String of UAE firms disclose exposure to Abraaj Group - The National:
First Abu Dhabi Bank, the UAE's largest lender, Al Qudra Holding and Waha Capital, among other entities, disclosed limited direct or indirect exposure to Abraaj Group, the private equity company undergoing a court-supervised restructuring amid allegations of mismanagement of investors’ funds, according to regulatory filings on Tuesday.
FAB, the bank formed with the merger of First Gulf Bank and National Bank of Abu Dhabi, said it has direct exposure to Abraaj through a fully secured three-year $21.4 million (Dh78.6m) loan, due to mature in April 2019. The loan is “collateralised with Abraaj Holding stakes in its funds which invested in various companies globally”, FAB said in a statement to the Abu Dhabi Securities Exchange.
United Arab Bank has indirect exposure “through customers represented with two entities [funds] that are partially (and indirectly) owned by Abraaj”, the bank said in a filing to ADX.
Tuesday, 10 July 2018
Atlas Jewellery plans relaunch of retail operations in Dubai | GulfNews.com
Atlas Jewellery plans relaunch of retail operations in Dubai | GulfNews.com:
The owner of Atlas Jewellery hopes to pull in new investors to relaunch a retail presence in Dubai and revive operations elsewhere in the Gulf, which will be the first step to clear off the remaining debts on its books. In Dubai, the plan is to launch a single store and create a sustainable cash flow over the next two years, according to Ramachandran Nair, the founder.
Simultaneously, there is a plan to have a private placement to raise funds by selling shares in its India subsidiary, registered in Mumbai. The India operations are listed — the share is at Rs154.7 as against the original face value of Rs10. Nair hold 50 million shares of the 100 million issued. At the current price, a private placement should generate a decent amount and help with the raising of new funds.
The move comes as part of a “final settlement plan” involving Nair and more than 10 creditor banks. A meeting was held early this week, during which new funding options were raised. There will be monthly meetings to chart progress of the revival plan.
The owner of Atlas Jewellery hopes to pull in new investors to relaunch a retail presence in Dubai and revive operations elsewhere in the Gulf, which will be the first step to clear off the remaining debts on its books. In Dubai, the plan is to launch a single store and create a sustainable cash flow over the next two years, according to Ramachandran Nair, the founder.
Simultaneously, there is a plan to have a private placement to raise funds by selling shares in its India subsidiary, registered in Mumbai. The India operations are listed — the share is at Rs154.7 as against the original face value of Rs10. Nair hold 50 million shares of the 100 million issued. At the current price, a private placement should generate a decent amount and help with the raising of new funds.
The move comes as part of a “final settlement plan” involving Nair and more than 10 creditor banks. A meeting was held early this week, during which new funding options were raised. There will be monthly meetings to chart progress of the revival plan.
Cerberus and Colony Are Making New Offers for Abraaj Funds - Bloomberg
Cerberus and Colony Are Making New Offers for Abraaj Funds - Bloomberg:
Cerberus Capital Management LP and Colony Capital Inc. made new offers to buy Abraaj Group assets as the embattled Dubai-based private equity firm works on a court-supervised restructuring, according to people familiar with the matter.
Cerberus made a bid for all of Abraaj’s funds, but hasn’t offered to buy the limited-partnership stakes in the underlying funds, the people said, asking not to be identified as the information is private. Cerberus was engaged in talks with Abraaj to acquire its funds before Colony reached a principle agreement last month.
Colony, which in June agreed to buy some of Abraaj’s funds and oversee others, made a revised offer for some of the funds, as well as its limited-partnership interests in the underlying funds, the people said. The offers are being reviewed by provisional liquidators Deloitte and PricewaterhouseCoopers and any agreement needs investor approval, the people said.
Cerberus Capital Management LP and Colony Capital Inc. made new offers to buy Abraaj Group assets as the embattled Dubai-based private equity firm works on a court-supervised restructuring, according to people familiar with the matter.
Cerberus made a bid for all of Abraaj’s funds, but hasn’t offered to buy the limited-partnership stakes in the underlying funds, the people said, asking not to be identified as the information is private. Cerberus was engaged in talks with Abraaj to acquire its funds before Colony reached a principle agreement last month.
