U.S. crude futures fall 2% at open - Reuters:
Benchmark U.S. crude fell 2% at open on Friday, coming off its biggest one-day gain in the previous session after President Donald Trump said he expected Saudi Arabia and Russia to announce a major oil production cut.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 1.8%, or 45 cents, at $24.87 at 2204 GMT, after having surged 24.7% on Thursday.
Thursday, 2 April 2020
Oil soars after Trump says Saudis and Russians to cut output - Reuters
Oil soars after Trump says Saudis and Russians to cut output - Reuters:
Crude prices soared on Thursday after U.S. President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.
Trump said he had spoken to Saudi Crown Prince Mohammed bin Salman, and expects Saudi Arabia and Russia to cut oil output by as much as 10 million to 15 million barrels, as the two countries signaled willingness to make a deal.
Trump did not specify barrels per day (bpd), but the market expresses demand and supply in those terms.
Saudi Arabia said it would call an emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC), Saudi state media reported. The Wall Street Journal reported that the kingdom would consider dropping output to roughly 9 million bpd, or about 3 million bpd less than what it planned on pumping in April.
Brent futures LCOc1 rose $4.44, or 18.0%, to $29.18 a barrel by 2:03 p.m. EDT (1803 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 rose $3.43, or 16.9%, to $23.74.
Crude prices soared on Thursday after U.S. President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.
Trump said he had spoken to Saudi Crown Prince Mohammed bin Salman, and expects Saudi Arabia and Russia to cut oil output by as much as 10 million to 15 million barrels, as the two countries signaled willingness to make a deal.
Trump did not specify barrels per day (bpd), but the market expresses demand and supply in those terms.
Saudi Arabia said it would call an emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC), Saudi state media reported. The Wall Street Journal reported that the kingdom would consider dropping output to roughly 9 million bpd, or about 3 million bpd less than what it planned on pumping in April.
Brent futures LCOc1 rose $4.44, or 18.0%, to $29.18 a barrel by 2:03 p.m. EDT (1803 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 rose $3.43, or 16.9%, to $23.74.
Petrofac seeks redundancies, considers salary cuts - email - Reuters
Petrofac seeks redundancies, considers salary cuts - email - Reuters:
Oilfield services provider Petrofac is launching a redundancy programme that it expects will end up reducing staff numbers by 20% as it seeks to cope with plunging oil prices, according to a source and an internal email seen by Reuters.
The Britain-based company, which said redundancies would be voluntary but could become compulsory if not enough people took up the offer, said it might also consider reducing base salaries by at least 10% for many employees.
“The oil price slump can be expected to have a considerable impact on demand for our services in the short and medium term,” Petrofac Group Chief Executive Ayman Asfari wrote in the email sent to staff on Thursday.
“We must act immediately and decisively to protect the future of our business,” he wrote.
Oilfield services provider Petrofac is launching a redundancy programme that it expects will end up reducing staff numbers by 20% as it seeks to cope with plunging oil prices, according to a source and an internal email seen by Reuters.
The Britain-based company, which said redundancies would be voluntary but could become compulsory if not enough people took up the offer, said it might also consider reducing base salaries by at least 10% for many employees.
“The oil price slump can be expected to have a considerable impact on demand for our services in the short and medium term,” Petrofac Group Chief Executive Ayman Asfari wrote in the email sent to staff on Thursday.
“We must act immediately and decisively to protect the future of our business,” he wrote.
#SaudiArabia calls for an urgent OPEC+ meeting to rebalance oil markets - Saudi Gazette
Saudi Arabia calls for an urgent OPEC+ meeting to rebalance oil markets - Saudi Gazette:
Saudi Arabia called for an urgent meeting of OPEC+ and a group of other countries, with the aim of seeking a fair agreement that will restore balance to the oil markets, Saudi Press Agency (SPA) reported.
According to the report, the call for the meeting comes in the framework of the Kingdom's constant efforts to support the global economy in this exceptional circumstance.
The meeting was called also in appreciation of the US President Donald Trump request and the request of other friends in the United States.
The report pointed out the efforts made by Saudi Arabia during the past period to reach an agreement within the (OPEC+) group to restore balance in the oil market, as it managed to draw support for a deal from 22 countries (OPEC+).
Saudi Arabia called for an urgent meeting of OPEC+ and a group of other countries, with the aim of seeking a fair agreement that will restore balance to the oil markets, Saudi Press Agency (SPA) reported.
