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tv   Bloomberg Markets Middle East  Bloomberg  August 30, 2016 12:00am-1:01am EDT

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trades and $99. and at the high season -- seasonal level in decades. puts millions of dollars of debt on the radar. >> the bank of israel leaves rates at a record low. >> results are due from more of
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china's top banks following maker quarterly profit gains for the first egg lenders to report. -- big lenders to report. >> i am angie lau in hong kong. welcome to bloomberg markets middle east. i want to start with just talking about the markets here in asia. very robust but i want to show you a chart we have been tracking. it is silver. take a look. it is actually slumping seven point 2%. it is the white line, compared to the spot go we have seen. what a lot of people are seeing ahead of the fed rate hike, unless wehis year and see stability in the gold prices
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we are not going to see that sustained growth that we have seen in silver sustained because they have got industrial components to it, it tends to thata lot of quicker gains is made. that was something interesting that i spotted here. how about you? a lot happening, inventories in focus. the government dated that is expected to come out on wednesday. this is the chart that outlines the state of the u.s. crude inventories which remain at multi-decade highs. bloomberg estimates that the inventories else up even further, 1.5 million barrels last week. also off the back of all of this the conversation that is happening in norway, the oil chiefs are meeting out there and they agree that inventory is what is in focus.
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inventory levels are quite high" -- according to the ceo of congo phillips. volatility is here to stay and the consensus in the conversations oats that the that theng -- is rebalancing will take time going through 2017 and it is not helping what we're hearing from some of the other opec members in terms of ambitions to boost supply even further. angie: that is an underlying story. do a quick check of the state of play in markets in asia. mumbai has been trading for 20 minutes but it is following what we are saying across asia off the three-week low. hang seng is well. topix fluctuating between gains and losses. we have some better than expected economic data out of japan but still, this volatility persists there in japan. how about you in the middle east? yousef: it is sentiment
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influenced by the latest moves in oil prices in the last week for hours. a apache picture, we are two hours away from the opening in the emirates. arabic -- aramic is among the gainers. let me show you what is happening with the kuchar exchange -- qatar exchange. month off so far this the back of that ftse upgrade. this index outperformed the msci emerging markets index is well so far this month. let's check in on the first word headlines from around the world. >> a new for talk -- $4.2
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billion business in macau is drying visitors. morgan stanley said customers could be coming from when -- w ynn casino. apple is said to face a potential tax bill of billions of euros with the imminent release of an investigation into dealings in ireland. sources say european commission will claim doubling provided illegal aid for the creation of jobs. says the eulready is unfairly targeting american companies. foreign investment in the u.k. rose to a record in the last financial year driven by money from emerging markets. the number of [indiscernible] u.k. euroaking the the most popular among external
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investors. the eu is the largest source of financing followed by china and india. the sad story showing investors were worried about the impending brexit boat. brazil's president has been fighting for her political life telling her if each meant trial that the campaign against two-putts democracy at risk. about her torture and imprisonment during the military dictatorship insisting that the charges of financial mismanagement she faces are publicly motivated she will be permanent review -- removed if two thirds of congress finds her guilty. dayal news 24 hours a powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. saudi arabia's liquidity issues worsened last month with worseningdeposit rate and the three-month interbank rate is ratcheting higher than its longest rising streak in seven months.
