Oil rises above $62/bbl on hopes for U.S.-China trade deal - Reuters:
Oil rose above $62 a barrel on Thursday after China hinted at progress towards a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and demand for fuel.
China and the United States have agreed in the past two weeks to cancel tariffs in different phases, the Chinese commerce ministry said on Thursday without giving a timeline.
The trade dispute has prompted analysts to lower forecasts for oil demand and raised concerns that a supply glut could develop in 2020. Oil fell on Wednesday, partly because of worries that a U.S.-China trade deal might be delayed.
“Today we start with a different set of headlines that they came to some agreement on the framework,” said Olivier Jakob, oil analyst at Petromatrix. “That is definitely what is supporting prices.”
Brent crude LCOc1, the global benchmark, rose 55 cents, or 0.9%, to settle at $62.29 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 climbed 80 cents, or 1.4%, to $57.15.
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Thursday 7 November 2019
Emirates Boss Sheikh Ahmed to Run $35 Billion #Dubai Conglomerate - Bloomberg
Emirates Boss Sheikh Ahmed to Run $35 Billion Dubai Conglomerate - Bloomberg:
Sheikh Ahmed bin Saeed Al Maktoum, who steered Dubai through one of its worst crises 10 years ago, now has another hat to wear.
Dubai’s ruler on Thursday appointed Sheikh Ahmed as the temporary head of Dubai Holding LLC, the state conglomerate that manages about $35 billion of assets, and property developer Meraas Holding LCC. He replaces Abdulla Al Habbai, who held the top job at Dubai Holding for over two years.
“The move is part of a fresh strategy to explore new expansion prospects for both groups, and identify further opportunities to maximize growth by leveraging their diverse assets and investment portfolios,” according to a statement from Dubai’s media office.
Sheikh Ahmed, who is already the chairman of Emirates Group, Dubai World Corp. and Emirates NBD, takes over amid a slump in property prices. In 2009, he became the head of Dubai’s supreme fiscal committee that helped oversee restructuring of billions of dollars of debt.
Sheikh Ahmed bin Saeed Al Maktoum, who steered Dubai through one of its worst crises 10 years ago, now has another hat to wear.
Dubai’s ruler on Thursday appointed Sheikh Ahmed as the temporary head of Dubai Holding LLC, the state conglomerate that manages about $35 billion of assets, and property developer Meraas Holding LCC. He replaces Abdulla Al Habbai, who held the top job at Dubai Holding for over two years.
“The move is part of a fresh strategy to explore new expansion prospects for both groups, and identify further opportunities to maximize growth by leveraging their diverse assets and investment portfolios,” according to a statement from Dubai’s media office.
Sheikh Ahmed, who is already the chairman of Emirates Group, Dubai World Corp. and Emirates NBD, takes over amid a slump in property prices. In 2009, he became the head of Dubai’s supreme fiscal committee that helped oversee restructuring of billions of dollars of debt.
Uber's Ex-CEO Kalanick Scores $400 Million for Startup: WSJ - Bloomberg
Uber's Ex-CEO Kalanick Scores $400 Million for Startup: WSJ - Bloomberg:
Travis Kalanick’s secretive new food startup took $400 million of funding from Saudi Arabia’s Public Investment Fund, the Wall Street Journal reported, citing people familiar with the matter it didn’t identify.
The financing valued the ex-Uber Technologies Inc. chief executive officer’s CloudKitchens at about $5 billion, according to the report, which said the deal was completed in January.
A spokesman from PIF declined to comment.
Travis Kalanick’s secretive new food startup took $400 million of funding from Saudi Arabia’s Public Investment Fund, the Wall Street Journal reported, citing people familiar with the matter it didn’t identify.
The financing valued the ex-Uber Technologies Inc. chief executive officer’s CloudKitchens at about $5 billion, according to the report, which said the deal was completed in January.
A spokesman from PIF declined to comment.
#Dubai Islamic Bank hires banks for dollar sukuk - Reuters
Dubai Islamic Bank hires banks for dollar sukuk - Reuters:
Dubai Islamic Bank (DIB) has hired lenders to arrange meetings with investors ahead of a potential issue of five-year sukuk, or Islamic bonds, denominated in U.S. dollars, a document showed.
The bank - the United Arab Emirates’ largest sharia-compliant lender - has picked Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Islamic Corporation for the Development of the Private Sector, Maybank, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank.
