Despite Climate Push, Oil May Still Be Needed for Decades - Bloomberg

Despite Climate Push, Oil May Still Be Needed for Decades - Bloomberg:

While global leaders meet in New York to discuss solutions to climate change, the U.S. government has offered a sober assessment of the world’s ability to wean itself off fossil fuels.

Although renewables will be the fastest-growing energy source through 2050, oil consumption will still be key to meeting energy demand for decades, according to a report released Tuesday by the Energy Information Administration. Fossil fuel use will keep climbing for the next 30 years, the report said.

“Even though you see a very aggressive change in renewables uptick, it is just not growing fast enough to meet the demand and we don’t see demand tapering off,” EIA Administrator Linda Capuano said in Washington.

Oil falls 2% after Trump ratchets up U.S.-China trade war - Reuters

Oil falls 2% after Trump ratchets up U.S.-China trade war - Reuters:

Oil prices fell 2% on Tuesday as U.S. President Donald Trump fanned market fears that Sino-American trade tensions are far from settled amid ongoing negotiations, a grim sign for oil demand growth. 

Trump sharply criticized what he called China’s unfair trade practices in a speech at the United Nations General Assembly, saying he would not accept a “bad deal” between the United States and China.

“He ratcheted up the U.S.-China trade war again,” said John Kilduff, a partner at Again Capital LLC in New York. “It wasn’t a constructive tone in trying to get that resolved, and we know how sensitive oil prices are to the back and forth.”

Brent crude futures LCOc1 fell $1.35, or 2%, to $63.42 a barrel by 12:08 p.m. CDT (1708 GMT). West Texas Intermediate futures CLc1 were down $1.12, or 1.9%, at $57.52 a barrel.

#AbuDhabi Sells $10 Billion, Tapping Demand for Quality Bonds - Bloomberg

Abu Dhabi Sells $10 Billion, Tapping Demand for Quality Bonds - Bloomberg:

Abu Dhabi sold $10 billion of bonds in a three-part deal in its first international offering in two years as it takes advantage of relatively low borrowing costs.

The oil-rich emirate sold $3 billion of five-year fixed notes, $3 billion of notes due 2029 and $4 billion of 30-year notes.

The sovereign -- which boasts the third-highest grade from Moody’s Investors Service and S&P Global Ratings -- didn’t need to offer an extra premium to its yield curve to attract investors.

DETAILS OF ABU DHABI’S BOND SALE:

• Debt due 2024 at yield premium of 65 basis points more than Treasuries of similar maturity versus initial price thoughts of 80 basis points. 
• Securities due 2029 at a spread of 85 basis points versus indicative pricing of about 100 basis points. 
• And 2049 bonds at 110 basis points compared with an earlier guidance of 125 basis points.

#Bahrain Adds to Sale Mania With Dollar Offering of Its Own - Bloomberg

Bahrain Adds to Sale Mania With Dollar Offering of Its Own - Bloomberg:

Bahrain is tapping the international bond market about a year after it secured a bailout package from its wealthier neighbors.

The island kingdom won’t raise more than $2 billion from the sale of dollar-denominated debt, which includes Sharia-compliant securities due 2027 and a conventional bond due 2031, according to a person familiar with the matter, who isn’t authorized to speak publicly and asked not to be identified. The deal may price today.

DETAILS OF BAHRAIN’S BOND OFFERING:

• Sukuk due 2027 to yield around 4.75% versus initial price thoughts of between 4.875% and 5% 
• Bond due 2031 to yield between 5.75% and 5.875% versus indicative price range of 5.875% to 6%

Mideast Stocks: Egyptian stocks slump on worries of more protests | ZAWYA MENA Edition

Mideast Stocks: Egyptian stocks slump on worries of more protests | ZAWYA MENA Edition:

Egypt stock markets extended their decline on Tuesday as foreign investors sold equities on fears of more protests after several of them broke out in Egyptian cities over the weekend.

Authorities rounded up more than 400 people in response to an outbreak of protests against President Abdel Fattah al-Sisi and security forces stepped up their presence in central Cairo, human rights monitors said on Monday. 

The blue-chip stock index plunged 4.2%, its lowest since January, with 26 out of 30 stocks on the index seeing a fall. The country's blue-chip index has lost 10.7% so far this week, leaving it with a meagre 1% gain so far this year.

The broader stock index EGX 100 declined 3%, the most since March 2017.

#UAE remittances decline due to slow down in employment | ZAWYA MENA Edition

UAE remittances decline due to slow down in employment | ZAWYA MENA Edition:

Remittances from the UAE fell nearly eight per cent in the first-half of 2019 as both the quarters saw a decline due to a slowdown in employment, official data showed.

Central Bank data revealed that remittances fell from Dh87.92 billion in H1 2018 to Dh80.96 billion in the corresponding period this year. First-quarter remittances fell from Dh43.5 billion to Dh38.4 billion while second-quarter saw remittance declining from Dh44.42 billion to Dh42.55 billion.

"The annual growth rate of outward personal remittances during April-June 2019 was recorded at negative 4.2 per cent, a significant reduction compared to the growth for the same period in 2018 of 8.8 per cent. The slowdown in outward personal remittances is in line with the slowdown in employment," The Central Bank said.

#Saudi Aramco IPO unlikely to happen this year after oil attacks: sources - Reuters

Saudi Aramco IPO unlikely to happen this year after oil attacks: sources - Reuters:

Saudi Arabia is unlikely to list its state-owned oil giant Aramco this year after attacks this month on its facilities, two sources with direct knowledge of the company’s thinking said.

The initial public offering (IPO) of Aramco, the world’s largest oil company, is the pillar of Crown Prince Mohammed bin Salman’s economic reform agenda that aims to raise billions of dollars to help diversify the kingdom away from oil.

Aramco did not immediately respond to a request for comment. The sources declined to be identified because the information is not public.

Oil prices fall due to weak economic data, #Saudi output recovery - Reuters

Oil prices fall due to weak economic data, Saudi output recovery - Reuters:

Oil prices fell on Tuesday after weak manufacturing data from Europe and Japan focused market attention on a gloomy outlook for demand and as Saudi Arabia could restore oil output faster than anticipated following attacks last week.

Brent crude futures LCOc1 dropped 95 cents to $63.82 a barrel by 1106 GMT, while U.S. West Texas Intermediate futures CLc1 were at $57.91, down 73 cents.

“Financial data was anything but encouraging yesterday,” said Tamas Varga of oil brokerage PVM, pointing to sluggish manufacturing numbers in leading European economies and Japan.

MIDEAST STOCKS- #Saudi stocks gain on banks, petrochemicals - Agricultural Commodities - Reuters

MIDEAST STOCKS-Saudi stocks gain on banks, petrochemicals - Agricultural Commodities - Reuters:

Saudi Arabian stocks rose on Tuesday, boosted by banks and petrochemical firms and as more companies joined the FTSE Russell and the S&P Dow Jones emerging market indexes.

On Monday, Saudi stocks joined the FTSE Russell index in their fourth of eventual five tranches and the S&P Dow Jones index in the second and final phase.

Saudi stocks initially joined the two indexes as well as MSCI’s emerging markets index earlier this year.

Saudi’s index was up 0.5%, led by a 1% gain in Al Rajhi Bank and a 0.5% rise in Riyad Bank.

Oil Slips on Signs of Returning #Saudi Output as Doubts Linger - Bloomberg

Oil Slips on Signs of Returning Saudi Output as Doubts Linger - Bloomberg:

Oil edged lower on signs Saudi Arabia is making progress in restoring lost output even as uncertainty remains about the kingdom’s ability to meet its timeline of a full return by the end of the month.

Futures dropped 0.6% in New York after rising 1% on Monday. Saudi Aramco is returning most of its domestic oil refineries to full capacity after cutting back on processing to meet the crude demands of customers, according to people familiar with the matter. U.S. stockpiles probably declined by 600,000 barrels last week, a Bloomberg survey showed.

In Conversation With Ambassador Anne Patterson - Bloomberg

In Conversation With Ambassador Anne Patterson - Bloomberg:





The President of the US-Qatar Business Council Ambassador Anne W. Patterson speaks with Bloomberg’s Jason Kelly at the Future of Investing on September 23, 2019 at Bloomberg Headquarters in New York. (Source: Bloomberg)

Hootan Yazhari, head of MENA and Global Frontier Markets at BofAML, on #Saudi Arabian Stocks, Oil - Bloomberg

Hootan Yazhari, head of MENA and Global Frontier Markets at BofAML, on Saudi Arabian Stocks, Oil - Bloomberg:





Hootan Yazhari, head of MENA and global frontier markets at Bank of America Merrill Lynch, talks about Saudi Arabian stocks and oil. Attacks on the heart of Saudi Arabia’s oil production were not enough to stop foreigners from buying shares in Riyadh last week, with most of them tracking global benchmark indexes. Yazhari also discusses U.A.E. stocks on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)

Anand Raheja, CEO of Dar Al Arkan Real Estate Development Co., on #Saudi Arabian Property Market - Bloomberg

Anand Raheja, CEO of Dar Al Arkan Real Estate Development Co., on Saudi Arabian Property Market - Bloomberg:



Anand Raheja, chief executive officer of Dar Al Arkan Real Estate Development Co., a Saudi Arabian property company, talks about the outlook for the market and his business strategy. He speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)

Big Oil CEOs Talk Climate Change, Methane and Why They Need Gas - Bloomberg

Big Oil CEOs Talk Climate Change, Methane and Why They Need Gas - Bloomberg:

One of the opening events of Climate Week in New York offered a rare sight -- nine bosses of some of the world’s largest oil and gas companies in one room.

The occasion was the Oil and Gas Climate Initiative, an industry-supported organization whose members set targets to reduce methane emissions and gas flaring. Present Monday were the chief executive officers of companies including BP Plc, Chevron Corp., Exxon Mobil Corp., Royal Dutch Shell Plc and Total SA. They took questions from reporters and activists.

