Oil prices drop to lowest in more than a year as coronavirus spreads - Reuters:
Oil prices fell to their lowest in more than a year on Wednesday after hundreds of new coronavirus cases reported in Europe and the Middle East stoked fears that energy demand would decline, and on concerns that the virus could spread across the United States.
Brent crude settled at $53.43 a barrel, shedding $1.52, or 2.77%, while U.S. West Texas Intermediate (WTI) crude settled at $48.73 a barrel, down $1.17, or 2.34%. Earlier in the session, both benchmarks hit their lowest since January 2019, with Brent sinking to $53.03 a barrel and WTI dipping to $48.30.
Oil followed equities lower after reports that 83 people were being monitored in New York for possible coronavirus exposure.
“Every time a headline comes out, especially one regarding new cases in the U.S. such as New York, that comes in and forces additional selling and pushes normal fundamental input to the sidelines,” said Jim Ritterbusch, president of Ritterbusch and Associates.
Wednesday 26 February 2020
Troubled Hospital Operator NMC Dismisses CEO Amid Probe - Bloomberg
Troubled Hospital Operator NMC Dismisses CEO Amid Probe - Bloomberg:
NMC Health Plc, the Middle Eastern hospital operator targeted by short seller Muddy Waters Capital LLC, dismissed its chief executive officer and said advisers identified potential discrepancies in its bank statements.
CEO Prasanth Manghat will be succeeded on an interim basis by Michael Davis, currently chief operating officer, with immediate effect, the company said in a statement late Wednesday. Chief Financial Officer Prashanth Shenoy has been granted extended sick leave.
Operator of the largest medical network in the United Arab Emirates, NMC had commissioned a review of potential financial discrepancies. It said Wednesday that it has suspended a member of the treasury team because of “a belief that the independent review has been obstructed,” and is looking at whether others are involved.
NMC said it’s still verifying the drawdown of some supply-chain financing arrangements that amounted to about $335 million at the end of 2019. These arrangements were not disclosed to, or approved by, the board, it said.
NMC Health Plc, the Middle Eastern hospital operator targeted by short seller Muddy Waters Capital LLC, dismissed its chief executive officer and said advisers identified potential discrepancies in its bank statements.
CEO Prasanth Manghat will be succeeded on an interim basis by Michael Davis, currently chief operating officer, with immediate effect, the company said in a statement late Wednesday. Chief Financial Officer Prashanth Shenoy has been granted extended sick leave.
Operator of the largest medical network in the United Arab Emirates, NMC had commissioned a review of potential financial discrepancies. It said Wednesday that it has suspended a member of the treasury team because of “a belief that the independent review has been obstructed,” and is looking at whether others are involved.
NMC said it’s still verifying the drawdown of some supply-chain financing arrangements that amounted to about $335 million at the end of 2019. These arrangements were not disclosed to, or approved by, the board, it said.
Aramco Is Said to Start Early Preparations for Overseas Listing - Bloomberg
Aramco Is Said to Start Early Preparations for Overseas Listing - Bloomberg:
Saudi Aramco is starting early preparations for an international listing, just months after the oil giant turned its record initial public offering into a domestic affair and sidelined global banks, people with knowledge of the matter said.
The world’s largest publicly traded company is in discussions with Wall Street banks to draw up scenarios for a second listing overseas, according to the people, who asked not to be identified because the information is private. Aramco wants to be ready to move ahead if Saudi Arabia’s de-facto ruler, Crown Prince Mohammed bin Salman, gives the go-ahead to proceed with the plans, the people said.
Aramco hasn’t set a timetable for the potential deal, the people said. An overseas listing is currently seen as unlikely to take place this year given market conditions and a weak outlook for commodity prices, according to the people.
Global equity indexes have slumped this week from their record highs, erasing this year’s gains amid concerns that the coronavirus epidemic is spreading outside of China and hurting corporate earnings. Shares of Aramco are down about 5% this year, giving the company a market value of $1.78 trillion.
Saudi Aramco is starting early preparations for an international listing, just months after the oil giant turned its record initial public offering into a domestic affair and sidelined global banks, people with knowledge of the matter said.
The world’s largest publicly traded company is in discussions with Wall Street banks to draw up scenarios for a second listing overseas, according to the people, who asked not to be identified because the information is private. Aramco wants to be ready to move ahead if Saudi Arabia’s de-facto ruler, Crown Prince Mohammed bin Salman, gives the go-ahead to proceed with the plans, the people said.
