Oil prices flat; OPEC+ mulls supply cut as virus hits demand - Reuters:
Oil futures gave up early gains and settled narrowly mixed on Thursday, as OPEC and its partner Russia gave mixed signals about possible further output cuts to mitigate the impact of any weakening in global demand due to the coronavirus outbreak.
Brent crude LCOc1 futures lost 35 cents to settle at $54.93 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 20 cents to settle at $50.95 a barrel.
Both contracts rose more than $1 a barrel early, then pared gains as traders waited to see whether Russia was on board with possible further output cuts along with the Organization of the Petroleum Exporting Countries and allies.
“The Russians are raining on the news,” said Phil Flynn, an analyst at Price Futures Group in Chicago. “The production cut probably is needed to get off the short-term demand destruction.”
Thursday, 6 February 2020
Foreign Bondholders Join Lebanese Debt Restructuring Chorus - Bloomberg
Foreign Bondholders Join Lebanese Debt Restructuring Chorus - Bloomberg:
Some foreign holders of Lebanon’s bonds are expressing support for a government debt restructuring as the clamor grows among local politicians to skip a payment due in weeks.
At a private meeting days ago with government representatives, a number of foreign funds that own Eurobonds, including a $1.2 billion note due March 9, argued that Lebanon would be better off restructuring rather than paying its debt, said a person familiar with the matter, declining to identify the investors.
In a suggestion that the fallout can be contained, they said Lebanon’s bonds were already discounted on their balance sheets, according to the person, who asked not to be named because the information isn’t public.
Central bank Governor Riad Salameh has told officials including the new prime minister, Hassan Diab, that he is willing to pay the debt if instructed by the government, people familiar with the talks said. He’s already helped repay nearly $5 billion of bonds in the past year.
Some foreign holders of Lebanon’s bonds are expressing support for a government debt restructuring as the clamor grows among local politicians to skip a payment due in weeks.
At a private meeting days ago with government representatives, a number of foreign funds that own Eurobonds, including a $1.2 billion note due March 9, argued that Lebanon would be better off restructuring rather than paying its debt, said a person familiar with the matter, declining to identify the investors.
In a suggestion that the fallout can be contained, they said Lebanon’s bonds were already discounted on their balance sheets, according to the person, who asked not to be named because the information isn’t public.
Central bank Governor Riad Salameh has told officials including the new prime minister, Hassan Diab, that he is willing to pay the debt if instructed by the government, people familiar with the talks said. He’s already helped repay nearly $5 billion of bonds in the past year.
Gulf's financial wealth could be over in 15 years: IMF - Reuters
Gulf's financial wealth could be over in 15 years: IMF - Reuters:
The International Monetary Fund (IMF) said on Thursday Gulf Arab states — some of the world’s richest countries — could see their financial wealth depleted in the next 15 years amid lower hydrocarbon revenues if they don’t step up fiscal reforms.
The six-nation Gulf Cooperation Council (GCC) - whose net financial wealth the IMF estimates at $2 trillion - accounts for over one fifth of global oil supply, but economies in the region have been hit hard by a drop in oil prices in 2014 and 2015.
While lower crude prices have put pressure on governments to generate non-oil revenues and fix their finances, “the effect of lower hydrocarbon revenue is yet to be fully offset,” the IMF said in a report.
“At the current fiscal stance, the region’s existing financial wealth could be depleted in the next 15 years,” it said.
The International Monetary Fund (IMF) said on Thursday Gulf Arab states — some of the world’s richest countries — could see their financial wealth depleted in the next 15 years amid lower hydrocarbon revenues if they don’t step up fiscal reforms.
The six-nation Gulf Cooperation Council (GCC) - whose net financial wealth the IMF estimates at $2 trillion - accounts for over one fifth of global oil supply, but economies in the region have been hit hard by a drop in oil prices in 2014 and 2015.
While lower crude prices have put pressure on governments to generate non-oil revenues and fix their finances, “the effect of lower hydrocarbon revenue is yet to be fully offset,” the IMF said in a report.
“At the current fiscal stance, the region’s existing financial wealth could be depleted in the next 15 years,” it said.
