Oil may rise to hit $75 per barrel on Middle East tensions - The National:
The oil price could rise to the $75 per barrel mark because of escalating tensions between the US and Iran, but the hike is unlikely to sustain long term owing to ample spare supply capacity of Opec and non-Opec oil producers as well as weak global demand for crude.
Oil prices rose more than 4 per cent on Friday, in a knee-jerk reaction to the killing of Qassem Suleimani, the head of Iran’s Revolutionary Guard’s foreign operations branch, the Quds Force, in a US rocket strike at Baghdad International Airport.
Brent, the benchmark for more than half of the world's oil, ended the trading session at $68.60 per barrel up 3.56 per cent, with West Texas Intermediate closing at $63.05 per barrel, up 3.06 per cent.
“Any larger sustained disruption to supply could send prices toward $75 per barrel or higher. But adequate-to-ample crude spare capacity, in addition to strategic oil reserves held by OECD [Organisation for Economic Cooperation and Development] countries, provide a key supply cushion,” Giovanni Staunovo, a commodity analyst at the Zurich-based, UBS said in a report.
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Saturday 4 January 2020
Tehran Stocks Drop After U.S. Kills Top Iranian General - Bloomberg
Tehran Stocks Drop After U.S. Kills Top Iranian General - Bloomberg:
Iran’s stocks slumped at the start of the trading week after the killing of a top military commander raised fears of a military confrontation with the U.S.
The TEDPIX, the country’s main all-share index, dropped more than 4% to 367, 610 points by midday on Saturday, the lowest level since Dec. 25, according to data on the Tehran Stock Exchange’s official website, tse.ir. The stock exchange caps daily fluctuations at 5 percent to control market volatility, according to its website.
Iran has vowed revenge after the commander of Iran’s Qods Force, General Qassem Soleimani, was killed in a U.S. missile strike in Baghdad late Thursday night.
The stock index is up almost 90 percent since March 2019, the beginning of the Iranian financial year. It hit a three-year high in October, according to the the state-owned Securities & Exchange News Agency which cited stability in the rial and a drop in demand for gold and foreign currencies at the time.
Iran’s stocks slumped at the start of the trading week after the killing of a top military commander raised fears of a military confrontation with the U.S.
The TEDPIX, the country’s main all-share index, dropped more than 4% to 367, 610 points by midday on Saturday, the lowest level since Dec. 25, according to data on the Tehran Stock Exchange’s official website, tse.ir. The stock exchange caps daily fluctuations at 5 percent to control market volatility, according to its website.
Iran has vowed revenge after the commander of Iran’s Qods Force, General Qassem Soleimani, was killed in a U.S. missile strike in Baghdad late Thursday night.
The stock index is up almost 90 percent since March 2019, the beginning of the Iranian financial year. It hit a three-year high in October, according to the the state-owned Securities & Exchange News Agency which cited stability in the rial and a drop in demand for gold and foreign currencies at the time.
Al-Gosaibi settlement in sight after breakthrough Saudi court ruling | ZAWYA MENA Edition
Al-Gosaibi settlement in sight after breakthrough Saudi court ruling | ZAWYA MENA Edition:
The Commercial Court in Dammam has approved a plan to end the decade-long stand-off between banks and the Al-Gosaibi business over more than SR44 billion ($11.73 billion) of debts owed since the family-run firm ran into financial trouble in 2009.
The court, under the chairmanship of Judge Abdullah Abdulrahman Al-Yabis, allowed around SR27.8 billion of the total claimed amount to be included in a “financial restructuring procedure” (FRP) made possible by the Kingdom’s new bankruptcy laws.
Although SR16.77 billion of claims were rejected by the court, most of that sum related to claims against the family partnership Ahmad Hamad Algosaibi and Brothers (AHAB) by Maan Al-Sanea and companies associated with him. These claims are still in dispute between the two warring factions, who are related by marriage.