Aramco hasn’t set a timetable for the potential deal, the people said. An overseas listing is currently seen as unlikely to take place this year given market conditions and a weak outlook for commodity prices, according to the people.
Global equity indexes have slumped this week from their record highs, erasing this year’s gains amid concerns that the coronavirus epidemic is spreading outside of China and hurting corporate earnings. Shares of Aramco are down about 5% this year, giving the company a market value of $1.78 trillion.
Oil falls more than 1% as virus spreads in Middle East and Europe - Reuters
Oil falls more than 1% as virus spreads in Middle East and Europe - Reuters:
Oil prices fell more than 1% on Wednesday after hundreds of new coronavirus cases reported in Asia, Europe and the Middle East stoked fears that energy demand would decline, while crude oil inventories in the United States grew.
Brent crude was down 94 cents, or 1.7%, to $54.01 a barrel by 12:09 p.m. EST (1709 GMT), while U.S. West Texas Intermediate (WTI) crude shed 53 cents, or 1.1%, $49.37 a barrel.
“It’s still all about the virus here,” said Bob Yawger, director of energy futures at Mizuho in New York. “It’s hard to come up with any type of scenario where demand increases over the next couple months.”
Prices briefly turned positive after the U.S. government reported a drop in gasoline inventories last week. Crude stocks grew by 452,000 barrels to 443.3 million barrels, the Energy Information Administration said, which was less than the 2-million-barrel rise analysts had expected.
Oil prices fell more than 1% on Wednesday after hundreds of new coronavirus cases reported in Asia, Europe and the Middle East stoked fears that energy demand would decline, while crude oil inventories in the United States grew.
Brent crude was down 94 cents, or 1.7%, to $54.01 a barrel by 12:09 p.m. EST (1709 GMT), while U.S. West Texas Intermediate (WTI) crude shed 53 cents, or 1.1%, $49.37 a barrel.
“It’s still all about the virus here,” said Bob Yawger, director of energy futures at Mizuho in New York. “It’s hard to come up with any type of scenario where demand increases over the next couple months.”
Prices briefly turned positive after the U.S. government reported a drop in gasoline inventories last week. Crude stocks grew by 452,000 barrels to 443.3 million barrels, the Energy Information Administration said, which was less than the 2-million-barrel rise analysts had expected.
Why #Iran’s coronavirus outbreak is dangerous for the Middle East | Financial Times
Why Iran’s coronavirus outbreak is dangerous for the Middle East | Financial Times:
Iran has recorded the highest number of coronavirus deaths outside of China and is struggling to contain the disease. This is raising fears that the outbreak will spread into neighbouring countries where fragile health systems and weak government control would make fighting the deadly illness even more difficult.
How many cases are there?
At least 139 people in Iran have tested positive for coronavirus so far, including the country’s deputy health minister who was filmed sweating heavily and repeatedly wiping his face at a coronavirus press conference on Monday. Of those cases, 19 people have died in the past week, according to official figures.
The first cases were traced to the holy city of Qom, 140km south of Tehran and home to 1.2m people. Qom receives business travellers and Islamic pilgrims from all over the globe and has the highest number of Shia Muslim clerical students in the world. A few hundred of those students are believed to be Chinese nationals. But Iranian authorities are yet to identify the patient that first brought the virus to Iran.
Iran has recorded the highest number of coronavirus deaths outside of China and is struggling to contain the disease. This is raising fears that the outbreak will spread into neighbouring countries where fragile health systems and weak government control would make fighting the deadly illness even more difficult.
How many cases are there?
At least 139 people in Iran have tested positive for coronavirus so far, including the country’s deputy health minister who was filmed sweating heavily and repeatedly wiping his face at a coronavirus press conference on Monday. Of those cases, 19 people have died in the past week, according to official figures.
The first cases were traced to the holy city of Qom, 140km south of Tehran and home to 1.2m people. Qom receives business travellers and Islamic pilgrims from all over the globe and has the highest number of Shia Muslim clerical students in the world. A few hundred of those students are believed to be Chinese nationals. But Iranian authorities are yet to identify the patient that first brought the virus to Iran.
