Abu Dhabi News: B. R. Shetty's NMC May Get Wealth Fund Deal - Bloomberg:
As the crisis surrounding troubled hospital operator NMC Health Plc deepens, Abu Dhabi is turning to Mubadala Investment Co. to safeguard the emirate’s reputation among global investors.
The $229 billion wealth fund is considering a potential investment in the United Arab Emirates’ largest private health-care provider as the FTSE 100 company faces an investigation by the U.K.’s Financial Conduct Authority over allegations of fraud, according to people with knowledge of the matter.
The government is keen to support NMC -- whose shares have been in free-fall since a December report by Muddy Waters Capital LLC -- to prevent further damage to the emirate’s image as a key regional hub for business, some of the people said, asking not to be identified because the talks are private. NMC is also strategic to the region’s nascent health-care industry, they said.
Abu Dhabi is using its sovereign funds and state-related entities to support its most strategic companies as they come under pressure. Last month, the emirate outlined plans for a government-owned utility to rescue struggling Abu Dhabi National Energy Co., known as Taqa. The bailout follows a series of mergers that saw some of its largest banks take over weaker lenders.
Sunday, 1 March 2020
Oil Looks Into Abyss as Coronavirus Threatens Demand Contraction - Bloomberg
Oil Looks Into Abyss as Coronavirus Threatens Demand Contraction - Bloomberg:
Flights canceled in Europe, schools closed in Japan, towns quarantined in Italy and panic in California. The coronavirus crisis has gone global, and with it, its impact on energy demand.
For only the fourth time in almost 40 years, oil consumption may not grow at all in 2020, according to a growing minority of traders, investors and analysts. For OPEC, gathering in Vienna this week to discuss production policy, it’s a nightmare scenario likely to force the cartel into deep output cuts.
“I see no growth in demand this year now the Coronavirus is everywhere,” said Doug King, a hedge fund investor who co-founded the Merchant Commodity Fund.
Flights canceled in Europe, schools closed in Japan, towns quarantined in Italy and panic in California. The coronavirus crisis has gone global, and with it, its impact on energy demand.
For only the fourth time in almost 40 years, oil consumption may not grow at all in 2020, according to a growing minority of traders, investors and analysts. For OPEC, gathering in Vienna this week to discuss production policy, it’s a nightmare scenario likely to force the cartel into deep output cuts.
“I see no growth in demand this year now the Coronavirus is everywhere,” said Doug King, a hedge fund investor who co-founded the Merchant Commodity Fund.
#Lebanon Default and Middle Eastern News: Latest on Bonds - Bloomberg
Lebanon Default and Middle Eastern News: Latest on Bonds - Bloomberg:
Lebanon’s banking lobby made a last-ditch appeal to the government to avoid a debt default and instead offer a swap into new notes for all bondholders.
In the clutches of its worst financial crisis in decades, Lebanon is running out of time to decide how to handle a debt burden that economists say is no longer sustainable. It faces a choice of repaying more than $1.2 billion of Eurobonds due March 9 or restructuring liabilities to preserve dwindling foreign-exchange reserves.
The best solution is to repay the debt through a swap for new securities and embark on immediate reforms to clean up public finances and restore the confidence of diaspora investors, according to Salim Sfeir, head of the Association of Banks in Lebanon. Foreign bondholders could be willing to agree to such an exchange if the country can convince them of acting in good faith to carry out reforms and implement a credible plan, he said.
Lebanon’s banking lobby made a last-ditch appeal to the government to avoid a debt default and instead offer a swap into new notes for all bondholders.
In the clutches of its worst financial crisis in decades, Lebanon is running out of time to decide how to handle a debt burden that economists say is no longer sustainable. It faces a choice of repaying more than $1.2 billion of Eurobonds due March 9 or restructuring liabilities to preserve dwindling foreign-exchange reserves.
The best solution is to repay the debt through a swap for new securities and embark on immediate reforms to clean up public finances and restore the confidence of diaspora investors, according to Salim Sfeir, head of the Association of Banks in Lebanon. Foreign bondholders could be willing to agree to such an exchange if the country can convince them of acting in good faith to carry out reforms and implement a credible plan, he said.
#SaudiArabia News: Middle East Growth in Kingdom Stalls - Bloomberg
Saudi Arabia News: Middle East Growth in Kingdom Stalls - Bloomberg:
Saudi Arabia’s economy all but ground to a halt last year, raising the likelihood that the government will turn on the fiscal taps to deliver faster growth in 2020 in the face of disruptions from the coronavirus and the prospect of lower energy prices.