Court documents sent to creditors and seen by Arab News state: “If the court decides to accept the claim or part thereof, it will be included in the list of claims as an approved claim for the purpose of voting; and as the court reviewed the list of claims and related objections, it hereby ratified the list of claims as follows,” before going on to detail 150 claims by global, regional and Saudi banks, as well as Al-Sanea companies.
The Commercial Court in Dammam has approved a plan to end the decade-long stand-off between banks and the Al-Gosaibi business over more than SR44 billion ($11.73 billion) of debts owed since the family-run firm ran into financial trouble in 2009.
The court, under the chairmanship of Judge Abdullah Abdulrahman Al-Yabis, allowed around SR27.8 billion of the total claimed amount to be included in a “financial restructuring procedure” (FRP) made possible by the Kingdom’s new bankruptcy laws.
Although SR16.77 billion of claims were rejected by the court, most of that sum related to claims against the family partnership Ahmad Hamad Algosaibi and Brothers (AHAB) by Maan Al-Sanea and companies associated with him. These claims are still in dispute between the two warring factions, who are related by marriage.
Court documents sent to creditors and seen by Arab News state: “If the court decides to accept the claim or part thereof, it will be included in the list of claims as an approved claim for the purpose of voting; and as the court reviewed the list of claims and related objections, it hereby ratified the list of claims as follows,” before going on to detail 150 claims by global, regional and Saudi banks, as well as Al-Sanea companies.
#Dubai sets aside $540m reserve to boost Expo 2020 - Arabianbusiness
Dubai sets aside $540m reserve to boost Expo 2020 - Arabianbusiness:
Dubai government has announced a special reserve of three percent of total expected expenditures in 2020 to support the objective of making Expo 2020 Dubai the world's greatest show.
The reserve of nearly AED2 billion ($544 million), a first for Dubai, is in accordance with the principle of preparing for the Expo 2020, a statement said.
The announcement came as Dubai ruler, Sheikh Mohammed bin Rashid Al Maktoum, also Vice President and Prime Minister of the UAE, approved a three-year budget cycle for the Government of Dubai for the 2020-2022 period.
The three-year budget cycle, which forecasts total spending of AEED196 billion, meets the aspirations of Dubai’s future, and confirms its determination to continue raising people's happiness and stimulating entrepreneurship, the statement said.
Dubai government has announced a special reserve of three percent of total expected expenditures in 2020 to support the objective of making Expo 2020 Dubai the world's greatest show.
The reserve of nearly AED2 billion ($544 million), a first for Dubai, is in accordance with the principle of preparing for the Expo 2020, a statement said.
The announcement came as Dubai ruler, Sheikh Mohammed bin Rashid Al Maktoum, also Vice President and Prime Minister of the UAE, approved a three-year budget cycle for the Government of Dubai for the 2020-2022 period.
The three-year budget cycle, which forecasts total spending of AEED196 billion, meets the aspirations of Dubai’s future, and confirms its determination to continue raising people's happiness and stimulating entrepreneurship, the statement said.
Analyst View: What rising Middle East tensions mean for oil market - Reuters
Analyst View: What rising Middle East tensions mean for oil market - Reuters:
The United States launched an air strike against a leading Iranian military commander on Friday, heightening fears of a conflict escalation in the Middle East that could hurt crude supplies in the region.
Iran promised vengeance after a U.S. air strike in Baghdad killed Qassem Soleimani, Tehran’s most prominent military commander and the architect of its growing influence in the Middle East.
Here is what analysts expect in terms of market response:
The United States launched an air strike against a leading Iranian military commander on Friday, heightening fears of a conflict escalation in the Middle East that could hurt crude supplies in the region.
Iran promised vengeance after a U.S. air strike in Baghdad killed Qassem Soleimani, Tehran’s most prominent military commander and the architect of its growing influence in the Middle East.
Here is what analysts expect in terms of market response: