Oil prices jump 2% as virus vaccine reports spur hope - Reuters:
Oil prices jumped about 2% on Wednesday on media reports that suggested scientists were developing a vaccine for the fast-spreading coronavirus, even as world health experts said treatments have not yet been found.
Also supporting oil was news that the Organization of the Petroleum Exporting Countries (OPEC) and its producer allies were considering further output cuts to counter a potential squeeze on global oil demand.
The outbreak has killed nearly 500 people and is weighing on global economic activity and oil demand.
The World Health Organization played down the media reports, saying there were “no known effective therapeutics” against the virus.
Brent crude oil futures LCOc1 ended the session up $1.32, or 2.5%, at $56.46 a barrel while U.S. West Texas Intermediate (WTI) crude CLc1 gained $1.14, or 2.3%, to settle at $50.75. Both contracts rose more than 4% during the session.
Wednesday 5 February 2020
Oil Wipes Out Two Days of Losses on Potential for OPEC-Led Cuts - Bloomberg
Oil Wipes Out Two Days of Losses on Potential for OPEC-Led Cuts - Bloomberg:
Oil rose, wiping out two days of losses, as OPEC deliberations over a potential supply cut overshadowed an uptick in U.S. crude inventories.
Futures advanced as much as 4.4% in New York on Wednesday, the biggest jump in almost a month. Saudi Arabia and Russia debated whether an oil-production cut is warranted in response to the lethal viral outbreak that’s crimping fuel demand.
Meanwhile, prices barely reacted to an Energy Information Administration report that showed a bigger-than-expected rise in American crude inventories. The report also detailed the first withdrawal of gasoline supplies in 12 weeks, a bullish development.
“The draw in gasoline wasn’t expected so that’s contributing to the strength in the market,” said Nick Holmes, portfolio manager at Tortoise. “Though there hasn’t really been an improvement in the coronavirus, there’s a broader rebound in risk assets, and the OPEC meeting is giving us something to hold on to.”
Oil rose, wiping out two days of losses, as OPEC deliberations over a potential supply cut overshadowed an uptick in U.S. crude inventories.
Futures advanced as much as 4.4% in New York on Wednesday, the biggest jump in almost a month. Saudi Arabia and Russia debated whether an oil-production cut is warranted in response to the lethal viral outbreak that’s crimping fuel demand.
Meanwhile, prices barely reacted to an Energy Information Administration report that showed a bigger-than-expected rise in American crude inventories. The report also detailed the first withdrawal of gasoline supplies in 12 weeks, a bullish development.
“The draw in gasoline wasn’t expected so that’s contributing to the strength in the market,” said Nick Holmes, portfolio manager at Tortoise. “Though there hasn’t really been an improvement in the coronavirus, there’s a broader rebound in risk assets, and the OPEC meeting is giving us something to hold on to.”
#Saudi Healthcare Firm Sulaiman Al Habib’s IPO to Start Next Week - Bloomberg
Saudi Healthcare Firm Sulaiman Al Habib’s IPO to Start Next Week - Bloomberg:
Dr. Sulaiman Al Habib Medical Group, one of Saudi Arabia’s largest private health-care operators, plans to start the sale of a 15% stake in an initial public offering next week.
The book-building process for the IPO will start on Feb. 10 and the shares will be priced on Feb. 20, according a document published in the company’s website. The company will offer 52.5 million shares.
The health-care operator didn’t disclose the pricing range for the shares.
Dr. Sulaiman Al Habib Medical Group, one of Saudi Arabia’s largest private health-care operators, plans to start the sale of a 15% stake in an initial public offering next week.
The book-building process for the IPO will start on Feb. 10 and the shares will be priced on Feb. 20, according a document published in the company’s website. The company will offer 52.5 million shares.
The health-care operator didn’t disclose the pricing range for the shares.
#Bahrain's Investcorp posts 17% drop in half-yearly net profit - Gulf Business
Bahrain's Investcorp posts 17% drop in half-yearly net profit - Gulf Business:
Bahraini investment firm Investcorp posted net income worth $48m for H1 FY20, slipping 17 per cent compared from $58m for H1 FY19.
For the six months ending December 31 2019, Investcorp’s net income, excluding the fair value change of legacy investments, reached $59m, two per cent higher than $58m for the six months ending December 31 2018, a statement said.
On a fully diluted basis, earnings per ordinary share were $0.65 for H1 FY20, down 12 per cent from $0.74 for H1 FY19.
