Oil rises on expectations of Fed rate cut, another U.S crude drawdown - Reuters:
Oil prices rose about 2% to a two-week high on Tuesday on optimism the U.S. Federal Reserve will cut interest rates this week for the first time in more than 10 years, boosting demand expectations in the world’s biggest oil user.
Meanwhile, ahead of weekly data, crude oil inventories in the United States were forecast to have dropped for a seventh straight week.
On its second-to-last day as the front-month contract, Brent LCOc1 futures for September delivery gained $1.01, or 1.6%, to settle at $64.72 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 gained $1.18, or 2.1%, to settle at $58.05.
That put both contracts up for a fourth day in a row to their highest closes since July 15.
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Tuesday 30 July 2019
#Saudi Arabian wealth fund to invest in NHS chatbot maker Babylon Health | Financial Times
Saudi Arabian wealth fund to invest in NHS chatbot maker Babylon Health | Financial Times:
Saudi Arabia’s sovereign wealth fund is in advanced discussions to invest in the UK’s Babylon Health, a digital health start-up used by the National Health Service, according to people with direct knowledge of its plans.
The investment, which is part of a new funding round for the UK start-up that will run into hundreds of millions of dollars, could be announced as soon as later this week, these people said.
Founded in 2013 by Ali Parsa, a British-Iranian entrepreneur and banker, Babylon has developed a “chatbot” that checks the symptoms of patients used by the NHS. It also offers a service connecting patients in south-west London to doctors through video calls on smartphones.
Saudi Arabia’s sovereign wealth fund is in advanced discussions to invest in the UK’s Babylon Health, a digital health start-up used by the National Health Service, according to people with direct knowledge of its plans.
The investment, which is part of a new funding round for the UK start-up that will run into hundreds of millions of dollars, could be announced as soon as later this week, these people said.
Founded in 2013 by Ali Parsa, a British-Iranian entrepreneur and banker, Babylon has developed a “chatbot” that checks the symptoms of patients used by the NHS. It also offers a service connecting patients in south-west London to doctors through video calls on smartphones.
#Saudi Quarterly Budget Deficit Widens as Capital Spending Jumps - Bloomberg
Saudi Quarterly Budget Deficit Widens as Capital Spending Jumps - Bloomberg:
Saudi Arabia’s budget deficit widened in the second quarter as officials ramp up spending to stimulate a sluggish economy.
The budget gap of 33.5 billion riyals ($8.9 billion) compared to 7.4 billion riyals in the same period last year, the Finance Ministry said in a statement on Tuesday. Spending rose 5% from the second quarter last year, with significant jumps in capital spending and outlays on subsidies and social benefits. Oil revenue dropped 5% year-on-year and non-oil revenue declined 4%.
The data suggests that a long-promised injection of government cash is finally materializing as officials try to boost economic growth in the world’s largest oil exporter. Gross domestic product is expected to grow 1.7% this year, a second year of expansion after contracting 0.7% in 2017, according to data compiled by Bloomberg.
Saudi Arabia’s budget deficit widened in the second quarter as officials ramp up spending to stimulate a sluggish economy.
The budget gap of 33.5 billion riyals ($8.9 billion) compared to 7.4 billion riyals in the same period last year, the Finance Ministry said in a statement on Tuesday. Spending rose 5% from the second quarter last year, with significant jumps in capital spending and outlays on subsidies and social benefits. Oil revenue dropped 5% year-on-year and non-oil revenue declined 4%.
The data suggests that a long-promised injection of government cash is finally materializing as officials try to boost economic growth in the world’s largest oil exporter. Gross domestic product is expected to grow 1.7% this year, a second year of expansion after contracting 0.7% in 2017, according to data compiled by Bloomberg.
Oil rises on expectations of Fed rate cut, another U.S. crude drawdown - Reuters
Oil rises on expectations of Fed rate cut, another U.S. crude drawdown - Reuters:
Oil prices rose on Tuesday, on track to close at a two-week high, on optimism the U.S. Federal Reserve will cut interest rates this week for the first time in more than 10 years, boosting demand expectations in the world’s biggest oil user.
Meanwhile, ahead of weekly data, crude oil inventories in the United States were also forecast to have dropped for a seventh straight week.
