doha: Qatar to abolish exit visa system by year's end: UN - The Economic Times:
Qatar is set to abolish its controversial exit visa system for all foreign workers by the end of the year, the UN's International Labour Organisation said Friday.
Qatar has introduced a series of labour reforms since its selection as the 2022 World Cup host, with the event setting in motion a huge construction programme employing foreign workers.
"Last year, the exit visa was eliminated for the majority of workers, this year, that will be extended to all remaining categories of workers," ILO's Houtan Homayounpour, head of the labour agency's project office in Doha, told AFP.
Friday, 26 April 2019
Investors bolster oversight in emerging-market private equity after #Abraaj collapse - Reuters
Investors bolster oversight in emerging-market private equity after Abraaj collapse - Reuters:
Investors in private equity funds that focus on emerging markets are tightening oversight after the collapse of a Middle East buyout firm, a survey has found.
Many investors said they planned to put more money into such funds over the next two years, but also to install extra checks and balances, suggested the survey by the Emerging Markets Private Equity Association (EMPEA).
Dubai-based Abraaj Capital Ltd had been the largest buyout fund in the Middle East and North Africa until it fell apart last year after a dispute with investors, including the Gates Foundation, over a $1 billion healthcare fund. Two of its top executives have been arrested.
Investors in private equity funds that focus on emerging markets are tightening oversight after the collapse of a Middle East buyout firm, a survey has found.
Many investors said they planned to put more money into such funds over the next two years, but also to install extra checks and balances, suggested the survey by the Emerging Markets Private Equity Association (EMPEA).
Dubai-based Abraaj Capital Ltd had been the largest buyout fund in the Middle East and North Africa until it fell apart last year after a dispute with investors, including the Gates Foundation, over a $1 billion healthcare fund. Two of its top executives have been arrested.
#Abraaj founder Naqvi refused bail on flight risk | Financial Times
Abraaj founder Naqvi refused bail on flight risk | Financial Times:
The founder of collapsed private equity group Abraaj was refused bail by a London court on Friday in the latest stage of his battle to fight extradition to the US on fraud charges.
Arif Naqvi is facing allegations that he defrauded investors by lying about the financial health of Dubai-based Abraaj, which was one of the largest emerging market private equity groups.
The 58-year-old, who is accused of inflating the value of the company’s funds and diverting millions of dollars for personal gain, has been held in a UK prison since being arrested at Heathrow airport on April 10.
The founder of collapsed private equity group Abraaj was refused bail by a London court on Friday in the latest stage of his battle to fight extradition to the US on fraud charges.
Arif Naqvi is facing allegations that he defrauded investors by lying about the financial health of Dubai-based Abraaj, which was one of the largest emerging market private equity groups.
The 58-year-old, who is accused of inflating the value of the company’s funds and diverting millions of dollars for personal gain, has been held in a UK prison since being arrested at Heathrow airport on April 10.
With Asda deal dead, Sainsbury's looks to revive sales - Reuters #Qatar
With Asda deal dead, Sainsbury's looks to revive sales - Reuters:
With Sainsbury’s dream of creating Britain’s biggest supermarket group in tatters, its chastened CEO Mike Coupe needs to reassure investors he has the plan to arrest a sales decline when he presents annual results next week.
Britain’s competition regulator blocked Sainsbury’s 7.3 billion pound ($9.4 billion) takeover of Walmart’s Asda on Thursday, saying the deal would increase prices. Sainsbury’s shares fell 5 percent and are down 22 percent over the last three months.
For Sainsbury’s fourth quarter to March 9 analysts are on average forecasting a 1.6 percent fall in like-for-like sales, which would follow 1.1 percent decline over the Christmas period.
With Sainsbury’s dream of creating Britain’s biggest supermarket group in tatters, its chastened CEO Mike Coupe needs to reassure investors he has the plan to arrest a sales decline when he presents annual results next week.
Britain’s competition regulator blocked Sainsbury’s 7.3 billion pound ($9.4 billion) takeover of Walmart’s Asda on Thursday, saying the deal would increase prices. Sainsbury’s shares fell 5 percent and are down 22 percent over the last three months.
