Sainsbury Considers Buying Asda From Walmart - Bloomberg:
"U.K. grocer J Sainsbury Plc is in advanced talks to combine with Walmart Inc.’s Asda in a multibillion-pound deal that would reshape Britain’s brutally competitive supermarket business.
Sainsbury confirmed the discussions in response to a Bloomberg News report and said a further announcement would be made on Monday. The supermarket chain ranks second in the U.K., followed by Asda and behind Tesco Plc.
Bringing together Sainsbury and Asda is the most radical response yet by the country’s retailers to the rise of German discounters Lidl and Aldi and the threat of Amazon.com Inc., which has muscled into the home-delivery space that’s become many Britons’ preferred way to shop."
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Saturday, 28 April 2018
UPDATE 1-Jordan's Arab Bank Q1 net profit $220.3 mln vs $218.2 mln -statement | Reuters
UPDATE 1-Jordan's Arab Bank Q1 net profit $220.3 mln vs $218.2 mln -statement | Reuters:
"Jordan’s Arab Bank Group , the country’s largest lender, on Saturday reported first-quarter net profit of $220.3 million, slightly up from $218.2 million a year earlier. Its overall operations continued to grow despite challenges faced by banks in the Middle East, chairman Sabih al Masri said in a statement. Total loans rose 5 percent to $25.5 billion as of end-March, while deposits rose slightly to $33.4 billion compared with $33 billion in the corresponding period last year."
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"Jordan’s Arab Bank Group , the country’s largest lender, on Saturday reported first-quarter net profit of $220.3 million, slightly up from $218.2 million a year earlier. Its overall operations continued to grow despite challenges faced by banks in the Middle East, chairman Sabih al Masri said in a statement. Total loans rose 5 percent to $25.5 billion as of end-March, while deposits rose slightly to $33.4 billion compared with $33 billion in the corresponding period last year."
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Pompeo starts Mideast tour with call for new Iran sanctions | Reuters
Pompeo starts Mideast tour with call for new Iran sanctions | Reuters:
"Secretary of State Mike Pompeo arrived in Saudi Arabia on Saturday on a hastily-arranged visit to the Middle East as the United States aims to muster support for new sanctions against Iran.
The visit to Riyadh, Jerusalem and Amman just two days after Pompeo was sworn-in comes as President Donald Trump is set to decide whether to pull out of the 2015 nuclear deal with Iran that is still supported by European powers.
“We are urging nations around the world to sanction any individuals and entities associated with Iran’s missile program, and it has also been a big part of discussions with Europeans,” Brian Hook, a senior policy advisor traveling with Pompeo, told reporters. "
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"Secretary of State Mike Pompeo arrived in Saudi Arabia on Saturday on a hastily-arranged visit to the Middle East as the United States aims to muster support for new sanctions against Iran.
The visit to Riyadh, Jerusalem and Amman just two days after Pompeo was sworn-in comes as President Donald Trump is set to decide whether to pull out of the 2015 nuclear deal with Iran that is still supported by European powers.
“We are urging nations around the world to sanction any individuals and entities associated with Iran’s missile program, and it has also been a big part of discussions with Europeans,” Brian Hook, a senior policy advisor traveling with Pompeo, told reporters. "
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Giant gas pipeline boost for Turkey amid turmoil
Giant gas pipeline boost for Turkey amid turmoil:
"It has been a decade in the making: The $40 billion Southern Gas Corridor (SGC), arguably the gas industry’s most significant and ambitious undertaking yet, involving seven governments and 11 companies. The 3,500 kilometers pipeline corridor is one of the biggest infrastructure projects in the global oil and gas industry, bringing Caspian gas through three linked networks across Azerbaijan, Georgia, Turkey, Greece and the Adriatic Sea to southern Italy where it can be conveyed to European markets. SGC has been pushed by the EU since 2008 as a strategic imperative to reduce the bloc’s dependence on Russian gas, and has been bankrolled by EU and international funding, including loans from the Asian Infrastructure and Investment Bank, which counts Saudi Arabia and UAE as members."
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"It has been a decade in the making: The $40 billion Southern Gas Corridor (SGC), arguably the gas industry’s most significant and ambitious undertaking yet, involving seven governments and 11 companies. The 3,500 kilometers pipeline corridor is one of the biggest infrastructure projects in the global oil and gas industry, bringing Caspian gas through three linked networks across Azerbaijan, Georgia, Turkey, Greece and the Adriatic Sea to southern Italy where it can be conveyed to European markets. SGC has been pushed by the EU since 2008 as a strategic imperative to reduce the bloc’s dependence on Russian gas, and has been bankrolled by EU and international funding, including loans from the Asian Infrastructure and Investment Bank, which counts Saudi Arabia and UAE as members."