Analysts also noted the market was up on optimism over U.S.-China trade talks, which could boost oil demand around the world.
On its second to last day as the front-month Brent LCOc1 futures for September delivery were up 42 cents, or 0.7%, at $64.13 a barrel at 12:06 p.m. EDT (1606 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 rose 33 cents, or 0.6% to $57.20.
Oil prices rose on Tuesday, on track to close at a two-week high, on optimism the U.S. Federal Reserve will cut interest rates this week for the first time in more than 10 years, boosting demand expectations in the world’s biggest oil user.
Meanwhile, ahead of weekly data, crude oil inventories in the United States were also forecast to have dropped for a seventh straight week.
Analysts also noted the market was up on optimism over U.S.-China trade talks, which could boost oil demand around the world.
On its second to last day as the front-month Brent LCOc1 futures for September delivery were up 42 cents, or 0.7%, at $64.13 a barrel at 12:06 p.m. EDT (1606 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 rose 33 cents, or 0.6% to $57.20.
MIDEAST STOCKS- #Saudi edges up on strong earnings, #Dubai extends gains - Reuters
MIDEAST STOCKS-Saudi edges up on strong earnings, Dubai extends gains - Reuters:
Saudi Arabian stocks edged up on
Tuesday, recovering from the previous session's biggest
single-day loss in a month, as strong earnings from two lenders
boosted most bank shares.
Dubai's bourse consolidated gains after touching nearly a
year-high on Monday.
The Saudi index was up 0.1%. Al Rajhi Bank
gained 1% after it posted a more than 4% rise in second-quarter
profit, as revenue from special commissions and investments
increased.
Saudi Arabian stocks edged up on
Tuesday, recovering from the previous session's biggest
single-day loss in a month, as strong earnings from two lenders
boosted most bank shares.
Dubai's bourse consolidated gains after touching nearly a
year-high on Monday.
The Saudi index was up 0.1%. Al Rajhi Bank
gained 1% after it posted a more than 4% rise in second-quarter
profit, as revenue from special commissions and investments
increased.
Singapore’s GIC invests in $5bn #AbuDhabi pipeline unit | Financial Times
Singapore’s GIC invests in $5bn Abu Dhabi pipeline unit | Financial Times:
Singapore’s GIC has signed a deal to invest in a nearly $5bn pipeline infrastructure entity that Abu Dhabi’s national oil company is setting up with Wall Street groups BlackRock and KKR.
GIC, one of the largest institutional investors in the world, will invest $600m and will acquire a 6 per cent stake in the newly formed entity called ADNOC Oil Pipelines.
BlackRock and KKR own 40 per cent while ADNOC owns 51 per cent, ADNOC said on Tuesday. The Abu Dhabi Retirement Pensions and Benefits Fund said earlier this year it would acquire a 3 per cent stake.
Singapore’s GIC has signed a deal to invest in a nearly $5bn pipeline infrastructure entity that Abu Dhabi’s national oil company is setting up with Wall Street groups BlackRock and KKR.
GIC, one of the largest institutional investors in the world, will invest $600m and will acquire a 6 per cent stake in the newly formed entity called ADNOC Oil Pipelines.
BlackRock and KKR own 40 per cent while ADNOC owns 51 per cent, ADNOC said on Tuesday. The Abu Dhabi Retirement Pensions and Benefits Fund said earlier this year it would acquire a 3 per cent stake.
Riyad Bank reports rise in Q2 earnings, beats forecasts | ZAWYA MENA Edition
Riyad Bank reports rise in Q2 earnings, beats forecasts | ZAWYA MENA Edition:
Riyad Bank, Saudi Arabia’s fourth-largest lender by assets, reported a rise in Q2 2019 earnings, beating analysts’ estimates.
The bank’s net profit amounted to 1.5 billion Saudi riyals ($399.96 million), compared to 842 million riyals in Q2 2018, a 78.15 percent increase.
“Earnings were 13 percent ahead of our estimate of SAR1.3bn, driven by stronger net interest income and lower-than-expected provisioning,” Shabbir Malik, a banking analyst at EFG-Hermes, told Zawya.
