Putin's Climate Change Stance Moved by Oil Interests: Opinion - Bloomberg:
President Vladimir Putin needs to go green quickly to stop the permafrost from melting, so that Russian oil and gas companies can keep pumping the hydrocarbons that are warming the planet and making the permafrost melt.
Even I’m struggling with the warped logic of that one, but it’s the conclusion I’ve reached from Russia’s sudden ratification of the Paris climate accord and from reading the latest report of the Intergovernmental Panel on Climate Change.
Until now, climate change has been seen as a “good thing” for Russia — at least in part. Warming waters have opened up the Northern Sea Route across the top of the country and made it practical, if not necessarily economic, to search for and exploit oil and gas resources beneath the Arctic seas. Who remembers the Shtokman gas project?
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Sunday, 6 October 2019
Norway Oil Coffers About to Get Giant Boost From the North Sea - Bloomberg
Norway Oil Coffers About to Get Giant Boost From the North Sea - Bloomberg:
Equinor ASA has started its Johan Sverdrup oil field, a rare mega-project in the North Sea that’s been a boon for Norway’s offshore industry and now promises to deliver a huge production boost for the country.
Discovered in 2010 in an area that had been disregarded by most explorers, the site started production on Saturday and is set to reach 440,000 barrels a day by next summer. That represents a 33% addition to Norway’s production in the first half of this year, a spike in output not seen since the 1980s.
It’s hard to overstate the importance of Sverdrup for its owners, the Norwegian state and the country’s entire oil industry.
Equinor ASA has started its Johan Sverdrup oil field, a rare mega-project in the North Sea that’s been a boon for Norway’s offshore industry and now promises to deliver a huge production boost for the country.
Discovered in 2010 in an area that had been disregarded by most explorers, the site started production on Saturday and is set to reach 440,000 barrels a day by next summer. That represents a 33% addition to Norway’s production in the first half of this year, a spike in output not seen since the 1980s.
It’s hard to overstate the importance of Sverdrup for its owners, the Norwegian state and the country’s entire oil industry.
#Iran says Chinese state oil firm withdraws from $5B deal
Iran says Chinese state oil firm withdraws from $5B deal:
China’s state oil company has pulled out of a $5 billion deal to develop a portion of Iran’s massive offshore natural gas field, the Islamic Republic’s oil minister said Sunday, an agreement from which France’s Total SA earlier withdrew over U.S. sanctions.
The South Pars field deal, struck in the wake of Iran’s 2015 nuclear deal with world powers, appears to be just the latest business casualty of America’s pressure campaign on Tehran following President Donald Trump’s unilateral withdrawal of the U.S. from the deal.
It also comes as China and the U.S. engage in their own trade war, as Beijing and Washington levy billions of dollars of tariffs on each other’s goods.
China’s state oil company has pulled out of a $5 billion deal to develop a portion of Iran’s massive offshore natural gas field, the Islamic Republic’s oil minister said Sunday, an agreement from which France’s Total SA earlier withdrew over U.S. sanctions.
The South Pars field deal, struck in the wake of Iran’s 2015 nuclear deal with world powers, appears to be just the latest business casualty of America’s pressure campaign on Tehran following President Donald Trump’s unilateral withdrawal of the U.S. from the deal.
It also comes as China and the U.S. engage in their own trade war, as Beijing and Washington levy billions of dollars of tariffs on each other’s goods.
#Saudi market regulator facilitates listing of foreign companies - Reuters
Saudi market regulator facilitates listing of foreign companies - Reuters:
Saudi Arabia has introduced measures to facilitate the entry of foreign issuers to the Saudi stock market and encourage investment in NOMU, the country’s secondary market, the Saudi Capital Market Authority (CMA) said on Sunday.
The Saudi main stock exchange, Tadawul, opened to foreign investors in 2015. The kingdom has since introduced a raft of reforms to attract overseas share buyers and issuers as part of efforts to lure foreign capital and diversify the oil-dependent economy.
CMA said on Sunday it had adopted rules that will facilitate foreign issuers’ listings of their shares on the main Saudi market.
Saudi Arabia has introduced measures to facilitate the entry of foreign issuers to the Saudi stock market and encourage investment in NOMU, the country’s secondary market, the Saudi Capital Market Authority (CMA) said on Sunday.
The Saudi main stock exchange, Tadawul, opened to foreign investors in 2015. The kingdom has since introduced a raft of reforms to attract overseas share buyers and issuers as part of efforts to lure foreign capital and diversify the oil-dependent economy.
CMA said on Sunday it had adopted rules that will facilitate foreign issuers’ listings of their shares on the main Saudi market.
#Saudi fund acquires 49% stake in consulting firm Richard Attias: Maaal - Reuters
Saudi fund acquires 49% stake in consulting firm Richard Attias: Maaal - Reuters:
A subsidiary of Saudi Arabia’s sovereign wealth fund has acquired 49% of consulting firm Richard Attias & Associates (RAA), Saudi financial news website Maaal reported on Sunday.
