Dubai Comic Con Virus Concerns - Bloomberg:
With masks and katanas, the Dubai Comic Con goes on despite the coronavirus outbreak (Source: QuickTake)
Sunday, 8 March 2020
Goldman Warns Oil Could Dip Into the $20s as Price War Begins - Bloomberg
Goldman Warns Oil Could Dip Into the $20s as Price War Begins - Bloomberg:
OPEC and Russia have started an oil price war that could push crude into the $20s, according to Goldman Sachs Group Inc.
Brent crude may dip as low as $20 a barrel, testing the levels at which some producers can operate, analysts including Damien Courvalin wrote in a report. The move completely changes the outlook for oil and gas markets, the bank said, as it slashed its forecasts for the second and third quarters to $30 a barrel.
“We believe the OPEC and Russia oil price war unequivocally started this weekend,” the analysts said. “The prognosis for the oil market is even more dire than in November 2014, when such a price war last started, as it comes to a head with the significant collapse in oil demand due to the coronavirus.”
OPEC and its allies failed to reach an agreement to prolong output cuts last week, firing the starting gun on a price war that has already roiled prices. Over the weekend Saudi Arabia slashed its official selling prices, while the kingdom also plans to lift output above 10 million barrels a day.
OPEC and Russia have started an oil price war that could push crude into the $20s, according to Goldman Sachs Group Inc.
Brent crude may dip as low as $20 a barrel, testing the levels at which some producers can operate, analysts including Damien Courvalin wrote in a report. The move completely changes the outlook for oil and gas markets, the bank said, as it slashed its forecasts for the second and third quarters to $30 a barrel.
“We believe the OPEC and Russia oil price war unequivocally started this weekend,” the analysts said. “The prognosis for the oil market is even more dire than in November 2014, when such a price war last started, as it comes to a head with the significant collapse in oil demand due to the coronavirus.”
OPEC and its allies failed to reach an agreement to prolong output cuts last week, firing the starting gun on a price war that has already roiled prices. Over the weekend Saudi Arabia slashed its official selling prices, while the kingdom also plans to lift output above 10 million barrels a day.
Stock Market Today: Dow, S&P Live Updates for March 9, 2020 - Bloomberg
Stock Market Today: Dow, S&P Live Updates for March 9, 2020 - Bloomberg: Crude oil prices crashed and U.S. equity futures plunged at the open Monday in Asia, while the yen and sovereign bonds jumped, as a price war for crude threatened an already fragile global economy hit by increasing coronavirus worries.
Brent opened 20% lower. S&P 500 futures were down well over 3%. Japan’s yen was up about 1% against the greenback in early trading, while the Mexican peso tumbled along with Canada’s dollar. Equities in the Middle East plunged on Sunday as Saudi Arabia slashed the price of its crude after producers failed to agree on supply cuts. Stocks in Asia looked set for more declines and bond yields slid in Australia and New Zealand.
Global markets are on course for another rocky week with sentiment battered as the virus continues to spread and cause more disruption to economies. The oil-price war comes as U.S. stocks fell back into a correction and Treasury yields slumped to all-time lows.
Meantime, expectations are growing for a recession in some major economies. Pacific Investment Management Co.’s Joachim Fels said the U.S. and Europe face the “distinct possibility” of a technical recession in the first half of this year as the virus hammers demand and drives money into safe haven assets.
Brent opened 20% lower. S&P 500 futures were down well over 3%. Japan’s yen was up about 1% against the greenback in early trading, while the Mexican peso tumbled along with Canada’s dollar. Equities in the Middle East plunged on Sunday as Saudi Arabia slashed the price of its crude after producers failed to agree on supply cuts. Stocks in Asia looked set for more declines and bond yields slid in Australia and New Zealand.
Global markets are on course for another rocky week with sentiment battered as the virus continues to spread and cause more disruption to economies. The oil-price war comes as U.S. stocks fell back into a correction and Treasury yields slumped to all-time lows.
