Deloitte Dubai may have understated Abraaj’s misuse of $300m of funds - The National:
Abraaj allegedly misused as much as $300 million (Dh1.1 billion) in one of its funds and Deloitte’s Dubai office may have understated the scale of unauthorised practice by the private equity company in a review it conducted, according to a memo from a Cayman Islands law firm.
“An estimate provided by Deloitte Dubai and subsequently adopted by the AIML JPLs [Abraaj Investment Management Limited’s joint provisional liquidators who are Deloitte UK]…may well understate the true extent of the unauthorised use of APEF IV’s funds,” the Grand Cayman office of the law firm Ogier said in a March 1 memorandum sent to Abraaj and its directors that was seen by The National.
“It appears from initial investigations that the unauthorised use of APEF IV’s [Abraaj Private Equity Fund IV] funds occurred in the latter half of 2017 or early 2018,” Ogier, which was appointed by the investors in APEF IV, also known as Abraaj’s Fund 4 or Fund IV, said.
Tuesday 14 May 2019
India’s Jet Airways slumps following Etihad bid report
India’s Jet Airways slumps following Etihad bid report:
Shares of Jet Airways Ltd. fell as much as 11.4 percent on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier.
Etihad, which owns a stake of about 24 percent in Jet, submitted a bid for the airline, representatives of the State Bank of India (SBI) unit overseeing the sale of the stricken carrier said on Friday.
That had raised hopes of a bailout for cash-strapped Jet, which has about $1.2 billion in bank debt.
Shares of Jet Airways Ltd. fell as much as 11.4 percent on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier.
Etihad, which owns a stake of about 24 percent in Jet, submitted a bid for the airline, representatives of the State Bank of India (SBI) unit overseeing the sale of the stricken carrier said on Friday.
That had raised hopes of a bailout for cash-strapped Jet, which has about $1.2 billion in bank debt.
Qatargas achieves milestone with 10,000th ship loading by Qatargas RLTO - The Peninsula Qatar
Qatargas achieves milestone with 10,000th ship loading by Qatargas RLTO - The Peninsula Qatar:
Qatargas Ras Laffan Terminal Operations (RLTO) has safely loaded the 10,000th cargo shipment of non-LNG product in Ras Laffan Industrial City (RLIC).
Since starting operations in 2006, Qatargas has loaded more than four billion barrels of product to customers all over the world. With demand continuing to grow for the vast array of products produced in RLIC, RLTO is entrusted to handle approximately one million barrels of oil equivalent of product every single day.
To celebrate this important milestone, a ceremony was held onboard the receiving vessel – the LPG Tanker ‘Serjeant’. Ahmad Helal Al-Mohannadi, Chief Operating Officer – North, Fahad Al-Khater, Chief Operating Officer – South, Abdullah Khalid Idris, Qatargas RLTO Manager, and other senior Qatargas officials attended the ceremony alongside senior officials from the Ras Laffan Port.
Qatargas Ras Laffan Terminal Operations (RLTO) has safely loaded the 10,000th cargo shipment of non-LNG product in Ras Laffan Industrial City (RLIC).
Since starting operations in 2006, Qatargas has loaded more than four billion barrels of product to customers all over the world. With demand continuing to grow for the vast array of products produced in RLIC, RLTO is entrusted to handle approximately one million barrels of oil equivalent of product every single day.
To celebrate this important milestone, a ceremony was held onboard the receiving vessel – the LPG Tanker ‘Serjeant’. Ahmad Helal Al-Mohannadi, Chief Operating Officer – North, Fahad Al-Khater, Chief Operating Officer – South, Abdullah Khalid Idris, Qatargas RLTO Manager, and other senior Qatargas officials attended the ceremony alongside senior officials from the Ras Laffan Port.
Goldman Sachs bought Commerzbank's claim in #Saudi's biggest debt saga: sources - Reuters
Goldman Sachs bought Commerzbank's claim in Saudi's biggest debt saga: sources - Reuters:
Goldman Sachs has bought a claim against The International Bank Corporation (TIBC), a Bahraini bank whose default 10 years ago triggered the biggest financial crisis in Saudi Arabia, three sources familiar with the matter said.
The U.S. investment bank bought $100 million of TIBC debt from Germany’s Commerzbank at the end of last year, two of the sources said, reflecting Goldman’s increased interest in Saudi Arabia.
