London’s Ritz Sold to Wife of Former Qatari Emir, Mail Reports - Bloomberg:
A wife of the former Emir of Qatar bought London’s Ritz Hotel, Britain’s Mail on Sunday newspaper reported, citing industry insiders without naming them.
The hotel was acquired by a money manager acting for Sheikha Moza bint Nasser, consort to Hamad bin Khalifa al-Thani, according to the report. Qatar’s royal al-Thani family own more than 100 luxury hotels worldwide through various investment entities, the newspaper said.
The Qataris are paying around 700 million pounds ($859 million) for the Ritz and an adjoining building, according to the report.
Qatar’s Government Communications Office didn’t immediately respond to an email requesting comment on the report
Billionaire twins
David and Frederick Barclay sold the Ritz, which occupies a prime frontage in London’s St James’ district, earlier this year for less than 800 million pounds, Bloomberg reported last month.
Sunday 5 April 2020
Oil prices under pressure from #Saudi-Russia dispute, but tariffs provide support - Reuters
Oil prices under pressure from Saudi-Russia dispute, but tariffs provide support - Reuters:
Global benchmark oil prices are expected to open lower on Monday, but the decline may be muted as the market maintains hope that top crude exporters Saudi Arabia and Russia will strike a deal to curb production at a meeting that was delayed until Thursday.
Prices may decline more gradually after Saudi Arabia sent a signal that a production cut deal may be ahead, and the U.S. has said it will put pressure on Saudi Arabia and its allies for such a deal.
“I don’t know that anyone is going to get too aggressively short before the meeting,” said Robert McNally, President of Rapidan Energy Group in Bethesda, Maryland.
Saudi Arabia’s decision to postpone its posting of the international prices for its crude for the first time indicates that it is not eager to flood the market with low-priced crude before a potential agreement. “That’s a pretty clear sign that they are open to cutting production in May,” McNally said.
Global benchmark oil prices are expected to open lower on Monday, but the decline may be muted as the market maintains hope that top crude exporters Saudi Arabia and Russia will strike a deal to curb production at a meeting that was delayed until Thursday.
Prices may decline more gradually after Saudi Arabia sent a signal that a production cut deal may be ahead, and the U.S. has said it will put pressure on Saudi Arabia and its allies for such a deal.
“I don’t know that anyone is going to get too aggressively short before the meeting,” said Robert McNally, President of Rapidan Energy Group in Bethesda, Maryland.
Saudi Arabia’s decision to postpone its posting of the international prices for its crude for the first time indicates that it is not eager to flood the market with low-priced crude before a potential agreement. “That’s a pretty clear sign that they are open to cutting production in May,” McNally said.
Oil News, OPEC+ Latest: Negotiations Over Crude Slump - Bloomberg
Oil News, OPEC+ Latest: Negotiations Over Crude Slump - Bloomberg:
Saudi Arabia, Russia and other oil large producers are racing to negotiate a deal to stem the historic price rout, as diplomats pressed to get the U.S. to join the coalition.
“President Putin and the Russian side in general are keen to engage in constructive negotiations, which is the only way to stabilize the international energy market,” Kremlin spokesman Dmitry Peskov said in a pre-recorded interview aired on state TV on Sunday. Failure would mean a collapse in prices.
The talks still face significant obstacles: a meeting of producers from OPEC+ and beyond -- delayed from Monday -- is only tentatively scheduled for Thursday as negotiators work against the clock. The aim, first revealed by President Donald Trump, is to cut oil production by about 10% -- the biggest ever coordinated reduction.
Oil has fallen 50% this year, as the economic effects of the pandemic have knocked out about a third of global demand. The price crash is so dramatic that it’s threatening the budgets and political stability of oil-dependent nations, the existence of U.S. shale producers, and jobs in an industry already in turmoil. Even the International Energy Agency, which represents nations that consume oil, is calling for action.
Saudi Arabia, Russia and other oil large producers are racing to negotiate a deal to stem the historic price rout, as diplomats pressed to get the U.S. to join the coalition.
“President Putin and the Russian side in general are keen to engage in constructive negotiations, which is the only way to stabilize the international energy market,” Kremlin spokesman Dmitry Peskov said in a pre-recorded interview aired on state TV on Sunday. Failure would mean a collapse in prices.
