US unlikely to back $15bn Iran credit line, officials say | Financial Times:
US officials have played down the idea of Washington backing a French proposal to give Iran a $15bn credit line, as the Trump administration ramps up its “maximum pressure” campaign on Tehran.
Emmanuel Macron, France’s president, floated the idea of providing Iran a financial lifeline when he met Donald Trump at the G7 in Biarritz last month. Mr Trump at the time said Iran might need help weathering a “very rough patch,” leading some to believe he was open to the idea.
But US officials have pushed back against the idea that the White House was wavering on its “maximum pressure” campaign, with some saying Mr Trump was talking about a point in the future after Iran had agreed to negotiate a new nuclear deal.
Wednesday 4 September 2019
Lebanon on Debt Tightrope as S&P Sets Clock Ticking to Downgrade - Bloomberg
Lebanon on Debt Tightrope as S&P Sets Clock Ticking to Downgrade - Bloomberg:
Lebanon bought itself some time with the market and won a reprieve from a downgrade deeper into junk by S&P Global Ratings.
The relief may not last. While some investors are turning more confident that Lebanon will maintain its unblemished record of paying creditors, S&P on Wednesday highlighted vulnerabilities that could still put one of the world’s most indebted countries to a test.
After originally giving Lebanon up to a year to stabilize its finances, S&P said that a continued decline in bank deposits -- a key source of the government’s funding -- could trigger a downgrade to the CCC category already during the next six months.
Lebanon bought itself some time with the market and won a reprieve from a downgrade deeper into junk by S&P Global Ratings.
The relief may not last. While some investors are turning more confident that Lebanon will maintain its unblemished record of paying creditors, S&P on Wednesday highlighted vulnerabilities that could still put one of the world’s most indebted countries to a test.
After originally giving Lebanon up to a year to stabilize its finances, S&P said that a continued decline in bank deposits -- a key source of the government’s funding -- could trigger a downgrade to the CCC category already during the next six months.
Russia will lower oil output in September: Novak - Reuters
Russia will lower oil output in September: Novak - Reuters:
Russian oil output this month will be lower than it was in August, Energy Minister Alexander Novak said on Wednesday.
Speaking at an economic forum in Russia’s Far East, Novak also told reporters that the energy ministry was discussing the aftermath of a major oil contamination with oil giant Rosneft and pipeline monopoly Transneft
Russian oil output this month will be lower than it was in August, Energy Minister Alexander Novak said on Wednesday.
Speaking at an economic forum in Russia’s Far East, Novak also told reporters that the energy ministry was discussing the aftermath of a major oil contamination with oil giant Rosneft and pipeline monopoly Transneft
Exclusive: #Saudi's Rumayyan takes control of Aramco IPO executive committee - sources - Reuters
Exclusive: Saudi's Rumayyan takes control of Aramco IPO executive committee - sources - Reuters:
The head of Saudi Arabia’s sovereign wealth fund was made head of an executive committee overseeing plans to float shares in Saudi Aramco before he was named new chairman of the state oil giant this week, five sources familiar with the matter said.
Yassir al-Rumayyan took over control of the committee from Finance Minister Mohammed al-Jadaan in July, the sources told Reuters, as preparations for the listing speed up.
A spokesman at wealth fund the Public Investment Fund referred queries to Aramco, which declined to comment. The finance ministry did not immediately respond to a request for comment.
The head of Saudi Arabia’s sovereign wealth fund was made head of an executive committee overseeing plans to float shares in Saudi Aramco before he was named new chairman of the state oil giant this week, five sources familiar with the matter said.
Yassir al-Rumayyan took over control of the committee from Finance Minister Mohammed al-Jadaan in July, the sources told Reuters, as preparations for the listing speed up.
A spokesman at wealth fund the Public Investment Fund referred queries to Aramco, which declined to comment. The finance ministry did not immediately respond to a request for comment.
