Oil rally stalls on talk of OPEC+ boosting output - Reuters:
Oil prices halted their rally on Monday, with both benchmarks down nearly 1 percent, after Russia’s finance minister said Russia and OPEC may decide to boost production to fight for market share with the United States, where output remains at record highs.
Losses were limited by a tightening of global supplies, as output has fallen in Iran and Venezuela amid signs the United States will further toughen sanctions on those two OPEC producers, and on the threat that renewed fighting could wipe out crude production in Libya.
Brent crude futures ended the session at $71.18 a barrel, down 37 cents, or 0.5 percent, having earlier slid below $71. Brent hit its highest since Nov. 12 on Friday at $71.87.
U.S. West Texas Intermediate crude futures fell 49 cents, or 0.8 percent, to settle at $63.40 per barrel.
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Monday, 15 April 2019
#AbuDhabi Global Market enacts new anti-money laundering rules - The National
Abu Dhabi Global Market enacts new anti-money laundering rules - The National:
Abu Dhabi Global Market enacted changes to its rules that combat money laundering and financing of terrorism and unlawful organisations, as the UAE ramps up efforts to fight financial crime.
“These amendments reflect ADGM’s commitment as an international financial centre to provide a safe regulatory environment and adopt a stringent and effective financial crime prevention supervisory framework, which supports the UAE’s efforts to combat money laundering and terrorist financing activities,” said Richard Teng, chief executive of the Financial Services Regulatory Authority of ADGM.
The emirate’s financial free zone is “working closely with UAE federal authorities to ensure proper readiness for [global anti-money laundering standards body] Financial Action Task Force’s upcoming mutual evaluation assessment, and our dedicated team is working on various initiatives to enhance the level of compliance and awareness of financial crime risks,” Mr Teng said on Monday.
Abu Dhabi Global Market enacted changes to its rules that combat money laundering and financing of terrorism and unlawful organisations, as the UAE ramps up efforts to fight financial crime.
“These amendments reflect ADGM’s commitment as an international financial centre to provide a safe regulatory environment and adopt a stringent and effective financial crime prevention supervisory framework, which supports the UAE’s efforts to combat money laundering and terrorist financing activities,” said Richard Teng, chief executive of the Financial Services Regulatory Authority of ADGM.
The emirate’s financial free zone is “working closely with UAE federal authorities to ensure proper readiness for [global anti-money laundering standards body] Financial Action Task Force’s upcoming mutual evaluation assessment, and our dedicated team is working on various initiatives to enhance the level of compliance and awareness of financial crime risks,” Mr Teng said on Monday.
#AbuDhabi’s Privinvest sues Mozambique in debt scandal
Abu Dhabi’s Privinvest sues Mozambique in debt scandal:
Abu Dhabi-based shipbuilder Privinvest said on Monday it had begun arbitration proceedings to claim compensation against three Mozambican state-owned companies at the center of a $2 billion debt scandal.
Privinvest’s claim comes nearly two months after Mozambique named the company in a lawsuit against firms involved in arranging loans meant primarily to fund a fleet of fishing boats but which ended up tipping Mozambique into a debt crisis.
The US Justice Department alleges several people, including a former employee of Privinvest, facilitated $200 million in bribes and kickbacks to themselves and government officials from the $2 billion loans.
Abu Dhabi-based shipbuilder Privinvest said on Monday it had begun arbitration proceedings to claim compensation against three Mozambican state-owned companies at the center of a $2 billion debt scandal.
Privinvest’s claim comes nearly two months after Mozambique named the company in a lawsuit against firms involved in arranging loans meant primarily to fund a fleet of fishing boats but which ended up tipping Mozambique into a debt crisis.
The US Justice Department alleges several people, including a former employee of Privinvest, facilitated $200 million in bribes and kickbacks to themselves and government officials from the $2 billion loans.
#Qatar defeated siege, transformed repercussions into benefits, says chamber official
Qatar defeated siege, transformed repercussions into benefits, says chamber official:
Qatar Chamber has reviewed efforts exerted in the last two years, which have resulted in the transformation of the impact of the unjust blockade into positive ones and helped revive the investment climate and enhanced the contribution of the private sector to the state’s economy.