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let's get more perspective. why isn't liquidity continuing to get worse despite the government effort, we are putting a chart of showing the dramatic increase in the interbank rate, up 50% so far this year, what is the chief perpetrator in this equation? guest: the problem the government is facing in trying to tackle the liquidity shortages the main person who is creating this problem is government. the government is withdrawing deposits from banks to fill the budget gap left by the fact that oil prices have following -- have fallen and is borrowing from the banks from these monthly currency debt auctions that are taking place. the government is creating a problem for itself and its own private sector as a result of trying to raise money to fill this funding gap. what options does it
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have to ease liquidity question mark have -- there is more they could do to resolve the problem. just: there are more things he could do. what the government has done is it has increased the loans to deposit ratio and has injected money into the banks directly. those two measures have a short-term impact in the provide a little bit of liquidity. the government could look at doing that again. further are expecting move on the ratio but the problem is they are short-term stopgap measures. until the government stops drying out from the banking system itself so much there is not much it can do unless we see a sudden recovery in the oil price and the government is making these huge deposits back into the banking system that it was a year ago. extent is itat
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that liquidity will get worse before it gets better? discussions you have had with different sources, what have they been telling you? guest: everyone is expecting that this will continue to get worse and what is interesting is when you speak to people in the banking sector and bank treasury notrtments, sub or -- it is reflecting the true cost of liquidity. the true rates are much higher than the rates we are seeing on the numbers we have on the bloomberg. this indicates that there is a huge amount of stress in the system. this indicates the private sector will find it difficult to raise new capital and in the midst of trying to create an economic reform program and trying to steer the country away from being driven by government spending and an economy driven by the private sector, that will be difficult because the private sector cannot borrow at the moment.
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yousef: always great having you on the program for additional perspective. jpmorgan's decision to include islamic runs in its more investorsw and this trading of the debt, this inclusion comes after barclays made a similar move last year. how much interest is there anyway? is getting queries from clients and these are clients who have not invested before. they want to find out more about the product and this could lead to a greater acceptance of -- for investors. the market is pretty big, worth $370 billion. with jpmorgan including it in its index there is a sense in the market that it could be five worldwide interests and offerings going forward.
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i want to show you this particular chart. k sales. global suku 2016 has seen the lowest sales in five years. interest has come mainly from traditional markets like malaysia, the middle east, little from elsewhere. two years ago we saw first time -- there likes of luxembourg and the u.k. and south africa but it has gone quiet. the revival could happen. some: isn't it true that countries -- the attempts have not realized. haslinda: it tried to accommodate sukuk. christian groups voiced their opposition. even though the likes of thailand, france, and ireland
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introduced laws they have yet to cap the islamic bond market. it has been challenging in the market. what is needed is for better in terms and perretti of offerings to sustain the momentum that we are seeing right now. angie: thank you so much for that. live in singapore. let's get the latest from the markets. we are seeing regional indices, regional markets rally from those lows that we had yesterday. the regional index rebounding from a three-week low. you can see the hong kong index is one of the best performers of 5.8 of 1% and korea winning the way. pi is -- kos a little flat on the nikkei down
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by .1 of 1%. japan stock market was up over 2% when other asian equity markets were lowest. not surprising we're seeing a pull back and we have started to see the yen weakened a little against the dollar but not too much change. pretty unchanged on the nikkei as well. the asx 200 up by .4 of 1%. we just had india coming online, up .6 of 1%. still quite strong in terms of earnings in asia and we are watching the banks in hong kong, icbc and bank of china to report later today. we will be watching out for any growth in the nonperforming loans numbers. the banking sector is one of the strong performers in hong kong. also doing well in hong kong up by over 6%. it did see it's first half
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adjusted net income coming lower. we had the ceo telling us that he sees better times ahead. generally some very positive moves in asian markets. yousef: thank you. you can get more on that and the rest of the day's news in our digital destination tailor-made for the middle east. you will find in-depth reports and market data from the region and you can watch all our reports, interviews, and special content only avail -- available online. lots of great guests ahead. we speak to the head of img world of adventure, the world's largest indoor theme park opening tomorrow into by. next, the ceo of doha bank joins us live. stay tuned for plenty more. this is bloomberg. ♪
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yousef: welcome back. you are watching bloomberg. angie: bad loans will be squarely in focus when two of china's largest banks report second-quarter results today. we are talking about icbc and bank of china. they may have seen their ratios rise. what are we expecting here? got two of the big five last week. .lso ag bank they saw an increase in the performing low ratio of 22%. it is widely believed to be higher than that. number fivem, the solve their npo ratios -- saw
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ratio hold steady. banks have been offering a lot -- offloan book ratios. that is something we will be watching with icbc reporting today and also bank of china. icbc one of the world's largest banks if not the largest. we are expecting just barely in the secondofit quarter. bank of china, 1.1% rise. what is interesting is they have had to lower their bad loan provision requirements. they got a boost in earnings as weekcb and bocom last reporting slight gains for you -- slight gains. angie: are they setting aside
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enough for potential soured loans? mark: that is the big question. when you're trying to smooth out earnings and get back into the black. there is a is mandated level of 150% to them at risk in the banking system and that was put in place for a good reason. icbc and make of china have had a dip in the first quarter. we will be watching whether they kept below that in the second quarter as well which is likely. angie: absolutely. thank you for that. yousef: during acid now -- joining us now on the phone, the executive chief officer on delhomme bank. ofning a memorandum understanding with the central group. what is the strategy here for that agreement, what is the thinking? guest: good morning.
