Oil sinks to three-month lows as coronavirus raises demand fears - Reuters:
Crude futures dropped 2% to three-month lows on Monday as the death toll from China’s coronavirus grew, curtailing travel and fueling expectations of slowing oil demand.
Brent crude LCOc1 settled at $59.32 a barrel, losing $1.37, or 2.3%, its lowest since Oct. 21. U.S. crude CLc1 settled at $53.14 a barrel, was down $1.05, or 1.9%, its lowest since Oct. 2.
Global stock exchanges, which oil prices tend to follow, also sank as investors grew increasingly anxious about the widening crisis. Demand spiked for safe-haven assets, such as the Japanese yen and Treasury notes.[MKTS/GLOB]
The death toll from the coronavirus rose to 81 and the Chinese government extended the Lunar New Year holiday to Feb. 2, trying to keep as many people as possible at home to prevent the virus from spreading further.
Monday, 27 January 2020
Wary of Iran, Gulf Arab states seen shrugging off new Lebanese government - Reuters
Wary of Iran, Gulf Arab states seen shrugging off new Lebanese government - Reuters:
Gulf Arab states have long channeled funds into Lebanon’s fragile economy but its rich neighbors, alarmed by the rising influence of their arch-rival Iran’s ally Hezbollah, now appear loath to help ease Beirut’s worst financial crisis in decades.
Prime Minister Hassan Diab, whose cabinet took office last week with the backing of the Shi’ite Muslim Hezbollah movement and its partners, said his first trip abroad would be to the Arab region, particularly the Sunni-dominated Gulf monarchies.
He is unlikely to be received warmly.
None of the Gulf Arab countries, allies of Washington, has officially commented on the new government formed after weeks of wrangling nor extended public invitations to Diab.
Gulf Arab states have long channeled funds into Lebanon’s fragile economy but its rich neighbors, alarmed by the rising influence of their arch-rival Iran’s ally Hezbollah, now appear loath to help ease Beirut’s worst financial crisis in decades.
Prime Minister Hassan Diab, whose cabinet took office last week with the backing of the Shi’ite Muslim Hezbollah movement and its partners, said his first trip abroad would be to the Arab region, particularly the Sunni-dominated Gulf monarchies.
He is unlikely to be received warmly.
None of the Gulf Arab countries, allies of Washington, has officially commented on the new government formed after weeks of wrangling nor extended public invitations to Diab.
Oil-Storage Demand at Top Mideast Hub Drives Brooge Expansion - Bloomberg
Oil-Storage Demand at Top Mideast Hub Drives Brooge Expansion - Bloomberg:
Brooge Petroleum and Gas Investment Co. plans to expand its crude-storage capacity six-fold at the Middle Eastern port of Fujairah to meet “huge” demand at the busiest oil-trading hub in the region.
The United Arab Emirates-based business will sign contracts by the end of the first quarter, or soon after, to lease out the additional capacity, Chief Executive Officer Nicolaas Paardenkooper said in an interview. It will complete a study for the project over the same period and may start construction work by the end of 2020.
“The company’s philosophy has always been to get contracts in place first and then get the land and then start construction,” Paardenkooper said. “We’ve never built on speculation.”
Brooge’s planned expansion would more than double the amount of crude traders could store at Fujairah, the world’s second-largest refueling port for ships. State-run Abu Dhabi National Oil Co. has capacity nearby that it too is expanding many times over; Adnoc’s plans include the construction of crude-storage tanks beneath Fujairah’s mountains.
Brooge Petroleum and Gas Investment Co. plans to expand its crude-storage capacity six-fold at the Middle Eastern port of Fujairah to meet “huge” demand at the busiest oil-trading hub in the region.
The United Arab Emirates-based business will sign contracts by the end of the first quarter, or soon after, to lease out the additional capacity, Chief Executive Officer Nicolaas Paardenkooper said in an interview. It will complete a study for the project over the same period and may start construction work by the end of 2020.
“The company’s philosophy has always been to get contracts in place first and then get the land and then start construction,” Paardenkooper said. “We’ve never built on speculation.”
Brooge’s planned expansion would more than double the amount of crude traders could store at Fujairah, the world’s second-largest refueling port for ships. State-run Abu Dhabi National Oil Co. has capacity nearby that it too is expanding many times over; Adnoc’s plans include the construction of crude-storage tanks beneath Fujairah’s mountains.
#Dubai's Emirates NBD annual profit surges 44%, tops forecast - Reuters
Dubai's Emirates NBD annual profit surges 44%, tops forecast - Reuters:
Dubai’s biggest lender Emirates NBD on Monday posted a 44% surge in 2019 net profit, underpinned by a double-digit growth in net-interest income, stronger loan growth and gains from the listing of its unit Network International.
