Lunch with the FT: Sheikh Hamad Bin-Jaber al-Thani - FT.com:
"One of the richest men in Qatar, and the world, Sheikh Hamad Bin-Jaber al-Thani has been the face of the small emirate’s property-buying frenzy in London, either splashing his own family’s wealth or that of the state. You name it, and he’s been involved in buying a stake in it: One Hyde Park, in which he keeps an apartment; Harrods; the Shard; Chelsea Barracks; Canary Wharf; the London Stock Exchange; the Berkeley and the Connaught. So it’s hardly surprising that Fera, the Michelin-star restaurant we meet at, is in Claridge’s, another luxury hotel owned by the Qatari royal.
It is three years since HBJ, as he is known in London’s financial circles, stepped down as prime minister of the small state of Qatar, part of a deal in which Sheikh Hamad bin Khalifa al-Thani, the ruler at the time, abdicated in favour of his son Tamim. So powerful was HBJ that the only way for the new emir to rule was for both his father and the prime minister to exit.
From 2007 to 2013, HBJ was not your typical prime minister. The former emir once said that while he ran the country it was HBJ who owned it. In government as foreign minister for two decades, a post he kept when he took the helm of government, HBJ was known for his willingness to speak his mind, to swing unabashedly from one policy to another. As prime minister he also enjoyed the state’s financial muscle, heading the $250bn Qatar Investment Authority, the emirate’s sovereign wealth fund, generating many of its highest-profile deals but making enemies in the process."
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Saturday, 16 April 2016
How 315 Billion Petrodollars Evaporated - Bloomberg
How 315 Billion Petrodollars Evaporated - Bloomberg:
"The world’s top oil exporters are burning through their petrodollar assets at an accelerating pace, increasing the pressure to reach a deal to freeze production to bolster prices. The 18 nations set to gather in Doha on Sunday to discuss a production freeze have spent $315 billion of their foreign-exchange reserves -- about a fifth of their total -- since the oil slump started in November 2014, according to data compiled by Bloomberg. In the last three months of 2015, reserves fell nearly $54 billion, the largest quarterly drop since the crisis started.
The petrodollar burn has consequences beyond the oil nations, affecting international fund managers like Aberdeen Asset Management Plc and global currencies markets. Oil nations have traditionally held their reserves in U.S. Treasuries and other liquid securities. Nonetheless, the impact in credit markets has been muted as central banks continue to buy debt."
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"The world’s top oil exporters are burning through their petrodollar assets at an accelerating pace, increasing the pressure to reach a deal to freeze production to bolster prices. The 18 nations set to gather in Doha on Sunday to discuss a production freeze have spent $315 billion of their foreign-exchange reserves -- about a fifth of their total -- since the oil slump started in November 2014, according to data compiled by Bloomberg. In the last three months of 2015, reserves fell nearly $54 billion, the largest quarterly drop since the crisis started.
The petrodollar burn has consequences beyond the oil nations, affecting international fund managers like Aberdeen Asset Management Plc and global currencies markets. Oil nations have traditionally held their reserves in U.S. Treasuries and other liquid securities. Nonetheless, the impact in credit markets has been muted as central banks continue to buy debt."
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Two Former UAE Officials Investigated in 1MDB Probe - Bloomberg
Two Former UAE Officials Investigated in 1MDB Probe - Bloomberg:
"Swiss prosecutors have expanded their criminal investigation of alleged bribery and corruption at Malaysia's debt-ridden fund 1MDB. They're seeking help from Singapore and Luxembourg as the fund comes under wider international scrutiny. Bloomberg's Haslinda Amin reports on "Asia Edge." (Source: Bloomberg)"
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"Swiss prosecutors have expanded their criminal investigation of alleged bribery and corruption at Malaysia's debt-ridden fund 1MDB. They're seeking help from Singapore and Luxembourg as the fund comes under wider international scrutiny. Bloomberg's Haslinda Amin reports on "Asia Edge." (Source: Bloomberg)"
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Saudi Prince Reiterates Oil Freeze Depends on Others Joining - Bloomberg
Saudi Prince Reiterates Oil Freeze Depends on Others Joining - Bloomberg:
"Saudi Arabia won’t restrain its oil production unless other producers, including Iran, agree to freeze output at a meeting this weekend in Doha, the kingdom’s deputy crown prince said.
The world’s biggest crude exporter would cap its market share at about 10.3 million to 10.4 million barrels a day, if producers agree to the freeze, Prince Mohammed bin Salman said during an interview on Thursday at King Salman’s private farm in Diriyah, the original home of the Al Saud royal family.
“If all major producers don’t freeze production, we will not freeze production,” said Prince Mohammed, 30, who has emerged as Saudi Arabia’s leading economic force. “If we don’t freeze, then we will sell at any opportunity we get.”"
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"Saudi Arabia won’t restrain its oil production unless other producers, including Iran, agree to freeze output at a meeting this weekend in Doha, the kingdom’s deputy crown prince said.
The world’s biggest crude exporter would cap its market share at about 10.3 million to 10.4 million barrels a day, if producers agree to the freeze, Prince Mohammed bin Salman said during an interview on Thursday at King Salman’s private farm in Diriyah, the original home of the Al Saud royal family.
“If all major producers don’t freeze production, we will not freeze production,” said Prince Mohammed, 30, who has emerged as Saudi Arabia’s leading economic force. “If we don’t freeze, then we will sell at any opportunity we get.”"
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