07272016Wed
Last update: Wed, 27 Jul 2016 06am

Middle East & Africa

Markets - Commodities - Middle East & Africa

Qatar, Saudi fall on Q2 earnings misses; FX troubles Egypt DUBAI: Stock markets in Qatar and Saudi Arabia were pulled lower on Wednesday by two blue-chip companies whose weak second-quarter earnings missed forecasts, while Egypt was hurt by a fresh slide of its currency in the black market.Commercial Bank of Qatar slumped 6.6 percent after it posted a 63 percent drop in second quarter net attributable profit to 212.3 million riyals ($58.3 million); analysts polled by Reuters had forecast 339.5 million riyals.Other Qatari banks also fell, even though they had reported strong earnings at the start of this week. Qatar Islamic Bank dropped 1.6 percent. The main Qatari index dropped 0.5 percent to 10,592 points, but closed 81 points above its session low.In Saudi Arabia, Saudi Electricity Co (SEC) dropped 0.5 percent after it reported a 28 percent fall in second-quarter net profit to 1.4 billion riyals ($381 million). Analysts at NCB Capital had forecast 2.4 billion riyals.SEC cited the ...

Markets - Commodities - Middle East & Africa

Syria buys 200,000 tonnes Russian wheat in tender HAMBURG: Syria's state grain import agency bought 200,000 tonnes of soft Russian wheat in a tender which closed on Monday, a government source said on Wednesday.The wheat was purchased at 164.31 euros ($180.51) a tonne c&f free out to Syrian ports, the source and European traders said.The agency, the General Organisation for Cereal Processing and Trade (Hoboob), sought the wheat for shipment in August and September.The purchase was made from a Middle East-based trading firm.The ...

Markets - Commodities - Middle East & Africa

Egypt prosecutor says some local wheat bought on paper only CAIRO: Egypt's general prosecutor said on Thursday some local wheat was bought by the government in paper transactions only and not physically delivered, the first public statement by his office on the matter since fraud allegations surfaced last month. Egypt, the world's largest wheat importer, launched a government-led inspection of wheat silos in June after an unusually high procurement figure prompted allegations of possible fraud from top industry officials, traders and members of parliament.Egypt's parliament ...

Markets - Commodities - Middle East & Africa

Egypt's GASC says buys 180,000 tonnes of Russian, Ukraine wheat ABU DHABI/CAIRO: Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Tuesday it bought 180,000 tonnes of wheat in a tender. Of the total, 120,000 tonnes were Russian and 60,000 tonnes were from Ukraine, vice chairman Ahmed Youssef said.The wheat, which is for shipment August 10-20, was purchased at an average price of $173.03 a tonne cost and freight, he said.Traders gave the following breakdown of the purchase:-60,000 tonnes of Ukraine ...

Markets - Commodities - Middle East & Africa

Egypt's Supply Minister confirms Ahmed Youssef as new GASC vice chairman CAIRO: Egypt's Supply Minister confirmed on Sunday the appointment of Ahmed Youssef as the new vice chairman of state wheat importing body GASC. Khaled Hanafi had mentioned Youssef's appointment to Reuters after having said earlier on Sunday he was the top candidate for the job. Copyright Reuters, 2016 ...

Markets - Commodities - Middle East & Africa

Egypt appoints new top wheat buyer as confusion over imports lingers CAIRO: Egypt appointed a new head on Sunday for its state wheat-importing body - one of the most influential positions in the global wheat market - as it remains mired in a dispute over the quality of grain it will buy. Minister of Supply Khaled Hanafi told Reuters Ahmed Youssef has been formally appointed as the new vice chairman of the General Authority for Supply Commodities (GASC), having said earlier on Sunday that he was ...

Markets - Commodities - Middle East & Africa

Ivorian government to reduce export taxes for cocoa products ABIDJAN: The Ivorian government has announced reduced export taxes for cocoa products in a bid to encourage production and processing in the West African country. Taxes on exports of cocoa butter will fall to 11 percent from 14.6 percent and taxes on cocoa mass will drop to 13.2 percent from 14.6 percent, the government said. The export tax on cocoa powder will fall to 9.6 percent from 14.6 percent.Also, trading houses such as Cocoa Barry, ...