The Future Is Now for LNG as Derivatives Trading Takes Off - Bloomberg:
With natural gas demand growing faster than for any other fossil fuel, LNG futures may be finally taking off.
Derivatives represented about 2 percent of global LNG production at the beginning of 2017 as an array of contracts around the world struggled to gain traction. But by the end of last year, volumes had grown to almost 23 percent, led by a burgeoning Intercontinental Exchange Inc. contract based on S&P Global Platts’ Japan-Korea Marker spot price assessments.
While volumes are a long way off established global energy benchmarks such as Brent crude -- where trade dwarfs worldwide oil production many times over -- the accelerating growth in LNG derivatives illustrates how the market is maturing. An explosion in supply, from the U.S. to Australia, is bringing more market participants and a shift away from traditional pricing.
Sunday, 20 January 2019
#Lebanon Minister Hopes for Outside Cash, Can't Confirm #Qatar Aid - Bloomberg
Lebanon Minister Hopes for Outside Cash, Can't Confirm Qatar Aid - Bloomberg:
Lebanon’s caretaker economy minister said his embattled country is hopeful of getting outside financial support, but couldn’t confirm that Qatar is prepared to deposit $1 billion with the central bank.
Speaking on Sunday in Beirut on the sidelines of an Arab economic summit, Raed Khoury said other officials had told him of Qatar’s deposit with Lebanon’s central bank, which was reported by local media.
“We hope that this is true as well, and we hope other countries participate in the same manner as well,” Khoury said in an interview.
Lebanon’s caretaker economy minister said his embattled country is hopeful of getting outside financial support, but couldn’t confirm that Qatar is prepared to deposit $1 billion with the central bank.
Speaking on Sunday in Beirut on the sidelines of an Arab economic summit, Raed Khoury said other officials had told him of Qatar’s deposit with Lebanon’s central bank, which was reported by local media.
“We hope that this is true as well, and we hope other countries participate in the same manner as well,” Khoury said in an interview.
#UAE and #SaudiArabia unveil seven point co-operation plan | ZAWYA MENA Edition
UAE and Saudi Arabia unveil seven point co-operation plan | ZAWYA MENA Edition:
The Executive Committee of the Saudi-Emirati Coordination Council held its first meeting in Abu Dhabi with the participation of all 16 members from both sides to follow up on the execution of the joint initiatives outlined in the Strategy of Resolve.
The strategy includes areas of collaborations and sets forth the joint vision of economic, social and military integration between the two countries.
The committee, headed by Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, from the UAE side, and Mohammed bin Mazyad Altwaijri, Minister of Economy and Planning, from the Saudi side, announced the launch of seven strategic initiatives that reflect the bilateral integration in the fields of services and financial markets, tourism, aviation, entrepreneurship, customs and security, among others.
The Executive Committee of the Saudi-Emirati Coordination Council held its first meeting in Abu Dhabi with the participation of all 16 members from both sides to follow up on the execution of the joint initiatives outlined in the Strategy of Resolve.
The strategy includes areas of collaborations and sets forth the joint vision of economic, social and military integration between the two countries.
The committee, headed by Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, from the UAE side, and Mohammed bin Mazyad Altwaijri, Minister of Economy and Planning, from the Saudi side, announced the launch of seven strategic initiatives that reflect the bilateral integration in the fields of services and financial markets, tourism, aviation, entrepreneurship, customs and security, among others.
#Kuwait announces initiative for $200 million technology investment fund | Reuters
Kuwait announces initiative for $200 million technology investment fund | Reuters:
Kuwait is launching an initiative to create a $200 million fund for investments in technology, its foreign minister said at an Arab economic summit in Beirut on Sunday.
Sheikh Sabah al Khalid al Sabah said Kuwait would give $50 million to the fund to allow “investment in the fields of technology and digital economy” which the private sector will take part in.
Kuwait is launching an initiative to create a $200 million fund for investments in technology, its foreign minister said at an Arab economic summit in Beirut on Sunday.