The bank’s full-year net profit came in at 14.5 billion dirham ($3.95 billion), compared with 10.04 billion dirhams last year, higher than 13.55 billion dirhams as forecast by analysts in a Refintiv poll.
The company said its profit grew only 1%, excluding gains from the listing of digital payment provider Network International in London last year.
Loans increased 33% to 437 billion dirhams, including contribution from newly acquired Turkish lender DenizBank, Emirates said, adding that its non-interest income surged 38% due to higher foreign exchange and credit card-related income.
Dubai’s biggest lender Emirates NBD on Monday posted a 44% surge in 2019 net profit, underpinned by a double-digit growth in net-interest income, stronger loan growth and gains from the listing of its unit Network International.
The bank’s full-year net profit came in at 14.5 billion dirham ($3.95 billion), compared with 10.04 billion dirhams last year, higher than 13.55 billion dirhams as forecast by analysts in a Refintiv poll.
The company said its profit grew only 1%, excluding gains from the listing of digital payment provider Network International in London last year.
Loans increased 33% to 437 billion dirhams, including contribution from newly acquired Turkish lender DenizBank, Emirates said, adding that its non-interest income surged 38% due to higher foreign exchange and credit card-related income.
India wants to delink #Qatar gas supply deals from crude; Qatar says no - Reuters
India wants to delink Qatar gas supply deals from crude; Qatar says no - Reuters:
India wants Qatar to delink the price of its imported gas from that of oil under long-term deals, India’s oil minister said on Monday, to make supplies cheaper for price-sensitive customers after a sharp fall in spot prices of the cleaner fuel.
Liquefied natural gas (LNG) sourced from the spot market costs about half of that under the long-term deals.
India in 1999 signed a long-term LNG deal with Qatar for supplies from 2004, with volumes gradually rising to 7.5 million tonnes per annum (mtpa).
The price of gas under the long-duration deal was linked to the price of crude, as oil markets were well developed compared with that of gas.
India wants Qatar to delink the price of its imported gas from that of oil under long-term deals, India’s oil minister said on Monday, to make supplies cheaper for price-sensitive customers after a sharp fall in spot prices of the cleaner fuel.
Liquefied natural gas (LNG) sourced from the spot market costs about half of that under the long-term deals.
India in 1999 signed a long-term LNG deal with Qatar for supplies from 2004, with volumes gradually rising to 7.5 million tonnes per annum (mtpa).
The price of gas under the long-duration deal was linked to the price of crude, as oil markets were well developed compared with that of gas.
Emirates Islamic's full-year net profit exceeds AED1bn mark for first time - Arabianbusiness
Emirates Islamic's full-year net profit exceeds AED1bn mark for first time - Arabianbusiness:
UAE-based Emirates Islamic has reported net profit of AED1.06 billion ($272 million) for the full-year, surpassing the one billion dirham mark for the first time.
Net profit for the year increased by 15 percent while total income for 2019 increased by 8 percent to AED2.7 billion.
Total assets at AED64.8 billion increased by 11 percent from end-2018 while customer deposits at AED45.3 billion increased by 9 percent in the same period.
Current and saving accounts balances represent 63 percent of total customer deposits, the bank said in a statement.
UAE-based Emirates Islamic has reported net profit of AED1.06 billion ($272 million) for the full-year, surpassing the one billion dirham mark for the first time.
Net profit for the year increased by 15 percent while total income for 2019 increased by 8 percent to AED2.7 billion.
Total assets at AED64.8 billion increased by 11 percent from end-2018 while customer deposits at AED45.3 billion increased by 9 percent in the same period.
Current and saving accounts balances represent 63 percent of total customer deposits, the bank said in a statement.
Oil falls 3% to three-month low as China virus threatens demand - Reuters
Oil falls 3% to three-month low as China virus threatens demand - Reuters:
Crude prices dropped 3% to three-month lows on Monday as the death toll from China’s coronavirus grew and more businesses were forced to shut down, fuelling expectations of slowing oil demand.
Brent crude LCOc1 was down $1.77 a barrel, or 2.9%, at $58.92 at 11 a.m. EST (1600 GMT). U.S. crude CLc1 was down $1.51, or 2.8%, at $52.68 a barrel.
Both benchmarks had earlier fallen by more than 3% and were at their lowest since October.
Global stock exchanges, which oil tends follows, also sank as investors grew increasingly anxious about the widening crisis. Demand spiked for safe-haven assets, such as the Japanese yen and Treasury notes.
Crude prices dropped 3% to three-month lows on Monday as the death toll from China’s coronavirus grew and more businesses were forced to shut down, fuelling expectations of slowing oil demand.