Total comprehensive income for H1 FY20 totaled $46m, dipping 18 per cent compared to $56m in H1 FY19. Meanwhile, the firm’s gross operating income (excluding the fair value change of legacy investments) scored $197m in H1 FY20 compared to $199m in H1 FY19.
Bahraini investment firm Investcorp posted net income worth $48m for H1 FY20, slipping 17 per cent compared from $58m for H1 FY19.
For the six months ending December 31 2019, Investcorp’s net income, excluding the fair value change of legacy investments, reached $59m, two per cent higher than $58m for the six months ending December 31 2018, a statement said.
On a fully diluted basis, earnings per ordinary share were $0.65 for H1 FY20, down 12 per cent from $0.74 for H1 FY19.
Total comprehensive income for H1 FY20 totaled $46m, dipping 18 per cent compared to $56m in H1 FY19. Meanwhile, the firm’s gross operating income (excluding the fair value change of legacy investments) scored $197m in H1 FY20 compared to $199m in H1 FY19.
UPDATE 2- #Qatar National Bank raises $1 billion in seven-year bonds - Reuters
UPDATE 2-Qatar National Bank raises $1 billion in seven-year bonds - Reuters:
Qatar National Bank (QNB), the Gulf’s biggest bank by assets, raised $1 billion in seven-year bonds offering a 2.75% coupon, a document showed on Wednesday.
Barclays, Credit Agricole, Mizuho, QNB Capital and Standard Chartered arranged the deal.
QNB Finance is the issuer and Qatar National Bank is the guarantor for the debt sale, which attracted more than $3 billion in orders.
The bonds were marketed with an initial price guidance of around 155 basis points (bps) over mid-swaps but were priced with a final spread of 128 bps over the benchmark.
Qatar National Bank (QNB), the Gulf’s biggest bank by assets, raised $1 billion in seven-year bonds offering a 2.75% coupon, a document showed on Wednesday.
Barclays, Credit Agricole, Mizuho, QNB Capital and Standard Chartered arranged the deal.
QNB Finance is the issuer and Qatar National Bank is the guarantor for the debt sale, which attracted more than $3 billion in orders.
The bonds were marketed with an initial price guidance of around 155 basis points (bps) over mid-swaps but were priced with a final spread of 128 bps over the benchmark.
Rising Crude Inventories Fail To Halt Oil Rally | OilPrice.com
Rising Crude Inventories Fail To Halt Oil Rally | OilPrice.com:
Oil prices dipped only slightly after the Energy Information Administration reported a crude inventory build of 3.4 million barrels for the last week of January.
This compares with an inventory build of 3.5 million barrels for the previous week and analyst expectations of a 3-million-barrel increase for the week to January 31.
In gasoline, the EIA reported an inventory draw of 100,000 barrels for the last week of January. This compared with an increase of 1.2 million barrels for the previous week. Gasoline production in the seven days to January 31 averaged 9.9 million bpd, versus 9.2 million bpd a week earlier.
In distillate fuels, the authority reported a fall in stockpiles of 1.5 million barrels for last week. This compared with a 1.3-million-barrel inventory decline a week earlier. Distillate fuel production last week averaged 5 million bpd, down from a week earlier.
At the time of writing Brent crude was trading at $56.05 a barrel, with West Texas Intermediate at $51.47 a barrel both up by close to 4 percent from yesterday’s close.
Oil prices dipped only slightly after the Energy Information Administration reported a crude inventory build of 3.4 million barrels for the last week of January.
This compares with an inventory build of 3.5 million barrels for the previous week and analyst expectations of a 3-million-barrel increase for the week to January 31.
In gasoline, the EIA reported an inventory draw of 100,000 barrels for the last week of January. This compared with an increase of 1.2 million barrels for the previous week. Gasoline production in the seven days to January 31 averaged 9.9 million bpd, versus 9.2 million bpd a week earlier.
In distillate fuels, the authority reported a fall in stockpiles of 1.5 million barrels for last week. This compared with a 1.3-million-barrel inventory decline a week earlier. Distillate fuel production last week averaged 5 million bpd, down from a week earlier.
At the time of writing Brent crude was trading at $56.05 a barrel, with West Texas Intermediate at $51.47 a barrel both up by close to 4 percent from yesterday’s close.
MIDEAST STOCKS-Major Gulf markets steady; Aramco hits lowest level since IPO - Reuters
MIDEAST STOCKS-Major Gulf markets steady; Aramco hits lowest level since IPO - Reuters:
Major Gulf stock markets were steady in
quiet trade on Wednesday, while oil giant Saudi Aramco extended
losses and hit its lowest mark since it began trading.