Sheikh Sabah al Khalid al Sabah said Kuwait would give $50 million to the fund to allow “investment in the fields of technology and digital economy” which the private sector will take part in.
MIDEAST STOCKS-Banks hurt Saudi, most Gulf markets fall | Reuters
MIDEAST STOCKS-Banks hurt Saudi, most Gulf markets fall | Reuters:
Bank shares led Saudi Arabia's stock market lower on Sunday as most regional bourses fell.
In Saudi Arabia, the index lost 0.8 percent with Al Rajhi Bank and Samba Financial Group falling 1.1 percent and 3.3 percent respectively.
The Gulf's largest dairy company Almarai shed 6 percent after reporting a 28 percent drop in fourth quarter profit.
Bank shares led Saudi Arabia's stock market lower on Sunday as most regional bourses fell.
In Saudi Arabia, the index lost 0.8 percent with Al Rajhi Bank and Samba Financial Group falling 1.1 percent and 3.3 percent respectively.
The Gulf's largest dairy company Almarai shed 6 percent after reporting a 28 percent drop in fourth quarter profit.
India's SBI says lenders awaiting SEBI decision on Etihad offer for Jet Airways: paper | Reuters
India's SBI says lenders awaiting SEBI decision on Etihad offer for Jet Airways: paper | Reuters:
The State Bank of India (SBI.NS) (SBI)-led consortium of lenders is waiting for India’s capital markets regulator to decide on a bailout offer by Etihad Airways for the financially stressed Jet Airways (JET.NS), SBI Chairman Rajnish Kumar said, the Business Standard reported on Saturday.
The UAE-based carrier, which is a major shareholder in Jet, is seeking an exemption from the Securities and Exchange Board of India (SEBI) on preference pricing and open offer guidelines to increase its stake in the cash-strapped carrier.
“We are nobody to reject anybody’s resolution plan. We are saying that there is a regulation governed by SEBI. What we have to see is that what SEBI says,” Kumar was quoted by the newspaper as saying.
The State Bank of India (SBI.NS) (SBI)-led consortium of lenders is waiting for India’s capital markets regulator to decide on a bailout offer by Etihad Airways for the financially stressed Jet Airways (JET.NS), SBI Chairman Rajnish Kumar said, the Business Standard reported on Saturday.
The UAE-based carrier, which is a major shareholder in Jet, is seeking an exemption from the Securities and Exchange Board of India (SEBI) on preference pricing and open offer guidelines to increase its stake in the cash-strapped carrier.
“We are nobody to reject anybody’s resolution plan. We are saying that there is a regulation governed by SEBI. What we have to see is that what SEBI says,” Kumar was quoted by the newspaper as saying.
U.S. Will Be Net Exporter of Oil in 2020 Thanks In Part to OPEC - Bloomberg
U.S. Will Be Net Exporter of Oil in 2020 Thanks In Part to OPEC - Bloomberg:
The U.S. Energy Information Administration has published its first detailed monthly oil forecast for 2020 and it shows something that should strike fear into the hearts of OPEC ministers — from the fourth quarter, America will export more oil than it imports.
This won’t make the U.S. independent of the global supply chain. It doesn’t mean that it will stop shipping in crude from the Middle East and Latin America, or bringing refined products from Europe and Asia. But it does show that the transformation of the country’s oil sector through the extraction of crude held in shale rocks is not yet over. Some of the thanks should go the OPEC ministers who have helped make it possible.
The transformation is profound and will mean that members of the OPEC+ group are likely to have to keep restricting their own output for much longer than they are currently planning if they are to avoid global inventories soaring again.
The U.S. Energy Information Administration has published its first detailed monthly oil forecast for 2020 and it shows something that should strike fear into the hearts of OPEC ministers — from the fourth quarter, America will export more oil than it imports.