Brent crude LCOc1 was down $1.77 a barrel, or 2.9%, at $58.92 at 11 a.m. EST (1600 GMT). U.S. crude CLc1 was down $1.51, or 2.8%, at $52.68 a barrel.
Both benchmarks had earlier fallen by more than 3% and were at their lowest since October.
Global stock exchanges, which oil tends follows, also sank as investors grew increasingly anxious about the widening crisis. Demand spiked for safe-haven assets, such as the Japanese yen and Treasury notes.
Revealed: the importance of Emaar to #Dubai's property market - Arabianbusiness
Revealed: the importance of Emaar to Dubai's property market - Arabianbusiness:
Emaar Properties continued to dominate the Dubai property market in terms of the number of off-plan sales transactions registered in 2019, according to new research.
Data analysed by Data Finder, the real estate insights and data platform under the Property Finder Group, showed that Dubai’s largest listed developer registered 8,600 off-plan property sales overall in 2019, an increase of 260 percent compared to 2018.
The developer commanded a market share of 36 percent.
Emaar’s joint venture with Meraas, Dubai Hills Estate, registered 1,455 off-plan transactions, a 67 percent annual increase in sales transactions and 6 percent of the off-plan market.
Emaar Properties continued to dominate the Dubai property market in terms of the number of off-plan sales transactions registered in 2019, according to new research.
Data analysed by Data Finder, the real estate insights and data platform under the Property Finder Group, showed that Dubai’s largest listed developer registered 8,600 off-plan property sales overall in 2019, an increase of 260 percent compared to 2018.
The developer commanded a market share of 36 percent.
Emaar’s joint venture with Meraas, Dubai Hills Estate, registered 1,455 off-plan transactions, a 67 percent annual increase in sales transactions and 6 percent of the off-plan market.
#SaudiArabia, #UAE caution oil market against gloom over China virus - Reuters
Saudi Arabia, UAE caution oil market against gloom over China virus - Reuters:
Saudi Arabia, the world’s top oil exporter, on Monday urged caution against “gloomy expectations” regarding the possible impact of the spread of the coronavirus on the global economy and oil demand.
The death toll from a coronavirus outbreak in China rose to 81 on Monday with more than 2,700 infected as health authorities around the world stepped up screening of passengers from China.
Crude prices fell about 3% on Monday as the rising number of cases of the coronavirus and China’s city lockdowns and extension of its Lunar New Year holiday deepened concerns over oil demand. [O/R]
But Saudi Energy Minister Prince Abdulaziz bin Salman said the impact being seen on oil and other markets was “primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite its very limited impact on global oil demand.”
Saudi Arabia, the world’s top oil exporter, on Monday urged caution against “gloomy expectations” regarding the possible impact of the spread of the coronavirus on the global economy and oil demand.
The death toll from a coronavirus outbreak in China rose to 81 on Monday with more than 2,700 infected as health authorities around the world stepped up screening of passengers from China.
Crude prices fell about 3% on Monday as the rising number of cases of the coronavirus and China’s city lockdowns and extension of its Lunar New Year holiday deepened concerns over oil demand. [O/R]
But Saudi Energy Minister Prince Abdulaziz bin Salman said the impact being seen on oil and other markets was “primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite its very limited impact on global oil demand.”
Oil drops below $60 as China virus stokes demand concern - Reuters
Oil drops below $60 as China virus stokes demand concern - Reuters:
Crude prices extended declines on Monday, dropping below $60 for the first time in nearly three months, as the death toll from China’s coronavirus rose and more businesses were forced to shut down, fuelling expectations of slowing oil demand.
Brent crude LCOc1 was down $1.51 a barrel, or 2.5%, to $59.18 at 1254 GMT, its lowest since late October and the biggest intra-day fall since Jan. 8.
U.S. crude CLc1 was down $1.37, or 2.53%, at $52.82. Both contracts had earlier fallen by more than 3%.
Global stock exchanges also fell as investors grew increasingly anxious about the widening crisis. Demand spiked for safe-haven assets, such as the Japanese yen and Treasury notes.
Crude prices extended declines on Monday, dropping below $60 for the first time in nearly three months, as the death toll from China’s coronavirus rose and more businesses were forced to shut down, fuelling expectations of slowing oil demand.
Brent crude LCOc1 was down $1.51 a barrel, or 2.5%, to $59.18 at 1254 GMT, its lowest since late October and the biggest intra-day fall since Jan. 8.
U.S. crude CLc1 was down $1.37, or 2.53%, at $52.82. Both contracts had earlier fallen by more than 3%.