The talks still face significant obstacles: a meeting of producers from OPEC+ and beyond -- delayed from Monday -- is only tentatively scheduled for Thursday as negotiators work against the clock. The aim, first revealed by President Donald Trump, is to cut oil production by about 10% -- the biggest ever coordinated reduction.
Oil has fallen 50% this year, as the economic effects of the pandemic have knocked out about a third of global demand. The price crash is so dramatic that it’s threatening the budgets and political stability of oil-dependent nations, the existence of U.S. shale producers, and jobs in an industry already in turmoil. Even the International Energy Agency, which represents nations that consume oil, is calling for action.
Emirates Airline Seeks Billions in Loans After Virus Hit - Bloomberg
Bloomberg - Bloomberg:
Emirates is seeking to raise billions of dollars from loans after the coronavirus forced the airline to ground its passenger fleet, according to people with knowledge of the matter.
The carrier is reaching out to local and international banks, the people said, asking not to be identified because the information is private.
A spokesperson for Dubai-owned Emirates declined to comment.
Dubai’s government last week stepped in to shield the airline and said it would receive unspecified financial aid. Airlines around the world have grounded their fleets, laid off staff and requested government support for survival.
Emirates, whose fleet consists of all wide-body aircraft, had turned Dubai into a hub for global travel, typically operating more than 500 flights a day.
Emirates is seeking to raise billions of dollars from loans after the coronavirus forced the airline to ground its passenger fleet, according to people with knowledge of the matter.
The carrier is reaching out to local and international banks, the people said, asking not to be identified because the information is private.
A spokesperson for Dubai-owned Emirates declined to comment.
Dubai’s government last week stepped in to shield the airline and said it would receive unspecified financial aid. Airlines around the world have grounded their fleets, laid off staff and requested government support for survival.
Emirates, whose fleet consists of all wide-body aircraft, had turned Dubai into a hub for global travel, typically operating more than 500 flights a day.
NMC Health, Finablr News: ADCB Exposure Totals $1.16 Billion - Bloomberg
NMC Health, Finablr News: ADCB Exposure Totals $1.16 Billion - Bloomberg:
Abu Dhabi Commercial Bank PJSC said its combined exposure to troubled NMC Health Plc and Finablr Plc totaled $1.16 billion.
The lender’s exposure to payments firm Finablr, including UAE Exchange, was $182 million, according to a statement. The credit was extended by Abu Dhabi Commercial Bank, Al Hilal Bank and Union National Bank prior to their merger in May.
The bank said last week that it had about $981 million of exposure to London-listed NMC. The combined liabilities of NMC and Finablr to ADCB Group represent about 1% of the bank’s total assets.
London-listed Finablr is linked to NMC through its founder and cross-ownership. Both NMC and Finablr shares are suspended from trading in London.
Abu Dhabi Commercial Bank PJSC said its combined exposure to troubled NMC Health Plc and Finablr Plc totaled $1.16 billion.
The lender’s exposure to payments firm Finablr, including UAE Exchange, was $182 million, according to a statement. The credit was extended by Abu Dhabi Commercial Bank, Al Hilal Bank and Union National Bank prior to their merger in May.
The bank said last week that it had about $981 million of exposure to London-listed NMC. The combined liabilities of NMC and Finablr to ADCB Group represent about 1% of the bank’s total assets.
London-listed Finablr is linked to NMC through its founder and cross-ownership. Both NMC and Finablr shares are suspended from trading in London.
MIDEAST STOCKS-Most Gulf markets retreat on economic toll from virus - Reuters
MIDEAST STOCKS-Most Gulf markets retreat on economic toll from virus - Reuters:
Most Middle Eastern stock markets ended
lower on Sunday, with Dubai leading the losses, on mounting
fears of a deep recession due to the coronavirus pandemic.
The pandemic has brought the global economy to a standstill
and plunged the world into a recession that will be "way worse"
than the global financial crisis a decade ago, the head of the
International Monetary Fund said on Friday.
The index in Dubai, which has imposed a two-week
lockdown, dropped 2.4%, weighed down by a 4.8% fall in Dubai
Islamic Bank (DIN).
