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Qatar Airways CEO seeks curbs on U.S. rivals' 'protectionism'

Mon, 08 Jun 2015 20:05:58 +0300

(Adds additional comment from Parker, Lufthansa CEO Spohr.) By Victoria Bryan and Alwyn Scott MIAMI, June 8 (Reuters) - Qatar Airways' chief executive officer on Monday called for the aviation industry's largest trade group to address protectionism, hitting back against U.S. airlines campaigning to restrict what they say is heavily subsidized competition from Gulf carriers. U.S. airlines are trying to persuade their government to alter the "Open Skies" agreements with the United Arab Emirates and Qatar, accusing them of lavishing their airlines with than $40 billion in subsidies and distorting competition.

US lacks "complete strategy" to help Iraq fight IS -Obama

Mon, 08 Jun 2015 19:49:42 +0300

(Adds Obama quotes, Abadi comments, edits) By Jeff Mason KRUEN, Germany, June 8 (Reuters) - President Barack Obama, reprising a phrase that caused uproar in Washington last year, said on Monday the United States does not yet have a "complete strategy" for training Iraqi security forces to reconquer territory seized by Islamic State fighters. Speaking to reporters after meeting Iraqi Prime Minister Haider al-Abadi on the sidelines of a Group of Seven (G7) nations summit in Germany, Obama said more progress was needed to stem the flow of foreign fighters into Syria and Iraq. All countries in an international coalition waging an air campaign against the Sunni Islamist militants were ready to do more to train Iraqi security forces if that would help.

Egypt inflation to fall to single digits in 2-3 years - finance minister

Mon, 08 Jun 2015 19:25:16 +0300

Inflation in Egypt will slow to single digits within the next two or three years, once a reform agenda has been implemented, Finance Minister Hany Dimian said on Monday. Egypt has been battling rising inflation since the government slashed subsidies in July, raising prices of gasoline, diesel and natural gas by as much as 78 percent. Dimian said he expected inflation to fall back below 10 percent once reforms had been tackled.

After oil price drop, Algeria tries to boost food crops

Mon, 08 Jun 2015 18:52:45 +0300

* Government wants to cut food imports * Plans to double irrigated areas * Farmers say bureaucracy a problem By Hamid Ould Ahmed SIDI RACHED, Algeria, June 8 (Reuters) - At Ahmed Bekhi's cereal farm outside Algiers, there are clear signs of Algeria's campaign to increase food production to help curb billions of dollars in imports and offset a sharp fall in world oil prices. New irrigation lines are in the works and wells have appeared to compliment a steady flow of government supplies of seeds, fertilizer and pesticides.

Iceland to lift capital controls in place since 2008 crisis

Mon, 08 Jun 2015 18:48:52 +0300

Iceland's government on Monday launched a programme aimed at lifting the capital controls put in place to stabilise the economy during the country's 2008 financial crisis. Capital controls restrict the flow of money in and out of a country. During Iceland's crisis, when the three biggest banks collapsed, they prevented foreign investors from taking their money out of Iceland.

Oil falls as China cuts crude imports; OPEC decision weighs

Mon, 08 Jun 2015 18:26:05 +0300

China, the top net oil importer in the world, bought about a quarter less crude oil in May than it did in April, official data showed on Monday. In the oil products category, imports fell by more than 6 percent, against a 10 percent drop in exports. Traders said refineries in China used more crude from stockpiles last month, leading to lower imports.

UN: Interim deal to help show any military side of Iran nuclear past

Mon, 08 Jun 2015 18:00:15 +0300

* Final deal to curb Iran's nuclear programme due June 30 * Preliminary deal reached in April * Iran has been stalling separate U.N. investigation * U.N. verdict on nuclear past could come within months (Adds Iranian official) By Shadia Nasralla VIENNA, June 8 (Reuters) - Any possible military dimensions of Iran's nuclear past can be clarified if the details of a preliminary deal sealed in April between Tehran and six world powers are implemented, the head of the U.N. nuclear watchdog said on Monday. Iran has been stalling an investigation by the International Atomic Energy Agency into its nuclear programme.

Obama says coalition prepared to do more to train Iraqi forces

Mon, 08 Jun 2015 17:45:46 +0300

U.S. President Barack Obama said on Monday more progress was needed to stem the flow of foreign fighters into Syria and Iraq, and that all countries in the international coalition were ready to do more to train Iraqi security forces if that would help. "We want to get more Iraqi security forces trained, fresh, well-equipped and focused and (Iraqi Prime Minister Haider al-) Abadi wants the same thing so we're reviewing a range of plans for how we might do that," Obama said after meeting Abadi on the sidelines of a Group of Seven industrial nations' summit.

