Dubai regulators move against Abraaj Capital:
Dubai regulators have moved against Abraaj Capital, the UAE arm of the beleaguered private equity group, implementing a winding up order against it and stopping it doing any new business in the emirate’s financial center.
The Dubai Financial Services Authority, the regulatory arm of the Dubai International Financial Center (DIFC), announced the moves after the DIFC Courts earlier this month received a petition to wind up the troubled firm under UAE insolvency laws.
The court has appointed two liquidators from the accounting firm Deloitte to oversee the winding up order.
Thursday, 16 August 2018
Can the US shale boom last? Answers to BP and Aramco, please | Arab News
Can the US shale boom last? Answers to BP and Aramco, please | Arab News:
The US shale industry appears to be on an unstoppable growth path. Just in the past few months there have been a flurry of big-ticket deals in the business, mostly centered on its global hub in Texas and New Mexico, and, if the financiers are to be believed, there are more to come.
But two basic questions remain: First, have the oil companies, who have seen boom-and-bust in US shale in the past, got the economics of shale production right this time?
And second, if the answer to that one is in the positive, should other producers, even the likes of Saudi Aramco, the biggest conventional crude exporter, get in on the act now before it is too late?
The US shale industry appears to be on an unstoppable growth path. Just in the past few months there have been a flurry of big-ticket deals in the business, mostly centered on its global hub in Texas and New Mexico, and, if the financiers are to be believed, there are more to come.
But two basic questions remain: First, have the oil companies, who have seen boom-and-bust in US shale in the past, got the economics of shale production right this time?
And second, if the answer to that one is in the positive, should other producers, even the likes of Saudi Aramco, the biggest conventional crude exporter, get in on the act now before it is too late?
Oil steadies but outlook for demand grows gloomy | Reuters
Oil steadies but outlook for demand grows gloomy | Reuters:
Oil rose slightly as global markets steadied on Thursday, recovering some of the previous day’s 2 percent slide, though a weakening outlook for crude demand kept prices in check.
The oil market slid on Wednesday as data showing a large build in U.S. inventories fed concern about the fuel demand outlook, while crude was also pressured by broader selling of industrial commodities such as copper. [EIA/S] [MET/L]
“There’s still an overhang from the report yesterday,” said John Kilduff, a partner at Again Capital Management in New York, citing surging imports that boosted inventories despite high refinery run rates.
Oil rose slightly as global markets steadied on Thursday, recovering some of the previous day’s 2 percent slide, though a weakening outlook for crude demand kept prices in check.
The oil market slid on Wednesday as data showing a large build in U.S. inventories fed concern about the fuel demand outlook, while crude was also pressured by broader selling of industrial commodities such as copper. [EIA/S] [MET/L]
“There’s still an overhang from the report yesterday,” said John Kilduff, a partner at Again Capital Management in New York, citing surging imports that boosted inventories despite high refinery run rates.
UPDATE 1-MIDEAST STOCKS-Gulf equities mostly down, lack direction ahead of holiday | Reuters
UPDATE 1-MIDEAST STOCKS-Gulf equities mostly down, lack direction ahead of holiday | Reuters:
Gulf equity markets were mostly flat to lower on Thursday, lacking momentum ahead of a long holiday next week when markets will mostly be closed for the Muslim festival of Eid al-Adha.
In the absence of strong catalysts, Gulf stocks passively tracked emerging assets, which languished in bear market territory as the dollar held strong.
“Given a more nervous global backdrop for risk assets and an increase in volatility within emerging markets specifically, it’s unsurprising Gulf equities are softer,” said Akber Khan, senior director of asset management at Al Rayan Investment.
Gulf equity markets were mostly flat to lower on Thursday, lacking momentum ahead of a long holiday next week when markets will mostly be closed for the Muslim festival of Eid al-Adha.
In the absence of strong catalysts, Gulf stocks passively tracked emerging assets, which languished in bear market territory as the dollar held strong.
“Given a more nervous global backdrop for risk assets and an increase in volatility within emerging markets specifically, it’s unsurprising Gulf equities are softer,” said Akber Khan, senior director of asset management at Al Rayan Investment.
Provisional liquidators appointed to oversee Dubai-based Abraaj Capital: DIFC courts | Reuters
Provisional liquidators appointed to oversee Dubai-based Abraaj Capital: DIFC courts | Reuters:
Two individuals from Deloitte were appointed as joint provisional liquidators by the Dubai International Financial Centre (DIFC) Courts to oversee the winding up of Dubai-based private equity firm Abraaj Capital, DIFC Courts said on Thursday.
Dubai’s financial services regulator also said on Thursday it stopped Abraaj Capital from taking on new business or moving money to Abraaj Investment Management (AIML), its related entity, as part of an investigation into the group.
Two individuals from Deloitte were appointed as joint provisional liquidators by the Dubai International Financial Centre (DIFC) Courts to oversee the winding up of Dubai-based private equity firm Abraaj Capital, DIFC Courts said on Thursday.