Riyad Bank, Saudi Arabia’s fourth-largest lender by assets, reported a rise in Q2 2019 earnings, beating analysts’ estimates.
The bank’s net profit amounted to 1.5 billion Saudi riyals ($399.96 million), compared to 842 million riyals in Q2 2018, a 78.15 percent increase.
“Earnings were 13 percent ahead of our estimate of SAR1.3bn, driven by stronger net interest income and lower-than-expected provisioning,” Shabbir Malik, a banking analyst at EFG-Hermes, told Zawya.
UPDATE 2- #Dubai regulator imposes its largest fine over #Abraaj saga - Reuters
UPDATE 2-Dubai regulator imposes its largest fine over Abraaj saga - Reuters:
The Dubai Financial Services Authority (DFSA) said on Tuesday it had fined two entities of private equity firm Abraaj $315 million, the largest financial penalties it had ever imposed.
In the first major fines on Abraaj, which collapsed last year, DFSA imposed a penalty of around $300 million on Abraaj Investment Management Ltd (AIML) and $15.3 million on Abraaj Capital Ltd, the regulator said in a statement.
The fines were imposed for “serious wrongdoing by two Abraaj group companies included carrying out unauthorised activities in the DIFC and misusing investors’ monies,” the regulator said.
The Dubai Financial Services Authority (DFSA) said on Tuesday it had fined two entities of private equity firm Abraaj $315 million, the largest financial penalties it had ever imposed.
In the first major fines on Abraaj, which collapsed last year, DFSA imposed a penalty of around $300 million on Abraaj Investment Management Ltd (AIML) and $15.3 million on Abraaj Capital Ltd, the regulator said in a statement.
The fines were imposed for “serious wrongdoing by two Abraaj group companies included carrying out unauthorised activities in the DIFC and misusing investors’ monies,” the regulator said.
Oil prices boosted by expectations of Fed rate cut - Reuters
Oil prices boosted by expectations of Fed rate cut - Reuters:
Oil prices rose for a fourth day on Tuesday on optimism the U.S. Federal Reserve will this week cut interest rates for the first time in more than 10 years, supporting fuel consumption in the world’s biggest oil user.
Brent crude LCOc1 rose 63 cents to $64.34 a barrel by 1127 GMT. It is set for a monthly fall of more than 3%, however, due to lingering worries about oil demand.
U.S. crude CLc1 was up 46 cents at $57.33 a barrel, but also set for a monthly decrease of around 1.8%.
“Regarding the Fed, the market has priced in a 25 basis point cut for Wednesday,” global oil strategist at BNP Paribas in London Harry Tchilinguirian told the Reuters Global Oil Forum.
Oil prices rose for a fourth day on Tuesday on optimism the U.S. Federal Reserve will this week cut interest rates for the first time in more than 10 years, supporting fuel consumption in the world’s biggest oil user.
Brent crude LCOc1 rose 63 cents to $64.34 a barrel by 1127 GMT. It is set for a monthly fall of more than 3%, however, due to lingering worries about oil demand.
U.S. crude CLc1 was up 46 cents at $57.33 a barrel, but also set for a monthly decrease of around 1.8%.
“Regarding the Fed, the market has priced in a 25 basis point cut for Wednesday,” global oil strategist at BNP Paribas in London Harry Tchilinguirian told the Reuters Global Oil Forum.
#Saudi Sulaiman Al-Habib Medical in IPO talks with banks: sources - Reuters
Saudi Sulaiman Al-Habib Medical in IPO talks with banks: sources - Reuters:
Saudi Arabia’s Sulaiman Al Habib Medical Group, one of the biggest hospital operators in the Middle East, is talking to banks about a potential listing in Riyadh that could value the company at $2.5 billion, three sources familiar with the matter said.
The group, which operates hospitals and clinics in Saudi Arabia, the United Arab Emirates and Bahrain, has been in preliminary talks with foreign and local banks for listing and potential advisory roles, the sources said.
The company, which abandoned plans to float in 2014 as oil prices dropped and local market conditions deteriorated, could sell as much as a 30% stake in the IPO, although one source said it could sell less if Saudi regulators permit.