New Gulf gas finds serve strategic purpose | Analysis – Gulf News
New Gulf gas finds serve strategic purpose | Analysis – Gulf News:
Over the past year, huge gas discoveries were made in Bahrain, the UAE and Saudi Arabia. In April last year, Bahrain announced discoveries estimated at 80 billion barrels of oil and 20 trillion cubic feet of gas, while this month, the UAE announced a new gas field with reserves estimated at 80 trillion cubic feet.
And just last week, Saudi Arabia came up with the Jafurah field, with reserves estimated at 200 trillion cubic feet. These discoveries will not only lead to significant economic outcomes, but will result in strategic repercussions on the global energy industry. It will also affect the nature of relations among countries of the region, especially if the three Gulf states coordinate with each another, as their projected scale of the finds add up to 300 trillion Cubic feet.
This will be added to 400 trillion cubic feet previously discovered in Saudi Arabia, the UAE and Bahrain, which means their collective reserves are in the order of 700 trillion.
Over the past year, huge gas discoveries were made in Bahrain, the UAE and Saudi Arabia. In April last year, Bahrain announced discoveries estimated at 80 billion barrels of oil and 20 trillion cubic feet of gas, while this month, the UAE announced a new gas field with reserves estimated at 80 trillion cubic feet.
And just last week, Saudi Arabia came up with the Jafurah field, with reserves estimated at 200 trillion cubic feet. These discoveries will not only lead to significant economic outcomes, but will result in strategic repercussions on the global energy industry. It will also affect the nature of relations among countries of the region, especially if the three Gulf states coordinate with each another, as their projected scale of the finds add up to 300 trillion Cubic feet.
This will be added to 400 trillion cubic feet previously discovered in Saudi Arabia, the UAE and Bahrain, which means their collective reserves are in the order of 700 trillion.
Trump’s Mideast Envoy Joins Israeli Fund to Build Regional Ties - Bloomberg
Trump’s Mideast Envoy Joins Israeli Fund to Build Regional Ties - Bloomberg:
Former U.S. Middle East peace envoy Jason Greenblatt is joining OurCrowd, an Israeli crowdfunding and venture investment company, to build business ties with Arab countries -- including ones that don’t have official relations with Israel.
After spending nearly three years helping to develop President Donald Trump’s Israeli-Palestinian peace plan, Greenblatt stepped down from his White House position three months before its January release. His new job will leverage ties made in that position.
“We have relationships with Israel and its Arab neighbors that have been developing over the last several years and are becoming more and more public,” Greenblatt said in an interview. “From the conversations I’ve had, people are ready.”
Two countries he sees as a focus are the United Arab Emirates and Saudi Arabia. Israel doesn’t have formal diplomatic ties with them, but its relations with Gulf Arab States have improved in recent years over a shared interest in combating Iran’s regional influence.
Former U.S. Middle East peace envoy Jason Greenblatt is joining OurCrowd, an Israeli crowdfunding and venture investment company, to build business ties with Arab countries -- including ones that don’t have official relations with Israel.
After spending nearly three years helping to develop President Donald Trump’s Israeli-Palestinian peace plan, Greenblatt stepped down from his White House position three months before its January release. His new job will leverage ties made in that position.
“We have relationships with Israel and its Arab neighbors that have been developing over the last several years and are becoming more and more public,” Greenblatt said in an interview. “From the conversations I’ve had, people are ready.”
Two countries he sees as a focus are the United Arab Emirates and Saudi Arabia. Israel doesn’t have formal diplomatic ties with them, but its relations with Gulf Arab States have improved in recent years over a shared interest in combating Iran’s regional influence.
Iranian rial plunges as coronavirus threatens export lifeline - Reuters
Iranian rial plunges as coronavirus threatens export lifeline - Reuters:
Iran’s rial hit a one-year low against the dollar on Wednesday as a sharp rise in coronavirus cases forced the closure of most of its borders, threatening the non-oil exports that are its main economic lifeline.
The dollar was being offered at as much as 158,500 rials on Wednesday, well below its official rate of 42,000 rials and 10% lower than a week earlier, according to foreign exchange website Bonbast.com, which tracks the free market.
Iran’s coronavirus death toll rose to 19, the highest outside China, pushing several countries to suspend flights and most of its neighbours to close their borders.
Mounting U.S. sanctions pressure has already shackled Iran’s oil industry and slashed its crude exports.
Iran’s rial hit a one-year low against the dollar on Wednesday as a sharp rise in coronavirus cases forced the closure of most of its borders, threatening the non-oil exports that are its main economic lifeline.