Global stock exchanges also fell as investors grew increasingly anxious about the widening crisis. Demand spiked for safe-haven assets, such as the Japanese yen and Treasury notes.
MIDEAST STOCKS- #Saudi leads Gulf lower as China virus fears mount - Reuters
MIDEAST STOCKS-Saudi leads Gulf lower as China virus fears mount - Reuters:
Middle East stocks slipped, with Saudi
Arabia hardest hit on Monday, mirroring drops in oil prices and
global shares on concerns about the impact of the coronavirus
outbreak in China.
Saudi Arabia's energy minister said it is closely monitoring
developments in global oil markets resulting from "gloomy
expectations" regarding the possible impact on the Chinese and
global economy, as well as on the oil market.
The death toll in China has risen to 81 and the virus spread
to more than 10 countries, including France, Japan and the
United States.
The total number of confirmed cases in China rose about 30%
from the previous day, to 2,744. But some experts suspect the
number of infected people is much higher.
Saudi Arabia's benchmark index tumbled 1.8%,
extending losses for a fifth-day. National Commercial Bank
slid 3.1%, while Al Rajhi Bank fell 1.2%.
Middle East stocks slipped, with Saudi
Arabia hardest hit on Monday, mirroring drops in oil prices and
global shares on concerns about the impact of the coronavirus
outbreak in China.
Saudi Arabia's energy minister said it is closely monitoring
developments in global oil markets resulting from "gloomy
expectations" regarding the possible impact on the Chinese and
global economy, as well as on the oil market.
The death toll in China has risen to 81 and the virus spread
to more than 10 countries, including France, Japan and the
United States.
The total number of confirmed cases in China rose about 30%
from the previous day, to 2,744. But some experts suspect the
number of infected people is much higher.
Saudi Arabia's benchmark index tumbled 1.8%,
extending losses for a fifth-day. National Commercial Bank
slid 3.1%, while Al Rajhi Bank fell 1.2%.
Gas discovered in #Sharjah, first in 37 years | ZAWYA MENA Edition
Gas discovered in Sharjah, first in 37 years | ZAWYA MENA Edition:
The Sharjah National Oil Corporation and its Italian partner ENI, have announced a successful new discovery of natural gas and condensate onshore at the Mahani field in Sharjah.
The discovery at Mahani-1 exploration well, with flow rates of up to 50 million standard cubic feet per day, comes within the first year of the partnership and represents the first onshore discovery of gas in the Emirate since the early 1980’s. Mahani-1 well was drilled at a total depth of 14,597 feet, which resulted in the discovery of gas with the associated capacitors in the formation of the Thumama. The size of the discovery will be estimated in time in light of expectations for further evaluation and development.
The Mahani-1 exploration well, located in the Area B Concession, is the first exploration well drilled by SNOC following the acquisition of a new 3D seismic survey covering the territory, the national energy company said in a statement. SNOC, which is the operator of Area B, and ENI both hold a 50% stake in the discovery as part of a Concession Agreement that was signed in early 2019. The two companies are also partners in the Concession Areas A and C, also located onshore Sharjah.
The Sharjah National Oil Corporation and its Italian partner ENI, have announced a successful new discovery of natural gas and condensate onshore at the Mahani field in Sharjah.
The discovery at Mahani-1 exploration well, with flow rates of up to 50 million standard cubic feet per day, comes within the first year of the partnership and represents the first onshore discovery of gas in the Emirate since the early 1980’s. Mahani-1 well was drilled at a total depth of 14,597 feet, which resulted in the discovery of gas with the associated capacitors in the formation of the Thumama. The size of the discovery will be estimated in time in light of expectations for further evaluation and development.
The Mahani-1 exploration well, located in the Area B Concession, is the first exploration well drilled by SNOC following the acquisition of a new 3D seismic survey covering the territory, the national energy company said in a statement. SNOC, which is the operator of Area B, and ENI both hold a 50% stake in the discovery as part of a Concession Agreement that was signed in early 2019. The two companies are also partners in the Concession Areas A and C, also located onshore Sharjah.
#Saudi Newcastle punt is not as silly as it sounds – Breakingviews
Saudi Newcastle punt is not as silly as it sounds – Breakingviews:
Saudi Arabia’s enthusiasm for Newcastle United is less silly than it sounds. Riyadh’s wealth fund is mulling a deal to buy the English Premier League soccer club for around 340 million pounds. There are worse ways to spend the $30 billion the kingdom raised selling 1.5% of oil giant Saudi Aramco.
