Iran Anti Money-Laundering Effort Gets New Scrutiny, Group Says - Bloomberg:
A multi-government group plans to boost oversight of Iran’s efforts to prevent money laundering as the U.S. said the Islamic Republic has shown a “willful failure” to stop illicit money flows and terrorist financing.
The multi-governmental Financial Action Task Force could seek “additional counter-measures” if Iran doesn’t curtail “systemic money laundering and terrorist deficiencies,” Treasury Secretary Steven Mnuchin said in prepared remarks for a speech on Friday in Orlando.
Mnuchin said the task force actions come in response to Iran’s “willful failure to address its systemic money laundering and terrorist financing deficiencies.”
Friday, 21 June 2019
Oil Posts Best Week Since 2016 as Trump Calls Off Iran Raids - Bloomberg
Oil Posts Best Week Since 2016 as Trump Calls Off Iran Raids - Bloomberg:
Oil rocketed to its biggest weekly gain in more than two years as U.S. President Donald Trump’s aborted air strikes against Iran left Middle East tensions simmering with the endgame uncertain.
Crude futures rose in New York on Friday to complete a 9.4% rally for the week. Trump tweeted that he called off raids because of concern the death toll wouldn’t have been “proportionate” to Iran’s downing of an American spy drone earlier this week. Trump said he was in “no hurry” to respond, despite a series of provocations in the oil-rich region.
The canceled attack sent a “very confusing” message, Daniel Yergin, an oil historian and vice-chairman at IHS Markit Ltd., said in a Bloomberg TV interview. “The fear is that this could pretty quickly escalate. There’s plenty of room for accident, misunderstanding, future incidents. The Iranians are in a corner.”
West Texas Intermediate for August delivery closed 36 cents higher on
Friday at $57.43 a barrel on the New York Mercantile Exchange. The U.S. benchmark notched its biggest weekly increase since December 2016. Brent for August settlement rose 75 cents to $65.20 on London’s ICE Futures Europe Exchange.
Oil rocketed to its biggest weekly gain in more than two years as U.S. President Donald Trump’s aborted air strikes against Iran left Middle East tensions simmering with the endgame uncertain.
Crude futures rose in New York on Friday to complete a 9.4% rally for the week. Trump tweeted that he called off raids because of concern the death toll wouldn’t have been “proportionate” to Iran’s downing of an American spy drone earlier this week. Trump said he was in “no hurry” to respond, despite a series of provocations in the oil-rich region.
The canceled attack sent a “very confusing” message, Daniel Yergin, an oil historian and vice-chairman at IHS Markit Ltd., said in a Bloomberg TV interview. “The fear is that this could pretty quickly escalate. There’s plenty of room for accident, misunderstanding, future incidents. The Iranians are in a corner.”
West Texas Intermediate for August delivery closed 36 cents higher on
Friday at $57.43 a barrel on the New York Mercantile Exchange. The U.S. benchmark notched its biggest weekly increase since December 2016. Brent for August settlement rose 75 cents to $65.20 on London’s ICE Futures Europe Exchange.
US gasoline prices rise after blasts at Philadelphia refinery | Financial Times
US gasoline prices rise after blasts at Philadelphia refinery | Financial Times:
US gasoline prices jumped after a large fire and explosions were reported at the Philadelphia Energy Solutions oil refinery, the largest on the Atlantic coast.
Wholesale gasoline futures for delivery into New York harbour next month were up 3.2 per cent on Friday at $1.8440 a gallon, outstripping gains in crude oil, which was up 0.9 per cent.
The refinery dates to Pennsylvania’s 19th-century oil boom and lies less than a mile from residential areas of South Philadelphia. City emergency responders reported a vat of butane had exploded on-site shortly after 4am on Friday, but reported no injuries. The company did not respond to requests for comment.
US gasoline prices jumped after a large fire and explosions were reported at the Philadelphia Energy Solutions oil refinery, the largest on the Atlantic coast.
Wholesale gasoline futures for delivery into New York harbour next month were up 3.2 per cent on Friday at $1.8440 a gallon, outstripping gains in crude oil, which was up 0.9 per cent.
The refinery dates to Pennsylvania’s 19th-century oil boom and lies less than a mile from residential areas of South Philadelphia. City emergency responders reported a vat of butane had exploded on-site shortly after 4am on Friday, but reported no injuries. The company did not respond to requests for comment.
A U.S.- #Iran Conflict Could Impact Gas Markets Much More Than Oil - Bloomberg
A U.S.-Iran Conflict Could Impact Gas Markets Much More Than Oil - Bloomberg:
A potential conflict between the U.S. and Iran could be far more disruptive for liquefied natural gas markets than to the world’s crude shipments.
About a quarter of the world’s LNG goes through the Strait of Hormuz, the narrow sea conduit that borders Iran and through which tankers carrying about one-fifth of the world’s oil transit, according to the U.S. Energy Information Administration. Major importers are also less prepared for LNG supply disruptions, because they hold a fraction of the inventories they do for oil.