IAEA studies Syrian request to switch to lower grade nuclear fuel

Mon, 08 Jun 2015 17:29:39 +0300

(Adds Amano quote, details, background) VIENNA, June 8 (Reuters) - The U.N.'s nuclear agency is studying a request from Syria to help convert an atomic reactor near Damascus to use lower grade nuclear fuel which would be harder to use in bombs, its head said on Monday. The reactor is currently running on highly-enriched uranium (HEU) and Syria wants the help of the International Atomic Energy Agency to use low-enriched uranium (LEU) and to ship the higher-grade material abroad, Yukiya Amano told reporters. "We have received a request from Syria early this year to convert the HEU fuel to LEU fuel and to repatriate the HEU to the country of origin.

PRECIOUS-Gold steadies after 3-day drop as dollar and equities slip

Mon, 08 Jun 2015 17:27:03 +0300

* Gold hit 11-week low on Friday * U.S. jobs report boosts September rate rise prospects * Gold fund outflows continue, hurting sentiment (Updates prices, adds comment) By Jan Harvey and Clara Denina LONDON, June 8 (Reuters) - Gold steadied after a three-day losing streak on Monday as the dollar and stock markets fell, though prices stayed near 11-week lows after Friday's strong U.S. jobs report fuelled speculation interest rates may rise in September. Spot gold was flat at $1,171.70 an ounce at 1408 GMT, while U.S. gold futures for August delivery were up $3.50 at $1,171.60 an ounce. The jobs report bolstered expectations the Federal Reserve will begin to raise rates in September, which would increase the opportunity cost of non-interest-paying bullion.

UAE may give central bank role in setting monetary policy - governor

Mon, 08 Jun 2015 17:20:43 +0300

* Bank to get greater role in shaping UAE policy - governor * Changes under discussion in revised banking law * Excess liquidity in the UAE banking system * Credit growth to remain "robust" (Adds quotes, detail, context) By Stanley Carvalho ABU DHABI, June 8 (Reuters) - Authorities in the United Arab Emirates are discussing changes to the country's banking law which would give the Gulf Arab state's central bank a role in determining monetary policy, the central bank governor told Reuters on Monday. Existing law grants the central bank control over interest rates, but this is negated by the fact the UAE dirham is pegged to the dollar and so rate movements mimic policy in the United States.

Russia silent on when Iran oil-for-goods deal starts

Mon, 08 Jun 2015 17:19:40 +0300

* Officials say too soon to say when deal starts * Energy minister says no imports of Iranian oil (Adds Energy Ministry, food-safety watchdog comment) By Polina Devitt GELENDZHIK, Russia, June 8 (Reuters) - Russian officials said on Monday it was too soon to say when an oil-for-goods deal with Iran would start, contradicting a report that Moscow had already begun delivering grain under such an arrangement. The deal could help Moscow, which faces Western sanctions over the Ukraine crisis, strengthen its foothold in Iran. An official at Rosselkhoznadzor, Russia's food-safety regulators, said on Monday grain sales to Iran had begun, according to the RIA news agency.

As Turkey's stock index falls, Gulen-linked stocks win out

Mon, 08 Jun 2015 17:03:16 +0300

Turkish companies with connections to followers of the Islamic cleric Fethullah Gulen, an ally turned foe of President Tayyip Erdogan, rallied on Monday after Erdogan's ruling AK Party failed to achieve a majority in Sunday's parliamentary election. Mining company Koza Madencilik was up more than 13 percent, gold miner Koza Altin more than 12 percent and energy company Ipek Dogal more than 10 percent by 1225 GMT. Islamic lender Bank Asya, which was taken over by regulators last month and trades on a watch list, rose 10.8 percent, the maximum it can gain in a trading session.

US stocks edge down as Greece fears linger

Mon, 08 Jun 2015 16:54:42 +0300

Wall Street stocks opened slightly lower Monday on lingering worries about a potential Greek default as investors anticipated Apple's launch of a ramped-up music service.

MIDEAST STOCKS-Gulf markets narrowly mixed as oil slips

Mon, 08 Jun 2015 16:42:35 +0300

* Saudi Arabia edges down on oil, earnings * Qatar falls after FIFA official says it may lose World Cup * Amlak rises again, catching up with Dubai's index * Dubai Parks and Resorts hits new closing high * Egypt falls as cbank forex reserves shrink By Olzhas Auyezov DUBAI, June 8 (Reuters) - Gulf stock markets were mixed on Monday after Brent oil slipped towards $63 per barrel on news of a slide in China's fuel imports. China, the world's biggest net oil importer, bought nearly a quarter less crude in May than it did in the previous month, official data showed. China's imports of oil products also fell by more than 6 percent, while oil product exports fell 10 percent.