OPEC+ panel recommends deeper oil cut, awaits nod from Russia: sources - Reuters
OPEC+ panel recommends deeper oil cut, awaits nod from Russia: sources - Reuters:
An OPEC+ technical panel has recommended a provisional cut in oil output of 600,000 barrels per day (bpd) in response to the coronavirus’ impact on energy demand as it awaits Russia’s final position on the proposal, two sources said.
The Joint Technical Committee (JTC) is not a decision-making body but does advise the Organization of the Petroleum Exporting Countries and allies led by Russia, a grouping known as OPEC+.
The meeting ended shortly after 1100 GMT, sources said.
OPEC and its allies led by Russia produce over 40 percent of global oil and the new proposed cut would constitute around 0.6 percent of global supply.
An OPEC+ technical panel has recommended a provisional cut in oil output of 600,000 barrels per day (bpd) in response to the coronavirus’ impact on energy demand as it awaits Russia’s final position on the proposal, two sources said.
The Joint Technical Committee (JTC) is not a decision-making body but does advise the Organization of the Petroleum Exporting Countries and allies led by Russia, a grouping known as OPEC+.
The meeting ended shortly after 1100 GMT, sources said.
OPEC and its allies led by Russia produce over 40 percent of global oil and the new proposed cut would constitute around 0.6 percent of global supply.
Virus reveals China as global oil’s swing consumer
China’s virus crisis is highlighting the country’s role as oil’s swing consumer. Crude-watchers often see Saudi Arabia as the swing producer in the 100 million barrel per day industry, given its 10% share of the global market and control over the biggest chunk of spare capacity. As demand from the People’s Republic shrinks and the oil price sinks to $55 a barrel, the challenge is working out what to anticipate from the world’s biggest oil importer.
China had been expected to consume 13.7 million bpd of crude in the first three months of 2020, according to Jefferies estimates. That’s second only to the United States, but without the latter’s huge domestic output. Those forecasts are now in shreds. Chinese consumption may fall by 25% in February – equivalent to more than 3 million bpd – the Financial Times reported on Wednesday. That’s a big problem given that the country accounts for 14% of global oil demand – double what it consumed at the time of the SARS virus in 2003.
It’s a particular headache for China’s biggest oil supplier. Saudi Arabian exports to the country rose to 1.7 million bpd in 2019. Were the Organization of the Petroleum Exporting Countries, and associates like Russia, to extend an output reduction of 500,000 bpd agreed in December, or shrink production by the same amount again, the global price may start to recover.
First Abu Dhabi Bank Becomes Latest #UAE Lender to Cut Jobs - Bloomberg
First Abu Dhabi Bank Becomes Latest U.A.E. Lender to Cut Jobs - Bloomberg:
First Abu Dhabi Bank PJSC cut hundreds of jobs, according to people with knowledge of the matter, making it the latest United Arab Emirates’ lender to shed staff as sluggish growth weighs on the finance industry.
The country’s biggest bank dismissed hundreds of employees in recent weeks across several divisions, the people said, asking not to be identified because the matter is private. First Abu Dhabi Bank, which was created with the merger of two lenders in 2016, has about 5,400 workers globally, according to its website.
A spokeswoman for First Abu Dhabi Bank declined to comment.
The lender joins competitors such as Emirates NBD PJSC and Commercial Bank International PSC in cutting jobs. The U.A.E. economy is coming under pressure from regional geopolitical tensions and weak domestic demand, while business conditions worsened for the first time in over a decade, according to a recent survey. Consolidation between some of the country’s biggest lenders has also led to thousands of cuts.
First Abu Dhabi Bank PJSC cut hundreds of jobs, according to people with knowledge of the matter, making it the latest United Arab Emirates’ lender to shed staff as sluggish growth weighs on the finance industry.
The country’s biggest bank dismissed hundreds of employees in recent weeks across several divisions, the people said, asking not to be identified because the matter is private. First Abu Dhabi Bank, which was created with the merger of two lenders in 2016, has about 5,400 workers globally, according to its website.
A spokeswoman for First Abu Dhabi Bank declined to comment.
The lender joins competitors such as Emirates NBD PJSC and Commercial Bank International PSC in cutting jobs. The U.A.E. economy is coming under pressure from regional geopolitical tensions and weak domestic demand, while business conditions worsened for the first time in over a decade, according to a recent survey. Consolidation between some of the country’s biggest lenders has also led to thousands of cuts.