This won’t make the U.S. independent of the global supply chain. It doesn’t mean that it will stop shipping in crude from the Middle East and Latin America, or bringing refined products from Europe and Asia. But it does show that the transformation of the country’s oil sector through the extraction of crude held in shale rocks is not yet over. Some of the thanks should go the OPEC ministers who have helped make it possible.
The transformation is profound and will mean that members of the OPEC+ group are likely to have to keep restricting their own output for much longer than they are currently planning if they are to avoid global inventories soaring again.
Israeli Stocks Extend Gains as Mideast Gauges Climb: Inside EM - Bloomberg
Israeli Stocks Extend Gains as Mideast Gauges Climb: Inside EM - Bloomberg:
Shares in Tel Aviv gain for a fourth straight session, with the main gauge advancing as much as 1.7%, the most in the Middle East.
Saudi Arabian stocks decline, after earlier adding 0.2%, as the main index trades in overbought territory for the longest period in over two years.
Most markets in the Middle East advance after emerging-market equities rose for a fourth week as signs of easing trade tensions supported riskier assets.
Shares in Tel Aviv gain for a fourth straight session, with the main gauge advancing as much as 1.7%, the most in the Middle East.
Saudi Arabian stocks decline, after earlier adding 0.2%, as the main index trades in overbought territory for the longest period in over two years.
Most markets in the Middle East advance after emerging-market equities rose for a fourth week as signs of easing trade tensions supported riskier assets.
JPMorgan Sees Gulf Bond Sales Slipping as Rates, Volatility Rise - Bloomberg
JPMorgan Sees Gulf Bond Sales Slipping as Rates, Volatility Rise - Bloomberg:
JPMorgan Chase & Co., one of the biggest arrangers of Gulf bond deals, expects sales to slip in 2019 from last year’s $78 billion as issuers turn cautious amid rising interest rates and market volatility.
In the past, when there has been uncertainty either “in rates or in spreads, regional issuers tended to become more careful and price sensitive,” Hani Deaibes, the U.S. bank’s regional head of debt capital markets, said in a phone interview from Dubai. “Most of our clients have multiple funding options and will consider other alternatives” if bonds turn too expensive, he said.
Borrowers from the six-nation Gulf Cooperation Council, which include the two biggest Arab economies of Saudi Arabia and the United Arab Emirates, primarily sell bonds in dollars and two further interest rate hikes forecast in the U.S. this year will add to costs. The possibility of economic growth stalling in the U.S. and China, the trade dispute between the world’s two biggest economies, political turmoil in Europe and falling oil prices are all contributing to volatility in financial markets that will make potential issuers uncomfortable.
JPMorgan Chase & Co., one of the biggest arrangers of Gulf bond deals, expects sales to slip in 2019 from last year’s $78 billion as issuers turn cautious amid rising interest rates and market volatility.
In the past, when there has been uncertainty either “in rates or in spreads, regional issuers tended to become more careful and price sensitive,” Hani Deaibes, the U.S. bank’s regional head of debt capital markets, said in a phone interview from Dubai. “Most of our clients have multiple funding options and will consider other alternatives” if bonds turn too expensive, he said.
Borrowers from the six-nation Gulf Cooperation Council, which include the two biggest Arab economies of Saudi Arabia and the United Arab Emirates, primarily sell bonds in dollars and two further interest rate hikes forecast in the U.S. this year will add to costs. The possibility of economic growth stalling in the U.S. and China, the trade dispute between the world’s two biggest economies, political turmoil in Europe and falling oil prices are all contributing to volatility in financial markets that will make potential issuers uncomfortable.
#Saudi Crown Prince Shows a `Chilling' Instability, Graham Says - Bloomberg
Saudi Crown Prince Shows a `Chilling' Instability, Graham Says - Bloomberg:
Saudi Arabia’s Mohammed bin Salman has shown “a level of instability that is chilling,” and U.S. lawmakers will take action against the crown prince for his role in the murder of journalist Jamal Khashoggi, Senator Lindsey Graham said.