Meantime, expectations are growing for a recession in some major economies. Pacific Investment Management Co.’s Joachim Fels said the U.S. and Europe face the “distinct possibility” of a technical recession in the first half of this year as the virus hammers demand and drives money into safe haven assets.
Oil Drops 31% in Worst Loss Since Gulf War as Price Fight Erupts - Bloomberg
Oil Drops 31% in Worst Loss Since Gulf War as Price Fight Erupts - Bloomberg:
Oil markets tumbled the most since the Gulf War in 1991 after the disintegration of the OPEC+ alliance triggered an all-out price-war among the world’s biggest producers.
In one of the most dramatic bouts of selling ever, Brent futures sunk by 31% in a matter of seconds after the open of trading in Asia on Monday after already suffering their biggest loss since the global financial crisis at the end of last week. As Brent collapsed as low as $31 a barrel, Goldman Sachs Group Inc. warned prices could drop into the $20s.
Hammered by a collapse in demand due to the coronavirus, the oil market sank deeper into chaos on the prospect of a supply free-for-all. Saudi Arabia over the weekend slashed its official prices by the most in at least 20 years and signaled to buyers it would ramp up output -- an unambiguous declaration of intent to flood the market with crude. Russia said its companies were free to pump as much as they could.
“It’s unbelievable, the market was overwhelmed by a wave of selling at the open,” said Andy Lipow, president of Houston energy consultancy Lipow Oil Associates LLC. “OPEC+ has clearly surprised the market by engaging in a price war to gain market share.”
Oil markets tumbled the most since the Gulf War in 1991 after the disintegration of the OPEC+ alliance triggered an all-out price-war among the world’s biggest producers.
In one of the most dramatic bouts of selling ever, Brent futures sunk by 31% in a matter of seconds after the open of trading in Asia on Monday after already suffering their biggest loss since the global financial crisis at the end of last week. As Brent collapsed as low as $31 a barrel, Goldman Sachs Group Inc. warned prices could drop into the $20s.
Hammered by a collapse in demand due to the coronavirus, the oil market sank deeper into chaos on the prospect of a supply free-for-all. Saudi Arabia over the weekend slashed its official prices by the most in at least 20 years and signaled to buyers it would ramp up output -- an unambiguous declaration of intent to flood the market with crude. Russia said its companies were free to pump as much as they could.
“It’s unbelievable, the market was overwhelmed by a wave of selling at the open,” said Andy Lipow, president of Houston energy consultancy Lipow Oil Associates LLC. “OPEC+ has clearly surprised the market by engaging in a price war to gain market share.”
OPEC's Epic Fail Will Hurt All Oil Producers, Even Russia - Bloomberg
OPEC's Epic Fail Will Hurt All Oil Producers, Even Russia - Bloomberg:
Friday’s gathering of oil ministers from the Organization of the Petroleum Exporting Countries and their international allies broke up in disarray. The collapse of talks reveals deep divisions over how to deal with the slump in oil demand triggered by the spread of the Covid-19 virus.
Saudi Arabia demanded that Russia share in a proposed reduction of a further 1.5 million barrels a day, insisting that OPEC wouldn’t reduce supply without the support of non-members. Russia demurred. Maybe Vladimir Putin just didn't like being told what to do by a 34-year-old prince who's run his country for about as many months and his older brother who's been energy minister for just half a year.
What’s become clear is that by making any OPEC output cut dependent on the participation of non-OPEC allies, the group effectively cemented Russia’s full control over the whole process of supply management, as I warned more than a year ago. This isn’t the first time OPEC+, which controls almost half of the world’s oil production, has been an uneasy partnership, but it is by far the most damaging. The partnership remains on life-support.
But this meeting was not just about making a further output cut. It was also meant to ratify an extension of the current agreement between the 20 nations to remove as much as 2.1 million barrels a day of oil from the market. That deal, reached in December, expires at the end of this month, leaving members free to pump as much as they wish from April 1.