Oil prices rise over 4% on positive economic data from China - Reuters
Oil prices rise over 4% on positive economic data from China - Reuters:
Oil prices rose more than 4% on Wednesday, boosted by a wider market pickup on positive news from China, after three days of losses due to fears about a weakening global economy.
Brent futures LCOc1 rose $2.44, or 4.2%, to settle at $60.70 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 gained $2.32, or 4.3%, to $56.26.
That was the biggest daily percentage increase for WTI since July 10.
Stock indexes worldwide rebounded as easing geopolitical concerns and upbeat economic data from China brought buyers back to the equities market.
Oil prices rose more than 4% on Wednesday, boosted by a wider market pickup on positive news from China, after three days of losses due to fears about a weakening global economy.
Brent futures LCOc1 rose $2.44, or 4.2%, to settle at $60.70 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 gained $2.32, or 4.3%, to $56.26.
That was the biggest daily percentage increase for WTI since July 10.
Stock indexes worldwide rebounded as easing geopolitical concerns and upbeat economic data from China brought buyers back to the equities market.
Russia’s Richest Company Is Surging 33% and No One Is Saying Why - Bloomberg
Russia’s Richest Company Is Surging 33% and No One Is Saying Why - Bloomberg:
Shares in Surgutneftegas PJSC, the Russian oil company sitting on a $51.6 billion cash pile, are on a tear for the ages and nobody has a good explanation for why.
The ordinary shares are up 33% on massive volumes this week. Surgutneftegas’s preference shares also have been on a wild ride, losing nearly a third of their value in July before recovering much of that decline over the past three days. Even after the surge, the company’s market value is less than half its net cash position.
The increase came after Surgutneftegas created a new securities unit, Rion, potentially opening the door for it to invest some of the cash pile -- which mostly sits as deposits in large state-owned banks, forming a critical part of their capital -- in higher-yield vehicles.
Shares in Surgutneftegas PJSC, the Russian oil company sitting on a $51.6 billion cash pile, are on a tear for the ages and nobody has a good explanation for why.
The ordinary shares are up 33% on massive volumes this week. Surgutneftegas’s preference shares also have been on a wild ride, losing nearly a third of their value in July before recovering much of that decline over the past three days. Even after the surge, the company’s market value is less than half its net cash position.
The increase came after Surgutneftegas created a new securities unit, Rion, potentially opening the door for it to invest some of the cash pile -- which mostly sits as deposits in large state-owned banks, forming a critical part of their capital -- in higher-yield vehicles.
Nigeria state oil company's trading arm Duke leaves London for #Dubai - Reuters
Nigeria state oil company's trading arm Duke leaves London for Dubai - Reuters:
The trading arm of Nigeria’s state oil firm is leaving London to set up in Dubai to be closer to the Asian market which is fast becoming the main buyer of the west African country’s crude, four oil industry sources said.
The move by Duke also has tax advantages over keeping the office in London, the sources familiar with the matter told Reuters.
While Africa’s biggest oil producer once sold much of its oil to the United States, the shale boom displaced that, and U.S. crude is now competing with Nigeria for buyers in Europe and Asia.
The trading arm of Nigeria’s state oil firm is leaving London to set up in Dubai to be closer to the Asian market which is fast becoming the main buyer of the west African country’s crude, four oil industry sources said.
The move by Duke also has tax advantages over keeping the office in London, the sources familiar with the matter told Reuters.
While Africa’s biggest oil producer once sold much of its oil to the United States, the shale boom displaced that, and U.S. crude is now competing with Nigeria for buyers in Europe and Asia.
Oil prices rise nearly 3% on positive economic data - Reuters
Oil prices rise nearly 3% on positive economic data - Reuters:
Oil prices rose nearly 3% on Wednesday, boosted by a wider market pickup on positive news from China’s services sector, after three days of losses due to fears about a weakening global economy.
Brent crude LCOc1 was up $1.55, or 2.66%, at $59.81 a barrel by 1401 GMT, while U.S. West Texas Intermediate futures CLc1 gained $1.56, or 2.66%, to $55.50 a barrel.