Saudi Arabia’s Sulaiman Al Habib Medical Group, one of the biggest hospital operators in the Middle East, is talking to banks about a potential listing in Riyadh that could value the company at $2.5 billion, three sources familiar with the matter said.
The group, which operates hospitals and clinics in Saudi Arabia, the United Arab Emirates and Bahrain, has been in preliminary talks with foreign and local banks for listing and potential advisory roles, the sources said.
The company, which abandoned plans to float in 2014 as oil prices dropped and local market conditions deteriorated, could sell as much as a 30% stake in the IPO, although one source said it could sell less if Saudi regulators permit.
AGSIW | Diversified Investment in #UAE Shaping China’s Economic Role in the Gulf
AGSIW | Diversified Investment in UAE Shaping China’s Economic Role in the Gulf:
Abu Dhabi Crown Prince Mohammed bin Zayed al-Nahyan’s three-day state visit to Beijing reaffirmed the United Arab Emirate’s central role in shaping China’s economic influence in the Gulf. The UAE-China Economic Forum, which the UAE Ministry of Economy organized to take place alongside the state visit, led to the signing of 16 memorandums of understanding. Mohamed Alabbar, the forum’s guest of honor and chairman of the Dubai-based Emaar Properties, announced that his firm will implement an $11 billion project with the Beijing Daxing International Airport over the next 10 years. The Abu Dhabi National Oil Company and the China National Offshore Oil Corporation agreed to boost collaboration on upstream, downstream, and liquefied natural gas activities. This flurry of commercial agreements came three months after Mohammed bin Rashid al-Maktoum, the UAE’s vice president and prime minister as well as ruler of Dubai, traveled to Beijing, where he led an Emirati delegation at the Second Belt and Road Conference for International Cooperation.
Abu Dhabi Crown Prince Mohammed bin Zayed al-Nahyan’s three-day state visit to Beijing reaffirmed the United Arab Emirate’s central role in shaping China’s economic influence in the Gulf. The UAE-China Economic Forum, which the UAE Ministry of Economy organized to take place alongside the state visit, led to the signing of 16 memorandums of understanding. Mohamed Alabbar, the forum’s guest of honor and chairman of the Dubai-based Emaar Properties, announced that his firm will implement an $11 billion project with the Beijing Daxing International Airport over the next 10 years. The Abu Dhabi National Oil Company and the China National Offshore Oil Corporation agreed to boost collaboration on upstream, downstream, and liquefied natural gas activities. This flurry of commercial agreements came three months after Mohammed bin Rashid al-Maktoum, the UAE’s vice president and prime minister as well as ruler of Dubai, traveled to Beijing, where he led an Emirati delegation at the Second Belt and Road Conference for International Cooperation.
MIDEAST STOCKS-Positive bank results boost #Saudi, other Gulf markets mixed - Reuters
MIDEAST STOCKS-Positive bank results boost Saudi, other Gulf markets mixed - Reuters:
Saudi Arabia’s stock market rose on Tuesday in a recovery from the previous session’s biggest single-day loss in a month as strong earnings from two lenders boosted bank shares, while other Gulf bourses were mixed.
The Saudi index was up 0.4%. Al Rajhi Bank gained 1.3% after it posted a more than 4% rise in second-quarter profit as revenue from special commissions and investments increased.
Riyad Bank, whose profit surged over the same period on a 22.9% jump in operating income, added 1.7%.
Saudi Arabia’s stock market rose on Tuesday in a recovery from the previous session’s biggest single-day loss in a month as strong earnings from two lenders boosted bank shares, while other Gulf bourses were mixed.
The Saudi index was up 0.4%. Al Rajhi Bank gained 1.3% after it posted a more than 4% rise in second-quarter profit as revenue from special commissions and investments increased.
Riyad Bank, whose profit surged over the same period on a 22.9% jump in operating income, added 1.7%.
#Dubai Financial Services Authority Fines Two #Abraaj Group Companies A Total Of USD 315 Million For Deceiving Investors And The Regulator
Dubai Financial Services Authority Fines Two Abraaj Group Companies A Total Of USD 315 Million For Deceiving Investors And The Regulator:
The Dubai Financial Services Authority (DFSA) has today imposed financial penalties of USD 299,300,000 (AED 1,098,431,000) and USD 15,275,925 (AED 56,062,645) on Abraaj Investment Management Limited (AIML) and Abraaj Capital Limited (ACLD), respectively.