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Oil rebound to ease GCC fiscal pressure - The Peninsula Qatar
Oil rebound to ease GCC fiscal pressure - The Peninsula Qatar:
"Higher oil prices are expected to result in better current account balances in the GCC over 2018 and 2019. The higher prices are expected to give GCC countries more flexibility in terms of their ongoing fiscal consolidation plans, according to KAMCO Research.
However, KAMCO analysts continue to expect initiatives to bolster the GCC non-oil economy to be less synchronised than the previous years, as individual GCC countries are likely to use different fiscal tools to shore up their state finances.
Citing IMF’s latest World Economic Outlook (WEO), KAMCO’s monthly research note said Kuwait’s current account surplus in GDP terms to be the highest in the region at 5.8 percent of GDP in 2018, improving by 720bps from their October 2018 update, while 2019 current account surplus in GDP terms is forecasted to improve by 500 bps (3.6 percent)."
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"Higher oil prices are expected to result in better current account balances in the GCC over 2018 and 2019. The higher prices are expected to give GCC countries more flexibility in terms of their ongoing fiscal consolidation plans, according to KAMCO Research.
However, KAMCO analysts continue to expect initiatives to bolster the GCC non-oil economy to be less synchronised than the previous years, as individual GCC countries are likely to use different fiscal tools to shore up their state finances.
Citing IMF’s latest World Economic Outlook (WEO), KAMCO’s monthly research note said Kuwait’s current account surplus in GDP terms to be the highest in the region at 5.8 percent of GDP in 2018, improving by 720bps from their October 2018 update, while 2019 current account surplus in GDP terms is forecasted to improve by 500 bps (3.6 percent)."
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Oil Stuck Near $68 as Questions Swirl Around Iran Nuclear Deal - Bloomberg
Oil Stuck Near $68 as Questions Swirl Around Iran Nuclear Deal - Bloomberg:
"Oil circled around $68 a barrel as traders sifted mixed messages on the Iran nuclear deal.
Futures in New York traded in the narrowest range since January this week. Investors were waiting to see whether the nuclear accord that Iran signed with world powers in 2015 will remain. U.S. President Donald Trump said at a press conference Friday that it needs to ensure that Iran “doesn’t even get close” to nuclear weapons, while German Chancellor Angela Merkel said she told Trump the Iran deal is part of a bigger Middle East picture.
“There’s lots of rhetoric around dispensing with the Iran deal and reimposing sanctions, which will further constrain the market,” said Rob Haworth, who helps oversee $151 billion in assets at U.S. Bank Wealth Management in Seattle. “You’ve got fears of further shutdowns of production supporting the market.”"
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"Oil circled around $68 a barrel as traders sifted mixed messages on the Iran nuclear deal.
Futures in New York traded in the narrowest range since January this week. Investors were waiting to see whether the nuclear accord that Iran signed with world powers in 2015 will remain. U.S. President Donald Trump said at a press conference Friday that it needs to ensure that Iran “doesn’t even get close” to nuclear weapons, while German Chancellor Angela Merkel said she told Trump the Iran deal is part of a bigger Middle East picture.
“There’s lots of rhetoric around dispensing with the Iran deal and reimposing sanctions, which will further constrain the market,” said Rob Haworth, who helps oversee $151 billion in assets at U.S. Bank Wealth Management in Seattle. “You’ve got fears of further shutdowns of production supporting the market.”"
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Hedge Funds Throw Record Bets on Rising Gasoline Prices - Bloomberg
Hedge Funds Throw Record Bets on Rising Gasoline Prices - Bloomberg:
"Money managers are going all in on gasoline.
Hedge funds boosted bets on rising gasoline prices to the highest on record. That’s as futures for the motor fuel jumped to the highest since August amid robust demand and inventories hovering near their lowest since January.
“We are heading into the driving season and the market has tightened rather nicely,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “People are gambling that the strong economy will yield a very strong driving season and that may stress out the refining sector.”"
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"Money managers are going all in on gasoline.
Hedge funds boosted bets on rising gasoline prices to the highest on record. That’s as futures for the motor fuel jumped to the highest since August amid robust demand and inventories hovering near their lowest since January.
“We are heading into the driving season and the market has tightened rather nicely,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “People are gambling that the strong economy will yield a very strong driving season and that may stress out the refining sector.”"
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