Abu Dhabi to sell Italian exec-jet business to China buyers — source | GulfNews.com:
"Mubadala, an arm of the Abu Dhabi sovereign wealth fund, plans to sell the executive-jet business of Italy’s Piaggio Aerospace to a state-backed Chinese consortium in a deal that is now under scrutiny by Rome, a source familiar with the matter said.
The deal comes at a sensitive time for Chinese investments in the European Union, with the head of the European Commission recently proposing to limit state-backed foreign takeovers in hi-tech manufacturing, among other industries.
An Italian defence firm such as Piaggio Aerospace must notify the government of any big asset sale, even if it does not involve a defence asset."
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Tuesday 26 September 2017
Dubai airport passenger traffic up 6.6% in August, busiest month on record | GulfNews.com
Dubai airport passenger traffic up 6.6% in August, busiest month on record | GulfNews.com:
"Dubai International Airport, the world's busiest for international traffic, recorded its busiest month ever in August for passenger traffic, which the operator said was boosted by a seasonal increase in travellers. The number of passengers travelling through the airport increased 6.6 per cent to 8.23 million compared to the same month a year ago, operator Dubai Airports said in a statement on Tuesday. August is the third time this year the airport has seen record monthly passenger traffic, beating July's 8.07 million and January's 8.04 million. "
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"Dubai International Airport, the world's busiest for international traffic, recorded its busiest month ever in August for passenger traffic, which the operator said was boosted by a seasonal increase in travellers. The number of passengers travelling through the airport increased 6.6 per cent to 8.23 million compared to the same month a year ago, operator Dubai Airports said in a statement on Tuesday. August is the third time this year the airport has seen record monthly passenger traffic, beating July's 8.07 million and January's 8.04 million. "
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MIDEAST STOCKS-Oil lifts most markets, but global concerns weigh
MIDEAST STOCKS-Oil lifts most markets, but global concerns weigh:
"Rising oil prices helped Middle East indexes eke out modest gains on Tuesday, though shares more exposed to foreign funds followed global markets lower, weighed down by a list of worries including North Korea.
Brent oil surged 3.8 percent overnight to settle at $59.02 a barrel after major producers said the global market was on its way to rebalancing, and crude held near that level on Tuesday.
Riyadh’s index rose 0.2 percent as most petrochemical shares advanced, including bellwether Saudi Basic Industries which added 1.4 percent."
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"Rising oil prices helped Middle East indexes eke out modest gains on Tuesday, though shares more exposed to foreign funds followed global markets lower, weighed down by a list of worries including North Korea.
Brent oil surged 3.8 percent overnight to settle at $59.02 a barrel after major producers said the global market was on its way to rebalancing, and crude held near that level on Tuesday.
Riyadh’s index rose 0.2 percent as most petrochemical shares advanced, including bellwether Saudi Basic Industries which added 1.4 percent."
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US oil producers lock in prices after crude’s rally
US oil producers lock in prices after crude’s rally:
"North American oil producers have pounced on the recent rise in crude prices to lock in sales at current levels, something that could safeguard prospective shale output in the face of a future downturn.
Bankers and brokers say hedging in the US and Canada has accelerated as West Texas Intermediate crude pushes above $50 a barrel, a break-even price for many shale oil companies.
“There’s been more producer-hedging in the past two weeks than in the past four or five months,” a banker said."
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"North American oil producers have pounced on the recent rise in crude prices to lock in sales at current levels, something that could safeguard prospective shale output in the face of a future downturn.
Bankers and brokers say hedging in the US and Canada has accelerated as West Texas Intermediate crude pushes above $50 a barrel, a break-even price for many shale oil companies.
“There’s been more producer-hedging in the past two weeks than in the past four or five months,” a banker said."
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Citi Says Get Ready for an Oil Squeeze - Bloomberg
Citi Says Get Ready for an Oil Squeeze - Bloomberg:
"Those in the oil market fearing a flood of OPEC supply next year will probably be better off preparing for a shortage, according to Citigroup Inc. Five countries in the group -- Libya, Nigeria, Venezuela, Iran and Iraq -- may already be pumping at their maximum capacity this year, Ed Morse, the bank’s global head of commodities research, said in an interview. Rather than a surge in output, there’s a risk of a market squeeze emerging as early as 2018, driven by those nations because of weaker investment in exploration and development, he said. “Fear in the market has been that OPEC production will rise dramatically,” said Morse. However, “there could be a supply gap emerging, which could point to a tighter market,” he said in Singapore on the sidelines of the S&P Global Platts APPEC Conference."
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"Those in the oil market fearing a flood of OPEC supply next year will probably be better off preparing for a shortage, according to Citigroup Inc. Five countries in the group -- Libya, Nigeria, Venezuela, Iran and Iraq -- may already be pumping at their maximum capacity this year, Ed Morse, the bank’s global head of commodities research, said in an interview. Rather than a surge in output, there’s a risk of a market squeeze emerging as early as 2018, driven by those nations because of weaker investment in exploration and development, he said. “Fear in the market has been that OPEC production will rise dramatically,” said Morse. However, “there could be a supply gap emerging, which could point to a tighter market,” he said in Singapore on the sidelines of the S&P Global Platts APPEC Conference."
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Saudi central bank announces measures to cut mortgage costs
Saudi central bank announces measures to cut mortgage costs:
"Saudi Arabia’s central bank has scrapped administrative fees for mortgage holders if they switch between fixed and floating rate loans, as part of new measures to boost the housing market. The Saudi Arabian Monetary Authority also announced, via its twitter account, other measures to help reduce mortgage costs, including allowing a mortgage holder to move to a new lender without additional costs. Mortgage laws and regulations are still being ironed out, according to one Jeddah-based analyst, and may be subject to modifications."
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"Saudi Arabia’s central bank has scrapped administrative fees for mortgage holders if they switch between fixed and floating rate loans, as part of new measures to boost the housing market. The Saudi Arabian Monetary Authority also announced, via its twitter account, other measures to help reduce mortgage costs, including allowing a mortgage holder to move to a new lender without additional costs. Mortgage laws and regulations are still being ironed out, according to one Jeddah-based analyst, and may be subject to modifications."
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MIDEAST STOCKS-Gulf rises in early trade as crude oil scales two-year highs
MIDEAST STOCKS-Gulf rises in early trade as crude oil scales two-year highs:
"Stock markets in the Gulf rose early on Tuesday as crude oil prices climbed to a two-year high.
Brent oil surged 3.8 percent overnight to settle at $59.02 a barrel after major producers said the global market was on its way to rebalancing, and the commodity traded near that level on Tuesday morning.
Riyadh’s index rose 0.5 percent as all 13 petrochemical shares that were trading on Tuesday morning rose, including bellwether Saudi Basic Industries which was up 1.0 percent."
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"Stock markets in the Gulf rose early on Tuesday as crude oil prices climbed to a two-year high.
Brent oil surged 3.8 percent overnight to settle at $59.02 a barrel after major producers said the global market was on its way to rebalancing, and the commodity traded near that level on Tuesday morning.
Riyadh’s index rose 0.5 percent as all 13 petrochemical shares that were trading on Tuesday morning rose, including bellwether Saudi Basic Industries which was up 1.0 percent."
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