The DFSA investigation, which commenced in January 2018, was complex and spanned multiple jurisdictions, and found that AIML, a Cayman Islands company now in provisional liquidation:
The Dubai Financial Services Authority (DFSA) has today imposed financial penalties of USD 299,300,000 (AED 1,098,431,000) and USD 15,275,925 (AED 56,062,645) on Abraaj Investment Management Limited (AIML) and Abraaj Capital Limited (ACLD), respectively.
The DFSA investigation, which commenced in January 2018, was complex and spanned multiple jurisdictions, and found that AIML, a Cayman Islands company now in provisional liquidation:
- carried out unauthorised financial services, including fund management, within and from the DIFC;
- actively misled and deceived investors in Abraaj funds over an extended period;
- misused investors’ monies in various funds to meet its own operating and other expenses, which included payments to entities connected to some members of AIML staff, and to meet ever-increasing cash shortfalls; and
- concealed this by providing misleading financial information to investors and making false statements about the use of money drawn down from investors and distributions.
Etihad Finds Solace in London Demand as Global Network Shrinks - Bloomberg
Etihad Finds Solace in London Demand as Global Network Shrinks - Bloomberg:
Etihad Airways may be cutting routes and slashing jet orders after racking up billions of dollars in losses, but one market at least is providing the Abu Dhabi-based carrier with much-needed growth: the U.K.
Etihad will offer a fourth daily trip to London year-round for the first time after introducing the service in May to tap the usual jump in summer demand. Flights to Heathrow airport will be operated by Boeing Co. 787-9 planes, adding 299 seats to the 1,458 already available on three Airbus SE A380 superjumbos.
The embattled carrier scrapped $21 billion of jet orders in February amid a restructuring that’s seen it cut thousands of jobs and eliminate more than a dozen marginal routes. The move to swell London capacity means the extra daily service will be maintained beyond the planned cutoff point of Oct. 26 -- just days before the new deadline for Britain to quit the European Union.
Etihad Airways may be cutting routes and slashing jet orders after racking up billions of dollars in losses, but one market at least is providing the Abu Dhabi-based carrier with much-needed growth: the U.K.
Etihad will offer a fourth daily trip to London year-round for the first time after introducing the service in May to tap the usual jump in summer demand. Flights to Heathrow airport will be operated by Boeing Co. 787-9 planes, adding 299 seats to the 1,458 already available on three Airbus SE A380 superjumbos.
The embattled carrier scrapped $21 billion of jet orders in February amid a restructuring that’s seen it cut thousands of jobs and eliminate more than a dozen marginal routes. The move to swell London capacity means the extra daily service will be maintained beyond the planned cutoff point of Oct. 26 -- just days before the new deadline for Britain to quit the European Union.
#Dubai Fines Collapsed Private Equity Firm #Abraaj $315 Million - Bloomberg
Dubai Fines Collapsed Private Equity Firm Abraaj $315 Million - Bloomberg:
The Dubai Financial Services Authority has fined collapsed private-equity firm Abraaj a total of $315 million, citing serious wrongdoing by two Abraaj companies. It is the largest financial penalty ever imposed by the authority.
The Dubai Financial Services Authority has fined collapsed private-equity firm Abraaj a total of $315 million, citing serious wrongdoing by two Abraaj companies. It is the largest financial penalty ever imposed by the authority.
Reserves in #UAE Central Bank total $83bln in June 2019 | ZAWYA MENA Edition
Reserves in UAE Central Bank total $83bln in June 2019 | ZAWYA MENA Edition:
The value of total reserves in the UAE Central Bank rose to around AED305 billion ($83 billion) at the end of the first half of 2019, compared to AED298 billion in May, an increase of 2.5 percent.
According to the "Banking Indexes Report" issued by the bank on Monday, this increase was due to the rise in the value of certificates of deposit, from AED147.1 billion to AED155.8 billion at the end of June, while the total balance of current accounts in Emirati banks increased to AED24.7 billion.
