Abu Dhabi sovereign fund cuts stake in US semiconductor group | Financial Times:
Mubadala Investment Company has reduced its stake in US semiconductor group Advanced Micro Devices to 6.9 per cent from 10.2 per cent.
The Abu Dhabi sovereign fund, which has been invested in AMD for 11 years, said it had sold 34.9m shares for more than $800m while also paying to convert 75m warrants into shares that would provide AMD with $448.5m.
The transaction comes after Mubadala sold 22m shares in AMD worth more than $400m last year.
Tuesday 5 February 2019
ExxonMobil and #Qatar Petroleum greenlight $10bn LNG project | Financial Times
ExxonMobil and Qatar Petroleum greenlight $10bn LNG project | Financial Times:
ExxonMobil and Qatar Petroleum have given the go-ahead for a $10bn-plus project to export liquefied natural gas from the US, opening a new route for low-cost resources unlocked by the shale revolution to reach world markets.
The Golden Pass LNG project in Texas, a conversion of a site originally built as a gas import facility, is intended to come on stream in 2024, exporting 16m tonnes of LNG a year.
It is owned 70 per cent by Qatar Petroleum and 30 per cent by Exxon, extending a longstanding partnership between the two companies that includes co-operation on giant LNG export projects in Qatar.
ExxonMobil and Qatar Petroleum have given the go-ahead for a $10bn-plus project to export liquefied natural gas from the US, opening a new route for low-cost resources unlocked by the shale revolution to reach world markets.
The Golden Pass LNG project in Texas, a conversion of a site originally built as a gas import facility, is intended to come on stream in 2024, exporting 16m tonnes of LNG a year.
It is owned 70 per cent by Qatar Petroleum and 30 per cent by Exxon, extending a longstanding partnership between the two companies that includes co-operation on giant LNG export projects in Qatar.
Oil Slips as Service Slowdown Adds to Warning Signs on Economy - Bloomberg
Oil Slips as Service Slowdown Adds to Warning Signs on Economy - Bloomberg:
Oil prices headed lower for a second straight day as service-sector orders fed worries about the economy and traders anticipated another report of booming U.S. crude supplies.
Futures in New York fell as much as 1.7 percent on Tuesday, in a volatile session that ricocheted between gains and losses. A gauge of demand for American service industries dropped to a one-year low in January, following up on Monday data that showed an unexpected drop in industrial activity. Analysts, meanwhile, say oil stockpiles are likely to rise for a third week in government figures due Wednesday.
That countered word that Russia curbed output by 47,000 barrels a day last month from its October levels, as it seeks to implement cuts pledged by top exporters to boost the market. Saudi Arabia was said to nudge up prices for its heavier grades as well. The uncertain outcome of the leadership struggle in oil-rich Venezuela also hung over the market.
Oil prices headed lower for a second straight day as service-sector orders fed worries about the economy and traders anticipated another report of booming U.S. crude supplies.
Futures in New York fell as much as 1.7 percent on Tuesday, in a volatile session that ricocheted between gains and losses. A gauge of demand for American service industries dropped to a one-year low in January, following up on Monday data that showed an unexpected drop in industrial activity. Analysts, meanwhile, say oil stockpiles are likely to rise for a third week in government figures due Wednesday.
That countered word that Russia curbed output by 47,000 barrels a day last month from its October levels, as it seeks to implement cuts pledged by top exporters to boost the market. Saudi Arabia was said to nudge up prices for its heavier grades as well. The uncertain outcome of the leadership struggle in oil-rich Venezuela also hung over the market.
#SaudiArabia Business Conditions 'Quite Challenging,' Emirates NBD Says – Bloomberg
Saudi Arabia Business Conditions 'Quite Challenging,' Emirates NBD Says – Bloomberg:
Khatija Haque, head of Middle East and North Africa research at Emirates NBD, talks about the Saudi and U.A.E economies, and oil supply. She speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East.' (Source: Bloomberg)
Khatija Haque, head of Middle East and North Africa research at Emirates NBD, talks about the Saudi and U.A.E economies, and oil supply. She speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East.' (Source: Bloomberg)
It Took Record Discounts to Get Saudi Non-Oil Economy on a Roll - Bloomberg
It Took Record Discounts to Get Saudi Non-Oil Economy on a Roll - Bloomberg:
Saudi companies are having to fight price wars to heat up business in non-oil industries.