Commodity Chaos Deepens as China Buyers Invoke Force Majeure - Bloomberg
Commodity Chaos Deepens as China Buyers Invoke Force Majeure - Bloomberg:
The turmoil engulfing global commodity markets deepened as Chinese companies started walking away from delivery contracts because of the coronavirus.
In a dramatic and rare step, China National Offshore Oil Corp. declared what’s known as force majeure, meaning it won’t take delivery of some LNG cargoes, because the virus is constraining its ability to import the fuel. It’s among the first known cases of the legal clause being invoked in commodity contracts as a result of the epidemic.
Hours later, it emerged that Chinese copper smelter Guangxi Nanguo had invoked the same get-out, refusing to take delivery of raw materials.
While global markets bounce back from initial fears over the impact of the virus, the fallout is only worsening in the world of raw materials, which is dominated by China’s enormous appetite. Beijing’s efforts to contain the disease by shutting down swathes of the country and restricting travel are disrupting supply chains and hammering demand in the world’s biggest consumer.
The turmoil engulfing global commodity markets deepened as Chinese companies started walking away from delivery contracts because of the coronavirus.
In a dramatic and rare step, China National Offshore Oil Corp. declared what’s known as force majeure, meaning it won’t take delivery of some LNG cargoes, because the virus is constraining its ability to import the fuel. It’s among the first known cases of the legal clause being invoked in commodity contracts as a result of the epidemic.
Hours later, it emerged that Chinese copper smelter Guangxi Nanguo had invoked the same get-out, refusing to take delivery of raw materials.
While global markets bounce back from initial fears over the impact of the virus, the fallout is only worsening in the world of raw materials, which is dominated by China’s enormous appetite. Beijing’s efforts to contain the disease by shutting down swathes of the country and restricting travel are disrupting supply chains and hammering demand in the world’s biggest consumer.
Middle East Crude-Benchmarks fall to 11-month low | ZAWYA MENA Edition
Middle East Crude-Benchmarks fall to 11-month low | ZAWYA MENA Edition:
Middle East crude benchmarks Oman and Dubai fell on Thursday to their lowest level since March 2019 as the coronavirus outbreak slowed economic activity and hurt demand.
An OPEC+ technical committee may reach consensus on Thursday on the need to further cut oil output by at least 500,000 barrels per day in response to the virus outbreak's impact on energy demand and global economic growth, two sources told Reuters.
Saudi Arabia has cut the March official selling price (OSP) for its Arab Light grade for Asian customers by 80 cents a barrel, setting it at a premium of $2.90 versus the Oman/Dubai average, state oil company Saudi Aramco said on Wednesday.
ONGC has offered 2.9-3.0 million barrels of UAE's Das crude for delivery over April-September in a spot tender closing on Feb. 12 with bids valid till Feb. 13.
Middle East crude benchmarks Oman and Dubai fell on Thursday to their lowest level since March 2019 as the coronavirus outbreak slowed economic activity and hurt demand.
An OPEC+ technical committee may reach consensus on Thursday on the need to further cut oil output by at least 500,000 barrels per day in response to the virus outbreak's impact on energy demand and global economic growth, two sources told Reuters.
Saudi Arabia has cut the March official selling price (OSP) for its Arab Light grade for Asian customers by 80 cents a barrel, setting it at a premium of $2.90 versus the Oman/Dubai average, state oil company Saudi Aramco said on Wednesday.
ONGC has offered 2.9-3.0 million barrels of UAE's Das crude for delivery over April-September in a spot tender closing on Feb. 12 with bids valid till Feb. 13.
ADNOC considers exchangeable bonds linked to shares of listed unit-sources - Reuters
ADNOC considers exchangeable bonds linked to shares of listed unit-sources - Reuters:
Abu Dhabi National Oil Company (ADNOC) is considering offering exchangeable bonds that could be converted into shares of ADNOC Distribution, as one option for increasing the free float of the listed unit.
ADNOC is working with several advisers on the transaction, four sources familiar with the matter, who declined to be named as the matter is not public, told Reuters.
ADNOC declined to comment on Thursday.
An exchangeable bond gives investors the option to exchange the bond for the stock of a company other than the issuer at some future date and under prescribed conditions.
