Muddy Waters Scores Big Win for Short-Sellers Over NMC Health - Bloomberg:
In 2018 NMC Health Plc commissioned an external review of its board’s effectiveness. The idea of this box-ticking exercise was to assure investors that the directors of the United Arab Emirates hospital operator were working “in the interests of all key stakeholders.”
The unsurprising conclusion was that the board was “operating effectively and healthily,” NMC’s last annual report revealed. That finding clearly wasn’t worth the paper it was written on.
On Wednesday evening the FTSE-100 company ousted its chief executive officer and revealed that its chief financial officer was on sick leave. An inquiry into a laundry list of allegations published by short-seller Muddy Waters Capital LLC in December has revealed potential discrepancies in the company’s bank statements and accounting ledger entries.
Furthermore, NMC has been acting as guarantor for $335 million of supply-chain financing used by other entities owned by the company’s founder, Bavaguthu Raghuram Shetty, without the board being aware of it (the arrangements weren’t disclosed in the accounts either).
Thursday, 27 February 2020
Oil prices dive to lowest in over a year on coronavirus fears - Reuters
Oil prices dive to lowest in over a year on coronavirus fears - Reuters:
Oil prices tumbled for a fifth day on Thursday to their lowest level in more than a year, as new reports of novel coronavirus cases outside China spurred investor fears that the rapidly spreading outbreak could slow the global economy.
Brent crude LCOc1 dropped $1.25, or 2.3%, to settle at $52.18 a barrel, off the session low of $50.97 a barrel, which was the lowest since December 2018. West Texas Intermediate (WTI) futures CLc1 sank $1.64, or 3.4%, to $47.09, after hitting their lowest level since January 2019.
Earlier this week, for the first time since the outbreak erupted, the number of new coronavirus infections reported outside China exceeded new Chinese cases.
Other risk markets also slumped on Thursday. The S&P 500 suffered its biggest one-day point loss since August 2011 and the Dow Jones Industrial Average marked its biggest-ever one-day point drop, as investors fled to the safety of assets like Treasury bonds and gold. The slump in global equities has wiped out more than $3 trillion in value this week.
Oil prices tumbled for a fifth day on Thursday to their lowest level in more than a year, as new reports of novel coronavirus cases outside China spurred investor fears that the rapidly spreading outbreak could slow the global economy.
Brent crude LCOc1 dropped $1.25, or 2.3%, to settle at $52.18 a barrel, off the session low of $50.97 a barrel, which was the lowest since December 2018. West Texas Intermediate (WTI) futures CLc1 sank $1.64, or 3.4%, to $47.09, after hitting their lowest level since January 2019.
Earlier this week, for the first time since the outbreak erupted, the number of new coronavirus infections reported outside China exceeded new Chinese cases.
Other risk markets also slumped on Thursday. The S&P 500 suffered its biggest one-day point loss since August 2011 and the Dow Jones Industrial Average marked its biggest-ever one-day point drop, as investors fled to the safety of assets like Treasury bonds and gold. The slump in global equities has wiped out more than $3 trillion in value this week.
OPEC Chief Says Group Is Making Renewed Push for Oil Deal - Bloomberg
OPEC Chief Says Group Is Making Renewed Push for Oil Deal - Bloomberg:
OPEC and its allies are displaying a “renewed commitment” to reach an accord that will stabilize oil markets hit hard by the coronavirus, the group’s top official said.
All eyes will be on the group’s meeting next week after crude prices slumped to a one-year low below $46 a barrel in New York. The disease has slashed fuel demand in China and threatens global economic growth, but the 23-nation coalition has so far appeared divided over its response, with Saudi Arabia pressing for production cuts and Russia taking a more cautious stance.
“There is a renewed commitment” in the alliance “to build the consensus for a joint action in mitigating the current hyper volatility in the market,” Secretary-General Mohammad Barkindo said in an interview from Saudi Arabia, where he has interrupted a religious pilgrimage in Mecca to help co-ordinate the Organization of Petroleum Exporting Countries’ upcoming meeting.
The group intends to proceed with talks scheduled for March 5-6, and has distributed health guidelines to staff at its Vienna secretariat as well as national delegations with advice on preventing infections.