There are plenty of reasons to be sceptical about the oil-rich country replacing retail tycoon Mike Ashley as Newcastle’s owner. Its $300 billion sovereign wealth vehicle, the Public Investment Fund, has made a ropey start spearheading Crown Prince Mohammed bin Salman’s plan to diversify Saudi Arabia away from its dependence on the black stuff. Part of the $45 billion it pledged to the SoftBank-run Vision Fund financed tech dud WeWork, while an investment in Uber Technologies has been on a roller coaster since the ride-hailing firm’s initial public offering. Splashing out on a soccer club that hasn’t been a serious force in the English Premier League since the 1990s looks like another ego trip.
Still, the mooted valuation implies an enterprise value of just under 2 times Newcastle’s revenue in the year to June 2018. Manchester City and Manchester United, the UK’s biggest clubs by revenue, are valued at more than 4 times. The black-and-white shirted team’s poor performance on the pitch partly explains the club’s depressed price. Still, its EBITDA was the seventh highest in the Premier League and the Magpies attracted the eighth-largest crowds, according to Swiss Ramble, a football analyst.
Saudi Arabia’s enthusiasm for Newcastle United is less silly than it sounds. Riyadh’s wealth fund is mulling a deal to buy the English Premier League soccer club for around 340 million pounds. There are worse ways to spend the $30 billion the kingdom raised selling 1.5% of oil giant Saudi Aramco.
There are plenty of reasons to be sceptical about the oil-rich country replacing retail tycoon Mike Ashley as Newcastle’s owner. Its $300 billion sovereign wealth vehicle, the Public Investment Fund, has made a ropey start spearheading Crown Prince Mohammed bin Salman’s plan to diversify Saudi Arabia away from its dependence on the black stuff. Part of the $45 billion it pledged to the SoftBank-run Vision Fund financed tech dud WeWork, while an investment in Uber Technologies has been on a roller coaster since the ride-hailing firm’s initial public offering. Splashing out on a soccer club that hasn’t been a serious force in the English Premier League since the 1990s looks like another ego trip.
Still, the mooted valuation implies an enterprise value of just under 2 times Newcastle’s revenue in the year to June 2018. Manchester City and Manchester United, the UK’s biggest clubs by revenue, are valued at more than 4 times. The black-and-white shirted team’s poor performance on the pitch partly explains the club’s depressed price. Still, its EBITDA was the seventh highest in the Premier League and the Magpies attracted the eighth-largest crowds, according to Swiss Ramble, a football analyst.
Natural Gas Price Drop to Cut Coal Market Share for Power in EU - Bloomberg
Natural Gas Price Drop to Cut Coal Market Share for Power in EU - Bloomberg:
Cheaper natural gas prices this year are likely to cement Europe’s shift away from coal as a fuel for producing power.
Abnormally mild winter weather has cut demand for the fuel as a flood of new supplies entered the world’s biggest gas market. That along with higher costs for carbon-emissions allowances has tilted the economics of generating electricity away from coal and toward using more gas.
The shift has been welcomed by policy makers led by German Chancellor Angela Merkel’s administration, which is looking at ways to accelerate the closure of its coal industry. Its priority is keeping power flowing while reaching ambitious pollution targets in the Paris Agreement on climate change. A lower cost for gas helps along that process.
Cheaper natural gas prices this year are likely to cement Europe’s shift away from coal as a fuel for producing power.
Abnormally mild winter weather has cut demand for the fuel as a flood of new supplies entered the world’s biggest gas market. That along with higher costs for carbon-emissions allowances has tilted the economics of generating electricity away from coal and toward using more gas.
The shift has been welcomed by policy makers led by German Chancellor Angela Merkel’s administration, which is looking at ways to accelerate the closure of its coal industry. Its priority is keeping power flowing while reaching ambitious pollution targets in the Paris Agreement on climate change. A lower cost for gas helps along that process.
Oil Traders Made Billions in 2019 as Conflict Shook the Market - Bloomberg
Oil Traders Made Billions in 2019 as Conflict Shook the Market - Bloomberg:
The world’s largest energy traders enjoyed one of their best ever years in 2019 as pipeline outages, dramatic changes in ship fuel regulations and Middle East conflicts shook up the global oil market.
The bonanza extended beyond the independent traders like Vitol Group and Trafigura Group Ltd. to the in-house units of oil giants Royal Dutch Shell Plc, Total SA and BP Plc, which made billions of dollars in profits.
“By all accounts, 2019 was among the best years ever for the energy trading industry,” said Marco Dunand, the chief executive of Mercuria Energy Group Ltd., one of the five largest independent oil traders.
For the independents, the bumper year all but guarantees a fat bonus season for a group of companies that’s largely owned by their executives and senior staff. For the European oil companies, the trading boom will help Shell, BP and Total to weather a tough year in other parts of their business.