Kuwait's oil exports not affected by bad weather- oil company official

Mon, 08 Jun 2015 16:42:15 +0300

KUWAIT, June 8 (Reuters) - Kuwait is exporting crude and oil products as normal and there has been no disruption from bad weather, a spokesman for state-run Kuwait National Petroleum Co (KNPC) told Reuters on Monday. "Everything is working normally without any problem," Khalid al-Asousi said. A dust storm and strong winds on Monday had halted operations at Kuwait's non-oil ports, Kuwait's state news agency KUNA reported, citing the Kuwait Ports Authority. (Reporting by Ahmed Hagagy. Editing by Jane Merriman)

Russian minister says Moscow doesn't plan to import Iranian oil - agencies

Mon, 08 Jun 2015 16:27:53 +0300

Russian Energy Minister Alexander Novak was quoted by Russian news agencies on Monday as saying Moscow did not plan to import oil from Iran and that Iranian oil would not be used to fulfil Russian companies' contracts by swap operations. Novak said, however, that Russian traders could help Iran to sell its oil on international markets and that Iran could spend money earned on oil sales to buy Russian goods.

Saudi regulator suspends trading in Mobily shares from Tues

Mon, 08 Jun 2015 16:25:54 +0300

Saudi Arabia's Capital Market Authority (CMA) has halted trading in Mobily until it gets a response from the disgraced telecom operator on the likely impact on its earnings from an initial regulatory report examining accounting irregularities. The regulator, which made the announcement via a bourse statement on Monday, has been investigating Mobily after the firm stunned investors by slashing 18 months of previously announced profits last November. CMA investigators conducted site visits, interviewed "concerned parties" and obtained documents before submitting a report on Mobily's financial statements to the company on Monday, the statement said.

IAEA studies Syrian request to use lower grade nuclear fuel in reactor

Mon, 08 Jun 2015 16:25:52 +0300

The U.N.'s nuclear watchdog is studying a request from Syria to help convert an atomic reactor near Damascus to use lower grade nuclear fuel which would be harder to use in bombs, the head of the agency said on Monday. The reactor is currently running on highly-enriched uranium and Syria wants the help of the International Atomic Energy Agency to use low-enriched uranium and to ship the higher-grade material abroad, Yukiya Amano told reporters. Uranium gas enriched to less than 5 percent of fissile purity is usually considered low-enriched, while an atomic bomb would usually be based on 90-percent enriched uranium.

Merkel warns Greece 'not much time left' to get debt deal

Mon, 08 Jun 2015 16:22:08 +0300

German Chancellor Angela Merkel warned Greece Monday that it did not have much time left to secure a deal to unlock billions in rescue funds.

COLUMN-OPEC adjusts to new oil market reality: Kemp

Mon, 08 Jun 2015 15:44:43 +0300

The views expressed are his own) By John Kemp LONDON, June 8 (Reuters) - OPEC has never really been a "cartel" in the conventional sense of an organisation that agrees to restrict output to maximise revenues. The strategy of maintaining production even as prices fall, led by the Saudis but now more or less embraced by most of the organisation's membership, is really the only sensible course. If the organisation was confronted by a temporary shortfall in demand it might make sense to cut output to secure more revenue.

Oil slips in muted start to week

Mon, 08 Jun 2015 15:15:46 +0300

World oil prices dipped in subdued trade on Monday after the OPEC crude producers' cartel opted late last week to leave its output ceiling unchanged. In early afternoon London deals, Brent North Sea crude for July shed 26 cents to $63.05 a barrel, compared with Friday's closing level. US benchmark West Texas Intermediate (WTI) for delivery in July reversed 52 cents to $58.61 a barrel.

Russia says too soon to talk about oil imports starting from Iran under barter deal

Mon, 08 Jun 2015 14:59:20 +0300

MOSCOW, June 8 (Reuters) - Russia's Energy Ministry said on Monday it was too early to talk about Russia starting to import oil from Iran as part of an oil-for-goods barter deal. But it added in a statement that discussions were under way on expanding trade between Russia and Iran, including in the energy sector. (Reporting by Olesya Astakhova and Alexander Winning, Editing by Timothy Heritage)

European stocks drop; Turkish market slumps

Mon, 08 Jun 2015 14:43:12 +0300

Europe's main stock markets fell Monday, as Turkish shares slumped on political uncertainty in the country following elections, offsetting support for the alcoholic drinks and banking sectors. Markets were also tracking the latest developments surrounding Greece's standoff with the European Union over its bailout repayments, as well as comments out of the Group of Seven summit in Germany. London's benchmark FTSE 100 dipped 0.08 percent to 6,799.16 points compared with Friday's close.