Although it snubbed a Saudi investment conference last year following the disappearance of journalist Jamal Khashoggi, Goldman Sachs has since won a slew of mandates in the kingdom, including a lead role in Saudi Aramco’s debut international bond.
Goldman Sachs has bought a claim against The International Bank Corporation (TIBC), a Bahraini bank whose default 10 years ago triggered the biggest financial crisis in Saudi Arabia, three sources familiar with the matter said.
The U.S. investment bank bought $100 million of TIBC debt from Germany’s Commerzbank at the end of last year, two of the sources said, reflecting Goldman’s increased interest in Saudi Arabia.
Although it snubbed a Saudi investment conference last year following the disappearance of journalist Jamal Khashoggi, Goldman Sachs has since won a slew of mandates in the kingdom, including a lead role in Saudi Aramco’s debut international bond.
#SaudiArabia says its oil pipeline was hit by drones
Saudi Arabia says its oil pipeline was hit by drones:
An oil pipeline that runs across Saudi Arabia was hit Tuesday by drones, the Saudi energy minister said, as regional tensions flared just days after what the kingdom called an attack on two of its oil tankers in the Persian Gulf.
While both U.S. President Donald Trump and Iran’s Supreme Leader Ayatollah Ali Khamenei said they were not planning for conflict, the volatility was felt in oil markets with benchmark Brent crude trading over $71 a barrel, up more than $1 on the day.
The pipeline that runs from the kingdom’s oil-rich Eastern Province to a Red Sea port was shut down, but Saudi Energy Minister Khalid al-Falih Al-Falih vowed that the production and export of Saudi oil would not be interrupted.
An oil pipeline that runs across Saudi Arabia was hit Tuesday by drones, the Saudi energy minister said, as regional tensions flared just days after what the kingdom called an attack on two of its oil tankers in the Persian Gulf.
While both U.S. President Donald Trump and Iran’s Supreme Leader Ayatollah Ali Khamenei said they were not planning for conflict, the volatility was felt in oil markets with benchmark Brent crude trading over $71 a barrel, up more than $1 on the day.
The pipeline that runs from the kingdom’s oil-rich Eastern Province to a Red Sea port was shut down, but Saudi Energy Minister Khalid al-Falih Al-Falih vowed that the production and export of Saudi oil would not be interrupted.
#UAE's Finablr cuts IPO price in volatile markets - Reuters
UAE's Finablr cuts IPO price in volatile markets - Reuters:
United Arab Emirates-based Finablr had to cut the price on its initial public offering as the payments and foreign exchange company faced weak investor demand in jittery markets which also rocked ride-hailing app Uber’s Wall Street debut.
Finablr was priced at 175 pence per share, the bookrunner said on Tuesday, significantly below an initially anticipated 210-260 pence range, giving the company an implied market value of about 1.23 billion pounds ($1.59 billion).
Books were covered at full value of the deal worth 192.5 million shares, according to a message seen by Reuters from a bookrunner, which means the share offering will raise about 337 million pounds.
United Arab Emirates-based Finablr had to cut the price on its initial public offering as the payments and foreign exchange company faced weak investor demand in jittery markets which also rocked ride-hailing app Uber’s Wall Street debut.
Finablr was priced at 175 pence per share, the bookrunner said on Tuesday, significantly below an initially anticipated 210-260 pence range, giving the company an implied market value of about 1.23 billion pounds ($1.59 billion).
Books were covered at full value of the deal worth 192.5 million shares, according to a message seen by Reuters from a bookrunner, which means the share offering will raise about 337 million pounds.
Oil prices rise over 1% on drone attack on Saudi Aramco facilities - Reuters
Oil prices rise over 1% on drone attack on Saudi Aramco facilities - Reuters:
Oil prices rose over 1% on Tuesday after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni-armed movement aligned to Iran had attacked facilities belonging to state oil company Aramco.
That move higher comes as the market waits for a report from the American Petroleum Institute (API), an industry group, which is expected to show U.S. crude stockpiles fell by 800,000 barrels last week, their second decline in a row, according to analysts in a Reuters poll. [EIA/S]
The poll was conducted ahead of weekly reports from API at 4:30 p.m. EDT (2030 GMT) on Tuesday and the U.S. Energy Information Administration (EIA) at 10:30 a.m. EDT on Wednesday.