A measure of activity in Saudi Arabia’s non-oil private sector hit its highest level in more than a year as firms offered steep discounts to win orders, the Emirates NBD Purchasing Managers’ Index showed on Tuesday.
The gauge rose to 56.2 last month from 54.5 in December. A reading of 50 is the dividing line between expansion and contraction. Output prices fell the most since May 2016, and some of the growth in new orders was likely due to discounts.
Saudi companies are having to fight price wars to heat up business in non-oil industries.
A measure of activity in Saudi Arabia’s non-oil private sector hit its highest level in more than a year as firms offered steep discounts to win orders, the Emirates NBD Purchasing Managers’ Index showed on Tuesday.
The gauge rose to 56.2 last month from 54.5 in December. A reading of 50 is the dividing line between expansion and contraction. Output prices fell the most since May 2016, and some of the growth in new orders was likely due to discounts.
DP World's #Dubai shipping container volumes drop 4.6% in fourth quarter | ZAWYA MENA Edition
DP World's Dubai shipping container volumes drop 4.6% in fourth quarter | ZAWYA MENA Edition:
DP World reported a fall of 4.6 percent in fourth-quarter shipping container volumes in Dubai that the government-controlled port operator blamed on a drop in low-margin business.
Dubai's Jebel Ali, the largest transshipment port in the United Arab Emirates, and Mina Rashid port account for about 20 percent of DP World's global volumes.
The two ports handled 3.6 million 20-foot equivalent units in the three months to Dec. 31, compared to 3.8 million in the same 2017 period, DP World said in a statement.
DP World reported a fall of 4.6 percent in fourth-quarter shipping container volumes in Dubai that the government-controlled port operator blamed on a drop in low-margin business.
Dubai's Jebel Ali, the largest transshipment port in the United Arab Emirates, and Mina Rashid port account for about 20 percent of DP World's global volumes.
The two ports handled 3.6 million 20-foot equivalent units in the three months to Dec. 31, compared to 3.8 million in the same 2017 period, DP World said in a statement.
#Qatar, #EU to sign open skies agreement after agreeing terms | Reuters
Qatar, EU to sign open skies agreement after agreeing terms | Reuters:
Qatar and the European Union have agreed to terms for an open skies agreement expected to be signed this year, the two sides said on Tuesday.
The move is part of a broad air services agreement that includes provisions on fair competition, transparency, the environment and consumer protections, although exact details have not been disclosed.
The agreement means “all air carriers from the 28 European Union member states and Qatar now have unlimited and unrestricted access to their respective territories,” Qatar Airways said in a statement.
Qatar and the European Union have agreed to terms for an open skies agreement expected to be signed this year, the two sides said on Tuesday.
The move is part of a broad air services agreement that includes provisions on fair competition, transparency, the environment and consumer protections, although exact details have not been disclosed.
The agreement means “all air carriers from the 28 European Union member states and Qatar now have unlimited and unrestricted access to their respective territories,” Qatar Airways said in a statement.
#Dubai's Empower secures $408 mln syndicated loan | Reuters
Dubai's Empower secures $408 mln syndicated loan | Reuters:
Dubai district cooling company Empower said on Tuesday it had secured a $1.5 billion dirham ($408 million) syndicated loan that it would use to finance capacity expansion and infrastructure.
The loan was secured from Citibank, Emirates NBD , Standard Chartered, Mashreq Bank and Samba Financial Group, Empower said in a statement.
Empower is a joint venture between Dubai Electricity and Water Authority and Dubai Holding subsidiary TECOM Group, according to Dubai Holding’s website.
