Top Deutsche Bank Investors Focusing Discontent on Chairman - Bloomberg:
Some top Deutsche Bank AG investors are growing increasingly dissatisfied with supervisory board Chairman Paul Achleitner.
Representatives of the Qatari royal family, Cerberus Capital Management and HNA Group have internally discussed pushing for Achleitner’s exit before his term expires in 2022, according to people with knowledge of the matter. While the shareholders have voiced their frustrations among themselves, it’s unclear how they’ll vote at the bank’s annual general meeting on Thursday.
The deliberations add to signs that Deutsche Bank will face tough questions when investors and management convene at what’s shaping up to be one of the most tense gatherings of the season. The biggest shareholder advisory firms are recommending to vote against last year’s actions by the supervisory and management boards -- a rejection that would amount to an embarrassing vote of no confidence but wouldn’t force leaders to step down.
Tuesday, 21 May 2019
Russia Oil Sales to U.S. Seen `on Steroids' Amid Sanctions - Bloomberg
Russia Oil Sales to U.S. Seen `on Steroids' Amid Sanctions - Bloomberg:
Petroleum exports from Russia to the U.S. are growing rapidly as the supplier takes advantage of lost deliveries from sanctions-hit Venezuela and supply cuts by OPEC members.
In the first half of May, 13 ships from Russia delivered almost 5 million barrels of crude and oil products, according to a report by Caracas Capital Markets managing partner Russ Dallen. More supplies are en route, with American refiners set to triple their monthly intake of Russian crude, the largest foreign producer outside of OPEC. "Lately, Russian shipments coming to the U.S. seem to be on steroids."
Petroleum exports from Russia to the U.S. are growing rapidly as the supplier takes advantage of lost deliveries from sanctions-hit Venezuela and supply cuts by OPEC members.
In the first half of May, 13 ships from Russia delivered almost 5 million barrels of crude and oil products, according to a report by Caracas Capital Markets managing partner Russ Dallen. More supplies are en route, with American refiners set to triple their monthly intake of Russian crude, the largest foreign producer outside of OPEC. "Lately, Russian shipments coming to the U.S. seem to be on steroids."
Oil Dips as Trade Standoff Muddies Outlook for Economic Growth - Bloomberg
Oil Dips as Trade Standoff Muddies Outlook for Economic Growth - Bloomberg:
Oil closed lower amid warnings that the U.S.-China trade dispute may take an increasing toll on the economy.
U.S. oil futures fluctuated between gains and losses on Tuesday, ending the session down 0.2%. Federal Reserve Bank of Boston President Eric Rosengren said the trade standoff is adding a downside risk to the central bank’s forecasts, while the Paris-based Organization for Economic Cooperation and Development downgraded its projection for global growth.
International benchmark Brent crude, meanwhile, finished the day 0.3% higher, as fighting in Saudi Arabia and Libya and a pipeline outage in Nigeria brought more reminders of the fragile state of supplies.
Oil has traded in a narrow band around $62 a barrel this month, as investor anticipation that OPEC and its allies may extend supply curbs has given the market some upward momentum. But rising crude stockpiles in the U.S. and the breakdown in trade talks between the world’s two biggest economies has kept any rally in check.
“Given the fact that the macro environment isn’t looking spectacular, oil is doing relatively well," said Bart Melek, head of commodity strategy at Toronto’s TD Securities. “It’s very much marching to its own drumbeat here, with the supply side being supportive in the face of less risk appetite."
Oil closed lower amid warnings that the U.S.-China trade dispute may take an increasing toll on the economy.
U.S. oil futures fluctuated between gains and losses on Tuesday, ending the session down 0.2%. Federal Reserve Bank of Boston President Eric Rosengren said the trade standoff is adding a downside risk to the central bank’s forecasts, while the Paris-based Organization for Economic Cooperation and Development downgraded its projection for global growth.
