Saudi court rejects AHAB bankruptcy filings after decade-long dispute - Reuters:
A Saudi court has rejected two applications from conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) to have its decade-long dispute with creditors resolved under the kingdom’s new bankruptcy law, AHAB said on Tuesday.
The case was seen as a key test of the kingdom’s new regime for handling insolvency disputes. Creditors have been pursuing AHAB and Saad Group, another Saudi conglomerate, since they defaulted on about $22 billion in combined debt in 2009.
The company applied for a “protective settlement procedure” under Saudi Arabia’s new bankruptcy law earlier this year. After that was rejected, it applied for a financial restructuring procedure, another part of the country’s bankruptcy framework.
Tuesday 16 April 2019
Oil up 1 percent as market focuses on supply risks - Reuters
Oil up 1 percent as market focuses on supply risks - Reuters:
Oil prices rose 1 percent on Tuesday, as fighting in Libya and falling Venezuelan and Iranian exports raised concerns over tightening global supply, but uncertainty surrounding an OPEC-led production cut limited gains.
Brent crude futures rose 54 cents, or 0.8 percent, to settle at $71.72 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained 65 cents, or 1 percent, to settle at $64.05 a barrel.
Prices extended gains in post-settlement trade after data from industry group the American Petroleum Institute showed that U.S. crude inventories fell unexpectedly last week, dropping by 3.1 million barrels, versus analysts’ expectations of a 1.7 million-barrel build.
Oil prices rose 1 percent on Tuesday, as fighting in Libya and falling Venezuelan and Iranian exports raised concerns over tightening global supply, but uncertainty surrounding an OPEC-led production cut limited gains.
Brent crude futures rose 54 cents, or 0.8 percent, to settle at $71.72 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained 65 cents, or 1 percent, to settle at $64.05 a barrel.
Prices extended gains in post-settlement trade after data from industry group the American Petroleum Institute showed that U.S. crude inventories fell unexpectedly last week, dropping by 3.1 million barrels, versus analysts’ expectations of a 1.7 million-barrel build.
Oil's Facing Odds of Demand Worsening Before Getting Better - Bloomberg
Oil's Facing Odds of Demand Worsening Before Getting Better - Bloomberg:
Oil’s march back toward a four-year high is now facing some roadblocks in the form of demand in Asia, though the path may clear to allow further gains later this year.
While the current rally in global benchmark prices to over $71 a barrel will put pressure on government finances in Asia’s import-dependent nations, the level of fiscal stress typically doesn’t determine their crude purchases. Instead, the volume of shipments is influenced by the state of demand for fuel from industries and consumers in the world’s biggest oil-consuming region.
In a discouraging sign for oil bulls, some indicators of consumption such as diesel profit margins have shown signs of weakness recently. That may hamper crude’s rally, which has so far been driven by OPEC’s output cuts and concerns over tight supplies. Still, market watchers see the effect as temporary, and predict fuel demand will rebound later in 2019.
Oil’s march back toward a four-year high is now facing some roadblocks in the form of demand in Asia, though the path may clear to allow further gains later this year.
While the current rally in global benchmark prices to over $71 a barrel will put pressure on government finances in Asia’s import-dependent nations, the level of fiscal stress typically doesn’t determine their crude purchases. Instead, the volume of shipments is influenced by the state of demand for fuel from industries and consumers in the world’s biggest oil-consuming region.
In a discouraging sign for oil bulls, some indicators of consumption such as diesel profit margins have shown signs of weakness recently. That may hamper crude’s rally, which has so far been driven by OPEC’s output cuts and concerns over tight supplies. Still, market watchers see the effect as temporary, and predict fuel demand will rebound later in 2019.
OPEC Gambles With Success of Production Cuts as $80 Oil Looms - Bloomberg
OPEC Gambles With Success of Production Cuts as $80 Oil Looms - Bloomberg:
After managing to revive oil prices through production cutbacks, OPEC now risks squandering its victory again by letting crude surge too high.
In the first quarter, coordinated production curbs by the Organization of Petroleum Exporting Countries and its allies helped oil rally the most in almost a decade, restoring prices to over $70 a barrel.
