Travelex sites down after software virus attack | Financial Times:
Travelex sites were down on Thursday after the foreign currency service discovered it had been hit by a software virus.
The company said it had immediately taken all of its systems offline “as a precautionary measure in order to protect data and prevent the spread of the virus” after learning of the attack on New Year’s Eve.
The early results of its investigation show no signs that personal or customer data were compromised. Travelex has deployed IT specialists and external cyber security experts to help restore affected systems and “isolate the virus.”
“We regret having to suspend some of our services in order to contain the virus and protect data. We apologise to all our customers for any inconvenience caused as a result. We are doing all we can to restore our full services as soon as possible,” said Tony D’Souza, chief executive of Travelex.
Thursday 2 January 2020
OPEC Output Falls as Gulf Nations Step Up Delivery of Oil Cuts - Bloomberg
OPEC Output Falls as Gulf Nations Step Up Delivery of Oil Cuts - Bloomberg:
OPEC’s output declined last month as several Persian Gulf producers stepped up their implementation of cutbacks aimed at balancing global oil markets.
Saudi Arabia, Iraq and the United Arab Emirates reduced production in December, the final month of a round of restrictions by the cartel before it presses on with new -- and even deeper -- curbs this year.
Output from the Organization of Petroleum Exporting Countries fell by 90,000 barrels a day to 29.55 million in December, according to a Bloomberg survey of officials, ship-tracking data and estimates from consultants including Rystad Energy AS and JBC Energy GmbH.
The campaign by OPEC and its allies to tighten supplies shored up global crude markets in 2019, pushing Brent prices up 23% despite a flood of new American shale oil and fragile fuel demand around the world. The coalition agreed early last month to deepen its curbs to prevent a new surplus forming in the first quarter.
OPEC’s output declined last month as several Persian Gulf producers stepped up their implementation of cutbacks aimed at balancing global oil markets.
Saudi Arabia, Iraq and the United Arab Emirates reduced production in December, the final month of a round of restrictions by the cartel before it presses on with new -- and even deeper -- curbs this year.
Output from the Organization of Petroleum Exporting Countries fell by 90,000 barrels a day to 29.55 million in December, according to a Bloomberg survey of officials, ship-tracking data and estimates from consultants including Rystad Energy AS and JBC Energy GmbH.
The campaign by OPEC and its allies to tighten supplies shored up global crude markets in 2019, pushing Brent prices up 23% despite a flood of new American shale oil and fragile fuel demand around the world. The coalition agreed early last month to deepen its curbs to prevent a new surplus forming in the first quarter.
Real estate slump unlikely to dampen interest in #Oman’s Aman REIT IPO | ZAWYA MENA Edition
Real estate slump unlikely to dampen interest in Oman’s Aman REIT IPO | ZAWYA MENA Edition:
Notwithstanding the protracted slump in the real estate sector across the wider Gulf region, the promoters behind Omans maiden Real Estate Investment Trust (REIT) the Aman Real Estate Investment Fund (under formation) are optimistic that the promise of a healthy dividend yield will lure Omani, expatriate and international investors to buy shares in the Fund when it opens to the public on Thursday.
Around 100 million units, representing 50 per cent of the Funds capital of RO 20 million, are being offered via an Initial Public Offering (IPO) that opens on Thursday, January 2.
The balance 50 per cent of the Fund will be offered to Sandan Development LLC against the acquisition of 708 properties that are part of Madinat Sandan a light industry real estate project coming up at Halban just outside Muscat Governorate.
At a press briefing on Tuesday, Abdul Samad al Maskari, CEO of Thara Global Business LLC the Financial Adviser and Investment Manager of the Fund, said the ongoing downturn in the real estate industry is unlikely to dampen investment interest in Omans first sharia-compliant REIT.
Notwithstanding the protracted slump in the real estate sector across the wider Gulf region, the promoters behind Omans maiden Real Estate Investment Trust (REIT) the Aman Real Estate Investment Fund (under formation) are optimistic that the promise of a healthy dividend yield will lure Omani, expatriate and international investors to buy shares in the Fund when it opens to the public on Thursday.
Around 100 million units, representing 50 per cent of the Funds capital of RO 20 million, are being offered via an Initial Public Offering (IPO) that opens on Thursday, January 2.
