BlackRock, Snam Said to Bid for Stake in Adnoc Gas Pipelines - Bloomberg:
BlackRock Inc., KKR & Co. and Italian infrastructure operator Snam SpA are among suitors that made initial bids for a stake in Abu Dhabi National Oil Co.’s natural gas pipelines, which could be valued at about $15 billion, people familiar with the matter said.
They’re competing with other bidders including Australian fund manager IFM Investors Pty and Ontario Teachers Pension Plan that submitted first-round offers in recent days, according to the people. Global Infrastructure Partners and Singapore sovereign fund GIC Pte have also expressed initial interest in acquiring a stake in the business, the people said, asking not to be identified because the information is private.
The Abu Dhabi state energy giant is deciding when to set a timeline for the next round of offers, the people said. Travel restrictions have made in-person meetings and due diligence visits more difficult, and other sale processes have been held up as tightening credit markets hampered bidders’ access to funding.
Some bidders are expected to team up as they proceed in the bidding, the people said. Adnoc is seeking to sell as much as 49% of the business through a lease structure, according to the
Saturday 21 March 2020
#Dubai, Middle Eastern News: Banks to Offer Relief Amid Virus - Bloomberg
Dubai, Middle Eastern News: Banks to Offer Relief Amid Virus - Bloomberg:
Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum asked local banks to offer companies relief measures including refinancing and repayment referrals, amid measures aimed to stifle the impact of the coronavirus on the economy.
Relief measures should prioritize key industries contributing to the Gulf nation’s economy and sectors most impacted by the coronavirus such as health care, aviation, hospitality and retail, according to a statement sent by the Dubai Media Office. Measures include “offering refinancing, repayment deferrals or lower repayments where required.”
From April 1 until June 30, Dubai-based banks will waive loan repayments for three months for individuals forced to take unpaid leave and small businesses. Also, the banks will reduce the minimum monthly balance for business accounts to 10,000 dirhams ($2,700).
Banks implementing those initiatives are Emirates NBD, Emirates Islamic, Dubai Islamic Bank, Mashreq Bank and Commercial Bank of Dubai.
Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum asked local banks to offer companies relief measures including refinancing and repayment referrals, amid measures aimed to stifle the impact of the coronavirus on the economy.
Relief measures should prioritize key industries contributing to the Gulf nation’s economy and sectors most impacted by the coronavirus such as health care, aviation, hospitality and retail, according to a statement sent by the Dubai Media Office. Measures include “offering refinancing, repayment deferrals or lower repayments where required.”
From April 1 until June 30, Dubai-based banks will waive loan repayments for three months for individuals forced to take unpaid leave and small businesses. Also, the banks will reduce the minimum monthly balance for business accounts to 10,000 dirhams ($2,700).
Banks implementing those initiatives are Emirates NBD, Emirates Islamic, Dubai Islamic Bank, Mashreq Bank and Commercial Bank of Dubai.
BRIEF- #UAE banks to ease pressure on customers hit by virus -WAM news agency - Reuters
BRIEF-UAE banks to ease pressure on customers hit by virus -WAM news agency - Reuters:
State news agency WAM:
* UAE’S EMIRATES NBD, DUBAI ISLAMIC, MASHREQBANK AND COMMERCIAL BANK OF DUBAI TAKE MEASURES TO EASE ECONOMIC PRESSURES ON CUSTOMERS DUE TO CORONAVIRUS FROM APRIL 1 TO JUNE 30
* PRIORITY IN GRANTING SUPPORT MEASURES FOR MAIN SECTORS THAT CONTRIBUTE TO STATE ECONOMY, INCLUDING HEALTHCARE, AVIATION, HOSPITALITY, RETAIL, EVENT MANAGEMENT, CONSUMER GOODS AND EDUCATION
* MEASURES FOR THE ABOVE SECTORS INCLUDE OPTION TO RESCHEDULE LOANS, DELAYING LOANS, OR REDUCING LOAN INSTALLMENTS IF NEEDED
* BANKS REDUCE MINIMUM REQUIRED BALANCE FOR BUSINESSES TO 10,000 DIRHAMS
* MEASURES ALSO INCLUDE GRANTING GRACE PERIOD OF UP TO THREE MONTHS TO CUSTOMERS WHO OBTAINED RETAIL LOANS AND WERE PLACED ON UNPAID LEAVE
* OTHER MEASURES INCLUDE SCRAPPING OR REDUCING FEES, INCLUDING SOME REAL ESTATE AND FOREIGN EXCHANGE FEES
Oil News: Demand Catastrophe Means the Price War is a Sideshow - Bloomberg
Oil News: Demand Catastrophe Means the Price War is a Sideshow - Bloomberg:
Imagine U.S. President Donald Trump makes a deal with Saudi Arabia and Russia to cut oil production. Envisage Washington, Moscow and Riyadh going big, each cutting by one million barrels a day. Bullish, right?
Now come back to the reality of today’s oil market, where demand is collapsing -- some traders say by 10 to 20 million barrels a day, or a fifth of global consumption -- as millions find themselves in lock-down or self-isolating, causing travel to grind to a halt.
“Demand has been decimated in the short term,” said Andy Hall, one of the most successful oil traders of his generation until he retired from day-to-day trading in 2017. It’s a widely held view among senior executives in the market.
Since dropping below $25 a barrel this week, an 18-year low, Brent crude has swung violently, with investors trying to assess the impact of OPEC+ output increases against falling demand due to measures to contain Covid-19. On four occasions in the past two weeks, Brent posted daily price swings of more than 10%.
Imagine U.S. President Donald Trump makes a deal with Saudi Arabia and Russia to cut oil production. Envisage Washington, Moscow and Riyadh going big, each cutting by one million barrels a day. Bullish, right?
Now come back to the reality of today’s oil market, where demand is collapsing -- some traders say by 10 to 20 million barrels a day, or a fifth of global consumption -- as millions find themselves in lock-down or self-isolating, causing travel to grind to a halt.
“Demand has been decimated in the short term,” said Andy Hall, one of the most successful oil traders of his generation until he retired from day-to-day trading in 2017. It’s a widely held view among senior executives in the market.
Since dropping below $25 a barrel this week, an 18-year low, Brent crude has swung violently, with investors trying to assess the impact of OPEC+ output increases against falling demand due to measures to contain Covid-19. On four occasions in the past two weeks, Brent posted daily price swings of more than 10%.