Global markets rebounded after a private survey showed that activity in China’s services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in more than a year.
Oil prices rose nearly 3% on Wednesday, boosted by a wider market pickup on positive news from China’s services sector, after three days of losses due to fears about a weakening global economy.
Brent crude LCOc1 was up $1.55, or 2.66%, at $59.81 a barrel by 1401 GMT, while U.S. West Texas Intermediate futures CLc1 gained $1.56, or 2.66%, to $55.50 a barrel.
Global markets rebounded after a private survey showed that activity in China’s services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in more than a year.
Fund manager BlackRock opens office in #SaudiArabia - Reuters
Fund manager BlackRock opens office in Saudi Arabia - Reuters:
BlackRock Inc (BLK.N), the world’s largest fund manager, has opened an office in Saudi Arabia, pushing ahead with plans to capitalize on the government’s ambitious reform agenda despite global criticism of its human rights record.
A company spokeswoman said the Riyadh office had opened recently and is headed by Yazeed Almubarak, who previously worked at Morgan Stanley (MS.N) and Saudi bank Jadwa Investment, according to his LinkedIn page.
Chief Executive Larry Fink last year said that BlackRock would not cut ties with the kingdom, which came under pressure over the murder of journalist Jamal Khashoggi. Fink pulled out of a major investment conference in Riyadh at the time.
BlackRock Inc (BLK.N), the world’s largest fund manager, has opened an office in Saudi Arabia, pushing ahead with plans to capitalize on the government’s ambitious reform agenda despite global criticism of its human rights record.
A company spokeswoman said the Riyadh office had opened recently and is headed by Yazeed Almubarak, who previously worked at Morgan Stanley (MS.N) and Saudi bank Jadwa Investment, according to his LinkedIn page.
Chief Executive Larry Fink last year said that BlackRock would not cut ties with the kingdom, which came under pressure over the murder of journalist Jamal Khashoggi. Fink pulled out of a major investment conference in Riyadh at the time.
MIDEAST STOCKS-Banks boost #Saudi index; wide sell-off weighs on Egypt - Reuters
MIDEAST STOCKS-Banks boost Saudi index; wide sell-off weighs on Egypt - Reuters:
Saudi Arabia's stock market rose sharply
on Wednesday, with all its banks gaining amid advancing oil
prices on positive news from China's services sector, while
Egypt's index ended lower as most of its blue-chip stocks
dropped.
Oil prices were up boosted by a wider market pickup, after
three days of losses on lingering concern about a weakening
global economy.
Global markets rebounded after a private survey showed that
activity in China's services sector expanded at the fastest pace
in three months in August as new orders rose, prompting the
biggest increase in hiring in over a year.
Saudi Arabia's stock market rose sharply
on Wednesday, with all its banks gaining amid advancing oil
prices on positive news from China's services sector, while
Egypt's index ended lower as most of its blue-chip stocks
dropped.
Oil prices were up boosted by a wider market pickup, after
three days of losses on lingering concern about a weakening
global economy.
Global markets rebounded after a private survey showed that
activity in China's services sector expanded at the fastest pace
in three months in August as new orders rose, prompting the
biggest increase in hiring in over a year.
India and Russia tie up energy and defence deals | Financial Times
India and Russia tie up energy and defence deals | Financial Times:
India and Russia signed a number of energy and defence deals on Wednesday as part of prime minister Narendra Modi’s visit to the country, as Moscow seeks to deepen its ties with the Asian power.
Russian president Vladimir Putin told his guest at a signing ceremony in Vladivostok that the two countries were preparing a 10-year military-technical co-operation programme, as companies from both countries signed agreements on gas supplies and agricultural products.
Mr Modi’s position as chief guest of an economic forum in the eastern Russian port focusing on Asian relations follows Chinese president Xi Jinping fulfilling that role last year.