Saudi Arabia's benchmark index declined 0.5% with
Samba Financial Group shedding 2.3%, and shopping mall
operator Arabian Centres dropping 1.8% after posting a
steep fall in third-quarter profit.
Rating agency Fitch said on Wednesday that growth had
returned to Saudi banks but remained fragile.
Oil giant Saudi Aramco dipped 0.6% to 33.65 riyals
($8.97), hitting its lowest point since it began trading on Dec.
11.
Egypt's blue-chip index gained 0.5%; Eastern
Company gained 3.7%, while Telecom Egypt
jumped 5.4% following its update on Vodafone Egypt.
Major Gulf stock markets were steady in
quiet trade on Wednesday, while oil giant Saudi Aramco extended
losses and hit its lowest mark since it began trading.
Saudi Arabia's benchmark index declined 0.5% with
Samba Financial Group shedding 2.3%, and shopping mall
operator Arabian Centres dropping 1.8% after posting a
steep fall in third-quarter profit.
Rating agency Fitch said on Wednesday that growth had
returned to Saudi banks but remained fragile.
Oil giant Saudi Aramco dipped 0.6% to 33.65 riyals
($8.97), hitting its lowest point since it began trading on Dec.
11.
Egypt's blue-chip index gained 0.5%; Eastern
Company gained 3.7%, while Telecom Egypt
jumped 5.4% following its update on Vodafone Egypt.
Growth returns to #Saudi Arabian banks but remains fragile; buffers are sound: Fitch | ZAWYA MENA Edition
Growth returns to Saudi Arabian banks but remains fragile; buffers are sound: Fitch | ZAWYA MENA Edition:
Fitch Ratings-London-February 05: The soft operating environment and subdued GDP growth in Saudi Arabia are challenges to credit demand as the economy remains highly oil-dependent, despite the government's diversification efforts, Fitch Ratings says. The weak pipeline of government infrastructure projects, modest real GDP growth forecasts, still low consumer confidence, fiscal tightening and geo-political tensions remain threats to credit growth.
Nonetheless, banks' profitability has been resilient and remains a rating strength, underpinned by strong franchises, cheap funding and limited competition. Performance metrics improved in 2018 on the back of rate hikes by the Fed but this trend is likely to reverse.
Asset quality metrics continue to suffer from weak consumer confidence and low credit demand, in particular from large government-related entities, and the slow pipeline of government projects. Non-performing loan ratios have been rising but continue to compare very well by international standards.
Fitch Ratings-London-February 05: The soft operating environment and subdued GDP growth in Saudi Arabia are challenges to credit demand as the economy remains highly oil-dependent, despite the government's diversification efforts, Fitch Ratings says. The weak pipeline of government infrastructure projects, modest real GDP growth forecasts, still low consumer confidence, fiscal tightening and geo-political tensions remain threats to credit growth.
Nonetheless, banks' profitability has been resilient and remains a rating strength, underpinned by strong franchises, cheap funding and limited competition. Performance metrics improved in 2018 on the back of rate hikes by the Fed but this trend is likely to reverse.
Asset quality metrics continue to suffer from weak consumer confidence and low credit demand, in particular from large government-related entities, and the slow pipeline of government projects. Non-performing loan ratios have been rising but continue to compare very well by international standards.
#AbuDhabi's stock exchange partners with London's FTSE Russell | ZAWYA MENA Edition
Abu Dhabi's stock exchange partners with London's FTSE Russell | ZAWYA MENA Edition:
The Abu Dhabi Securities Exchange (ADX), which trades shares of UAE companies, has partnered with global index provider FTSE Russell in London.
Under the new partnership, FTSE Russell will become the benchmark administrator for tailored domestic equity indexes of the stock exchange.
The new arrangement means that the ADX indexes will transition to FTSE Russell’s rule-based index methodology and the index names will be co-branded.
“The Middle East is a real focus area for us since I took over running the company in the beginning of last year. We’ve been thinking about getting deeper into Middle Eastern markets. We have done a lot in Saudi Arabia,” Waqas Samad, CEO of FTSE Russell told Zawya at the sidelines of a media briefing in Abu Dhabi.
The Abu Dhabi Securities Exchange (ADX), which trades shares of UAE companies, has partnered with global index provider FTSE Russell in London.
Under the new partnership, FTSE Russell will become the benchmark administrator for tailored domestic equity indexes of the stock exchange.