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it is a collaboration model, when we need in the gulf states -- what we need in the gulf states is to produce for the growing affluence -- that is the reason why we signed. it is one of the best-performing private banks. people want to collaborate with them. and [indiscernible] gulf relationships. that is the purpose behind it. yousef: does it lay the groundwork for potential stake that you could acquire in that firm, is this the first? -- the first step? guest: but we need [indiscernible] that is the first appeal taken. there are opportunities for us to realize.
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we have a few branches and we have channels [indiscernible] in terms of private banking funds management. perhaps it is a long-term goal for us to see how we can convert in terms of the business model. yousef: you have been aggressively pursuing the market in india. do you have any acquisitions in the pipeline, would you like to expand further? guest: we have a clear opportunity in india. the prospects are [indiscernible] and the relationship is very synergistic. -- also the prospects yesterday there was an announcement in the local newspapers, [indiscernible] is coming to india.
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are going to explore the possibility how we can maximize this and make the be job of it. to home we have spoken before several times about the liquidity situation not just with the king of saudi arabia but in qatar. any discussions with other bankers and the central bank how do you see the picture evolving from here, is there enough support from the government, from the central bank to make sure that liquidity is available? seen qatarave $9 million.s of third quarter has been the right trend we are seeing. qatar has enough capacity to borrow. certainly saudi arabia is also -- the gulf states have gdp very
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low. they have to borrow external funding and make sure that the local market is liquid. the fact that the banks are in a better position. yousef: that is the chief executive officer of doha bank joining us on the phone. angie: coming up, the bank of israel holds rates for a 19th straight month. when his movement likely -- when is movement likely? that is next. this is blumberg. -- this is bloomberg. ♪ [inaudible] [applause] [laughter]
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angie: the bank of israelangie: kept interest rates at a record low even as the shekel traits there an all-time high. we have our middle east editor elliott got can joining us from tel aviv. rate cut seems to be off the table as it has been for a long time but what about a hike?
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elliott: the safest thing to say is the bank seems to be in a bit of a holding pattern. part of the problem is it has so many seemingly contradictory bits of data to factor into its decision-making process that it has concluded that the best thing is to leave things as they are. at orntioned the shekel near record high. --t may israeli exports less more expensive and more competitive. at the same time you have deflation in this country for the best part of two years which would seem to argue for a rate cut. nevermind the fact the rates have spurred a property boom which have -- lifted prices higher. the bank of israel has concluded it is a bit too early to do anything yet and it is keeping things as they are. fair to say where the fed goes the bank of israel will follow?
