Orange Is Said to Start Work Toward IPO of Africa Business - Bloomberg:
Orange SA, France’s dominant phone company, is starting preparations for a potential initial public offering of its Africa and Middle East unit, people familiar with the matter said.
The firm has been interviewing advisers for the planned share sale, according to the people, who asked not to be identified because the information is private. Orange is weighing potential listing venues including Paris and London, though it hasn’t made a final decision, the people said.
Orange could sell shares of the unit as soon as next year if it proceeds, though details of the offering are still under discussion, one of the people said. No final decisions have been made, and Orange could pursue other options for the business, according to the people.
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Saturday 16 November 2019
Lebanon's Safadi withdraws candidacy for PM, urges Hariri for post: statement - Reuters
Lebanon's Safadi withdraws candidacy for PM, urges Hariri for post: statement - Reuters:
Former Lebanese finance minister Mohammad Safadi withdrew his candidacy to be the next prime minister on Saturday, saying that he saw that it would have been difficult to form a “harmonious” cabinet supported by all parties.
Safadi, 75, emerged as a candidate on Thursday when political sources and Lebanese media said three major parties had agreed to support him for the position.
His decision to withdraw throws Lebanon’s push to form a government needed to enact urgent reforms back to square one in the face of unprecedented protests that prompted prime minister Saad al-Hariri to resign last month.
Safadi said in a statement that he had decided to withdraw following consultations with political parties and a meeting on Saturday with Hariri.
Former Lebanese finance minister Mohammad Safadi withdrew his candidacy to be the next prime minister on Saturday, saying that he saw that it would have been difficult to form a “harmonious” cabinet supported by all parties.
Safadi, 75, emerged as a candidate on Thursday when political sources and Lebanese media said three major parties had agreed to support him for the position.
His decision to withdraw throws Lebanon’s push to form a government needed to enact urgent reforms back to square one in the face of unprecedented protests that prompted prime minister Saad al-Hariri to resign last month.
Safadi said in a statement that he had decided to withdraw following consultations with political parties and a meeting on Saturday with Hariri.
Why Even #Saudi Aramco Is Now Talking About ‘Peak Oil’: QuickTake - Bloomberg
Why Even Saudi Aramco Is Now Talking About ‘Peak Oil’: QuickTake - Bloomberg:
The world is turning its back on oil. But how quickly? Technological advances in renewable energy and electric cars, accelerated by the threat of climate change, could mean the world’s thirst for petroleum tops out sooner than companies such as Exxon Mobil Corp. or Saudi Arabia’s Aramco are banking on. “Peak oil” once signified the concern that supplies would someday run dry; today it means something very different.
1. Why is oil’s future in doubt?
About 60% of oil is used in transportation, which is also where the biggest technical developments are occurring. The rapid rise of electric carmakers such as Tesla Inc. and China’s BYD could be turbocharged by advances in related fields such as self-driving vehicles and ride-hailing apps, which make it possible for people to switch from owning cars to relying on rides from more efficient fleets. The culmination of these trends could transform how people travel and prompt more revisions to forecasts for when oil consumption will peak. Even Aramco, which used to downplay the prospect of peak oil demand, cited it as a risk factor in the prospectus for its 2019 initial public offering.
The world is turning its back on oil. But how quickly? Technological advances in renewable energy and electric cars, accelerated by the threat of climate change, could mean the world’s thirst for petroleum tops out sooner than companies such as Exxon Mobil Corp. or Saudi Arabia’s Aramco are banking on. “Peak oil” once signified the concern that supplies would someday run dry; today it means something very different.
1. Why is oil’s future in doubt?
About 60% of oil is used in transportation, which is also where the biggest technical developments are occurring. The rapid rise of electric carmakers such as Tesla Inc. and China’s BYD could be turbocharged by advances in related fields such as self-driving vehicles and ride-hailing apps, which make it possible for people to switch from owning cars to relying on rides from more efficient fleets. The culmination of these trends could transform how people travel and prompt more revisions to forecasts for when oil consumption will peak. Even Aramco, which used to downplay the prospect of peak oil demand, cited it as a risk factor in the prospectus for its 2019 initial public offering.
Oil Short-Selling Unwinds in View of Shale Woes, Trade Hopes - Bloomberg
Oil Short-Selling Unwinds in View of Shale Woes, Trade Hopes - Bloomberg:
Hedge-fund managers unwound bets that crude will fall at the fastest pace in 16 months as the prospects for a trade war truce and a slowdown in shale drilling helped futures rebound.
Oil short-sellers slashed their bearish positions on West Texas Intermediate crude by 41% in the week ended Nov. 12, data released Friday show. As they come into the market as buyers to close positions, they are contributing to oil’s 10% rebound since early October.
“We saw a pretty significant amount of short covering this last week,” said Daniel Ghali, a TD Securities commodity strategist. “That’s in line with recent optimism we have seen, much of which was driven by optimism on the trade file, and also a relatively more recent narrative that the shale patch is not going to be able to sustain its output profile.”