The new arrangement means that the ADX indexes will transition to FTSE Russell’s rule-based index methodology and the index names will be co-branded.
“The Middle East is a real focus area for us since I took over running the company in the beginning of last year. We’ve been thinking about getting deeper into Middle Eastern markets. We have done a lot in Saudi Arabia,” Waqas Samad, CEO of FTSE Russell told Zawya at the sidelines of a media briefing in Abu Dhabi.
Oil Climbs From One-Year Low With OPEC+ Split on Output Curbs - Bloomberg
Oil Climbs From One-Year Low With OPEC+ Split on Output Curbs - Bloomberg:
Oil rebounded back beyond $50 a barrel as OPEC+ entered a second day of discussions on the impact of the coronavirus outbreak.
Futures rose 2.5% in New York, reversing some of the dramatic collapse across the futures curve this week that saw the market fall into a bearish contango structure -- indicating oversupply. The recovery reflects speculation that OPEC+ talks in Vienna may result in an emergency ministerial meeting on fresh output cuts, while Sky reported that a virus vaccine could be close to animal testing.
Views differ on the potential impact of the deadly virus on demand, with BP Plc suggesting it could wipe out a third of global consumption growth this year, while OPEC’s own analysis indicates a modest drop of around 400,000 barrels a day for about six months.
Oil rebounded back beyond $50 a barrel as OPEC+ entered a second day of discussions on the impact of the coronavirus outbreak.
Futures rose 2.5% in New York, reversing some of the dramatic collapse across the futures curve this week that saw the market fall into a bearish contango structure -- indicating oversupply. The recovery reflects speculation that OPEC+ talks in Vienna may result in an emergency ministerial meeting on fresh output cuts, while Sky reported that a virus vaccine could be close to animal testing.
Views differ on the potential impact of the deadly virus on demand, with BP Plc suggesting it could wipe out a third of global consumption growth this year, while OPEC’s own analysis indicates a modest drop of around 400,000 barrels a day for about six months.
Middle East investors target $5.3bn London commercial property spend in 2020 - Arabianbusiness
Middle East investors target $5.3bn London commercial property spend in 2020 - Arabianbusiness:
Middle East investors are set to increase commercial real estate investment in London this year, according to Knight Frank.
Investors from the region, led by UAE and Saudi Arabia, are forecast to spend £4.1 billion ($5.3 billion) in the UK capital this year, up by £100 million compared to 2019.
However the total represents a fall from £4.7 billion seen in 2018.
China remains by far the biggest potential investor in London, with £12.7 billion of capital ready to buy assets in 2020, up 25 percent, followed by Singapore.
Overall, London is set for an increase in commercial real estate investment in 2020 as international investors target the capital’s high-yielding office market, following the decisive 2019 UK General Election result.
Middle East investors are set to increase commercial real estate investment in London this year, according to Knight Frank.
Investors from the region, led by UAE and Saudi Arabia, are forecast to spend £4.1 billion ($5.3 billion) in the UK capital this year, up by £100 million compared to 2019.
However the total represents a fall from £4.7 billion seen in 2018.
China remains by far the biggest potential investor in London, with £12.7 billion of capital ready to buy assets in 2020, up 25 percent, followed by Singapore.
Overall, London is set for an increase in commercial real estate investment in 2020 as international investors target the capital’s high-yielding office market, following the decisive 2019 UK General Election result.
#Qatar Airways to Buy Rwandair Stake to Gain African Foothold - Bloomberg
Qatar Airways to Buy Rwandair Stake to Gain African Foothold - Bloomberg:
Qatar Airways plans to purchase a 49% stake in Rwanda’s national carrier, stepping up its presence in the market weeks after taking a majority holding in the African country’s new airport.
The Gulf airline is investing in Rwandair after identifying Africa as a market with significant potential, Akbar Al Baker, its chief executive officer, said in a briefing at the CAPA Qatar Aviation conference on Wednesday. The holding being negotiated will be its first in the continent after a string of deals elsewhere.
Qatar Airways agreed in December to acquire a 60% stake in Rwanda’s new Bugesera International Airport, located south of the capital Kigali, where an existing hub is at full capacity. As part of the deal, the Gulf carrier will help build and run the $1.3 billion facility.
“It will be a very efficient hub in a very stable country in the heart of Africa,” Al Baker said. “And we’re going to take a stake in their national carrier because we see that Africa is another region that has huge growth potential.”