Tehran has threatened in the past to halt fuel shipments through the vital passage. Tensions in the region are high after U.S. President Donald Trump approved and then later called off military strikes against Iran on Thursday night after Iranian forces shot down an American Navy drone over the strait.
A potential conflict between the U.S. and Iran could be far more disruptive for liquefied natural gas markets than to the world’s crude shipments.
About a quarter of the world’s LNG goes through the Strait of Hormuz, the narrow sea conduit that borders Iran and through which tankers carrying about one-fifth of the world’s oil transit, according to the U.S. Energy Information Administration. Major importers are also less prepared for LNG supply disruptions, because they hold a fraction of the inventories they do for oil.
Tehran has threatened in the past to halt fuel shipments through the vital passage. Tensions in the region are high after U.S. President Donald Trump approved and then later called off military strikes against Iran on Thursday night after Iranian forces shot down an American Navy drone over the strait.
Oil up on #Iran tensions, stocks hover at seven-week highs - Reuters
Oil up on Iran tensions, stocks hover at seven-week highs - Reuters:
Oil prices built on recent gains on Friday on fears any U.S. military attack on Iran would disrupt flows from the Middle East, while increases on Wall Street kept a gauge of global stock markets near seven-week highs.
Gold prices climbed to near six-year highs and were on track for their best week in three years.
Central banks have dominated economic news this week, with the Federal Reserve signaling the potential for a U.S. interest rate cut later this year and the European Central Bank hinting at stimulus measures.
Oil prices built on recent gains on Friday on fears any U.S. military attack on Iran would disrupt flows from the Middle East, while increases on Wall Street kept a gauge of global stock markets near seven-week highs.
Gold prices climbed to near six-year highs and were on track for their best week in three years.
Central banks have dominated economic news this week, with the Federal Reserve signaling the potential for a U.S. interest rate cut later this year and the European Central Bank hinting at stimulus measures.
Trump talks to #Saudi crown prince on Iran, oil - Reuters
Trump talks to Saudi crown prince on Iran, oil - Reuters:
U.S. President Donald Trump spoke on Friday to Saudi Crown Prince Mohammed bin Salman about Middle East stability and the oil market, the White House said, after tensions with Iran prompted a rise in oil prices.
“The two leaders discussed Saudi Arabia’s critical role in ensuring stability in the Middle East and in the global oil market. They also discussed the threat posed by the Iranian regime’s escalatory behavior,” White House spokesman Hogan Gidley said in a statement.
The phone call took place in the wake of Iran’s shooting down of an unmanned U.S. drone in the Gulf region, which prompted Trump to prepare but ultimately hold back from launching a retaliatory attack.
U.S. President Donald Trump spoke on Friday to Saudi Crown Prince Mohammed bin Salman about Middle East stability and the oil market, the White House said, after tensions with Iran prompted a rise in oil prices.
“The two leaders discussed Saudi Arabia’s critical role in ensuring stability in the Middle East and in the global oil market. They also discussed the threat posed by the Iranian regime’s escalatory behavior,” White House spokesman Hogan Gidley said in a statement.
The phone call took place in the wake of Iran’s shooting down of an unmanned U.S. drone in the Gulf region, which prompted Trump to prepare but ultimately hold back from launching a retaliatory attack.
Ex-Barclays boss acquitted over Qatari deal | UK news | The Guardian
Ex-Barclays boss acquitted over Qatari deal | UK news | The Guardian:
The former Barclays chief executive John Varley has been acquitted in a criminal trial over a deal with Qatar at the time of the financial crisis.
A decision handed down by the court of appeal on Friday upheld a ruling by a lower court to drop charges against Varley, who was accused of disguising payments made to Qatar. The appeal court upheld the ruling that there was insufficient evidence to proceed.
It also ruled that the remaining defendants, all former senior executives at Barclays, will return to trial at a date to be determined. They are Roger Jenkins, a former investment banking chief; Thomas Kalaris, a former head of the wealth division; and Richard Boath, a former head of European financial institutions at the bank.
The former Barclays chief executive John Varley has been acquitted in a criminal trial over a deal with Qatar at the time of the financial crisis.
A decision handed down by the court of appeal on Friday upheld a ruling by a lower court to drop charges against Varley, who was accused of disguising payments made to Qatar. The appeal court upheld the ruling that there was insufficient evidence to proceed.
It also ruled that the remaining defendants, all former senior executives at Barclays, will return to trial at a date to be determined. They are Roger Jenkins, a former investment banking chief; Thomas Kalaris, a former head of the wealth division; and Richard Boath, a former head of European financial institutions at the bank.
Middle East Oil Shipping Rates Surge as Owners Fret About Iran - Bloomberg
Middle East Oil Shipping Rates Surge as Owners Fret About Iran - Bloomberg:
Oil tanker owners are raising the prices they charge to export Middle East crude as tensions surge in a region that accounts for about a third of all seaborne petroleum shipments.