Dubai’s financial services regulator also said on Thursday it stopped Abraaj Capital from taking on new business or moving money to Abraaj Investment Management (AIML), its related entity, as part of an investigation into the group.
DP World cautions on trade, posts 2.1 percent drop in first-half net profit | Reuters
DP World cautions on trade, posts 2.1 percent drop in first-half net profit | Reuters:
DP World DPW.DI, one of the world’s biggest port operators, posted a 2.1 percent drop in first-half net profit on Thursday, and cautioned about geopolitical risks and recent changes to trade policies.
U.S. President Donald Trump is taking a more aggressive, protectionist posture on trade than his recent predecessors, sparking retaliatory measures from other countries such as China.
“The near-term trade outlook remains uncertain with recent changes in trade policies and geopolitical headwinds in some regions continuing to pose uncertainty to the container market,” said the company’s chairman and chief executive, Sultan Ahmed bin Sulayem,.
DP World DPW.DI, one of the world’s biggest port operators, posted a 2.1 percent drop in first-half net profit on Thursday, and cautioned about geopolitical risks and recent changes to trade policies.
U.S. President Donald Trump is taking a more aggressive, protectionist posture on trade than his recent predecessors, sparking retaliatory measures from other countries such as China.
“The near-term trade outlook remains uncertain with recent changes in trade policies and geopolitical headwinds in some regions continuing to pose uncertainty to the container market,” said the company’s chairman and chief executive, Sultan Ahmed bin Sulayem,.
RPT-Dubai regulator probes Abraaj Capital, stops it from taking on new work | Reuters
RPT-Dubai regulator probes Abraaj Capital, stops it from taking on new work | Reuters:
Dubai’s financial services regulator has stopped Abraaj Capital from taking on new business or moving money to Abraaj Investment Management (AIML), its related entity, as part of an investigation into the group.
“Given the onset of financial difficulties of the wider Abraaj Group, the DFSA has been closely monitoring the activities of its regulated entity ACL,” Dubai Financial Services Authority said in a statement on Thursday.
It is the first time that DFSA has said publicly it is investigating Abraaj, which faces allegations by some investors of misusing their money in a $1 billion healthcare fund.
Dubai’s financial services regulator has stopped Abraaj Capital from taking on new business or moving money to Abraaj Investment Management (AIML), its related entity, as part of an investigation into the group.
“Given the onset of financial difficulties of the wider Abraaj Group, the DFSA has been closely monitoring the activities of its regulated entity ACL,” Dubai Financial Services Authority said in a statement on Thursday.
It is the first time that DFSA has said publicly it is investigating Abraaj, which faces allegations by some investors of misusing their money in a $1 billion healthcare fund.
Oil edges up as China, U.S. set trade talks, but markets wary of slowing demand | Reuters
Oil edges up as China, U.S. set trade talks, but markets wary of slowing demand | Reuters:
Oil prices on Thursday clawed back some of the previous day’s losses after Beijing said it would send a delegation to Washington to try to resolve a trade dispute between the United States and China that has roiled global markets.
Market sentiment, though, remains bearish amid the dispute and concerns of an economic slowdown in emerging markets.
Brent crude oil futures LCOc1 were at $71.11 per barrel at 0712 GMT, up 35 cents, or 0.5 percent, from their last close.
Oil prices on Thursday clawed back some of the previous day’s losses after Beijing said it would send a delegation to Washington to try to resolve a trade dispute between the United States and China that has roiled global markets.
Market sentiment, though, remains bearish amid the dispute and concerns of an economic slowdown in emerging markets.
Brent crude oil futures LCOc1 were at $71.11 per barrel at 0712 GMT, up 35 cents, or 0.5 percent, from their last close.
MIDEAST STOCKS-Gulf equities fall early, lack direction ahead of holiday | Reuters
MIDEAST STOCKS-Gulf equities fall early, lack direction ahead of holiday | Reuters:
Gulf equity markets were mostly flat to lower in early trade on Thursday, lacking momentum ahead of a long holiday next week when markets will be mostly closed for the Muslim festival of Eid al-Adha.
Seven stocks traded in Abu Dhabi. First Abu Dhabi Bank , the largest bank in the United Arab Emirates, was the only gainer in the market and helped support the benchmark to remain in positive territory. Dubai’s index was flat with bluechip stocks mixed in trading.
Dubai’s biggest lender Emirates NBD was down 1.8 percent amid continued concerns among investors about its deal in May to buy Turkey’s Denizbank in a $3.2 billion deal.
Gulf equity markets were mostly flat to lower in early trade on Thursday, lacking momentum ahead of a long holiday next week when markets will be mostly closed for the Muslim festival of Eid al-Adha.
Seven stocks traded in Abu Dhabi. First Abu Dhabi Bank , the largest bank in the United Arab Emirates, was the only gainer in the market and helped support the benchmark to remain in positive territory. Dubai’s index was flat with bluechip stocks mixed in trading.
Dubai’s biggest lender Emirates NBD was down 1.8 percent amid continued concerns among investors about its deal in May to buy Turkey’s Denizbank in a $3.2 billion deal.
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