Qatar Airways plans to purchase a 49% stake in Rwanda’s national carrier, stepping up its presence in the market weeks after taking a majority holding in the African country’s new airport.
The Gulf airline is investing in Rwandair after identifying Africa as a market with significant potential, Akbar Al Baker, its chief executive officer, said in a briefing at the CAPA Qatar Aviation conference on Wednesday. The holding being negotiated will be its first in the continent after a string of deals elsewhere.
Qatar Airways agreed in December to acquire a 60% stake in Rwanda’s new Bugesera International Airport, located south of the capital Kigali, where an existing hub is at full capacity. As part of the deal, the Gulf carrier will help build and run the $1.3 billion facility.
“It will be a very efficient hub in a very stable country in the heart of Africa,” Al Baker said. “And we’re going to take a stake in their national carrier because we see that Africa is another region that has huge growth potential.”
#Qatar Weighs Dollar Bond as Emerging Markets Are in High Demand - Bloomberg
Qatar Weighs Dollar Bond as Emerging Markets Are in High Demand - Bloomberg:
Qatar is weighing plans to tap international bond markets as soon as the first quarter, according to people with knowledge of the matter.
Officials in the gas-rich nation are talking to banks and potential investors to gauge interest for a possible dollar bond, the people said, asking not to be identified because the discussions are private.
Qatar is likely to sell less than the $12 billion it raised during its last bond sale in March, the people said. The country had $2.5 billion maturing last month and another $3.5 billion next year.
The world’s biggest exporter of liquefied natural gas, whose debt carries the fourth-highest investment grade at S&P Global Ratings, raised $12 billion in March.
Qatar is weighing plans to tap international bond markets as soon as the first quarter, according to people with knowledge of the matter.
Officials in the gas-rich nation are talking to banks and potential investors to gauge interest for a possible dollar bond, the people said, asking not to be identified because the discussions are private.
Qatar is likely to sell less than the $12 billion it raised during its last bond sale in March, the people said. The country had $2.5 billion maturing last month and another $3.5 billion next year.
The world’s biggest exporter of liquefied natural gas, whose debt carries the fourth-highest investment grade at S&P Global Ratings, raised $12 billion in March.
Profit Boon Makes Egypt’s Banks Ripe for M&A. But Who’s Selling? - Bloomberg
Profit Boon Makes Egypt’s Banks Ripe for M&A. But Who’s Selling? - Bloomberg:
A profit bonanza for Egyptian banks is ripening the industry for acquisitions. If only there were more willing sellers.
One buyer found a way in. First Abu Dhabi Bank PSJC is in talks for the Cairo-based unit of Lebanon’s Bank Audi SAL, which needs cash to cope with an economic crisis back home. The bid is the first for an Egyptian bank by a Gulf lender in seven years, as companies seek new markets because of lower oil prices and rising geopolitical tensions.
Egyptian banks “have excessively strong balance sheets, they have very strong amounts of cash,” said Allen Sandeep, director of research at Naeem Brokerage in Cairo. “It’s more of a question of who’s willing to sell than who’s willing to buy. They’re rarely up for sale.”
The nation’s central bank is no longer issuing licenses, making an acquisition the only way of gaining a foothold in the Middle East’s fastest growing economy, according to data compiled by Bloomberg.
A profit bonanza for Egyptian banks is ripening the industry for acquisitions. If only there were more willing sellers.
One buyer found a way in. First Abu Dhabi Bank PSJC is in talks for the Cairo-based unit of Lebanon’s Bank Audi SAL, which needs cash to cope with an economic crisis back home. The bid is the first for an Egyptian bank by a Gulf lender in seven years, as companies seek new markets because of lower oil prices and rising geopolitical tensions.
Egyptian banks “have excessively strong balance sheets, they have very strong amounts of cash,” said Allen Sandeep, director of research at Naeem Brokerage in Cairo. “It’s more of a question of who’s willing to sell than who’s willing to buy. They’re rarely up for sale.”
The nation’s central bank is no longer issuing licenses, making an acquisition the only way of gaining a foothold in the Middle East’s fastest growing economy, according to data compiled by Bloomberg.
OPEC+ Talks Focus on Coronavirus as Saudis Push for Emergency Cut - Bloomberg
OPEC+ Talks Focus on Coronavirus as Saudis Push for Emergency Cut - Bloomberg:
OPEC+ officials gathered in Vienna for a second day of debate on the impact of the coronavirus, a process that could result in an emergency ministerial meeting where Saudi Arabia would push for an oil-production cut.