India and Russia signed a number of energy and defence deals on Wednesday as part of prime minister Narendra Modi’s visit to the country, as Moscow seeks to deepen its ties with the Asian power.
Russian president Vladimir Putin told his guest at a signing ceremony in Vladivostok that the two countries were preparing a 10-year military-technical co-operation programme, as companies from both countries signed agreements on gas supplies and agricultural products.
Mr Modi’s position as chief guest of an economic forum in the eastern Russian port focusing on Asian relations follows Chinese president Xi Jinping fulfilling that role last year.
#Saudi Aramco’s New Chairman Al-Rumayyan Isn’t Right Man for Job - Bloomberg
Saudi Aramco’s New Chairman Al-Rumayyan Isn’t Right Man for Job - Bloomberg:
The Saudi Arabian monarchy made a major change this week in the leadership of its national oil company, Saudi Aramco. Khalid Al-Falih, the former CEO and current oil minister, was removed as chairman and replaced by Yasir Al-Rumayyan, the head of Saudi Arabia’s sovereign wealth fund. With the kingdom readying plans for an Aramco IPO, what should we make of this shift, and is Al-Rumayyan – a confidante of Crown Prince Mohammed bin Salman with no experience in oil or energy – the best choice to fill the position?
On the one hand, removing Al-Falih from the board of Saudi Arabian Oil Co. will help the company establish itself as distinct from the Saudi government team that creates oil policy at OPEC. This should insulate Aramco from some antitrust allegations. If or when Aramco does go public, the move could help protect the company from investigations by other governments concerning its connections to the international oil cartel. As Al-Falih himself wrote in a tweet in Arabic, the new leadership of the board is a step toward an IPO:
But Al-Rumayyan isn’t a choice that should promote confidence in the direction of the company. For one, his background is in finance: After various jobs in Saudi banking, he was appointed to run the Public Investment Fund, or PIF, in 2015, and is said to consult very closely with Prince Mohammed. He has used a large portion of the PIF as a venture-capital fund – so much so that through the PIF, Saudi Arabia has become one of the single biggest investors in U.S. startups. Al-Rumayyan has also overseen the PIF’s position as a power broker in the kingdom, with the fund backing new ideas and even social causes such as a major investment that brought AMC Theaters to Saudi Arabia when cinemas were legalized. None of this points to any expertise in oil.
The Saudi Arabian monarchy made a major change this week in the leadership of its national oil company, Saudi Aramco. Khalid Al-Falih, the former CEO and current oil minister, was removed as chairman and replaced by Yasir Al-Rumayyan, the head of Saudi Arabia’s sovereign wealth fund. With the kingdom readying plans for an Aramco IPO, what should we make of this shift, and is Al-Rumayyan – a confidante of Crown Prince Mohammed bin Salman with no experience in oil or energy – the best choice to fill the position?
On the one hand, removing Al-Falih from the board of Saudi Arabian Oil Co. will help the company establish itself as distinct from the Saudi government team that creates oil policy at OPEC. This should insulate Aramco from some antitrust allegations. If or when Aramco does go public, the move could help protect the company from investigations by other governments concerning its connections to the international oil cartel. As Al-Falih himself wrote in a tweet in Arabic, the new leadership of the board is a step toward an IPO:
But Al-Rumayyan isn’t a choice that should promote confidence in the direction of the company. For one, his background is in finance: After various jobs in Saudi banking, he was appointed to run the Public Investment Fund, or PIF, in 2015, and is said to consult very closely with Prince Mohammed. He has used a large portion of the PIF as a venture-capital fund – so much so that through the PIF, Saudi Arabia has become one of the single biggest investors in U.S. startups. Al-Rumayyan has also overseen the PIF’s position as a power broker in the kingdom, with the fund backing new ideas and even social causes such as a major investment that brought AMC Theaters to Saudi Arabia when cinemas were legalized. None of this points to any expertise in oil.