The balance 50 per cent of the Fund will be offered to Sandan Development LLC against the acquisition of 708 properties that are part of Madinat Sandan a light industry real estate project coming up at Halban just outside Muscat Governorate.
At a press briefing on Tuesday, Abdul Samad al Maskari, CEO of Thara Global Business LLC the Financial Adviser and Investment Manager of the Fund, said the ongoing downturn in the real estate industry is unlikely to dampen investment interest in Omans first sharia-compliant REIT.
Oil edges up on Mideast tensions, trade optimism - Reuters
Oil edges up on Mideast tensions, trade optimism - Reuters:
Oil inched up on Thursday on rising tensions in the Middle East and signs of improving Washington-Beijing trade relations, but a strong U.S. dollar limited price gains.
Brent crude futures LCOc1 settled at $66.25 a barrel, gaining 25 cents. U.S. West Texas Intermediate (WTI) crude CLc1 settled at $61.18, rising 12 cents.
The dollar rose about 0.5% .DXY, recovering from a six-month low after a downbeat December left the index virtually unchanged for 2019. A stronger dollar makes oil more expensive for holders of other currencies.
Worries that rising tensions in the Middle East could hit supply outweighed strides in the dollar index.
Oil inched up on Thursday on rising tensions in the Middle East and signs of improving Washington-Beijing trade relations, but a strong U.S. dollar limited price gains.
Brent crude futures LCOc1 settled at $66.25 a barrel, gaining 25 cents. U.S. West Texas Intermediate (WTI) crude CLc1 settled at $61.18, rising 12 cents.
The dollar rose about 0.5% .DXY, recovering from a six-month low after a downbeat December left the index virtually unchanged for 2019. A stronger dollar makes oil more expensive for holders of other currencies.
Worries that rising tensions in the Middle East could hit supply outweighed strides in the dollar index.
#SaudiArabia bans insurance and re-insurance activities within the same firm - Reuters
Saudi Arabia bans insurance and re-insurance activities within the same firm - Reuters:
The Saudi Arabian Monetary Agency (SAMA) has prohibited combining insurance and reinsurance brokerage activities in the same company, effective immediately, it said in a statement on Thursday.
The agency said it had taken the decision to increase the stability of the insurance sector, boost its contribution to national economic growth and reduce “wrong practices” in the industry.
Companies that currently combine both activities have one year to implement the decision, and must give SAMA their plans to change within three months.
The Saudi Arabian Monetary Agency (SAMA) has prohibited combining insurance and reinsurance brokerage activities in the same company, effective immediately, it said in a statement on Thursday.
The agency said it had taken the decision to increase the stability of the insurance sector, boost its contribution to national economic growth and reduce “wrong practices” in the industry.
Companies that currently combine both activities have one year to implement the decision, and must give SAMA their plans to change within three months.
MIDEAST STOCKS-Major Gulf markets gain; blue chips weigh on Egypt - Reuters
MIDEAST STOCKS-Major Gulf markets gain; blue chips weigh on Egypt - Reuters:
Major Gulf stock markets closed up on
Thursday, moving in line with oil prices and global stocks,
while Egypt retreated as blue chips declined.
Oil prices rose to begin the new year on Thursday, buoyed by
signs of improving trade relations between the United States and
China, which eased concern over demand and rising tensions in
the Middle East.
U.S. President Donald Trump said on Tuesday that Phase 1 of
trade deal with China would be signed on Jan. 15 at the White
House, which is expected to reduce tariffs and boost Chinese
purchases of American farm, energy and manufactured goods.
In Saudi, the benchmark index rose 0.5%, led by a
1.1% gain in Al Rajhi Bank and a 0.6% increase in
Saudi British Bank. On Wednesday, the lender proposed
dividend for the second half of 2019.
Major Gulf stock markets closed up on
Thursday, moving in line with oil prices and global stocks,
while Egypt retreated as blue chips declined.
Oil prices rose to begin the new year on Thursday, buoyed by
signs of improving trade relations between the United States and
China, which eased concern over demand and rising tensions in
the Middle East.
U.S. President Donald Trump said on Tuesday that Phase 1 of
trade deal with China would be signed on Jan. 15 at the White
House, which is expected to reduce tariffs and boost Chinese
purchases of American farm, energy and manufactured goods.