The price of crude has plunged on expectations that the epidemic will squeeze China’s economy and curtail consumption of oil in the world’s biggest importer. That’s prompted Saudi Arabia to advocate for urgent action from Organization of Petroleum Exporting Countries and it allies, but its efforts have repeatedly run up against Russia‘s reluctance to cut deeper.
The true impact of the virus also remains highly uncertain, clouding the cartel’s decision making. Estimates of how much demand will be wiped out in the coming months vary widely, with OPEC’s internal analysis predicting a modest impact but outside estimates showing the biggest hit to consumption since the 2008 to 2009 financial crisis.
OPEC+ officials gathered in Vienna for a second day of debate on the impact of the coronavirus, a process that could result in an emergency ministerial meeting where Saudi Arabia would push for an oil-production cut.
The price of crude has plunged on expectations that the epidemic will squeeze China’s economy and curtail consumption of oil in the world’s biggest importer. That’s prompted Saudi Arabia to advocate for urgent action from Organization of Petroleum Exporting Countries and it allies, but its efforts have repeatedly run up against Russia‘s reluctance to cut deeper.
The true impact of the virus also remains highly uncertain, clouding the cartel’s decision making. Estimates of how much demand will be wiped out in the coming months vary widely, with OPEC’s internal analysis predicting a modest impact but outside estimates showing the biggest hit to consumption since the 2008 to 2009 financial crisis.
House prices in #Dubai and #AbuDhabi will only see "marginal" decline: JLL | ZAWYA MENA Edition
House prices in Dubai and Abu Dhabi will only see "marginal" decline: JLL | ZAWYA MENA Edition:
House prices in Dubai and Abu Dhabi are expected to see marginal declines this year, but to a lesser extent compared to what we saw in the previous years, JLL said.
“Almost between 1 to 5 percent decline in sale prices in Dubai (in 2020),” Dana Salbak, Head of Research, MENA at JLL told Zawya on the sidelines of JLL’s annual real estate event, adding that for Abu Dhabi, the decline could be about 1 to 2 percent, as “supply is a bit more controlled.”
Salbak said that the forecasts are “purely based on sentiment ahead of Expo 2020.”
Sale prices for apartments in Dubai declined about 5 percent in 2019, while rental rates fell by around 8 percent, JLL said in its 2019 end of year review report.
House prices in Dubai and Abu Dhabi are expected to see marginal declines this year, but to a lesser extent compared to what we saw in the previous years, JLL said.
“Almost between 1 to 5 percent decline in sale prices in Dubai (in 2020),” Dana Salbak, Head of Research, MENA at JLL told Zawya on the sidelines of JLL’s annual real estate event, adding that for Abu Dhabi, the decline could be about 1 to 2 percent, as “supply is a bit more controlled.”
Salbak said that the forecasts are “purely based on sentiment ahead of Expo 2020.”
Sale prices for apartments in Dubai declined about 5 percent in 2019, while rental rates fell by around 8 percent, JLL said in its 2019 end of year review report.
#Qatar Airways CEO says interested in increasing stake in LATAM to 20% - Reuters
Qatar Airways CEO says interested in increasing stake in LATAM to 20% - Reuters:
Qatar Airways is interested in increasing its stake in Chile’s LATAM Airlines (LTM.SN) to 20%, its chief executive said on Wednesday.
The airline is waiting for the right opportunity and right price to consider lifting its stake, Akbar Al Baker said, speaking at an aviation event in Doha.
Qatar Airways is interested in increasing its stake in Chile’s LATAM Airlines (LTM.SN) to 20%, its chief executive said on Wednesday.
The airline is waiting for the right opportunity and right price to consider lifting its stake, Akbar Al Baker said, speaking at an aviation event in Doha.
Ex-Drake & Scull boss Khaldoun Tabari 'unequivocally' refutes new criminal charges - Arabianbusiness
Ex-Drake & Scull boss Khaldoun Tabari 'unequivocally' refutes new criminal charges - Arabianbusiness:
Former Drake & Scull International (DSI) CEO and vice chairman Khaldoun Tabari has “unequivocally refuted” new criminal charges filed against him by his former employers in Abu Dhabi.
Last week, DSI announced that – in response to 15 prior complaints filed against Tabari – the Abu Dhabi Public Funds prosecutor has charged him with misappropriation, fraud, embezzlement, intentional damage to public funds, profiteering and forgery.