Abu Dhabi National Oil Company (ADNOC) is considering offering exchangeable bonds that could be converted into shares of ADNOC Distribution, as one option for increasing the free float of the listed unit.
ADNOC is working with several advisers on the transaction, four sources familiar with the matter, who declined to be named as the matter is not public, told Reuters.
ADNOC declined to comment on Thursday.
An exchangeable bond gives investors the option to exchange the bond for the stock of a company other than the issuer at some future date and under prescribed conditions.
#Lebanon cabinet approves financial rescue plan - Reuters
Lebanon cabinet approves financial rescue plan - Reuters:
Lebanon’s government on Thursday approved a rescue plan to pull the country from its worst economic and financial crisis in decades, which must now win a vote of confidence in parliament.
A draft policy statement seen by Reuters on Sunday outlined broad plans, including reducing interest rates, recapitalising banks, restructuring the public sector and seeking support from foreign donors.
The information minister said on Thursday that the cabinet had approved the plan with some amendments, which ministerial sources said were minor.
It was not immediately clear what changes were made to the 17-page statement, which is expected to be presented next week in parliament for the new government to secure a vote of confidence.
Lebanon’s government on Thursday approved a rescue plan to pull the country from its worst economic and financial crisis in decades, which must now win a vote of confidence in parliament.
A draft policy statement seen by Reuters on Sunday outlined broad plans, including reducing interest rates, recapitalising banks, restructuring the public sector and seeking support from foreign donors.
The information minister said on Thursday that the cabinet had approved the plan with some amendments, which ministerial sources said were minor.
It was not immediately clear what changes were made to the 17-page statement, which is expected to be presented next week in parliament for the new government to secure a vote of confidence.
Oil prices slip as OPEC+ considers coronavirus action - Reuters
Oil prices slip as OPEC+ considers coronavirus action - Reuters:
Oil futures gave up early gains on Thursday despite potential action from the OPEC+ group of producers to counter an expected fall in oil demand as a consequence of the coronavirus outbreak.
A OPEC+ technical panel has recommended a provisional cut in oil output of 600,000 barrels per day (bpd), though Russia has yet to declare its position on the matter, two sources said.
Brent futures were down 31 cents at $54.97 a barrel by 1325 GMT while U.S. West Texas Intermediate (WTI) futures were little changed at $50.76.
The Joint Technical Committee (JTC) is not a decision-making body but does advise the OPEC+ group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia.
Oil futures gave up early gains on Thursday despite potential action from the OPEC+ group of producers to counter an expected fall in oil demand as a consequence of the coronavirus outbreak.
A OPEC+ technical panel has recommended a provisional cut in oil output of 600,000 barrels per day (bpd), though Russia has yet to declare its position on the matter, two sources said.
Brent futures were down 31 cents at $54.97 a barrel by 1325 GMT while U.S. West Texas Intermediate (WTI) futures were little changed at $50.76.
The Joint Technical Committee (JTC) is not a decision-making body but does advise the OPEC+ group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia.
NMC Health founder eyes a return to embattled group | Financial Times
NMC Health founder eyes a return to embattled group | Financial Times:
The founder of NMC Health is looking to buy out his Emirati partners and return to an “active leadership position” at the embattled hospital group, according to people briefed on his plans.
The 77-year-old Indian-born entrepreneur BR Shetty is conducting an operational review of NMC ahead of formal talks to explore various options with shareholders and regulators, these people said.
Shares in NMC, which owns and operates hospitals in the Middle East, have fallen more than 60 per cent since short-seller Muddy Waters last year questioned its asset values, cash balance and debt levels. The claims have been rejected by NMC, which has appointed former FBI director Louis Freeh to carry out an investigation into the allegations.
Mr Shetty stepped down as NMC’s chief executive in 2017 but remains one of the largest shareholders with a 15 per cent stake. On top of the NMC share price decline, he has also been hit by a sharp decline in the value of his other main business, financial services group Finablr, which has fallen more than 60 per cent in the past few weeks.
The founder of NMC Health is looking to buy out his Emirati partners and return to an “active leadership position” at the embattled hospital group, according to people briefed on his plans.
The 77-year-old Indian-born entrepreneur BR Shetty is conducting an operational review of NMC ahead of formal talks to explore various options with shareholders and regulators, these people said.
