US approves sale from strategic oil reserve as Iran sanctions loom | Financial Times:
The US government has approved the latest sale of crude oil from its Strategic Petroleum Reserve, a move allowed under recent statutes that will inject additional supplies into the world market as Washington tightens screws on Iran.
Eleven million barrels of sour crude will be offered for delivery between October 1 and November 30, the energy department said in a notice of sale posted Monday. The sale, if not its timing, was required under 2015 budget legislation and a healthcare law passed in 2016, according to the notice.
The Strategic Petroleum Reserve was established in the 1970s after the US economy was paralysed by an oil embargo. As recently as 2011 it contained 727m barrels in caverns along the Texas and Louisiana coasts. It was used to address fuel shortfalls caused by emergencies such as Hurricane Katrina in 2005 and the collapse in Libya’s production in 2011.
Monday, 20 August 2018
NMC Health makes first UK acquisition with Aspen Healthcare deal - The National
NMC Health makes first UK acquisition with Aspen Healthcare deal - The National:
London-listed NMC Health said it agreed to acquire 100 per cent of the equity of Aspen Healthcare for £10 million – its first acquisition of a UK-based healthcare company.
“The acquisition provides NMC a very cost-effective means of introducing its fertility services to the UK,” the group said on Monday in a statement to the London Stock Exchange.
NMC Health acquired Aspen Healthcare from New York Stock Exchange-listed Tenet Healthcare Corporation. Under the deal, which is yet to complete, NMC will acquire Aspen’s network of nine facilities in the UK, including four hospitals, three of which are in Greater London and one in Edinburgh, as well as clinics elsewhere in the UK.
London-listed NMC Health said it agreed to acquire 100 per cent of the equity of Aspen Healthcare for £10 million – its first acquisition of a UK-based healthcare company.
“The acquisition provides NMC a very cost-effective means of introducing its fertility services to the UK,” the group said on Monday in a statement to the London Stock Exchange.
NMC Health acquired Aspen Healthcare from New York Stock Exchange-listed Tenet Healthcare Corporation. Under the deal, which is yet to complete, NMC will acquire Aspen’s network of nine facilities in the UK, including four hospitals, three of which are in Greater London and one in Edinburgh, as well as clinics elsewhere in the UK.
NMC Health stock jumps as earnings rise and group looks to Saudi Arabia
NMC Health stock jumps as earnings rise and group looks to Saudi Arabia:
The UAE-based private health care operator NMC Health is looking to further expand into Saudi Arabia, buoyed by strong revenue growth and strategic acquisitions made in the first half of the year.
The company reported on Monday a 20.2 percent increase in revenue in the first six months of the year, to reach $932 million. Healthcare revenues alone rose by 25.8 percent to $706 million. Net profit also rose to $116.7 million, a 19.3 percent increase on the same time period the year before.
The stock was up more than 3 percent in early afternoon trade in London.
The UAE-based private health care operator NMC Health is looking to further expand into Saudi Arabia, buoyed by strong revenue growth and strategic acquisitions made in the first half of the year.
The company reported on Monday a 20.2 percent increase in revenue in the first six months of the year, to reach $932 million. Healthcare revenues alone rose by 25.8 percent to $706 million. Net profit also rose to $116.7 million, a 19.3 percent increase on the same time period the year before.
The stock was up more than 3 percent in early afternoon trade in London.
This Is the Tesla Rival That’s Wooing the Saudis - Bloomberg
This Is the Tesla Rival That’s Wooing the Saudis - Bloomberg:
It’s an electric-car maker. It’s in the news. No, it’s not Tesla Inc.
Lucid Motors, a startup co-founded 11 years ago by a Silicon Valley veteran, is in the spotlight following news reports over the weekend that Saudi Arabia’s sovereign wealth fund would be willing to invest $1 billion in it, possibly as an alternative to playing a key role in taking Tesla private.
Regardless of what the Saudi Public Investment Fund does with Tesla, its $250 billion war chest could get Lucid’s Air electric car into production.
It’s an electric-car maker. It’s in the news. No, it’s not Tesla Inc.
Lucid Motors, a startup co-founded 11 years ago by a Silicon Valley veteran, is in the spotlight following news reports over the weekend that Saudi Arabia’s sovereign wealth fund would be willing to invest $1 billion in it, possibly as an alternative to playing a key role in taking Tesla private.
Regardless of what the Saudi Public Investment Fund does with Tesla, its $250 billion war chest could get Lucid’s Air electric car into production.
Crude Edges Higher as Concerns Over Global Trade Frictions Ease - Bloomberg
Crude Edges Higher as Concerns Over Global Trade Frictions Ease - Bloomberg:
Crude rose for a third day as worries that a U.S.-China trade spat will dampen demand eased.
Futures in New York added 0.8 percent on Monday as equities also climbed amid signals that an ongoing exchange of tariff threats between the world’s two largest fuel consumers might be wearing down. At the same time, the supply outlook was clouded by North Sea strikes and forecasts of declining crude stockpiles in the U.S. A weaker dollar also helped propel crude higher.