The company has been pursuing legal action to get him extradited to the UAE following his arrest by Jordanian authorities at Amman’s airport. The arrest followed an Interpol Red Notice issued against him on January 7. DSI has also filed a criminal case against him and Zeina Tabari in Jordan.
In a statement sent to the media on Tuesday, Tabari said that “even a cursory examination of the unfounded allegations made by DSI shows that they are unwarranted commercial claims and not criminal complaints”.
Former Drake & Scull International (DSI) CEO and vice chairman Khaldoun Tabari has “unequivocally refuted” new criminal charges filed against him by his former employers in Abu Dhabi.
Last week, DSI announced that – in response to 15 prior complaints filed against Tabari – the Abu Dhabi Public Funds prosecutor has charged him with misappropriation, fraud, embezzlement, intentional damage to public funds, profiteering and forgery.
The company has been pursuing legal action to get him extradited to the UAE following his arrest by Jordanian authorities at Amman’s airport. The arrest followed an Interpol Red Notice issued against him on January 7. DSI has also filed a criminal case against him and Zeina Tabari in Jordan.
In a statement sent to the media on Tuesday, Tabari said that “even a cursory examination of the unfounded allegations made by DSI shows that they are unwarranted commercial claims and not criminal complaints”.
#Dubai airport remains world's No. 1 for international travel
Dubai airport remains world's No. 1 for international travel:
Dubai International Airport said on Wednesday that it maintained its title as the world’s busiest for international travel, despite closing one of its runways for repairs last year and the ongoing grounding of the Boeing 737 Max.
The airport, home to long-haul carrier Emirates, saw 86.4 million passengers in 2019, 6 million more than second-place Heathrow Airport in London. That’s down 3% from 2018, which saw 89.1 million passengers at the massive airport.
The airport blamed the weaker numbers in part on a 45-day closure of its southern runway, the bankruptcy of India’s Jet Airways and the grounding of the Boeing 737 Max. Government-owned Emirates’ low-cost sister carrier, FlyDubai, had been flying a number of the Maxs in its fleet.
It’s the sixth year for Dubai International Airport to hold the crown as the world’s busiest for international travel. The world’s busiest airport overall is Hartsfield–Jackson Atlanta International Airport.
Dubai International Airport said on Wednesday that it maintained its title as the world’s busiest for international travel, despite closing one of its runways for repairs last year and the ongoing grounding of the Boeing 737 Max.
The airport, home to long-haul carrier Emirates, saw 86.4 million passengers in 2019, 6 million more than second-place Heathrow Airport in London. That’s down 3% from 2018, which saw 89.1 million passengers at the massive airport.
The airport blamed the weaker numbers in part on a 45-day closure of its southern runway, the bankruptcy of India’s Jet Airways and the grounding of the Boeing 737 Max. Government-owned Emirates’ low-cost sister carrier, FlyDubai, had been flying a number of the Maxs in its fleet.
It’s the sixth year for Dubai International Airport to hold the crown as the world’s busiest for international travel. The world’s busiest airport overall is Hartsfield–Jackson Atlanta International Airport.
UPDATE 1- #Qatar National Bank to sell seven-year dollar bonds - Reuters
UPDATE 1-Qatar National Bank to sell seven-year dollar bonds - Reuters:
Qatar National Bank (QNB), the Gulf’s biggest bank by assets, on Wednesday started marketing U.S. dollar-denominated bonds with a seven-year maturity, a document showed.
QNB has hired Barclays, Credit Agricole, Mizuho , QNB Capital and Standard Chartered to arrange the potential deal, which would be of benchmark size - normally meaning upwards of $500 million.
QNB Finance is the issuer and Qatar National Bank is the guarantor for the debt sale, marketed with an initial price guidance of around 155 basis points over mid-swaps.
QNB’s potential deal - expected to close later on Wednesday - follows a $600 million Formosa bond deal last month, as the bank taps different markets to diversify its funding.
Qatar National Bank (QNB), the Gulf’s biggest bank by assets, on Wednesday started marketing U.S. dollar-denominated bonds with a seven-year maturity, a document showed.
QNB has hired Barclays, Credit Agricole, Mizuho , QNB Capital and Standard Chartered to arrange the potential deal, which would be of benchmark size - normally meaning upwards of $500 million.
QNB Finance is the issuer and Qatar National Bank is the guarantor for the debt sale, marketed with an initial price guidance of around 155 basis points over mid-swaps.
QNB’s potential deal - expected to close later on Wednesday - follows a $600 million Formosa bond deal last month, as the bank taps different markets to diversify its funding.
