Oil Skids Below $60 as Barry Leaves Gulf, Chinese Economy Stalls - Bloomberg:
Oil tumbled below $60 a barrel as a tropical storm that shut almost three-quarters of U.S. Gulf of Mexico production moved inland while China fueled concerns about demand growth.
Futures closed 1.1% lower in New York, the biggest loss in almost two weeks. With Hurricane Barry now ashore and weakening, drillers have begun restaffing offshore installations in the Gulf. About 69% of crude output remained shuttered, the U.S. government said Monday, down from 73% over the weekend.
Chinese government data, meanwhile, showed the world’s second-largest economy slowed to a three-decade low in the second quarter amid a prolonged trade dispute. While prices held near $60 for much of the session, they crossed below that key psychological mark around noon. That triggered automatic selling orders that then accelerated the slide, said Bob Yawger, director of futures at Mizuho Securities USA.
West Texas Intermediate for August delivery fell 63 cents to $59.58 on the New York Mercantile Exchange. Brent for September settlement was 24 cents lower at $66.48 on the ICE Futures Europe Exchange and traded at a premium of $6.80 to WTI for the same month.
Monday, 15 July 2019
#Dubai's Amlak Close to Restructuring $1.2 Billion With Creditors - Bloomberg
Dubai's Amlak Close to Restructuring $1.2 Billion With Creditors - Bloomberg:
Amlak Finance PJSC is nearing a deal to restructure debt for a second time as the Dubai-based Islamic mortgage provider navigates an ongoing property slump, according to two people with knowledge of the plan.
The company is asking creditors to reschedule repayments on $1.2 billion of loans over the originally agreed period that ends in 2026, said the people, asking not to be identified because the information is private. Most lenders have agreed to the new terms but a final deal hasn’t been signed, they said.
PricewaterhouseCoopers LLP is advising a group of about 28 creditors on their negotiations with Amlak, the people said. A spokeswoman for Amlak declined to comment.
Amlak Finance PJSC is nearing a deal to restructure debt for a second time as the Dubai-based Islamic mortgage provider navigates an ongoing property slump, according to two people with knowledge of the plan.
The company is asking creditors to reschedule repayments on $1.2 billion of loans over the originally agreed period that ends in 2026, said the people, asking not to be identified because the information is private. Most lenders have agreed to the new terms but a final deal hasn’t been signed, they said.
PricewaterhouseCoopers LLP is advising a group of about 28 creditors on their negotiations with Amlak, the people said. A spokeswoman for Amlak declined to comment.
Oil Trades Near $60 on Storm Disruption as Glut Concerns Linger - Bloomberg
Oil Trades Near $60 on Storm Disruption as Glut Concerns Linger - Bloomberg:
Oil traded near $60 a barrel after a storm shut almost three-quarters of U.S. Gulf of Mexico crude production, even as lingering demand concerns continue to dent the outlook.
Futures rose 0.4% in New York. About 73% of crude output in the Gulf of Mexico was halted as of Sunday but some producers are preparing to return workers to offshore platforms as storm Barry weakens after making landfall. The shutdown countered the impact of China’s economy slowing to a three-decade low in the second quarter amid a prolonged trade dispute with the U.S.
Crude has gained this month because of shrinking U.S. stockpiles and rising tensions in the Middle East. The U.K. and its allies are considering beefing up their military presence in the Persian Gulf to deal with the threat to shipping posed by Iran. Still, there are concerns over the longer term outlook for the oil market with OPEC warning of a glut in 2020 while the IEA pointed to a surprise increase in global inventories in the first half of this year.
West Texas Intermediate for August delivery added 22 cents to $60.43 a barrel on the New York Mercantile Exchange as of 8:43 a.m. New York time. Brent for September settlement was 33 cents higher at $67.05 a barrel on the ICE Futures Europe Exchange and traded at a premium of $6.52 to WTI for the same month.
Oil traded near $60 a barrel after a storm shut almost three-quarters of U.S. Gulf of Mexico crude production, even as lingering demand concerns continue to dent the outlook.
Futures rose 0.4% in New York. About 73% of crude output in the Gulf of Mexico was halted as of Sunday but some producers are preparing to return workers to offshore platforms as storm Barry weakens after making landfall. The shutdown countered the impact of China’s economy slowing to a three-decade low in the second quarter amid a prolonged trade dispute with the U.S.
Crude has gained this month because of shrinking U.S. stockpiles and rising tensions in the Middle East. The U.K. and its allies are considering beefing up their military presence in the Persian Gulf to deal with the threat to shipping posed by Iran. Still, there are concerns over the longer term outlook for the oil market with OPEC warning of a glut in 2020 while the IEA pointed to a surprise increase in global inventories in the first half of this year.
West Texas Intermediate for August delivery added 22 cents to $60.43 a barrel on the New York Mercantile Exchange as of 8:43 a.m. New York time. Brent for September settlement was 33 cents higher at $67.05 a barrel on the ICE Futures Europe Exchange and traded at a premium of $6.52 to WTI for the same month.