Colony, which in June agreed to buy some of Abraaj’s funds and oversee others, made a revised offer for some of the funds, as well as its limited-partnership interests in the underlying funds, the people said. The offers are being reviewed by provisional liquidators Deloitte and PricewaterhouseCoopers and any agreement needs investor approval, the people said.
Swiss Say 1MDB Used as Ponzi Scheme to Bribe Officials - Bloomberg
Swiss Say 1MDB Used as Ponzi Scheme to Bribe Officials - Bloomberg:
Malaysia’s 1MDB economic development fund was used as a Ponzi scheme by a clutch of conspirators to pay bribes and enrich themselves, Switzerland’s top prosecutor said days after former Malaysian Prime Minister Najib Razak was charged with corruption for his role in the affair.
Swiss authorities are now investigating six people for their alleged involvement in the multi-billion dollar 1MDB scandal and two Swiss banks -- Falcon Private Bank and BSI SA -- remain under suspicion, Swiss Attorney General Michael Lauber told reporters Tuesday in Putrajaya following a meeting with his Malaysian counterpart Tommy Thomas.
Switzerland has been investigating how billions of dollars earmarked for economic development through 1Malaysia Development Bhd. was diverted and made its way into Swiss banks for the personal enrichment of the accused. Lauber, working with Singaporean and U.S. authorities, had been publicly critical in the past of Malaysian officials for their lack of cooperation. After Najib lost his bid for re-election in mid-May to rival and former premier Mahathir Mohamad, the new governmen
Malaysia’s 1MDB economic development fund was used as a Ponzi scheme by a clutch of conspirators to pay bribes and enrich themselves, Switzerland’s top prosecutor said days after former Malaysian Prime Minister Najib Razak was charged with corruption for his role in the affair.
Swiss authorities are now investigating six people for their alleged involvement in the multi-billion dollar 1MDB scandal and two Swiss banks -- Falcon Private Bank and BSI SA -- remain under suspicion, Swiss Attorney General Michael Lauber told reporters Tuesday in Putrajaya following a meeting with his Malaysian counterpart Tommy Thomas.
Switzerland has been investigating how billions of dollars earmarked for economic development through 1Malaysia Development Bhd. was diverted and made its way into Swiss banks for the personal enrichment of the accused. Lauber, working with Singaporean and U.S. authorities, had been publicly critical in the past of Malaysian officials for their lack of cooperation. After Najib lost his bid for re-election in mid-May to rival and former premier Mahathir Mohamad, the new governmen
Oil rises on supply disruptions, large U.S. crude stock drawdown | Reuters
Oil rises on supply disruptions, large U.S. crude stock drawdown | Reuters:
Oil rose on Tuesday, supported by a larger-than expected U.S. stock draw and supply concerns in Norway and Libya, though gains were tempered by the United States’ indication that it would consider requests for waivers from Iranian oil sanctions.
Brent crude futures LCOc1 gained 79 cents to settle at $78.86 per barrel. Earlier, the global benchmark hit a session high of $79.51.
U.S. crude futures CLc1 rose 26 cents to settle at $74.11, after hitting a high of $74.70.
Oil rose on Tuesday, supported by a larger-than expected U.S. stock draw and supply concerns in Norway and Libya, though gains were tempered by the United States’ indication that it would consider requests for waivers from Iranian oil sanctions.
Brent crude futures LCOc1 gained 79 cents to settle at $78.86 per barrel. Earlier, the global benchmark hit a session high of $79.51.
U.S. crude futures CLc1 rose 26 cents to settle at $74.11, after hitting a high of $74.70.
Saudi securities regulator awards first two fintech licenses | Reuters
Saudi securities regulator awards first two fintech licenses | Reuters:
Saudi Arabia’s securities regulator approved its first two financial technology licenses on Tuesday, part of a drive to develop a fintech sector in the Arab world’s biggest economy under reforms designed to reduce reliance on oil exports.
The Capital Market Authority approved licenses allowing Riyadh-based start-up Manafa Capital and another firm, Scopeer, to offer crowdfunding investment services on a trial basis, the CMA said on Tuesday.