Hedge-fund managers unwound bets that crude will fall at the fastest pace in 16 months as the prospects for a trade war truce and a slowdown in shale drilling helped futures rebound.
Oil short-sellers slashed their bearish positions on West Texas Intermediate crude by 41% in the week ended Nov. 12, data released Friday show. As they come into the market as buyers to close positions, they are contributing to oil’s 10% rebound since early October.
“We saw a pretty significant amount of short covering this last week,” said Daniel Ghali, a TD Securities commodity strategist. “That’s in line with recent optimism we have seen, much of which was driven by optimism on the trade file, and also a relatively more recent narrative that the shale patch is not going to be able to sustain its output profile.”
Lebanon’s creditors adopt crash position as default risk worsens | Financial Times
Lebanon’s creditors adopt crash position as default risk worsens | Financial Times:
Investors are braced for more losses on Lebanese bonds as Beirut faces urgent calls to restructure its towering debt pile.
The value of Lebanon’s sovereign debt has plummeted since rating agencies pushed the dollar bonds even deeper into junk territory earlier this month. The country’s two-year bond has lost a quarter of its value over the past 30 days and now trades at 64 cents on the dollar.
Meanwhile, hundreds of thousands of Lebanese have taken to the streets to protest at government mismanagement and the deteriorating economic situation — demonstrations which forced the prime minister’s resignation at the end of last month.
Investors are braced for more losses on Lebanese bonds as Beirut faces urgent calls to restructure its towering debt pile.
The value of Lebanon’s sovereign debt has plummeted since rating agencies pushed the dollar bonds even deeper into junk territory earlier this month. The country’s two-year bond has lost a quarter of its value over the past 30 days and now trades at 64 cents on the dollar.
Meanwhile, hundreds of thousands of Lebanese have taken to the streets to protest at government mismanagement and the deteriorating economic situation — demonstrations which forced the prime minister’s resignation at the end of last month.
Russia makes fresh effort to take control of its oil price | Financial Times
Russia makes fresh effort to take control of its oil price | Financial Times:
Russia is hoping to stamp its authority on the oil market with a renewed effort to set the price of its crude exports.
The country’s energy ministry has supported initiatives by St Petersburg International Mercantile Exchange, known as Spimex, to determine the price domestically. The exchange is preparing to experiment with online crude auctions, which are to be launched by the end of the year.
Currently, Russian exporters sell oil mostly to trading firms, often over the phone, and agencies get pricing estimates from market participants.
Under the new programme, which is echoed in other oil-producing nations, Spimex is planning to offer an electronic platform for buyers and sellers to transact. In return for its service, the exchange will get access to physical prices, allowing it to calculate an average based on real transactions rather than estimates.
Russia is hoping to stamp its authority on the oil market with a renewed effort to set the price of its crude exports.
The country’s energy ministry has supported initiatives by St Petersburg International Mercantile Exchange, known as Spimex, to determine the price domestically. The exchange is preparing to experiment with online crude auctions, which are to be launched by the end of the year.
Currently, Russian exporters sell oil mostly to trading firms, often over the phone, and agencies get pricing estimates from market participants.
Under the new programme, which is echoed in other oil-producing nations, Spimex is planning to offer an electronic platform for buyers and sellers to transact. In return for its service, the exchange will get access to physical prices, allowing it to calculate an average based on real transactions rather than estimates.
#Saudi officials ‘unhappy’ with foreign demand for Aramco IPO | Financial Times
Saudi officials ‘unhappy’ with foreign demand for Aramco IPO | Financial Times:
Saudi Arabian officials have told bankers they are unhappy with the level of foreign demand for Saudi Aramco, adding to pressure ahead of an investor roadshow due to start on Sunday.
Advisers informed officials this week about a gulf in demand between domestic investors and foreign institutions in the run-up to the much-delayed initial public offering, said two people familiar with the process.
“The issuer expressed high levels of dissatisfaction with what they were hearing,” said one of these people.
Financiers are increasingly confident of bumper domestic demand at a valuation of $1.8tn or higher, banking on a retail allocation above the 0.5 per cent earmarked in the prospectus. Local investors, some of whom have been pressured to invest, have been encouraged to bid at these higher levels.
Saudi Arabian officials have told bankers they are unhappy with the level of foreign demand for Saudi Aramco, adding to pressure ahead of an investor roadshow due to start on Sunday.
Advisers informed officials this week about a gulf in demand between domestic investors and foreign institutions in the run-up to the much-delayed initial public offering, said two people familiar with the process.
“The issuer expressed high levels of dissatisfaction with what they were hearing,” said one of these people.
Financiers are increasingly confident of bumper domestic demand at a valuation of $1.8tn or higher, banking on a retail allocation above the 0.5 per cent earmarked in the prospectus. Local investors, some of whom have been pressured to invest, have been encouraged to bid at these higher levels.