The dollar was being offered at as much as 158,500 rials on Wednesday, well below its official rate of 42,000 rials and 10% lower than a week earlier, according to foreign exchange website Bonbast.com, which tracks the free market.
Iran’s coronavirus death toll rose to 19, the highest outside China, pushing several countries to suspend flights and most of its neighbours to close their borders.
Mounting U.S. sanctions pressure has already shackled Iran’s oil industry and slashed its crude exports.
DIFC Courts cases surge 45%; more than $844mln commercial claims | ZAWYA MENA Edition
DIFC Courts cases surge 45%; more than $844mln commercial claims | ZAWYA MENA Edition:
More and more businesses are resorting to the Dubai International Financial Centre (DIFC) Courts to settle conflicts, with the nearly 1,000 disputes filed last year and the value of commercial claims cases reaching more than 3.1 billion UAE dirhams ($844 million), new statistics revealed.
The total volume of complaints lodged across different divisions at the common law court went up by 43 percent in 2019 to 952.
The cases filed involved companies in the banking and finance sector, construction, real estate and manufacturing, as well as arbitration-related disputes, according to a report released on Wednesday by the DIFC Courts.
The judiciary, which started operations in 2006, deals with civil and commercial disputes occurring within the DIFC. It deals with different types of cases, ranging from sophisticated, international financial transactions to debt collection and labour disputes, and has the power to issue orders, which may be made concerning compensation and damages, among others.
More and more businesses are resorting to the Dubai International Financial Centre (DIFC) Courts to settle conflicts, with the nearly 1,000 disputes filed last year and the value of commercial claims cases reaching more than 3.1 billion UAE dirhams ($844 million), new statistics revealed.
The total volume of complaints lodged across different divisions at the common law court went up by 43 percent in 2019 to 952.
The cases filed involved companies in the banking and finance sector, construction, real estate and manufacturing, as well as arbitration-related disputes, according to a report released on Wednesday by the DIFC Courts.
The judiciary, which started operations in 2006, deals with civil and commercial disputes occurring within the DIFC. It deals with different types of cases, ranging from sophisticated, international financial transactions to debt collection and labour disputes, and has the power to issue orders, which may be made concerning compensation and damages, among others.
#UAE and Mideast News: Gulf Economies to Suffer From Coronavirus - Bloomberg
UAE and Mideast News: Gulf Economies to Suffer From Coronavirus - Bloomberg:
Gulf economies will grow at a slower pace than estimated this year as the coronavirus hurts oil demand, trade and tourism, Standard Chartered PLC said.
“The Gulf Cooperation Council is exposed to the slowdown in global growth – and China growth in particular – via two main channels: softer oil demand growth (with lower prices underpinning the need for ongoing production cuts by OPEC producers) and weaker trade and tourism,” economists Bilal Khan and Carla Slim wrote in note dated Feb. 25.
More than 80,000 people globally have been infected with the coronavirus which has spread from China. In recent days, the number of cases has risen across the oil-rich Middle East prompting many airlines to restrict flights.
The bank reduced expectations for Brent crude prices to an average $64 per barrel this year, down from an initial estimate of $70. The revision also takes OPEC’s December decision to deepen oil cuts into account, Khan said.
Gulf economies will grow at a slower pace than estimated this year as the coronavirus hurts oil demand, trade and tourism, Standard Chartered PLC said.
“The Gulf Cooperation Council is exposed to the slowdown in global growth – and China growth in particular – via two main channels: softer oil demand growth (with lower prices underpinning the need for ongoing production cuts by OPEC producers) and weaker trade and tourism,” economists Bilal Khan and Carla Slim wrote in note dated Feb. 25.
More than 80,000 people globally have been infected with the coronavirus which has spread from China. In recent days, the number of cases has risen across the oil-rich Middle East prompting many airlines to restrict flights.
The bank reduced expectations for Brent crude prices to an average $64 per barrel this year, down from an initial estimate of $70. The revision also takes OPEC’s December decision to deepen oil cuts into account, Khan said.
U.S. crude drops below $50 as virus spreads in Middle East and Europe - Reuters
U.S. crude drops below $50 as virus spreads in Middle East and Europe - Reuters:
U.S. crude dropped below $50 on Wednesday to its lowest since January 2019, as Asia, Europe and oil-producing countries in the Middle East reported hundreds of new coronavirus cases and the United States warned of an inevitable pandemic.