In Saudi, the benchmark index rose 0.5%, led by a
1.1% gain in Al Rajhi Bank and a 0.6% increase in
Saudi British Bank. On Wednesday, the lender proposed
dividend for the second half of 2019.
Israel, Greece and Cyprus set to seal €6bn gas pipeline deal | Financial Times
Israel, Greece and Cyprus set to seal €6bn gas pipeline deal | Financial Times: Israel, Greece and Cyprus are set to sign a trilateral agreement that will lay the groundwork for a planned gas pipeline connecting Israel’s offshore fields with Europe but which risks raising tensions with Turkey over what Ankara sees as its exclusion from the Mediterranean region’s hydrocarbon boom.
The €6bn EastMed pipeline project, which will link Cyprus and Israel’s offshore gas reserves to mainland Greece and Italy, bypasses Turkey and aims to provide an estimated 10 per cent of Europe’s natural gas.
Benjamin Netanyahu, Israel’s caretaker prime minister, Kyriakos Mitsotakis, the Greek prime minister, and Nicos Anastasiades, the Cypriot president, will sign the deal in Athens on Thursday.
Israel has developed close economic and security co-operation with Greece and Cyprus over the past decade. Discovery of natural gas, and the countries’ mutual interests in getting it to market, have helped deepen their ties.
The €6bn EastMed pipeline project, which will link Cyprus and Israel’s offshore gas reserves to mainland Greece and Italy, bypasses Turkey and aims to provide an estimated 10 per cent of Europe’s natural gas.
Benjamin Netanyahu, Israel’s caretaker prime minister, Kyriakos Mitsotakis, the Greek prime minister, and Nicos Anastasiades, the Cypriot president, will sign the deal in Athens on Thursday.
Israel has developed close economic and security co-operation with Greece and Cyprus over the past decade. Discovery of natural gas, and the countries’ mutual interests in getting it to market, have helped deepen their ties.
Russia’s Oil Output Hits Post-Soviet High Despite OPEC+ Deal - Bloomberg
Russia’s Oil Output Hits Post-Soviet High Despite OPEC+ Deal - Bloomberg:
Russia’s crude oil and condensate output hit a post-Soviet high last year even as it curbed production under an agreement with OPEC.
The 11th consecutive year of output growth underscores the reality of Russia’s cooperation with the Organization of Petroleum Exporting Countries. Despite being one of the architects of the original 2016 deal, Moscow has a poor record of fulfilling its pledged production cuts and has come under pressure from its allies to do better.
The country consistently failed to meet its quota last year, overshooting its target in nine of the 12 months, Bloomberg calculations show. The Energy Ministry has come up with various explanations for producing above the target -- from the limitations of a harsh climate to technical issues after the Druzhba oil-contamination crisis.
Russia produced 560.2 million tons of oil in 2019, up 0.8% from the previous year, preliminary data from the Energy Ministry’s CDU-TEK unit show. That’s equivalent to 11.25 million barrels a day, according to Bloomberg calculations. Russia produced
Russia’s crude oil and condensate output hit a post-Soviet high last year even as it curbed production under an agreement with OPEC.
The 11th consecutive year of output growth underscores the reality of Russia’s cooperation with the Organization of Petroleum Exporting Countries. Despite being one of the architects of the original 2016 deal, Moscow has a poor record of fulfilling its pledged production cuts and has come under pressure from its allies to do better.
The country consistently failed to meet its quota last year, overshooting its target in nine of the 12 months, Bloomberg calculations show. The Energy Ministry has come up with various explanations for producing above the target -- from the limitations of a harsh climate to technical issues after the Druzhba oil-contamination crisis.
Russia produced 560.2 million tons of oil in 2019, up 0.8% from the previous year, preliminary data from the Energy Ministry’s CDU-TEK unit show. That’s equivalent to 11.25 million barrels a day, according to Bloomberg calculations. Russia produced
#Oman announces increased budget of $34.4bn for 2020 - Arabianbusiness
Oman announces increased budget of $34.4bn for 2020 - Arabianbusiness:
Oman has increased its 2020 budget spend by OR300 million ($780m) to OR13.2 billion ($34.4bn).
The budget, which is the final year of the ninth Five-Year Development Plan (2016-2020), is focused on the five promising sectors, logistics, manufacturing, tourism, fisheries and mining sectors, with the aim to increase economic diversification efforts away from a reliance on hydrocarbons.