Meanwhile, the balance of reserve requirements in Emirati banks decreased from AED126.3 billion in May to a current value of AED124.8 billion. With regards to credit, the report highlighted an increase in the total balance of credit provided to the industrial and commercial sector, amounting to around AED815.6 billion at the end of June, a rise of 1.1 percent compared to the previous month, while the government’s credit value reached AED201.6 billion.
The value of total reserves in the UAE Central Bank rose to around AED305 billion ($83 billion) at the end of the first half of 2019, compared to AED298 billion in May, an increase of 2.5 percent.
According to the "Banking Indexes Report" issued by the bank on Monday, this increase was due to the rise in the value of certificates of deposit, from AED147.1 billion to AED155.8 billion at the end of June, while the total balance of current accounts in Emirati banks increased to AED24.7 billion.
Meanwhile, the balance of reserve requirements in Emirati banks decreased from AED126.3 billion in May to a current value of AED124.8 billion. With regards to credit, the report highlighted an increase in the total balance of credit provided to the industrial and commercial sector, amounting to around AED815.6 billion at the end of June, a rise of 1.1 percent compared to the previous month, while the government’s credit value reached AED201.6 billion.
#AbuDhabi's $163mln fund aims to spur investments in leisure, business events | ZAWYA MENA Edition
Abu Dhabi's $163mln fund aims to spur investments in leisure, business events | ZAWYA MENA Edition:
A “mega events fund” has been announced by Abu Dhabi’s Department of Culture and Tourism (DCT) to enhance the city’s portfolio of leisure and business events and to attract global event organisers.
The 600-million-dirham ($163.4 million) fund is part of the Ghadan 21 programme, which seeks to accelerate Abu Dhabi’s economy and make it a preferred world destination for people to do business, invest, live, work and visit.
The new financial stimulus will focus exclusively on the development of major entertainment and business activities and festivals in the emirate, a statement from DCT Abu Dhabi said.
A “mega events fund” has been announced by Abu Dhabi’s Department of Culture and Tourism (DCT) to enhance the city’s portfolio of leisure and business events and to attract global event organisers.
The 600-million-dirham ($163.4 million) fund is part of the Ghadan 21 programme, which seeks to accelerate Abu Dhabi’s economy and make it a preferred world destination for people to do business, invest, live, work and visit.
The new financial stimulus will focus exclusively on the development of major entertainment and business activities and festivals in the emirate, a statement from DCT Abu Dhabi said.
#Qatar Petroleum buys stake in Total's Guyana assets; government reviewing deal - Reuters
Qatar Petroleum buys stake in Total's Guyana assets; government reviewing deal - Reuters:
Qatar Petroleum said on Monday it had agreed a deal with Total SA to acquire a stake in the French firm’s two oil and gas blocks offshore Guyana, but the South American country’s government said it was still reviewing the deal.
Qatar Petroleum said it would hold 40% of Total’s 25% participating interest in the Orinduik block, and 40 percent of Total’s 25% participating interest in the neighboring Kanuku. The block’s other partners are Tullow Oil Plc, with a 60% participating interest and EcoAtlantic with a 15% interest.
The statement from Qatar Petroleum did not contain any financial terms.
Mark Bynoe, Guyana’s director of energy, said the government was “studying” a letter from Total detailing the transaction but did not yet “understand the full implications” of the deal.
Qatar Petroleum said on Monday it had agreed a deal with Total SA to acquire a stake in the French firm’s two oil and gas blocks offshore Guyana, but the South American country’s government said it was still reviewing the deal.
Qatar Petroleum said it would hold 40% of Total’s 25% participating interest in the Orinduik block, and 40 percent of Total’s 25% participating interest in the neighboring Kanuku. The block’s other partners are Tullow Oil Plc, with a 60% participating interest and EcoAtlantic with a 15% interest.
The statement from Qatar Petroleum did not contain any financial terms.
Mark Bynoe, Guyana’s director of energy, said the government was “studying” a letter from Total detailing the transaction but did not yet “understand the full implications” of the deal.
Singapore to stop 'Sling' LNG indices, sheds hopes of main price hub - Reuters
Singapore to stop 'Sling' LNG indices, sheds hopes of main price hub - Reuters:
Singapore Exchange will stop producing and publishing its spot price indices - Sling - for liquefied natural gas (LNG), less than four years after their launch, dashing the city-state’s hopes of becoming Asia’s main pricing hub for the fuel.