Investor meetings will take place in Hong Kong and London starting on Nov. 11.
Dubai Islamic Bank (DIB) has hired lenders to arrange meetings with investors ahead of a potential issue of five-year sukuk, or Islamic bonds, denominated in U.S. dollars, a document showed.
The bank - the United Arab Emirates’ largest sharia-compliant lender - has picked Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Islamic Corporation for the Development of the Private Sector, Maybank, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank.
Investor meetings will take place in Hong Kong and London starting on Nov. 11.
#Dubai airport passenger traffic falls 2.4% in third quarter - Reuters
Dubai airport passenger traffic falls 2.4% in third quarter - Reuters:
Dubai International, the world’s busiest airport for international travelers, reported a 2.4% fall in third-quarter passenger traffic on Thursday.
The airport, home to airlines Emirates and flydubai, said it handled 22.6 million passengers in the three months to Sept. 30. That compares with roughly 23.2 million in the same period a year ago.
In the first nine months of this year, 64.5 million passengers traveled through the airport, 4.5% fewer than the same period last year.
Operator Dubai Airports blamed the year-to-date decline on a 45-day closure of a runway between May and April, and the global grounding of the Boeing 737 MAX jet since March.
Dubai International, the world’s busiest airport for international travelers, reported a 2.4% fall in third-quarter passenger traffic on Thursday.
The airport, home to airlines Emirates and flydubai, said it handled 22.6 million passengers in the three months to Sept. 30. That compares with roughly 23.2 million in the same period a year ago.
In the first nine months of this year, 64.5 million passengers traveled through the airport, 4.5% fewer than the same period last year.
Operator Dubai Airports blamed the year-to-date decline on a 45-day closure of a runway between May and April, and the global grounding of the Boeing 737 MAX jet since March.
#Saudi Aramco signs China's crude oil supply deals for 2020 - Reuters
Saudi Aramco signs China's crude oil supply deals for 2020 - Reuters:
Saudi Aramco said on Thursday it had signed crude sales agreements for 2020 with five Chinese customers, increasing total volume by 151,000 barrels per day compared to 2019 oil supply contracts.
The new deals will further “solidify the company’s position as China’s top crude supplier and reflect the company’s marketing efforts on strategic relations and market expansion,” Aramco said in a statement.
Saudi Aramco said on Thursday it had signed crude sales agreements for 2020 with five Chinese customers, increasing total volume by 151,000 barrels per day compared to 2019 oil supply contracts.
The new deals will further “solidify the company’s position as China’s top crude supplier and reflect the company’s marketing efforts on strategic relations and market expansion,” Aramco said in a statement.
#AbuDhabi's TAQA forecasts $518 mln capex for 2019 - CFO - Reuters
Abu Dhabi's TAQA forecasts $518 mln capex for 2019 - CFO - Reuters:
Abu Dhabi National Energy Company (TAQA) has forecast a capital expenditure (capex) of 1.9 billion dirhams ($518 million) for full-year 2019, its chief financial officer said on Thursday.
The state-owned oil explorer and power producer’s capex for the first nine months of this year was 1.2 billion dirhams, Mohammed al Ahbabi said on a conference call.
TAQA, on Wednesday, reported a third quarter net loss attributable to shareholders of 16 million dirhams compared to a net profit of 153 million dirhams a year-ago.
Abu Dhabi National Energy Company (TAQA) has forecast a capital expenditure (capex) of 1.9 billion dirhams ($518 million) for full-year 2019, its chief financial officer said on Thursday.
The state-owned oil explorer and power producer’s capex for the first nine months of this year was 1.2 billion dirhams, Mohammed al Ahbabi said on a conference call.
TAQA, on Wednesday, reported a third quarter net loss attributable to shareholders of 16 million dirhams compared to a net profit of 153 million dirhams a year-ago.
Better in a safe than sorry: Amid unrest, some Lebanese stash cash at home - Reuters
Better in a safe than sorry: Amid unrest, some Lebanese stash cash at home - Reuters:
Having lived next door to Iraq during the U.S.-led invasion to oust Saddam Hussein in 2003, Diana is no stranger to geopolitical unrest. Back then her family withdrew cash from their bank in Kuwait and stored it at home.