The world’s largest energy traders enjoyed one of their best ever years in 2019 as pipeline outages, dramatic changes in ship fuel regulations and Middle East conflicts shook up the global oil market.
The bonanza extended beyond the independent traders like Vitol Group and Trafigura Group Ltd. to the in-house units of oil giants Royal Dutch Shell Plc, Total SA and BP Plc, which made billions of dollars in profits.
“By all accounts, 2019 was among the best years ever for the energy trading industry,” said Marco Dunand, the chief executive of Mercuria Energy Group Ltd., one of the five largest independent oil traders.
For the independents, the bumper year all but guarantees a fat bonus season for a group of companies that’s largely owned by their executives and senior staff. For the European oil companies, the trading boom will help Shell, BP and Total to weather a tough year in other parts of their business.
How Muddy Waters Is Hammering Indian Billionaire’s NMC Health - Bloomberg
How Muddy Waters Is Hammering Indian Billionaire’s NMC Health - Bloomberg:
After seeing its market value soar to more than $10 billion less than two years ago, NMC Health Plc is now struggling to cling on to investors. The Middle Eastern hospital operator, founded by billionaire Bavaguthu Raghuram Shetty, is in the spotlight after Carson Block’s Muddy Waters Capital claimed it’s understating debt and overstating cash. Shares in the firm and one of its sister companies have slumped.
The accusations in a Dec. 17 report, which NMC denies, have sent the London-listed firm’s market value plummeting 48% to 2.8 billion pounds ($3.7 billion) and wiped $1.5 billion off the Shetty family’s fortune.
Trading in the London-listed company has surged to an average of almost 2.5 million shares a day, from around 560,000 in the preceding three months. Its share price has fallen 24% this year to 13.48 pounds.
After seeing its market value soar to more than $10 billion less than two years ago, NMC Health Plc is now struggling to cling on to investors. The Middle Eastern hospital operator, founded by billionaire Bavaguthu Raghuram Shetty, is in the spotlight after Carson Block’s Muddy Waters Capital claimed it’s understating debt and overstating cash. Shares in the firm and one of its sister companies have slumped.
The accusations in a Dec. 17 report, which NMC denies, have sent the London-listed firm’s market value plummeting 48% to 2.8 billion pounds ($3.7 billion) and wiped $1.5 billion off the Shetty family’s fortune.
Trading in the London-listed company has surged to an average of almost 2.5 million shares a day, from around 560,000 in the preceding three months. Its share price has fallen 24% this year to 13.48 pounds.
Lull in U.S.-Turkey Spats Seen as a ‘Window’ for Istanbul Stocks - Bloomberg
Lull in U.S.-Turkey Spats Seen as a ‘Window’ for Istanbul Stocks - Bloomberg:
The sometimes strained relationship between Ankara and Washington may be enjoying a period of calm, giving Istanbul stocks “a window of opportunity” to gain in 2020, said one of Turkey’s best-performing equity fund managers.
A steady stream of negative headlines testing the alliance has stopped since Iran-U.S. tensions threatened to escalate into conflict. It seems that the crisis has been good in reducing relative risks attached to Turkey’s market, said Haydar Acun, the managing partner at Marmara Capital in Istanbul.
A series of clashes with the U.S. in recent years culminated in the fallout from Turkey’s decision to purchase a Russian missile defense system that started arriving in July. Even so, a cordial personal relationship between presidents Donald Trump and Recep Tayyip Erdogan has survived the disputes. And while plans for parts of a battery of U.S. sanctions against Turkey have progressed, the punitive measures have yet to be imposed.
The sometimes strained relationship between Ankara and Washington may be enjoying a period of calm, giving Istanbul stocks “a window of opportunity” to gain in 2020, said one of Turkey’s best-performing equity fund managers.
A steady stream of negative headlines testing the alliance has stopped since Iran-U.S. tensions threatened to escalate into conflict. It seems that the crisis has been good in reducing relative risks attached to Turkey’s market, said Haydar Acun, the managing partner at Marmara Capital in Istanbul.
A series of clashes with the U.S. in recent years culminated in the fallout from Turkey’s decision to purchase a Russian missile defense system that started arriving in July. Even so, a cordial personal relationship between presidents Donald Trump and Recep Tayyip Erdogan has survived the disputes. And while plans for parts of a battery of U.S. sanctions against Turkey have progressed, the punitive measures have yet to be imposed.
#AbuDhabi Commercial Bank Q4 profit drops 16% on impairment charges - Reuters
Abu Dhabi Commercial Bank Q4 profit drops 16% on impairment charges - Reuters:
Abu Dhabi Commercial Bank (ADCB) reported a 16% drop in fourth-quarter profit on Monday, hurt by an increase in impairment charges.