The statement was made by Qatar Chamber first vice-chairman Mohamed bin Towar al-Kuwari, who welcomed a visiting delegation of journalists and bloggers from Balkan states, Serbia, Bulgaria, and Greece in the presence of Qatari-Bulgarian Business Council head Peter Michalos.
Al-Kuwari said Qatar has managed to defeat the blockade imposed on the country and changed its repercussions into positives, noting it made significant progress in various sectors, especially in industry and agriculture.
Qatar Chamber has reviewed efforts exerted in the last two years, which have resulted in the transformation of the impact of the unjust blockade into positive ones and helped revive the investment climate and enhanced the contribution of the private sector to the state’s economy.
The statement was made by Qatar Chamber first vice-chairman Mohamed bin Towar al-Kuwari, who welcomed a visiting delegation of journalists and bloggers from Balkan states, Serbia, Bulgaria, and Greece in the presence of Qatari-Bulgarian Business Council head Peter Michalos.
Al-Kuwari said Qatar has managed to defeat the blockade imposed on the country and changed its repercussions into positives, noting it made significant progress in various sectors, especially in industry and agriculture.
Twelve Seas to Buy U.A.E.'s Brooge Petroleum in $1 Billion Deal - Bloomberg
Twelve Seas to Buy U.A.E.'s Brooge Petroleum in $1 Billion Deal - Bloomberg:
Twelve Seas Investment Co. agreed to acquire Brooge Petroleum & Gas Investment Co. in a deal valued at about $1 billion.
Brooge is an oil storage and services business based in the United Arab Emirates. Twelve Seas expects the acquisition to be completed this year at the end of the second quarter or early in the third quarter, according to a statement.
Brooge was founded in 2013 with storage assets in the U.A.E. port of Fujairah. Upon completion of the deal, the company will continue to be led by its current management team including Chief Executive Officer Nicolaas Paardenkooper, and its headquarters will remain in Fujairah.
Twelve Seas Investment Co. agreed to acquire Brooge Petroleum & Gas Investment Co. in a deal valued at about $1 billion.
Brooge is an oil storage and services business based in the United Arab Emirates. Twelve Seas expects the acquisition to be completed this year at the end of the second quarter or early in the third quarter, according to a statement.
Brooge was founded in 2013 with storage assets in the U.A.E. port of Fujairah. Upon completion of the deal, the company will continue to be led by its current management team including Chief Executive Officer Nicolaas Paardenkooper, and its headquarters will remain in Fujairah.
Bank Muscat announces rise in first quarter earnings, in line with analysts’ expectations | ZAWYA MENA Edition
Bank Muscat announces rise in first quarter earnings, in line with analysts’ expectations | ZAWYA MENA Edition:
Bank Muscat, Oman’s largest lender, announced on Monday a rise in first quarter (Q1) earnings for the current year, in line with analysts’ forecasts.
The bank reported a net profit of 45.8 million Omani rials ($118,96 million) for Q1 2019, compared to 44.81 million rials in Q1 2018, translating into a 2.21 percent increase.
The bank’s net interest income from conventional banking and income from Islamic financing rose 9.63 percent year on year, to 78.76 million rials in Q1 2019, compared to 71.84 million rials in Q1 2018.
Bank Muscat, Oman’s largest lender, announced on Monday a rise in first quarter (Q1) earnings for the current year, in line with analysts’ forecasts.
The bank reported a net profit of 45.8 million Omani rials ($118,96 million) for Q1 2019, compared to 44.81 million rials in Q1 2018, translating into a 2.21 percent increase.
The bank’s net interest income from conventional banking and income from Islamic financing rose 9.63 percent year on year, to 78.76 million rials in Q1 2019, compared to 71.84 million rials in Q1 2018.
Post-Expo 2020 phase to boost #UAE GDP by $17bln, study says | ZAWYA MENA Edition
Post-Expo 2020 phase to boost UAE GDP by $17bln, study says | ZAWYA MENA Edition:
The legacy phase of Expo 2020 Dubai is expected to inject nearly 62.2 billion UAE dirhams ($16.9 billion) into the UAE economy between 2021 and 2031, according to a report titled ‘The Economic Impact of Expo 2020 Dubai’ released on Monday.
The report, commissioned by the organisers of Expo 2020 and conducted by Big Four accountancy firm EY, examines the impact of Expo 2020 on the UAE’s Gross Domestic Product (GDP) and employment both from ‘direct’ increases in economic activity, ‘indirect’ benefits of increased supply chain demand and ‘induced’ benefits from increased spending by employees of firms involved in Expo 2020.
