Second bounced cheque case against Abraaj founder scheduled for Sunday | GulfNews.com:
A Sharjah court will hear a bounced cheque case against Arif Naqvi, founder of beleaguered private equity firm Abraaj on Sunday.
The court which heard the case on August 14 had reserved its judgement to August 26.
This is second such case against Naqvi to be heard in a court in the UAE. The case relates to a cheque worth $217 million (Dh798 million) issued by Naqvi to Sharjah-based Crescent Group founder Hamid Jafar.
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Saturday 25 August 2018
Iran awaiting European guarantees on oil sales, banking: Zarif | Reuters
Iran awaiting European guarantees on oil sales, banking: Zarif | Reuters:
Iran awaiting European guarantees on the sale of Iranian oil and banking relations, Foreign Minister Mohammad Javad Zarif said on Saturday, according to the Iranian Students’ News Agency (ISNA).
President Donald Trump pulled the United States out of a 2015 nuclear deal between Iran and world powers in May and is reimposing sanctions on Tehran, while other parties to the accord are trying to find ways to save the agreement.
“We are still waiting for Europe to take action on the sale of Iranian oil and the preservation of banking channels,” the Iranian foreign minister said.
Iran awaiting European guarantees on the sale of Iranian oil and banking relations, Foreign Minister Mohammad Javad Zarif said on Saturday, according to the Iranian Students’ News Agency (ISNA).
President Donald Trump pulled the United States out of a 2015 nuclear deal between Iran and world powers in May and is reimposing sanctions on Tehran, while other parties to the accord are trying to find ways to save the agreement.
“We are still waiting for Europe to take action on the sale of Iranian oil and the preservation of banking channels,” the Iranian foreign minister said.
Beyond Saudi Aramco’s stalled IPO | Financial Times
Beyond Saudi Aramco’s stalled IPO | Financial Times:
The indefinite postponement of plans to sell a minority stake in the Saudi state oil company Aramco opens the question of how the country will now manage its finances and its plans for economic diversification.
The sale, intended to raise at least $100bn for a 5 per cent stake in the company, was designed to provide the core funding for the diversification that is needed to generate much-needed jobs and over time enable Saudi Arabia to eliminate its dependence on oil. The concept goes back to a study produced by McKinsey, the international management consultants, in 2014. It was launched under the banner of Vision 2030 by Crown Prince Mohammed bin Salman in 2016.
Directionally, the thinking was right: Saudi Arabia needs to diversify and to find new sources of revenue. The problem is that there was no delivery mechanism to turn the grand vision into practical reality. Now there is no money.
The indefinite postponement of plans to sell a minority stake in the Saudi state oil company Aramco opens the question of how the country will now manage its finances and its plans for economic diversification.
The sale, intended to raise at least $100bn for a 5 per cent stake in the company, was designed to provide the core funding for the diversification that is needed to generate much-needed jobs and over time enable Saudi Arabia to eliminate its dependence on oil. The concept goes back to a study produced by McKinsey, the international management consultants, in 2014. It was launched under the banner of Vision 2030 by Crown Prince Mohammed bin Salman in 2016.
Directionally, the thinking was right: Saudi Arabia needs to diversify and to find new sources of revenue. The problem is that there was no delivery mechanism to turn the grand vision into practical reality. Now there is no money.
UAE's ADNOC in advanced talks to sell refinery stakes: sources | Reuters
UAE's ADNOC in advanced talks to sell refinery stakes: sources | Reuters:
State-owned Abu Dhabi National Oil Co (ADNOC) is in advanced talks with more than one potential buyer, including Italy’s ENI, as it prepares to sell minority stakes in its refining business, two sources familiar with the matter said.
ADNOC began a wide-ranging shake-up in 2016 to tackle competition from new producers such as U.S. shale firms. It listed 10 percent of its fuel distribution business last year and aims to expand its downstream business abroad.
The company also started a sale process for a stake in its $20 billion refining business, which the sources said it was likely to split between two or more parties.
State-owned Abu Dhabi National Oil Co (ADNOC) is in advanced talks with more than one potential buyer, including Italy’s ENI, as it prepares to sell minority stakes in its refining business, two sources familiar with the matter said.
ADNOC began a wide-ranging shake-up in 2016 to tackle competition from new producers such as U.S. shale firms. It listed 10 percent of its fuel distribution business last year and aims to expand its downstream business abroad.
The company also started a sale process for a stake in its $20 billion refining business, which the sources said it was likely to split between two or more parties.
Oil rises as China demand resumes, signs that Iran supply curbed | Reuters
Oil rises as China demand resumes, signs that Iran supply curbed | Reuters:
Oil prices gained more than 1 percent on Friday, ending a run of weekly declines on signs that Iran sanctions may limit global supply and that a trade war may not curb China’s appetite for U.S. crude.
Brent crude oil LCOc1 settled up $1.09 a barrel, or 1.5 percent, at $75.82 a barrel. U.S. crude CLc1 was up 89 cents, or 1.3 percent, at $68.72.
U.S. crude rose more than 4 percent on the week, after seven consecutive declines, and Brent rose 5.3 percent after three weeks of falling prices.
Oil prices gained more than 1 percent on Friday, ending a run of weekly declines on signs that Iran sanctions may limit global supply and that a trade war may not curb China’s appetite for U.S. crude.
Brent crude oil LCOc1 settled up $1.09 a barrel, or 1.5 percent, at $75.82 a barrel. U.S. crude CLc1 was up 89 cents, or 1.3 percent, at $68.72.
U.S. crude rose more than 4 percent on the week, after seven consecutive declines, and Brent rose 5.3 percent after three weeks of falling prices.
Investor Optimism on Global Oil Price Wanes as Demand Woes Loom - Bloomberg
Investor Optimism on Global Oil Price Wanes as Demand Woes Loom - Bloomberg:
Over the past four months, investor optimism that global crude prices will rise has slumped by almost half.
Hedge funds’ net-bullish position on Brent crude, a measure of how positive money managers are that prices will gain, has plunged 49 percent since early April as trade wars cloud the picture for oil consumption. Despite a good week for the benchmark amid strikes at North Sea fields and declines in U.S. stockpiles, Brent remains about 6 percent down from this year’s peak in May.
“When you start to look at the different economies across the globe -- Europe, Asia, the emerging markets are definitely starting to hit some headwinds,” said Mark Watkins, who helps oversee $151 billion at U.S. Bank Wealth Management. Investors “are potentially getting a little bit more concerned about the rest of 2018, and probably going into 2019, that demand might be a little bit softer than previously had been.”
Over the past four months, investor optimism that global crude prices will rise has slumped by almost half.
Hedge funds’ net-bullish position on Brent crude, a measure of how positive money managers are that prices will gain, has plunged 49 percent since early April as trade wars cloud the picture for oil consumption. Despite a good week for the benchmark amid strikes at North Sea fields and declines in U.S. stockpiles, Brent remains about 6 percent down from this year’s peak in May.
“When you start to look at the different economies across the globe -- Europe, Asia, the emerging markets are definitely starting to hit some headwinds,” said Mark Watkins, who helps oversee $151 billion at U.S. Bank Wealth Management. Investors “are potentially getting a little bit more concerned about the rest of 2018, and probably going into 2019, that demand might be a little bit softer than previously had been.”