Spending on investment projects, particularly job creation projects, is expected to reach OR5.3bn ($13.8bn), out of which OR2.7bn ($7bn) will be paid by state-owned enterprises (SOEs) for service and industrial projects, whereas an amount of OR1.3bn ($3.4bn) will be spent by various government entities for infrastructure projects.
In addition, OR1.3bn ($3.4bn) will be allocated for oil and gas production, according to the Ministry of Finance document.
Oman has increased its 2020 budget spend by OR300 million ($780m) to OR13.2 billion ($34.4bn).
The budget, which is the final year of the ninth Five-Year Development Plan (2016-2020), is focused on the five promising sectors, logistics, manufacturing, tourism, fisheries and mining sectors, with the aim to increase economic diversification efforts away from a reliance on hydrocarbons.
Spending on investment projects, particularly job creation projects, is expected to reach OR5.3bn ($13.8bn), out of which OR2.7bn ($7bn) will be paid by state-owned enterprises (SOEs) for service and industrial projects, whereas an amount of OR1.3bn ($3.4bn) will be spent by various government entities for infrastructure projects.
In addition, OR1.3bn ($3.4bn) will be allocated for oil and gas production, according to the Ministry of Finance document.
Oil starts new year higher on trade optimism, Middle East tensions - Reuters
Oil starts new year higher on trade optimism, Middle East tensions - Reuters:
Oil prices kicked off the new year higher on Thursday as warming trade relations between the United States and China eased demand concerns, while rising tensions in the Middle East fueled worries about supply.
Global benchmark Brent crude futures LCOc1, rose 35 cents, or 0.5%, to 66.35 a barrel by 0738 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was up 25 cents, or 0.4%, at $61.31 per barrel.
Oil markets were closed on Wednesday for New Year’s Day.
Both benchmarks ended higher in 2019, posting their biggest annual gains since 2016, buoyed at the end of the year by a thaw in the prolonged trade dispute between the United States and China - the world’s two largest economies - and a deeper output cut pledged by the Organization of Petroleum Exporting Countries (OPEC) and its allies.
Oil prices kicked off the new year higher on Thursday as warming trade relations between the United States and China eased demand concerns, while rising tensions in the Middle East fueled worries about supply.
Global benchmark Brent crude futures LCOc1, rose 35 cents, or 0.5%, to 66.35 a barrel by 0738 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was up 25 cents, or 0.4%, at $61.31 per barrel.
Oil markets were closed on Wednesday for New Year’s Day.
Both benchmarks ended higher in 2019, posting their biggest annual gains since 2016, buoyed at the end of the year by a thaw in the prolonged trade dispute between the United States and China - the world’s two largest economies - and a deeper output cut pledged by the Organization of Petroleum Exporting Countries (OPEC) and its allies.
MIDEAST STOCKS-Most of Gulf gains on financials; #AbuDhabi quiet - Reuters
MIDEAST STOCKS-Most of Gulf gains on financials; Abu Dhabi quiet - Reuters:
Most major Gulf markets rose early on Thursday, supported by financial-service shares, amid rising oil prices and U.S.-China trade deal hopes.
Oil prices were up on Thursday as improved trade relations between the United States and China eased demand concerns, while rising tensions in the Middle East fuelled worries about supply.
U.S. President Donald Trump said on Tuesday that Phase 1 of trade deal with China would be signed on Jan. 15 at the White House.
Saudi Arabia’s benchmark index added 0.3%. Al Rajhi Bank rose 0.5% and Saudi British Bank was up 0.7%, a day after it proposed a dividend for the second half of 2019.
Most major Gulf markets rose early on Thursday, supported by financial-service shares, amid rising oil prices and U.S.-China trade deal hopes.
Oil prices were up on Thursday as improved trade relations between the United States and China eased demand concerns, while rising tensions in the Middle East fuelled worries about supply.
U.S. President Donald Trump said on Tuesday that Phase 1 of trade deal with China would be signed on Jan. 15 at the White House.
Saudi Arabia’s benchmark index added 0.3%. Al Rajhi Bank rose 0.5% and Saudi British Bank was up 0.7%, a day after it proposed a dividend for the second half of 2019.
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