OPEC and its allies are displaying a “renewed commitment” to reach an accord that will stabilize oil markets hit hard by the coronavirus, the group’s top official said.
All eyes will be on the group’s meeting next week after crude prices slumped to a one-year low below $46 a barrel in New York. The disease has slashed fuel demand in China and threatens global economic growth, but the 23-nation coalition has so far appeared divided over its response, with Saudi Arabia pressing for production cuts and Russia taking a more cautious stance.
“There is a renewed commitment” in the alliance “to build the consensus for a joint action in mitigating the current hyper volatility in the market,” Secretary-General Mohammad Barkindo said in an interview from Saudi Arabia, where he has interrupted a religious pilgrimage in Mecca to help co-ordinate the Organization of Petroleum Exporting Countries’ upcoming meeting.
The group intends to proceed with talks scheduled for March 5-6, and has distributed health guidelines to staff at its Vienna secretariat as well as national delegations with advice on preventing infections.
#Saudi Aramco Open to Share Sales Abroad to Fuel Economic Plans - Bloomberg
Saudi Aramco Open to Share Sales Abroad to Fuel Economic Plans - Bloomberg:
Saudi Arabia is planning to sell more stakes in state-owned oil producer Saudi Aramco as it looks to raise money to fuel an economic diversification plan, chairman Yasir Al-Rumayyan said.
The kingdom, which raised nearly $30 billion last year from Saudi Aramco’s initial public offering in Riyadh, is planning to sell more of its stake in the world’s biggest oil producer, Al-Rumayyan said in an interview with Carlyle Group Inc. co-founder David Rubenstein. Potential future share sales could be held outside Saudi Arabia, he said.
Any international offering of Aramco shares would face significant hurdles. Last year’s IPO in Riyadh was already widely marketed to the world’s largest investors, many of whom passed on the deal because other oil stocks offered better returns. Investors may also question Aramco’s current valuation at a time when crude prices are slumping.
“If we have any good stock exchange that we think can bring some valuable investors to us, we will definitely consider it,” said Al-Rumayyan, who is also governor of the Saudi sovereign wealth fund.
Saudi Arabia is planning to sell more stakes in state-owned oil producer Saudi Aramco as it looks to raise money to fuel an economic diversification plan, chairman Yasir Al-Rumayyan said.
The kingdom, which raised nearly $30 billion last year from Saudi Aramco’s initial public offering in Riyadh, is planning to sell more of its stake in the world’s biggest oil producer, Al-Rumayyan said in an interview with Carlyle Group Inc. co-founder David Rubenstein. Potential future share sales could be held outside Saudi Arabia, he said.
Any international offering of Aramco shares would face significant hurdles. Last year’s IPO in Riyadh was already widely marketed to the world’s largest investors, many of whom passed on the deal because other oil stocks offered better returns. Investors may also question Aramco’s current valuation at a time when crude prices are slumping.
“If we have any good stock exchange that we think can bring some valuable investors to us, we will definitely consider it,” said Al-Rumayyan, who is also governor of the Saudi sovereign wealth fund.
Oil prices dive to lowest in over a year as virus fears grow - Reuters
Oil prices dive to lowest in over a year as virus fears grow - Reuters:
Oil prices fell for a fifth straight day on Thursday, plunging to their lowest levels since January 2019 as more new coronavirus cases outside China fanned fears that a pandemic could slow the global economy.
Brent crude LCOc1 was down $1.81, or 3.4%, at $51.61 a barrel at 11:51 a.m. ET (1651 GMT), off the session low of $50.97 a barrel, the lowest since December 2018. West Texas Intermediate (WTI) futures CLc1 fell by $2.06, or 4.2%, to $46.66, after hitting their lowest since January 2019.
For the first time since the outbreak erupted, the number of new coronavirus infections outside China exceeded new Chinese cases. Trading in oil markets suggested investors expect a prolonged period of oversupply, with demand hit as the virus spreads to large economies including South Korea, Japan and Italy.
“Oil is in freefall as the magnitude of global quarantine efforts will provide severe demand destruction for the next couple of quarters,” said Edward Moya, senior market analyst at OANDA in New York.