Shares in NMC, which owns and operates hospitals in the Middle East, have fallen more than 60 per cent since short-seller Muddy Waters last year questioned its asset values, cash balance and debt levels. The claims have been rejected by NMC, which has appointed former FBI director Louis Freeh to carry out an investigation into the allegations.
Mr Shetty stepped down as NMC’s chief executive in 2017 but remains one of the largest shareholders with a 15 per cent stake. On top of the NMC share price decline, he has also been hit by a sharp decline in the value of his other main business, financial services group Finablr, which has fallen more than 60 per cent in the past few weeks.
#Dubai’s CBD reports 20.5% profit increase on higher revenue - The National
Dubai’s CBD reports 20.5% profit increase on higher revenue - The National:
Commercial Bank of Dubai reported a 20.5 per cent increase in its full-year net profit due to higher revenue.
The net profit for the period ending December 31, 2019 climbed to Dh1.4 billion, the lender said in a statement on Wednesday. Revenue rose 11.3 per cent year-on-year to Dh3.03bn.
Net interest income and Islamic financing income rose 2.8 per cent to Dh1.96bn and other operating income jumped 31.2 per cent to Dh1.06bn.
“CBD has delivered an excellent performance in 2019, achieving the bank’s best ever full year results,” Bernd van Linder, its chief executive, said.
Commercial Bank of Dubai reported a 20.5 per cent increase in its full-year net profit due to higher revenue.
The net profit for the period ending December 31, 2019 climbed to Dh1.4 billion, the lender said in a statement on Wednesday. Revenue rose 11.3 per cent year-on-year to Dh3.03bn.
Net interest income and Islamic financing income rose 2.8 per cent to Dh1.96bn and other operating income jumped 31.2 per cent to Dh1.06bn.
“CBD has delivered an excellent performance in 2019, achieving the bank’s best ever full year results,” Bernd van Linder, its chief executive, said.
Mubadala Weighs Buying Jadwa’s #UAE Health-Care Assets - Bloomberg
Mubadala Weighs Buying Jadwa’s U.A.E. Health-Care Assets - Bloomberg:
Mubadala Investment Co. is in talks to buy Jadwa Investment Co.’s health-care assets in the United Arab Emirates, according to people familiar with the matter.
The Abu Dhabi-based wealth fund is working with Rothschild & Co. on structuring a potential deal with the Saudi Arabian private equity group, some of the people said, asking not to be identified because the talks are private.
Jadwa owns a 42% stake in Abu Dhabi-based United Eastern Medical Services LLC. UEMedical last year acquired a controlling stake in Saudi Arabia’s Al Muhaideb Dental Clinics Group in a 500 million dirham ($136 million) deal.
UEMedical could be valued at least $800 million if the deal proceeds, some of the people said. It’s not clear which assets could be included in Mubadala’s deal with Jadwa, the people said. Discussions are still at an early stage and may not result in a transaction, they said.
Mubadala Investment Co. is in talks to buy Jadwa Investment Co.’s health-care assets in the United Arab Emirates, according to people familiar with the matter.
The Abu Dhabi-based wealth fund is working with Rothschild & Co. on structuring a potential deal with the Saudi Arabian private equity group, some of the people said, asking not to be identified because the talks are private.
Jadwa owns a 42% stake in Abu Dhabi-based United Eastern Medical Services LLC. UEMedical last year acquired a controlling stake in Saudi Arabia’s Al Muhaideb Dental Clinics Group in a 500 million dirham ($136 million) deal.
UEMedical could be valued at least $800 million if the deal proceeds, some of the people said. It’s not clear which assets could be included in Mubadala’s deal with Jadwa, the people said. Discussions are still at an early stage and may not result in a transaction, they said.
Virus Fallout Lays Bare Vulnerability of Persian Gulf Assets - Bloomberg
Virus Fallout Lays Bare Vulnerability of Persian Gulf Assets - Bloomberg:
It’s been a one-two punch for Gulf markets this year. First came the flare-up when the U.S. assassinated one of Iran’s top generals. Now, the region’s stocks and bonds are suffering the economic fallout from the coronavirus.
Valuations in the six-nation Gulf Cooperation Council were stretched heading into 2020, making them vulnerable to a decline in risk appetite, according to Tellimer, a brokerage focusing on frontier markets.