Individual investors will use electronic platforms operated by the companies to fund small and medium-sized enterprises in exchange for shares in those enterprises.
Saudi Arabia’s securities regulator approved its first two financial technology licenses on Tuesday, part of a drive to develop a fintech sector in the Arab world’s biggest economy under reforms designed to reduce reliance on oil exports.
The Capital Market Authority approved licenses allowing Riyadh-based start-up Manafa Capital and another firm, Scopeer, to offer crowdfunding investment services on a trial basis, the CMA said on Tuesday.
Individual investors will use electronic platforms operated by the companies to fund small and medium-sized enterprises in exchange for shares in those enterprises.
Saudi defense ministry official arrested on bribery charges | Reuters
Saudi defense ministry official arrested on bribery charges | Reuters:
Saudi Arabia has arrested a defense ministry official on charges of receiving a 1 million riyal ($267,000) bribe and abusing his position, the SPA state news agency reported on Tuesday.
“The official sought to facilitate irregular procedures for the disbursement of financial dues to a company, taking advantage of his professional influence,” a statement quoted Attorney General Sheikh Saud al-Mujib as saying.
It added that the official admitted the crime of bribery and the involvement of two others in the same case, who were also arrested. No names were given.
Saudi Arabia has arrested a defense ministry official on charges of receiving a 1 million riyal ($267,000) bribe and abusing his position, the SPA state news agency reported on Tuesday.
“The official sought to facilitate irregular procedures for the disbursement of financial dues to a company, taking advantage of his professional influence,” a statement quoted Attorney General Sheikh Saud al-Mujib as saying.
It added that the official admitted the crime of bribery and the involvement of two others in the same case, who were also arrested. No names were given.
MIDEAST STOCKS-Earnings hopes lift Qatar, Saudi petrochem, banks rise | ZAWYA MENA Edition
MIDEAST STOCKS-Earnings hopes lift Qatar, Saudi petrochem, banks rise | ZAWYA MENA Edition:
Most Gulf stocks ended higher on Tuesday, led by Qatar, whose main index surged to an over five-month high on expectations of strong corporate earnings, while firm oil prices boosted petrochemical stocks in Saudi Arabia.
Qatar index closed 1.4 up at 9,396 points, its highest since January 30 this year. The gains were fuelled by a 2.2 percent gain in Qatar National Bank QNBK.QA and a 2.1 percent rise in Industries Qatar .
QNB Financial Services said in a note it estimates banks, under its coverage, are expected to post an annual increase of 18.4 percent in earnings during the second quarter, largely due to a base effect stemming from Qatar's Commercial Ban .
Most Gulf stocks ended higher on Tuesday, led by Qatar, whose main index surged to an over five-month high on expectations of strong corporate earnings, while firm oil prices boosted petrochemical stocks in Saudi Arabia.
Qatar index closed 1.4 up at 9,396 points, its highest since January 30 this year. The gains were fuelled by a 2.2 percent gain in Qatar National Bank QNBK.QA and a 2.1 percent rise in Industries Qatar .
QNB Financial Services said in a note it estimates banks, under its coverage, are expected to post an annual increase of 18.4 percent in earnings during the second quarter, largely due to a base effect stemming from Qatar's Commercial Ban .
Natural Gas Drillers Are Fighting for Their Lives - Bloomberg
Natural Gas Drillers Are Fighting for Their Lives - Bloomberg:
The natural gas industry is on a mission to prove it can keep up with the green energy industry, whose price reductions are starting to become a competitive threat to fossil fuels.
Gas and oil producers have slashed overheads by a third since 2014 and are finding deeper reductions harder to come by, according to energy consultants Wood Mackenzie. That’s spurring them to rewrite supply contracts, build mobile liquefied natural gas terminals and take more prosaic steps like fixing leaky pipes.
“This is about getting affordable energy out,” said Jens Okland, executive vice president of marketing, midstream and processing at Equinor ASA, Norway’s biggest energy company. “A lot of these LNG projects are huge. You need to make them cheaper, quite simply.”
The natural gas industry is on a mission to prove it can keep up with the green energy industry, whose price reductions are starting to become a competitive threat to fossil fuels.