Brent futures gained $1.01, or 1.4 percent, to settle at $71.24 a barrel, while U.S. West Texas Intermediate crude gained 74 cents, or 1.2 percent, to $61.78.
Oil prices rose over 1% on Tuesday after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni-armed movement aligned to Iran had attacked facilities belonging to state oil company Aramco.
That move higher comes as the market waits for a report from the American Petroleum Institute (API), an industry group, which is expected to show U.S. crude stockpiles fell by 800,000 barrels last week, their second decline in a row, according to analysts in a Reuters poll. [EIA/S]
The poll was conducted ahead of weekly reports from API at 4:30 p.m. EDT (2030 GMT) on Tuesday and the U.S. Energy Information Administration (EIA) at 10:30 a.m. EDT on Wednesday.
Brent futures gained $1.01, or 1.4 percent, to settle at $71.24 a barrel, while U.S. West Texas Intermediate crude gained 74 cents, or 1.2 percent, to $61.78.
#Dubai Stocks Shift From World's Worst to Best in Just 24 Hours - Bloomberg
Dubai Stocks Shift From World's Worst to Best in Just 24 Hours - Bloomberg:
Investors in Dubai’s equities might be feeling whiplash after the main index went from the day’s worst performer worldwide to the biggest gainer in back-to-back sessions, in response to shifting news on regional tensions and local stocks’ presence in global benchmarks.
The DFM General Index advanced 3.5% Tuesday, gaining more than any other major market tracked by Bloomberg and almost fully erasing a loss of 4% the previous day. The Monday slump followed a “sabotage attack” that damaged two Saudi oil tankers sailing toward the Persian Gulf, on top of U.S. trade war stress that’s hurting investor sentiment globally.
The Tuesday revival was sparked by MSCI Inc.’s retention of two Dubai property companies in its main emerging-market stock gauges, preventing eventual fund outflows. Emaar Malls PJSC and Emaar Development PJSC, which were both expected to be kicked out in a review by MSCI, jumped 14% and 8.1% respectively on Tuesday.
Investors in Dubai’s equities might be feeling whiplash after the main index went from the day’s worst performer worldwide to the biggest gainer in back-to-back sessions, in response to shifting news on regional tensions and local stocks’ presence in global benchmarks.
The DFM General Index advanced 3.5% Tuesday, gaining more than any other major market tracked by Bloomberg and almost fully erasing a loss of 4% the previous day. The Monday slump followed a “sabotage attack” that damaged two Saudi oil tankers sailing toward the Persian Gulf, on top of U.S. trade war stress that’s hurting investor sentiment globally.
The Tuesday revival was sparked by MSCI Inc.’s retention of two Dubai property companies in its main emerging-market stock gauges, preventing eventual fund outflows. Emaar Malls PJSC and Emaar Development PJSC, which were both expected to be kicked out in a review by MSCI, jumped 14% and 8.1% respectively on Tuesday.
#Saudi Pipeline Attack Highlights Risk to Middle East Oil Exports - Bloomberg
Saudi Pipeline Attack Highlights Risk to Middle East Oil Exports - Bloomberg:
The Yemeni rebel drone attack that forced Saudi Arabia to temporarily shut its main cross-country oil link highlights risks to crude exports from the Persian Gulf as U.S. efforts to eliminate Iran’s oil exports inflame regional tensions.
Why does the attack matter?
State oil giant Saudi Aramco is the world’s largest crude exporter, and Saudi Arabia sees its role in global oil markets as helping to balance supply and demand and cushioning against price spikes. Most of the country’s roughly 7 million barrels of daily crude sales are shipped from ports on the Persian Gulf and onward through the narrow Strait of Hormuz.
The Yemeni rebel drone attack that forced Saudi Arabia to temporarily shut its main cross-country oil link highlights risks to crude exports from the Persian Gulf as U.S. efforts to eliminate Iran’s oil exports inflame regional tensions.
Why does the attack matter?
State oil giant Saudi Aramco is the world’s largest crude exporter, and Saudi Arabia sees its role in global oil markets as helping to balance supply and demand and cushioning against price spikes. Most of the country’s roughly 7 million barrels of daily crude sales are shipped from ports on the Persian Gulf and onward through the narrow Strait of Hormuz.