Eight western European companies eye investment in Iran refinery

Mon, 08 Jun 2015 14:40:18 +0300

By Parisa Hafezi ANKARA, June 8 (Reuters) - Eight western European companies are keen to invest in Iran's $2.8 billion Siraf oil refinery project, an Iranian official said on Monday, as the country ramps up capacity to reduce is dependence on imports. Iran - OPEC's fifth-largest crude producer - has huge oil and gas reserves but lacks refining capacity, leaving it heavily reliant on imports. Western sanctions imposed on the Islamic Republic over its disputed nuclear programme have also deprived the country of industry technology.

S&P says Turkish election has no immediate sovereign rating impact

Mon, 08 Jun 2015 14:29:25 +0300

Standard & Poor's said on Monday the outcome of Turkey's general election had no immediate impact on its BB+ sovereign credit ratings on the country. It said in a statement its current negative outlook on Turkey's ratings reflects its view of the fiscal risks emanating from uncertain growth prospects.

Qatar raises May crude OSPs vs April on solid demand

Mon, 08 Jun 2015 14:00:01 +0300

(Adds differential to Dubai benchmark) June 8 (Reuters) - Qatar has set its May retroactive official selling price (OSP) for its Marine crude at $63.05 a barrel, up $5.45 a barrel from the previous month, Qatar News Agency said on Monday, following solid demand. The May price was set at a discount of $0.51 a barrel to the average price for the month of benchmark Dubai crude, 44 cents higher than the previous month. The Gulf Arab state also set its May Qatar Land crude OSP at $65.35, up $5.25 from the previous month, the state news agency said.

UAE may give c.bank role in setting monetary policy - governor

Mon, 08 Jun 2015 13:42:05 +0300

ABU DHABI, June 8 (Reuters) - Authorities in the United Arab Emirates are discussing changes to the country's banking law which would give the Gulf Arab state's central bank a role in determining monetary policy, the central bank governor told Reuters on Monday. The government currently takes most decisions in the UAE. Mubarak Rashid al-Mansouri also said in emailed comments that he expected UAE credit growth to remain robust and that there was excess liquidity in the country's banking system. (Reporting by Stanley Carvalho; Writing by David French; Editing by Gareth Jones)

Qatar sets May Marine crude OSP at $63.05/bbl

Mon, 08 Jun 2015 13:10:42 +0300

For a related story, please see

Possible military past of Iran nuclear programme can be clarified -IAEA

Mon, 08 Jun 2015 12:41:04 +0300

Any possible military dimensions of Iran's nuclear programme can be clarified if the details of a preliminary deal sealed in April between Tehran and six world powers are implemented, the head of the U.N. nuclear watchdog said on Monday. Iran has been stalling an investigation by the International Atomic Energy Agency into its nuclear programme. The probe is running in parallel to political talks between Iran and the six powers which are meant to end in a final agreement at the end of this month.

MIDEAST STOCKS-Oil weighs on Saudi Arabia; Egypt inches up

Mon, 08 Jun 2015 12:36:31 +0300

DUBAI, June 8 (Reuters) - Saudi Arabia's stock market slipped in early trade on Monday after oil prices fell on weak Chinese imports, while Egypt's bourse was slightly positive. Oil prices fell on Monday after China's fuel imports dropped sharply and as markets digested an OPEC decision to keep its production target unchanged, a move analysts said would keep the market oversupplied for the rest of the year. China, the world's biggest net oil importer, bought nearly a quarter less crude in May than it did in the previous month, official data showed. ...

Lebanon to repay US$1bn of looming bond maturities with cash reserves

Mon, 08 Jun 2015 11:46:15 +0300

By Michael Turner LONDON, June 8 (IFR) - The Republic of Lebanon plans to use its own foreign exchange reserves to repay US$1bn of bonds due in June and August, according to a treasury source. Under Lebanon's existing budget laws, the sovereign cannot print anymore new debt this fiscal year. Lebanon has not contacted international banks with a request for proposals for a new deal.