The virus-triggered plunge in oil threatens to crimp revenues for the region, while trade and tourism could also be hit. In the United Arab Emirates, business conditions worsened for the first time in over a decade in January, according to IHS Markit.
“Across the GCC, growth remains quite anemic,” said Hasnain Malik, Tellimer’s Dubai-based head of equity strategy. “I don’t see any of the GCC markets as compelling for a global investor.”
It’s been a one-two punch for Gulf markets this year. First came the flare-up when the U.S. assassinated one of Iran’s top generals. Now, the region’s stocks and bonds are suffering the economic fallout from the coronavirus.
Valuations in the six-nation Gulf Cooperation Council were stretched heading into 2020, making them vulnerable to a decline in risk appetite, according to Tellimer, a brokerage focusing on frontier markets.
The virus-triggered plunge in oil threatens to crimp revenues for the region, while trade and tourism could also be hit. In the United Arab Emirates, business conditions worsened for the first time in over a decade in January, according to IHS Markit.
“Across the GCC, growth remains quite anemic,” said Hasnain Malik, Tellimer’s Dubai-based head of equity strategy. “I don’t see any of the GCC markets as compelling for a global investor.”
Commodity Chaos Deepens as China LNG Buyer Invokes Force Majeure - Bloomberg
Commodity Chaos Deepens as China LNG Buyer Invokes Force Majeure - Bloomberg:
The turmoil engulfing global commodity markets deepened as China’s biggest buyer of liquefied natural gas told suppliers it won’t honor some contracts because of the coronavirus.
In a dramatic and rare step, China National Offshore Oil Corp. declared what’s known as force majeure, meaning it won’t take delivery of some LNG cargoes, because the virus is constraining its ability to import the fuel. It’s among the first known cases of the legal clause being invoked in commodity contracts as a result of the epidemic.
While global markets bounce back from initial fears over the impact of the virus, CNOOC’s move shows the fallout is only deepening in the world of raw materials, which is dominated by China’s enormous appetite. Beijing’s efforts to contain the disease by shutting down swathes of the country and restricting travel are disrupting supply chains and hammering demand in the world’s biggest consumer.
The turmoil engulfing global commodity markets deepened as China’s biggest buyer of liquefied natural gas told suppliers it won’t honor some contracts because of the coronavirus.
In a dramatic and rare step, China National Offshore Oil Corp. declared what’s known as force majeure, meaning it won’t take delivery of some LNG cargoes, because the virus is constraining its ability to import the fuel. It’s among the first known cases of the legal clause being invoked in commodity contracts as a result of the epidemic.
While global markets bounce back from initial fears over the impact of the virus, CNOOC’s move shows the fallout is only deepening in the world of raw materials, which is dominated by China’s enormous appetite. Beijing’s efforts to contain the disease by shutting down swathes of the country and restricting travel are disrupting supply chains and hammering demand in the world’s biggest consumer.
More job cuts at #UAE firms amid slow business environment: IHS Markit | ZAWYA MENA Edition
More job cuts at UAE firms amid slow business environment: IHS Markit | ZAWYA MENA Edition:
Job opportunities in the UAE dwindled significantly in the beginning of the year, as companies shed jobs and business conditions in the non-oil private sector deteriorated for the first time in 10 years, the latest data showed.
Employment at businesses across the country fell at “one of the strongest rates on record” in January 2020, mainly due to cost-cutting strategies, according to IHS Markit in its latest Purchasing Managers’ Index (PMI), a composite indicator of the operating conditions in the private sector.
The reports produced by IHS Markit use indices to quantify the responses from businesses on different aspects, including output, new business and jobs or employment.
Overall, the seasonally adjusted PMI for the UAE dropped from 50.2 in December to 49.3 in January, falling below the crucial 50.0 no-change mark for the first time since August 2009.
Job opportunities in the UAE dwindled significantly in the beginning of the year, as companies shed jobs and business conditions in the non-oil private sector deteriorated for the first time in 10 years, the latest data showed.
Employment at businesses across the country fell at “one of the strongest rates on record” in January 2020, mainly due to cost-cutting strategies, according to IHS Markit in its latest Purchasing Managers’ Index (PMI), a composite indicator of the operating conditions in the private sector.
The reports produced by IHS Markit use indices to quantify the responses from businesses on different aspects, including output, new business and jobs or employment.