Exclusive: #Saudi's Sipchem, Sahara to seek deals in U.S. and Asia after merger - Reuters
Exclusive: Saudi's Sipchem, Sahara to seek deals in U.S. and Asia after merger - Reuters:
Saudi International Petrochemical Co (Sipchem) and Sahara Petrochemical plan to target acquisitions and joint ventures in the United States and Asia when their merger is completed in order to expand market reach, top executives said.
The new entity, Sahara International Petrochemical Company, will have combined assets worth more than 22 billion riyals ($5.9 billion), ranking second after the kingdom’s biggest petrochemicals firm, Saudi Basic Industries (SABIC).
“Combining Sipchem and Sahara will create an integrated petrochemical leader with an improved competitive position in Saudi Arabia and globally,” said Sahara CEO Saleh Bahamdan, who will also be CEO of the new entity.
Saudi International Petrochemical Co (Sipchem) and Sahara Petrochemical plan to target acquisitions and joint ventures in the United States and Asia when their merger is completed in order to expand market reach, top executives said.
The new entity, Sahara International Petrochemical Company, will have combined assets worth more than 22 billion riyals ($5.9 billion), ranking second after the kingdom’s biggest petrochemicals firm, Saudi Basic Industries (SABIC).
“Combining Sipchem and Sahara will create an integrated petrochemical leader with an improved competitive position in Saudi Arabia and globally,” said Sahara CEO Saleh Bahamdan, who will also be CEO of the new entity.
#UAE's Finablr IPO priced at 175 pence per share- bookrunner - Reuters
UAE's Finablr IPO priced at 175 pence per share- bookrunner - Reuters:
Finablr’s London market debut had a revised price tag of 175 pence per share, the bookrunner said, giving the United Arab Emirates-based payments and foreign exchange company an implied market value of about 1.23 billion pounds ($1.59 billion).
The full deal size of 192.5 million for the initial public offering (IPO) includes a revised base deal size of 175 million shares and 17.5 million of over-allotment option shares, the bookrunner said on Tuesday.
Finablr has extended the closing of books for its initial public offering to May 14 due to volatile market conditions, two sources familiar with the deal told Reuters on Monday.
Finablr’s London market debut had a revised price tag of 175 pence per share, the bookrunner said, giving the United Arab Emirates-based payments and foreign exchange company an implied market value of about 1.23 billion pounds ($1.59 billion).
The full deal size of 192.5 million for the initial public offering (IPO) includes a revised base deal size of 175 million shares and 17.5 million of over-allotment option shares, the bookrunner said on Tuesday.
Finablr has extended the closing of books for its initial public offering to May 14 due to volatile market conditions, two sources familiar with the deal told Reuters on Monday.
Oil prices jump on drone attack on #Saudi Aramco facilities - Reuters
Oil prices jump on drone attack on Saudi Aramco facilities - Reuters:
Oil prices rose nearly 2% on Tuesday after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni-armed movement aligned to Iran had attacked facilities belonging to state oil company Aramco.
Brent futures were up $1.13, or 1.6%, at $71.36 a barrel by 11:26 a.m. EDT (1526 GMT), while U.S. West Texas Intermediate crude was up 85 cents, or 1.4%, at $61.89 per barrel.
Oil prices rose nearly 2% on Tuesday after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni-armed movement aligned to Iran had attacked facilities belonging to state oil company Aramco.
Brent futures were up $1.13, or 1.6%, at $71.36 a barrel by 11:26 a.m. EDT (1526 GMT), while U.S. West Texas Intermediate crude was up 85 cents, or 1.4%, at $61.89 per barrel.
MIDEAST STOCKS- #Saudi market edges higher in choppy trade after drone attacks - Reuters
MIDEAST STOCKS-Saudi market edges higher in choppy trade after drone attacks - Reuters:
Saudi Arabia's stock market was choppy on Tuesday after
an announcement by the government on armed drones attacking oil pumping stations
in Riyadh wiped out early gains.
Saudi stocks nudged higher, then went into reverse and closed up
just 0.1 percent. The index fell as much as 2.1% after Saudi Arabia said drones
had struck oil pumping stations two days after Saudi oil tankers were sabotaged
off the coast of the United Arab Emirates.
Shares rose 2% in early deals after falling nearly 3.6% on Monday.
Saudi Arabia's stock market was choppy on Tuesday after
an announcement by the government on armed drones attacking oil pumping stations
in Riyadh wiped out early gains.
