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Friday, 3 November 2017

Russia's En+ prices IPO at $14 per GDR, valued at $8 billion

Russia's En+ prices IPO at $14 per GDR, valued at $8 billion:

"Russia’s En+ Group, which manages tycoon Oleg Deripaska’s aluminum and hydropower businesses, priced its global depositary receipts at $14 in an initial public offering (IPO) on Friday, at the lower end of its guided range. The IPO of En+ in Moscow and London is the first major primary equity raising by a Russian company in Britain since Western sanctions were imposed on Russia over its role in the Ukraine crisis. En+ and Deripaska are not under sanctions. En+ said its post-money market capitalization amounted to $8 billion and the offering would raise a total of $1.5 billion. AnAn Group, a partner of China’s CEFC, invested $500 million in the company’s GDRs, EN+ said in a statement."



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Airbus Working With Emirates on New Order for Flagship A380 - Bloomberg

Airbus Working With Emirates on New Order for Flagship A380 - Bloomberg:

"Airbus SE is working with Emirates, the biggest buyer of its A380 double-decker airliner, on a follow-up deal, which would bring much-needed relief to a program that’s running out of orders as carriers pick smaller more fuel-efficient aircraft.

The two sides aim to come to terms in time for the Dubai Air Show, which starts Nov. 12, Emirates Chairman Sheikh Ahmed Bin Saeed Al Maktoum said on Friday in Hamburg, before taking delivery of its 100th A380. Airbus Chief Executive Officer Tom Enders sought to bolster the troubled program at the event, saying the A380 would remain in production for another decade, and that there are other sales prospects to customers in the Middle East and Asia.

“I hope that we will be able to do it” in time for the biennial air show in Emirates’ hometown, Sheikh Ahmed told reporters. “It’s really about the work between the two teams as we speak today. There are discussions,” but contract talks “take ages and are expensive.”"



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Oil near 2-year high; growing global demand supports market

Oil near 2-year high; growing global demand supports market:

"Oil prices rose on Friday, nearing their highest levels in more than two years, supported by rising global demand and physical prices and continuing expectations that OPEC and other producing countries will extend a deal to cut output.

Global benchmark Brent futures traded up 18 cents at $60.79 a barrel at 11:17 a.m. EDT, after hitting a session high of $61.15. Brent has risen around 38 percent since its low in 2017 reached in June.

U.S. West Texas Intermediate (WTI) crude traded at $54.57 a barrel, up 3 cents. WTI is around 30 percent above its 2017 low hit in June. "



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Get Ready for an Appalachian Gas Bonanza - Bloomberg

Get Ready for an Appalachian Gas Bonanza - Bloomberg:

"David Rheinlander used to dream of building a cabin in the woods behind his house in southwestern Pennsylvania. Now when the 57-year-old looks across his backyard, he sees a line of cut trees, piles of dirt, and stacks of steel pipe where he once envisioned a tiny cabin. For the past six months, construction crews carved their way through the back of his property. The roughly 100-foot-wide path they’re cutting through the rolling hills extends about 700 miles to the west, running through neighboring Ohio and all the way up into Michigan."



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Oil major Total sees challenges to Saudi reform drive

Oil major Total sees challenges to Saudi reform drive:

"Saudi Arabia’s push for reforms could face a backlash from within and there is no guarantee the drive by Crown Prince Mohammed bin Salman will succeed, one of the biggest oil investors in the Middle East, France’s Total, said on Thursday.

“You don’t change into a secular regime just like that,” Total Chief Executive Patrick Pouyanne told an event in London.

While most of Saudi Arabia’s young population, roughly 70 percent of the total, support the reforms, the older generation might be reluctant to accept such changes, he said. "



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