According to the report, the call for the meeting comes in the framework of the Kingdom's constant efforts to support the global economy in this exceptional circumstance.
The meeting was called also in appreciation of the US President Donald Trump request and the request of other friends in the United States.
The report pointed out the efforts made by Saudi Arabia during the past period to reach an agreement within the (OPEC+) group to restore balance in the oil market, as it managed to draw support for a deal from 22 countries (OPEC+).
Exclusive: Trump does not plan to ask U.S. oil producers for coordinated cuts - official - Reuters
Exclusive: Trump does not plan to ask U.S. oil producers for coordinated cuts - official - Reuters:
The United States does not know formal details of Saudi Arabian and Russian plans to reduce oil supply yet and will not ask U.S. domestic oil producers to chip in with their own cuts, a senior administration official told Reuters on Thursday.
Earlier, President Donald Trump said in a tweet that he expected Saudi Arabia and Russia to cut approximately 10 million barrels from daily production, a comment that sparked a jump in oil prices following weeks of steep declines.
The official said details of planned reductions remained unclear, but a big cut was expected.
Trump was set to meet with leaders of U.S. oil companies on Friday. He will discuss domestic production cuts but will not ask executives to agree on a coordinated drop in supplies, said the official, who spoke on condition of anonymity.
The United States does not know formal details of Saudi Arabian and Russian plans to reduce oil supply yet and will not ask U.S. domestic oil producers to chip in with their own cuts, a senior administration official told Reuters on Thursday.
Earlier, President Donald Trump said in a tweet that he expected Saudi Arabia and Russia to cut approximately 10 million barrels from daily production, a comment that sparked a jump in oil prices following weeks of steep declines.
The official said details of planned reductions remained unclear, but a big cut was expected.
Trump was set to meet with leaders of U.S. oil companies on Friday. He will discuss domestic production cuts but will not ask executives to agree on a coordinated drop in supplies, said the official, who spoke on condition of anonymity.
#Saudi Telecom Delays $2 Billion-Debt Talks for Vodafone Deal - Bloomberg
Saudi Telecom Delays $2 Billion-Debt Talks for Vodafone Deal - Bloomberg:
Saudi Telecom Co. has postponed talks to raise debt to fund the acquisition of Vodafone Group Plc’s stake in its Egyptian business because of the coronavirus outbreak, according to people with knowledge of the matter.
Work on the acquisition is still continuing and the kingdom’s largest telecoms operator may resume negotiations with banks for a loan of more than $2 billion once things have settled, the people said, asking not to be identified because the information is private. Talks started before the virus rapidly spread and shutdown a swathe of global economies, they said.
The company is also considering other financing options, one of the people said.
Saudi Telecom agreed in January to pay $2.39 billion for Vodafone’s Egyptian business as part of an expansion outside its home market. Vodafone Egypt has a market share of about 44% of the North African country.
Saudi Telecom Co. has postponed talks to raise debt to fund the acquisition of Vodafone Group Plc’s stake in its Egyptian business because of the coronavirus outbreak, according to people with knowledge of the matter.
Work on the acquisition is still continuing and the kingdom’s largest telecoms operator may resume negotiations with banks for a loan of more than $2 billion once things have settled, the people said, asking not to be identified because the information is private. Talks started before the virus rapidly spread and shutdown a swathe of global economies, they said.
The company is also considering other financing options, one of the people said.
Saudi Telecom agreed in January to pay $2.39 billion for Vodafone’s Egyptian business as part of an expansion outside its home market. Vodafone Egypt has a market share of about 44% of the North African country.
Benchmark Brent's record $10 discount gives oil market reality check - Reuters
Benchmark Brent's record $10 discount gives oil market reality check - Reuters:
U.S. President Donald Trump’s confidence he can get a deal to limit a global oil glut has driven world crude futures higher.
But he cannot talk up the underlying physical market that shows the full extent of the demand destruction following the coronavirus outbreak.
The Brent crude oil benchmark, used to price more than half the world’s physical crude cargoes, has dropped to a record discount to Brent oil futures of about a $10 per barrel.
Whatever oil producers decide on supply, demand destruction caused by lockdowns to contain the novel coronavirus is so significant the world will soon run out of storage space for millions of barrels of surplus oil.
Estimates of oil demand destruction range between 20 million and 30 million barrels per day (bpd), or roughly a third of global daily oil demand.