The bank reported a net profit of 1.05 billion dirhams ($285.89 million) for the three months ended Dec. 31, down from 1.24 billion dirhams a year earlier.
ADCB, which last year merged with smaller peers Union National Bank and Al Hilal Bank, recommended a cash dividend of 0.38 dirhams per share.
Abu Dhabi Commercial Bank (ADCB) reported a 16% drop in fourth-quarter profit on Monday, hurt by an increase in impairment charges.
The bank reported a net profit of 1.05 billion dirhams ($285.89 million) for the three months ended Dec. 31, down from 1.24 billion dirhams a year earlier.
ADCB, which last year merged with smaller peers Union National Bank and Al Hilal Bank, recommended a cash dividend of 0.38 dirhams per share.
India needs to re-examine long-term gas pricing with #Qatar: Oil Minister - Reuters
India needs to re-examine long-term gas pricing with Qatar: Oil Minister - Reuters:
India’s Oil Minister Dharmendra Pradhan said on Monday the country needs to look into the pricing mechanism of existing long term gas supply contracts with Qatar.
He was speaking to a gathering of oil company officials in New Delhi.
India imports 8.5 million tonnes of liquefied natural gas (LNG) annually under a long-term supply deal with Qatar.
Spot prices, or current market prices, of LNG have dropped to multi-year lows in January, highlighting the loss being borne by LNG importing countries tied in long term contracts with suppliers.
India’s Oil Minister Dharmendra Pradhan said on Monday the country needs to look into the pricing mechanism of existing long term gas supply contracts with Qatar.
He was speaking to a gathering of oil company officials in New Delhi.
India imports 8.5 million tonnes of liquefied natural gas (LNG) annually under a long-term supply deal with Qatar.
Spot prices, or current market prices, of LNG have dropped to multi-year lows in January, highlighting the loss being borne by LNG importing countries tied in long term contracts with suppliers.
Emirates NBD reveals 44% increase in net profit to record $3.9bn - Arabianbusiness
Emirates NBD reveals 44% increase in net profit to record $3.9bn - Arabianbusiness:
Emirates NBD has revealed a 44 percent increase in net profit to a record AED14.5 billion ($3.9bn) for 2019.
Financial results released through the Dubai Financial Market (DFM) on Monday revealed a 29 percent increase in total income to AED22.4bn ($6.1bn), due to loan growth and higher fee income.
Net interest was up 26 percent due to loan growth, while non-interest income grew 38 percent as a result of higher foreign exchange and credit card related income.
Core operating profit increased by four percent year-on-year, helped by the completion in July of a deal that saw Dubai's biggest lender acquire a 99.85 percent stake in Turkey's DenizBank.
Emirates NBD has revealed a 44 percent increase in net profit to a record AED14.5 billion ($3.9bn) for 2019.
Financial results released through the Dubai Financial Market (DFM) on Monday revealed a 29 percent increase in total income to AED22.4bn ($6.1bn), due to loan growth and higher fee income.
Net interest was up 26 percent due to loan growth, while non-interest income grew 38 percent as a result of higher foreign exchange and credit card related income.
Core operating profit increased by four percent year-on-year, helped by the completion in July of a deal that saw Dubai's biggest lender acquire a 99.85 percent stake in Turkey's DenizBank.
#Kuwait could need $180 billion in financing over the next six years: IMF - Reuters
Kuwait could need $180 billion in financing over the next six years: IMF - Reuters:
The International Monetary Fund estimates that Kuwait’s financing needs will amount to some $180 billion over the next six years given the Gulf state’s “modest” fiscal measures and expectations of lower oil prices.
Kuwait said earlier this month it expects a budget deficit of 9.2 billion dinars ($30.31 billion) in the fiscal year starting on April 1, a deficit increase of 19% compared to the previous year.
“Subdued oil prices and output are weighing on near-term growth prospects and external and fiscal balances,” the Washington-based international crisis lender said in a statement describing its preliminary findings at the end of an official visit to the country.
“The recent run-up in spending has worsened the fiscal position and eroded liquid buffers. Without a course correction, the fiscal and financing challenges would intensify and the window of opportunity to proceed at a measured pace would narrow.”
The International Monetary Fund estimates that Kuwait’s financing needs will amount to some $180 billion over the next six years given the Gulf state’s “modest” fiscal measures and expectations of lower oil prices.
Kuwait said earlier this month it expects a budget deficit of 9.2 billion dinars ($30.31 billion) in the fiscal year starting on April 1, a deficit increase of 19% compared to the previous year.