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i want to get into my bloomberg right now. function here. if you take a look right now, september and december, there is a 20% chance but there is a growing probability of a hike for september as you can see right there. 36%. what about bank of israel? elliott: eventually the bank of israel would follow. --re is a 40% chance that there is a rate hike. economists to not expect a rate hike until the second quarter of next year even though that is sooner than they had been expecting in recent months. the concern for the bank of israel is that if the fed, if there is not a big enough gap between the fed rates and araeli rates that could spur further strengthening of the shekel in the bank of israel does not want that. angie: great point. thanks so much for that. yousef: as brazil's suspended
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president waits to learn her fate, we look at what her permanent removal could mean for the country and its economy. this is bloomberg. ♪
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angie: it is 1:30 p.m. in tokyo. where will it end up? ix right now fractionally lower. brent crude is trading above $49 a barrel ahead of data expected to show u.s. oil stockpiles expanding. keeping supplies at the highest seasonal level in three decades. prices have regained some of
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monday's losses triggered by hopes of the output deal. a city analysts said there is a lot of running from one side of the boat to the other. jpmorgan's decision to include islamic ons is set to draw more investors and boost trading of the debt. eligible from the end of october. analysts say it should lead to wider acceptance among investors. angie: japanese retail sales jumped from the previous month coming ahead -- in ahead of estimates. hostile spending fell less than expected and unemployment ticked lower. the world's number three economy , hurting exports and investment. it is 12:30 p.m. in hong kong. i am angie lau. a 30 a.m. in to
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buy. are starting to countdown to the start of the european trading day. know juste want to foreignlient the investment story has been in the u k, has it managed to maintain ?ts attractiveness i do not have the answer for that this morning but i do have a few clues as to how things were going in the run-up to the brexit vote. increase in the total number of projects funded by foreign direct investment. this is the way you came government report its data. a record number of investments were made making the country europe's most popular for external financiers. financial markets pushing up the level of investment they made. funders for foreign
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investment remain the u.s. and china and india. this is a little backward looking, it goes to april but it shows that investors were not deterred too much by the threat of the brexit vote which we did know was going to take place throughout that investment time. we will have to wait to see how it performs. yousef: very interesting. elsewhere in europe the spanish prime minister is facing a confidence vote. what is to be expected there? he is an acting prime minister. he says we need the government to avoid economic impact although he said the data out of spain has been encouraging. he said there is no alternative to a people's party led government. he has been busy signing pacts
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to try and get other parties on side with him so that during this first round for the confidence vote that takes place today he will be able to carry , his intention. the people's party has signed a deal which have together 170 votes but they need 176, that is the magic number if they want to start a second term. we have eight months of political deadlock in spain. we had initial elections back in december and in june. those elections were inconclusive. you can see from that chart that pp is the biggest share of seats in parliament. they have not managed to form a government. that is one of the populist hearties here in europe. i have 32 as you can see from that chart. whether they can overcome socialist opposition to get them just those last few seats over
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the lines, we'll have to see. the first round of voting takes place into today and tomorrow. sounds like a lot to look forward to. still's suspended president -- president hasnded been in the fight of her political life. amid signs few of her opponents were swayed by her testimony. let's bring in justin kerrigan. is this the and or the -- the end of the saga? just in: it has been a long time coming. we may get a vote by this evening, late this evening brazil time. it looks like what we saw from her yesterday. this was the last efforts on her behalf to try and save her
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career. new inas not anything what she said. there was a lot of emotion, there was a lot of references back to her time when she was struggling against, fighting of the the dictatorships 1970's and 1980's. it will be voted on in favor of .he interim president he will take the reins through the next couple of years. yousef: i have been looking at the global markets louvers function and resilient a lot of the top of these columns, a mover in the equity space, the stocks up and also moving in terms of the bond yields. where do markets go from here, how do they interpret this latest development question mark >> a lot of this has been built on the back of what is going on at the moment and the sense that once we get through this we will be out of the woods and he will be his own man and he will be able to start putting into effect some of the things he has