On Sunday, the sharia-compliant lender said it had a $541
million exposure to troubled hospital group NMC Health,
directly and through a unit, as UAE banks disclosed their
dealings with the firm after a lender asked for it to be put
into administration.
In Abu Dhabi, the index fell 2.2%, with the country's
largest lender First Abu Dhabi Bank declining 3.3% and
telecoms firm Etisalat down 1.3%.
Most Middle Eastern stock markets ended
lower on Sunday, with Dubai leading the losses, on mounting
fears of a deep recession due to the coronavirus pandemic.
The pandemic has brought the global economy to a standstill
and plunged the world into a recession that will be "way worse"
than the global financial crisis a decade ago, the head of the
International Monetary Fund said on Friday.
The index in Dubai, which has imposed a two-week
lockdown, dropped 2.4%, weighed down by a 4.8% fall in Dubai
Islamic Bank (DIN).
On Sunday, the sharia-compliant lender said it had a $541
million exposure to troubled hospital group NMC Health,
directly and through a unit, as UAE banks disclosed their
dealings with the firm after a lender asked for it to be put
into administration.
In Abu Dhabi, the index fell 2.2%, with the country's
largest lender First Abu Dhabi Bank declining 3.3% and
telecoms firm Etisalat down 1.3%.
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.
#SaudiArabia delays May crude prices until after OPEC+ meeting: Saudi source - Reuters
Saudi Arabia delays May crude prices until after OPEC+ meeting: Saudi source - Reuters:
Saudi Aramco (2222.SE) will delay the release of its crude official selling prices (OSP) for May until April 10 to wait for the outcome of a meeting between OPEC and its allies regarding possible output cuts, a senior Saudi source familiar with the matter said on Sunday.
“It is an unprecedented measure that has not been taken by Aramco before. May OSPs will depend on how the OPEC+ meeting concludes. We are doing what we can to make it successful, including taking this extraordinary step to delay the OSPs,” the Saudi source said.
Saudi Aramco typically issues its OSPs by the 5th of each month, setting the trend for Iranian, Kuwaiti and Iraqi prices and affecting more than 12 million barrels of oil per day bound for Asia. [CRU/OSP]
OPEC and allies led by Russia, a group known as OPEC+, are due to meet on Thursday to discuss a possible new global crude supply cut to end a price war between Saudi Arabia and Russia which has prompted U.S. President Donald Trump to intervene.
Saudi Aramco (2222.SE) will delay the release of its crude official selling prices (OSP) for May until April 10 to wait for the outcome of a meeting between OPEC and its allies regarding possible output cuts, a senior Saudi source familiar with the matter said on Sunday.
“It is an unprecedented measure that has not been taken by Aramco before. May OSPs will depend on how the OPEC+ meeting concludes. We are doing what we can to make it successful, including taking this extraordinary step to delay the OSPs,” the Saudi source said.
Saudi Aramco typically issues its OSPs by the 5th of each month, setting the trend for Iranian, Kuwaiti and Iraqi prices and affecting more than 12 million barrels of oil per day bound for Asia. [CRU/OSP]
OPEC and allies led by Russia, a group known as OPEC+, are due to meet on Thursday to discuss a possible new global crude supply cut to end a price war between Saudi Arabia and Russia which has prompted U.S. President Donald Trump to intervene.
#Dubai Islamic Slumps as NMC Exposure Risks Wiping 45% of Profit - Bloomberg
Dubai Islamic Slumps as NMC Exposure Risks Wiping 45% of Profit - Bloomberg:
Dubai Islamic Bank PJSC shares dropped the maximum allowed after the lender said it has $541 million of exposure to NMC Health Plc, which could wipe out almost half of its estimated profit for this year.
The Dubai-based bank had about $425 million of exposure at the end of March, while NMC owed its subsidiary Noor Bank about $116 million, according to a statement. With an estimated profit of 4.46 billion dirhams ($1.2 billion) this year, according to seven analyst forecasts, the exposure represents about 45% of its projected profit, according to Bloomberg calculations.