Saudi stocks nudged higher, then went into reverse and closed up
just 0.1 percent. The index fell as much as 2.1% after Saudi Arabia said drones
had struck oil pumping stations two days after Saudi oil tankers were sabotaged
off the coast of the United Arab Emirates.
Shares rose 2% in early deals after falling nearly 3.6% on Monday.
All countries must stop sabre-rattling in the Gulf | Financial Times
All countries must stop sabre-rattling in the Gulf | Financial Times:
An attack on Saudi oil tankers in the Gulf would be a matter of serious concern at any time. But coming just at the moment when the Trump administration and Iran have been ramping up their rhetoric against each other, Riyadh’s claim that two of its vessels were targeted by “sabotage” that caused “significant damage” underlines the risk of a dangerous escalation in the region.
Saudi Arabia said the tankers were attacked on Sunday off the coast of Fujairah, one of the seven city states that make up the United Arab Emirates. They were among four commercial ships the UAE said were sabotaged that day.
Saudi Arabia and the UAE have provided few details about the attacks, nor have they said who they believe was responsible. But both states are hostile to Iran and have been at the forefront of Donald Trump’s efforts to aggressively counter Tehran’s regional role and isolate the Islamic republic. Iran sought to distance itself from the incidents, with its foreign ministry describing the attacks as “worrisome” and “regretful”.
An attack on Saudi oil tankers in the Gulf would be a matter of serious concern at any time. But coming just at the moment when the Trump administration and Iran have been ramping up their rhetoric against each other, Riyadh’s claim that two of its vessels were targeted by “sabotage” that caused “significant damage” underlines the risk of a dangerous escalation in the region.
Saudi Arabia said the tankers were attacked on Sunday off the coast of Fujairah, one of the seven city states that make up the United Arab Emirates. They were among four commercial ships the UAE said were sabotaged that day.
Saudi Arabia and the UAE have provided few details about the attacks, nor have they said who they believe was responsible. But both states are hostile to Iran and have been at the forefront of Donald Trump’s efforts to aggressively counter Tehran’s regional role and isolate the Islamic republic. Iran sought to distance itself from the incidents, with its foreign ministry describing the attacks as “worrisome” and “regretful”.
Finablr to proceed with London IPO at reduced price | Financial Times
Finablr to proceed with London IPO at reduced price | Financial Times:
Payments group Finablr will proceed with a £306m initial public offering in London, a lower deal size than initially anticipated, after a jolt of market volatility and a grim performance by Uber in its Wall Street debut.
The owner of Travelex and UAE Exchange will float 175m shares at a price of 175p each, below the 210-260p range previously indicated, according to terms seen by the Financial Times.
“This takes into account market conditions and investor feedback,” one banker said.
Payments group Finablr will proceed with a £306m initial public offering in London, a lower deal size than initially anticipated, after a jolt of market volatility and a grim performance by Uber in its Wall Street debut.
The owner of Travelex and UAE Exchange will float 175m shares at a price of 175p each, below the 210-260p range previously indicated, according to terms seen by the Financial Times.
“This takes into account market conditions and investor feedback,” one banker said.
#SaudiArabia Says Its Oil Infrastructure Attacked By Drones - Bloomberg
Saudi Arabia Says Its Oil Infrastructure Attacked By Drones - Bloomberg:
Saudi Arabia said drones attacked one of its oil pipelines as other assaults targeted energy infrastructure elsewhere in the kingdom on Tuesday, shortly after Yemen's rebels claimed a coordinated drone attack on the Sunni power.
The assaults marked the latest incidents challenging Mideast security after the alleged sabotage of oil tankers off the coast of the United Arab Emirates earlier this week amid heightened tensions between the U.S. and Iran.
In a statement carried on the state-run Saudi Press Agency, Energy Minister Khalid al-Falih said that drones attacked a petroleum pumping station supplying a pipeline running from its oil-rich Eastern Province to the Yanbu Port on the Red Sea.
Saudi Arabia said drones attacked one of its oil pipelines as other assaults targeted energy infrastructure elsewhere in the kingdom on Tuesday, shortly after Yemen's rebels claimed a coordinated drone attack on the Sunni power.
The assaults marked the latest incidents challenging Mideast security after the alleged sabotage of oil tankers off the coast of the United Arab Emirates earlier this week amid heightened tensions between the U.S. and Iran.