International benchmark Brent crude, meanwhile, finished the day 0.3% higher, as fighting in Saudi Arabia and Libya and a pipeline outage in Nigeria brought more reminders of the fragile state of supplies.
Oil has traded in a narrow band around $62 a barrel this month, as investor anticipation that OPEC and its allies may extend supply curbs has given the market some upward momentum. But rising crude stockpiles in the U.S. and the breakdown in trade talks between the world’s two biggest economies has kept any rally in check.
“Given the fact that the macro environment isn’t looking spectacular, oil is doing relatively well," said Bart Melek, head of commodity strategy at Toronto’s TD Securities. “It’s very much marching to its own drumbeat here, with the supply side being supportive in the face of less risk appetite."
West Texas Intermediate crude for June delivery, which expires Tuesday, fell 11 cents to $62.99 a barrel on the New York Mercantile Exchange. The more actively traded July contract was down 8 cents to $63.13.
Brent for July settlement rose 21 cents to $72.18 a barrel on the London-based ICE Futures Europe exchange. The first-month contract is trading at a strong premium to the second, a structure known as backwardation that’s an indicator of tight supply. The global crude benchmark traded at a $9.05 premium to WTI for the same month.
#SaudiArabia’s cement prices to stay firm, demand to drop significantly | ZAWYA MENA Edition
Saudi Arabia’s cement prices to stay firm, demand to drop significantly | ZAWYA MENA Edition:
Demand for cement in Saudi Arabia is expected to drop sharply in the coming quarters, while sales prices will remain firm, according to a new research note by Al Rajhi Capital.
The firm said in a note seen by Zawya that it expects cement demand to fall significantly within the next two quarters "due to seasonality factors", such as Ramadan, Eid and the forthcoming summer period.
“However, we believe the current sales prices (will) remain firm as producers are now focused more on pricing rather than volume,” the note added.
Demand for cement in Saudi Arabia is expected to drop sharply in the coming quarters, while sales prices will remain firm, according to a new research note by Al Rajhi Capital.
The firm said in a note seen by Zawya that it expects cement demand to fall significantly within the next two quarters "due to seasonality factors", such as Ramadan, Eid and the forthcoming summer period.
“However, we believe the current sales prices (will) remain firm as producers are now focused more on pricing rather than volume,” the note added.
Updated: #UAE launches permanent residency visas for investors and skilled expatriates- #Dubai ruler | ZAWYA MENA Edition
Updated: UAE launches permanent residency visas for investors and skilled expatriates- Dubai ruler | ZAWYA MENA Edition:
The United Arab Emirates has launched today the permanent residency system for investors and exceptionally skilled foreigners, the ruler of Dubai and prime minister of the UAE announced today.
The permanent residency visa named the ‘Golden Card’ will be granted to investors and exceptionally competent individuals in the fields of medicine, engineering, science, and all arts, according to the official twitter of account of Sheikh Mohammed bin Rashid Al Maktoum.
The first batch of those eligible for permanent residency for a "Golden Card" in the UAE reached 6,800 investors, whose total investments reach 100 billion UAE dirhams ($273 million), according to one Arabic tweet by the ruler of Dubai.
The United Arab Emirates has launched today the permanent residency system for investors and exceptionally skilled foreigners, the ruler of Dubai and prime minister of the UAE announced today.
The permanent residency visa named the ‘Golden Card’ will be granted to investors and exceptionally competent individuals in the fields of medicine, engineering, science, and all arts, according to the official twitter of account of Sheikh Mohammed bin Rashid Al Maktoum.
The first batch of those eligible for permanent residency for a "Golden Card" in the UAE reached 6,800 investors, whose total investments reach 100 billion UAE dirhams ($273 million), according to one Arabic tweet by the ruler of Dubai.
Appetite for #SaudiArabia tested by latest jumbo loan - Reuters
Appetite for Saudi Arabia tested by latest jumbo loan - Reuters:
Saudi Arabia’s Public Investment Fund (PIF) has attracted only tepid interest in plans for its latest multibillion-dollar debt sale, banking sources say, suggesting the kingdom is losing its appeal for some lenders.