Lebanon Bonds Pull Back From the Precipice as Default Fears Wane - Bloomberg
Lebanon Bonds Pull Back From the Precipice as Default Fears Wane - Bloomberg:
Investors who pushed Lebanese bonds to the edge of a cliff are turning more confident that one of the world’s most indebted countries will maintain its unblemished record of honoring its obligations.
Lebanese dollar bonds, the worst performers across emerging markets this year after crisis-hit Argentina and Zambia, rallied this week, fueled by a renewed government commitment to urgently repair public finances and an addition of $1.4 billion to central bank reserves.
“The authorities seem to now realize the gravity of the situation and are making a firm and unified call for urgent action,” according to Garbis Iradian, chief Middle East economist at the Washington-based Institute of International Finance.
Investors who pushed Lebanese bonds to the edge of a cliff are turning more confident that one of the world’s most indebted countries will maintain its unblemished record of honoring its obligations.
Lebanese dollar bonds, the worst performers across emerging markets this year after crisis-hit Argentina and Zambia, rallied this week, fueled by a renewed government commitment to urgently repair public finances and an addition of $1.4 billion to central bank reserves.
“The authorities seem to now realize the gravity of the situation and are making a firm and unified call for urgent action,” according to Garbis Iradian, chief Middle East economist at the Washington-based Institute of International Finance.
Emirates Aims to Stay Put for a Decade as New #Dubai Hub Falters - Bloomberg
Emirates Aims to Stay Put for a Decade as New Dubai Hub Falters - Bloomberg:
Emirates, the world’s biggest long-haul airline, aims to stay at its Dubai International Airport base for another decade as the sheikdom reviews the future of a partly built super-hub costing $36 billion.
Dubai International, which attracted 90 million passengers last year, could conceivably eke out annual capacity of as many as 115 million travelers, Emirates President Tim Clark said at a briefing in London Wednesday. Transferring other airlines to the newer Al Maktoum airport would give Emirates and sister carrier FlyDubai room to expand at their existing home, he said.
Both Dubai International and Al Maktoum, which can now handle 25 million to 30 million people a year, are state-owned. So are Emirates and FlyDubai, which gives Clark more say about airport location than a typical airline chief.
Emirates, the world’s biggest long-haul airline, aims to stay at its Dubai International Airport base for another decade as the sheikdom reviews the future of a partly built super-hub costing $36 billion.
Dubai International, which attracted 90 million passengers last year, could conceivably eke out annual capacity of as many as 115 million travelers, Emirates President Tim Clark said at a briefing in London Wednesday. Transferring other airlines to the newer Al Maktoum airport would give Emirates and sister carrier FlyDubai room to expand at their existing home, he said.
Both Dubai International and Al Maktoum, which can now handle 25 million to 30 million people a year, are state-owned. So are Emirates and FlyDubai, which gives Clark more say about airport location than a typical airline chief.
#SaudiArabia could slash growth estimates as contraction looms - Reuters
Saudi Arabia could slash growth estimates as contraction looms - Reuters:
Saudi Arabia may have to revise down economic growth estimates as lower crude output and tumbling oil prices take their toll on economic activity, with some economists forecasting a contraction this year in the world’s biggest oil exporter.
The Saudi central bank forecast economic growth of at least 2% this year but economists now expect marginal growth at best or a slight shrinkage, its second in two years.
“A lot of this weakness is due to the impact of oil production cuts, which will exert a large drag on GDP growth,” said William Jackson, chief emerging markets economist at Capital Economics, which forecast 0.3% growth in 2019.
Saudi Arabia may have to revise down economic growth estimates as lower crude output and tumbling oil prices take their toll on economic activity, with some economists forecasting a contraction this year in the world’s biggest oil exporter.
The Saudi central bank forecast economic growth of at least 2% this year but economists now expect marginal growth at best or a slight shrinkage, its second in two years.
“A lot of this weakness is due to the impact of oil production cuts, which will exert a large drag on GDP growth,” said William Jackson, chief emerging markets economist at Capital Economics, which forecast 0.3% growth in 2019.