Oil prices fell for a fifth straight day on Thursday, plunging to their lowest levels since January 2019 as more new coronavirus cases outside China fanned fears that a pandemic could slow the global economy.
Brent crude LCOc1 was down $1.81, or 3.4%, at $51.61 a barrel at 11:51 a.m. ET (1651 GMT), off the session low of $50.97 a barrel, the lowest since December 2018. West Texas Intermediate (WTI) futures CLc1 fell by $2.06, or 4.2%, to $46.66, after hitting their lowest since January 2019.
For the first time since the outbreak erupted, the number of new coronavirus infections outside China exceeded new Chinese cases. Trading in oil markets suggested investors expect a prolonged period of oversupply, with demand hit as the virus spreads to large economies including South Korea, Japan and Italy.
“Oil is in freefall as the magnitude of global quarantine efforts will provide severe demand destruction for the next couple of quarters,” said Edward Moya, senior market analyst at OANDA in New York.
MIDEAST STOCKS-Middle Eastern stocks retreat as coronavirus fears sharpen | Nasdaq
MIDEAST STOCKS-Middle Eastern stocks retreat as coronavirus fears sharpen | Nasdaq:
Stock markets in the Middle East ended lower on Thursday, with Egypt shares falling the most, as a jump in coronavirus cases outside China triggered fears of a pandemic.
The rapid spread of the virus in Iran, Italy, South Korea and elsewhere left alarmed governments and people across the globe rushing on Thursday to implement emergency measures.
For the first time, new infections around the world in the past 24 hours surpassed those in mainland China, where the flu-like disease emerged two months ago but is on the decline after an aggressive containment campaign.
Egypt's blue-chip index .EGX30 slid 1.5%, pressured by a 1.7% fall in Commercial International Bank COMI.CA and a 9.1% plunge in GB Auto AUTO.CA.
Stock markets in the Middle East ended lower on Thursday, with Egypt shares falling the most, as a jump in coronavirus cases outside China triggered fears of a pandemic.
The rapid spread of the virus in Iran, Italy, South Korea and elsewhere left alarmed governments and people across the globe rushing on Thursday to implement emergency measures.
For the first time, new infections around the world in the past 24 hours surpassed those in mainland China, where the flu-like disease emerged two months ago but is on the decline after an aggressive containment campaign.
Egypt's blue-chip index .EGX30 slid 1.5%, pressured by a 1.7% fall in Commercial International Bank COMI.CA and a 9.1% plunge in GB Auto AUTO.CA.
#Oman reveals plan to build Muscat Airport City in major aviation push - Arabianbusiness
Oman reveals plan to build Muscat Airport City in major aviation push - Arabianbusiness:
Plans have been unveiled to launch Muscat Airport City which will include a free zone, logistics hub and retail zone as part of Oman's new National Aviation Strategy 2030.
The Oman Aviation Group is adopting a master plan to launch the project which will be made up of five main areas including the Muscat Airport Free Zone spread across 3.3 million square metres and devoted to light industries and storage activities for air freight, e-commerce, manufacturing and packaging of national products, in addition to aviation equipment, office spaces, and an integrated service delivery station.
The project will also feature a 200,000 sq m logistics area for air freight services, a mixed-use project designated for the offices of airlines and related economic sectors and a zone to host aviation, cultural and social activities, innovation centres for the aviation sector and a specialised emergency hospital.
Plans have been unveiled to launch Muscat Airport City which will include a free zone, logistics hub and retail zone as part of Oman's new National Aviation Strategy 2030.
The Oman Aviation Group is adopting a master plan to launch the project which will be made up of five main areas including the Muscat Airport Free Zone spread across 3.3 million square metres and devoted to light industries and storage activities for air freight, e-commerce, manufacturing and packaging of national products, in addition to aviation equipment, office spaces, and an integrated service delivery station.
The project will also feature a 200,000 sq m logistics area for air freight services, a mixed-use project designated for the offices of airlines and related economic sectors and a zone to host aviation, cultural and social activities, innovation centres for the aviation sector and a specialised emergency hospital.
COLUMN-China coronavirus roils oil markets, but China may ultimately rescue crude: Russell - Reuters
COLUMN-China coronavirus roils oil markets, but China may ultimately rescue crude: Russell - Reuters:
The spread across the world of the Chinese coronavirus has probably wiped out global crude oil demand growth for 2020, but in something of an irony it’s likely to be China that will be responsible if any increase is eked out.
There is little doubt that the coronavirus, which started in the city of Wuhan and has killed more than 2,700 people so far, will hit Chinese crude consumption this month, and likely into March and April.
But it also seems to be the case that Beijing may finally be getting a handle on containing the virus, just as it ramps up in other countries, most notably South Korea, Japan, Iran and Italy.
This makes it likely that Chinese refiners will be keen to resume operations that have been curtailed because of the virus, but this could be delayed until April.
The spread across the world of the Chinese coronavirus has probably wiped out global crude oil demand growth for 2020, but in something of an irony it’s likely to be China that will be responsible if any increase is eked out.
There is little doubt that the coronavirus, which started in the city of Wuhan and has killed more than 2,700 people so far, will hit Chinese crude consumption this month, and likely into March and April.
But it also seems to be the case that Beijing may finally be getting a handle on containing the virus, just as it ramps up in other countries, most notably South Korea, Japan, Iran and Italy.
This makes it likely that Chinese refiners will be keen to resume operations that have been curtailed because of the virus, but this could be delayed until April.
NMC’s Woes Deepen as Investigation Finds Financial Discrepancies - Bloomberg
NMC’s Woes Deepen as Investigation Finds Financial Discrepancies - Bloomberg:
NMC Health Plc fired its chief executive officer as it revealed financial discrepancies that have worsened the crisis for the Middle Eastern hospital chain targeted by short seller Muddy Waters Capital LLC.
Founder Bavaguthu Raghuram Shetty and former Vice Chairman Khaleefa Bin Butti controlled entities used for NMC’s supply chain financing, the company said late Wednesday. The board was unaware of these financial arrangements, which had been in place since early 2018, NMC said. Shetty was forced off the board earlier this month amid concerns he’d misrepresented his shareholdings.
Operator of the largest medical network in the United Arab Emirates, NMC announced a management overhaul along with the latest revelations. CEO Prasanth Manghat was dismissed, and Chief Financial Officer Prashanth Shenoy has been granted extended sick leave. An unnamed member of the treasury team was suspended because of “a belief that the independent review has been obstructed,” and the company is looking at whether others are involved.
NMC Health Plc fired its chief executive officer as it revealed financial discrepancies that have worsened the crisis for the Middle Eastern hospital chain targeted by short seller Muddy Waters Capital LLC.
Founder Bavaguthu Raghuram Shetty and former Vice Chairman Khaleefa Bin Butti controlled entities used for NMC’s supply chain financing, the company said late Wednesday. The board was unaware of these financial arrangements, which had been in place since early 2018, NMC said. Shetty was forced off the board earlier this month amid concerns he’d misrepresented his shareholdings.
Operator of the largest medical network in the United Arab Emirates, NMC announced a management overhaul along with the latest revelations. CEO Prasanth Manghat was dismissed, and Chief Financial Officer Prashanth Shenoy has been granted extended sick leave. An unnamed member of the treasury team was suspended because of “a belief that the independent review has been obstructed,” and the company is looking at whether others are involved.
#Russia satisfied with #Saudi cooperation within OPEC and non-OPEC frameworks -Novak | ZAWYA MENA Edition
Russia satisfied with Saudi cooperation within OPEC and non-OPEC frameworks -Novak | ZAWYA MENA Edition:
Russia is "very satisfied" with its cooperation with Saudi Arabia and wants to continue it within OPEC and non-OPEC frameworks, as well as bilaterally, Russian Energy Minister Alexander Novak said on Thursday.
"We are very satisfied with the cooperation with our partners, Saudi Arabia, and naturally we want to continue to cooperate not only in the framework of multilateral relations - OPEC, but also bilaterally - we have a lot of joint projects," he said.
Novak added that Russia was sticking to its earlier forecast of a potential hit to global demand from the coronavirus outbreak in China and beyond, adding that estimates may change given that the flu-like virus is spreading in Europe.
Russia is "very satisfied" with its cooperation with Saudi Arabia and wants to continue it within OPEC and non-OPEC frameworks, as well as bilaterally, Russian Energy Minister Alexander Novak said on Thursday.