International banks have flocked to join the efforts of the the Middle East’s largest economy to reduce its reliance on oil and have continued to seek Saudi business despite Riyadh’s relations with Western allies being tested by the murder last year of journalist Jamal Khashoggi.
The Saudi government has raised nearly $60 billion in global bonds since 2016, as well as a $16 billion international loan, with a string of state entities also joining the debt bonanza, including this year’s $12 billion bond issue from oil giant Saudi Aramco.
Saudi Arabia’s Public Investment Fund (PIF) has attracted only tepid interest in plans for its latest multibillion-dollar debt sale, banking sources say, suggesting the kingdom is losing its appeal for some lenders.
International banks have flocked to join the efforts of the the Middle East’s largest economy to reduce its reliance on oil and have continued to seek Saudi business despite Riyadh’s relations with Western allies being tested by the murder last year of journalist Jamal Khashoggi.
The Saudi government has raised nearly $60 billion in global bonds since 2016, as well as a $16 billion international loan, with a string of state entities also joining the debt bonanza, including this year’s $12 billion bond issue from oil giant Saudi Aramco.
#Libya's NOC concerned about theft and lawlessness affecting oil industry - Reuters
Libya's NOC concerned about theft and lawlessness affecting oil industry - Reuters:
Libya’s state oil firm NOC is concerned about the country’s lawlessness affecting the oil industry, it said on Tuesday.
Equipment and machinery had been stolen at the headquarters at the NAGECO exploration firm, a NOC unit, it said in a statement. In another security incident a fuel truck was seized in southern Libya, it added.
Libya’s state oil firm NOC is concerned about the country’s lawlessness affecting the oil industry, it said on Tuesday.
Equipment and machinery had been stolen at the headquarters at the NAGECO exploration firm, a NOC unit, it said in a statement. In another security incident a fuel truck was seized in southern Libya, it added.
#Turkey: Where to go when the cash runs low - Reuters
Turkey: Where to go when the cash runs low - Reuters:
Turkey is struggling to support the ailing lira, which has lost more than 40% of its value over the past two years, and with foreign currency reserves running low, investors are trying to map out Ankara’s options for turning the tide.
The $850 billion economy’s potential needs are huge. Were Turkey to descend into a full-blown crisis where it was shut out of international borrowing markets, analysts estimate Ankara would have to find between $40 billion and $90 billion to avoid some kind of sovereign default.
For many economists, this is a textbook emerging market currency crisis.
Turkey is struggling to support the ailing lira, which has lost more than 40% of its value over the past two years, and with foreign currency reserves running low, investors are trying to map out Ankara’s options for turning the tide.
The $850 billion economy’s potential needs are huge. Were Turkey to descend into a full-blown crisis where it was shut out of international borrowing markets, analysts estimate Ankara would have to find between $40 billion and $90 billion to avoid some kind of sovereign default.
For many economists, this is a textbook emerging market currency crisis.
Oil steady as U.S.-Iran tensions support prices, trade war weighs - Reuters
Oil steady as U.S.-Iran tensions support prices, trade war weighs - Reuters:
Oil futures were flat on Tuesday as the prospect of U.S.-Iran tensions disrupting supply was offset by concerns that a drawn-out trade war between Washington and Beijing would weigh on crude demand.
Brent crude futures, the international benchmark for oil prices, shed 1 cent to $71.96 a barrel by 1:08 p.m. EDT (1708 GMT)
U.S. West Texas Intermediate (WTI) crude futures were down 13 cents to $62.97 a barrel, ahead of the front month contract for June delivery going off the board on Tuesday. The July contract was trading at $63.08 a barrel.
Oil futures were flat on Tuesday as the prospect of U.S.-Iran tensions disrupting supply was offset by concerns that a drawn-out trade war between Washington and Beijing would weigh on crude demand.