Physical dated Brent was priced at $15 a barrel on Wednesday after the Brent futures contract, a financial instrument used to price oil for future delivery, settled at $24.74 a barrel, Refinitiv data showed.
U.S. President Donald Trump’s confidence he can get a deal to limit a global oil glut has driven world crude futures higher.
But he cannot talk up the underlying physical market that shows the full extent of the demand destruction following the coronavirus outbreak.
The Brent crude oil benchmark, used to price more than half the world’s physical crude cargoes, has dropped to a record discount to Brent oil futures of about a $10 per barrel.
Whatever oil producers decide on supply, demand destruction caused by lockdowns to contain the novel coronavirus is so significant the world will soon run out of storage space for millions of barrels of surplus oil.
Estimates of oil demand destruction range between 20 million and 30 million barrels per day (bpd), or roughly a third of global daily oil demand.
Physical dated Brent was priced at $15 a barrel on Wednesday after the Brent futures contract, a financial instrument used to price oil for future delivery, settled at $24.74 a barrel, Refinitiv data showed.
Oil soars by most on record after Trump says Saudis and Russians to cut output - Reuters
Oil soars by most on record after Trump says Saudis and Russians to cut output - Reuters:
Oil prices soared over 30% - on track for the most in a day on record - following reports U.S. President Donald Trump expects Russian President Putin and the Saudi Crown Prince to announce an oil production cut of 10 million to 15 million barrels.
Brent futures rose $8.04, or 33%, to $32.78 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $6.62, or 33%, to $26.93.
That puts Brent on track for its biggest one-day gain on record.
Oil prices soared over 30% - on track for the most in a day on record - following reports U.S. President Donald Trump expects Russian President Putin and the Saudi Crown Prince to announce an oil production cut of 10 million to 15 million barrels.
Brent futures rose $8.04, or 33%, to $32.78 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $6.62, or 33%, to $26.93.
That puts Brent on track for its biggest one-day gain on record.
Middle East, #Kuwait Coronavirus News: Central Bank on Liquidity - Bloomberg
Middle East, Kuwait Coronavirus News: Central Bank on Liquidity - Bloomberg:
Kuwait’s central bank reduced capital adequacy requirements for banks by 2.5%, and eased the risk weighting for small and medium-sized enterprises to 25% from 75% to provide extra liquidity for vital parts of the economy through the coronavirus outbreak.
Kuwait’s central bank reduced capital adequacy requirements for banks by 2.5%, and eased the risk weighting for small and medium-sized enterprises to 25% from 75% to provide extra liquidity for vital parts of the economy through the coronavirus outbreak.
- The central bank also increased banks’ maximum available lending limit to 100% from 90%
- Raised the allowable percentage of financing for residential developments according to the value of the real estate or cost of development
- Measures are to give banks flexibility to offer more loans; central bank said it would take further measures if necessary
#Qatar News: Plans to Raise $5 Billion in Bond Market on Oil Rout - Bloomberg
Qatar News: Plans to Raise $5 Billion in Bond Market on Oil Rout - Bloomberg:
Qatar, the world’s biggest exporter of liquefied natural gas, hired banks to raise more than $5 billion in bonds as early as next week to shore up its finances against the global coronavirus pandemic and oil-price war.
The gas-rich Gulf state mandated banks including Standard Chartered Plc, JPMorgan Chase & Co., Barclays Plc and Deutsche Bank AG for the sale, according to people with knowledge of the matter who asked not to be identified because the discussions are private.
The nation is planning the bond to support its finances as low oil prices and the impact of the coronavirus pandemic weighs on Gulf Arab states, one of the people said. Gas prices are closely tied to the cost of oil, which has dropped more than 50% over the past month.
No final decision on the timing of the sale has been made and the country may decide against the sale depending on market conditions. A representative at Qatar’s Ministry of Finance didn’t immediately respond to requests for comment.
Qatar, the world’s biggest exporter of liquefied natural gas, hired banks to raise more than $5 billion in bonds as early as next week to shore up its finances against the global coronavirus pandemic and oil-price war.
The gas-rich Gulf state mandated banks including Standard Chartered Plc, JPMorgan Chase & Co., Barclays Plc and Deutsche Bank AG for the sale, according to people with knowledge of the matter who asked not to be identified because the discussions are private.