Held back by curbs on oil output negotiated by OPEC, the economy of the world’s biggest crude exporter expanded just 0.3% in 2019, down from 2.4% a year earlier and short of the government’s forecast of 0.4%.
Offsetting an acceleration in non-oil growth to 3.3%, the oil sector shrank 3.6%, the most since at least 2011, according to data released Sunday by the General Authority for Statistics.
After a period of austerity that followed the collapse of crude prices six years ago, Saudi Arabia was looking to private businesses to help achieve economic growth of 2.3%. Despite signs of a pickup to start 2020, however, the government may now have to rethink its plans to scale back spending as the impact of the virus outbreak ripples from China to Europe and the Americas.
Saudi Arabia’s economy all but ground to a halt last year, raising the likelihood that the government will turn on the fiscal taps to deliver faster growth in 2020 in the face of disruptions from the coronavirus and the prospect of lower energy prices.
Held back by curbs on oil output negotiated by OPEC, the economy of the world’s biggest crude exporter expanded just 0.3% in 2019, down from 2.4% a year earlier and short of the government’s forecast of 0.4%.
Offsetting an acceleration in non-oil growth to 3.3%, the oil sector shrank 3.6%, the most since at least 2011, according to data released Sunday by the General Authority for Statistics.
After a period of austerity that followed the collapse of crude prices six years ago, Saudi Arabia was looking to private businesses to help achieve economic growth of 2.3%. Despite signs of a pickup to start 2020, however, the government may now have to rethink its plans to scale back spending as the impact of the virus outbreak ripples from China to Europe and the Americas.
OPEC could deepen oil supply cuts with or without Russia -sources | ZAWYA MENA Edition
OPEC could deepen oil supply cuts with or without Russia -sources | ZAWYA MENA Edition:
OPEC could agree on deeper oil supply cuts this week, with or without Russia's support, to halt the slide in crude prices triggered by the global spread of the coronavirus, said two sources familiar with the talks.
Moscow is resisting further output curbs, arguing that reduced production by the Saudi Arabia-led Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, will not necessarily revive oil demand, the sources said.
Russian President Vladimir Putin on Sunday said that current prices are acceptable for his country's budget and that Russia - a key member of OPEC+ - has sufficient resources to contend with any deterioration in the global economy.
"Saudi Arabia wants to hold prices from falling, but Russia is still not agreeing. So the only way might be for OPEC to cut alone, which will not send a good signal to the market," one of the sources said.
OPEC could agree on deeper oil supply cuts this week, with or without Russia's support, to halt the slide in crude prices triggered by the global spread of the coronavirus, said two sources familiar with the talks.
Moscow is resisting further output curbs, arguing that reduced production by the Saudi Arabia-led Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, will not necessarily revive oil demand, the sources said.
Russian President Vladimir Putin on Sunday said that current prices are acceptable for his country's budget and that Russia - a key member of OPEC+ - has sufficient resources to contend with any deterioration in the global economy.
"Saudi Arabia wants to hold prices from falling, but Russia is still not agreeing. So the only way might be for OPEC to cut alone, which will not send a good signal to the market," one of the sources said.
NMC Health hires Moelis for debt restructuring - sources - Reuters
NMC Health hires Moelis for debt restructuring - sources - Reuters:
NMC Health (NMC.L), the UAE healthcare company, has hired Moelis & Co (MC.N) to advise on a debt restructuring, three sources familiar with the matter said on Sunday.
The sources said NMC had hired Moelis in relation to its ability to meet debt obligations.
Britain’s Financial Conduct Authority (FCA) said on Feb. 27 it would investigate the finances of NMC Health, whose shares were suspended on the London Stock Exchange last week.
NMC, part of the FTSE 100 index of leading shares has said it would cooperate with the FCA and any other relevant authorities. It had earlier said it was focused on providing clarity to the market as to its financial position.
The company’s shares have lost more than half of their value since last December when U.S. based short-seller Muddy Waters first questioned its financial statements. NMC’s own review of its finances is being led by former FBI boss Louis Freeh.
NMC Health (NMC.L), the UAE healthcare company, has hired Moelis & Co (MC.N) to advise on a debt restructuring, three sources familiar with the matter said on Sunday.