“You’re seeing real strength in other markets as well on hopes that there could be resolution with this U.S.-China trade situation. That would help demand in our neck of the woods here for crude,” said John Kilduff, a partner at New York-based hedge fund Again Capital LLC. At the same time, “dollar weakness is having an effect.”
Crude rose for a third day as worries that a U.S.-China trade spat will dampen demand eased.
Futures in New York added 0.8 percent on Monday as equities also climbed amid signals that an ongoing exchange of tariff threats between the world’s two largest fuel consumers might be wearing down. At the same time, the supply outlook was clouded by North Sea strikes and forecasts of declining crude stockpiles in the U.S. A weaker dollar also helped propel crude higher.
“You’re seeing real strength in other markets as well on hopes that there could be resolution with this U.S.-China trade situation. That would help demand in our neck of the woods here for crude,” said John Kilduff, a partner at New York-based hedge fund Again Capital LLC. At the same time, “dollar weakness is having an effect.”
Why there are signs of a Saudi return to tradition | Financial Times
Why there are signs of a Saudi return to tradition | Financial Times:
There are three possible explanations for what has been happening in Saudi Arabia over the past few weeks. Confusing moves include the fall in oil production in July, when it was supposed to be rising in line with public commitments. The long-promised IPO of the state oil company Aramco has been postponed indefinitely and meanwhile Aramco is reluctantly preparing to buy the state-controlled chemicals business Sabic.
An unnecessary conflict has opened up in response to some mild Canadian comments on Saudi’s human rights record. And the Public Investment Fund, the country’s sovereign wealth fund, may or may not have committed to provide the funds to help Elon Musk take Tesla private.
The first explanation for all this is that because of illness or some other incapacity neither King Salman nor his son, Crown Prince Mohammed bin Salman, are in full control, leaving the individual agencies that run the country without clear leadership.
There are three possible explanations for what has been happening in Saudi Arabia over the past few weeks. Confusing moves include the fall in oil production in July, when it was supposed to be rising in line with public commitments. The long-promised IPO of the state oil company Aramco has been postponed indefinitely and meanwhile Aramco is reluctantly preparing to buy the state-controlled chemicals business Sabic.
An unnecessary conflict has opened up in response to some mild Canadian comments on Saudi’s human rights record. And the Public Investment Fund, the country’s sovereign wealth fund, may or may not have committed to provide the funds to help Elon Musk take Tesla private.
The first explanation for all this is that because of illness or some other incapacity neither King Salman nor his son, Crown Prince Mohammed bin Salman, are in full control, leaving the individual agencies that run the country without clear leadership.
The Oil Trade Only for Those Ready to Brave the Wild Yuan - Bloomberg
The Oil Trade Only for Those Ready to Brave the Wild Yuan - Bloomberg:
Wild swings in the yuan and punitive storage costs are making oil traders think twice about a bet on China’s fledgling crude futures that looks highly lucrative on paper.
Last week, taking into account freight costs, they could have theoretically bought a November-loading cargo of Middle East oil for delivery to a buyer of December futures in China at a profit of $3.35 a barrel, or $6.7 million for the whole shipment. That’s because Chinese futures, which started trading in March, fetched an unusually high premium versus oil from outside the region.
In practice, though, other risks associated with the Shanghai contract make the trade less of a slam-dunk. And they’re part of the reason why the yuan-denominated futures have a way to go before they become the global benchmark that Beijing wants to rival London’s Brent or New York’s West Texas Intermediate, which are both priced in dollars.
Wild swings in the yuan and punitive storage costs are making oil traders think twice about a bet on China’s fledgling crude futures that looks highly lucrative on paper.
Last week, taking into account freight costs, they could have theoretically bought a November-loading cargo of Middle East oil for delivery to a buyer of December futures in China at a profit of $3.35 a barrel, or $6.7 million for the whole shipment. That’s because Chinese futures, which started trading in March, fetched an unusually high premium versus oil from outside the region.
In practice, though, other risks associated with the Shanghai contract make the trade less of a slam-dunk. And they’re part of the reason why the yuan-denominated futures have a way to go before they become the global benchmark that Beijing wants to rival London’s Brent or New York’s West Texas Intermediate, which are both priced in dollars.
Burned by China Default, Korean Funds Have New Target: Qatar - Bloomberg
Burned by China Default, Korean Funds Have New Target: Qatar - Bloomberg:
South Korea’s yield-hungry investors who were spooked by a Chinese default are shifting their sights to the other end of the continent, to the Middle East.
One hot product is short-term securities backed by deposits at Middle East banks. Korean money managers increased such purchases 23 percent in the first half to 10.3 trillion won ($9.2 billion), with Qatar making up the majority, according to data from Korea Investors Service. Meanwhile, investments in products linked to Chinese bank deposits plunged 43 percent to 9.2 trillion won.