The economic impact of Expo 2020 totals 122.6 billion dirhams ($33 billion) gross value added (GVA) to UAE’s Gross Domestic Product (GDP), the EY report said, occurring over three phases – pre-Expo, during Expo and legacy.
The legacy phase of Expo 2020 Dubai is expected to inject nearly 62.2 billion UAE dirhams ($16.9 billion) into the UAE economy between 2021 and 2031, according to a report titled ‘The Economic Impact of Expo 2020 Dubai’ released on Monday.
The report, commissioned by the organisers of Expo 2020 and conducted by Big Four accountancy firm EY, examines the impact of Expo 2020 on the UAE’s Gross Domestic Product (GDP) and employment both from ‘direct’ increases in economic activity, ‘indirect’ benefits of increased supply chain demand and ‘induced’ benefits from increased spending by employees of firms involved in Expo 2020.
The economic impact of Expo 2020 totals 122.6 billion dirhams ($33 billion) gross value added (GVA) to UAE’s Gross Domestic Product (GDP), the EY report said, occurring over three phases – pre-Expo, during Expo and legacy.
#Qatar petroleum invites three groups to bid for North Field LNG train construction - Reuters
Qatar petroleum invites three groups to bid for North Field LNG train construction - Reuters:
Qatar Petroleum has invited three groups to bid for engineering procurement and construction packages on liquefied natural gas (LNG) mega-trains as it expands production at its North Field reservoir, the company said in a statement on Monday. The first group invited is a joint venture between Chiyoda Corporation and Technip France S.A., the second comprises JGC Corporation and Hyundai Engineering and Construction Co. Ltd and the third Saipem S.p.A, McDermott Middle East Inc. and CTCI Corporation 19.
Qatar Petroleum has invited three groups to bid for engineering procurement and construction packages on liquefied natural gas (LNG) mega-trains as it expands production at its North Field reservoir, the company said in a statement on Monday. The first group invited is a joint venture between Chiyoda Corporation and Technip France S.A., the second comprises JGC Corporation and Hyundai Engineering and Construction Co. Ltd and the third Saipem S.p.A, McDermott Middle East Inc. and CTCI Corporation 19.
#UAE's Brooge Petroleum to list on Nasdaq after merger - Reuters
UAE's Brooge Petroleum to list on Nasdaq after merger - Reuters:
The United Arab Emirates’ Brooge Petroleum and Gas Investment Co (BPGIC) said it would list on the Nasdaq stock exchange after merging with U.S.-based firm Twelve Seas Investment Co.
The $1 billion deal is expected to be finalised before July 1, Brooge said in a statement.
The move is part of the UAE-based oil storage company’s expansion strategy. BPGIC, which was set up in 2013, is one of the largest holders of storage assets in Fujairah.
The United Arab Emirates’ Brooge Petroleum and Gas Investment Co (BPGIC) said it would list on the Nasdaq stock exchange after merging with U.S.-based firm Twelve Seas Investment Co.
The $1 billion deal is expected to be finalised before July 1, Brooge said in a statement.
The move is part of the UAE-based oil storage company’s expansion strategy. BPGIC, which was set up in 2013, is one of the largest holders of storage assets in Fujairah.
MIDEAST STOCKS- #AbuDhabi hits near 5-year high, petchems lift #Saudi - Reuters
MIDEAST STOCKS-Abu Dhabi hits near 5-year high, petchems lift Saudi - Reuters:
Abu Dhabi's stock market rose to a near five-year high on Monday, lifted by First Abu Dhabi Bank, while petrochemical stocks led gains on Saudi Arabia's main index.
The Abu Dhabi index was up 0.9 percent after hitting its highest since May 2014.
First Abu Dhabi Bank, the United Arab Emirates' largest lender, climbed 2.4 percent to 16 dirhams, touching an all-time high. Last week, the bank obtained regulatory approval to increase its foreign ownership limit to 40 percent from a previous limit of 25 percent.
Abu Dhabi's stock market rose to a near five-year high on Monday, lifted by First Abu Dhabi Bank, while petrochemical stocks led gains on Saudi Arabia's main index.
