline, diesel and
natural gas by up to 78 percent and caused
a spike in inflation.
Egypt, facing its worst power crisis in
decades, on Saturday pledged greater
energy cooperation with Greece and
Cyprus, a diplomatic move that opened up
the possibility of progress in talks to
import natural gas from Cyprus.
The statement comes a day after the
Energy, Gulf Keystone Petroleum and
LONDON, Nov 8, (Agencies): Iraqi
Cypriot President Nicos Anastasiades
Afren, and Norway’s DNO. Shares in Gulf
Kurdistan has sold 34.5 million barrels of
KRG’s minister for natural resources told
said in Cairo that the three countries “disKeystone rose by more than 6 percent, and
oil worth almost $3 billion since January,
a conference in Arbil that the region’s
cussed boosting cooperation in the field of
Genel shares rose more than 3 percent.
the Kurdistan Regional Government said,
exports were approaching 300,000 barenergy, with the belief that the discovery of
The KRG added that the proceeds of
despite opposition from the federal govhydrocarbons in the eastern Mediterranean
rels a day.
the $2.87 billion sales were being treated
ernment to independent oil sales from the
can contribute to supporting regional coopThe KRG said that it had shipped 21.5
as part of what it claimed as its “constituregion.
eration for stability and prosperity.”
million barrels of crude to the Turkish
tional entitlement” of 17 percent of Iraqi
The KRG said in a statement on Friday
The meeting in Cairo between
port of Ceyhan and trucked 13 million
government revenues, which it says have
that it would make an initial payment of
Anastasiades,
Egyptian
President
barrels to the Turkish port of Mersin
not been paid by Baghdad since January.
$75 million to oil producing companies
Abdelfattah el-Sisi and Greek Prime
since January.
“The KRG is balancing almost a year
for their exports and would make further
Minister Antonis Samaras demonstrated
The KRG said it had received $2.1 bilof non-payments of its budgetary allocapayments on a regular basis, sparking a
deepening ties between the three states,
lion
in
cash
and
$775
million
in
payments
tion from Baghdad,” said Ayham Kamel,
rally in producers’ share prices.
who are challenging Turkey’s efforts to
in
kind
via
refined
oil
product
sales.
Middle East and North Africa director at
Companies producing oil in the semichart gas deposits in areas of the east
Eurasia Group.
autonomous region include the UK’s Genel
Mediterrean claimed by Cyprus.
Continued on Patge 39
Fall in oil prices costs Baghdad 27% of expected revenues
Iraqi Kurdistan says sold $3 bln of oil
Tarek Ghoul, Director and
General Manager for Gulf, Levant,
and Pakistan at CISCO.
of trading volume as the sector’s traded
shares were 16.96 percent of last week’s
total trading volume, with a total of
141.38 million shares.
On the other hand, the Banks sector’s
stocks were the highest traded in terms
of value; with a turnover of KD 35.96
million or 38.57 percent of last week’s
total market trading value. The Financial
Services sector took the second place as
the sector’s last week turnover was KD
26.03 million represented 27.92 percent
of the total market trading value.
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