More than 16 years later, Diana’s family, now living in their native Lebanon, are taking the same step as unrest flares with protesters demanding the removal of a political elite seen as corrupt and out of touch.
While there has been no armed conflict, a government has been toppled - Saad al-Hariri quit as prime minister last week - and the ensuing political void has accelerated a massive outflow of bank deposits as people fret about the future.
Having lived next door to Iraq during the U.S.-led invasion to oust Saddam Hussein in 2003, Diana is no stranger to geopolitical unrest. Back then her family withdrew cash from their bank in Kuwait and stored it at home.
More than 16 years later, Diana’s family, now living in their native Lebanon, are taking the same step as unrest flares with protesters demanding the removal of a political elite seen as corrupt and out of touch.
While there has been no armed conflict, a government has been toppled - Saad al-Hariri quit as prime minister last week - and the ensuing political void has accelerated a massive outflow of bank deposits as people fret about the future.
South Africa sees new #Saudi-backed $10 bln refinery onstream by 2028 - Reuters
South Africa sees new Saudi-backed $10 bln refinery onstream by 2028 - Reuters:
South Africa’s Central Energy Fund (CEF), partnering with Saudi Aramco, expects a proposed new 300,000 barrel per day crude oil refinery along South Africa’s east coast to come onstream by 2028, making it the region’s largest refinery, CEF’s acting group chief executive said on Thursday.
Work on the project is still at an early stage, but indications are that it would cost in the region of $10 billion, said Kholly Zono, adding this cost excluded the development of a related petrochemical complex at Richards Bay.
Former Saudi Energy Minister Khalid al-Falih announced the project in January, ahead of plans by Saudi Aramco, the world’s biggest oil firm, to list its shares.
South Africa’s Central Energy Fund (CEF), partnering with Saudi Aramco, expects a proposed new 300,000 barrel per day crude oil refinery along South Africa’s east coast to come onstream by 2028, making it the region’s largest refinery, CEF’s acting group chief executive said on Thursday.
Work on the project is still at an early stage, but indications are that it would cost in the region of $10 billion, said Kholly Zono, adding this cost excluded the development of a related petrochemical complex at Richards Bay.
Former Saudi Energy Minister Khalid al-Falih announced the project in January, ahead of plans by Saudi Aramco, the world’s biggest oil firm, to list its shares.
MIDEAST STOCKS-Banks, earnings drive #Saudi up; other Gulf markets mixed - Reuters
MIDEAST STOCKS-Banks, earnings drive Saudi up; other Gulf markets mixed - Reuters:
Major Gulf markets were mixed on Thursday
in lacklustre trading, with banking shares and corporate
earnings making the Saudi index the biggest gainer, while
Egypt's bourse rebounded on gains in financial stocks.
Saudi Arabia's benchmark index was up 0.6%, with Al
Rajhi Bank gaining 1.2% and Samba Financial Group
advancing 3.1%.
Saudi Basic Industries was up 1.1% despite HSBC
slashing its target price to 78 riyals ($20.80) from 80 riyals.
Middle East Healthcare surged 6.1% after posting a
sharp rise in third-quarter net profit. The hospitals operator
attributed the surge to a decrease in general and administrative
expenses.
Major Gulf markets were mixed on Thursday
in lacklustre trading, with banking shares and corporate
earnings making the Saudi index the biggest gainer, while
Egypt's bourse rebounded on gains in financial stocks.
Saudi Arabia's benchmark index was up 0.6%, with Al
Rajhi Bank gaining 1.2% and Samba Financial Group
advancing 3.1%.
Saudi Basic Industries was up 1.1% despite HSBC
slashing its target price to 78 riyals ($20.80) from 80 riyals.
Middle East Healthcare surged 6.1% after posting a
sharp rise in third-quarter net profit. The hospitals operator
attributed the surge to a decrease in general and administrative
expenses.
Technology can help natural gas stay competitive | Financial Times
Technology can help natural gas stay competitive | Financial Times:
Natural gas is the fuel of the moment. Global demand has risen by 28 per cent over the past decade — and by 5.3 per cent in the past year alone, helped along by an 18 per cent increase in gas consumption in China.
Natural gas is flexible in contrast to large-scale nuclear power, cleaner in terms of emissions than coal, and readily available, thanks to both the shale revolution in the US and the development of the global trade in LNG — liquefied gas — transported around the world in huge tankers.