The sources said NMC had hired Moelis in relation to its ability to meet debt obligations.
Britain’s Financial Conduct Authority (FCA) said on Feb. 27 it would investigate the finances of NMC Health, whose shares were suspended on the London Stock Exchange last week.
NMC, part of the FTSE 100 index of leading shares has said it would cooperate with the FCA and any other relevant authorities. It had earlier said it was focused on providing clarity to the market as to its financial position.
The company’s shares have lost more than half of their value since last December when U.S. based short-seller Muddy Waters first questioned its financial statements. NMC’s own review of its finances is being led by former FBI boss Louis Freeh.
MIDEAST STOCKS- #Kuwait, other bourses sink as coronavirus worries intensify - Reuters
MIDEAST STOCKS-Kuwait, other bourses sink as coronavirus worries intensify - Reuters:
Middle Eastern stocks plunged on Sunday,
with Kuwait falling the most, as the spread of coronavirus
stoked fears that outbreak could hurt the global economy and oil
prices.
Leaders in Europe, the Middle East and the Americas rolled
out bans on big gatherings and stricter travel restrictions as
cases of the virus spread around the world.
In Kuwait, the index, which traded after a three
session break, slumped 11%, its biggest ever intraday fall,
dragged down by a 14.5% fall in National Bank of Kuwait
.
Kuwait, which reported 46 people infected with the
coronavirus, called on its citizens to avoid travelling over
concerns about the spread of the disease.
Egypt tumbled 6%, its biggest intraday fall since
November 2012. Commercial International Bank slid 6%,
whereas Eastern Company was down 5.9%.
Middle Eastern stocks plunged on Sunday,
with Kuwait falling the most, as the spread of coronavirus
stoked fears that outbreak could hurt the global economy and oil
prices.
Leaders in Europe, the Middle East and the Americas rolled
out bans on big gatherings and stricter travel restrictions as
cases of the virus spread around the world.
In Kuwait, the index, which traded after a three
session break, slumped 11%, its biggest ever intraday fall,
dragged down by a 14.5% fall in National Bank of Kuwait
.
Kuwait, which reported 46 people infected with the
coronavirus, called on its citizens to avoid travelling over
concerns about the spread of the disease.
Egypt tumbled 6%, its biggest intraday fall since
November 2012. Commercial International Bank slid 6%,
whereas Eastern Company was down 5.9%.
Middle Eastern Virus News: Stocks Plunge on Coronavirus Fears - Bloomberg
Middle Eastern Virus News: Stocks Plunge on Coronavirus Fears - Bloomberg:
Equity markets across the Middle East slumped after the worst week for oil prices since 2008 and as more cases of the coronavirus were announced in the region.
Kuwait halted trading of the biggest listed companies as its markets reopened following a three-day holiday last week. The suspension happened after the nation’s Premier Market index retreated almost 11%. Dubai’s gauge fell as much as 5.2% to the lowest level since 2018, while those in Saudi Arabia, Abu Dhabi and Egypt extended losses from last week.
In Riyadh, Saudi Aramco retreated to its lowest level since an initial public offering in December, with the oil giant’s shares nearing the level of 32 riyals at which they were sold. They closed 2.1% lower at 32.65 riyals.
Oil’s drop will heap pressure on economies across the Gulf, with the commodity representing a significant portion of public revenue. West Texas Intermediate crude fell 16% last week to $44.76 a barrel, while Brent weakened below $50 a barrel.
Economic growth in Saudi Arabia, which is trying to convince Russia to agree to oil production cuts among OPEC+ members, slowed to just above zero in 2019, the kingdom announced on Sunday.
Equity markets across the Middle East slumped after the worst week for oil prices since 2008 and as more cases of the coronavirus were announced in the region.
Kuwait halted trading of the biggest listed companies as its markets reopened following a three-day holiday last week. The suspension happened after the nation’s Premier Market index retreated almost 11%. Dubai’s gauge fell as much as 5.2% to the lowest level since 2018, while those in Saudi Arabia, Abu Dhabi and Egypt extended losses from last week.
In Riyadh, Saudi Aramco retreated to its lowest level since an initial public offering in December, with the oil giant’s shares nearing the level of 32 riyals at which they were sold. They closed 2.1% lower at 32.65 riyals.