Sanctions are forthcoming, likely in the next few days or weeks, the Republican senator said in an interview on Saturday in Ankara, without providing any specific details on the penalties that may be imposed. “Congress will send a very clear signal to the world and Saudi Arabia that we would not be doing business as usual.”
The heir to Saudi Arabia’s monarchy, widely known as MBS, has so far largely dodged any reprisals against himself, with President Donald Trump opting in November to impose sanctions against 17 lower-level Saudis implicated in the murder following global outrage. Critics in Congress have said that was only an initial step, with a bipartisan group proposing stronger penalties including suspending the sale of arms to the Riyadh government in a challenge to the Trump administration.
Saudi Arabia’s Mohammed bin Salman has shown “a level of instability that is chilling,” and U.S. lawmakers will take action against the crown prince for his role in the murder of journalist Jamal Khashoggi, Senator Lindsey Graham said.
Sanctions are forthcoming, likely in the next few days or weeks, the Republican senator said in an interview on Saturday in Ankara, without providing any specific details on the penalties that may be imposed. “Congress will send a very clear signal to the world and Saudi Arabia that we would not be doing business as usual.”
The heir to Saudi Arabia’s monarchy, widely known as MBS, has so far largely dodged any reprisals against himself, with President Donald Trump opting in November to impose sanctions against 17 lower-level Saudis implicated in the murder following global outrage. Critics in Congress have said that was only an initial step, with a bipartisan group proposing stronger penalties including suspending the sale of arms to the Riyadh government in a challenge to the Trump administration.
#Abraaj to 'vigorously' fight Air Arabia suit | ZAWYA MENA Edition
Abraaj to 'vigorously' fight Air Arabia suit | ZAWYA MENA Edition:
Abraaj Holdings will "vigorously" fight the case filed by Sharjah-based carrier Air Arabia last week against the private equity firm and its founder Arif Naqvi, said Habib Al Mulla, executive chairman and managing partner of Baker McKenzie Habib Al Mulla, who is representing the equity group and its founder.
The low-cost carrier last week announced that it had filed a misdemeanor case against Naqvi.
In July 2018, Air Arabia had announced a Dh1.23 billion exposure to Abraaj and funds managed by the company. However, it stressed that this issue "has no significant impact on the carrier's business or on its operations."
Abraaj Holdings will "vigorously" fight the case filed by Sharjah-based carrier Air Arabia last week against the private equity firm and its founder Arif Naqvi, said Habib Al Mulla, executive chairman and managing partner of Baker McKenzie Habib Al Mulla, who is representing the equity group and its founder.
The low-cost carrier last week announced that it had filed a misdemeanor case against Naqvi.
In July 2018, Air Arabia had announced a Dh1.23 billion exposure to Abraaj and funds managed by the company. However, it stressed that this issue "has no significant impact on the carrier's business or on its operations."
MIDEAST STOCKS- #Dubai lifts on blue chips, rest of Gulf mixed | Reuters
MIDEAST STOCKS-Dubai lifts on blue chips, rest of Gulf mixed | Reuters:
Dubai’s stock market rose in early trading on Sunday, supported by property and banking shares, while trading was mixed in other parts of the Gulf.
Dubai’s index gained 0.4 percent as blue chip developer Emaar Properties added 1.0 percent and major bank Emirates NBD rose 0.5 percent after reporting a 10 percent rise in fourth quarter profit last week.
Emaar’s retail unit Emaar Malls jumped 1.2 percent and Dubai Islamic Bank rose 0.2 percent.
Dubai’s stock market rose in early trading on Sunday, supported by property and banking shares, while trading was mixed in other parts of the Gulf.
Dubai’s index gained 0.4 percent as blue chip developer Emaar Properties added 1.0 percent and major bank Emirates NBD rose 0.5 percent after reporting a 10 percent rise in fourth quarter profit last week.
Emaar’s retail unit Emaar Malls jumped 1.2 percent and Dubai Islamic Bank rose 0.2 percent.
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