Dubai Islamic Bank said it’s now in talks with NMC’s other main creditors and advisers to ascertain the hospital operator’s financial position and address its governance and financial issues. The bank said it will work closely with all stakeholders to prioritize the preservation of the group’s healthcare operations.
The shares lost as much as 4.8% shortly after Dubai’s market opened.
Dubai Islamic Bank PJSC shares dropped the maximum allowed after the lender said it has $541 million of exposure to NMC Health Plc, which could wipe out almost half of its estimated profit for this year.
The Dubai-based bank had about $425 million of exposure at the end of March, while NMC owed its subsidiary Noor Bank about $116 million, according to a statement. With an estimated profit of 4.46 billion dirhams ($1.2 billion) this year, according to seven analyst forecasts, the exposure represents about 45% of its projected profit, according to Bloomberg calculations.
Dubai Islamic Bank said it’s now in talks with NMC’s other main creditors and advisers to ascertain the hospital operator’s financial position and address its governance and financial issues. The bank said it will work closely with all stakeholders to prioritize the preservation of the group’s healthcare operations.
The shares lost as much as 4.8% shortly after Dubai’s market opened.
#Saudi market outlook: As product prices sink, target prices of petchem stocks slashed | ZAWYA MENA Edition
Saudi market outlook: As product prices sink, target prices of petchem stocks slashed | ZAWYA MENA Edition:
Petrochemical prices are set to decline within a range of 15-20 percent in 2020 and no material recovery is seen until 2022, said Al Rajhi Capital in a note on the sector.
“While supply side pressures had been leading the decline in petchem prices in the past many quarters, now demand pressures due to the current pandemic have even more widened the gap,” said Pritish Devassy, head of equity research, at the investment bank said.
On the positive side, given their low-cost structures, Saudi petchems would be best positioned in the case of a recovery because of operating leverage relative to global chemical firms as well as other local sectors.
“Initially, exposure to China/ Asia Pacific was considered as key negative for petchems but given current state we expect China could lead the recovery and subsequently exposure to these nations could lead the early stages of growth in the recovery.”
Petrochemical prices are set to decline within a range of 15-20 percent in 2020 and no material recovery is seen until 2022, said Al Rajhi Capital in a note on the sector.
“While supply side pressures had been leading the decline in petchem prices in the past many quarters, now demand pressures due to the current pandemic have even more widened the gap,” said Pritish Devassy, head of equity research, at the investment bank said.
On the positive side, given their low-cost structures, Saudi petchems would be best positioned in the case of a recovery because of operating leverage relative to global chemical firms as well as other local sectors.
“Initially, exposure to China/ Asia Pacific was considered as key negative for petchems but given current state we expect China could lead the recovery and subsequently exposure to these nations could lead the early stages of growth in the recovery.”
MIDEAST STOCKS- #Saudi gains on oil price surge; others little changed - Reuters
MIDEAST STOCKS-Saudi gains on oil price surge; others little changed - Reuters:
Saudi Arabia’s stock market rose for a fourth straight session on Sunday after oil prices surged at the end of last week, while other major Gulf bourses were little changed in early trade.
Brent crude futures jumped 13.9%, or $4.17 a barrel on Friday to settle at $34.11. Brent soared as much as 47% on Thursday for its highest intraday percentage gain on record, closing up 21%.
On Thursday, oil staged its largest one-day rally in history on prospects for a cut in supply equivalent to anywhere from 10% to 15% of world demand.
Saudi Arabia’s benchmark index advanced 1% in early trade, led by a 2.1% rise in oil giant Saudi Aramco and a 2.8% increase in petrochemical firm Saudi Basic Industries .
Saudi Arabia’s stock market rose for a fourth straight session on Sunday after oil prices surged at the end of last week, while other major Gulf bourses were little changed in early trade.
Brent crude futures jumped 13.9%, or $4.17 a barrel on Friday to settle at $34.11. Brent soared as much as 47% on Thursday for its highest intraday percentage gain on record, closing up 21%.
On Thursday, oil staged its largest one-day rally in history on prospects for a cut in supply equivalent to anywhere from 10% to 15% of world demand.
Saudi Arabia’s benchmark index advanced 1% in early trade, led by a 2.1% rise in oil giant Saudi Aramco and a 2.8% increase in petrochemical firm Saudi Basic Industries .
