Emirates Is Said to Weigh New Boeing 777X Order in Fleet Shakeup - Bloomberg:
Emirates is weighing a fresh order for Boeing Co.’s behemoth 777X twin-aisle plane as part of a complex series of transactions that would remake its fleet plans and likely spell the end of Airbus SE’s A380 superjumbo jet, people familiar with the matter said.
The moves probably wouldn’t be a ringing victory for Boeing or a total defeat for Airbus. Emirates is considering at least 20 of the 777X planes while weighing the cancellation of an existing deal for 40 Boeing 787 Dreamliners, said the people, who asked not to be named as the discussions are private. For Airbus, the airline is looking at cutting the A380 order while studying orders for the wide-body A350 jetliner and slow-selling A330neo, the people said.
With the reshuffled agreements, Emirates President Tim Clark would split both pain and rewards between the rival planemakers. The juggling act is emerging as one of the preferred options for Dubai-based Emirates as it looks to break a deadlock with Rolls-Royce Holdings Plc over terms to supply engines for the airline’s most recent A380 deal, the people said.
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Friday 1 February 2019
Oil Has Short-Sellers On the Run, Helping Fuel New Year's Rally - Bloomberg
Oil Has Short-Sellers On the Run, Helping Fuel New Year's Rally - Bloomberg:
Oil’s rally is driving doubters out of the market, with hedge funds abandoning more than half of their short-selling bets in just four weeks.
With Brent crude enjoying its best month in almost three years, money managers slashed bearish bets on the global benchmark price by another 27 percent in the week ended Jan. 29, data showed Friday. The flight of the pessimists continued to be a dominant factor in oil’s rebound, with bets on a price increase rising by only 4.5 percent.
“When you see the shorts throwing in the towel like this, you know that’s been a big part of the lift we’ve seen," said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis. “We’ve clearly covered a lot of the shorts. Now you’re going to need some more bullish information to attract the long money."
Oil’s rally is driving doubters out of the market, with hedge funds abandoning more than half of their short-selling bets in just four weeks.
With Brent crude enjoying its best month in almost three years, money managers slashed bearish bets on the global benchmark price by another 27 percent in the week ended Jan. 29, data showed Friday. The flight of the pessimists continued to be a dominant factor in oil’s rebound, with bets on a price increase rising by only 4.5 percent.
“When you see the shorts throwing in the towel like this, you know that’s been a big part of the lift we’ve seen," said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis. “We’ve clearly covered a lot of the shorts. Now you’re going to need some more bullish information to attract the long money."
Exclusive: #Qatar, Exxon to proceed with $10 billion Texas LNG project - sources | Reuters
Exclusive: Qatar, Exxon to proceed with $10 billion Texas LNG project - sources | Reuters:
Qatar Petroleum and Exxon Mobil Corp are expected to announce plans next week to proceed with a $10 billion project that will expand a liquefied natural gas (LNG) export facility in Texas, three people familiar with the transaction said.
ConocoPhillips, the third partner in the existing import terminal, plans to sell its 12.4 percent stake and does not plan to participate in the expansion, the people said.
LNG demand is soaring. Worldwide consumption of the fuel is expected to more than double to 550 million tonnes a year (mtpa) by 2030, triggering a race among oil and gas companies eager to dominate the market.
Qatar Petroleum and Exxon Mobil Corp are expected to announce plans next week to proceed with a $10 billion project that will expand a liquefied natural gas (LNG) export facility in Texas, three people familiar with the transaction said.
ConocoPhillips, the third partner in the existing import terminal, plans to sell its 12.4 percent stake and does not plan to participate in the expansion, the people said.
LNG demand is soaring. Worldwide consumption of the fuel is expected to more than double to 550 million tonnes a year (mtpa) by 2030, triggering a race among oil and gas companies eager to dominate the market.
Eni keeps foot on the gas in high-speed Gulf drive | Reuters
Eni keeps foot on the gas in high-speed Gulf drive | Reuters:
In less than 12 months Eni CEO Claudio Descalzi has turned the Middle East from a sideshow to a strategic hub for the Italian energy major. And the shift is not over.
Since last March the 63-year-old has clinched nine deals in the United Arab Emirates, gained a toehold in Bahrain and expanded in Oman to reshape the group’s future.
In the latest deal on Sunday, Eni pledged $3.3 billion to buy part of the world’s fourth-biggest refinery in the UAE, increasing its own refining capacity overnight by more than a third.
In less than 12 months Eni CEO Claudio Descalzi has turned the Middle East from a sideshow to a strategic hub for the Italian energy major. And the shift is not over.
Since last March the 63-year-old has clinched nine deals in the United Arab Emirates, gained a toehold in Bahrain and expanded in Oman to reshape the group’s future.
In the latest deal on Sunday, Eni pledged $3.3 billion to buy part of the world’s fourth-biggest refinery in the UAE, increasing its own refining capacity overnight by more than a third.
#UAE's Noor Capital says it bought 3 tonnes of gold from Venezuela | Reuters
UAE's Noor Capital says it bought 3 tonnes of gold from Venezuela | Reuters:
Abu Dhabi investment firm Noor Capital said on Friday that it bought 3 tonnes of gold on Jan. 21 from Venezuela’s central bank, at a time when President Nicolas Maduro is seeking to keep his crisis-stricken government solvent.
Noor Capital said in a statement it would refrain from further transactions until Venezuela’s situation stabilizes and its purchase was in accordance with “international standards and laws in place” as of Jan. 21.
Reuters reported on Thursday that Venezuela had shipped 3 tonnes of gold to the United Arab Emirates on Jan. 26 and would sell 15 tonnes more to the country in the coming days.