For Sainsbury’s fourth quarter to March 9 analysts are on average forecasting a 1.6 percent fall in like-for-like sales, which would follow 1.1 percent decline over the Christmas period.
Oil sink 3% as Trump again pressures OPEC to lower crude prices - Reuters
Oil sink 3% as Trump again pressures OPEC to lower crude prices - Reuters:
Oil prices fell 3% on Friday after U.S. President Donald Trump again pressured the Organization of the Petroleum Exporting Countries to raise crude production to ease gasoline prices.
Profit-taking from the oil market’s strongest bull run in at least a year also pushed prices through technical stops which accelerated the decline, analysts said.
Brent crude futures settled at $72.15 a barrel, down $2.20, or 3 percent. West Texas Intermediate crude ended at $63.30 a barrel, down $1.91, or 2.9 percent.
Brent was flat on the week after rallying for four weeks in a row. WTI saw a 1.2 percent weekly loss, breaking its six-week bull run.
Oil prices fell 3% on Friday after U.S. President Donald Trump again pressured the Organization of the Petroleum Exporting Countries to raise crude production to ease gasoline prices.
Profit-taking from the oil market’s strongest bull run in at least a year also pushed prices through technical stops which accelerated the decline, analysts said.
Brent crude futures settled at $72.15 a barrel, down $2.20, or 3 percent. West Texas Intermediate crude ended at $63.30 a barrel, down $1.91, or 2.9 percent.
Brent was flat on the week after rallying for four weeks in a row. WTI saw a 1.2 percent weekly loss, breaking its six-week bull run.
Oil extends decline to over 3% after Trump Opec comments | Financial Times
Oil extends decline to over 3% after Trump Opec comments | Financial Times:
Oil accelerated its decline to over 3 per cent on Friday after US president Donald Trump said he had called Opec to demand that the cartel brings down prices.
“I called up Opec, I said you’ve got to bring them down. You’ve got to bring them down,” Mr Trump told reporters, according to Reuters.
Brent crude, the international oil benchmark, fell by $2.32 a barrel — or 3.1 per cent — to $72.08. West Texas Intermediate, the US marker, fell by $2.20 a barrel — or 3.4 per cent — to $63.12.
Oil accelerated its decline to over 3 per cent on Friday after US president Donald Trump said he had called Opec to demand that the cartel brings down prices.
“I called up Opec, I said you’ve got to bring them down. You’ve got to bring them down,” Mr Trump told reporters, according to Reuters.
Brent crude, the international oil benchmark, fell by $2.32 a barrel — or 3.1 per cent — to $72.08. West Texas Intermediate, the US marker, fell by $2.20 a barrel — or 3.4 per cent — to $63.12.
Trump's Widening OPEC Fight Puts Saudi Oil Capacity in Spotlight - Bloomberg
Trump's Widening OPEC Fight Puts Saudi Oil Capacity in Spotlight - Bloomberg:
The biggest threat to President Donald Trump’s hopes for low gasoline prices is his growing entanglement in the politics of OPEC nations.
The White House plans to choke off oil exports from Iran without triggering a spike in prices largely by getting Saudi Arabia, the only OPEC member with significant spare capacity, to make up the shortfall. Yet his parallel interventions in Venezuela and, more recently, Libya could test the kingdom’s ability to deal with further disruptions.
Crude prices have already climbed almost 40 percent this year, hitting $75 a barrel in London this week for the first time in six months. If reserve output is exhausted by multiple supply crises, it could surge to levels that hurt the global economy.
The biggest threat to President Donald Trump’s hopes for low gasoline prices is his growing entanglement in the politics of OPEC nations.
The White House plans to choke off oil exports from Iran without triggering a spike in prices largely by getting Saudi Arabia, the only OPEC member with significant spare capacity, to make up the shortfall. Yet his parallel interventions in Venezuela and, more recently, Libya could test the kingdom’s ability to deal with further disruptions.
Crude prices have already climbed almost 40 percent this year, hitting $75 a barrel in London this week for the first time in six months. If reserve output is exhausted by multiple supply crises, it could surge to levels that hurt the global economy.