#Kuwait's Boubyan Bank hires arrangers for dollar sukuk - Reuters
Kuwait's Boubyan Bank hires arrangers for dollar sukuk - Reuters:
Kuwait’s Boubyan Bank has hired international and regional banks to arrange the issuance of five-year U.S. dollar-denominated sukuk, a document showed.
HSBC and Standard Chartered have been hired as joint global coordinators. Bank ABC, Boubyan Capital, First Abu Dhabi Bank, Islamic Corporation for the Development of the Private Sector, KFH Capital, Kuwait International Bank and Warba Bank are also involved in arranging the deal, the document said.
Boubyan Bank will meet fixed income investors in Dubai and London ahead of the potential benchmark debt sale. Benchmark bonds are generally meant to be upwards of $500 million.
Kuwait’s Boubyan Bank has hired international and regional banks to arrange the issuance of five-year U.S. dollar-denominated sukuk, a document showed.
HSBC and Standard Chartered have been hired as joint global coordinators. Bank ABC, Boubyan Capital, First Abu Dhabi Bank, Islamic Corporation for the Development of the Private Sector, KFH Capital, Kuwait International Bank and Warba Bank are also involved in arranging the deal, the document said.
Boubyan Bank will meet fixed income investors in Dubai and London ahead of the potential benchmark debt sale. Benchmark bonds are generally meant to be upwards of $500 million.
Oil climbs on hopes for output cuts to offset China virus impact - Reuters
Oil climbs on hopes for output cuts to offset China virus impact - Reuters:
Oil prices rose on Wednesday, boosted by news that OPEC and its producer allies are weighing further output cuts to counter a potential squeeze on global oil demand resulting from China’s fast-spreading coronavirus.
Brent crude oil futures LCOc1 were up 31 cents, or 0.6%, to $54.27 a barrel by 0734 GMT, while U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 21 cents or 0.4% to $49.82 a barrel. Both prices earlier rose more than 1%.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, a group known as OPEC+, weighed the impact on global oil demand, and economic growth, of the coronavirus outbreak at a meeting on Tuesday, hearing from China’s envoy to the United Nations in Vienna.
Producers are weighing further output cuts and moving a planned policy meeting to February rather than March.
Oil prices rose on Wednesday, boosted by news that OPEC and its producer allies are weighing further output cuts to counter a potential squeeze on global oil demand resulting from China’s fast-spreading coronavirus.
Brent crude oil futures LCOc1 were up 31 cents, or 0.6%, to $54.27 a barrel by 0734 GMT, while U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 21 cents or 0.4% to $49.82 a barrel. Both prices earlier rose more than 1%.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, a group known as OPEC+, weighed the impact on global oil demand, and economic growth, of the coronavirus outbreak at a meeting on Tuesday, hearing from China’s envoy to the United Nations in Vienna.
Producers are weighing further output cuts and moving a planned policy meeting to February rather than March.
MIDEAST STOCKS-Banks lift #Saudi, other Gulf markets mixed - Agricultural Commodities - Reuters
MIDEAST STOCKS-Banks lift Saudi, other Gulf markets mixed - Agricultural Commodities - Reuters:
Saudi Arabian stocks rose in early trade on Wednesday, supported by gains for banks amid rising oil prices, while other major Gulf markets were mixed.
Oil prices climbed more than 1% on news that OPEC and its allies are considering further output cut to counter any potential impact on oil demand from the coronavirus outbreak in China.
Saudi Arabian’s benchmark index was up 0.4%, with Al Rajhi Bank gaining 0.8% while Bank Albilad jumped 2.2% after reporting a 103% leap in annual profit to 1.24 billion riyals ($330.5 million).
Elsewhere, Shopping mall operator Arabian Centres dropped 3.5% after third-quarter profit declined by almost 60% to 110.6 million riyals.
Saudi Arabian stocks rose in early trade on Wednesday, supported by gains for banks amid rising oil prices, while other major Gulf markets were mixed.
Oil prices climbed more than 1% on news that OPEC and its allies are considering further output cut to counter any potential impact on oil demand from the coronavirus outbreak in China.
Saudi Arabian’s benchmark index was up 0.4%, with Al Rajhi Bank gaining 0.8% while Bank Albilad jumped 2.2% after reporting a 103% leap in annual profit to 1.24 billion riyals ($330.5 million).
Elsewhere, Shopping mall operator Arabian Centres dropped 3.5% after third-quarter profit declined by almost 60% to 110.6 million riyals.
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