Drake & Scull hires Shuaa to advise on debt restructuring -sources | ZAWYA MENA Edition

Drake & Scull hires Shuaa to advise on debt restructuring -sources | ZAWYA MENA Edition:

Drake & Scull International has hired Shuaa Capital to advise on its debt restructuring, two sources said.

Shuaa, part of Abu Dhabi Financial Group, has been appointed as adviser, the sources told Reuters declining to be named as the matter is not yet public.

Shuaa and Drake & Scull declined comment.

#Dubai's residential property values down 2.6% in Q3: ValuStrat | ZAWYA MENA Edition

Dubai's residential property values down 2.6% in Q3: ValuStrat | ZAWYA MENA Edition:

The residential properties across Dubai displayed an overall 11.2 per cent annual fall in capital values, with quarterly declines decelerating to 2.6 per cent, said a leading local consulting firm ValuStrat in its Dubai real estate review for third quarter 2019.

This downward trend resulted in 31.1% citywide capital value loss since the peaks of mid-2014. All established freehold locations monitored by the VPI witnessed price drops since the last quarter, ranging from 1.8% to 4.5%, stated ValuStrat Price Index (VPI).

On an annual basis, 3 out of 26 locations were more resilient to downward pressure and saw single-digit declines, villas in Palm Jumeirah and Emirates Hills, as well as apartments in Dubai Sports City, stated VPI, which is a valuation-based price index for Dubai’s residential capital values.

Breakingviews - Hong Kong’s IPO debutants rely on helping hands - Reuters

Breakingviews - Hong Kong’s IPO debutants rely on helping hands - Reuters:

Hong Kong’s latest wave of listings are attracting some big helping hands. Anheuser-Busch InBev raised $5 billion through a relaunched float of its Asia-Pacific unit. There’s appetite for new share issues in the city despite ongoing protests, but at a discount and with strong cornerstone support.

After its attempt to sell shares in Budweiser Brewing Company APAC fell flat in July, AB InBev sold the unit’s low-growth Australian division to Japan’s Asahi, then relaunched the process last week with backing from Singapore state investment fund GIC. Priced at the bottom end of a marketed range, the new deal gives Budweiser APAC an enterprise value of $45 billion.

When adding in the generous $11 billion raised from Asahi, that’s within the roughly $53 billion to $62 billion range the company had initially sought. A listing by Chinese biotech company Henlius, which raised $410 million last week in the city’s first major IPO since July, looked similar. Support from four cornerstone backers including the Qatar Investment Authority got it across the line, but it too priced at the lower end.

UPDATE 2- #AbuDhabi raises $10 billion with triple-tranche bond - Reuters

UPDATE 2-Abu Dhabi raises $10 billion with triple-tranche bond - Reuters:

The government of Abu Dhabi has sold $10 billion in bonds, its first debt issuance in two years, which attracted hefty demand as the oil-rich emirate takes advantage of low rates to partly offset the impact of falling oil prices on state coffers.

Abu Dhabi has issued $3 billion in five-year bonds, $3 billion in 10-year and $4 billion in 30-year notes, according to a document issued by one of the banks leading the deal and seen by Reuters.

Abu Dhabi, the capital of the United Arab Emirates (UAE), has the biggest hydrocarbon reserves among the UAE’s seven emirates and its fiscal position is among the strongest in the region.

It has a rating of Aa2 by rating agency Moody’s, AA by S&P and AA by Fitch, with stable outlooks assigned by all three rating agencies.

#Kuwait shares #SaudiArabia's optimism to end disagreement: Kuwait's deputy foreign minister - Reuters

Kuwait shares Saudi Arabia's optimism to end disagreement: Kuwait's deputy foreign minister - Reuters:

Kuwait’s deputy foreign minister said on Monday that Kuwait shares Saudi Arabia’s optimism to end a disagreement over the Saudi–Kuwaiti neutral zone “very soon,” state news agency (KUNA) cited him as saying. 


Khaled al-Jarallah added that he listened to the Saudi energy minister’s “positive statements” and wished to “close the page on this disagreement very soon”, KUNA reported.

Saudi energy minister Prince Abdulaziz bin Salman had said earlier this month talks with Kuwait about resuming oil production in jointly operated fields in the Saudi-Kuwaiti neutral zone are “positive” and there was political will to resolve relevant issues.

Oil slips as focus shifts from #Saudi supply to global demand concerns - Reuters

Oil slips as focus shifts from Saudi supply to global demand concerns - Reuters:

Oil prices eased on Tuesday as weak manufacturing data from Europe and Japan focused market attention on the gloomy outlook for demand and away from uncertainty around supply disruptions in Saudi Arabia. 

Brent crude futures LCOc1 fell 40 cents to $64.37 a barrel by 0624 GMT, while U.S. West Texas Intermediate (WTI) futures CLc1 were at $58.31, down 33 cents. 


“The demand side of the equation is back in focus,” said Michael McCarthy, senior market analyst at CMC Markets in Sydney, pointing to sluggish manufacturing numbers in leading economies in Europe as well as Japan.