"We are very satisfied with the cooperation with our partners, Saudi Arabia, and naturally we want to continue to cooperate not only in the framework of multilateral relations - OPEC, but also bilaterally - we have a lot of joint projects," he said.
Novak added that Russia was sticking to its earlier forecast of a potential hit to global demand from the coronavirus outbreak in China and beyond, adding that estimates may change given that the flu-like virus is spreading in Europe.
Profitability at the #UAE's four largest banks to remain resilient in 2020 - The National
Profitability at the UAE's four largest banks to remain resilient in 2020 - The National:
Profitability at the UAE's four largest banks is set to remain resilient in 2020, as solid public-sector loan growth balances the effects of competition and subdued private-sector credit demand, a new report from Moody’s Investors Service found.
The four lenders – First Abu Dhabi Bank (FAB), Emirates NBD, Abu Dhabi Commercial Bank (ADCB) and Dubai Islamic Bank (DIB) – reported a combined net profit of Dh37 billion for 2019, up 13 per cent from the previous year on the back of growth from organic lending, acquisitions and strong non-interest income. A large one-off gain of $1.2bn (Dh4.40bn) at Emirates NBD from the partial disposal of a stake in payments company Network International in April last year, was also a factor.
The four banks accounted for 73 per cent of banking assets in the UAE as of December 2019.
"We expect the banks' profitability to remain resilient in 2020, with a net income to tangible assets ratio at around 1.8 per cent," said Mik Kabeya, assistant vice president and analyst at Moody's.
Profitability at the UAE's four largest banks is set to remain resilient in 2020, as solid public-sector loan growth balances the effects of competition and subdued private-sector credit demand, a new report from Moody’s Investors Service found.
The four lenders – First Abu Dhabi Bank (FAB), Emirates NBD, Abu Dhabi Commercial Bank (ADCB) and Dubai Islamic Bank (DIB) – reported a combined net profit of Dh37 billion for 2019, up 13 per cent from the previous year on the back of growth from organic lending, acquisitions and strong non-interest income. A large one-off gain of $1.2bn (Dh4.40bn) at Emirates NBD from the partial disposal of a stake in payments company Network International in April last year, was also a factor.
The four banks accounted for 73 per cent of banking assets in the UAE as of December 2019.
"We expect the banks' profitability to remain resilient in 2020, with a net income to tangible assets ratio at around 1.8 per cent," said Mik Kabeya, assistant vice president and analyst at Moody's.
Airports in #UAE, rest of Middle East to see 'severe drop' in passengers on coronavirus fears | ZAWYA MENA Edition
Airports in UAE, rest of Middle East to see 'severe drop' in passengers on coronavirus fears | ZAWYA MENA Edition:
Passenger traffic across airports in the UAE and the rest of the Middle East will be “severely” impacted in the first part of 2020 by the increasing number of flight cancellations and travel restrictions amid the coronavirus outbreak, according to the latest analysis.
The Airports Council International (ACI) said on Thursday that aviation hubs in the region, as well as those in the Asia Pacific, are currently “facing tremendous pressure” as air connectivity has been reduced.
“A severe drop in passenger traffic is expected as many countries have imposed travel bans and direct flight cancellations in response to the outbreak,” ACI said.
Carriers in the UAE have ceased flights to and from China, as well as Iran and Bahrain over the virus scare. So far, the country has confirmed 13 cases, while the neighbouring countries of Iran and Bahrain are seeing a spike in infections.
Passenger traffic across airports in the UAE and the rest of the Middle East will be “severely” impacted in the first part of 2020 by the increasing number of flight cancellations and travel restrictions amid the coronavirus outbreak, according to the latest analysis.
The Airports Council International (ACI) said on Thursday that aviation hubs in the region, as well as those in the Asia Pacific, are currently “facing tremendous pressure” as air connectivity has been reduced.
“A severe drop in passenger traffic is expected as many countries have imposed travel bans and direct flight cancellations in response to the outbreak,” ACI said.
Carriers in the UAE have ceased flights to and from China, as well as Iran and Bahrain over the virus scare. So far, the country has confirmed 13 cases, while the neighbouring countries of Iran and Bahrain are seeing a spike in infections.