But will this golden age continue? There is no shortage of supply. In the US, the production of oil from shale rocks comes with growing volumes of associated gas.
Natural gas is the fuel of the moment. Global demand has risen by 28 per cent over the past decade — and by 5.3 per cent in the past year alone, helped along by an 18 per cent increase in gas consumption in China.
Natural gas is flexible in contrast to large-scale nuclear power, cleaner in terms of emissions than coal, and readily available, thanks to both the shale revolution in the US and the development of the global trade in LNG — liquefied gas — transported around the world in huge tankers.
But will this golden age continue? There is no shortage of supply. In the US, the production of oil from shale rocks comes with growing volumes of associated gas.
Moody's maintains stable outlook for #UAE banking system on resilient credit profiles | ZAWYA MENA Edition
Moody's maintains stable outlook for UAE banking system on resilient credit profiles | ZAWYA MENA Edition:
Moody’s Investors Service maintained a stable outlook for the UAE’s banking system, citing banks’ strong capital, stable funding and healthy liquidity that balance weakening asset quality and softening profitability.
The ratings agency said it expects the country’s economic growth to remain stable at subdued levels and forecasts overall real GDP growth at 1.7 percent in 2019 and 1.4 percent in 2020, compared with 1.7 percent in 2018.
It forecast credit growth in 2019 and 2020 at 4 percent compared to 4.3 percent in 2018.
Moody’s said it expects “solid profitability to support sector-wide tangible common equity (TCE) at 14%-16% of risk weighted assets over the next 12 to 18 months, from 14.4% at June 2019. Even under our low probability, high stress scenario, the sector-wide TCE ratio would remain adequate at 11.6%.”
Moody’s Investors Service maintained a stable outlook for the UAE’s banking system, citing banks’ strong capital, stable funding and healthy liquidity that balance weakening asset quality and softening profitability.
The ratings agency said it expects the country’s economic growth to remain stable at subdued levels and forecasts overall real GDP growth at 1.7 percent in 2019 and 1.4 percent in 2020, compared with 1.7 percent in 2018.
It forecast credit growth in 2019 and 2020 at 4 percent compared to 4.3 percent in 2018.
Moody’s said it expects “solid profitability to support sector-wide tangible common equity (TCE) at 14%-16% of risk weighted assets over the next 12 to 18 months, from 14.4% at June 2019. Even under our low probability, high stress scenario, the sector-wide TCE ratio would remain adequate at 11.6%.”
#Qatar Air Keen to Buy Indigo Stake, Ignores Air India Sale - Bloomberg
Qatar Air Keen to Buy Indigo Stake, Ignores Air India Sale - Bloomberg:
Qatar Airways reiterated it is keen to buy a stake in IndiGo, India’s biggest airline, to help the Doha-based company bolster its presence in the world’s fastest-growing aviation market.
The company, which signed a code-share partnership with IndiGo’s owner, Interglobe Aviation Ltd., on Thursday, first showed interest in acquiring a stake in 2015. Qatar Airways will still wait for a battle between IndiGo’s shareholders to end before it announces any decision, Chief Executive Officer Akbar Al Baker said in New Delhi. The company has no interest in buying the government’s stake in flag carrier Air India Ltd., he said.
A stake in an Indian carrier will help Qatar Airways to compete with its Middle Eastern rivals by expanding in a market where air-travel penetration remains low. IndiGo has emerged as the biggest Indian airline following the collapse of Jet Airways India Ltd. Last week, IndiGo ordered 300 narrow-body jets from Airbus SE -- one of the European plane maker’s biggest ever deals.
Qatar Airways reiterated it is keen to buy a stake in IndiGo, India’s biggest airline, to help the Doha-based company bolster its presence in the world’s fastest-growing aviation market.
The company, which signed a code-share partnership with IndiGo’s owner, Interglobe Aviation Ltd., on Thursday, first showed interest in acquiring a stake in 2015. Qatar Airways will still wait for a battle between IndiGo’s shareholders to end before it announces any decision, Chief Executive Officer Akbar Al Baker said in New Delhi. The company has no interest in buying the government’s stake in flag carrier Air India Ltd., he said.