Oil’s drop will heap pressure on economies across the Gulf, with the commodity representing a significant portion of public revenue. West Texas Intermediate crude fell 16% last week to $44.76 a barrel, while Brent weakened below $50 a barrel.
Economic growth in Saudi Arabia, which is trying to convince Russia to agree to oil production cuts among OPEC+ members, slowed to just above zero in 2019, the kingdom announced on Sunday.
Barclays Acquittal Means More Lawsuits From Dealmaker, Ex-Banker - Bloomberg
Barclays Acquittal Means More Lawsuits From Dealmaker, Ex-Banker - Bloomberg:
The verdicts may be in but Barclays Plc’s legal troubles stemming from its financial maneuvers during the global financial crash of 2008 are far from over.
A British jury on Friday cleared three former Barclays executives of fraud in connection with deals to raise 11.2 billion pounds ($14.3 billion) in equity capital 12 years ago. Now the spotlight turns to a pair of lawsuits and regulatory probes that have been placed on hold for years while the criminal proceedings wound through the courts.
Amanda Staveley, the chief executive officer of PCP Capital Partners LLP, is seeking 1.6 billion pounds from Barclays for allegedly cheating her out of profits she claims she should have earned by bringing investors into the bank’s fundraising deal.
Barclays may still face a suit filed by one of the exonerated executives, Richard Boath, who said he was fired after the bank learned that he had talked to prosecutors probing the deal. In addition, the Financial Conduct Authority said it was restarting related disciplinary probes that had been stayed.
The verdicts may be in but Barclays Plc’s legal troubles stemming from its financial maneuvers during the global financial crash of 2008 are far from over.
A British jury on Friday cleared three former Barclays executives of fraud in connection with deals to raise 11.2 billion pounds ($14.3 billion) in equity capital 12 years ago. Now the spotlight turns to a pair of lawsuits and regulatory probes that have been placed on hold for years while the criminal proceedings wound through the courts.
Amanda Staveley, the chief executive officer of PCP Capital Partners LLP, is seeking 1.6 billion pounds from Barclays for allegedly cheating her out of profits she claims she should have earned by bringing investors into the bank’s fundraising deal.
Barclays may still face a suit filed by one of the exonerated executives, Richard Boath, who said he was fired after the bank learned that he had talked to prosecutors probing the deal. In addition, the Financial Conduct Authority said it was restarting related disciplinary probes that had been stayed.
#Dubai's non-oil trade grows 6% in 2019 to Dh1.37 trillion - The National
Dubai's non-oil trade grows 6% in 2019 to Dh1.37 trillion - The National:
Dubai, a regional business and tourism hub, saw a 6 per cent increase in non-oil foreign trade last year, spurred by activity at the emirate's free zones, government data showed.
The value of non-oil external trade rose to Dh1.37 trillion in 2019, up from Dh1.29tn in 2018, with gold emerging as the highest traded commodity by value, the Government of Dubai Media Office said in a statement on Saturday. Exports jumped 22 per cent to Dh155 billion, re-exports grew 4 per cent to Dh420bn and imports rose by 3 per cent to Dh796bn.
"Dubai’s external trade has contributed significantly to the emirate’s economic achievements, further raising its status as a global hub for trade, business and tourism," Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and chairman of The Executive Council, said. "All government entities are working seamlessly together to provide the best services, facilitate trade and foreign investments, and further develop infrastructure across the emirate, especially at airports and free zones."
The emirate's non-oil trade grew in 2019 despite headwinds from a slowdown in global economic growth and weaker global trade. Global air freight demand plunged 3.3 per cent in 2019 compared to 2018, marking the weakest performance since the global financial crisis in 2009, according to the International Air Transport Association. Global trade grew just 0.9 per cent last year, dented by the trade tensions between the US and China, the world's two biggest economies.
Dubai, a regional business and tourism hub, saw a 6 per cent increase in non-oil foreign trade last year, spurred by activity at the emirate's free zones, government data showed.
The value of non-oil external trade rose to Dh1.37 trillion in 2019, up from Dh1.29tn in 2018, with gold emerging as the highest traded commodity by value, the Government of Dubai Media Office said in a statement on Saturday. Exports jumped 22 per cent to Dh155 billion, re-exports grew 4 per cent to Dh420bn and imports rose by 3 per cent to Dh796bn.