Brent crude futures, the international benchmark for oil prices, shed 1 cent to $71.96 a barrel by 1:08 p.m. EDT (1708 GMT)
U.S. West Texas Intermediate (WTI) crude futures were down 13 cents to $62.97 a barrel, ahead of the front month contract for June delivery going off the board on Tuesday. The July contract was trading at $63.08 a barrel.
Former Credit Suisse banker pleads guilty on Mozambique bribes | Financial Times: #AbuDhabi #UAE #Privinvest
Former Credit Suisse banker pleads guilty on Mozambique bribes | Financial Times:
A former Credit Suisse banker has pleaded guilty in the US over handling alleged kickbacks in Mozambique’s $2bn “tuna bond” scandal.
Detelina Subeva, a former vice-president at the Swiss bank’s global financing unit, entered the guilty plea on a charge of conspiracy to help launder money before a New York court on Monday.
Ms Subeva is one of three former Credit Suisse employees whom US prosecutors have indicted over an alleged scheme to loot at least $200m from loans that the bank helped arrange in 2013 for the southern African nation, one of the world’s poorest.
The prosecutors accused the trio of working with Mozambique’s former finance minister and a representative of Privinvest, an Abu Dhabi-based shipbuilder, to siphon bribes connected to the debt. The loans imploded not long after being sold on to global investors.
A former Credit Suisse banker has pleaded guilty in the US over handling alleged kickbacks in Mozambique’s $2bn “tuna bond” scandal.
Detelina Subeva, a former vice-president at the Swiss bank’s global financing unit, entered the guilty plea on a charge of conspiracy to help launder money before a New York court on Monday.
Ms Subeva is one of three former Credit Suisse employees whom US prosecutors have indicted over an alleged scheme to loot at least $200m from loans that the bank helped arrange in 2013 for the southern African nation, one of the world’s poorest.
The prosecutors accused the trio of working with Mozambique’s former finance minister and a representative of Privinvest, an Abu Dhabi-based shipbuilder, to siphon bribes connected to the debt. The loans imploded not long after being sold on to global investors.
BP shareholders vote in favour of greater climate disclosure | Financial Times
BP shareholders vote in favour of greater climate disclosure | Financial Times:
BP shareholders voted overwhelmingly in favour of a proposal asking the oil and gas major to make greater disclosures about how its business aligns with the Paris climate goals.
However, support for a separate shareholder resolution demanding hard targets for emissions, including those of its consumers, was far lower.
The two investor resolutions came at BP’s annual meeting in Aberdeen on Tuesday, as pressure builds on oil companies to show they are taking action on climate change.
BP shareholders voted overwhelmingly in favour of a proposal asking the oil and gas major to make greater disclosures about how its business aligns with the Paris climate goals.
However, support for a separate shareholder resolution demanding hard targets for emissions, including those of its consumers, was far lower.
The two investor resolutions came at BP’s annual meeting in Aberdeen on Tuesday, as pressure builds on oil companies to show they are taking action on climate change.
MIDEAST STOCKS-Global rally lifts most of Gulf, blue-chips drag #Qatar - Agricultural Commodities - Reuters
MIDEAST STOCKS-Global rally lifts most of Gulf, blue-chips drag Qatar - Agricultural Commodities - Reuters:
Saudi Arabia's stock market rose sharply
on Tuesday, leading gains in most major Gulf bourses amid a
global rally after Washington temporarily eased trade
restrictions imposed last week on China's Huawei. Qatar dropped
on wide sell-off.
Saudi's index increased 1.7%, with Al Rajhi Bank
adding 2.2% and Saudi Basic Industries up
3.3%.
"Middle East today is following the positive lead from
Global markets. Local sentiment is also better as evidenced by
the strong moves in small cap stocks," said Vrajesh Bhandari
senior portfolio manager at Al Mal Capital.