The nation is planning the bond to support its finances as low oil prices and the impact of the coronavirus pandemic weighs on Gulf Arab states, one of the people said. Gas prices are closely tied to the cost of oil, which has dropped more than 50% over the past month.
No final decision on the timing of the sale has been made and the country may decide against the sale depending on market conditions. A representative at Qatar’s Ministry of Finance didn’t immediately respond to requests for comment.
UPDATE 1-Middle East, Africa governments need to act faster to protect airlines - IATA - Reuters
UPDATE 1-Middle East, Africa governments need to act faster to protect airlines - IATA - Reuters:
Middle Eastern and African governments must act faster to protect their airlines, the International Air Transport Association said on Thursday, warning their losses from the coronavirus pandemic had risen to $23 billion.
Several states have stepped in to help their airlines that have seen demand decimated by the global outbreak, such as the United States, Singapore and Australia, though few in the Middle East and Africa have made their intentions clear.
“The whole industry is going through one of its darkest moments of history,” IATA Africa and Middle East Vice President Muhaammad Ali Albakri said in an online press briefing.
“This is why countries who realise the importance of this industry have stepped forward (and are) pumping billions to save those airlines. We’re hoping that countries in Africa and the Middle East follow suit.”
Middle Eastern and African governments must act faster to protect their airlines, the International Air Transport Association said on Thursday, warning their losses from the coronavirus pandemic had risen to $23 billion.
Several states have stepped in to help their airlines that have seen demand decimated by the global outbreak, such as the United States, Singapore and Australia, though few in the Middle East and Africa have made their intentions clear.
“The whole industry is going through one of its darkest moments of history,” IATA Africa and Middle East Vice President Muhaammad Ali Albakri said in an online press briefing.
“This is why countries who realise the importance of this industry have stepped forward (and are) pumping billions to save those airlines. We’re hoping that countries in Africa and the Middle East follow suit.”
#UAE appoints Abdulhamid Saeed as new central bank governor - government office - Reuters
UAE appoints Abdulhamid Saeed as new central bank governor - government office - Reuters:
The United Arab Emirates’ president appointed Abdulhamid Saeed as the new central bank governor, the government communication office said in a Twitter post on Thursday.
Saeed is replacing Mubarak Rashid al-Mansouri who has been at the helm of the institution since 2014.
The UAE’s monetary policy is closely linked to that of the U.S. Federal Reserve due to a long-standing dirham currency peg to the dollar.
The United Arab Emirates’ president appointed Abdulhamid Saeed as the new central bank governor, the government communication office said in a Twitter post on Thursday.
Saeed is replacing Mubarak Rashid al-Mansouri who has been at the helm of the institution since 2014.
The UAE’s monetary policy is closely linked to that of the U.S. Federal Reserve due to a long-standing dirham currency peg to the dollar.
Russia does not rule out returning to oil talks with #SaudiArabia - Reuters
Russia does not rule out returning to oil talks with Saudi Arabia - Reuters:
Russian Energy Minister Alexander Novak said on Thursday that Moscow may return to oil talks with Saudi Arabia.
Speaking to Echo Moskvy radio station he also said that Russia would continue discussions with the United States on oil markets.
Russian Energy Minister Alexander Novak said on Thursday that Moscow may return to oil talks with Saudi Arabia.
Speaking to Echo Moskvy radio station he also said that Russia would continue discussions with the United States on oil markets.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Russia has no plans to increase oil output: Energy Minister - Reuters
Russia has no plans to increase oil output: Energy Minister - Reuters:
Russia has no plans to crank up its oil output because the market is already oversupplied, even though a deal with OPEC to curb production has expired, Energy Minister Alexander Novak told Reuters on Thursday.
Data from the ministry released on Thursday by Interfax also showed that Russian oil production was 11.29 million barrels per day (bpd) in March, unchanged from a month earlier.
International crude prices have fallen about 50% to under $26 a barrel since the Organization of the Petroleum Exporting Countries (OPEC) and other large oil producers led by Russia failed last month to extend their output deal.
However, prices jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach an agreement soon to end their battle for market share.
Russia has no plans to crank up its oil output because the market is already oversupplied, even though a deal with OPEC to curb production has expired, Energy Minister Alexander Novak told Reuters on Thursday.
Data from the ministry released on Thursday by Interfax also showed that Russian oil production was 11.29 million barrels per day (bpd) in March, unchanged from a month earlier.