Dubai district cooling company Empower said on Tuesday it had secured a $1.5 billion dirham ($408 million) syndicated loan that it would use to finance capacity expansion and infrastructure.
The loan was secured from Citibank, Emirates NBD , Standard Chartered, Mashreq Bank and Samba Financial Group, Empower said in a statement.
Empower is a joint venture between Dubai Electricity and Water Authority and Dubai Holding subsidiary TECOM Group, according to Dubai Holding’s website.
Exclusive: #AbuDhabi expected to extend bailout loan to #Dubai, #UAE sources say | Reuters
Exclusive: Abu Dhabi expected to extend bailout loan to Dubai, sources say | Reuters:
Abu Dhabi is expected to roll over for the second time $20 billion of debt, due next month, that it extended to Dubai during its financial crisis a decade ago, three sources familiar with the matter said.
Dubai got the aid from the oil-rich capital of the United Arab Emirates in 2009 after the global credit crisis caused its real estate market to crash, threatening to force some state-linked companies to default on billions of dollars of debt.
In March 2014, the Abu Dhabi government and the UAE federal central bank agreed to refinance the debt for five years at a 1 percent annual interest rate.
Abu Dhabi is expected to roll over for the second time $20 billion of debt, due next month, that it extended to Dubai during its financial crisis a decade ago, three sources familiar with the matter said.
Dubai got the aid from the oil-rich capital of the United Arab Emirates in 2009 after the global credit crisis caused its real estate market to crash, threatening to force some state-linked companies to default on billions of dollars of debt.
In March 2014, the Abu Dhabi government and the UAE federal central bank agreed to refinance the debt for five years at a 1 percent annual interest rate.
Mideast Stocks: Egypt continues winning streak, banks boost #Saudi | ZAWYA MENA Edition
Mideast Stocks: Egypt continues winning streak, banks boost Saudi | ZAWYA MENA Edition:
Egypt's blue-chip share index rose sharply on Tuesday boosted by major lender Commercial International Bank after its strong fourth-quarter earnings, while banks also lifted Saudi Arabia's stock market.
Egypt's blue-chip index gained for a ninth straight session, climbing 2.6 percent with 27 of its 30 stocks rising. The country's biggest lender Commercial International Bank jumped 3.9 percent after it reported fourth-quarter net profit after interest of 2.56 billion Egyptian pounds ($146 million) compared to 1.87 billion pounds a year ago.
Global Telecom Holding climbed 3.3 percent to its highest since July after major shareholder VEON Ltd said that it offered to buy out the firm.
Egypt's blue-chip share index rose sharply on Tuesday boosted by major lender Commercial International Bank after its strong fourth-quarter earnings, while banks also lifted Saudi Arabia's stock market.
Egypt's blue-chip index gained for a ninth straight session, climbing 2.6 percent with 27 of its 30 stocks rising. The country's biggest lender Commercial International Bank jumped 3.9 percent after it reported fourth-quarter net profit after interest of 2.56 billion Egyptian pounds ($146 million) compared to 1.87 billion pounds a year ago.
Global Telecom Holding climbed 3.3 percent to its highest since July after major shareholder VEON Ltd said that it offered to buy out the firm.
Erdogan Says Treasury to Take Over Turkey's Largest Listed Bank - Bloomberg
Erdogan Says Treasury to Take Over Turkey's Largest Listed Bank - Bloomberg:
Turkish President Recep Tayyip Erdogan escalated his campaign to seize the nation’s largest listed lender, Turkiye Is Bankasi A.S., calling for a parliamentary vote on the takeover.
Shares of the lender, which is part owned by the main opposition party, tumbled after Erdogan told his ruling AK party’s lawmakers in Ankara on Tuesday that “Isbank will become the property of the Treasury, with the permission of God.”
The opposition CHP party doesn’t get any dividends from its 28 percent stake in Isbank, but Erdogan accuses it of “exploiting” the memory Mustafa Kemal Ataturk, the father of modern Turkey. Ataturk bequeathed Isbank shares to the party he created in his will. The president contends that what once belonged to the nation’s founder shouldn’t be owned by a political faction.