Saudi Arabia, the group’s most powerful member, has made clear that it’s determined to keep supplies tight. That risks a repeat of 2018, when production cuts propelled oil to a four-year high, provoking a backlash from President Donald Trump and a hasty reversal by the kingdom.
After managing to revive oil prices through production cutbacks, OPEC now risks squandering its victory again by letting crude surge too high.
In the first quarter, coordinated production curbs by the Organization of Petroleum Exporting Countries and its allies helped oil rally the most in almost a decade, restoring prices to over $70 a barrel.
Saudi Arabia, the group’s most powerful member, has made clear that it’s determined to keep supplies tight. That risks a repeat of 2018, when production cuts propelled oil to a four-year high, provoking a backlash from President Donald Trump and a hasty reversal by the kingdom.
MIDEAST STOCKS-Banks lead #Saudi higher, while Egyptian shares see sell-off - Reuters
MIDEAST STOCKS-Banks lead Saudi higher, while Egyptian shares see sell-off - Reuters:
Saudi Arabia's stock market rose on
Tuesday as most of its banks gained, while a wide sell-off
pulled down Egypt's blue-chip share index.
Saudi Arabia's index was up 0.6 percent with Saudi
Arabian Mining adding 3.8 percent and Alinma Bank
gaining 3 percent.
Retailer Fawaz Alhokair Group climbed 2.9 percent.
Its unit, Arabian Centres, said it will this month launch what
could be Saudi Arabia's largest initial public offering in five
years, which it hopes will raise around $1 billion.
Saudi Arabia's stock market rose on
Tuesday as most of its banks gained, while a wide sell-off
pulled down Egypt's blue-chip share index.
Saudi Arabia's index was up 0.6 percent with Saudi
Arabian Mining adding 3.8 percent and Alinma Bank
gaining 3 percent.
Retailer Fawaz Alhokair Group climbed 2.9 percent.
Its unit, Arabian Centres, said it will this month launch what
could be Saudi Arabia's largest initial public offering in five
years, which it hopes will raise around $1 billion.
Oil rally gives #SaudiArabia a chance to be steward of stability | Financial Times
Oil rally gives Saudi Arabia a chance to be steward of stability | Financial Times:
Is Saudi Arabia a responsible steward of the oil market?
Saudi Aramco, the cash-spewing state oil company, might have heralded its arrival at the top table of international finance last week with a glossy bond brochure and a blowout $12bn offering, but in the background the kingdom’s traditional role in the oil market is also under scrutiny.
Oil prices have rallied by 30 per cent since the start of this year to move back above $70 a barrel. There are numerous reasons to think they will go higher.
Is Saudi Arabia a responsible steward of the oil market?
Saudi Aramco, the cash-spewing state oil company, might have heralded its arrival at the top table of international finance last week with a glossy bond brochure and a blowout $12bn offering, but in the background the kingdom’s traditional role in the oil market is also under scrutiny.
Oil prices have rallied by 30 per cent since the start of this year to move back above $70 a barrel. There are numerous reasons to think they will go higher.
Saudis Set for Biggest IPO Since 2014 as Retailer Preps Sale - Bloomberg
Saudis Set for Biggest IPO Since 2014 as Retailer Preps Sale - Bloomberg:
Fawaz Alhokair Group, the Saudi retailer that owns the franchise for brands like Banana Republic and Zara, may raise as much as $1 billion from the share sale of its malls unit in what would be the kingdom’s biggest initial public offering in five years.
Arabian Centres Co. said Tuesday that it will sell 65 million existing shares and 30 million new shares and will list the shares on the Tadawul stock exchange.
The proceeds of the offering could “be in range of $1 billion” and might start around April 28, Chief Executive Officer Olivier Nougarou said on a conference call. The company will use the money to reduce debt.
Fawaz Alhokair Group, the Saudi retailer that owns the franchise for brands like Banana Republic and Zara, may raise as much as $1 billion from the share sale of its malls unit in what would be the kingdom’s biggest initial public offering in five years.
Arabian Centres Co. said Tuesday that it will sell 65 million existing shares and 30 million new shares and will list the shares on the Tadawul stock exchange.