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promised for the brazilian economy which is in a sad state. it has come from a very low base. market reaction is favorable. some of the best-performing markets in the world this year but now investors will start to look under the hood and say what is really going on with brazil? some of the corporate stories we today tells you how some of the corporate stories nine this rally do not perhaps justify the valuations that are there. we're seeing a similar domestic political issue in africa. why is this having such an impact? just: in south africa it is a similar story. it is free much a process that still is going on. we have the finance minister at the center of allegations that he was working against president
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xoma when he was in charge of the tax revenue agency. gordon denies that and the point about this is that gordon is very much a market friendly guy. the markets like gordon, they like the things he is doing. they perceive this is something that could be very dangerous for south africa which has had a very good year largely. in the past few weeks since this whole issue has blown up again, 's rally and the bond rally and equity markets at risk. angie: thank you so much for that. let's check in on first word headlines. says he is fernandez looking forward with great optimism about the stellar first
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half of the year. the carrier saw profit rise more than 40% in the second quarter thanks to lower prices and rising passenger demand. net profits came in at more than $84 million compared with $60 million in the same period last year. >> growth has been fantastic coupled with growth in china, about 34% growth. we are seeing a new engine of growth which is india. have been growing very rapidly and because of our brandon india, we have three growth engines and we can get a domestic airline in china, that would be fantastic. shery: it typically adjusts its catalog want to year to raise 2.9 percent last year and
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2.1% in 2014. demand has fallen on frexit, the commodity slump and cheap jet fuel which has encouraged companies to keep airplanes they might have otherwise retired. first semester cleat designed airliner will not be grounded. mitsubishi says they have no idea when the jet will fly again after to test flights had to be aborted because of problems in the air conditioning. customers have already seen the delivery date putback four times to 2018. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg, profitslet's turn to and where high-end individuals are putting their money. have just released your middle east private capital
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survey. what is new and exciting about it here? the moment we are seeing a lot of challenging headwinds to global growth, arguably some of the most challenging we have seen since the last global recession in 2007, 2008. we at the slowdown in child -- china and the lowering of oil prices and perhaps more relevant to us is the fact that as a business we have been in the middle east for over 40 years. understanding how middle east -based high worth network -- individuals are responding. it is giving us a unique life form to understand how they are behaving. what we are seeing is the vast majority of individuals we spoke to still appeared to be quite keen on investing globally. is that possible question mark you say there are a lot of global economic headwinds in europe. is negative. where's the silver lining in all of this? guest: i am not quite sure there
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is a silver lining as such. when we spoke to our survey sample if you look at the .arious gcc states the appetite to invest in property was low. what that tells us is that there is a greater sense of confidence in their home or get and keeping the money local. when we spoke to investors in arabia,qatar, and saudi their attitude or view towards their own home economy was pretty negative and later in our survey what we found is it is those individuals that have a much stronger invest -- appetite to invest away from their home economies. yousef: where are the high net worth investing, where do they like to the property? desk the uae favors -- looks quite favorable to gcc investors. removing the gcc states from the equation, what we found is london, new york, and singapore are the top destinations.
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what is interesting is for a location like london, traditional hotspots like mayfair,belgrade, etc., the starting price point is upwards of three of 4000 pounds per square foot. and in singapore if you are looking at marina bay, you're looking at 1000 200 pounds a square foot. the preferred global investment destination for investors from the region. yousef: what else has been fascinating -- a fascinating revelation, perhaps in contrary in play. somebody buying property in rio or somewhere in africa, south africa? guest: what is inresting about london is when we asked individuals to tell us where in london they are looking, southbank, and kensington were
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named. saying something like canary wharf was a little bit of a surprise. historically you would have expected it to be somewhat more traditional in the center of the city. we must remove that canary wharf is home to a significant amount of residential development. a lot of the investors we spoke to come from brand-new cities freed and the stock that is being built comes with modern amenities such as rooftop swimming pools, marble flooring, etc.. someone would have laughed if you had said you have a rooftop pool on a tower in london but quite welld chimes with investors from the gulf. we have seen a lot of sovereign wealth activity on canary wharf and that sends a strong message that they have do in -- done their due diligence. we are seeing more investors falling -- following them into the market. thanks.