Friday’s gathering of oil ministers from the Organization of the Petroleum Exporting Countries and their international allies broke up in disarray. The collapse of talks reveals deep divisions over how to deal with the slump in oil demand triggered by the spread of the Covid-19 virus.
Saudi Arabia demanded that Russia share in a proposed reduction of a further 1.5 million barrels a day, insisting that OPEC wouldn’t reduce supply without the support of non-members. Russia demurred. Maybe Vladimir Putin just didn't like being told what to do by a 34-year-old prince who's run his country for about as many months and his older brother who's been energy minister for just half a year.
What’s become clear is that by making any OPEC output cut dependent on the participation of non-OPEC allies, the group effectively cemented Russia’s full control over the whole process of supply management, as I warned more than a year ago. This isn’t the first time OPEC+, which controls almost half of the world’s oil production, has been an uneasy partnership, but it is by far the most damaging. The partnership remains on life-support.
But this meeting was not just about making a further output cut. It was also meant to ratify an extension of the current agreement between the 20 nations to remove as much as 2.1 million barrels a day of oil from the market. That deal, reached in December, expires at the end of this month, leaving members free to pump as much as they wish from April 1.
#SaudiArabia MBS Middle East News: Power in Oil Kingdom - Bloomberg
Saudi Arabia MBS Middle East News: Power in Oil Kingdom - Bloomberg:
Saudi Crown Prince Mohammed bin Salman’s swoop against potential royal challengers shows his concerns about his grip on power outweigh the risk of unnerving investors already wary of his brazen tactics.
The kingdom’s de facto ruler, who’s aggressively changed social norms despite possible backlash, has big plans to transform his country into a modern powerhouse. The arrests on treason allegations that could carry the death penalty -- unprecedented against such senior relatives -- suggest he’s not going to let anything get in his way, especially not his own family.
Authorities on Friday rounded up the brother and a nephew of Prince Mohammed’s father, King Salman bin Abdulaziz, on the ground they were plotting a coup, according to a person familiar with the matter. The crackdown comes as the kingdom is facing an economic downturn that could menace future progress on the prince’s ambitious plans.
“So much of what happens under MBS’s leadership is based on the element of surprise, of shifting balance, and claiming control,” said Karen Young, a resident scholar at the American Enterprise Institute in Washington.
Saudi Crown Prince Mohammed bin Salman’s swoop against potential royal challengers shows his concerns about his grip on power outweigh the risk of unnerving investors already wary of his brazen tactics.
The kingdom’s de facto ruler, who’s aggressively changed social norms despite possible backlash, has big plans to transform his country into a modern powerhouse. The arrests on treason allegations that could carry the death penalty -- unprecedented against such senior relatives -- suggest he’s not going to let anything get in his way, especially not his own family.
Authorities on Friday rounded up the brother and a nephew of Prince Mohammed’s father, King Salman bin Abdulaziz, on the ground they were plotting a coup, according to a person familiar with the matter. The crackdown comes as the kingdom is facing an economic downturn that could menace future progress on the prince’s ambitious plans.
“So much of what happens under MBS’s leadership is based on the element of surprise, of shifting balance, and claiming control,” said Karen Young, a resident scholar at the American Enterprise Institute in Washington.
#Dubai Financial Hub Added 2,000 Jobs as Listed Firms Rise - Bloomberg
Dubai Financial Hub Added 2,000 Jobs as Listed Firms Rise - Bloomberg:
The Dubai International Financial Centre, the Middle East’s financial hub, added more than 2,000 new jobs last year.
The number of those employed in the DIFC climbed to 25,600 as the amount of registered companies rose 14% to 2,437, the business park said in a report Sunday. There are now 737 “active financial firms” registered, up 18% from 2018.
The Dubai International Financial Centre, the Middle East’s financial hub, added more than 2,000 new jobs last year.