NMC Health shares suspended on LSE - Reuters
NMC Health shares suspended on LSE - Reuters:
NMC Health said on Thursday trading in its shares on the London bourse has been suspended, a day after the UAE healthcare firm removed its top boss and granted its finance chief an extended sick leave as details of an investigation into the company emerged. Abu-Dhabi based NMC’s shares have lost about two thirds of their value since U.S.-based short-seller Muddy Waters late last year questioned its financial statements.
“The company is focused on providing additional clarity to the market as to its financial position and to restoring its admission to trading,” NMC said on Thursday.
NMC Health said on Thursday trading in its shares on the London bourse has been suspended, a day after the UAE healthcare firm removed its top boss and granted its finance chief an extended sick leave as details of an investigation into the company emerged. Abu-Dhabi based NMC’s shares have lost about two thirds of their value since U.S.-based short-seller Muddy Waters late last year questioned its financial statements.
“The company is focused on providing additional clarity to the market as to its financial position and to restoring its admission to trading,” NMC said on Thursday.
#UAE News: Arab Royal Feud Exposed in London Amid Claims of Spying - Bloomberg
UAE News: Arab Royal Feud Exposed in London Amid Claims of Spying - Bloomberg:
What began as a legal dispute over a hotel has unfolded in a London courtroom in recent weeks into an extraordinary tale of royal intrigue, one that includes allegations of global undercover spying operation, hacked emails and a covert public relations campaign.
The investment authority of Ras Al Khaimah, one of the seven emirates that make up the United Arab Emirates, sued an Iranian-American aviation executive named Farhad Azima in 2016 for breach of contract in relation to the sale of a hotel in Tbilisi, Georgia.
Azima counter-sued, alleging that authorities in Ras Al Khaimah hired contractors who hacked his emails.
The trial wrapped up Feb. 14, and a judge in London’s High Court is currently mulling a decision, which is expected in March. If the judge finds in Azima’s favor, he would be the first person to successfully sue a foreign government for hacking, according to Kirby Behre, a former federal prosecutor and an attorney with Miller & Chevalier, which represents Azima.
What began as a legal dispute over a hotel has unfolded in a London courtroom in recent weeks into an extraordinary tale of royal intrigue, one that includes allegations of global undercover spying operation, hacked emails and a covert public relations campaign.
The investment authority of Ras Al Khaimah, one of the seven emirates that make up the United Arab Emirates, sued an Iranian-American aviation executive named Farhad Azima in 2016 for breach of contract in relation to the sale of a hotel in Tbilisi, Georgia.
Azima counter-sued, alleging that authorities in Ras Al Khaimah hired contractors who hacked his emails.
The trial wrapped up Feb. 14, and a judge in London’s High Court is currently mulling a decision, which is expected in March. If the judge finds in Azima’s favor, he would be the first person to successfully sue a foreign government for hacking, according to Kirby Behre, a former federal prosecutor and an attorney with Miller & Chevalier, which represents Azima.
#Saudi IPO Nets $2.3 Billion for Dr. Sulaiman Al Habib - Bloomberg
Saudi IPO Nets $2.3 Billion for Dr. Sulaiman Al Habib - Bloomberg:
A Saudi pediatrician has become one of the world’s wealthiest doctors after the medical-services group he founded priced its initial public offering at the top of a marketed range.
Sulaiman Abdulaziz Al-Habib’s 49% stake in his eponymous company is worth 8.5 billion riyals ($2.3 billion), according to the Bloomberg Billionaires Index, based on the announced selling price of 50 riyals a share. He plans to sell 17.4 million shares in the IPO, according to the prospectus. The company didn’t respond to a request for comment.
Dr. Sulaiman Al Habib Medical Group is one of the biggest providers of health care in Saudi Arabia, operating hospitals, outpatient clinics, pharmacies and medical labs throughout the kingdom as well as in Dubai and Bahrain. The IPO is the first in Saudi Arabia since state-owned oil company Saudi Aramco raised almost $30 billion in December.