Brent crude was down $1.19, or 2.2%, to $53.76 a barrel by 1241 GMT, while U.S. West Texas Intermediate (WTI) crude was 83 cents, or 1.7%, lower at $49.07 a barrel.
Pandemic fears intensified as authorities around the world battled to prevent the spread of coronavirus, which has now been found in about 30 countries.
World stocks tumbled for a fifth straight day on Wednesday, while safe-haven gold rose back towards seven-year highs and U.S. bond yields held near record lows after governments and health authorities warned of a possible pandemic.
U.S. crude dropped below $50 on Wednesday to its lowest since January 2019, as Asia, Europe and oil-producing countries in the Middle East reported hundreds of new coronavirus cases and the United States warned of an inevitable pandemic.
Brent crude was down $1.19, or 2.2%, to $53.76 a barrel by 1241 GMT, while U.S. West Texas Intermediate (WTI) crude was 83 cents, or 1.7%, lower at $49.07 a barrel.
Pandemic fears intensified as authorities around the world battled to prevent the spread of coronavirus, which has now been found in about 30 countries.
World stocks tumbled for a fifth straight day on Wednesday, while safe-haven gold rose back towards seven-year highs and U.S. bond yields held near record lows after governments and health authorities warned of a possible pandemic.
Mideast Stocks: #Dubai leads Gulf lower as coronavirus concerns intensify | ZAWYA MENA Edition
Mideast Stocks: Dubai leads Gulf lower as coronavirus concerns intensify | ZAWYA MENA Edition:
Most Gulf stocks extended loses on Wednesday as the coronavirus continued to spread through the Middle East, with Kuwait and Bahrain reporting a rise in new cases.
Three Gulf Arab states recorded their first coronavirus cases this week, all in people who had travelled from Iran, which on Wednesday reported a total of 19 virus-related deaths, the most outside China, and 139 cases.
Bahrain, which has suspended flights to Dubai, on Wednesday reported a rise in the number of cases to 26, some in people who had travelled through the UAE. Oman has recorded four cases.
Kuwait, which last week evacuated 700 people from Iran, has reported 25 cases.
Dubai's main share index dropped 2% to its lowest level since June last year. Emaar Properties lost 2.7%, while sharia-compliant lender Dubai Islamic Bank was down 2.1%.
The UAE has reported 13 cases of the coronavirus since Jan. 28.
Most Gulf stocks extended loses on Wednesday as the coronavirus continued to spread through the Middle East, with Kuwait and Bahrain reporting a rise in new cases.
Three Gulf Arab states recorded their first coronavirus cases this week, all in people who had travelled from Iran, which on Wednesday reported a total of 19 virus-related deaths, the most outside China, and 139 cases.
Bahrain, which has suspended flights to Dubai, on Wednesday reported a rise in the number of cases to 26, some in people who had travelled through the UAE. Oman has recorded four cases.
Kuwait, which last week evacuated 700 people from Iran, has reported 25 cases.
Dubai's main share index dropped 2% to its lowest level since June last year. Emaar Properties lost 2.7%, while sharia-compliant lender Dubai Islamic Bank was down 2.1%.
The UAE has reported 13 cases of the coronavirus since Jan. 28.
Lebanon Faces a $50 Billion Hole Even Beyond Its Eurobonds - Bloomberg
Lebanon Faces a $50 Billion Hole Even Beyond Its Eurobonds - Bloomberg: Lebanon has a lot more than just maturing Eurobonds to worry about.
In addition to $31 billion of those, the Middle Eastern nation’s central bank has $52.5 billion of obligations in the form of foreign-currency deposits and certificates of deposit, according to calculations by Toby Iles and Jan Friederich, Hong Kong-based analysts at Fitch Ratings Ltd.
Mostly owed to Lebanese banks, these additional debts compound the country’s woes as it grapples with its deepest economic crisis in decades. They also complicate a potential debt restructuring by the government, which on Tuesday confirmed it had hired Lazard Ltd. and Cleary Gottlieb Steen & Hamilton as financial advisers.
Falling reserves and inflows have led to a shortage of foreign exchange in Lebanon, causing havoc with the financial system. Moody’s Investors Service, which downgraded the government’s debt to 10 steps below investment grade last week, said a default is “all but inevitable” in the near term.