“Subdued oil prices and output are weighing on near-term growth prospects and external and fiscal balances,” the Washington-based international crisis lender said in a statement describing its preliminary findings at the end of an official visit to the country.
“The recent run-up in spending has worsened the fiscal position and eroded liquid buffers. Without a course correction, the fiscal and financing challenges would intensify and the window of opportunity to proceed at a measured pace would narrow.”
UPDATE 2- #SaudiArabia says watching oil market closely regarding China virus - Reuters
UPDATE 2-Saudi Arabia says watching oil market closely regarding China virus - Reuters:
Saudi Arabia is closely monitoring developments in global oil markets resulting from “gloomy expectations” regarding the possible impact of the coronavirus on the Chinese and global economy, as well as on the oil market’s fundamentals, its energy minister said on Monday.
OPEC and its allies can respond to any impact on the stability of the oil market if needed, Prince Abdulaziz bin Salman said, but added that he was confident the Chinese government and international community could contain the spread of the virus and fully eradicate it.
The minister said the current impact on global markets, including oil and other commodities, was “primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite its very limited impact on global oil demand.”
Saudi Arabia is closely monitoring developments in global oil markets resulting from “gloomy expectations” regarding the possible impact of the coronavirus on the Chinese and global economy, as well as on the oil market’s fundamentals, its energy minister said on Monday.
OPEC and its allies can respond to any impact on the stability of the oil market if needed, Prince Abdulaziz bin Salman said, but added that he was confident the Chinese government and international community could contain the spread of the virus and fully eradicate it.
The minister said the current impact on global markets, including oil and other commodities, was “primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite its very limited impact on global oil demand.”
Oil slumps further as China virus spreads - Reuters
Oil slumps further as China virus spreads - Reuters:
Crude prices fell more than 2% to multi-month lows on Monday as the rising number of cases of the new coronavirus in China and city lockdowns there deepened concerns over oil demand.
Brent crude LCOc1 fell by $1.28 a barrel, or 2.1%, to $59.41 by 0744 GMT, having earlier dropped to $58.68, its lowest since late October. U.S. crude CLc1 was down by $1.24, or 2.3%, to $52.95, having earlier eased to $52.15, the lowest since early October.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al-Saud, seeking to calm the market, said on Monday he was watching developments in China and said he felt confident the new virus would be contained.
Markets are being “primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite (the virus’s) very limited impact on global oil demand,” he said.
Crude prices fell more than 2% to multi-month lows on Monday as the rising number of cases of the new coronavirus in China and city lockdowns there deepened concerns over oil demand.
Brent crude LCOc1 fell by $1.28 a barrel, or 2.1%, to $59.41 by 0744 GMT, having earlier dropped to $58.68, its lowest since late October. U.S. crude CLc1 was down by $1.24, or 2.3%, to $52.95, having earlier eased to $52.15, the lowest since early October.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al-Saud, seeking to calm the market, said on Monday he was watching developments in China and said he felt confident the new virus would be contained.
Markets are being “primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite (the virus’s) very limited impact on global oil demand,” he said.
MIDEAST STOCKS-Poor earnings weigh on #UAE indexes; #Saudi trades flat - Reuters
MIDEAST STOCKS-Poor earnings weigh on UAE indexes; Saudi trades flat - Reuters:
Stock markets in the United Arab Emirates fell on Monday, hurt by a host of disappointing corporate earnings, while Saudi traded flat as energy and real estate shares moved sideways.
The Abu Dhabi index declined 0.8% as First Abu Dhabi Bank, the country’s largest lender, retreated 1.1% ahead of its board meeting to approve financials. Abu Dhabi Commercial Bank fell 1.5% on weak fourth-quarter earnings and a lower annual dividend.
The bank recorded a net profit of 1.05 billion dirhams for the three months to Dec. 31, down from 1.24 billion a year earlier.
Abu Dhabi Commercial Bank recommended a full-year cash dividend of 0.38 dirham per share compared with 0.46 dirham a year ago.
Stock markets in the United Arab Emirates fell on Monday, hurt by a host of disappointing corporate earnings, while Saudi traded flat as energy and real estate shares moved sideways.
The Abu Dhabi index declined 0.8% as First Abu Dhabi Bank, the country’s largest lender, retreated 1.1% ahead of its board meeting to approve financials. Abu Dhabi Commercial Bank fell 1.5% on weak fourth-quarter earnings and a lower annual dividend.
The bank recorded a net profit of 1.05 billion dirhams for the three months to Dec. 31, down from 1.24 billion a year earlier.
Abu Dhabi Commercial Bank recommended a full-year cash dividend of 0.38 dirham per share compared with 0.46 dirham a year ago.