Libyan Oil Exports Interrupted, Output May Be Cut by Half - Bloomberg:
Oil shipments were halted from at least three ports in Libya, according to people familiar with the matter, as the National Oil Corp. warned that planned stoppages could cut more than half of the nation’s crude output.
Exports have been frozen at Ras Lanuf, Sidra and Brega, the people said, a day before members of the North African’s country’s warring factions are due to attend a summit in Berlin to try to resolve the conflict. Earlier Saturday, a NOC official said all oil shipments from ports in central and eastern Libya, except Zueitina, were due to halt after direct instructions from the Libyan National Army, the force based in the country’s east.
The LNA is controlled by Khalifa Haftar, whose forces have been trying to overthrow the United Nations-backed government in Tripoli and have besieged the capital city.
Saturday, 18 January 2020
#Lebanon Bond Tumbles Most on Record Amid Fitch Warning - Bloomberg
Lebanon Bond Tumbles Most on Record Amid Fitch Warning - Bloomberg:
Lebanese Eurobonds maturing in March dropped the most on record as the threat of a downgrade to near default added to selling pressure.
The bond tumbled about 7 cents on Friday to 80 cents on the dollar, the biggest daily decline on record for the country’s 2020 notes and approaching a record-low reached in November.
A central bank offer for local banks to swap their holdings of the Eurobonds for longer-dated instruments sparked volatility in the nation’s shorter-dated debt this week. That would help ease pressure on Lebanon’s finances amid a debt crisis and months-long protests.
Lebanese Eurobonds maturing in March dropped the most on record as the threat of a downgrade to near default added to selling pressure.
The bond tumbled about 7 cents on Friday to 80 cents on the dollar, the biggest daily decline on record for the country’s 2020 notes and approaching a record-low reached in November.
A central bank offer for local banks to swap their holdings of the Eurobonds for longer-dated instruments sparked volatility in the nation’s shorter-dated debt this week. That would help ease pressure on Lebanon’s finances amid a debt crisis and months-long protests.
#Qatar Sovereign Wealth Fund: Lekoil Saved From $10 Million Loss - Bloomberg
Qatar Sovereign Wealth Fund: Lekoil Saved From $10 Million Loss - Bloomberg:
A timely intervention from Qatar’s sovereign wealth fund saved Lekoil Ltd. from a significantly larger loss in a fake loan scam, said a person familiar with the matter.
Before drawing money from a $184 million loan arranged with people claiming to be from the Qatar Investment Authority, Lekoil had been due to pay about $10 million upfront, said the person, asking not to be named because the information isn’t public. Genuine representatives of the sovereign wealth fund contacted Lekoil through an adviser to raise the alarm before that payment was made.
The Africa-focused oil and gas producer still faces the loss of $600,000, including costs and a fee already paid to Seawave Invest Ltd. for arranging the non-existent loan. There’s also the possibility that it could lose a Nigerian oil license because it lacks funds for development. Lekoil’s stock sank to a record low in London after it announced it had fallen victim to the alleged scam on Jan. 13.
A timely intervention from Qatar’s sovereign wealth fund saved Lekoil Ltd. from a significantly larger loss in a fake loan scam, said a person familiar with the matter.
Before drawing money from a $184 million loan arranged with people claiming to be from the Qatar Investment Authority, Lekoil had been due to pay about $10 million upfront, said the person, asking not to be named because the information isn’t public. Genuine representatives of the sovereign wealth fund contacted Lekoil through an adviser to raise the alarm before that payment was made.
The Africa-focused oil and gas producer still faces the loss of $600,000, including costs and a fee already paid to Seawave Invest Ltd. for arranging the non-existent loan. There’s also the possibility that it could lose a Nigerian oil license because it lacks funds for development. Lekoil’s stock sank to a record low in London after it announced it had fallen victim to the alleged scam on Jan. 13.
#Dubai non-oil foreign trade surges 22% in first nine months of 2019 | ZAWYA MENA Edition
Dubai non-oil foreign trade surges 22% in first nine months of 2019 | ZAWYA MENA Edition:
The Emirate of Dubai's non-oil foreign trade volumes surged to 83 million tonnes in the first nine months of 2019, revealed Dubai Customs on Saturday. These figures represent an increase by 22 percent year-on year from 68 million tonnes during the same period in 2018.
According to the customs authority, the volume of re-exports jumped 48 percent to 13 million tonnes, while exports rose by 47 percent (14 million tonnes) and imports grew by 13 percent (56 million tonnes).
The Director-General of Dubai Customs, Ahmed Mahboob Musabih, confirmed that these 2019 achievements serves as further incentive for 2020 aspirations. He asserted that '4th of January Document' announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, "will be a great inspiration for more dedicated work towards more sustainable development."
The Emirate of Dubai's non-oil foreign trade volumes surged to 83 million tonnes in the first nine months of 2019, revealed Dubai Customs on Saturday. These figures represent an increase by 22 percent year-on year from 68 million tonnes during the same period in 2018.
According to the customs authority, the volume of re-exports jumped 48 percent to 13 million tonnes, while exports rose by 47 percent (14 million tonnes) and imports grew by 13 percent (56 million tonnes).
The Director-General of Dubai Customs, Ahmed Mahboob Musabih, confirmed that these 2019 achievements serves as further incentive for 2020 aspirations. He asserted that '4th of January Document' announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, "will be a great inspiration for more dedicated work towards more sustainable development."
Revealed: how #UAE property price declines compare globally - Arabianbusiness
Revealed: how UAE property price declines compare globally - Arabianbusiness:
Dubai and Abu Dhabi posted two of the highest property price declines in the world, according to Knight Frank's latest Global Residential Cities Index.
The index, which covers real estate markets in 150 countries and tracks performance in the 12 month period from Q3 2019, showed that average Abu Dhabi prices fell by 7.7 percent.
Knight Frank ranked it 149th out of 150 cities, with Jerusalem the only worst performing market (-13.6 percent) compared to the year-earlier period.
Dubai fared little better and was ranked 146th with an annual price drop of 7.3 percent.
The report comes as Dubai property prices continue to fall by around 30 percent compared to their peak five years ago.
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| The report comes as Dubai property prices continue to fall by around 30 percent compared to their peak five years ago. |
Dubai and Abu Dhabi posted two of the highest property price declines in the world, according to Knight Frank's latest Global Residential Cities Index.
The index, which covers real estate markets in 150 countries and tracks performance in the 12 month period from Q3 2019, showed that average Abu Dhabi prices fell by 7.7 percent.
Knight Frank ranked it 149th out of 150 cities, with Jerusalem the only worst performing market (-13.6 percent) compared to the year-earlier period.
Dubai fared little better and was ranked 146th with an annual price drop of 7.3 percent.
The report comes as Dubai property prices continue to fall by around 30 percent compared to their peak five years ago.