Turkish President Recep Tayyip Erdogan escalated his campaign to seize the nation’s largest listed lender, Turkiye Is Bankasi A.S., calling for a parliamentary vote on the takeover.
Shares of the lender, which is part owned by the main opposition party, tumbled after Erdogan told his ruling AK party’s lawmakers in Ankara on Tuesday that “Isbank will become the property of the Treasury, with the permission of God.”
The opposition CHP party doesn’t get any dividends from its 28 percent stake in Isbank, but Erdogan accuses it of “exploiting” the memory Mustafa Kemal Ataturk, the father of modern Turkey. Ataturk bequeathed Isbank shares to the party he created in his will. The president contends that what once belonged to the nation’s founder shouldn’t be owned by a political faction.
Dubai Royal Family Office Backs Cryptocurrency Investor Invao - Bloomberg
Dubai Royal Family Office Backs Cryptocurrency Investor Invao - Bloomberg:
Dubai royal and Emirates Group Chairman Sheikh Ahmed bin Saeed Al Maktoum is backing cryptocurrency fund manager Invao as the Liechtenstein-based firm seeks to attract more investors from the United Arab Emirates.
Sheikh Ahmed’s private office will help Invao, which invests in cryptocurrencies and blockchain start ups, secure funding from investors in the Gulf state. The Private Office, as its known, makes its own investments, as well as sourcing deals for others.
Invao, which was set up last year, has already invested more than $1 million and has managed to make a profit even though the value of most cryptocurrencies has slumped, co-founder Frank Wagner said in an interview. The Bloomberg Galaxy Crypto Index has fallen 70 percent over the past year.
Dubai royal and Emirates Group Chairman Sheikh Ahmed bin Saeed Al Maktoum is backing cryptocurrency fund manager Invao as the Liechtenstein-based firm seeks to attract more investors from the United Arab Emirates.
Sheikh Ahmed’s private office will help Invao, which invests in cryptocurrencies and blockchain start ups, secure funding from investors in the Gulf state. The Private Office, as its known, makes its own investments, as well as sourcing deals for others.
Invao, which was set up last year, has already invested more than $1 million and has managed to make a profit even though the value of most cryptocurrencies has slumped, co-founder Frank Wagner said in an interview. The Bloomberg Galaxy Crypto Index has fallen 70 percent over the past year.
Monthly markets review: Region's stock markets make strong start to 2019, Saudi outperforms in January | ZAWYA MENA Edition
Monthly markets review: Region's stock markets make strong start to 2019, Saudi outperforms in January | ZAWYA MENA Edition:
Stock markets in the Middle East mostly made strong gains in January, tracking a rise in global markets and oil prices during the month. In most cases, markets were also buoyed by fourth quarter earnings results. Saudi Arabia and Egypt’s indices outperformed the region, while Oman’s index was the sole loser among its peers in the Gulf.
MSCI’s World Index, a major global stock index which tracks shares in 47 countries, added 7.8 percent in January, data from Eikon showed.
Globally, stocks started the year on the right foot on hopes from market participants of an easing in trade tensions between the United States and China.
Stock markets in the Middle East mostly made strong gains in January, tracking a rise in global markets and oil prices during the month. In most cases, markets were also buoyed by fourth quarter earnings results. Saudi Arabia and Egypt’s indices outperformed the region, while Oman’s index was the sole loser among its peers in the Gulf.
MSCI’s World Index, a major global stock index which tracks shares in 47 countries, added 7.8 percent in January, data from Eikon showed.
Globally, stocks started the year on the right foot on hopes from market participants of an easing in trade tensions between the United States and China.
Mideast Stocks: Banks lead Saudi gains, Emirates NBD lifts Dubai | ZAWYA MENA Edition
Mideast Stocks: Banks lead Saudi gains, Emirates NBD lifts Dubai | ZAWYA MENA Edition:
Saudi Arabia's stock market rose on Tuesday on the back of its blue-chip banks, while Dubai's gains were led by its top lender Emirates NBD.