The stake acquired by Sanabil Investments, which focuses on making direct equity investments in local companies and projects, has previously been estimated to be worth tens of millions of British pounds.
Maaal cited unnamed sources. Reuters could not immediately reach RAA, Sanabil or PIF for comment.
A subsidiary of Saudi Arabia’s sovereign wealth fund has acquired 49% of consulting firm Richard Attias & Associates (RAA), Saudi financial news website Maaal reported on Sunday.
The stake acquired by Sanabil Investments, which focuses on making direct equity investments in local companies and projects, has previously been estimated to be worth tens of millions of British pounds.
Maaal cited unnamed sources. Reuters could not immediately reach RAA, Sanabil or PIF for comment.
MIDEAST STOCKS-Most of Gulf rises on modest U.S. job growth, #Saudi ends losing streak - Reuters
MIDEAST STOCKS-Most of Gulf rises on modest U.S. job growth, Saudi ends losing streak - Reuters:
Most Gulf markets closed higher on Sunday mirroring the
previous session's rise in global stocks on easing concerns about the U.S.
economy, while Saudi Arabia ended three consecutive days of losses.
The U.S. unemployment rate dropped to near a 50-year low of 3.5% in
September, with job growth increasing moderately, suggesting the slowing economy
could avoid a recession for now despite the trade dispute between the United
States and China.
Saudi Arabia's index was up 0.5% with Jabal Omar Development
adding 3.9% in what was the biggest boost for the index. The developer
and hospitality service provider rose in last six sessions after Saudi Arabia
launched a new visa regime for 49 countries and appealed to foreign companies to
invest in tourism sector.
Most Gulf markets closed higher on Sunday mirroring the
previous session's rise in global stocks on easing concerns about the U.S.
economy, while Saudi Arabia ended three consecutive days of losses.
The U.S. unemployment rate dropped to near a 50-year low of 3.5% in
September, with job growth increasing moderately, suggesting the slowing economy
could avoid a recession for now despite the trade dispute between the United
States and China.
Saudi Arabia's index was up 0.5% with Jabal Omar Development
adding 3.9% in what was the biggest boost for the index. The developer
and hospitality service provider rose in last six sessions after Saudi Arabia
launched a new visa regime for 49 countries and appealed to foreign companies to
invest in tourism sector.
#Iran’s stock market outstrips global rivals | Financial Times
Iran’s stock market outstrips global rivals | Financial Times:
The stock market of Iran, for a long time dogged by US sanctions, has notched up a notable achievement: ranking among the world’s best performing over the past 12 months, as domestic investors seek refuge from rampant inflation.
A collapse in the rial against the dollar has triggered a huge spike in prices, with the official inflation rate at almost 43 per cent in the year to September. Banks’ interest rates have not kept up, which analysts say has pushed Iranians into stocks to protect the value of their savings.
This has triggered a big rally for the Tehran bourse, which had sold off in the final quarter of 2018 on fears of military conflict and economic stagnation. It is now up 73 per cent in local currency terms over the past 12 months, outpacing any other global equity market tracked by Bloomberg.
The stock market of Iran, for a long time dogged by US sanctions, has notched up a notable achievement: ranking among the world’s best performing over the past 12 months, as domestic investors seek refuge from rampant inflation.
A collapse in the rial against the dollar has triggered a huge spike in prices, with the official inflation rate at almost 43 per cent in the year to September. Banks’ interest rates have not kept up, which analysts say has pushed Iranians into stocks to protect the value of their savings.
This has triggered a big rally for the Tehran bourse, which had sold off in the final quarter of 2018 on fears of military conflict and economic stagnation. It is now up 73 per cent in local currency terms over the past 12 months, outpacing any other global equity market tracked by Bloomberg.
Israel Working on Non-Aggression Pact With Gulf States - Bloomberg
Israel Working on Non-Aggression Pact With Gulf States - Bloomberg:
Israel is working on an “historic” non-aggression pact with Arab Gulf states, Foreign Minister Israel Katz said on Sunday.
Such an agreement would make it possible to cooperate on civilian matters, Katz said on Twitter, confirming an earlier report by Israeli media. He said he had presented a plan to Arab foreign ministers and to U.S. envoy Jason Greenblatt at his recent visit to the United Nations.
Israel is working on an “historic” non-aggression pact with Arab Gulf states, Foreign Minister Israel Katz said on Sunday.
Such an agreement would make it possible to cooperate on civilian matters, Katz said on Twitter, confirming an earlier report by Israeli media. He said he had presented a plan to Arab foreign ministers and to U.S. envoy Jason Greenblatt at his recent visit to the United Nations.
#Dubai’s non-oil foreign trade delivers solid growth in H1-2019 | ZAWYA MENA Edition
Dubai’s non-oil foreign trade delivers solid growth in H1-2019 | ZAWYA MENA Edition:
Dubai recorded a non-oil foreign trade of AED 676 billion in the first half of 2019, an increase of 5 percent year-on-year from AED 644 billion in the corresponding half last year.
