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 - 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 - 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. ❑ ❑ ❑ For further details, please visit our web site: www.bayaninvest.com