Weakened #Saudi energy minister must answer to audience of one | Financial Times
Weakened Saudi energy minister must answer to audience of one | Financial Times:
Khalid al-Falih has gone from holding three plum roles in Saudi Arabia to just one in the space of a week after being stripped of his responsibility for overseeing industrial development and for chairing Saudi Aramco, the state-owned oil company.
Mr Falih, who remains the kingdom’s energy minister, has put a brave face on his sudden loss of status. But the question remains for the broader oil industry: what comes next?
Over the past three years, Mr Falih has helped manage Saudi Arabia’s deepening relationship with Russia, meeting regularly with Alexander Novak, his opposite number, as the two oil titans have worked together to prop up the price.
Khalid al-Falih has gone from holding three plum roles in Saudi Arabia to just one in the space of a week after being stripped of his responsibility for overseeing industrial development and for chairing Saudi Aramco, the state-owned oil company.
Mr Falih, who remains the kingdom’s energy minister, has put a brave face on his sudden loss of status. But the question remains for the broader oil industry: what comes next?
Over the past three years, Mr Falih has helped manage Saudi Arabia’s deepening relationship with Russia, meeting regularly with Alexander Novak, his opposite number, as the two oil titans have worked together to prop up the price.
First LNG Cargo Leaves $15 Billion Site as U.S. Exports Grow - Bloomberg
First LNG Cargo Leaves $15 Billion Site as U.S. Exports Grow - Bloomberg:
The first cargo of liquefied natural gas has set sail from a $15 billion Texas export terminal, amplifying America’s growing influence on the global market for the fuel.
LNG Jurojin departed Freeport LNG Development LP’s facility on Tuesday, according to a statement from the company, making the terminal the fifth to ship super-chilled gas from U.S. shale fields. Royal Dutch Shell Plc will take the first two deliveries from Freeport, according to a person familiar with the matter. The cargo is headed for the Jebel Ali terminal in Dubai, the United Arab Emirates, ship-tracking data on Bloomberg show.
Since the first U.S. LNG export terminal began operating in Louisiana in 2016, the nation has become the world’s third-largest supplier of the fuel, sending gas to buyers as distant as Japan. The startup of Freeport has provided a key outlet for Texas production, helping to boost gas prices from 1990s-era seasonal lows.
The first cargo of liquefied natural gas has set sail from a $15 billion Texas export terminal, amplifying America’s growing influence on the global market for the fuel.
LNG Jurojin departed Freeport LNG Development LP’s facility on Tuesday, according to a statement from the company, making the terminal the fifth to ship super-chilled gas from U.S. shale fields. Royal Dutch Shell Plc will take the first two deliveries from Freeport, according to a person familiar with the matter. The cargo is headed for the Jebel Ali terminal in Dubai, the United Arab Emirates, ship-tracking data on Bloomberg show.
Since the first U.S. LNG export terminal began operating in Louisiana in 2016, the nation has become the world’s third-largest supplier of the fuel, sending gas to buyers as distant as Japan. The startup of Freeport has provided a key outlet for Texas production, helping to boost gas prices from 1990s-era seasonal lows.
Egypt's Stock Exchange to Start Short Selling by Year's End - Bloomberg
Egypt's Stock Exchange to Start Short Selling by Year's End - Bloomberg:
Egypt’s stock exchange aims to introduce short selling by December, part of a broader effort to boost liquidity in a market that’s also anticipating a wave of initial public offerings and stake sales by public-sector companies.
“Before the end of the year we are going to see short selling up and running and being implemented,” Mohamed Farid, the chairman of the Egyptian Exchange, said in an interview with Bloomberg Television. “We are talking about a complete securities borrowing and lending mechanism associated or coupled with short selling.”