The first-half figures, which represent a staggering growth of 87 percent from 2009, reflect the ability of the emirate’s trade sector to raise its strength and competitiveness despite a challenging global trade environment.
Exports registered the highest rise at 17 percent to reach AED76 billion while re-exports were up 3 percent at AED 210 billion and imports grew 4 percent at AED 390 billion.
Dubai recorded a non-oil foreign trade of AED 676 billion in the first half of 2019, an increase of 5 percent year-on-year from AED 644 billion in the corresponding half last year.
The first-half figures, which represent a staggering growth of 87 percent from 2009, reflect the ability of the emirate’s trade sector to raise its strength and competitiveness despite a challenging global trade environment.
Exports registered the highest rise at 17 percent to reach AED76 billion while re-exports were up 3 percent at AED 210 billion and imports grew 4 percent at AED 390 billion.
$3.4bln opportunity? Gulf states should prioritise entertainment investments for better returns | ZAWYA MENA Edition
$3.4bln opportunity? Gulf states should prioritise entertainment investments for better returns | ZAWYA MENA Edition:
Gulf Cooperation Council (GCC) states can generate an incremental revenue of $3.4 billion annually by aligning investments in the leisure and entertainment sector (L&E) with consumers’ needs. However, to make the most of it, investments need prioritised to match the specific needs of the sector’s consumers, The Ideation Centre said in its report.
The think tank for Strategy & noted that GCC governments have several opportunities to increase L&E demand and returns on investment, and grow sector economic contribution in the region.
The Centre surveyed 1,200 consumers in the six GCC countries to understand their preferences in L&E offerings available.
Gulf Cooperation Council (GCC) states can generate an incremental revenue of $3.4 billion annually by aligning investments in the leisure and entertainment sector (L&E) with consumers’ needs. However, to make the most of it, investments need prioritised to match the specific needs of the sector’s consumers, The Ideation Centre said in its report.
The think tank for Strategy & noted that GCC governments have several opportunities to increase L&E demand and returns on investment, and grow sector economic contribution in the region.
The Centre surveyed 1,200 consumers in the six GCC countries to understand their preferences in L&E offerings available.
#Saudi dairy company Almarai's third-quarter profit falls 8.5% - Reuters
Saudi dairy company Almarai's third-quarter profit falls 8.5% - Reuters:
Saudi Arabia’s Almarai, the Gulf’s largest dairy company, on Sunday reported an 8.5% drop in third-quarter net profit, due to a rise in selling and distribution expenses, and lower sales in Bahrain.
Almarai’s net profit after zakat and tax was 581.2 million riyals ($154.95 million) down from 635 million riyals in the same period a year earlier.
Sales rose to 3.57 billion riyals versus 3.32 billion riyals a year ago.
Saudi Arabia’s Almarai, the Gulf’s largest dairy company, on Sunday reported an 8.5% drop in third-quarter net profit, due to a rise in selling and distribution expenses, and lower sales in Bahrain.
Almarai’s net profit after zakat and tax was 581.2 million riyals ($154.95 million) down from 635 million riyals in the same period a year earlier.
Sales rose to 3.57 billion riyals versus 3.32 billion riyals a year ago.
MIDEAST STOCKS-U.S. job growth lifts most Gulf markets, #Saudi outperforms - Agricultural Commodities - Reuters
MIDEAST STOCKS-U.S. job growth lifts most Gulf markets, Saudi outperforms - Agricultural Commodities - Reuters:
Most major Gulf stock markets rose on Sunday after a decline in the U.S. unemployment rate bolstered global equities on Friday, with Saudi Arabian shares leading the gains.
The U.S. unemployment rate dropped to near a 50-year low of 3.5% in September, with job growth increasing moderately, suggesting the slowing economy could avoid a recession for now despite the trade dispute between the United States and China.
Saudi Arabia’s index rose 0.7%, snapping a three-session losing streak. Jabal Omar Development jumped 4.3% in its sixth day of consecutive gains. The developer and hospitality service provider has been rising after Saudi Arabia launched a new visa regime for 49 countries and appealed to foreign companies to invest in tourism sector.
Most major Gulf stock markets rose on Sunday after a decline in the U.S. unemployment rate bolstered global equities on Friday, with Saudi Arabian shares leading the gains.
The U.S. unemployment rate dropped to near a 50-year low of 3.5% in September, with job growth increasing moderately, suggesting the slowing economy could avoid a recession for now despite the trade dispute between the United States and China.
Saudi Arabia’s index rose 0.7%, snapping a three-session losing streak. Jabal Omar Development jumped 4.3% in its sixth day of consecutive gains. The developer and hospitality service provider has been rising after Saudi Arabia launched a new visa regime for 49 countries and appealed to foreign companies to invest in tourism sector.