Oil Ends Week With a Slump Despite Russia Pipeline Outage - Bloomberg
Oil Ends Week With a Slump Despite Russia Pipeline Outage - Bloomberg:
Oil fell, paring an eighth weekly advance, even as supplies stopped flowing through a major Russian pipeline to Europe.
Futures in New York lost as much as 1.4 percent, while Brent also fell.
Futures in London had spiked briefly above $75 a barrel on Thursday as Russian flows were halted after customers complained of impurities. Prices have since failed to extend gains as investors wait to see how long the outage will last.
Oil fell, paring an eighth weekly advance, even as supplies stopped flowing through a major Russian pipeline to Europe.
Futures in New York lost as much as 1.4 percent, while Brent also fell.
Futures in London had spiked briefly above $75 a barrel on Thursday as Russian flows were halted after customers complained of impurities. Prices have since failed to extend gains as investors wait to see how long the outage will last.
Mubadala Investment launches $1bln fund: #AbuDhabi Catalyst Partners | ZAWYA MENA Edition
Mubadala Investment launches $1bln fund: Abu Dhabi Catalyst Partners | ZAWYA MENA Edition:
Abu Dhabi Global Market, the International Financial Centre will be home to a newly established $1 billion fund: Abu Dhabi Catalyst Partners.
The new enterprise will pursue opportunities that satisfy a mandate of establishing a hub for pioneering companies to locate at ADGM, to generate attractive returns while having a positive impact on the ADGM ecosystem.
Abu Dhabi Catalyst Partners seeks to realise commercial returns by partnering with top tier and up-and -coming investment firms and industry-leading businesses and professionals who will benefit from building a meaningful and sustainable presence in Abu Dhabi Global Market.
Abu Dhabi Global Market, the International Financial Centre will be home to a newly established $1 billion fund: Abu Dhabi Catalyst Partners.
The new enterprise will pursue opportunities that satisfy a mandate of establishing a hub for pioneering companies to locate at ADGM, to generate attractive returns while having a positive impact on the ADGM ecosystem.
Abu Dhabi Catalyst Partners seeks to realise commercial returns by partnering with top tier and up-and -coming investment firms and industry-leading businesses and professionals who will benefit from building a meaningful and sustainable presence in Abu Dhabi Global Market.
#Qatar emerges as front-runner for long-term LNG deal for Pakistan - Reuters
Qatar emerges as front-runner for long-term LNG deal for Pakistan - Reuters:
Qatar has emerged as the front-runner for a long-term gas supply deal to Pakistan, a senior Pakistani official said on Friday, with the cabinet of Prime Minister Imran Khan set to decide in the coming weeks on an agreement.
Pakistan, with 208 million people, is running out of domestic gas and has turned to liquefied natural gas (LNG) imports to alleviate chronic energy shortages that have hindered its economy and led to a decade of electricity blackouts.
Qatar is already Pakistan’s biggest gas supplier after signing a 15-year agreement to export up to 3.75 million tonnes of LNG a year to the South Asian country. That 2016 deal supplied Pakistan’s first LNG terminal.
Qatar has emerged as the front-runner for a long-term gas supply deal to Pakistan, a senior Pakistani official said on Friday, with the cabinet of Prime Minister Imran Khan set to decide in the coming weeks on an agreement.
Pakistan, with 208 million people, is running out of domestic gas and has turned to liquefied natural gas (LNG) imports to alleviate chronic energy shortages that have hindered its economy and led to a decade of electricity blackouts.
Qatar is already Pakistan’s biggest gas supplier after signing a 15-year agreement to export up to 3.75 million tonnes of LNG a year to the South Asian country. That 2016 deal supplied Pakistan’s first LNG terminal.
Backstory: Tracking Africa’s smuggled gold - Reuters #Dubai #UAE
Backstory: Tracking Africa’s smuggled gold - Reuters:
It took Reuters journalists a few days of research to work out that the numbers coming out of Africa’s vast gold trade did not add up.