The number of those employed in the DIFC climbed to 25,600 as the amount of registered companies rose 14% to 2,437, the business park said in a report Sunday. There are now 737 “active financial firms” registered, up 18% from 2018.
- Registrations in 2019 include AntFinancial’s global payments pioneer WorldFirst, Malaysia’s Maybank Islamic Berhad, Cantor Fitzgerald and Mauritius Commercial Bank.
- Business park says it’s on track to achieve 2024 goals.
Oil-Price War #Saudi-Russia-U.S. News: MBS Aramco Vision Fades - Bloomberg
Oil-Price War Saudi-Russia-U.S. News: MBS Aramco Vision Fades - Bloomberg:
Saudi Aramco’s worst day since December’s record-breaking IPO is shattering the government’s $2 trillion valuation for the state-oil company.
The shares tumbled almost 10% on Sunday, meaning more than $400 billion of market value has been wiped out in about three months. Saudi Arabia started an oil-price war on Saturday after OPEC+ talks collapsed.
Aramco, the world’s biggest oil producer, reached the Saudi crown prince’s envisioned $2 trillion valuation on Dec. 16, just days after the IPO. The valuation was a point of contention and led to the offering being a largely domestic affair.
Sunday’s plunge mirrored Gulf indexes, many of which lost more than 5%.
Saudi Aramco’s worst day since December’s record-breaking IPO is shattering the government’s $2 trillion valuation for the state-oil company.
The shares tumbled almost 10% on Sunday, meaning more than $400 billion of market value has been wiped out in about three months. Saudi Arabia started an oil-price war on Saturday after OPEC+ talks collapsed.
Aramco, the world’s biggest oil producer, reached the Saudi crown prince’s envisioned $2 trillion valuation on Dec. 16, just days after the IPO. The valuation was a point of contention and led to the offering being a largely domestic affair.
Sunday’s plunge mirrored Gulf indexes, many of which lost more than 5%.
MIDEAST STOCKS-Equity markets plunge after OPEC deal collapses - Reuters
MIDEAST STOCKS-Equity markets plunge after OPEC deal collapses - Reuters:
Stock markets in the Middle East fell sharply on Sunday,
with Saudi Arabia's index hitting a more than three-year low, after the
Organization of the Petroleum Exporting Countries' (OPEC) pact with Russia to
curb oil output fell apart on Friday.
A three-year pact between OPEC and Russia ended in acrimony after Moscow
refused to support deeper oil cuts to cope with the outbreak of coronavirus and
OPEC responded by removing all limits on its own production.
The collapse of the deal sent Brent futures tumbling 9.4%, the
biggest daily percentage fall since December 2008, to settle at $45.27 a barrel.
Saudi Arabia's index closed down 8.32% at its lowest since November 2017,
with most of its constituents trading in the red.
State-owned Saudi Aramco tumbled 9.1%, its sharpest percentage
fall in a day, to 30 riyals ($8.00). The stock traded below its initial public
offering price of 32 riyals for the first time.
Stock markets in the Middle East fell sharply on Sunday,
with Saudi Arabia's index hitting a more than three-year low, after the
Organization of the Petroleum Exporting Countries' (OPEC) pact with Russia to
curb oil output fell apart on Friday.
A three-year pact between OPEC and Russia ended in acrimony after Moscow
refused to support deeper oil cuts to cope with the outbreak of coronavirus and
OPEC responded by removing all limits on its own production.
The collapse of the deal sent Brent futures tumbling 9.4%, the
biggest daily percentage fall since December 2008, to settle at $45.27 a barrel.
Saudi Arabia's index closed down 8.32% at its lowest since November 2017,
with most of its constituents trading in the red.
State-owned Saudi Aramco tumbled 9.1%, its sharpest percentage
fall in a day, to 30 riyals ($8.00). The stock traded below its initial public
offering price of 32 riyals for the first time.
