Top UAE lawyer Habib Al-Mulla: ‘Dubai is under the spotlight. It is not North Korea ...’:
Habib Al-Mulla is used to media attention, but last Wednesday he had even more than his usual share of interaction with the world’s news outlets.
He had just successfully defended his client in one of the most high-profile legal cases to come out of the UAE in years — the long-running saga of the decline and fall of Abraaj, and its founder and CEO Arif Naqvi.
Al-Mulla, the doyen of Emirati lawyers, was called in by Naqvi to defend criminal charges brought by Sharjah business leader Hamid Jafar after checks totalling $300 million written by the Abraaj CEO were dishonored on presentation.
Sunday, 2 September 2018
Russia Holds Oil Output Near Post-Soviet Highs as Prices Soar - Bloomberg
Russia Holds Oil Output Near Post-Soviet Highs as Prices Soar - Bloomberg:
Russia kept pumping oil near post-Soviet records last month as it reaped benefits from a deal with OPEC easing output caps and oil prices at an all-time high in rubles.
The nation extracted an average of 11.21 million barrels of crude per day in August, according to data emailed Sunday by the Russian Energy Ministry’s CDU-TEK unit. Volumes were little changed from July, when the country’s output soared to just shy of a peak in 2016.
Russia has been the main beneficiary from its agreement with the Organization of Petroleum Exporting Countries made two months ago to unfetter production. The country added nearly 250,000 barrels a day of output in June and July, while its biggest partner in the pact -- Saudi Arabia -- has kept supply below the level it was said to have indicated in June amid concerns over strength of global demand.
Russia kept pumping oil near post-Soviet records last month as it reaped benefits from a deal with OPEC easing output caps and oil prices at an all-time high in rubles.
The nation extracted an average of 11.21 million barrels of crude per day in August, according to data emailed Sunday by the Russian Energy Ministry’s CDU-TEK unit. Volumes were little changed from July, when the country’s output soared to just shy of a peak in 2016.
Russia has been the main beneficiary from its agreement with the Organization of Petroleum Exporting Countries made two months ago to unfetter production. The country added nearly 250,000 barrels a day of output in June and July, while its biggest partner in the pact -- Saudi Arabia -- has kept supply below the level it was said to have indicated in June amid concerns over strength of global demand.
Qatar plans to invest billions of dollars in Germany: report | Reuters
Qatar plans to invest billions of dollars in Germany: report | Reuters:
Qatar plans to invest billions of dollars more in Germany and will broaden its focus to the country’s medium-sized companies, business newspaper Handelsblatt said in a report due to be published on Monday.
Citing diplomatic and company sources, the paper said that the Qatar Investment Authority (QIA) and private sector players would be looking at Germany’s “Mittelstand” manufacturing companies.
“We see Germany as a key player in the world economy and are looking at the German market with great optimism,” Handelsblatt quoted Qatar’s Minister of Finance Ali Sharif al-Emadi as saying.
Qatar plans to invest billions of dollars more in Germany and will broaden its focus to the country’s medium-sized companies, business newspaper Handelsblatt said in a report due to be published on Monday.
Citing diplomatic and company sources, the paper said that the Qatar Investment Authority (QIA) and private sector players would be looking at Germany’s “Mittelstand” manufacturing companies.
“We see Germany as a key player in the world economy and are looking at the German market with great optimism,” Handelsblatt quoted Qatar’s Minister of Finance Ali Sharif al-Emadi as saying.
Saudi sovereign fund appoints ex-CEO of Dow Chemical as special adviser | Reuters
Saudi sovereign fund appoints ex-CEO of Dow Chemical as special adviser | Reuters:
Saudi Arabia’s sovereign fund has named Andrew Liveris, the former chairman and chief executive of Dow Chemical, as a special adviser, in its highest-profile appointment of any global manufacturing executive.
Liveris will work closely with the Public Investment Fund (PIF) on matters of strategic importance, assist the fund in efforts to boost the value of its portfolio, and ensure the contribution of PIF companies to Saudi Arabia’s economic vision program 2030, the fund said in a statement on Sunday.
His appointment comes as the PIF, chaired by Crown Prince Mohammed bin Salman, is negotiating the sale of its majority stake in Saudi Basic Industries (SABIC) 2010.SE to oil company Aramco.
Saudi Arabia’s sovereign fund has named Andrew Liveris, the former chairman and chief executive of Dow Chemical, as a special adviser, in its highest-profile appointment of any global manufacturing executive.
Liveris will work closely with the Public Investment Fund (PIF) on matters of strategic importance, assist the fund in efforts to boost the value of its portfolio, and ensure the contribution of PIF companies to Saudi Arabia’s economic vision program 2030, the fund said in a statement on Sunday.
His appointment comes as the PIF, chaired by Crown Prince Mohammed bin Salman, is negotiating the sale of its majority stake in Saudi Basic Industries (SABIC) 2010.SE to oil company Aramco.