All technological requirements have been fulfilled and 25 to 30 brokers are registered to operate shorting, he said on Tuesday in London. Several exchanges in the Middle East, including those of Saudi Arabia and Abu Dhabi, have introduced the mechanism in the past few years, but liquidity is still low. Companies on the Egyptian exchange have $51 billion in combined market value.
Egypt’s stock exchange aims to introduce short selling by December, part of a broader effort to boost liquidity in a market that’s also anticipating a wave of initial public offerings and stake sales by public-sector companies.
“Before the end of the year we are going to see short selling up and running and being implemented,” Mohamed Farid, the chairman of the Egyptian Exchange, said in an interview with Bloomberg Television. “We are talking about a complete securities borrowing and lending mechanism associated or coupled with short selling.”
All technological requirements have been fulfilled and 25 to 30 brokers are registered to operate shorting, he said on Tuesday in London. Several exchanges in the Middle East, including those of Saudi Arabia and Abu Dhabi, have introduced the mechanism in the past few years, but liquidity is still low. Companies on the Egyptian exchange have $51 billion in combined market value.
Oil prices nudge higher, but economic worries loom - Reuters
Oil prices nudge higher, but economic worries loom - Reuters:
Oil prices recovered some ground on Wednesday, boosted by a wider market pickup on positive news from China’s services sector, having touched their lowest in close to a month during the previous session on fears over the weakening global economy.
Brent crude LCOc1 was up 31 cents, or 0.53%, at $58.57 a barrel by 0619 GMT, while U.S. West Texas Intermediate futures CLc1 gained 34 cents, or 0.63%, at $54.28 at barrel.
Oil prices sank to a nearly one-month low on Tuesday following data that showed U.S. manufacturing activity in August contracted for the first time in three years and euro zone manufacturing activity contracted for a seventh month in August.
Oil prices recovered some ground on Wednesday, boosted by a wider market pickup on positive news from China’s services sector, having touched their lowest in close to a month during the previous session on fears over the weakening global economy.
Brent crude LCOc1 was up 31 cents, or 0.53%, at $58.57 a barrel by 0619 GMT, while U.S. West Texas Intermediate futures CLc1 gained 34 cents, or 0.63%, at $54.28 at barrel.
Oil prices sank to a nearly one-month low on Tuesday following data that showed U.S. manufacturing activity in August contracted for the first time in three years and euro zone manufacturing activity contracted for a seventh month in August.
#Bahrain's Alba raising $1.5 billion in bank debt: sources - Reuters
Bahrain's Alba raising $1.5 billion in bank debt: sources - Reuters:
Aluminium Bahrain (Alba), owner of one of the world’s largest aluminum smelters, is raising $1.5 billion in bank debt to refinance loans it obtained in 2016 to back its Line 6 expansion project, two sources familiar with the matter said.
The company has mandated three Bahrain-based banks – National Bank of Bahrain, Bank ABC and Gulf International Bank – to underwrite the facility, which is now being syndicated to the wider bank market, said the sources.
Alba – which declined to comment – completed $1.5 billion in financing in 2016, marking the largest corporate loan ever raised in Bahrain.
Aluminium Bahrain (Alba), owner of one of the world’s largest aluminum smelters, is raising $1.5 billion in bank debt to refinance loans it obtained in 2016 to back its Line 6 expansion project, two sources familiar with the matter said.
The company has mandated three Bahrain-based banks – National Bank of Bahrain, Bank ABC and Gulf International Bank – to underwrite the facility, which is now being syndicated to the wider bank market, said the sources.
Alba – which declined to comment – completed $1.5 billion in financing in 2016, marking the largest corporate loan ever raised in Bahrain.
MIDEAST STOCKS- #Saudi rebounds on financials, #Dubai extends losses - Agricultural Commodities - Reuters
MIDEAST STOCKS-Saudi rebounds on financials, Dubai extends losses - Agricultural Commodities - Reuters:
The Saudi stock market rose in early trade on Wednesday in a boost mainly from financial stocks and a recovery in oil prices, while Dubai extended losses on falling bank and property shares.