In addition to $31 billion of those, the Middle Eastern nation’s central bank has $52.5 billion of obligations in the form of foreign-currency deposits and certificates of deposit, according to calculations by Toby Iles and Jan Friederich, Hong Kong-based analysts at Fitch Ratings Ltd.
Mostly owed to Lebanese banks, these additional debts compound the country’s woes as it grapples with its deepest economic crisis in decades. They also complicate a potential debt restructuring by the government, which on Tuesday confirmed it had hired Lazard Ltd. and Cleary Gottlieb Steen & Hamilton as financial advisers.
Falling reserves and inflows have led to a shortage of foreign exchange in Lebanon, causing havoc with the financial system. Moody’s Investors Service, which downgraded the government’s debt to 10 steps below investment grade last week, said a default is “all but inevitable” in the near term.
American Air Ends #Qatar Feud With Eye on Future Doha Flights - Bloomberg
American Air Ends Qatar Feud With Eye on Future Doha Flights - Bloomberg:
American Airlines Group Inc. set the stage for possible flights to the Middle East after it set aside a long-running quarrel with Qatar Airways to revive a suspended marketing pact.
The two airlines will seek U.S. regulatory approval to reinstate a codeshare agreement that ended in 2017 amid a dispute initiated by the three largest U.S. carriers over government subsidies they said were giving an unfair competitive advantage to Qatar Air and two other Persian Gulf rivals. That same year, American also objected to Qatar Air Chief Executive Officer Akbar Al Baker’s plan to buy a stake in the Fort Worth, Texas-based carrier.
Flights to Doha, Qatar’s capital, would be the latest front in American’s plan to expand its global network to markets in the Middle East, Africa and India. The carrier will begin flights to Casablanca, Morocco, in June and recently said it would fly to Bangalore, India, starting in October. American will resume service to Tel Aviv in September. None of the largest U.S. carriers currently flies its own aircraft to the Middle East.
“We can’t announce today’s news with Qatar Airways without acknowledging there have been differences between our airlines,” American Chief Executive Officer Doug Parker and President Robert Isom said in a message to employees Tuesday. “However, during the past several months, the dialogue has been good, and we have agreed that we can move forward and begin a new chapter.”
American Airlines Group Inc. set the stage for possible flights to the Middle East after it set aside a long-running quarrel with Qatar Airways to revive a suspended marketing pact.
The two airlines will seek U.S. regulatory approval to reinstate a codeshare agreement that ended in 2017 amid a dispute initiated by the three largest U.S. carriers over government subsidies they said were giving an unfair competitive advantage to Qatar Air and two other Persian Gulf rivals. That same year, American also objected to Qatar Air Chief Executive Officer Akbar Al Baker’s plan to buy a stake in the Fort Worth, Texas-based carrier.
Flights to Doha, Qatar’s capital, would be the latest front in American’s plan to expand its global network to markets in the Middle East, Africa and India. The carrier will begin flights to Casablanca, Morocco, in June and recently said it would fly to Bangalore, India, starting in October. American will resume service to Tel Aviv in September. None of the largest U.S. carriers currently flies its own aircraft to the Middle East.
“We can’t announce today’s news with Qatar Airways without acknowledging there have been differences between our airlines,” American Chief Executive Officer Doug Parker and President Robert Isom said in a message to employees Tuesday. “However, during the past several months, the dialogue has been good, and we have agreed that we can move forward and begin a new chapter.”
India's Petronet explores buying LNG under 10-year contract - Reuters
India's Petronet explores buying LNG under 10-year contract - Reuters:
India’s Petronet LNG, the country’s largest importer of liquefied natural gas (LNG), is looking to buy the super-chilled fuel through a long term contract starting from 2024, according to a document reviewed by Reuters.
It has issued a Request for Information (RFI) indicating an interest to buy about 1 million tonnes per annum (mtpa) of LNG for 10 years starting from 2024, with the possibility to extend, according to the Feb. 19 document.
A request for information is a common practice to ask for written information about the capabilities of various LNG sellers to help them make more informed buying decisions.
Petronet’s Director of Finance Vinod Kumar Mishra declined to comment on the RFI.
India’s Petronet LNG, the country’s largest importer of liquefied natural gas (LNG), is looking to buy the super-chilled fuel through a long term contract starting from 2024, according to a document reviewed by Reuters.