A stake in an Indian carrier will help Qatar Airways to compete with its Middle Eastern rivals by expanding in a market where air-travel penetration remains low. IndiGo has emerged as the biggest Indian airline following the collapse of Jet Airways India Ltd. Last week, IndiGo ordered 300 narrow-body jets from Airbus SE -- one of the European plane maker’s biggest ever deals.
#Kuwait’s Stock Exchange IPO Will Be Oversubscribed, CEO Says - Bloomberg
Kuwait’s Stock Exchange IPO Will Be Oversubscribed, CEO Says - Bloomberg:
The Kuwait stock exchange’s initial public offering is progressing well and will close next month oversubscribed, the bourse’s chief executive officer said.
“I’m 100% sure it will be covered many times,” Mohammad Al Osaimi, the CEO of Boursa Kuwait, said in an interview with Bloomberg Television in Dubai.
The sale of half the exchange to local citizens began last month and will end Dec. 1, with the offering price set at 100 fils per share, or one-tenth of a dinar. The IPO follows a 44% sale earlier this year to a consortium of domestic and international investors.
The Kuwait stock exchange’s initial public offering is progressing well and will close next month oversubscribed, the bourse’s chief executive officer said.
“I’m 100% sure it will be covered many times,” Mohammad Al Osaimi, the CEO of Boursa Kuwait, said in an interview with Bloomberg Television in Dubai.
The sale of half the exchange to local citizens began last month and will end Dec. 1, with the offering price set at 100 fils per share, or one-tenth of a dinar. The IPO follows a 44% sale earlier this year to a consortium of domestic and international investors.
‘Silk City’ Dream Stifled in Only Gulf State Where Voters Matter - Bloomberg
‘Silk City’ Dream Stifled in Only Gulf State Where Voters Matter - Bloomberg:
Winter is coming and residents in one of the world’s richest nations are bracing themselves. Last year, heavy rain flooded parts of Kuwait City. Speed boats zipped along palm tree-lined avenues past half-submerged cars, prompting talk of ineffective drains and corruption in road-surfacing contracts.
Despite public outrage, many streets are yet to be fixed. Instead, the government spent much of the year pondering plans to build a massive new conurbation called “Silk City,” the centerpiece of a 15-year plan to diversify away from oil, which has been endlessly delayed while existing infrastructure projects fall by the wayside. Even civil servants have given up.
“Maybe it’ll work in 2050,” said Abdullah Mohammed, who’s employed at the information ministry. First, “everything has to change.”
Winter is coming and residents in one of the world’s richest nations are bracing themselves. Last year, heavy rain flooded parts of Kuwait City. Speed boats zipped along palm tree-lined avenues past half-submerged cars, prompting talk of ineffective drains and corruption in road-surfacing contracts.
Despite public outrage, many streets are yet to be fixed. Instead, the government spent much of the year pondering plans to build a massive new conurbation called “Silk City,” the centerpiece of a 15-year plan to diversify away from oil, which has been endlessly delayed while existing infrastructure projects fall by the wayside. Even civil servants have given up.
“Maybe it’ll work in 2050,” said Abdullah Mohammed, who’s employed at the information ministry. First, “everything has to change.”
Aramco's Lavish Dividends Seen Stretching Finances in Oil Slump - Bloomberg
Aramco's Lavish Dividends Seen Stretching Finances in Oil Slump - Bloomberg:
In Saudi Aramco’s initial public offering, one selling point is the idea that rock-bottom drilling costs will allow the world’s largest producer to weather the next oil slump better than majors like Exxon Mobil Corp. and Royal Dutch Shell Plc.
It may not be that simple. When the banks working on the IPO put the company’s balance sheet through the stress of low oil prices and reduced production, Aramco struggled.
To lure investors, Aramco has promised a bumper dividend payment of at least $75 billion a year. That could make yields competitive with the likes of Exxon and Shell, but also threatens to stretch the world’s largest oil producer if prices fall.
In Saudi Aramco’s initial public offering, one selling point is the idea that rock-bottom drilling costs will allow the world’s largest producer to weather the next oil slump better than majors like Exxon Mobil Corp. and Royal Dutch Shell Plc.
It may not be that simple. When the banks working on the IPO put the company’s balance sheet through the stress of low oil prices and reduced production, Aramco struggled.
To lure investors, Aramco has promised a bumper dividend payment of at least $75 billion a year. That could make yields competitive with the likes of Exxon and Shell, but also threatens to stretch the world’s largest oil producer if prices fall.