Overall, the seasonally adjusted PMI for the UAE dropped from 50.2 in December to 49.3 in January, falling below the crucial 50.0 no-change mark for the first time since August 2009.
Emaar Properties 'exploring various financing options' to streamline business - Arabianbusiness
Emaar Properties 'exploring various financing options' to streamline business - Arabianbusiness:
Dubai-based Emaar Properties has revealed it is “exploring various financing options” as part of a strategy to “streamline its business and to generate value”.
The company was responding to news published this week suggesting Emaar was on the verge of selling its district cooling arm to Dubai’s National Central Cooling Company (Tabreed).
In a filing to Dubai Financial Market, Emaar said: “The company will announce details regarding such opportunities as and when they are finalised.”
Emaar Properties moved to deny similar potential sale speculation in May last year.
Dubai-based Emaar Properties has revealed it is “exploring various financing options” as part of a strategy to “streamline its business and to generate value”.
The company was responding to news published this week suggesting Emaar was on the verge of selling its district cooling arm to Dubai’s National Central Cooling Company (Tabreed).
In a filing to Dubai Financial Market, Emaar said: “The company will announce details regarding such opportunities as and when they are finalised.”
Emaar Properties moved to deny similar potential sale speculation in May last year.
Oil rises a second day in 'relief rally' over China coronavirus - Reuters
Oil rises a second day in 'relief rally' over China coronavirus - Reuters:
Oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China which could cause fuel demand to rebound in the world’s biggest oil importer.
Brent futures rose by 77 cents, or 1.4%, to $56.05 a barrel by 0735 GMT, having risen 2.4% in the last session. U.S. West Texas Intermediate (WTI) futures gained 95 cents, or 1.9%, to $51.70 a barrel after rising 2.3% on Wednesday.
A committee that advises the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, a group known as OPEC+, is set to meet for a third day on Thursday. They are discussing whether to reduce oil production further to support prices after a multi-day slump over concerns about economic growth and energy demand caused by the outbreak.
Oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China which could cause fuel demand to rebound in the world’s biggest oil importer.
Brent futures rose by 77 cents, or 1.4%, to $56.05 a barrel by 0735 GMT, having risen 2.4% in the last session. U.S. West Texas Intermediate (WTI) futures gained 95 cents, or 1.9%, to $51.70 a barrel after rising 2.3% on Wednesday.
A committee that advises the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, a group known as OPEC+, is set to meet for a third day on Thursday. They are discussing whether to reduce oil production further to support prices after a multi-day slump over concerns about economic growth and energy demand caused by the outbreak.
Mideast Stocks: Most major Gulf markets decline; #Qatar falls to over 2-month low | ZAWYA MENA Edition
Mideast Stocks: Most major Gulf markets decline; Qatar falls to over 2-month low | ZAWYA MENA Edition:
Most major gulf stock markets slipped in early trade on Thursday after a slew of poor corporate earnings, with Qatar's index falling the most among regional equities.
The Qatari index dropped 0.7% to a more than two-month low. United Development slumped 10% after reporting a nearly 16% drop in its annual profit.
The Gulf's largest lender Qatar National Bank lost 0.9%.
Saudi Arabia's benchmark index ticked down 0.2%, as lender Banque Saudi Fransi dropped 5% to become the top loser on the index after it missed full-year profit estimates.
The lender said annual profit rose to 3.12 billion riyals ($831.69 million) from 1.4 billion riyals a year ago. However, the figure was lower than an average analyst estimate of 3.35 billion riyals, according to Refinitiv IBES data.
Most major gulf stock markets slipped in early trade on Thursday after a slew of poor corporate earnings, with Qatar's index falling the most among regional equities.
The Qatari index dropped 0.7% to a more than two-month low. United Development slumped 10% after reporting a nearly 16% drop in its annual profit.
The Gulf's largest lender Qatar National Bank lost 0.9%.
Saudi Arabia's benchmark index ticked down 0.2%, as lender Banque Saudi Fransi dropped 5% to become the top loser on the index after it missed full-year profit estimates.
The lender said annual profit rose to 3.12 billion riyals ($831.69 million) from 1.4 billion riyals a year ago. However, the figure was lower than an average analyst estimate of 3.35 billion riyals, according to Refinitiv IBES data.
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