MIDEAST STOCKS-Saudi falls for 3rd day as most Gulf markets slip on global trade woes | Reuters
MIDEAST STOCKS-Saudi falls for 3rd day as most Gulf markets slip on global trade woes | Reuters:
Most Gulf markets ended lower on Sunday, with the Saudi bourse falling for a third straight day amid investor concern about the impact that trade disputes involving the United States could have on the global economy and equities.
Sentiment among global investors has been dampened by a U.S.-China trade row while contentious trade talks between the United States and Canada ended on Friday with no deal to revamp the North American Free Trade Agreement.
The Saudi market fell 0.4 percent, with Saudi Basic Industries down almost 1 percent and Saudi British Bank dropping 2.3 percent as traders said investors were focused on external markets.
Most Gulf markets ended lower on Sunday, with the Saudi bourse falling for a third straight day amid investor concern about the impact that trade disputes involving the United States could have on the global economy and equities.
Sentiment among global investors has been dampened by a U.S.-China trade row while contentious trade talks between the United States and Canada ended on Friday with no deal to revamp the North American Free Trade Agreement.
The Saudi market fell 0.4 percent, with Saudi Basic Industries down almost 1 percent and Saudi British Bank dropping 2.3 percent as traders said investors were focused on external markets.
What next for emerging markets after enduring tumultuous turns? | Financial Times
What next for emerging markets after enduring tumultuous turns? | Financial Times:
The mood has darkened among the weak links of the EM world, with Argentina forced to push interest rates to an eye-popping level of 60 per cent. Meanwhile, a slew of EM currencies is under intense pressure as investors recoil from exposure to Turkey, India, South Africa and Indonesia— economies dubbed the “fragile five” given their dependence on external funding. Also in the spotlight is Brazil ahead of elections in October.
Few expect relief for EMs, as further US policy tightening will probably push the dollar higher.
The MSCI EM Currency index has fallen some 8 per cent from its peak in April and still sits some 12 per cent above its nadir in early 2016.
The mood has darkened among the weak links of the EM world, with Argentina forced to push interest rates to an eye-popping level of 60 per cent. Meanwhile, a slew of EM currencies is under intense pressure as investors recoil from exposure to Turkey, India, South Africa and Indonesia— economies dubbed the “fragile five” given their dependence on external funding. Also in the spotlight is Brazil ahead of elections in October.
Few expect relief for EMs, as further US policy tightening will probably push the dollar higher.
The MSCI EM Currency index has fallen some 8 per cent from its peak in April and still sits some 12 per cent above its nadir in early 2016.
Russia Halts Oil-Output Boost After July Jump Amid Record Gains - Bloomberg
Russia Halts Oil-Output Boost After July Jump Amid Record Gains - Bloomberg:
Russia took a breather last month, holding crude production near a record high.
The nation pumped an average of 11.21 million barrels per day in August, according to data emailed Sunday by the Russian Energy Ministry’s CDU-TEK unit. Volumes were little changed from July, when the country’s output soared to just shy of its post-Soviet record reached in 2016.
Russia has been the main beneficiary from its agreement with the Organization of Petroleum Exporting Countries made two months ago to ease production curbs. The country added nearly 250,000 barrels a day of output in June and July, while its biggest partner in the pact -- Saudi Arabia -- has kept supply below the level it was said to have indicated in June amid concerns over strength of the global demand.
Russia took a breather last month, holding crude production near a record high.
The nation pumped an average of 11.21 million barrels per day in August, according to data emailed Sunday by the Russian Energy Ministry’s CDU-TEK unit. Volumes were little changed from July, when the country’s output soared to just shy of its post-Soviet record reached in 2016.
Russia has been the main beneficiary from its agreement with the Organization of Petroleum Exporting Countries made two months ago to ease production curbs. The country added nearly 250,000 barrels a day of output in June and July, while its biggest partner in the pact -- Saudi Arabia -- has kept supply below the level it was said to have indicated in June amid concerns over strength of the global demand.
MIDEAST STOCKS-Property boosts Dubai, financials hurt Abu Dhabi | Reuters
MIDEAST STOCKS-Property boosts Dubai, financials hurt Abu Dhabi | Reuters:
Some of the Gulf’s large markets opened lower on Sunday due to concerns about the global economic impact of trade disputes involving the United States, but selective buying in property stocks boosted Dubai.
Sentiment among global investors has been dampened by a U.S.-China trade row. Contentious trade talks between the United States and Canada ended on Friday with no deal to revamp the North American Free Trade Agreement.
The Saudi market fell 0.5 percent, with Saudi Basic Industries down 1.3 percent and Saudi British Bank dropping 1.8 percent.
Some of the Gulf’s large markets opened lower on Sunday due to concerns about the global economic impact of trade disputes involving the United States, but selective buying in property stocks boosted Dubai.
Sentiment among global investors has been dampened by a U.S.-China trade row. Contentious trade talks between the United States and Canada ended on Friday with no deal to revamp the North American Free Trade Agreement.
The Saudi market fell 0.5 percent, with Saudi Basic Industries down 1.3 percent and Saudi British Bank dropping 1.8 percent.
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