A default by China Energy Reserve & Chemicals Group Co. in May ruined demand for Chinese debt among Korean short-term investors such as money market funds, because other bonds from the company had been repackaged into commercial paper sold in the Korean market. Korean investors are looking instead at Middle Eastern bank deposits that typically offer better yields than local or Chinese banks.
South Korea’s yield-hungry investors who were spooked by a Chinese default are shifting their sights to the other end of the continent, to the Middle East.
One hot product is short-term securities backed by deposits at Middle East banks. Korean money managers increased such purchases 23 percent in the first half to 10.3 trillion won ($9.2 billion), with Qatar making up the majority, according to data from Korea Investors Service. Meanwhile, investments in products linked to Chinese bank deposits plunged 43 percent to 9.2 trillion won.
A default by China Energy Reserve & Chemicals Group Co. in May ruined demand for Chinese debt among Korean short-term investors such as money market funds, because other bonds from the company had been repackaged into commercial paper sold in the Korean market. Korean investors are looking instead at Middle Eastern bank deposits that typically offer better yields than local or Chinese banks.
Brent oil stabilizes near $72 as economic concerns weigh | Reuters
Brent oil stabilizes near $72 as economic concerns weigh | Reuters:
Brent oil stabilized near $72 per barrel on Monday after several weeks of decline, weighed down by concerns over slowing global economic growth but supported by an expected fall in supply from Iran due to U.S. sanctions.
Brent crude futures, a benchmark for international oil prices, were at $72.11 per barrel at 0803 GMT, up 28 cents.
U.S. West Texas Intermediate (WTI) crude futures were up 3 cents at $65.94 per barrel.
Brent oil stabilized near $72 per barrel on Monday after several weeks of decline, weighed down by concerns over slowing global economic growth but supported by an expected fall in supply from Iran due to U.S. sanctions.
Brent crude futures, a benchmark for international oil prices, were at $72.11 per barrel at 0803 GMT, up 28 cents.
U.S. West Texas Intermediate (WTI) crude futures were up 3 cents at $65.94 per barrel.
Qatar and Turkey central banks sign swap agreement: Qatar central bank | Reuters
Qatar and Turkey central banks sign swap agreement: Qatar central bank | Reuters:
Qatar and Turkey’s central banks have signed a currency swap agreement to provide liquidity and support for financial stability, Qatar’s central bank said on Sunday, days after Turkey’s Gulf ally pledged $15 billion in support.
The agreement, which was signed by the heads of the two central banks on Friday, will establish a two-way currency exchange line, the Qatar Central Bank said in a statement posted on its website.
Qatar’s Emir this month approved a package of economic projects, investments and deposits for Turkey, giving a boost to the battered lira currency, which has been hit by a widening currency crisis.
Qatar and Turkey’s central banks have signed a currency swap agreement to provide liquidity and support for financial stability, Qatar’s central bank said on Sunday, days after Turkey’s Gulf ally pledged $15 billion in support.
The agreement, which was signed by the heads of the two central banks on Friday, will establish a two-way currency exchange line, the Qatar Central Bank said in a statement posted on its website.
Qatar’s Emir this month approved a package of economic projects, investments and deposits for Turkey, giving a boost to the battered lira currency, which has been hit by a widening currency crisis.
Exclusive: Saudi PIF in talks to invest in aspiring Tesla rival Lucid - sources | Reuters
Exclusive: Saudi PIF in talks to invest in aspiring Tesla rival Lucid - sources | Reuters:
PIF, the Saudi Arabian sovereign wealth fund that Tesla Inc (TSLA.O) CEO Elon Musk has said could help him fund a $72 billion deal to take his electric car maker private, is in talks to invest in aspiring Tesla rival Lucid Motors Inc, people familiar with the matter said on Sunday.
The talks between privately-held Lucid Motors and PIF underscore the latter’s appetite to invest in electric car makers to diversify the oil-rich Middle Eastern kingdom’s investment portfolio.
A deal with Lucid Motors would also be more in line with PIF’s limited resources, given that, despite its $250 billion in assets, PIF has already made substantial commitments to other technology companies or investments, including a $45-billion agreement to invest in a giant technology fund led by Japan’s SoftBank Group Corp (9984.T).
PIF, the Saudi Arabian sovereign wealth fund that Tesla Inc (TSLA.O) CEO Elon Musk has said could help him fund a $72 billion deal to take his electric car maker private, is in talks to invest in aspiring Tesla rival Lucid Motors Inc, people familiar with the matter said on Sunday.
The talks between privately-held Lucid Motors and PIF underscore the latter’s appetite to invest in electric car makers to diversify the oil-rich Middle Eastern kingdom’s investment portfolio.
A deal with Lucid Motors would also be more in line with PIF’s limited resources, given that, despite its $250 billion in assets, PIF has already made substantial commitments to other technology companies or investments, including a $45-billion agreement to invest in a giant technology fund led by Japan’s SoftBank Group Corp (9984.T).
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