#Lebanon to Default on $1.2 Billion Payment, Seek Restructuring - Bloomberg
Lebanon to Default on $1.2 Billion Payment, Seek Restructuring - Bloomberg:
Lebanon plans to miss a $1.2 billion Eurobond payment due Monday and seek talks with creditors to restructure its entire $90 billion debt pile, setting the stage for the first default in the crisis-ridden country’s history.
“Our foreign currency reserves have reached a critical and dangerous level, forcing the Lebanese Republic to suspend payment on its March Eurobond,” Prime Minister Hassan Diab said in televised address. “How can a country’s economy grow on borrowing and how can we be truly free while we’re drowning in debt?”
The premier, who only formed his government two months ago amid months of nationwide protests, said the country’s ratio of debt to gross domestic product had reached 170% and it was neither right nor possible to keep borrowing to “finance corruption” that had become entrenched in the public sector. Diab said his government would seek to restructure its debt through negotiations with bondholders.
The announcement opens the way for a long-anticipated bond overhaul in a country with one of the world’s highest debt loads, dwindling foreign-currency reserves and double-digit inflation. Negotiations will be complicated by political divides that have held up previous efforts to turn around the economy and high foreign ownership of bonds maturing this year. Lebanese banks and the central bank hold most of the rest of the government’s Eurobonds.
Lebanon plans to miss a $1.2 billion Eurobond payment due Monday and seek talks with creditors to restructure its entire $90 billion debt pile, setting the stage for the first default in the crisis-ridden country’s history.
“Our foreign currency reserves have reached a critical and dangerous level, forcing the Lebanese Republic to suspend payment on its March Eurobond,” Prime Minister Hassan Diab said in televised address. “How can a country’s economy grow on borrowing and how can we be truly free while we’re drowning in debt?”
The premier, who only formed his government two months ago amid months of nationwide protests, said the country’s ratio of debt to gross domestic product had reached 170% and it was neither right nor possible to keep borrowing to “finance corruption” that had become entrenched in the public sector. Diab said his government would seek to restructure its debt through negotiations with bondholders.
The announcement opens the way for a long-anticipated bond overhaul in a country with one of the world’s highest debt loads, dwindling foreign-currency reserves and double-digit inflation. Negotiations will be complicated by political divides that have held up previous efforts to turn around the economy and high foreign ownership of bonds maturing this year. Lebanese banks and the central bank hold most of the rest of the government’s Eurobonds.
Middle East Stock News: Latest for Sunday March 8, 2020 - Bloomberg
Middle East Stock News: Latest for Sunday March 8, 2020 - Bloomberg:
Banking shares were the biggest drag on the benchmark indexes. In Riyadh, Al Rajhi Bank dropped as much as 8.2%. Emirates NBD PJSC, Dubai’s biggest lender, fell as much as 9.6%, while First Abu Dhabi Bank PJSC and National Bank of Kuwait SAKP dropped as much as 9.8% and 9.3%, respectively.
Banking shares were the biggest drag on the benchmark indexes. In Riyadh, Al Rajhi Bank dropped as much as 8.2%. Emirates NBD PJSC, Dubai’s biggest lender, fell as much as 9.6%, while First Abu Dhabi Bank PJSC and National Bank of Kuwait SAKP dropped as much as 9.8% and 9.3%, respectively.
- Saudi Arabia’s Tadawul index was back to the level of November 2017, before its inclusion in the emerging-market gauges compiled by MSCI Inc. and FTSE Russell.
- Dubai’s DFM General Index finished 7.9% lower, the biggest slide since October 2008. Real estate bellwether Emaar Properties fell 9.7% to the lowest since 2012.
- Kuwait’s main index extended losses this year to 18%, compared with a 32% gain in 2019 that was the best performance in the region.
- Indexes in Saudi Arabia, Dubai, Abu Dhabi, Kuwait, Bahrain, Qatar, Egypt and Israel all traded below a technical threshold that indicated they were oversold.