It then took almost another 15 months - and the contributions of colleagues and analysts across the world - to show how those discrepancies pointed to a vast web of smuggling operations, reaching from the pit mines of the Democratic Republic of Congo across the continent to the Gulf.
Reuters has now published the first results of all that work – an exclusive report on the billions of dollars' worth of gold spirited out of Africa every year through the United Arab Emirates, a gateway to markets in Europe, the United States and beyond. (here)
It took Reuters journalists a few days of research to work out that the numbers coming out of Africa’s vast gold trade did not add up.
It then took almost another 15 months - and the contributions of colleagues and analysts across the world - to show how those discrepancies pointed to a vast web of smuggling operations, reaching from the pit mines of the Democratic Republic of Congo across the continent to the Gulf.
Reuters has now published the first results of all that work – an exclusive report on the billions of dollars' worth of gold spirited out of Africa every year through the United Arab Emirates, a gateway to markets in Europe, the United States and beyond. (here)
Russia's Sechin says no threat for now of global oil deficit - Reuters
Russia's Sechin says no threat for now of global oil deficit - Reuters:
Russia’s Rosneft does not see tougher U.S. sanctions on Iran resulting in a global oil deficit in the second and third quarters of 2019, the Russian oil giant’s CEO Igor Sechin said on Friday.
Asked whether Russia should gradually withdraw from a supply cut agreement with OPEC, Sechin pointed to U.S. Secretary of State Mike Pompeo’s statement saying that any drop in Iran’s supplies would be offset by exports from Saudi Arabia and the United Arab Emirates.
Russia’s Rosneft does not see tougher U.S. sanctions on Iran resulting in a global oil deficit in the second and third quarters of 2019, the Russian oil giant’s CEO Igor Sechin said on Friday.
Asked whether Russia should gradually withdraw from a supply cut agreement with OPEC, Sechin pointed to U.S. Secretary of State Mike Pompeo’s statement saying that any drop in Iran’s supplies would be offset by exports from Saudi Arabia and the United Arab Emirates.
#Saudi, #UAE overstate their oil capacities: Iran oil minister - Reuters
Saudi, UAE overstate their oil capacities: Iran oil minister - Reuters:
Iranian Oil Minister Bijan Zanganeh said Saudi Arabia and the United Arab Emirates overstate their oil capacities, Iran’s state news agency IRNA reported on Friday.
The comments were in reaction to expectations the two countries would fill any supply gap caused by a tightening of U.S. sanctions on Iran.
Washington has decided not to renew its exemptions from U.S. sanctions to buyers of Iranian oil. A senior U.S. administration official said on Monday that President Donald Trump was confident Saudi Arabia and the United Arab Emirates would fill any gap left in the oil market.
Iranian Oil Minister Bijan Zanganeh said Saudi Arabia and the United Arab Emirates overstate their oil capacities, Iran’s state news agency IRNA reported on Friday.
The comments were in reaction to expectations the two countries would fill any supply gap caused by a tightening of U.S. sanctions on Iran.
Washington has decided not to renew its exemptions from U.S. sanctions to buyers of Iranian oil. A senior U.S. administration official said on Monday that President Donald Trump was confident Saudi Arabia and the United Arab Emirates would fill any gap left in the oil market.
Oil set to extend long run of weekly gains in tense global market - Reuters
Oil set to extend long run of weekly gains in tense global market - Reuters:
Oil prices dipped on Friday on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a hardening of sanctions on Tehran by the United States.
Still, prices are on course for the longest run of weekly gains in years, as oil markets have tightened amid supply disruptions and rising geopolitical concerns, especially over the tensions between the United States and Iran.
Brent crude futures were at $74.18 per barrel at 0505 GMT, down 17 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $64.89 per barrel, down 32 cents, or 0.5 percent.
Oil prices dipped on Friday on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a hardening of sanctions on Tehran by the United States.
Still, prices are on course for the longest run of weekly gains in years, as oil markets have tightened amid supply disruptions and rising geopolitical concerns, especially over the tensions between the United States and Iran.
Brent crude futures were at $74.18 per barrel at 0505 GMT, down 17 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $64.89 per barrel, down 32 cents, or 0.5 percent.
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