Sling - short for SGX LNG Index Group - indices will be published until Oct. 31 this year, provided “there is sufficient data for an accurate and robust index to be published”, Energy Market Company (EMC) said in an undated statement on its website.
Sling was developed jointly by EMC, the market operator of Singapore’s wholesale electricity market, and Singapore Exchange (SGX) SGX.SI, and introduced in late 2015 in a bid to develop Singapore as a price hub for the super-chilled fuel. EMC is a wholly owned unit of Asian Gateway Investments, which is also a SGX subsidiary.
Singapore Exchange will stop producing and publishing its spot price indices - Sling - for liquefied natural gas (LNG), less than four years after their launch, dashing the city-state’s hopes of becoming Asia’s main pricing hub for the fuel.
Sling - short for SGX LNG Index Group - indices will be published until Oct. 31 this year, provided “there is sufficient data for an accurate and robust index to be published”, Energy Market Company (EMC) said in an undated statement on its website.
Sling was developed jointly by EMC, the market operator of Singapore’s wholesale electricity market, and Singapore Exchange (SGX) SGX.SI, and introduced in late 2015 in a bid to develop Singapore as a price hub for the super-chilled fuel. EMC is a wholly owned unit of Asian Gateway Investments, which is also a SGX subsidiary.
Senate fails to override Trump vetoes of bills stopping #Saudi, #UAE weapons sales - Reuters
Senate fails to override Trump vetoes of bills stopping Saudi weapons sales - Reuters:
The U.S. Senate on Monday failed to override President Donald Trump’s vetoes of legislation passed by Congress that would have blocked the sales of certain weapons to Saudi Arabia.
In the first of three separate efforts to overturn the Republican president’s vetoes, supporters failed by a vote of 45-40, well short of the two-thirds needed. Five of the chamber’s 53 Republicans joined Democrats in voting to override Trump.
The vote tallies were similar in the two subsequent roll-call votes to override vetoes of legislation blocking additional weapons sales to Saudi Arabia, the United Arab Emirates and other countries.
The U.S. Senate on Monday failed to override President Donald Trump’s vetoes of legislation passed by Congress that would have blocked the sales of certain weapons to Saudi Arabia.
In the first of three separate efforts to overturn the Republican president’s vetoes, supporters failed by a vote of 45-40, well short of the two-thirds needed. Five of the chamber’s 53 Republicans joined Democrats in voting to override Trump.
The vote tallies were similar in the two subsequent roll-call votes to override vetoes of legislation blocking additional weapons sales to Saudi Arabia, the United Arab Emirates and other countries.
Oil prices rise as market eyes likely Fed rate cut - Reuters
Oil prices rise as market eyes likely Fed rate cut - Reuters:
Oil prices rose for a fourth day on Tuesday on optimism the U.S. Federal Reserve will this week cut interest rates for the first time in more than 10 years, supporting fuel demand growth in the world’s biggest oil user.
Brent crude LCOc1 rose 46 cents, or 0.7%, to $64.17 a barrel by 0651 GMT, after gaining 0.4% the previous session.
U.S. crude CLc1 was up 41 cents or 0.7%, at $57.28 a barrel, having risen 1.2% on Monday.
Lower U.S. interest rates would “support a continuation in global expansionary activities and fuel demand growth” for the second half of 2019, Benjamin Lu, an analyst at Phillip Futures in Singapore, said in a note.
Oil prices rose for a fourth day on Tuesday on optimism the U.S. Federal Reserve will this week cut interest rates for the first time in more than 10 years, supporting fuel demand growth in the world’s biggest oil user.
Brent crude LCOc1 rose 46 cents, or 0.7%, to $64.17 a barrel by 0651 GMT, after gaining 0.4% the previous session.
U.S. crude CLc1 was up 41 cents or 0.7%, at $57.28 a barrel, having risen 1.2% on Monday.
Lower U.S. interest rates would “support a continuation in global expansionary activities and fuel demand growth” for the second half of 2019, Benjamin Lu, an analyst at Phillip Futures in Singapore, said in a note.