MENA startups' funding deals hit record high in first half of 2019 | ZAWYA MENA Edition
MENA startups' funding deals hit record high in first half of 2019 | ZAWYA MENA Edition:
The number of funding deals for startups in the Middle East North Africa (MENA) region during the first half of this year reached the highest number on record for a first half of a year, according to startups platform Magnitt.
The number of deals increased by 28% year-on-year in the first half of 2019 to 238, while the total funding increased by 66% to $471 million.
“Q2 2019 saw the highest amount of investment deals in any quarter for everything that we recorded historically,” Philip Bahoshy, Magnitt’s founder said during a live webinar held on Monday.
The number of funding deals for startups in the Middle East North Africa (MENA) region during the first half of this year reached the highest number on record for a first half of a year, according to startups platform Magnitt.
The number of deals increased by 28% year-on-year in the first half of 2019 to 238, while the total funding increased by 66% to $471 million.
“Q2 2019 saw the highest amount of investment deals in any quarter for everything that we recorded historically,” Philip Bahoshy, Magnitt’s founder said during a live webinar held on Monday.
MIDEAST STOCKS- #Saudi extends gains, other markets ease ahead of earnings - Reuters
MIDEAST STOCKS-Saudi extends gains, other markets ease ahead of earnings - Reuters:
Saudi Arabia's stock market rose for a
sixth day with banks leading the rally on the back of a positive
earnings outlook, while most other Gulf bourses fell back as
investors await corporate results.
In Saudi Arabia the Tadawul main index rose 0.3%,
continuing its winning streak for the sixth straight session.
Lately the index has risen on the back of banks after EFG Hermes
forecast a higher second-quarter profit for Saudi lenders.
National Commercial bank added 1.2%, while Riyad
Bank gained 1.6% a day after it traded ex-dividend.
The Dubai index was up 0.4% due to strong real
estate stocks, with Emaar Properties rising 1.7%, and
Dubai Investments jumping 3.1%.
Saudi Arabia's stock market rose for a
sixth day with banks leading the rally on the back of a positive
earnings outlook, while most other Gulf bourses fell back as
investors await corporate results.
In Saudi Arabia the Tadawul main index rose 0.3%,
continuing its winning streak for the sixth straight session.
Lately the index has risen on the back of banks after EFG Hermes
forecast a higher second-quarter profit for Saudi lenders.
National Commercial bank added 1.2%, while Riyad
Bank gained 1.6% a day after it traded ex-dividend.
The Dubai index was up 0.4% due to strong real
estate stocks, with Emaar Properties rising 1.7%, and
Dubai Investments jumping 3.1%.
UPDATE 1-Emirates Strategic Investments Co readies debut dollar sukuk sale - Reuters
UPDATE 1-Emirates Strategic Investments Co readies debut dollar sukuk sale - Reuters:
Emirates Strategic Investments Co, a firm owned by Sheikh Mansour bin Zayed al-Nahyan, a member of Abu Dhabi’s royal family, has hired banks to arrange investor meetings ahead of a debut U.S. dollar-denominated sukuk issuance, a document showed.
Rated Baa3 by rating agency Moody’s, the company, which has a portfolio of assets across different sectors in the United Arab Emirates, has hired Standard Chartered and First Abu Dhabi Bank as coordinators for the planned five-year Islamic bond sale, according to the document issued by one of the leading banks.
The two lenders have also been mandated as joint lead managers along with Bank ABC, Dubai Islamic Bank , Emirates NBD Capital, National Bank of Bahrain, and Warba Bank.
Emirates Strategic Investments Co, a firm owned by Sheikh Mansour bin Zayed al-Nahyan, a member of Abu Dhabi’s royal family, has hired banks to arrange investor meetings ahead of a debut U.S. dollar-denominated sukuk issuance, a document showed.
Rated Baa3 by rating agency Moody’s, the company, which has a portfolio of assets across different sectors in the United Arab Emirates, has hired Standard Chartered and First Abu Dhabi Bank as coordinators for the planned five-year Islamic bond sale, according to the document issued by one of the leading banks.
The two lenders have also been mandated as joint lead managers along with Bank ABC, Dubai Islamic Bank , Emirates NBD Capital, National Bank of Bahrain, and Warba Bank.
MIDEAST STOCKS-Property shares lift #Dubai, other markets slip after recent rally - Reuters
MIDEAST STOCKS-Property shares lift Dubai, other markets slip after recent rally - Reuters:
Dubai stocks rose on Monday on the back of real estate shares, while other major Gulf bourses eased after recent gains.
The Dubai index rose 0.6%, lifted by its largest listed developer Emaar Properties which gained 1.5%, and Emirates NBD was up 0.4%.
DXB Entertainment added 2% after the theme park company reported a 5% growth in second-quarter visits compared to same period year ago.
Dubai stocks rose on Monday on the back of real estate shares, while other major Gulf bourses eased after recent gains.
The Dubai index rose 0.6%, lifted by its largest listed developer Emaar Properties which gained 1.5%, and Emirates NBD was up 0.4%.
DXB Entertainment added 2% after the theme park company reported a 5% growth in second-quarter visits compared to same period year ago.
