Abraaj's Arif Naqvi: People don’t have a bad word to say about me - The National:
Businessman Arif Naqvi sought to defend his personal reputation just days before his arrest in London claiming that nobody had a “bad word to say about him” despite the collapse of his multi-billion-dollar private equity fund.
In rare comments after leaving the UAE in the wake of the scandal, Mr Naqvi sought to deflect questions about the failure of the Abraaj Group.
In an exclusive interview with The National he said he was working with liquidators to “solve their issues” as they tried to assess if anything that had happened was “not normal”.
Friday, 12 April 2019
Saudis Mistake Their Alliance With Trump for an Alliance With the U.S. - Bloomberg
Saudis Mistake Their Alliance With Trump for an Alliance With the - Bloomberg:
Last week my Bloomberg opinion colleague Eli Lake asked whether Democrats want to maintain the alliance with Saudi Arabia. This question should also be posed in reverse: Does Saudi Arabia want to maintain the alliance with the U.S. rather than just Trump administration?
The Saudi government is not doing enough to protect the relationship. It’s drawing bipartisan criticism such as the recent congressional vote to end involvement in the Yemen war. But worse, it’s becoming a partisan issue between Republicans and Democrats.
That's incredibly dangerous. The U.S.-Saudi relationship has been resilient precisely because it's indispensable.
Last week my Bloomberg opinion colleague Eli Lake asked whether Democrats want to maintain the alliance with Saudi Arabia. This question should also be posed in reverse: Does Saudi Arabia want to maintain the alliance with the U.S. rather than just Trump administration?
The Saudi government is not doing enough to protect the relationship. It’s drawing bipartisan criticism such as the recent congressional vote to end involvement in the Yemen war. But worse, it’s becoming a partisan issue between Republicans and Democrats.
That's incredibly dangerous. The U.S.-Saudi relationship has been resilient precisely because it's indispensable.
Oil rises 1 percent on tightening crude supply, upbeat economic data - Reuters
Oil rises 1 percent on tightening crude supply, upbeat economic data - Reuters:
Oil prices rose 1 percent on Friday as involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market, while upbeat Chinese economic data eased concerns about waning crude demand.
The oil market also followed global stock markets higher after strong earnings at JPMorgan Chase & Co. The dollar index slipped to its lowest against the euro in more than two weeks, making crude cheaper for non-U.S. buyers. [.N] [USD/]
“Equities are getting off to a good start with earnings season and the dollar index being weaker helps reaffirm confidence in the oil market,” said Phil Streible, senior commodities strategist at RJO Futures in Chicago.
Brent crude oil futures rose 72 cents, or 1.02 percent, to settle at $71.55 a barrel. U.S. West Texas Intermediate (WTI) crude futures ended the session up 31 cents, or 0.5 percent, at $63.89 a barrel.
Both benchmarks notched a weekly gain of about 1 percent, which was Brent’s third consecutive week of gains and the sixth straight rise for WTI.
Oil prices rose 1 percent on Friday as involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market, while upbeat Chinese economic data eased concerns about waning crude demand.
The oil market also followed global stock markets higher after strong earnings at JPMorgan Chase & Co. The dollar index slipped to its lowest against the euro in more than two weeks, making crude cheaper for non-U.S. buyers. [.N] [USD/]
“Equities are getting off to a good start with earnings season and the dollar index being weaker helps reaffirm confidence in the oil market,” said Phil Streible, senior commodities strategist at RJO Futures in Chicago.
Brent crude oil futures rose 72 cents, or 1.02 percent, to settle at $71.55 a barrel. U.S. West Texas Intermediate (WTI) crude futures ended the session up 31 cents, or 0.5 percent, at $63.89 a barrel.
Both benchmarks notched a weekly gain of about 1 percent, which was Brent’s third consecutive week of gains and the sixth straight rise for WTI.
Abraaj senior executives held on US fraud charges | Financial Times
Abraaj senior executives held on US fraud charges | Financial Times:
Two senior Abraaj executives have been arrested in relation to US fraud charges that claim they defrauded investors by lying about the financial health of the collapsed Dubai-based private equity group.
Arif Naqvi, Abraaj’s founder and chief executive, and Mustafa Abdel-Wadood, a former managing partner at the group, have been charged with securities fraud, wire fraud and conspiracy, according to indictments filed by the US attorney’s office for the southern district of New York.
Andrea Griswold, assistant US attorney, said at a hearing in Manhattan federal court on Thursday that Mr Naqvi had been arrested in London and Mr Abdel-Wadood detained in New York, Reuters reported.
Two senior Abraaj executives have been arrested in relation to US fraud charges that claim they defrauded investors by lying about the financial health of the collapsed Dubai-based private equity group.
Arif Naqvi, Abraaj’s founder and chief executive, and Mustafa Abdel-Wadood, a former managing partner at the group, have been charged with securities fraud, wire fraud and conspiracy, according to indictments filed by the US attorney’s office for the southern district of New York.
Andrea Griswold, assistant US attorney, said at a hearing in Manhattan federal court on Thursday that Mr Naqvi had been arrested in London and Mr Abdel-Wadood detained in New York, Reuters reported.
Oil prices rise as market tightens, but demand concerns linger - Reuters
Oil prices rise as market tightens, but demand concerns linger - Reuters:
Oil prices edged up on Friday, lifted by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on petroleum exporters Iran and Venezuela.
Despite strong price increases this year, there are concerns that an economic slowdown could soon dent fuel consumption.
International Brent crude oil futures were at $71.03 per barrel at 0653 GMT, up 20 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $63.82 per barrel, up 24 cents, or 0.4 percent, from their previous settlement.
“We see Brent and WTI prices averaging $75 per barrel and $67 per barrel respectively through the rest of this year, but risk is asymmetrically skewed to the upside,” RBC Capital Markets said in a note.
Oil prices edged up on Friday, lifted by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on petroleum exporters Iran and Venezuela.
Despite strong price increases this year, there are concerns that an economic slowdown could soon dent fuel consumption.
International Brent crude oil futures were at $71.03 per barrel at 0653 GMT, up 20 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $63.82 per barrel, up 24 cents, or 0.4 percent, from their previous settlement.
“We see Brent and WTI prices averaging $75 per barrel and $67 per barrel respectively through the rest of this year, but risk is asymmetrically skewed to the upside,” RBC Capital Markets said in a note.
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