Gas and oil producers have slashed overheads by a third since 2014 and are finding deeper reductions harder to come by, according to energy consultants Wood Mackenzie. That’s spurring them to rewrite supply contracts, build mobile liquefied natural gas terminals and take more prosaic steps like fixing leaky pipes.
“This is about getting affordable energy out,” said Jens Okland, executive vice president of marketing, midstream and processing at Equinor ASA, Norway’s biggest energy company. “A lot of these LNG projects are huge. You need to make them cheaper, quite simply.”
Switzerland Says Up to $7 Billion Flowed Through 1MDB - Bloomberg
Switzerland Says Up to $7 Billion Flowed Through 1MDB - Bloomberg:
Swiss investigators found that up to $7 billion of funds flowed through Malaysian state fund 1MDB, according to Swiss Attorney-General Michael Lauber.
Swiss investigators found that up to $7 billion of funds flowed through Malaysian state fund 1MDB, according to Swiss Attorney-General Michael Lauber.
Do not blame OPEC, oil producer group says of Trump criticism | Reuters
Do not blame OPEC, oil producer group says of Trump criticism | Reuters:
The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump’s recent demands for higher oil output, saying OPEC does not shoulder the blame.
“OPEC alone cannot be blamed for all the problems that are happening in the oil industry, but at the same time we were responsive in terms of the measures we took in our latest meeting in June,” Organization of the Petroleum Exporting Countries President Suhail al-Mazrouei told Reuters in an interview in Calgary, Alberta.
“I feel OPEC is doing its part.”
The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump’s recent demands for higher oil output, saying OPEC does not shoulder the blame.
“OPEC alone cannot be blamed for all the problems that are happening in the oil industry, but at the same time we were responsive in terms of the measures we took in our latest meeting in June,” Organization of the Petroleum Exporting Countries President Suhail al-Mazrouei told Reuters in an interview in Calgary, Alberta.
“I feel OPEC is doing its part.”
Oil prices rise as looming Norway strike adds to disruptions | Reuters
Oil prices rise as looming Norway strike adds to disruptions | Reuters:
Oil prices rose on Tuesday on escalating concerns over potential supply shortages, with Brent crude leading the way as hundreds of oil workers in Norway were set to strike later in the day.
Brent crude LCOc1 added 55 cents, or 0.7 percent, to $78.62 per barrel by 0638 GMT, following a 1.2-percent climb on Monday.
U.S. light crude futures were up 47 cents, or 0.7 percent, at $74.32.
Oil prices rose on Tuesday on escalating concerns over potential supply shortages, with Brent crude leading the way as hundreds of oil workers in Norway were set to strike later in the day.
Brent crude LCOc1 added 55 cents, or 0.7 percent, to $78.62 per barrel by 0638 GMT, following a 1.2-percent climb on Monday.
U.S. light crude futures were up 47 cents, or 0.7 percent, at $74.32.
MIDEAST STOCKS-Most Gulf markets up on financials, petrochemicals | Reuters
MIDEAST STOCKS-Most Gulf markets up on financials, petrochemicals | Reuters:
Most Gulf markets traded higher early on Tuesday, as financials boosted Kuwait and Qatar, and higher oil prices lifted Saudi petrochemical stocks.
Qatari shares were up 0.4 percent, lifted by a 1.3 percent rise in Qatar National Bank a day before its quarterly earnings. Qatar Islamic Bank climbed 2 percent.
Bahrain-based broker SICO said in a report QNB could post a net profit 3.47 billion riyals ($952.90 million) in the second quarter, little changed from a year earlier based on a consensus estimate.
Most Gulf markets traded higher early on Tuesday, as financials boosted Kuwait and Qatar, and higher oil prices lifted Saudi petrochemical stocks.
Qatari shares were up 0.4 percent, lifted by a 1.3 percent rise in Qatar National Bank a day before its quarterly earnings. Qatar Islamic Bank climbed 2 percent.
Bahrain-based broker SICO said in a report QNB could post a net profit 3.47 billion riyals ($952.90 million) in the second quarter, little changed from a year earlier based on a consensus estimate.
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