Obama says strong dollar poses 'problem': French source

Mon, 08 Jun 2015 11:45:04 +0300

US President Barack Obama told his allies at a Group of Seven summit that the strong dollar posed a "problem", a French diplomatic source said Monday. "Obama said yesterday that the strong dollar posed a problem but a strong euro poses a problem too," the source said.

Turkey stocks tumble, lira hits record low after election

Mon, 08 Jun 2015 11:27:30 +0300

Turkish shares fell 6 percent in morning trade Monday and the lira plunged to a new record low against the dollar, as investors took fright at new political uncertainty following legislative elections. Turkey's central bank acted swiftly in an intervention to give some support to the pressured Turkish lira, saying it was pruning its short term foreign exchange deposit rates effective Tuesday. The BIST 100 index on the Istanbul stock exchange was down 5.67 percent in opening trade while the Turkish lira lost 4.0 percent in value against the dollar to trade at 2.76 lira to the dollar.

Deutsche Bank shares soar nearly 8% after co-chiefs resign

Mon, 08 Jun 2015 10:46:36 +0300

Shares of European financial giant Deutsche Bank soared nearly 8 percent on the Frankfurt stock exchange Monday, the day after its co-chief executives announced they were resigning as the banking group faces a wave of scandals and missed profit targets. Deutsche Bank shares on the DAX 30 index shot up 7.91 percent to 29.80 euros around 0705 GMT, with the overall market essentially flat. Anshu Jain will resign at the end of June, while Juergen Fitschen plans to stay on in the job until after Deutsche Bank's annual shareholder meeting in May 2016.

Greece's Varoufakis to meet German finance minister Monday

Mon, 08 Jun 2015 10:44:03 +0300

Germany's Finance Minister Wolfgang Schaeuble will meet Monday in Berlin with his Greek counterpart Yanis Varoufakis, amid contentious negotiations between Greece and its creditors, the German ministry said. Varoufakis is in Germany to take part in a debate Monday evening in Berlin organised by Hans-Boeckler foundation, close to the German union confederation DGB, while a summit of G7 leaders wraps up in Bavaria in southern Germany.

MIDEAST STOCKS-Qatar falls after FIFA comments; Dubai's Amlak extends gains

Mon, 08 Jun 2015 10:25:27 +0300

(Adds quotes, details) DUBAI, June 8 (Reuters) - Qatar's bourse fell in early trade on Monday after a senior FIFA official said Doha could be stripped of World Cup hosting rights if evidence emerges of bribery in the bidding process, while Dubai's Amlak surged further at the expense of other stocks. Domenico Scala, the independent chairman of FIFA's audit and compliance committee, told a Swiss newspaper on Sunday that no evidence of vote-buying had emerged, but that if it did, Russia's and Qatar's winning bids -- respectively, for the 2018 and 2022 tournaments -- would be invalidated. Investors in the Gulf state have reacted nervously to all announcements since the initial arrests of several FIFA officials and the launch of criminal probes against them.

PRECIOUS-Gold ticks up, but still near 11-week low on U.S. rate outlook

Mon, 08 Jun 2015 09:58:11 +0300

* Gold up slightly after falling to 11-week low on Friday * Strong US jobs report boosts September rate rise prospects * Dollar near 13-year peak against yen * Gold fund outflows continue, hurting sentiment (Updates prices) By A. Ananthalakshmi SINGAPORE, June 8 (Reuters) - Gold ticked up on Monday after a three-day losing streak but was still hovering near an 11-week low as a strong U.S. jobs report boosted expectations of a U.S. interest rate rise in September. Spot gold inched up 0.1 percent to $1,172.86 an ounce by 0647 GMT. The metal had fallen to $1,162. ...

Turkish shares plunge more than 8 percent in post-election uncertainty

Mon, 08 Jun 2015 09:41:40 +0300

ISTANBUL, June 8 (Reuters) - Turkey's main stock index tumbled 8 percent at the start of trade on Monday after the ruling AK Party failed to win a majority in parliamentary elections, unnerving investors with the prospect of a minority or coalition government. The lira slid to a record low of 2.8 against the dollar while the yield on the 10-year benchmark bond surged to 9.98 percent from 9.32 percent on Friday. (Reporting by Daren Butler; editing by David Dolan)

Russia will start first grain deliveries to Iran this week - RIA

Mon, 08 Jun 2015 09:29:22 +0300

MOSCOW, June 8 (Reuters) - Russia will start grain deliveries to Iran this week, RIA quoted Russia's food safety regulator, Rosselkhoznadzor, as saying on Monday. (Reporting by Lidia Kelly, editing by Elizabeth Piper)