International crude prices have fallen about 50% to under $26 a barrel since the Organization of the Petroleum Exporting Countries (OPEC) and other large oil producers led by Russia failed last month to extend their output deal.
However, prices jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach an agreement soon to end their battle for market share.
Oil jumps as Trump talks up truce hopes for Saudi-Russia price war - Reuters
Oil jumps as Trump talks up truce hopes for Saudi-Russia price war - Reuters:
Crude oil futures jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war.
Brent crude futures rose more than 11% in early trade. By 1132 GMT, Brent was up 10.75%, or $2.66, to $27.40, while U.S. West Texas Intermediate (WTI) crude futures rose 10.09% or $2.05, to $22.36.
Trump said he had talked recently with the leaders of both Russia and Saudi Arabia and believed the two countries would make a deal to end their price war within a “few days” - lowering production and bringing prices back up.
Trump also said he had invited U.S. oil executives to the White House to discuss ways to help the industry “ravaged” by slumping energy demand during the coronavirus outbreak and the Saudi Arabia/Russia price war.
Crude oil futures jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war.
Brent crude futures rose more than 11% in early trade. By 1132 GMT, Brent was up 10.75%, or $2.66, to $27.40, while U.S. West Texas Intermediate (WTI) crude futures rose 10.09% or $2.05, to $22.36.
Trump said he had talked recently with the leaders of both Russia and Saudi Arabia and believed the two countries would make a deal to end their price war within a “few days” - lowering production and bringing prices back up.
Trump also said he had invited U.S. oil executives to the White House to discuss ways to help the industry “ravaged” by slumping energy demand during the coronavirus outbreak and the Saudi Arabia/Russia price war.
MIDEAST STOCKS-Oil surge lifts most Gulf stock markets; #AbuDhabi falls | Nasdaq
MIDEAST STOCKS-Oil surge lifts most Gulf stock markets; Abu Dhabi falls | Nasdaq:
Most Gulf stock markets rose on Thursday, as crude oil futures surged on hopes for a deal to end the price war between Saudi Arabia and Russia, although mounting fears of a deep global recession due to the coronavirus outbreak weighed on sentiment.
Brent crude LCOc1 futures jumped 11.36%, or $2.81, to $27.55 by 0701 GMT, after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their price war and Russian President Vladimir Putin called for a solution to "challenging" oil markets.
Saudi Arabia's benchmark stock index .TASI advanced 1.5%, led by a 2.8% rise in oil giant Saudi Aramco 2222.SE.
Petrochemical stocks also made solid gains, with Saudi Basic Industries 2010.SE climbing 3.3% and Rabigh Refining and Petrochemical 2380.SE jumping 6.3%.
Saudi Arabia's crude supply rose on Wednesday to a record of more than 12 million barrels per day, two industry sources said, despite a plunge in demand triggered by the virus outbreak and U.S. pressure on the kingdom to stop flooding the market.
Most Gulf stock markets rose on Thursday, as crude oil futures surged on hopes for a deal to end the price war between Saudi Arabia and Russia, although mounting fears of a deep global recession due to the coronavirus outbreak weighed on sentiment.
Brent crude LCOc1 futures jumped 11.36%, or $2.81, to $27.55 by 0701 GMT, after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their price war and Russian President Vladimir Putin called for a solution to "challenging" oil markets.
Saudi Arabia's benchmark stock index .TASI advanced 1.5%, led by a 2.8% rise in oil giant Saudi Aramco 2222.SE.
Petrochemical stocks also made solid gains, with Saudi Basic Industries 2010.SE climbing 3.3% and Rabigh Refining and Petrochemical 2380.SE jumping 6.3%.
Saudi Arabia's crude supply rose on Wednesday to a record of more than 12 million barrels per day, two industry sources said, despite a plunge in demand triggered by the virus outbreak and U.S. pressure on the kingdom to stop flooding the market.
#UAE News: #AbuDhabi Bank Exposure to NMC Health is $981 Million - Bloomberg
UAE News: Abu Dhabi Bank Exposure to NMC Health is $981 Million - Bloomberg:
Abu Dhabi Commercial Bank PJSC’s $981 million of exposure to troubled hospital operator NMC Health Plc risks wiping out more than 80% of the lender’s estimated profit for this year.