"Dubai’s external trade has contributed significantly to the emirate’s economic achievements, further raising its status as a global hub for trade, business and tourism," Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and chairman of The Executive Council, said. "All government entities are working seamlessly together to provide the best services, facilitate trade and foreign investments, and further develop infrastructure across the emirate, especially at airports and free zones."
The emirate's non-oil trade grew in 2019 despite headwinds from a slowdown in global economic growth and weaker global trade. Global air freight demand plunged 3.3 per cent in 2019 compared to 2018, marking the weakest performance since the global financial crisis in 2009, according to the International Air Transport Association. Global trade grew just 0.9 per cent last year, dented by the trade tensions between the US and China, the world's two biggest economies.
#Saudi economy grows just 0.3% in 2019 as oil sector shrinks - Reuters
Saudi economy grows just 0.3% in 2019 as oil sector shrinks - Reuters:
Saudi Arabia’s economy grew by a weaker-than-expected 0.3% in 2019 as the oil sector contracted sharply, official data showed on Sunday, although the non-oil sector accelerated.
Saudi Arabia, the world’s biggest oil exporter, wants to boost the private sector and diversify its economy away from oil, but sliding oil prices and crude output cuts agreed with OPEC allies continue to weigh on its overall growth.
Real economic growth in the non-oil sector increased by 3.3% last year, according to data from the General Authority for Statistics, the strongest growth since 2014.
Overall GDP growth was below an official forecast of 0.9% and the oil sector shrank by 3.6%, marking the Saudi economy’s worst performance since it contracted in 2017.
Saudi Arabia’s economy grew by a weaker-than-expected 0.3% in 2019 as the oil sector contracted sharply, official data showed on Sunday, although the non-oil sector accelerated.
Saudi Arabia, the world’s biggest oil exporter, wants to boost the private sector and diversify its economy away from oil, but sliding oil prices and crude output cuts agreed with OPEC allies continue to weigh on its overall growth.
Real economic growth in the non-oil sector increased by 3.3% last year, according to data from the General Authority for Statistics, the strongest growth since 2014.
Overall GDP growth was below an official forecast of 0.9% and the oil sector shrank by 3.6%, marking the Saudi economy’s worst performance since it contracted in 2017.
A $30 Oil Price Is the Real Virus Threat to OPEC - Bloomberg
A $30 Oil Price Is the Real Virus Threat to OPEC - Bloomberg:
It’s finally upon us. The week when ministers from the oil producing countries of OPEC and their allies meet to decide on the future of their latest round of output cuts. Having failed to persuade Russia to bring the meeting forward, Saudi Arabia will now hope to convince its biggest non-OPEC ally of the need to make deeper cuts in the face of a demand slump triggered by the Covid-19 virus. Success is not a foregone conclusion and failure will be costly.
The looming pandemic has already made its mark on oil markets. U.S. West Texas Intermediate crude is now firmly below $50 a barrel and global benchmark Brent briefly followed it on Friday. That is uncomfortable territory for producers everywhere and, without a clear indication of deeper output cuts from this week’s meetings, prices will fall further.
As the virus spreads, locking down Italy’s industrial heartland and prompting Switzerland to ban large gatherings, producers appear to be clinging to overly optimistic demand assessments. OPEC Secretary General Mohammad Barkindo, speaking at a conference in Saudi Arabia last week, said that in spite of the new coronavirus, the world’s “thirst for energy will continue to grow.” While that may be true for energy as a whole, it may not be for oil demand this year if there isn’t a quick rebound.
It’s finally upon us. The week when ministers from the oil producing countries of OPEC and their allies meet to decide on the future of their latest round of output cuts. Having failed to persuade Russia to bring the meeting forward, Saudi Arabia will now hope to convince its biggest non-OPEC ally of the need to make deeper cuts in the face of a demand slump triggered by the Covid-19 virus. Success is not a foregone conclusion and failure will be costly.
The looming pandemic has already made its mark on oil markets. U.S. West Texas Intermediate crude is now firmly below $50 a barrel and global benchmark Brent briefly followed it on Friday. That is uncomfortable territory for producers everywhere and, without a clear indication of deeper output cuts from this week’s meetings, prices will fall further.
As the virus spreads, locking down Italy’s industrial heartland and prompting Switzerland to ban large gatherings, producers appear to be clinging to overly optimistic demand assessments. OPEC Secretary General Mohammad Barkindo, speaking at a conference in Saudi Arabia last week, said that in spite of the new coronavirus, the world’s “thirst for energy will continue to grow.” While that may be true for energy as a whole, it may not be for oil demand this year if there isn’t a quick rebound.