#Qatar Petroleum acquires Yara's 25% stake in Qatar Fertiliser Co for $1 billion - Reuters
Qatar Petroleum acquires Yara's 25% stake in Qatar Fertiliser Co for $1 billion - Reuters:
Qatar Petroleum (QP) said on Sunday it had signed an agreement with Yara international to acquire its 25 percent stake in Qatar Fertiliser Company (QAFCO) for $1 billion, according to statements by both companies.
The transaction will mark a conclusion of a partnership that started with establishing QAFCO, a joint venture, in which Yara owned a 25% share with the remaining 75% owned by Industries Qatar (IQ), which in turn is owned 51% by QP.
QAFCO since then has become the world’s largest single-site urea producer, representing a significant percentage of the world’s traded urea volume, according to a QP statement.
The deal is still pending necessary local regulatory approvals and customary closing conditions.
Qatar Petroleum (QP) said on Sunday it had signed an agreement with Yara international to acquire its 25 percent stake in Qatar Fertiliser Company (QAFCO) for $1 billion, according to statements by both companies.
The transaction will mark a conclusion of a partnership that started with establishing QAFCO, a joint venture, in which Yara owned a 25% share with the remaining 75% owned by Industries Qatar (IQ), which in turn is owned 51% by QP.
QAFCO since then has become the world’s largest single-site urea producer, representing a significant percentage of the world’s traded urea volume, according to a QP statement.
The deal is still pending necessary local regulatory approvals and customary closing conditions.
India invites initial bids for Bharat Petroleum Corp - Arabianbusiness
India invites initial bids for Bharat Petroleum Corp - Arabianbusiness:
The Indian Government has invited Expressions of Interest (EoI) for the sale of its 52.98 percent stake in state-owned oil refinery and marketing company, Bharat Petroleum Corp Ltd (BPCL).
The deadline for submission of EoIs is set for May 2, as per the preliminary memorandum issued by the federal Department of Investment & Public Asset Management (DIPAM).
The bid document also proposed to transfer the management control in the company to a strategic buyer.
BPCL's equity shareholding of 61.65 percent in Numaligarh Refinery Limited (NRL), however, will not be part of the strategic sale.
The Indian Government has invited Expressions of Interest (EoI) for the sale of its 52.98 percent stake in state-owned oil refinery and marketing company, Bharat Petroleum Corp Ltd (BPCL).
The deadline for submission of EoIs is set for May 2, as per the preliminary memorandum issued by the federal Department of Investment & Public Asset Management (DIPAM).
The bid document also proposed to transfer the management control in the company to a strategic buyer.
BPCL's equity shareholding of 61.65 percent in Numaligarh Refinery Limited (NRL), however, will not be part of the strategic sale.
Oil Prices, #Saudi Aramco: Price War Stock IPO and OPEC+ - Bloomberg
Oil Prices, Saudi Aramco: Price War Stock IPO and OPEC+ - Bloomberg:
Saudi Aramco shares dropped below their IPO level for the first time after oil collapsed and the energy giant kicked off a price war.
The slump dealt at least a temporary blow to the showpiece of the Saudi oil-industry three months after it completed a record share sale.
The stock fell as much as 6.4% in Riyadh on Sunday to trade at 30.90 riyals, below the 32 riyals they sold for in December’s record $29 billion initial public offering. It trimmed the decline to 6.2% as of 11:23 a.m. local time, while the the benchmark Tadawul All Share Index lost 7.1%.
Saudi Arabia ignited an all-out oil price war on Saturday when it slashed pricing for its crude, making the deepest cuts in at least 20 years on its main grades. The cuts were the first response to the breakup on Friday of OPEC’s alliance with partners like Russia. Oil plunged the most since 2008.
Saudi Aramco shares dropped below their IPO level for the first time after oil collapsed and the energy giant kicked off a price war.
The slump dealt at least a temporary blow to the showpiece of the Saudi oil-industry three months after it completed a record share sale.