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angie: we will have to go in on that. it will be a pretty huge deposit. after weeks of delay the world's biggest indoor theme park will open in dubai. we will speak with the ceo. this is bloomberg. ♪
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yousef: welcome back. you are watching bloomberg. angie: let's check the latest business flash headlines. talks will focus on the production and distributional of crude oil in the kurdish region. i got has been locked in dispute with the kurds since tony 14 when they began selling their oil independently. iraq has struggled to raise
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exports due partially to the feud. french banks have come under fire for being reluctant to return to iran. while section seven lifted large french lenders are nervous about risking their operations five financing trade with durant. the french exporters may be forced to rely on non-french banks. italian lenders have gone back. aramco's senior vice president is due to retire including -- according to an internal memo. he spent 40 years with the company. the powery the vp of systems unit is covering the role for the time being. yousef: big, bigger, best could be one of the mottos for the
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world's largest indoor theme park which is set to open tomorrow. joining us now in the studio is the ceo. thanks for coming on the program. a very exciting time for you but it comes -- we had this conversation about property in face of global economic headwinds. you must be concerned about whether you can generate enough visitors to fill the seats on the roads -- on those roller coasters. thet: currently most of attractions are running at 80% occupancy so we feel comfortable with the numbers. we had a good split between the resident and tourist market so we are not fully reliant on the tourist market. we're looking at 50% from the resident market and 50% from the tourist market. yousef: why does that grow from here as you going to 2017? guest: we are growing at 17% at -- per annum. we have taken a little bit of a
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number below that. concerned about domestic oversupply? we had the ceo of dubai tourism on and he talked about the city's ambition to become a center for leisure tourism around the world. is it not too much supply coming online? thets: there is a gap in arc of her entertainment in this part of the region. there is no leisure attractions of the scale. bringing in these types of attractions were hopefully keep tourists here for a longer time and hopefully increase tourism especially during the down seasons in the summers due to the fact we are an indoor park. it takes a look at the movie industry as a relates to theme parks. you have got a lot of this movie hype that is bleeding into the
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theme park entertainment space. , cartoonmarvel network, all of the superhero movies, how are you planning to optimize that? the theme parks are growing more into the external ip space and it is more to the forefront. people want the full 360 experience where they watch the movies and have live interaction with their favorite characters. dining in the restaurants they see in the movie sets. this is bringing it from a virtual environment to a physical brick and mortar environment. i think that is where the industry is moving today. obviously it is great to have brands like marvel which has a from a movie perspective. we are working closely with them especially for future expansion and develop men fans as we drive visitors along with movie releases and the same for cartoon network. angie: i understand it was a slight delay in the opening. [indiscernible]
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has been chomping on the bit. what impact does that have on the bottom line? guest: this is the world's largest indoor theme park. it came with a lot of logistical issues for us ringing in the number of attractions from around the world where it is the u.k., the u.s., germany. there was a lot of logistics behind it. we have moved the date to the 31st of august. you get one chance to open the world's largest theme park. we want to make sure the experience is unrivaled and it is a world-class offering that will attract people to dubai. what is your financial position in terms of being a will to raise additional capital for possible expansion, what options are you looking at? guest: our current finance structure is accommodation of private equity invested by the owners and a syndicate loan we
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have taken for 1.9 billion dollars. it is a multibillion dollar project itself. we have never had any issues raising additional capital and we are open to quite a variety of future [inaudible] yousef: if there was a second phase or an expansion plan coming up, what with that look like, would that be adding to the existing structures or would that be opening a theme park in another city, another country in the region? talk us through the bigger plans for the next five to 10 years. strategichave left space to expand the existing offering. we have different characters that we have not utilized in the first phase of the park. we have left spaces to expand over the next five years. the goal is to launch one mega-attraction every year for the next five years to keep the existing park offering fresh. we are looking at our global expansion plans and how we will raise capital for those.
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there is such a high demand for growing this themepark industry in this region. we have been in some interesting conversations recently. tosef: i am definitely going have to try out that ride this weekend. that is something i have scheduled there. largestof the world's indoor theme park joining us about the plans going forward. could join you. roller coasters are my thing. coming up, apple could be taking a hefty tax bill in europe. a look at its alleged sweetheart deal in ireland next. this is bloomberg. ♪
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yousef: apple could be hit with a tax bill running into the billions after an eu investigation into its business in ireland. what is the european commission expected to say?
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thatey are likely to say apple's preferential treatment from the irish government is for return for job creation. back in 2014 the commission did gotthat it found that apple a financial boost and that skewed competition. eu rules do not allow for special arrangements with individual pacific -- specific companies. intelligence is saying it is likely to be around a billion dollars. let's take a look at what some people in social media is saying. thether saying [indiscernible] bailout from the eu. yousef: that is it for this
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edition of bloomberg markets middle east. angie: anna edwards will have all the stories. "countdown" is
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anna: a political death sentence. that is what results suspended president is calling the impeachment process making her plea in congress. investors way the odds of a fed rate hike. we speak to the central bank vice chair, stanley fischer. an apple day of reckoning. it faces a tax bill running into the billions of euros as the eu is set to say that ireland granted it illegal eight. -- illegal aid.


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