#Dubai ruler appoints Sheikh Ahmed as Meraas and Dubai Holding chief | ZAWYA MENA Edition
Dubai ruler appoints Sheikh Ahmed as Meraas and Dubai Holding chief | ZAWYA MENA Edition:
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has appointed Sheikh Ahmed bin Saeed Al Maktoum to temporarily oversee Dubai Holding and Meraas replacing Abdulla Al Habbai, it was announced on Thursday. Sheikh Ahmed is the chairman of Dubai-based Emirates airline.
Dubai Government’s Media Office said in a press statement that “the move is part of a fresh strategy to explore new expansion prospects for both groups and identify further opportunities to maximise growth by leveraging their diverse assets and investment portfolios.”
Established in 2004, Dubai Holding develops and manages an extensive portfolio of companies focused on investments, financial services, real estate, specialised business parks, telecommunications and hospitality with operations across 10 countries, the statement said.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has appointed Sheikh Ahmed bin Saeed Al Maktoum to temporarily oversee Dubai Holding and Meraas replacing Abdulla Al Habbai, it was announced on Thursday. Sheikh Ahmed is the chairman of Dubai-based Emirates airline.
Dubai Government’s Media Office said in a press statement that “the move is part of a fresh strategy to explore new expansion prospects for both groups and identify further opportunities to maximise growth by leveraging their diverse assets and investment portfolios.”
Established in 2004, Dubai Holding develops and manages an extensive portfolio of companies focused on investments, financial services, real estate, specialised business parks, telecommunications and hospitality with operations across 10 countries, the statement said.
GCC capital markets to pick up in Q4 after quiet Q3: PwC | ZAWYA MENA Edition
GCC capital markets to pick up in Q4 after quiet Q3: PwC | ZAWYA MENA Edition:
Gulf Cooperation Council’s (GCC) capital markets activity will pick up in Q4 2019, following a subdued Q3 2019, according to a PwC study. However, the debt market was active during the third quarter.
Steve Drake, PwC Middle East Capital Markets Partner, said: “We anticipate the coming quarter to be significantly more active with the recent announcement of Saudi Aramco's record-breaking flotation on Tadwaul, along with many other companies, which have expressed their intention to list in 2019.”
“Meanwhile Tadawul’s recent announcement that it will soon allow listing of foreign companies on its exchange offers further optimism and will further promote equity activity in the region,” Drake added.
Gulf Cooperation Council’s (GCC) capital markets activity will pick up in Q4 2019, following a subdued Q3 2019, according to a PwC study. However, the debt market was active during the third quarter.
Steve Drake, PwC Middle East Capital Markets Partner, said: “We anticipate the coming quarter to be significantly more active with the recent announcement of Saudi Aramco's record-breaking flotation on Tadwaul, along with many other companies, which have expressed their intention to list in 2019.”
“Meanwhile Tadawul’s recent announcement that it will soon allow listing of foreign companies on its exchange offers further optimism and will further promote equity activity in the region,” Drake added.
Oil rebounds to $62 on hopes for U.S.-China trade deal - Reuters
Oil rebounds to $62 on hopes for U.S.-China trade deal - Reuters:
Oil rose above $62 a barrel on Thursday after China hinted at progress toward a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and fuel demand.
China and the United States have agreed in the past two weeks to cancel tariffs in different phases, the Chinese commerce ministry said on Thursday without giving a timeline.
The trade dispute has prompted analysts to lower forecasts for oil demand and raised concerns that a supply glut could develop in 2020. Oil fell on Wednesday, partly because of worries that a U.S.-China trade deal might be delayed.
“Today we start with a different set of headlines that they came to some agreement on the framework,” said Olivier Jakob, oil analyst at Petromatrix. “That is definitely what is supporting prices.”
Brent crude LCOc1, the global benchmark, rose 57 cents to $62.31 by 0930 GMT after settling down $1.22 on Wednesday. West Texas Intermediate crude CLc1 climbed 48 cents to $56.83.
Oil rose above $62 a barrel on Thursday after China hinted at progress toward a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and fuel demand.
China and the United States have agreed in the past two weeks to cancel tariffs in different phases, the Chinese commerce ministry said on Thursday without giving a timeline.