The proceeds of the offering could “be in range of $1 billion” and might start around April 28, Chief Executive Officer Olivier Nougarou said on a conference call. The company will use the money to reduce debt.
MIDEAST STOCKS-Financials lift #AbuDhabi, most major Gulf markets subdued - Reuters
MIDEAST STOCKS-Financials lift Abu Dhabi, most major Gulf markets subdued - Reuters:
Abu Dhabi’s stock market rose on Tuesday, aided by its financial shares, while most major Gulf markets moved little, with some companies posting corporate earnings, which is expected to gather pace from next week.
The Abu Dhabi index rose 0.3 percent, lifted by a 3.6 percent gain in Abu Dhabi Commercial Bank and a 0.4 percent rise in Emirates Telecommunications Group.
United Arab Emirates-based payments and foreign exchange company Finablr plans to proceed with an initial public offer on the London Stock Exchange.
Abu Dhabi’s stock market rose on Tuesday, aided by its financial shares, while most major Gulf markets moved little, with some companies posting corporate earnings, which is expected to gather pace from next week.
The Abu Dhabi index rose 0.3 percent, lifted by a 3.6 percent gain in Abu Dhabi Commercial Bank and a 0.4 percent rise in Emirates Telecommunications Group.
United Arab Emirates-based payments and foreign exchange company Finablr plans to proceed with an initial public offer on the London Stock Exchange.
Etihad Airways Group CFO departs amid turnaround plan - sources | ZAWYA MENA Edition
Etihad Airways Group CFO departs amid turnaround plan - sources | ZAWYA MENA Edition:
Etihad Airways Group Financial Officer Mark Powers has left the airline as it implements a five-year strategy to reverse heavy annual losses, according to two sources familiar with the matter.
It was not immediately clear when or why Powers left the Abu Dhabi state-owned airline. Etihad executive Adam Boukadida has been appointed interim group CFO, according to his LinkedIn profile and the sources.
Boukadida has held the position for at least two months, according to the LinkedIn profile.
Etihad Airways Group Financial Officer Mark Powers has left the airline as it implements a five-year strategy to reverse heavy annual losses, according to two sources familiar with the matter.
It was not immediately clear when or why Powers left the Abu Dhabi state-owned airline. Etihad executive Adam Boukadida has been appointed interim group CFO, according to his LinkedIn profile and the sources.
Boukadida has held the position for at least two months, according to the LinkedIn profile.
#Dubai regulator in contact with SEC about #Abraaj case - Reuters
Dubai regulator in contact with SEC about Abraaj case - Reuters:
Dubai’s financial services regulator said on Monday that it was in touch with the U.S. Securities and Exchange Commission about the latest case involving collapsed private equity firm Abraaj.
The statement came after Abraaj founder Arif Naqvi and a former Abraaj executive were arrested last week on U.S. charges that they defrauded investors, including the Bill & Melinda Gates Foundation.
“The DFSA can confirm it is communicating with the SEC, with whom it has a long-standing mutual assistance relationship, and other relevant local and overseas authorities on this matter,” the Dubai regulator said in its statement.
Dubai’s financial services regulator said on Monday that it was in touch with the U.S. Securities and Exchange Commission about the latest case involving collapsed private equity firm Abraaj.
The statement came after Abraaj founder Arif Naqvi and a former Abraaj executive were arrested last week on U.S. charges that they defrauded investors, including the Bill & Melinda Gates Foundation.
“The DFSA can confirm it is communicating with the SEC, with whom it has a long-standing mutual assistance relationship, and other relevant local and overseas authorities on this matter,” the Dubai regulator said in its statement.
Oil prices extend losses as oversupply worries drag - Reuters
Oil prices extend losses as oversupply worries drag - Reuters:
Oil prices edged down on Tuesday after a Russian minister said the nation and OPEC may boost crude output to fight the United States for market share, checking a recent rally driven by tighter global production.
Brent crude oil futures were at $71 a barrel at 0431 GMT, down 18 cents, or 0.25 percent, from their last close. Brent ended down 0.5 percent on Monday.
U.S. West Texas Intermediate (WTI) crude futures were at $63.32 per barrel, down 8 cents, or 0.13 percent, from their previous settlement. WTI fell 0.8 percent on Monday.