Rates for transporting 2 million-barrel cargoes from Saudi Arabia to China jumped to almost $26,000 a day on Thursday, more than double where they were at the start of June, according to Baltic Exchange in London. Shipbrokers report a surplus of vessels in the Persian Gulf, indicating that owners are reluctant to accept charters at low rates given the current risks.
“Nothing much has changed in terms of supply and demand since the latest attacks, so it’s pretty much all a risk premium,” said Halvor Ellefsen, a shipbroker at Fearnleys London.
Oil tanker owners are raising the prices they charge to export Middle East crude as tensions surge in a region that accounts for about a third of all seaborne petroleum shipments.
Rates for transporting 2 million-barrel cargoes from Saudi Arabia to China jumped to almost $26,000 a day on Thursday, more than double where they were at the start of June, according to Baltic Exchange in London. Shipbrokers report a surplus of vessels in the Persian Gulf, indicating that owners are reluctant to accept charters at low rates given the current risks.
“Nothing much has changed in terms of supply and demand since the latest attacks, so it’s pretty much all a risk premium,” said Halvor Ellefsen, a shipbroker at Fearnleys London.
Global Oil Inventories Continue to Climb Amid Middle East Tension, OPEC Output Cuts – Bloomberg
Global Oil Inventories Continue to Climb Amid Middle East Tension, OPEC Output Cuts – Bloomberg:
The U.S. Energy Information Administration said domestic oil inventories fell by 3.1 million barrels last week, more than any of the 12 analysts in a Bloomberg survey expected. Saudi Arabia, Iraq and the United Arab Emirates -- OPEC’s three biggest members -- all want to keep restraining production amid signs of faltering economic growth, according to statements in recent days. Kevin O'Brien, chief business officer at Orbital Insight, talks with Bloomberg's Alix Steel about global oil inventories. (Source: Bloomberg_TV)
The U.S. Energy Information Administration said domestic oil inventories fell by 3.1 million barrels last week, more than any of the 12 analysts in a Bloomberg survey expected. Saudi Arabia, Iraq and the United Arab Emirates -- OPEC’s three biggest members -- all want to keep restraining production amid signs of faltering economic growth, according to statements in recent days. Kevin O'Brien, chief business officer at Orbital Insight, talks with Bloomberg's Alix Steel about global oil inventories. (Source: Bloomberg_TV)
Oil slips, but still propelled to gain for week as Mideast tensions grow - Reuters
Oil slips, but still propelled to gain for week as Mideast tensions grow - Reuters:
Oil prices reversed earlier gains on Friday but benchmark Brent crude was still set for its first weekly gain in five weeks amid rising tensions in the Middle East and on hopes for a drop in U.S. interest rates that may stimulate global growth.
Brent crude was down 20 cents, or 0.31%, at $64.25 a barrel by 0630 GMT. The global benchmark jumped 4.3% on Thursday, leaving it set for a weekly gain of almost 4%.
U.S. West Texas Intermediate crude was down 16 cents, or 0.28%, at $56.90 a barrel. But the U.S. benchmark surged 5.4% on Thursday and is on track for a more than 8% increase this week.
Oil prices reversed earlier gains on Friday but benchmark Brent crude was still set for its first weekly gain in five weeks amid rising tensions in the Middle East and on hopes for a drop in U.S. interest rates that may stimulate global growth.
Brent crude was down 20 cents, or 0.31%, at $64.25 a barrel by 0630 GMT. The global benchmark jumped 4.3% on Thursday, leaving it set for a weekly gain of almost 4%.
U.S. West Texas Intermediate crude was down 16 cents, or 0.28%, at $56.90 a barrel. But the U.S. benchmark surged 5.4% on Thursday and is on track for a more than 8% increase this week.
#Qatar's Mayhoola to buy 43.91% share in Turkey's Boyner Perakende for $405 million - Reuters
Qatar's Mayhoola to buy 43.91% share in Turkey's Boyner Perakende for $405 million - Reuters:
Qatari investment fund Mayhoola will buy a 43.91% share in Turkey’s Boyner Perakende, owned by Boyner Holding and the Boyner Family, for $405 million per an agreement in May, the company said on Friday, with a price of $1.40 per share.
In May, Boyner Holding said it had reached an understanding with Mayhoola, which owns Italian fashion house Valentino.
On Friday, the company said Boyner Holding would take over all shares in Boyner Magazacilik and Altinyildiz for a price ranging from 354 million lira ($61.27 million) to 417 million lira ($72.17 million).
Qatari investment fund Mayhoola will buy a 43.91% share in Turkey’s Boyner Perakende, owned by Boyner Holding and the Boyner Family, for $405 million per an agreement in May, the company said on Friday, with a price of $1.40 per share.
In May, Boyner Holding said it had reached an understanding with Mayhoola, which owns Italian fashion house Valentino.
On Friday, the company said Boyner Holding would take over all shares in Boyner Magazacilik and Altinyildiz for a price ranging from 354 million lira ($61.27 million) to 417 million lira ($72.17 million).
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