It has issued a Request for Information (RFI) indicating an interest to buy about 1 million tonnes per annum (mtpa) of LNG for 10 years starting from 2024, with the possibility to extend, according to the Feb. 19 document.
A request for information is a common practice to ask for written information about the capabilities of various LNG sellers to help them make more informed buying decisions.
Petronet’s Director of Finance Vinod Kumar Mishra declined to comment on the RFI.
Finablr eyes #Saudi expansion after BayanPay licence announcement - Arabianbusiness
Finablr eyes Saudi expansion after BayanPay licence announcement - Arabianbusiness:
Finablr network brand BayanPay – a Saudi based digital payments firm – has been awarded a payment services provider licence by the Saudi Arabian Monetary Authority (SAMA), allowing it to offer digital wallets, e-commerce and SME business payment products in the kingdom.
BayanPay’s portfolio includes BayanPay Business, an online payments gateway services aggregator designed to provide a way to accept, process and disburse digital payments for B2B, B2C and B2G businesses in Saudi Arabia.
Additionally, the company offers BayanPay Wallet that enables users to make seamless payments. The service also allows for cross-border payments from Saudi Arabia, which according to the World Bank is the world’s second-largest remittance market.
“Saudi Arabia is a fast-evolving market in the payments space with the right infrastructure readiness and a conducive regulatory framework,” said Finablr group CEO Promoth Manghat.
Finablr network brand BayanPay – a Saudi based digital payments firm – has been awarded a payment services provider licence by the Saudi Arabian Monetary Authority (SAMA), allowing it to offer digital wallets, e-commerce and SME business payment products in the kingdom.
BayanPay’s portfolio includes BayanPay Business, an online payments gateway services aggregator designed to provide a way to accept, process and disburse digital payments for B2B, B2C and B2G businesses in Saudi Arabia.
Additionally, the company offers BayanPay Wallet that enables users to make seamless payments. The service also allows for cross-border payments from Saudi Arabia, which according to the World Bank is the world’s second-largest remittance market.
“Saudi Arabia is a fast-evolving market in the payments space with the right infrastructure readiness and a conducive regulatory framework,” said Finablr group CEO Promoth Manghat.
Middle East low cost carriers set to grow market share in changing aviation market - Arabianbusiness
Middle East low cost carriers set to grow market share in changing aviation market - Arabianbusiness:
Middle East-based low cost carriers (LCCs) saw a 9.3 percent increase in seat capacity in 2019, increasing their share of total seats from 14.9 percent in 2018 to 16.5 percent in 2019, according to statistics from CAPA Centre for Aviation released ahead of April’s Arabian Travel Market.
Over the course of the next 12 months, LCCs are expected to further chip away at the market share of their larger rivals.
Saudia low-cost subsidiary Flyadeal, for example, became the region’s largest airline by seats in 2019, recording a capacity growth of 78.1 percent, according to CAPA.
“Situated within eight hours of two-third of the world’s population and located between the major cities of Europe in the northwest, the fast-developing East African cities in the west and India and Pakistan in the east, the Middle East is the ideal location to set up a budget airline, attracting passenger traffic from within the region as well as from across much of the eastern hemisphere,” said Danielle Curtis, Arabian Travel Market’s MidEast exhibition director.
Middle East-based low cost carriers (LCCs) saw a 9.3 percent increase in seat capacity in 2019, increasing their share of total seats from 14.9 percent in 2018 to 16.5 percent in 2019, according to statistics from CAPA Centre for Aviation released ahead of April’s Arabian Travel Market.
Over the course of the next 12 months, LCCs are expected to further chip away at the market share of their larger rivals.
Saudia low-cost subsidiary Flyadeal, for example, became the region’s largest airline by seats in 2019, recording a capacity growth of 78.1 percent, according to CAPA.
“Situated within eight hours of two-third of the world’s population and located between the major cities of Europe in the northwest, the fast-developing East African cities in the west and India and Pakistan in the east, the Middle East is the ideal location to set up a budget airline, attracting passenger traffic from within the region as well as from across much of the eastern hemisphere,” said Danielle Curtis, Arabian Travel Market’s MidEast exhibition director.
UPDATE 1- #UAE ready for 'worst case' coronavirus scenarios, says government - Reuters
UPDATE 1-UAE ready for 'worst case' coronavirus scenarios, says government - Reuters:
The United Arab Emirates, a major international air transit centre, is prepared for “worst case scenarios” as the new coronavirus spreads in the Middle East, a government official said on Wednesday.
