Saudi Aramco Cuts All Oil Pricing for September Sales to Asia - Bloomberg:
Saudi Arabia, the world’s biggest oil exporter, lowered pricing for September sales of all crudes to Asia while raising prices to buyers in northwest Europe and the Mediterranean region.
State-owned Saudi Aramco cut pricing for its flagship Arab Light crude to buyers in Asia by 75 cents, to a $1.70 a barrel premium over the Oman-Dubai Middle Eastern benchmark, the company said on Sunday in an emailed statement. Traders and refiners that Bloomberg surveyed earlier had anticipated a premium of $1.80 a barrel to the benchmark.
Saudi Arabia agreed in July to curb production for nine additional months alongside its OPEC+ partners. Even so, the kingdom has been able to export more to China than ever before, as increasing volumes to Asia have been offset by declining sales to the U.S., where buyers are awash with domestic supplies.
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Sunday 4 August 2019
Morgan Stanley Turns Gloomier on EM as Fed, Trade Woes Bite - Bloomberg
Morgan Stanley Turns Gloomier on EM as Fed, Trade Woes Bite - Bloomberg:
Morgan Stanley has turned bearish on emerging-market Eurobonds, saying that a “surprisingly hawkish” Federal Reserve and worsening trade tensions are piling pressure on developing nations.
“The backdrop for EM has worsened in several ways in a short space of time,” analysts, including London-based James Lord and Jaiparan Khurana, said in a note on Friday. “All this justifies a more cautious stance and will likely worsen an already weak global-growth backdrop.”
The Wall Street bank removed a bullish call on emerging currencies a day earlier for similar reasons.
Morgan Stanley has turned bearish on emerging-market Eurobonds, saying that a “surprisingly hawkish” Federal Reserve and worsening trade tensions are piling pressure on developing nations.
“The backdrop for EM has worsened in several ways in a short space of time,” analysts, including London-based James Lord and Jaiparan Khurana, said in a note on Friday. “All this justifies a more cautious stance and will likely worsen an already weak global-growth backdrop.”
The Wall Street bank removed a bullish call on emerging currencies a day earlier for similar reasons.
#Dubai's Emaar Q2 profit falls 7.4% as Dubai property market cools - Reuters
Dubai's Emaar Q2 profit falls 7.4% as Dubai property market cools - Reuters:
Dubai’s largest listed developer Emaar Properties’ second-quarter profit fell 7.4% as the Middle East financial hub’s property market continues to cool.
The emirate’s oversupplied residential real estate market, down by at least a quarter since the middle of 2014, is showing no signs of a recovery.
Emaar made a net profit of 1.37 billion dirhams ($373 million) in the April-June period, according to Reuters calculations based on a company bourse statement on Sunday, compared to 1.48 billion dirhams in the 2018 second quarter.
Dubai’s largest listed developer Emaar Properties’ second-quarter profit fell 7.4% as the Middle East financial hub’s property market continues to cool.
The emirate’s oversupplied residential real estate market, down by at least a quarter since the middle of 2014, is showing no signs of a recovery.
Emaar made a net profit of 1.37 billion dirhams ($373 million) in the April-June period, according to Reuters calculations based on a company bourse statement on Sunday, compared to 1.48 billion dirhams in the 2018 second quarter.
MIDEAST STOCKS-Weighed down by bank stocks, #Saudi market dips after U.S. rate cut - Reuters
MIDEAST STOCKS-Weighed down by bank stocks, Saudi market dips after U.S. rate cut - Reuters:
Saudi Arabian equities declined on Sunday, weighed down by
banking shares, in line with major markets on Friday after the U.S. Federal
Reserve cut interest rates, which was followed by rate cuts by most Gulf central
banks.
"Global factors such as Fed's rate cut and trade concerns post Trump's
tweets on possible 10% tariff on additional goods are likely the reasons [behind
the weakness]," said Pritish K. Devassy, head of equity research at Al Rajhi
Capital.
"The Fed’s cut affects Saudi banks as net interest margins decline while
more tariffs imply global demand weakness which is negative for petrochemical
prices. Given these two sectors constitute a large chunk of the Saudi Index, the
indices have declined," Devassy said.
Saudi Arabian equities declined on Sunday, weighed down by
banking shares, in line with major markets on Friday after the U.S. Federal
Reserve cut interest rates, which was followed by rate cuts by most Gulf central
banks.
"Global factors such as Fed's rate cut and trade concerns post Trump's
tweets on possible 10% tariff on additional goods are likely the reasons [behind
the weakness]," said Pritish K. Devassy, head of equity research at Al Rajhi
Capital.
"The Fed’s cut affects Saudi banks as net interest margins decline while
more tariffs imply global demand weakness which is negative for petrochemical
prices. Given these two sectors constitute a large chunk of the Saudi Index, the
indices have declined," Devassy said.
#AbuDhabi's Mubadala Ventures focuses investments in US tech startups | ZAWYA MENA Edition
Abu Dhabi's Mubadala Ventures focuses investments in US tech startups | ZAWYA MENA Edition:
Mubadala Investment Company is investing millions of dollars in many companies in US and worldwide, according to UAE daily The National, which cited a top executive at the Abu Dhabi–owned state fund.
“Mubadala has taken a view that technology is going to become core to a lot of industries around us, and based on that view, it wants to become one of the largest global investors in technology,” Abdulla Al Banna, Director of Mubadala Ventures, the venture capital arm of Mubadala, was quoted as saying.
According to The National, Mubadala Ventures, is using capital from three existing funds, including a $400-million (1.4 billion dirhams) direct fund and a $200-million “fund of funds” programme. It has also made a $15 billion commitment to SoftBank’s Vision Fund, a fund focused on technology and innovation.