Saudi Arabia's stock market rose sharply
on Tuesday, leading gains in most major Gulf bourses amid a
global rally after Washington temporarily eased trade
restrictions imposed last week on China's Huawei. Qatar dropped
on wide sell-off.
Saudi's index increased 1.7%, with Al Rajhi Bank
adding 2.2% and Saudi Basic Industries up
3.3%.
"Middle East today is following the positive lead from
Global markets. Local sentiment is also better as evidenced by
the strong moves in small cap stocks," said Vrajesh Bhandari
senior portfolio manager at Al Mal Capital.
MIDEAST STOCKS-Banks boost #Saudi, all major Gulf markets gain - Reuters
MIDEAST STOCKS-Banks boost Saudi, all major Gulf markets gain - Reuters:
Saudi Arabia’s stock market rose on Tuesday, boosted by its banking shares, while all major Gulf markets rebounded from recent sell-offs, in line with Asian shares.
Saudi’s index increased 0.6% in early trade, with Al Rajhi Bank adding 1.2% and Saudi Basic Industries up 0.9%.
MSCI last week said it would include MSCI Saudi Arabia in its emerging-markets index, effective May 28, a move that could draw billions of dollars into the market.
Saudi Arabia’s stock market rose on Tuesday, boosted by its banking shares, while all major Gulf markets rebounded from recent sell-offs, in line with Asian shares.
Saudi’s index increased 0.6% in early trade, with Al Rajhi Bank adding 1.2% and Saudi Basic Industries up 0.9%.
MSCI last week said it would include MSCI Saudi Arabia in its emerging-markets index, effective May 28, a move that could draw billions of dollars into the market.
Oil up on escalating U.S.-Iran tensions, but trade war worries cap gains - Reuters
Oil up on escalating U.S.-Iran tensions, but trade war worries cap gains - Reuters:
Oil prices rose on Tuesday on escalating U.S.-Iran tensions and amid expectations that producer club OPEC will continue to withhold supply this year.
But gains were checked by concerns that a prolonged trade war between Washington and Beijing could lead to a global economic slowdown.
Brent crude futures, the international benchmark for oil prices, were at $72.18 per barrel at 0651 GMT, up 21 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were up 31 cents, or 0.5 percent, at $63.41 per barrel.
Oil prices rose on Tuesday on escalating U.S.-Iran tensions and amid expectations that producer club OPEC will continue to withhold supply this year.
But gains were checked by concerns that a prolonged trade war between Washington and Beijing could lead to a global economic slowdown.
Brent crude futures, the international benchmark for oil prices, were at $72.18 per barrel at 0651 GMT, up 21 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were up 31 cents, or 0.5 percent, at $63.41 per barrel.
BP’s chairman says world is on ‘an unsustainable path’ | Financial Times
BP’s chairman says world is on ‘an unsustainable path’ | Financial Times:
BP’s chairman said he recognised that the world’s energy consumption was on “an unsustainable path” and the oil major’s days of chasing ever higher output are coming to an end.
Writing in the Financial Times on Tuesday, Helge Lund acknowledged the need to repurpose BP’s business for a lower-carbon future. However, he did not detail how it would do so and continued to reject investor calls to set hard emissions targets for the use of the fuels it produces.
“With the oil price above $70 a barrel for Brent crude, surely BP wants to keep producing and selling as much as it can for as long as it can? On the contrary,” he said, timing his comments with the company’s annual meeting in Aberdeen.
BP’s chairman said he recognised that the world’s energy consumption was on “an unsustainable path” and the oil major’s days of chasing ever higher output are coming to an end.
Writing in the Financial Times on Tuesday, Helge Lund acknowledged the need to repurpose BP’s business for a lower-carbon future. However, he did not detail how it would do so and continued to reject investor calls to set hard emissions targets for the use of the fuels it produces.
“With the oil price above $70 a barrel for Brent crude, surely BP wants to keep producing and selling as much as it can for as long as it can? On the contrary,” he said, timing his comments with the company’s annual meeting in Aberdeen.
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