Oil prices recovered some ground, having touched their lowest in close to a month in the previous session on fears over a weakening global economy.
Saudi Arabia’s index traded 0.7% higher, offsetting its losses in the previous session, as all banking shares rose. Al Rajhi Bank added 1.4%, while National Commercial Bank rose 0.8%.
The Saudi stock market rose in early trade on Wednesday in a boost mainly from financial stocks and a recovery in oil prices, while Dubai extended losses on falling bank and property shares.
Oil prices recovered some ground, having touched their lowest in close to a month in the previous session on fears over a weakening global economy.
Saudi Arabia’s index traded 0.7% higher, offsetting its losses in the previous session, as all banking shares rose. Al Rajhi Bank added 1.4%, while National Commercial Bank rose 0.8%.
#Iran gives Europe two more months to save nuclear deal - Reuters
Iran gives Europe two more months to save nuclear deal - Reuters:
Iran’s President Hassan Rouhani gave European powers another two months to save a 2015 nuclear deal on Wednesday, but warned that Tehran was still preparing for further significant breaches of the pact that would have “extraordinary effects”.
His statement came as Iranian officials gave mixed signals in response to a French proposal to save the agreement by offering Iran about $15 billion in credit lines until year-end if Tehran comes fully back into compliance.
One senior Iranian official said it would comply if it got that amount in credit lines or oil sales, while state-run Press TV said Iran had rejected a proposal for an EU loan of that amount.
Iran’s President Hassan Rouhani gave European powers another two months to save a 2015 nuclear deal on Wednesday, but warned that Tehran was still preparing for further significant breaches of the pact that would have “extraordinary effects”.
His statement came as Iranian officials gave mixed signals in response to a French proposal to save the agreement by offering Iran about $15 billion in credit lines until year-end if Tehran comes fully back into compliance.
One senior Iranian official said it would comply if it got that amount in credit lines or oil sales, while state-run Press TV said Iran had rejected a proposal for an EU loan of that amount.
#UAE's ADNOC signs $600 million agreement with Singapore's GIC - Reuters
UAE's ADNOC signs $600 million agreement with Singapore's GIC - Reuters:
Abu Dhabi National Oil Co (ADNOC) said on Wednesday it signed a $600 million pipeline infrastructure investment agreement with Singapore’s sovereign wealth fund GIC.
The deal follows previous investments by BlackRock, KKR and the Abu Dhabi Retirement Pensions and Benefits Fund in the Abu Dhabi oil giant’s pipeline infrastructure, bringing the combined investments to a total of $4.9 billion, ADNOC said.
Abu Dhabi National Oil Co (ADNOC) said on Wednesday it signed a $600 million pipeline infrastructure investment agreement with Singapore’s sovereign wealth fund GIC.
The deal follows previous investments by BlackRock, KKR and the Abu Dhabi Retirement Pensions and Benefits Fund in the Abu Dhabi oil giant’s pipeline infrastructure, bringing the combined investments to a total of $4.9 billion, ADNOC said.
Russia to deepen S. Arabia ties, says Sovereign wealth fund chief - Reuters
Russia to deepen S. Arabia ties, says Sovereign wealth fund chief - Reuters:
Russia plans to expand its cooperation with Saudi Arabia, the head of Russia’s RDIF sovereign wealth fund said on Wednesday.
Speaking at an economic forum in Vladivostok in Russia’s Far East, RDIF chief Kirill Dmitriyev said that management changes in the Saudi oil industry as Saudi Aramco prepares to hold an initial public offering should not affect ties with Russia.
Russia plans to expand its cooperation with Saudi Arabia, the head of Russia’s RDIF sovereign wealth fund said on Wednesday.
Speaking at an economic forum in Vladivostok in Russia’s Far East, RDIF chief Kirill Dmitriyev said that management changes in the Saudi oil industry as Saudi Aramco prepares to hold an initial public offering should not affect ties with Russia.
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