Mubadala Investment Company is investing millions of dollars in many companies in US and worldwide, according to UAE daily The National, which cited a top executive at the Abu Dhabi–owned state fund.
“Mubadala has taken a view that technology is going to become core to a lot of industries around us, and based on that view, it wants to become one of the largest global investors in technology,” Abdulla Al Banna, Director of Mubadala Ventures, the venture capital arm of Mubadala, was quoted as saying.
According to The National, Mubadala Ventures, is using capital from three existing funds, including a $400-million (1.4 billion dirhams) direct fund and a $200-million “fund of funds” programme. It has also made a $15 billion commitment to SoftBank’s Vision Fund, a fund focused on technology and innovation.
MIDEAST STOCKS-Weighed down by bank stocks, #Saudi market dips after U.S. rate cut - Reuters
MIDEAST STOCKS-Weighed down by bank stocks, Saudi market dips after U.S. rate cut - Reuters:
Saudi Arabian equities declined on Sunday, weighed down by banking shares, in line with major markets on Friday after the U.S. Federal Reserve cut interest rates, which was followed by rate cuts by most Gulf central banks.
The Saudi banking stocks were also hit by news that Saudi Binladin Group (SBG) was seeking a financial adviser for restructuring of its debt which could range between $20-$30 billion.
Goldman Sachs said in a report to clients it was “getting questions on the exposure of Saudi banks to Saudi Binladin Group”.
Saudi Arabian equities declined on Sunday, weighed down by banking shares, in line with major markets on Friday after the U.S. Federal Reserve cut interest rates, which was followed by rate cuts by most Gulf central banks.
The Saudi banking stocks were also hit by news that Saudi Binladin Group (SBG) was seeking a financial adviser for restructuring of its debt which could range between $20-$30 billion.
Goldman Sachs said in a report to clients it was “getting questions on the exposure of Saudi banks to Saudi Binladin Group”.
#AbuDhabi's ADNOC Distribution Q2 profit rises | ZAWYA MENA Edition
Abu Dhabi's ADNOC Distribution Q2 profit rises | ZAWYA MENA Edition:
ADNOC Distribution today reported that its first-half 2019 net profit increased by 4.3 percent, to AED1.173 billion, compared with the same period last year.
Free cash flow (EBITDA minus capital expenditures) generation was up 21 percent year-on-year to AED1.345 billion in the first half of 2019. For the second quarter of 2019, EBITDA was AED750 million and net profit was AED 595 million, up 1.3 percent and 2.2 percent, respectively, compared to the second quarter of 2018.
Excluding inventory gains, underlying EBITDA for the first half of 2019 grew by 11 percent compared to H1 2018, to AED1.364 billion, driven by improved cost efficiencies and the positive results of the company’s convenience store revitalisation programme, which is on track and is contributing to improvements in gross margins and an uplift in average basket size by 6.8 percent in the first half of 2019 compared to the first half of 2018.
ADNOC Distribution today reported that its first-half 2019 net profit increased by 4.3 percent, to AED1.173 billion, compared with the same period last year.
Free cash flow (EBITDA minus capital expenditures) generation was up 21 percent year-on-year to AED1.345 billion in the first half of 2019. For the second quarter of 2019, EBITDA was AED750 million and net profit was AED 595 million, up 1.3 percent and 2.2 percent, respectively, compared to the second quarter of 2018.
Excluding inventory gains, underlying EBITDA for the first half of 2019 grew by 11 percent compared to H1 2018, to AED1.364 billion, driven by improved cost efficiencies and the positive results of the company’s convenience store revitalisation programme, which is on track and is contributing to improvements in gross margins and an uplift in average basket size by 6.8 percent in the first half of 2019 compared to the first half of 2018.
#AbuDhabi's ADFG & Shuaa complete merger with capital increase - Reuters
Abu Dhabi's ADFG & Shuaa complete merger with capital increase - Reuters:
Abu Dhabi Financial Group (ADFG) said Sunday it has completed its merger with Shuaa Capital and increased its authorised capital to 2.54 billion dirhams ($692 million).
The deal is the latest in the ongoing financial sector consolidation in the United Arab Emirates, which has also seen the completion of two large bank mergers since 2017.
The capital increase follows admission of 1.47 billion new shares on the Dubai Financial Market in favour of ADFG’s parent company, Abu Dhabi Capital Management LLC, a joint statement from the companies said.
Abu Dhabi Financial Group (ADFG) said Sunday it has completed its merger with Shuaa Capital and increased its authorised capital to 2.54 billion dirhams ($692 million).
The deal is the latest in the ongoing financial sector consolidation in the United Arab Emirates, which has also seen the completion of two large bank mergers since 2017.
The capital increase follows admission of 1.47 billion new shares on the Dubai Financial Market in favour of ADFG’s parent company, Abu Dhabi Capital Management LLC, a joint statement from the companies said.
#Saudi energy minister says he discussed oil markets with Russian counterpart - Reuters
Saudi energy minister says he discussed oil markets with Russian counterpart - Reuters:
Saudi energy minister Khalid Al-Falih discussed oil markets with his Russian counterpart and stressed that Saudi Arabia would continue to comply with production cuts until the end of Q1 2020, he said in a tweet on Saturday.
“We confirm that we will continue to hold such meetings and talks between our two countries to ensure further progress, partnership, investment development and mutual trade,” Al-Falih added during the meeting.
Saudi energy minister Khalid Al-Falih discussed oil markets with his Russian counterpart and stressed that Saudi Arabia would continue to comply with production cuts until the end of Q1 2020, he said in a tweet on Saturday.
“We confirm that we will continue to hold such meetings and talks between our two countries to ensure further progress, partnership, investment development and mutual trade,” Al-Falih added during the meeting.