Middle Eastern Virus News: Stocks Plunge on Coronavirus Fears - Bloomberg
Middle Eastern Virus News: Stocks Plunge on Coronavirus Fears - Bloomberg:
Equity markets across the Middle East slumped after the worst week for oil prices since 2008 and as more cases of the coronavirus were announced in the region.
Kuwait halted trading of the biggest listed companies as its markets reopened following a three-day holiday last week. The suspension happened after the nation’s Premier Market index retreated almost 11%. Dubai’s gauge fell as much as 5.1% to the lowest level since 2018, while those in Saudi Arabia, Abu Dhabi and Egypt extended losses from last week.
In Riyadh, Saudi Aramco fell to its lowest level since an initial public offering in December, with the oil giant’s shares nearing the level of 32 riyals at which they were sold.
Oil’s drop will heap pressure on economies across the Gulf, with the commodity representing a significant portion of public revenue. West Texas Intermediate crude fell 16% last week to $44.76 a barrel, while Brent weakened below $50 a barrel.
Equity markets across the Middle East slumped after the worst week for oil prices since 2008 and as more cases of the coronavirus were announced in the region.
Kuwait halted trading of the biggest listed companies as its markets reopened following a three-day holiday last week. The suspension happened after the nation’s Premier Market index retreated almost 11%. Dubai’s gauge fell as much as 5.1% to the lowest level since 2018, while those in Saudi Arabia, Abu Dhabi and Egypt extended losses from last week.
In Riyadh, Saudi Aramco fell to its lowest level since an initial public offering in December, with the oil giant’s shares nearing the level of 32 riyals at which they were sold.
Oil’s drop will heap pressure on economies across the Gulf, with the commodity representing a significant portion of public revenue. West Texas Intermediate crude fell 16% last week to $44.76 a barrel, while Brent weakened below $50 a barrel.
Humbled Saudis May Yet Clinch OPEC+ Deal as Virus Spreads - Bloomberg
Humbled Saudis May Yet Clinch OPEC+ Deal as Virus Spreads - Bloomberg:
Saudi Arabia has so far been thwarted by Russia in its push to shore up oil markets against the coronavirus. But when they meet this week, the humbled kingdom may yet clinch victory.
Ever since it became clear the outbreak was savaging energy demand in China -- and oil prices everywhere -- Riyadh has been pushing for swift production cuts to compensate. Russia, the most important partner in the producers’ coalition, rebuffed those entreaties, underscoring the dominant role that President Vladimir Putin has played since forging an alliance with the Saudis three years ago.
“They’re sitting in very different places -- clearly, Putin has an advantage,” said Ed Morse, head of commodities research at Citigroup Inc. “The fact is that Russia has a budget that can be balanced at less than $50 a barrel, and the Saudis don’t.”
That gives Moscow the upper hand when the countries sit down to debate a joint policy on March 5 to 6. But while slumping prices put the kingdom and its energy minister under tremendous pressure, growing signs that the virus imperils the global economy may ultimately work in Riyadh’s favor.
Saudi Arabia has so far been thwarted by Russia in its push to shore up oil markets against the coronavirus. But when they meet this week, the humbled kingdom may yet clinch victory.
Ever since it became clear the outbreak was savaging energy demand in China -- and oil prices everywhere -- Riyadh has been pushing for swift production cuts to compensate. Russia, the most important partner in the producers’ coalition, rebuffed those entreaties, underscoring the dominant role that President Vladimir Putin has played since forging an alliance with the Saudis three years ago.
“They’re sitting in very different places -- clearly, Putin has an advantage,” said Ed Morse, head of commodities research at Citigroup Inc. “The fact is that Russia has a budget that can be balanced at less than $50 a barrel, and the Saudis don’t.”
That gives Moscow the upper hand when the countries sit down to debate a joint policy on March 5 to 6. But while slumping prices put the kingdom and its energy minister under tremendous pressure, growing signs that the virus imperils the global economy may ultimately work in Riyadh’s favor.
#AbuDhabi News: B. R. Shetty's NMC May Get Wealth Fund Deal - Bloomberg
Abu Dhabi News: B. R. Shetty's NMC May Get Wealth Fund Deal - Bloomberg:
Abu Dhabi wealth fund Mubadala Investment Co. is considering a potential investment in NMC Health Plc -- a sign the emirate is keen to address the worsening crisis at the troubled hospital operator, people familiar with the matter said.