Oil prices edged down on Tuesday after a Russian minister said the nation and OPEC may boost crude output to fight the United States for market share, checking a recent rally driven by tighter global production.
Brent crude oil futures were at $71 a barrel at 0431 GMT, down 18 cents, or 0.25 percent, from their last close. Brent ended down 0.5 percent on Monday.
U.S. West Texas Intermediate (WTI) crude futures were at $63.32 per barrel, down 8 cents, or 0.13 percent, from their previous settlement. WTI fell 0.8 percent on Monday.
UPDATE 2- #UAE's Finablr to list on London Stock Exchange - Reuters
UPDATE 2-UAE's Finablr to list on London Stock Exchange - Reuters:
United Arab Emirates-based payments and foreign exchange company Finablr has confirmed plans to proceed with an initial public offer (IPO) on the London Stock Exchange , a week after the company revealed it was considering a flotation.
Finablr, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, said on Tuesday the final offer price would be determined following a book-building process, with the listing expected in May.
Finablr said it was planning to raise $200 million from the sale of new stock, with some existing shares also being offered for sale. It plans to sell at least 25 percent of its equity.
United Arab Emirates-based payments and foreign exchange company Finablr has confirmed plans to proceed with an initial public offer (IPO) on the London Stock Exchange , a week after the company revealed it was considering a flotation.
Finablr, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, said on Tuesday the final offer price would be determined following a book-building process, with the listing expected in May.
Finablr said it was planning to raise $200 million from the sale of new stock, with some existing shares also being offered for sale. It plans to sell at least 25 percent of its equity.
RPT-COLUMN-Hedge funds' oil positions start to look stretched: Kemp - Reuters
RPT-COLUMN-Hedge funds' oil positions start to look stretched: Kemp - Reuters:
Hedge fund managers continue to accumulate positions in crude and gasoline in the most sustained bull market since 2017 but the market is starting to look stretched and the balance of risks is shifting to the downside.
Hedge funds and other portfolio managers have boosted their net long position in the six most important petroleum futures and options contracts by 503 million barrels over the last 13 weeks.
Fund managers have added 294 million barrels of bullish long positions since Jan. 15 while trimming 215 million barrels of bearish short positions since Jan. 8, according to exchange and regulatory data published on Friday.
Hedge fund managers continue to accumulate positions in crude and gasoline in the most sustained bull market since 2017 but the market is starting to look stretched and the balance of risks is shifting to the downside.
Hedge funds and other portfolio managers have boosted their net long position in the six most important petroleum futures and options contracts by 503 million barrels over the last 13 weeks.
Fund managers have added 294 million barrels of bullish long positions since Jan. 15 while trimming 215 million barrels of bearish short positions since Jan. 8, according to exchange and regulatory data published on Friday.
UPDATE 1-Alhokair's Arabian Centres announces IPO plans, could raise $1 bln - Reuters
UPDATE 1-Alhokair's Arabian Centres announces IPO plans, could raise $1 bln - Reuters:
Shopping mall operator Arabian Centres Company, owned by Fawaz Alhokair Group, said on Tuesday it would proceed with an initial public offering (IPO) in Saudi Arabia that could raise about $1 billion from local and international investors.
Arabian Centres will offer 95 million shares, which represent a 20 percent stake. Riyadh is encouraging more family owned companies to list in a bid to deepen its capital markets as part of reforms aimed at reducing reliance on oil revenue.
The offering might start around April 28, Chief Executive Olivier Nougarou told reporters, adding that the IPO could raise “in the range of $1 billion, but it’s very difficult to confirm...”
Shopping mall operator Arabian Centres Company, owned by Fawaz Alhokair Group, said on Tuesday it would proceed with an initial public offering (IPO) in Saudi Arabia that could raise about $1 billion from local and international investors.
Arabian Centres will offer 95 million shares, which represent a 20 percent stake. Riyadh is encouraging more family owned companies to list in a bid to deepen its capital markets as part of reforms aimed at reducing reliance on oil revenue.
The offering might start around April 28, Chief Executive Olivier Nougarou told reporters, adding that the IPO could raise “in the range of $1 billion, but it’s very difficult to confirm...”
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