The Abu Dhabi index was up 0.9 percent after hitting its highest since May 2014.
First Abu Dhabi Bank, the United Arab Emirates' largest lender, climbed 2.4 percent to 16 dirhams, touching an all-time high. Last week, the bank obtained regulatory approval to increase its foreign ownership limit to 40 percent from a previous limit of 25 percent.
Investors Joining #Saudi Stocks' Big Moment Have to Pay a Premium - Bloomberg
Investors Joining Saudi Stocks' Big Moment Have to Pay a Premium - Bloomberg:
Investors who are on the verge of buying Saudi Arabian shares for the first time should be ready to reach deep into their pockets.
The biggest stock market in the Arab world, which will begin to be included in the emerging-markets group by index compiler MSCI Inc. next month, is trading at the most expensive level compared with the category since 2015. The ratio of estimated price-to-earnings in the next 12 months for the main Saudi gauge is 16 times, against 12 for the MSCI Emerging Markets Index.
The $568 billion stock market has been attracting foreigners as they position for the inclusions by MSCI, over two tranches, and by FTSE Russell, which is already underway. The stocks could get even more expensive as the MSCI addition alone is expected to attract as much as $11 billion once fully implemented, according to estimates by the stock exchange.
Investors who are on the verge of buying Saudi Arabian shares for the first time should be ready to reach deep into their pockets.
The biggest stock market in the Arab world, which will begin to be included in the emerging-markets group by index compiler MSCI Inc. next month, is trading at the most expensive level compared with the category since 2015. The ratio of estimated price-to-earnings in the next 12 months for the main Saudi gauge is 16 times, against 12 for the MSCI Emerging Markets Index.
The $568 billion stock market has been attracting foreigners as they position for the inclusions by MSCI, over two tranches, and by FTSE Russell, which is already underway. The stocks could get even more expensive as the MSCI addition alone is expected to attract as much as $11 billion once fully implemented, according to estimates by the stock exchange.
MIDEAST STOCKS-Lender FAB lifts #AbuDhabi, QEWC weighs on #Qatar - Reuters
MIDEAST STOCKS-Lender FAB lifts Abu Dubai, QEWC weighs on Qatar - Reuters:
Abu Dhabi’s stock market rose from the previous session’s 4-1/2-year high on Monday, lifted by First Abu Dhabi Bank, while Qatar Electricity And Water weighed on the Qatar index.
The Abu Dhabi index was up 0.5 percent with First Abu Dhabi Bank adding 1 percent. Last week, it obtained regulatory approval to increase its foreign ownership limit to 40 percent from a previous limit of 25 percent.
Qatar’s index was down 0.3 percent with Qatar Gas Transport losing 3.1 percent and Qatar Electricity And Water shedding 2.3 percent after its first-quarter net profit fell nearly 22 percent.
Abu Dhabi’s stock market rose from the previous session’s 4-1/2-year high on Monday, lifted by First Abu Dhabi Bank, while Qatar Electricity And Water weighed on the Qatar index.
The Abu Dhabi index was up 0.5 percent with First Abu Dhabi Bank adding 1 percent. Last week, it obtained regulatory approval to increase its foreign ownership limit to 40 percent from a previous limit of 25 percent.
Qatar’s index was down 0.3 percent with Qatar Gas Transport losing 3.1 percent and Qatar Electricity And Water shedding 2.3 percent after its first-quarter net profit fell nearly 22 percent.
Oil pauses; focus on future supply direction - Reuters
Oil pauses; focus on future supply direction - Reuters:
Oil prices nudged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, with investors eyeing mixed signals on global supply.
Brent crude oil futures were at $71.44 a barrel at 0629 GMT, down 11 cents, or 0.2 percent, from their last close, having hit their highest since Nov. 12 on Friday at $71.87.
U.S. West Texas Intermediate (WTI) crude futures were at $63.63 per barrel, down 26 cents, or 0.4 percent, from their last settlement.
Oil prices nudged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, with investors eyeing mixed signals on global supply.
Brent crude oil futures were at $71.44 a barrel at 0629 GMT, down 11 cents, or 0.2 percent, from their last close, having hit their highest since Nov. 12 on Friday at $71.87.
U.S. West Texas Intermediate (WTI) crude futures were at $63.63 per barrel, down 26 cents, or 0.4 percent, from their last settlement.