Abu Dhabi investment firm Noor Capital said on Friday that it bought 3 tonnes of gold on Jan. 21 from Venezuela’s central bank, at a time when President Nicolas Maduro is seeking to keep his crisis-stricken government solvent.
Noor Capital said in a statement it would refrain from further transactions until Venezuela’s situation stabilizes and its purchase was in accordance with “international standards and laws in place” as of Jan. 21.
Reuters reported on Thursday that Venezuela had shipped 3 tonnes of gold to the United Arab Emirates on Jan. 26 and would sell 15 tonnes more to the country in the coming days.
Oil prices up on strong U.S. jobs data, Venezuela sanctions | Reuters
Oil prices up on strong U.S. jobs data, Venezuela sanctions | Reuters:
Oil prices rose about 3 percent on Friday on upbeat U.S. jobs data and signs that U.S. sanctions on Venezuelan exports have helped tighten supply, then extending gains after weekly data showed U.S. drillers cut the number of oil rigs.
Brent crude oil futures rose $1.91 a barrel, or 3.14 percent, to settle at $62.75 a barrel. The international benchmark notched a weekly gain of about 1.9 percent.
U.S. West Texas Intermediate (WTI) futures ended the session at $55.26, up $1.47 a barrel or 2.73 percent and gained about 3 percent on the week.
Oil prices rose about 3 percent on Friday on upbeat U.S. jobs data and signs that U.S. sanctions on Venezuelan exports have helped tighten supply, then extending gains after weekly data showed U.S. drillers cut the number of oil rigs.
Brent crude oil futures rose $1.91 a barrel, or 3.14 percent, to settle at $62.75 a barrel. The international benchmark notched a weekly gain of about 1.9 percent.
U.S. West Texas Intermediate (WTI) futures ended the session at $55.26, up $1.47 a barrel or 2.73 percent and gained about 3 percent on the week.
Oil Holds Below $54 as China Factory Data Reignites Growth Worry - Bloomberg
Oil Holds Below $54 as China Factory Data Reignites Growth Worry - Bloomberg:
Oil held below $54 a barrel in New York as weak Chinese manufacturing data and persistent uncertainty over U.S.-China trade talks stoked concerns that slowing growth could hurt demand.
West Texas Intermediate futures were steady after rising 18 percent last month. A Chinese factory purchasing managers index for January fell to the lowest level in almost three years, showing the damage the trade war is doing to Asia’s largest economy. The White House said progress had been made in talks, though didn’t detail any new commitments from either side.
Oil held below $54 a barrel in New York as weak Chinese manufacturing data and persistent uncertainty over U.S.-China trade talks stoked concerns that slowing growth could hurt demand.
West Texas Intermediate futures were steady after rising 18 percent last month. A Chinese factory purchasing managers index for January fell to the lowest level in almost three years, showing the damage the trade war is doing to Asia’s largest economy. The White House said progress had been made in talks, though didn’t detail any new commitments from either side.
Jet Airways accepts Etihad's bailout terms, says report | ZAWYA MENA Edition
Jet Airways accepts Etihad's bailout terms, says report | ZAWYA MENA Edition:
Jet Airways Ltd has agreed to most conditions set by shareholder Etihad Airways for offering a lifeline to the debt-laden Indian carrier, the Business Standard newspaper said, sending Jet's shares soaring as much as 18 percent on Friday.
Both airlines are set to sign a memorandum of understanding (MoU) within days, which would result in Jet Airways' founder and chairman Naresh Goyal reducing his stake to 22 percent from 51 percent and stepping down from the board, the report said.
Etihad's stake would go up to 40 percent from 24 percent and the lenders would convert some of their debt to equity, giving them about 30 percent ownership of the cash-strapped carrier, the newspaper reported.
Jet Airways Ltd has agreed to most conditions set by shareholder Etihad Airways for offering a lifeline to the debt-laden Indian carrier, the Business Standard newspaper said, sending Jet's shares soaring as much as 18 percent on Friday.
Both airlines are set to sign a memorandum of understanding (MoU) within days, which would result in Jet Airways' founder and chairman Naresh Goyal reducing his stake to 22 percent from 51 percent and stepping down from the board, the report said.
Etihad's stake would go up to 40 percent from 24 percent and the lenders would convert some of their debt to equity, giving them about 30 percent ownership of the cash-strapped carrier, the newspaper reported.
Actis pushes for investor vote on #Abraaj fund takeover | ZAWYA MENA Edition
Actis pushes for investor vote on Abraaj fund takeover | ZAWYA MENA Edition:
British private equity firm Actis plans to instigate an investor vote from next week on its proposed takeover of one of Abraaj's biggest funds, seeking indemnity from potential legal claims against the Dubai buyout group, said a source close to Actis.
Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed last year after fallout from a row with investors, including the Gates Foundation, over the use of their money in a $1 billion healthcare fund.
A move by Actis to take control of Abraaj Private Equity Fund IV had hit a stumbling block as the British firm sought legal protection from any claims surrounding allegations of missing money, three sources close to the matter said earlier.
British private equity firm Actis plans to instigate an investor vote from next week on its proposed takeover of one of Abraaj's biggest funds, seeking indemnity from potential legal claims against the Dubai buyout group, said a source close to Actis.
Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed last year after fallout from a row with investors, including the Gates Foundation, over the use of their money in a $1 billion healthcare fund.
A move by Actis to take control of Abraaj Private Equity Fund IV had hit a stumbling block as the British firm sought legal protection from any claims surrounding allegations of missing money, three sources close to the matter said earlier.
Oil Scores Best January on Record as Supply Cuts Revive Market
Oil Scores Best January on Record as Supply Cuts Revive Market https://www.bloomberg.com/news/articles/2019-01-30/oil-holds-gains-above-54-on-signs-of-progress-in-opec-cuts