The stock fell as much as 6.4% in Riyadh on Sunday to trade at 30.90 riyals, below the 32 riyals they sold for in December’s record $29 billion initial public offering. It trimmed the decline to 6.2% as of 11:23 a.m. local time, while the the benchmark Tadawul All Share Index lost 7.1%.
Saudi Arabia ignited an all-out oil price war on Saturday when it slashed pricing for its crude, making the deepest cuts in at least 20 years on its main grades. The cuts were the first response to the breakup on Friday of OPEC’s alliance with partners like Russia. Oil plunged the most since 2008.
Middle East Stock News: Mideast Stocks Plunge as Producers Head Toward Oil-Price War - Bloomberg
Middle East Stock News: Latest for Sunday March 8, 2020 - Bloomberg:
Stocks in the Middle East nosedived as the world’s biggest crude producers failed to agree on production cuts, kicking off a price war and sending oil into freefall.
Kuwait led the selloff, tumbling 10%, as every gauge in the region retreated. Oil giant Saudi Aramco fell below its IPO price for the first time.
Oil prices plunged the most since 2008 on Friday on signs of a breakdown in the global OPEC+ alliance that helped underpin crude’s recovery since 2014. The failure of the Vienna talks added to increasing investor nervousness over the coronavirus epidemic and the efficacy of official response measures such as last week’s emergency Federal Reserve rate cut.
Mideast markets “are finding it difficult to cope with all these variables that have been happening over the past 10 days,” said Mohammed Ali Yasin, the chief strategy officer at Al Dhabi Capital Ltd. in Abu Dhabi. “That’s why we see this panic-selling across the board taking certain markets to lows not seen even during the financial crisis.”
Stocks in the Middle East nosedived as the world’s biggest crude producers failed to agree on production cuts, kicking off a price war and sending oil into freefall.
Kuwait led the selloff, tumbling 10%, as every gauge in the region retreated. Oil giant Saudi Aramco fell below its IPO price for the first time.
Oil prices plunged the most since 2008 on Friday on signs of a breakdown in the global OPEC+ alliance that helped underpin crude’s recovery since 2014. The failure of the Vienna talks added to increasing investor nervousness over the coronavirus epidemic and the efficacy of official response measures such as last week’s emergency Federal Reserve rate cut.
Mideast markets “are finding it difficult to cope with all these variables that have been happening over the past 10 days,” said Mohammed Ali Yasin, the chief strategy officer at Al Dhabi Capital Ltd. in Abu Dhabi. “That’s why we see this panic-selling across the board taking certain markets to lows not seen even during the financial crisis.”
Expansion of #Dubai's financial centre will be gradual, in line with demand - governor - Reuters
Expansion of Dubai's financial centre will be gradual, in line with demand - governor - Reuters:
Dubai’s financial district DIFC will be expanded gradually and only when there is demand for new space, its governor said on Sunday.
The state-owned Dubai International Financial Centre (DIFC) started expanding last year and upon completion the new district will have 6.4 million square feet of office space.
“It is on plan but it’s going to be done on gradual basis, in phases. We will start with phase 1A, B, C and then we build according to the needs,” Essa Kazim told reporters at a briefing.
DIFC is the major finance centre in the Middle East, hosting international banks, insurance companies and investment firms.
Dubai’s financial district DIFC will be expanded gradually and only when there is demand for new space, its governor said on Sunday.
The state-owned Dubai International Financial Centre (DIFC) started expanding last year and upon completion the new district will have 6.4 million square feet of office space.
“It is on plan but it’s going to be done on gradual basis, in phases. We will start with phase 1A, B, C and then we build according to the needs,” Essa Kazim told reporters at a briefing.
DIFC is the major finance centre in the Middle East, hosting international banks, insurance companies and investment firms.