In a statement carried on the state-run Saudi Press Agency, Energy Minister Khalid al-Falih said that drones attacked a petroleum pumping station supplying a pipeline running from its oil-rich Eastern Province to the Yanbu Port on the Red Sea.
MSCI Boosts China, Adds #Saudi to Emerging-Market Indexes - Bloomberg
MSCI Boosts China, Adds Saudi to Emerging-Market Indexes - Bloomberg:
Twenty-six China A shares will be added to the MSCI China Index, while 30 equities from Saudi Arabia and eight Argentine securities are set to join the MSCI Inc.’s emerging-market stocks benchmarks, in steps that could potentially draw billions of dollars of investor inflows.
MSCI, which announced the additions of Saudi Arabia and Argentina last June, said the stocks will join its indexes as of the close of trading on May 28. Argentina will account for 0.26% of the MSCI Emerging Markets index, while Saudi Arabia will have a 1.42% weight. China A shares will be left with a 1.76% weight in the broad developing-nation gauge, it said. The China gauge will have 31 additions in total, including five that are not A shares.
Kuwait stocks, which had been on the firm’s watch list for a potential upgrade, weren’t included.
Twenty-six China A shares will be added to the MSCI China Index, while 30 equities from Saudi Arabia and eight Argentine securities are set to join the MSCI Inc.’s emerging-market stocks benchmarks, in steps that could potentially draw billions of dollars of investor inflows.
MSCI, which announced the additions of Saudi Arabia and Argentina last June, said the stocks will join its indexes as of the close of trading on May 28. Argentina will account for 0.26% of the MSCI Emerging Markets index, while Saudi Arabia will have a 1.42% weight. China A shares will be left with a 1.76% weight in the broad developing-nation gauge, it said. The China gauge will have 31 additions in total, including five that are not A shares.
Kuwait stocks, which had been on the firm’s watch list for a potential upgrade, weren’t included.
Oil Rises as #SaudiArabia Reports Drone Attacks on Pump Stations - Bloomberg
Oil Rises as Saudi Arabia Reports Drone Attacks on Pump Stations - Bloomberg:
Oil rose as Saudi Arabia reported drone attacks on pumping stations, the latest escalation in Middle East tensions after tankers were hit by sabotage over the weekend.
Futures rose 0.6% in New York after falling 1% on Monday in tandem with equity markets. Unidentified drones attacked two pumping stations belonging to Saudi Aramco, forcing the state oil company to suspend operations in the area to assess what the kingdom said was “limited” damage. That follows damage to oil tankers anchored off the United Arab Emirates on Sunday.
Oil volatility has jumped this month as crude is buffeted by the specter of a full-blown trade war on the demand side, while a combustible Middle East and production disruptions from Norway to Nigeria are throwing the supply outlook into doubt. U.S. drilling activity and a pending decision by the Organization of Petroleum Exporting Countries and its allies on whether output curbs will be extended are taking a back seat to the various crises.
Oil rose as Saudi Arabia reported drone attacks on pumping stations, the latest escalation in Middle East tensions after tankers were hit by sabotage over the weekend.
Futures rose 0.6% in New York after falling 1% on Monday in tandem with equity markets. Unidentified drones attacked two pumping stations belonging to Saudi Aramco, forcing the state oil company to suspend operations in the area to assess what the kingdom said was “limited” damage. That follows damage to oil tankers anchored off the United Arab Emirates on Sunday.
Oil volatility has jumped this month as crude is buffeted by the specter of a full-blown trade war on the demand side, while a combustible Middle East and production disruptions from Norway to Nigeria are throwing the supply outlook into doubt. U.S. drilling activity and a pending decision by the Organization of Petroleum Exporting Countries and its allies on whether output curbs will be extended are taking a back seat to the various crises.
BUZZ: First Abu Dhabi Bank sees worst day in nearly a decade | ZAWYA MENA Edition
BUZZ: First Abu Dhabi Bank sees worst day in nearly a decade | ZAWYA MENA Edition:
First Abu Dhabi Bank (FAB) plunged 9.4%, to its biggest intraday loss since November 2009, after MSCI decided to maintain bank's weight in the index despite foreign ownership limit hike.
FAB's losses have been further exaggerated by volatile markets amid U.S.-China trade tensions and rise in Middle East tensions.
MSCI will maintain FAB's foreign inclusion factor at 25% in its international indexes, despite recent foreign ownership limit increase to 40% from 25%, Arqaam Capital said in a note.