RPT-Coronavirus hits already sluggish #UAE non-oil private sector in March - PMI - Reuters
RPT-Coronavirus hits already sluggish UAE non-oil private sector in March - PMI - Reuters:
The coronavirus pandemic in March accelerated the downturn in an already sluggish non-oil private sector in the United Arab Emirates (UAE), bringing business conditions there to their weakest level on record, a survey showed on Sunday.
The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI), which covers manufacturing and services, fell to 45.2 in March from 49.1 in February. Readings above 50 indicate expansion while those below point to contraction.
It was the biggest contraction on record, as travel and social restrictions aimed at containing the spread of the virus hurt businesses.
“New business volumes fell at a steep pace, driven by lower customer sales, reduced tourism and weaker trade as countries across the world closed borders,” said David Owen, economist at IHS Markit and author of the report.
The coronavirus pandemic in March accelerated the downturn in an already sluggish non-oil private sector in the United Arab Emirates (UAE), bringing business conditions there to their weakest level on record, a survey showed on Sunday.
The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI), which covers manufacturing and services, fell to 45.2 in March from 49.1 in February. Readings above 50 indicate expansion while those below point to contraction.
It was the biggest contraction on record, as travel and social restrictions aimed at containing the spread of the virus hurt businesses.
“New business volumes fell at a steep pace, driven by lower customer sales, reduced tourism and weaker trade as countries across the world closed borders,” said David Owen, economist at IHS Markit and author of the report.
RPT- #Saudi non-oil private sector hits decade-low on coronavirus - PMI - Reuters
RPT-Saudi non-oil private sector hits decade-low on coronavirus - PMI - Reuters:
Saudi Arabia’s non-oil private sector shrank in March at its fastest rate on record as emergency measures to contain the coronavirus outbreak dealt a heavy blow to business, a survey showed on Sunday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) fell to 42.4 in March - the biggest drop since the survey began in August 2009 - from 52.5 in February.
It was also the first time the headline index has fallen below the 50.0 mark that separates expansion from contraction.
As of April 2, Saudi Arabia had recorded 1,885 infections and 21 deaths, the most in the six-member Gulf Cooperation Council.
Saudi Arabia’s non-oil private sector shrank in March at its fastest rate on record as emergency measures to contain the coronavirus outbreak dealt a heavy blow to business, a survey showed on Sunday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) fell to 42.4 in March - the biggest drop since the survey began in August 2009 - from 52.5 in February.
It was also the first time the headline index has fallen below the 50.0 mark that separates expansion from contraction.
As of April 2, Saudi Arabia had recorded 1,885 infections and 21 deaths, the most in the six-member Gulf Cooperation Council.
#UAE central bank takes new anti-coronavirus steps, bringing stimulus to $70 billion - Reuters
UAE central bank takes new anti-coronavirus steps, bringing stimulus to $70 billion - Reuters:
The United Arab Emirates’ central bank said on Sunday it had reduced banks’ reserve requirements for demand deposits by 50% to support the country’s economy during the COVID-19 pandemic.
The aggregate value of all capital and liquidity measures adopted by the central bank since March 14 is 256 billion dirhams ($69.70 billion), the Central Bank of the United Arab Emirates (CBUAE) said in a statement.
The bank halved the reserves requirements for demand deposits for all banks to 7% from 14%, which it said will inject about 61 billion dirhams of liquidity to support banks’ lending and liquidity management.
The central bank also extended the duration of a previously announced stimulus package for affected retail businesses and corporates.
The United Arab Emirates’ central bank said on Sunday it had reduced banks’ reserve requirements for demand deposits by 50% to support the country’s economy during the COVID-19 pandemic.
The aggregate value of all capital and liquidity measures adopted by the central bank since March 14 is 256 billion dirhams ($69.70 billion), the Central Bank of the United Arab Emirates (CBUAE) said in a statement.
The bank halved the reserves requirements for demand deposits for all banks to 7% from 14%, which it said will inject about 61 billion dirhams of liquidity to support banks’ lending and liquidity management.
The central bank also extended the duration of a previously announced stimulus package for affected retail businesses and corporates.
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.
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