#SaudiArabia to hike oil output above 10 million bpd in April after OPEC+ deal collapse - Reuters
Saudi Arabia to hike oil output above 10 million bpd in April after OPEC+ deal collapse - Reuters:
Saudi Arabia, the world’s top oil exporter, plans to raise its crude oil production significantly above 10 million barrels per day (bpd) in April, after the collapse of the OPEC supply cut agreement with Russia, two sources told Reuters on Sunday.
Saudi Energy Minister Prince Abdulaziz bin Salman visited state oil giant Aramco on Saturday and asked the company to boost its crude output after the current OPEC+ cut deal expires at the end of March, the sources said.
On Saturday, Aramco slashed its official selling price (OSP) for April for all its crude grades to all destinations, after OPEC’s oil supply cut pact with Russia fell apart on Friday, sending oil into a tailspin.
The sources said that April’s production will be significantly higher than 10 million bpd, possibly closer to 11 million bpd.
Saudi Arabia, the world’s top oil exporter, plans to raise its crude oil production significantly above 10 million barrels per day (bpd) in April, after the collapse of the OPEC supply cut agreement with Russia, two sources told Reuters on Sunday.
Saudi Energy Minister Prince Abdulaziz bin Salman visited state oil giant Aramco on Saturday and asked the company to boost its crude output after the current OPEC+ cut deal expires at the end of March, the sources said.
On Saturday, Aramco slashed its official selling price (OSP) for April for all its crude grades to all destinations, after OPEC’s oil supply cut pact with Russia fell apart on Friday, sending oil into a tailspin.
The sources said that April’s production will be significantly higher than 10 million bpd, possibly closer to 11 million bpd.
Hospital operator NMC Health delays paying salaries to staff - Reuters
Hospital operator NMC Health delays paying salaries to staff - Reuters:
UAE-based hospital operator NMC Health (NMC.L) has delayed February salaries to its staff and now expects to make the payments before March 16.
“The company’s current expectation is that the February payroll will be completed before 16th March,” a spokesman for the company said in an email.
The company normally pays its staff by the 25th of each month, a source familiar with the matter told Reuters.
UAE-based hospital operator NMC Health (NMC.L) has delayed February salaries to its staff and now expects to make the payments before March 16.
“The company’s current expectation is that the February payroll will be completed before 16th March,” a spokesman for the company said in an email.
The company normally pays its staff by the 25th of each month, a source familiar with the matter told Reuters.
Aramco trades below IPO price for first time, after OPEC pact unravels - Reuters
Aramco trades below IPO price for first time, after OPEC pact unravels - Reuters:
Shares of Saudi state oil company Aramco 2222.SE slumped below their initial public offering (IPO) price on Sunday for the first time since they began trading in December, after OPEC’s pact with Russia to restrict oil supplies fell apart on Friday.
Aramco shares were down 6.2% at 30.85 riyals ($8.22) at 0852 GMT, their sharpest percentage fall in a day, and below the IPO price of 32 riyals. The Saudi market .TASI was down 7.4%.
Aramco’s record IPO in December gave it a price tag of $1.7 trillion, making it the world’s most valuable company. The stock hit an intraday high of 38.70 riyals on its second day of trading, but has eased since then.
The shares have fallen more than 11% since the start of the year amid concerns the coronavirus outbreak will slow oil demand from China and hurt the global economy.
Shares of Saudi state oil company Aramco 2222.SE slumped below their initial public offering (IPO) price on Sunday for the first time since they began trading in December, after OPEC’s pact with Russia to restrict oil supplies fell apart on Friday.
Aramco shares were down 6.2% at 30.85 riyals ($8.22) at 0852 GMT, their sharpest percentage fall in a day, and below the IPO price of 32 riyals. The Saudi market .TASI was down 7.4%.
Aramco’s record IPO in December gave it a price tag of $1.7 trillion, making it the world’s most valuable company. The stock hit an intraday high of 38.70 riyals on its second day of trading, but has eased since then.
The shares have fallen more than 11% since the start of the year amid concerns the coronavirus outbreak will slow oil demand from China and hurt the global economy.