The firm is seeking to capitalize on the government’s plans to ramp up private-sector participation in health care and the country’s demographic trends. Saudi Arabia’s population is disproportionately young and relatively unhealthy. More than a third of adults are obese and 18.5% suffer from diabetes, according to World Health Organization statistics.
A Saudi pediatrician has become one of the world’s wealthiest doctors after the medical-services group he founded priced its initial public offering at the top of a marketed range.
Sulaiman Abdulaziz Al-Habib’s 49% stake in his eponymous company is worth 8.5 billion riyals ($2.3 billion), according to the Bloomberg Billionaires Index, based on the announced selling price of 50 riyals a share. He plans to sell 17.4 million shares in the IPO, according to the prospectus. The company didn’t respond to a request for comment.
Dr. Sulaiman Al Habib Medical Group is one of the biggest providers of health care in Saudi Arabia, operating hospitals, outpatient clinics, pharmacies and medical labs throughout the kingdom as well as in Dubai and Bahrain. The IPO is the first in Saudi Arabia since state-owned oil company Saudi Aramco raised almost $30 billion in December.
The firm is seeking to capitalize on the government’s plans to ramp up private-sector participation in health care and the country’s demographic trends. Saudi Arabia’s population is disproportionately young and relatively unhealthy. More than a third of adults are obese and 18.5% suffer from diabetes, according to World Health Organization statistics.
#SaudiArabia Halts Mecca Pilgrimages to Block Coronavirus - Bloomberg
Saudi Arabia Halts Mecca Pilgrimages to Block Coronavirus - Bloomberg:
Saudi Arabia temporarily halted religious visits that include stops in Mecca and Medina, which draw millions of people a year as the Islamic world’s holiest cities, to help prevent the spread of coronavirus into the country.
Tourism visa-holders from countries with reported coronavirus infections will also be denied entry, the Saudi embassy in Washington said in an emailed statement, without naming any countries. The steps are temporary and subject to continuous evaluation, according to the statement.
The government is acting to block the deadly virus as neighboring countries including Kuwait, Bahrain, Iraq and the United Arab Emirates have flagged dozens of cases. No infections had been reported by Saudi Arabian authorities as of Wednesday.
The kingdom is also suspending entry by citizens from Gulf States traveling under their national IDs, as well as travel by Saudis to the Gulf States. Saudis abroad who want to return or Gulf citizens in Saudi Arabia who wish to leave may do so, according to the statement.
Saudi Arabia temporarily halted religious visits that include stops in Mecca and Medina, which draw millions of people a year as the Islamic world’s holiest cities, to help prevent the spread of coronavirus into the country.
Tourism visa-holders from countries with reported coronavirus infections will also be denied entry, the Saudi embassy in Washington said in an emailed statement, without naming any countries. The steps are temporary and subject to continuous evaluation, according to the statement.
The government is acting to block the deadly virus as neighboring countries including Kuwait, Bahrain, Iraq and the United Arab Emirates have flagged dozens of cases. No infections had been reported by Saudi Arabian authorities as of Wednesday.
The kingdom is also suspending entry by citizens from Gulf States traveling under their national IDs, as well as travel by Saudis to the Gulf States. Saudis abroad who want to return or Gulf citizens in Saudi Arabia who wish to leave may do so, according to the statement.
Oil falls for fifth day on demand concerns as coronavirus spreads - Reuters
Oil falls for fifth day on demand concerns as coronavirus spreads - Reuters:
Oil prices fell for a fifth day on Thursday to their lowest since January 2019 as a growing number of new coronavirus cases outside of China fuelled fears of a pandemic which could slow the global economy and lower crude demand.
Brent crude LCOc1 was down 60 cents, or 1.1%, at $52.83 a barrel at 0741 GMT. The contract earlier fell to as low as $52.53, the lowest since Jan. 2, 2019.
West Texas Intermediate (WTI) futures CLc1 fell by 55 cents, or 1.1%, to $48.18 a barrel. It earlier fell to as low as $47.82, the lowest since Jan. 4, 2019.
In the five trading sessions through Thursday, Brent has dropped 10.6%, while WTI has declined 10.4%, their biggest five-day percentage losses since August 2019.
Oil prices fell for a fifth day on Thursday to their lowest since January 2019 as a growing number of new coronavirus cases outside of China fuelled fears of a pandemic which could slow the global economy and lower crude demand.