First Abu Dhabi Bank (FAB) plunged 9.4%, to its biggest intraday loss since November 2009, after MSCI decided to maintain bank's weight in the index despite foreign ownership limit hike.
FAB's losses have been further exaggerated by volatile markets amid U.S.-China trade tensions and rise in Middle East tensions.
MSCI will maintain FAB's foreign inclusion factor at 25% in its international indexes, despite recent foreign ownership limit increase to 40% from 25%, Arqaam Capital said in a note.
DXB Entertainments reports wider first quarter earnings loss | ZAWYA MENA Edition
DXB Entertainments reports wider first quarter earnings loss | ZAWYA MENA Edition:
DXB Entertainments, the owner of the group of theme-parks Dubai Parks and Resorts, announced an increase in its first quarter (Q1) loss for 2019.
The company’s Q1 2019 net loss amounted to 215.71 million UAE dirhams ($58.73 million), compared to 210.42 million dirhams in Q1 2018.
Mohamad Haidar, associate director at Arqaam Capital, told Zawya by email that the wider net loss could be attributed to a drop in revenues and higher finance charges.
DXB Entertainments, the owner of the group of theme-parks Dubai Parks and Resorts, announced an increase in its first quarter (Q1) loss for 2019.
The company’s Q1 2019 net loss amounted to 215.71 million UAE dirhams ($58.73 million), compared to 210.42 million dirhams in Q1 2018.
Mohamad Haidar, associate director at Arqaam Capital, told Zawya by email that the wider net loss could be attributed to a drop in revenues and higher finance charges.
Oil prices jump on drone attack on #Saudi Aramco facilities - Reuters
Oil prices jump on drone attack on Saudi Aramco facilities - Reuters:
Oil prices rose on Tuesday after the world’s top oil exporter Saudi Arabia said explosive-laden drones had attacked two pumping stations belonging to state oil company Aramco.
Brent crude futures were at $70.79 a barrel at 1035 GMT, up 56 cents or 0.80%.
U.S. West Texas Intermediate (WTI) crude futures were at $61.35 per barrel, up 31 cents or 0.51%.
Oil prices rose on Tuesday after the world’s top oil exporter Saudi Arabia said explosive-laden drones had attacked two pumping stations belonging to state oil company Aramco.
Brent crude futures were at $70.79 a barrel at 1035 GMT, up 56 cents or 0.80%.
U.S. West Texas Intermediate (WTI) crude futures were at $61.35 per barrel, up 31 cents or 0.51%.
COLUMN-China's ramping up of tariffs on U.S. LNG means nothing, everything: Russell - Reuters
COLUMN-China's ramping up of tariffs on U.S. LNG means nothing, everything: Russell - Reuters:
China’s decision to hike import duties on U.S. liquefied natural gas (LNG) is a move that means very little for the market in the short term, but it has the potential to deliver outsized consequences the longer the levies remain in place.
As part of its latest round of retaliatory tariffs on U.S. imports, Beijing increased the duty on LNG shipments from 10 percent to 25 percent.
This will make it even more uneconomic for Chinese buyers to purchase LNG cargoes from the United States. The 10 percent tariff put in place last year has already devastated the trade, with China’s imports of the fuel dropping sharply.
China’s decision to hike import duties on U.S. liquefied natural gas (LNG) is a move that means very little for the market in the short term, but it has the potential to deliver outsized consequences the longer the levies remain in place.
As part of its latest round of retaliatory tariffs on U.S. imports, Beijing increased the duty on LNG shipments from 10 percent to 25 percent.
This will make it even more uneconomic for Chinese buyers to purchase LNG cargoes from the United States. The 10 percent tariff put in place last year has already devastated the trade, with China’s imports of the fuel dropping sharply.
REFILE- #UAE's Aldar Properties Q1 profit drops, plans $749 mln capex in 2019 - Reuters
REFILE-UAE's Aldar Properties Q1 profit drops, plans $749 mln capex in 2019 - Reuters:
Aldar Properties, the largest property developer in Abu Dhabi, plans capital expenditure of 2.75 billion dirhams ($749 million) in 2019, its chief financial officer said after the company reported a 17.3% drop in first-quarter profit.