Authorities have enough facilities to quarantine patients and will be carrying out surveillance on people entering the country, said the official from the UAE National Emergency Crisis and Disasters Management Authority.
It was too early to ban public gatherings in the business, trade and tourism hub, added the official. Dubai is due to host the Expo 2020 world fair in October for six months.
The UAE has reported 13 cases of the new coronavirus since Jan. 28, three of whom have recovered.
The United Arab Emirates, a major international air transit centre, is prepared for “worst case scenarios” as the new coronavirus spreads in the Middle East, a government official said on Wednesday.
Authorities have enough facilities to quarantine patients and will be carrying out surveillance on people entering the country, said the official from the UAE National Emergency Crisis and Disasters Management Authority.
It was too early to ban public gatherings in the business, trade and tourism hub, added the official. Dubai is due to host the Expo 2020 world fair in October for six months.
The UAE has reported 13 cases of the new coronavirus since Jan. 28, three of whom have recovered.
Oil slides for fourth day as pandemic fears deepen - Reuters
Oil slides for fourth day as pandemic fears deepen - Reuters:
Crude oil prices gave up early gains and slid for a fourth day on Wednesday as fears of a coronavirus pandemic deepened as the outbreak spread in several countries outside China.
Brent crude fell 31 cents, or 0.6%, to $54.64 a barrel by 0753 GMT, while U.S. West Texas Intermediate crude dropped 16 cents, or 0.3%, to $49.74.
Fears of a pandemic have escalated as authorities around the world battle to prevent the spread of coronavirus, which has now been found in about 30 countries.
Asian shares fell on Wednesday as a U.S. warning to Americans to prepare for the possibility of a pandemic jolted Wall Street yet again and pushed yields on safe-haven Treasuries to record lows.
Crude oil prices gave up early gains and slid for a fourth day on Wednesday as fears of a coronavirus pandemic deepened as the outbreak spread in several countries outside China.
Brent crude fell 31 cents, or 0.6%, to $54.64 a barrel by 0753 GMT, while U.S. West Texas Intermediate crude dropped 16 cents, or 0.3%, to $49.74.
Fears of a pandemic have escalated as authorities around the world battle to prevent the spread of coronavirus, which has now been found in about 30 countries.
Asian shares fell on Wednesday as a U.S. warning to Americans to prepare for the possibility of a pandemic jolted Wall Street yet again and pushed yields on safe-haven Treasuries to record lows.
Mideast Stocks: Gulf stocks retreat further as virus fears grow | ZAWYA MENA Edition
Mideast Stocks: Gulf stocks retreat further as virus fears grow | ZAWYA MENA Edition:
Major bourses in the Gulf slid on Wednesday, with Saudi leading the losses, mirroring declines in global stocks as concerns about the spread of the coronavirus grew after the United States warned Americans to prepare for the possibility of a pandemic.
The U.S. Centers for Disease Control and Prevention on Tuesday alerted Americans to begin to prepare for community spread of the new coronavirus after reports this week of new cases in several more countries.
Asia reported hundreds of new coronavirus cases on Wednesday, including the first U.S. soldier to be infected and outbreaks in Italy and Iran spread to other countries.
There have been nearly 50 deaths outside China, including 11 in Italy and 16 in Iran, the most outside China, according to a Reuters tally.
Saudi Arabia's benchmark index was down 1.3% in early trade, as all its banking shares were in the red including Al Rajhi Bank, which fell 1.1%.
Major bourses in the Gulf slid on Wednesday, with Saudi leading the losses, mirroring declines in global stocks as concerns about the spread of the coronavirus grew after the United States warned Americans to prepare for the possibility of a pandemic.
The U.S. Centers for Disease Control and Prevention on Tuesday alerted Americans to begin to prepare for community spread of the new coronavirus after reports this week of new cases in several more countries.
Asia reported hundreds of new coronavirus cases on Wednesday, including the first U.S. soldier to be infected and outbreaks in Italy and Iran spread to other countries.
There have been nearly 50 deaths outside China, including 11 in Italy and 16 in Iran, the most outside China, according to a Reuters tally.
Saudi Arabia's benchmark index was down 1.3% in early trade, as all its banking shares were in the red including Al Rajhi Bank, which fell 1.1%.
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