#AbuDhabi’s rental market witnesses downward correction: Chestertons | ZAWYA MENA Edition
Abu Dhabi’s rental market witnesses downward correction: Chestertons | ZAWYA MENA Edition:
The real estate market within the emirate of Abu Dhabi is likely to grow in the medium- to long-term, backed by the freehold law along with the introduction of a 10-year residency visa, according to Chestertons’ recent Abu Dhabi Market Report for the second quarter of 2019.
Price and rental costs in Abu Dhabi have witnessed downward corrections in Q2-19, with sale prices for apartments and villas falling 5% and 3%, respectively, the UK-based real estate agent said.
Meanwhile, average rental rates of apartments and villas contracted to 6% and 3%, respectively, the report added.
The real estate market within the emirate of Abu Dhabi is likely to grow in the medium- to long-term, backed by the freehold law along with the introduction of a 10-year residency visa, according to Chestertons’ recent Abu Dhabi Market Report for the second quarter of 2019.
Price and rental costs in Abu Dhabi have witnessed downward corrections in Q2-19, with sale prices for apartments and villas falling 5% and 3%, respectively, the UK-based real estate agent said.
Meanwhile, average rental rates of apartments and villas contracted to 6% and 3%, respectively, the report added.
#AbuDhabi sovereign fund to boost active investments in fixed-income - Reuters
Abu Dhabi sovereign fund to boost active investments in fixed-income - Reuters:
Abu Dhabi Investment Authority (ADIA), the world’s third-biggest sovereign wealth fund, plans to increase active investments in fixed-income in the coming years, reducing its reliance on passive investments.
The move comes as ADIA, which manages the reserves of oil-rich Abu Dhabi, has been reducing its reliance on external fund managers and boosting in-house investment capabilities.
Some 55% of ADIA’s portfolio is managed by external managers, down from 60% in 2016, with the rest managed internally.
Abu Dhabi Investment Authority (ADIA), the world’s third-biggest sovereign wealth fund, plans to increase active investments in fixed-income in the coming years, reducing its reliance on passive investments.
The move comes as ADIA, which manages the reserves of oil-rich Abu Dhabi, has been reducing its reliance on external fund managers and boosting in-house investment capabilities.
Some 55% of ADIA’s portfolio is managed by external managers, down from 60% in 2016, with the rest managed internally.
Slower China GDP growth nudges oil prices lower - Reuters
Slower China GDP growth nudges oil prices lower - Reuters:
Oil prices slipped on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world’s largest crude oil importer.
Brent crude futures LCOc1 for September fell 15 cents, or 0.2%, to $66.57 a barrel by 0611 GMT while U.S. crude CLc1 for August was down 24 cents, or 0.4%, at $59.97 a barrel. Both contracts last week posted their biggest weekly gains in three weeks on cuts in U.S. oil production and diplomatic tensions in the Middle East.
Refineries in the path of Tropical Storm Barry continued to operate despite flood threats while the storm has slashed U.S. Gulf of Mexico crude output by 73%, or 1.38 million barrels per day.
Oil prices slipped on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world’s largest crude oil importer.
Brent crude futures LCOc1 for September fell 15 cents, or 0.2%, to $66.57 a barrel by 0611 GMT while U.S. crude CLc1 for August was down 24 cents, or 0.4%, at $59.97 a barrel. Both contracts last week posted their biggest weekly gains in three weeks on cuts in U.S. oil production and diplomatic tensions in the Middle East.
Refineries in the path of Tropical Storm Barry continued to operate despite flood threats while the storm has slashed U.S. Gulf of Mexico crude output by 73%, or 1.38 million barrels per day.
#ADIA to Hire as Fund Boosts Active Investments to More Than 50% - Bloomberg
ADIA to Hire as Fund Boosts Active Investments to More Than 50% - Bloomberg:
In a world of diminishing returns, Abu Dhabi’s top sovereign wealth fund is hiring as it boosts active management of its estimated $697 billion portfolio.
Abu Dhabi Investment Authority plans to "add a number of new positions, mostly within investment and research-focused roles" in its fixed income and treasury department this year, according to its annual report. The fund’s 20-year annual rate of return fell to 5.4% from 6.5% a year earlier.
The fixed income and treasury department “has begun scaling up its active investing, with a view to going fully active in coming years, compared with around 40% currently,” Managing Director Sheikh Hamed bin Zayed Al Nahyan said in the report. The fund raised the portion of actively managed investments to 55% of its portfolio in 2018, up from 50% the previous year.
In a world of diminishing returns, Abu Dhabi’s top sovereign wealth fund is hiring as it boosts active management of its estimated $697 billion portfolio.
Abu Dhabi Investment Authority plans to "add a number of new positions, mostly within investment and research-focused roles" in its fixed income and treasury department this year, according to its annual report. The fund’s 20-year annual rate of return fell to 5.4% from 6.5% a year earlier.
The fixed income and treasury department “has begun scaling up its active investing, with a view to going fully active in coming years, compared with around 40% currently,” Managing Director Sheikh Hamed bin Zayed Al Nahyan said in the report. The fund raised the portion of actively managed investments to 55% of its portfolio in 2018, up from 50% the previous year.
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