Mubadala has held early discussions to look at a range of options regarding the Middle East’s largest health care provider, including buying a stake and taking a board seat, the people said, asking not to be identified as the matter is private.
While discussions are ongoing, there can be no guarantee of a transaction given the complex issues facing the company, the people said. Representatives for Mubadala and NMC declined to comment.
The potential deal comes as NMC faces allegations by Carson Block’s Muddy Waters Capital LLC that its financial statements hint at potential over payment for assets, inflated cash balances and understated debt. The company has said the allegations are baseless, but in January hired former FBI Director Louis Freeh to investigate.
Abu Dhabi wealth fund Mubadala Investment Co. is considering a potential investment in NMC Health Plc -- a sign the emirate is keen to address the worsening crisis at the troubled hospital operator, people familiar with the matter said.
Mubadala has held early discussions to look at a range of options regarding the Middle East’s largest health care provider, including buying a stake and taking a board seat, the people said, asking not to be identified as the matter is private.
While discussions are ongoing, there can be no guarantee of a transaction given the complex issues facing the company, the people said. Representatives for Mubadala and NMC declined to comment.
The potential deal comes as NMC faces allegations by Carson Block’s Muddy Waters Capital LLC that its financial statements hint at potential over payment for assets, inflated cash balances and understated debt. The company has said the allegations are baseless, but in January hired former FBI Director Louis Freeh to investigate.
#Dubai's Emirates Group sees slowdown due to coronavirus: document - Reuters
Dubai's Emirates Group sees slowdown due to coronavirus: document - Reuters:
Dubai’s Emirates Group has seen a “measurable slowdown” in business due to the coronavirus outbreak and has asked staff to take paid and unpaid leave, according to an internal email seen by Reuters.
Emirates Group, a state-owned holding company that counts Emirates airline among its assets, had more than 100,000 employees, including more than 21,000 cabin crew and 4,000 pilots, at end-March 2019, the end of its last financial year.
“A particular challenge for us right now is dealing with the impact of the COVID-19,” the email to staff said, using the name of the disease caused by the coronavirus SARS-CoV-2.
“We’ve seen a measurable slowdown in business across our brands, and a need for flexibility in the way we work.”
Dubai’s Emirates Group has seen a “measurable slowdown” in business due to the coronavirus outbreak and has asked staff to take paid and unpaid leave, according to an internal email seen by Reuters.
Emirates Group, a state-owned holding company that counts Emirates airline among its assets, had more than 100,000 employees, including more than 21,000 cabin crew and 4,000 pilots, at end-March 2019, the end of its last financial year.
“A particular challenge for us right now is dealing with the impact of the COVID-19,” the email to staff said, using the name of the disease caused by the coronavirus SARS-CoV-2.
“We’ve seen a measurable slowdown in business across our brands, and a need for flexibility in the way we work.”
MIDEAST STOCKS-Gulf bourses dive as coronavirus worries deepen - Reuters
MIDEAST STOCKS-Gulf bourses dive as coronavirus worries deepen - Reuters:
Stock markets in the Gulf slumped on Sunday, with Kuwait and Dubai among hardest hit, on fears the spreading coronavirus outbreak could hurt the global economy and oil prices.
Leaders in Europe, the Middle East and the Americas rolled out bans on big gatherings and stricter travel restrictions as cases of the new coronavirus spread around the world.
Kuwait’s bourse, which traded after a three session break, plunged 11%, its biggest ever intraday fall, led by a 14.5% drop in National Bank of Kuwait and a 10% slide in Kuwait Finance House.
The exchange said it had suspended trading for rest of the day due to the steep decline.
Stock markets in the Gulf slumped on Sunday, with Kuwait and Dubai among hardest hit, on fears the spreading coronavirus outbreak could hurt the global economy and oil prices.
Leaders in Europe, the Middle East and the Americas rolled out bans on big gatherings and stricter travel restrictions as cases of the new coronavirus spread around the world.
Kuwait’s bourse, which traded after a three session break, plunged 11%, its biggest ever intraday fall, led by a 14.5% drop in National Bank of Kuwait and a 10% slide in Kuwait Finance House.
The exchange said it had suspended trading for rest of the day due to the steep decline.
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