The trade dispute has prompted analysts to lower forecasts for oil demand and raised concerns that a supply glut could develop in 2020. Oil fell on Wednesday, partly because of worries that a U.S.-China trade deal might be delayed.
“Today we start with a different set of headlines that they came to some agreement on the framework,” said Olivier Jakob, oil analyst at Petromatrix. “That is definitely what is supporting prices.”
Brent crude LCOc1, the global benchmark, rose 57 cents to $62.31 by 0930 GMT after settling down $1.22 on Wednesday. West Texas Intermediate crude CLc1 climbed 48 cents to $56.83.
UPDATE 1-India's IndiGo signs one-way codeshare agreement with #Qatar Airways - Reuters
UPDATE 1-India's IndiGo signs one-way codeshare agreement with Qatar Airways - Reuters:
Top Indian airline IndiGo said on Thursday it signed a one-way codeshare agreement with Qatar Airways, letting the Middle Eastern airline get more access to the fast-growing Indian market.
India has not increased the capacity rights available to Qatari carriers since 2009, so the deal will help Qatar Airways bypass restrictions on adding more flights by funnelling passengers onto the low-cost carrier. A codeshare allows an airline to sell tickets on the allied carrier’s flights.
India is traditionally a strong market for Gulf airlines like Qatar Airways and Emirates, with millions of Indians working in Gulf Arab states, while travellers from India also use the Gulf to connect to Europe and North America.
Top Indian airline IndiGo said on Thursday it signed a one-way codeshare agreement with Qatar Airways, letting the Middle Eastern airline get more access to the fast-growing Indian market.
India has not increased the capacity rights available to Qatari carriers since 2009, so the deal will help Qatar Airways bypass restrictions on adding more flights by funnelling passengers onto the low-cost carrier. A codeshare allows an airline to sell tickets on the allied carrier’s flights.
India is traditionally a strong market for Gulf airlines like Qatar Airways and Emirates, with millions of Indians working in Gulf Arab states, while travellers from India also use the Gulf to connect to Europe and North America.
Emirates airlines first half profit surges on cheaper fuel, cost cuts - Reuters
Emirates airlines first half profit surges on cheaper fuel, cost cuts - Reuters:
Emirates, one of the world’s biggest international airlines, said on Thursday profit nearly quadrupled in the first half of the year, bouncing back from a decade low half-year profit a year ago.
Dubai-based Emirates, which is owned by the state, benefited from a decline in global fuel prices although it said it was hit by unfavorable currency movements.
The airline, which said last month its profits would be considerably better, made 862 million dirhams ($235 million) in the six months to Sept 30, compared to the 226 million dirhams it made a year ago.
Emirates, one of the world’s biggest international airlines, said on Thursday profit nearly quadrupled in the first half of the year, bouncing back from a decade low half-year profit a year ago.
Dubai-based Emirates, which is owned by the state, benefited from a decline in global fuel prices although it said it was hit by unfavorable currency movements.
The airline, which said last month its profits would be considerably better, made 862 million dirhams ($235 million) in the six months to Sept 30, compared to the 226 million dirhams it made a year ago.
MIDEAST STOCKS-Banks bolster #Saudi index; other major Gulf markets dip - Agricultural Commodities - Reuters
MIDEAST STOCKS-Banks bolster Saudi index; other major Gulf markets dip - Agricultural Commodities - Reuters:
Saudi Arabia’s stock market rose on Thursday, buoyed by banking shares and corporate earnings, while other major Gulf markets were subdued.
Saudi Arabia’s benchmark index was up 0.6%, with Al Rajhi Bank increasing 1% and Saudi Basic Industries adding 1.1%.
Middle East Healthcare jumped 8.2% after it posted a sharp rise in third-quarter net profit attributed to a decrease in general and administrative expenses.
National Medical Care advanced 2.6%, following a surge of more than 45% in third-quarter net profit.
Saudi Arabia’s stock market rose on Thursday, buoyed by banking shares and corporate earnings, while other major Gulf markets were subdued.
Saudi Arabia’s benchmark index was up 0.6%, with Al Rajhi Bank increasing 1% and Saudi Basic Industries adding 1.1%.
Middle East Healthcare jumped 8.2% after it posted a sharp rise in third-quarter net profit attributed to a decrease in general and administrative expenses.
National Medical Care advanced 2.6%, following a surge of more than 45% in third-quarter net profit.