Saudi Arabia's index gained 0.4 percent, with Al Rajhi Bank climbing 0.6 percent after the Capital Market Authority approved an increase in capital. The bank proposed a capital increase of up to 25 billion riyals ($6.67 billion) from 16.25 billion riyals.
National Commercial Bank was up 0.4 percent. Ratings agency Moody's said the bank's brand and diversified assets make it resilient to slower economic growth in Saudi.
Saudi Arabia's stock market rose on Tuesday on the back of its blue-chip banks, while Dubai's gains were led by its top lender Emirates NBD.
Saudi Arabia's index gained 0.4 percent, with Al Rajhi Bank climbing 0.6 percent after the Capital Market Authority approved an increase in capital. The bank proposed a capital increase of up to 25 billion riyals ($6.67 billion) from 16.25 billion riyals.
National Commercial Bank was up 0.4 percent. Ratings agency Moody's said the bank's brand and diversified assets make it resilient to slower economic growth in Saudi.
Oil Halts Drop as Traders Weigh OPEC Cuts Versus U.S. Stockpiles - Bloomberg
Oil Halts Drop as Traders Weigh OPEC Cuts Versus U.S. Stockpiles - Bloomberg:
Oil halted a decline as traders weighed output cuts from the OPEC producer group and its partners against expectations for rising U.S. crude inventories.
Futures in New York were little changed after a 1.3 percent drop on Monday. Russia curbed output by 47,000 barrels a day in January from its October baseline level, in line with the country’s pledge to OPEC, Energy Minister Alexander Novak said. Meanwhile, U.S. government data due Wednesday is forecast to show American crude inventories rose a third week.
Crude has rallied about 20 percent this year as production cuts by the Organization of Petroleum Exporting Countries and allies including Russia have taken effect. Rig data signaled U.S. shale drilling is slowing down despite record output from the nation. A battle for leadership of oil-rich Venezuela threatens further disruption to supplies.
Oil halted a decline as traders weighed output cuts from the OPEC producer group and its partners against expectations for rising U.S. crude inventories.
Futures in New York were little changed after a 1.3 percent drop on Monday. Russia curbed output by 47,000 barrels a day in January from its October baseline level, in line with the country’s pledge to OPEC, Energy Minister Alexander Novak said. Meanwhile, U.S. government data due Wednesday is forecast to show American crude inventories rose a third week.
Crude has rallied about 20 percent this year as production cuts by the Organization of Petroleum Exporting Countries and allies including Russia have taken effect. Rig data signaled U.S. shale drilling is slowing down despite record output from the nation. A battle for leadership of oil-rich Venezuela threatens further disruption to supplies.
#AbuDhabi's Mubadala to sell 34.9mln shares in U.S. chipmaker AMD | ZAWYA MENA Edition
Abu Dhabi's Mubadala to sell 34.9mln shares in U.S. chipmaker AMD | ZAWYA MENA Edition:
Abu Dhabi's Mubadala Investment Co has sold 34.9 million common equity shares in Advanced Micro Devices (AMD), a company spokesperson said on Tuesday, and plans to convert 75 million warrants in the U.S chipmaker.
Mubadala did not disclose the sale price; but the market value of the 34.9 million shares was about $842 million based on Monday's closing price.
The Abu Dhabi state fund, which has stakes in General Electric and private equity firm Carlyle Group, first invested in AMD in 2007.
Abu Dhabi's Mubadala Investment Co has sold 34.9 million common equity shares in Advanced Micro Devices (AMD), a company spokesperson said on Tuesday, and plans to convert 75 million warrants in the U.S chipmaker.
Mubadala did not disclose the sale price; but the market value of the 34.9 million shares was about $842 million based on Monday's closing price.
The Abu Dhabi state fund, which has stakes in General Electric and private equity firm Carlyle Group, first invested in AMD in 2007.
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