The liabilities as of the end of March represented less than 1% of the bank’s total assets, according to a statement. With an estimated profit of 4.35 billion dirhams ($1.18 billion) this year, according to four analyst forecasts, the exposure represents about 82% of projected profit, according to Bloomberg calculations. It also represents about 1.44% of 250 billion dirhams of net loans.
Abu Dhabi Commercial Bank is seen as one of the biggest creditors to NMC, people with knowledge of the matter said on Tuesday. It’s also a lender to payments firm Finablr Plc, which is linked to NMC through its founder and cross-ownership, the people said. The bank is said to be working with Lazard Ltd. to try to recover some of the funds from the struggling companies.
The credit was provided to London-listed NMC through a combination of facilities by ADCB, as well as by Union National Bank and Al Hilal Bank prior to the merger of the three banks last year, it said.
Abu Dhabi Commercial Bank PJSC’s $981 million of exposure to troubled hospital operator NMC Health Plc risks wiping out more than 80% of the lender’s estimated profit for this year.
The liabilities as of the end of March represented less than 1% of the bank’s total assets, according to a statement. With an estimated profit of 4.35 billion dirhams ($1.18 billion) this year, according to four analyst forecasts, the exposure represents about 82% of projected profit, according to Bloomberg calculations. It also represents about 1.44% of 250 billion dirhams of net loans.
Abu Dhabi Commercial Bank is seen as one of the biggest creditors to NMC, people with knowledge of the matter said on Tuesday. It’s also a lender to payments firm Finablr Plc, which is linked to NMC through its founder and cross-ownership, the people said. The bank is said to be working with Lazard Ltd. to try to recover some of the funds from the struggling companies.
The credit was provided to London-listed NMC through a combination of facilities by ADCB, as well as by Union National Bank and Al Hilal Bank prior to the merger of the three banks last year, it said.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
#AbuDhabi Commercial Bank in talks with NMC Health over $981 million debt exposure - Reuters
Abu Dhabi Commercial Bank in talks with NMC Health over $981 million debt exposure - Reuters:
Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is in talks with troubled UAE hospital operator NMC Health (NMC.L) to tackle the company’s financial defaults, the bank said on Thursday.
ADCB has an exposure of about $981 million (792.02 million pounds) to NMC, which represents less than 1% of the bank’s total assets, it said.
“The bank has initiated discussions with the NMC Health Group and other substantial creditors to implement appropriate solutions to address the company’s financial defaults, governance and other issues,” it said in a bourse filing.
London-listed NMC, which could not be immediately reached for comment, has recently revised its debt position to $6.6 billion, much higher than earlier estimated.
Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is in talks with troubled UAE hospital operator NMC Health (NMC.L) to tackle the company’s financial defaults, the bank said on Thursday.
ADCB has an exposure of about $981 million (792.02 million pounds) to NMC, which represents less than 1% of the bank’s total assets, it said.
“The bank has initiated discussions with the NMC Health Group and other substantial creditors to implement appropriate solutions to address the company’s financial defaults, governance and other issues,” it said in a bourse filing.
London-listed NMC, which could not be immediately reached for comment, has recently revised its debt position to $6.6 billion, much higher than earlier estimated.
Oil rallies as Trump talks up truce hopes for #Saudi-Russia price war - Reuters
Oil rallies as Trump talks up truce hopes for Saudi-Russia price war - Reuters:
Crude oil futures jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to “challenging” oil markets.
Brent crude futures rose 11.36%, or $2.81, to $27.55 as of 0701 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased 10.0% or $2.03, at $22.34.
Trump said he had talked recently with the leaders of both Russia and Saudi Arabia and believed the two countries would make a deal to end their price war within a “few days” - lowering production and bringing prices back up.
Trump also said he has invited U.S. oil executives to the White House to discuss ways to help the industry “ravaged” by slumping energy demand during the coronavirus outbreak and a price war between Saudi Arabia and Russia.
Crude oil futures jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to “challenging” oil markets.
Brent crude futures rose 11.36%, or $2.81, to $27.55 as of 0701 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased 10.0% or $2.03, at $22.34.
Trump said he had talked recently with the leaders of both Russia and Saudi Arabia and believed the two countries would make a deal to end their price war within a “few days” - lowering production and bringing prices back up.
Trump also said he has invited U.S. oil executives to the White House to discuss ways to help the industry “ravaged” by slumping energy demand during the coronavirus outbreak and a price war between Saudi Arabia and Russia.