Brent crude LCOc1 was down 60 cents, or 1.1%, at $52.83 a barrel at 0741 GMT. The contract earlier fell to as low as $52.53, the lowest since Jan. 2, 2019.
West Texas Intermediate (WTI) futures CLc1 fell by 55 cents, or 1.1%, to $48.18 a barrel. It earlier fell to as low as $47.82, the lowest since Jan. 4, 2019.
In the five trading sessions through Thursday, Brent has dropped 10.6%, while WTI has declined 10.4%, their biggest five-day percentage losses since August 2019.
UPDATE 1- #Lebanon to ask for 7-day grace period for March 9 bond-source - Reuters
UPDATE 1-Lebanon to ask for 7-day grace period for March 9 bond-source - Reuters:
Lebanon intends to ask for a seven-day grace period for a $1.2 billion Eurobond that matures on March 9, as it is entitled to, in order to give financial advisers more time to draft a restructuring plan, a government source said on Thursday.
Lebanon would seek the seven-day grace period ahead of the March 9 date, the source said.
The Lebanese government this week appointed U.S. investment bank Lazard and law firm Cleary Gottlieb Steen & Hamilton LLP as its financial and legal advisers on the widely expected debt restructuring.
Lebanon’s long-brewing economic crisis came to a head last year as capital inflows slowed and protests erupted against the ruling elite over corruption and bad governance - root causes of the crisis.
Lebanon intends to ask for a seven-day grace period for a $1.2 billion Eurobond that matures on March 9, as it is entitled to, in order to give financial advisers more time to draft a restructuring plan, a government source said on Thursday.
Lebanon would seek the seven-day grace period ahead of the March 9 date, the source said.
The Lebanese government this week appointed U.S. investment bank Lazard and law firm Cleary Gottlieb Steen & Hamilton LLP as its financial and legal advisers on the widely expected debt restructuring.
Lebanon’s long-brewing economic crisis came to a head last year as capital inflows slowed and protests erupted against the ruling elite over corruption and bad governance - root causes of the crisis.
MIDEAST STOCKS-Most Gulf stocks slide as coronavirus pandemic fears grow | Nasdaq
MIDEAST STOCKS-Most Gulf stocks slide as coronavirus pandemic fears grow | Nasdaq:
Most bourses in the Gulf fell further on Thursday as a rise in new coronavirus cases outside of China heightened fears of a pandemic.
Governments ramped up measures to battle a global pandemic of the coronavirus as the number of infections outside China, the source of the outbreak, for the first time surpassed those appearing inside the country.
The Dubai's index .DFMGI lost 1.1%, extending losses for a fifth consecutive day. Emaar Properties EMAR.DU fell 1.7% and Dubai Islamic Bank DISB.DU opened 1.3% down.
Air Arabia AIRA.DU, the United Arab Emirates' only listed airline, dropped a further 2.1%. On Tuesday, the UAE suspended all flights to and from Iran for at least a week due to the spread of the coronavirus in the Islamic republic.
Saudi Arabia's benchmark index .TASI retreated 0.9%. Al Rajhi Bank 1120.SE decreased 0.9% and hotel operator and developer Jabal Omar Development 4250.SE declined 3.6%.
Most bourses in the Gulf fell further on Thursday as a rise in new coronavirus cases outside of China heightened fears of a pandemic.
Governments ramped up measures to battle a global pandemic of the coronavirus as the number of infections outside China, the source of the outbreak, for the first time surpassed those appearing inside the country.
The Dubai's index .DFMGI lost 1.1%, extending losses for a fifth consecutive day. Emaar Properties EMAR.DU fell 1.7% and Dubai Islamic Bank DISB.DU opened 1.3% down.
Air Arabia AIRA.DU, the United Arab Emirates' only listed airline, dropped a further 2.1%. On Tuesday, the UAE suspended all flights to and from Iran for at least a week due to the spread of the coronavirus in the Islamic republic.
Saudi Arabia's benchmark index .TASI retreated 0.9%. Al Rajhi Bank 1120.SE decreased 0.9% and hotel operator and developer Jabal Omar Development 4250.SE declined 3.6%.
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