The state-linked builder of Abu Dhabi’s Formula One circuit made a net profit attributable to owners of 553 million dirhams in the three months to March 31, it said on Tuesday. That compared with a net profit attributable to owners of 669.5 million dirhams in the same period a year earlier.
SICO estimated a first-quarter profit of 546.61 million dirhams for Aldar, while EFG Hermes’ estimate was for 600 million dirhams.
The lower net profit was partly dented by impairments and writedowns that almost doubled. Revenue totalled 1.77 billion dirhams in first quarter compared with 1.5 billion dirhams a year earlier. Aldar’s spending in 2019 is earmarked for residential and some commercial projects, said Chief Financial Officer Greg Fewer on a media call.
Aldar Properties, the largest property developer in Abu Dhabi, plans capital expenditure of 2.75 billion dirhams ($749 million) in 2019, its chief financial officer said after the company reported a 17.3% drop in first-quarter profit.
The state-linked builder of Abu Dhabi’s Formula One circuit made a net profit attributable to owners of 553 million dirhams in the three months to March 31, it said on Tuesday. That compared with a net profit attributable to owners of 669.5 million dirhams in the same period a year earlier.
SICO estimated a first-quarter profit of 546.61 million dirhams for Aldar, while EFG Hermes’ estimate was for 600 million dirhams.
The lower net profit was partly dented by impairments and writedowns that almost doubled. Revenue totalled 1.77 billion dirhams in first quarter compared with 1.5 billion dirhams a year earlier. Aldar’s spending in 2019 is earmarked for residential and some commercial projects, said Chief Financial Officer Greg Fewer on a media call.
UPDATE 1-Asia's spot oil prices rise to multi-year highs on tight supply - Reuters
UPDATE 1-Asia's spot oil prices rise to multi-year highs on tight supply - Reuters:
Prices of Middle East and Russian spot crude grades sold in Asia hit multi-year highs as Asian oil buyers snapped up cargoes amid tighter supplies, trade sources said on Tuesday.
U.S. sanctions on Iran and Venezuela, disruptions of Russian oil flows in Europe and maintenance at oilfields in the Atlantic Basin and Asia have tightened global supplies and boosted Asia’s demand for spot cargoes, they said.
Japan’s Fuji Oil bought a July-loading Murban crude cargo at a premium just under $1 a barrel to its official selling price (OSP), the highest premium for the grade since 2015.
Prices of Middle East and Russian spot crude grades sold in Asia hit multi-year highs as Asian oil buyers snapped up cargoes amid tighter supplies, trade sources said on Tuesday.
U.S. sanctions on Iran and Venezuela, disruptions of Russian oil flows in Europe and maintenance at oilfields in the Atlantic Basin and Asia have tightened global supplies and boosted Asia’s demand for spot cargoes, they said.
Japan’s Fuji Oil bought a July-loading Murban crude cargo at a premium just under $1 a barrel to its official selling price (OSP), the highest premium for the grade since 2015.
MIDEAST STOCKS- #SaudiArabia rebounds following deep sell-off, FAB weighs on #AbuDhabi - Reuters
MIDEAST STOCKS-Saudi Arabia rebounds following deep sell-off, FAB weighs on Abu Dhabi - Reuters:
Saudi Arabia’s stock index rose on Tuesday, rebounding after a sell-off triggered by news of oil tankers being attacked off the coast of the United Arab Emirates, while Abu Dhabi dropped to its worst day in more than three years, pressured by First Abu Dhabi Bank.
Saudi Arabia’s stock market edged 1.5% higher a day after its shares fell nearly 3.6% after Riyadh said two of its oil tankers were among the vessels hit in the attacks.
Some stocks on the index gained following the index provider, MSCI’s decision to add 30 Saudi Arabian securities, that would represent an aggregate weight of 1.42% in the MSCI Emerging Markets Index.
Saudi Arabia’s stock index rose on Tuesday, rebounding after a sell-off triggered by news of oil tankers being attacked off the coast of the United Arab Emirates, while Abu Dhabi dropped to its worst day in more than three years, pressured by First Abu Dhabi Bank.
Saudi Arabia’s stock market edged 1.5% higher a day after its shares fell nearly 3.6% after Riyadh said two of its oil tankers were among the vessels hit in the attacks.
Some stocks on the index gained following the index provider, MSCI’s decision to add 30 Saudi Arabian securities, that would represent an aggregate weight of 1.42% in the MSCI Emerging Markets Index.
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