Oil drops on growing crude glut, doubts over output cuts - Reuters:
Oil slumped on Tuesday in the face of swelling crude supplies and weak fuel demand due to the coronavirus pandemic, while investors also grew cautious over expectations that the world’s biggest producers would quickly agree on output cuts.
West Texas Intermediate (WTI) crude CLc1 futures settled $2.45, or 9.4%, lower at $23.63 a barrel, accelerating their losses late in the day. Brent crude futures LCOc1 settled at $31.87 a barrel, losing $1.18, or 3.6%.
The decline accelerated ahead of weekly U.S. inventory reports that analysts expect to show a 9.3 million-barrel build in crude oil and a surge in refined products in storage.
Tuesday 7 April 2020
Counting Costs of Coronavirus Contagion in Middle East: Chart - Bloomberg
Counting Costs of Coronavirus Contagion in Middle East: Chart - Bloomberg:
The number of coronavirus cases in the Middle East is rising and the curve is not flattening yet -- cases have doubled in the last week and nearly tripled in less than three weeks. The economic costs have started to show up in the data, according to Bloomberg Economics. The Purchasing Managers’ Index, a gauge of business sentiment, fell sharply in March in the six countries that publish it, and in half of these, it hit a record low.
The number of coronavirus cases in the Middle East is rising and the curve is not flattening yet -- cases have doubled in the last week and nearly tripled in less than three weeks. The economic costs have started to show up in the data, according to Bloomberg Economics. The Purchasing Managers’ Index, a gauge of business sentiment, fell sharply in March in the six countries that publish it, and in half of these, it hit a record low.
Credit Suisse Tapped Rich Clients to Boost Lending in Rout - Bloomberg
Credit Suisse Tapped Rich Clients to Boost Lending in Rout - Bloomberg:
Credit Suisse Group AG turned to its own ultra-high-net-worth clients to bolster its ability to lend as markets sank last month and companies started drawing down credit lines to weather the coronavirus pandemic.
Institutional clients, family offices and billionaires were offered notes that pay a 2% interest on money that’s kept with the Swiss lender for a least a year, according to a person familiar with the matter. The notes, described as structured products, were issued in the first weeks of March to shore up lending capacity as coronavirus infection rates began to rise sharply, the person said, asking not to be identified as the deals were private.
Issuing notes is one more way for Credit Suisse and other firms to underpin lending after corporate clients rapidly drew down credit lines to ensure they have cash to pay suppliers and employees through the crisis. European regulators have allowed banks to tap their capital buffers and encouraged them to be flexible when accounting for soured loans, to ensure credit keeps flowing as entire economies go into lockdown.
Credit Suisse Group AG turned to its own ultra-high-net-worth clients to bolster its ability to lend as markets sank last month and companies started drawing down credit lines to weather the coronavirus pandemic.
Institutional clients, family offices and billionaires were offered notes that pay a 2% interest on money that’s kept with the Swiss lender for a least a year, according to a person familiar with the matter. The notes, described as structured products, were issued in the first weeks of March to shore up lending capacity as coronavirus infection rates began to rise sharply, the person said, asking not to be identified as the deals were private.
Issuing notes is one more way for Credit Suisse and other firms to underpin lending after corporate clients rapidly drew down credit lines to ensure they have cash to pay suppliers and employees through the crisis. European regulators have allowed banks to tap their capital buffers and encouraged them to be flexible when accounting for soured loans, to ensure credit keeps flowing as entire economies go into lockdown.
#Saudi Fund’s Bargain Buy of Carnival May Turn Out to Be Pricey - Bloomberg
Saudi Fund’s Bargain Buy of Carnival May Turn Out to Be Pricey - Bloomberg:
Even after a 20% jump in Carnival Corp. shares, Saudi Arabia’s bet on the world’s biggest cruise operator is still in the red.
The kingdom’s sovereign wealth fund had built an 8.2% stake in Carnival by March 26, when the stock closed at $17.82, valuing the holding at about $775 million. The shares ended the day Monday, when the Saudi purchase was disclosed, at $10.21.
Carnival also announced a stock offering on April 1 that priced new shares at $8 each.
Saudi Arabia’s $320 billion sovereign wealth fund, run by Governor Yasir Al-Rumayyan and controlled by Crown Prince Mohammed bin Salman, has made a series of bold investments in recent years.
Even after a 20% jump in Carnival Corp. shares, Saudi Arabia’s bet on the world’s biggest cruise operator is still in the red.
The kingdom’s sovereign wealth fund had built an 8.2% stake in Carnival by March 26, when the stock closed at $17.82, valuing the holding at about $775 million. The shares ended the day Monday, when the Saudi purchase was disclosed, at $10.21.
Carnival also announced a stock offering on April 1 that priced new shares at $8 each.
Saudi Arabia’s $320 billion sovereign wealth fund, run by Governor Yasir Al-Rumayyan and controlled by Crown Prince Mohammed bin Salman, has made a series of bold investments in recent years.
#UAE's stimulus to support bank liquidity; increase potential problem loans - Moody's | ZAWYA MENA Edition
UAE's stimulus to support bank liquidity; increase potential problem loans - Moody's | ZAWYA MENA Edition:
The UAE central bank’s additional measures to foster the economy will support the banks' liquidity and limit their likely material asset quality deterioration, but will increase potential for problem loan formation, Moody's said on Tuesday.
The central bank on Sunday announced a new stimulus package to support the economy during the coronavirus pandemic. The package increased the size of its Targeted Economic Support Scheme to AED256 billion ($70 billion, or around 17 percent of the country's GDP) from 100 billion dirhams.
The additional measures include a relaxation of a liquidity buffer requirement that will release $26 billion in liquidity; a cash reserve requirement reduction that will inject $17 billion of liquidity; and the introduction of transitional arrangements for the accounting of expected credit losses.
The $70 billion scheme now equals 16 percent of UAE banks’ domestic credit and 8 percent of their total assets as of February 2020.
The UAE central bank’s additional measures to foster the economy will support the banks' liquidity and limit their likely material asset quality deterioration, but will increase potential for problem loan formation, Moody's said on Tuesday.
The central bank on Sunday announced a new stimulus package to support the economy during the coronavirus pandemic. The package increased the size of its Targeted Economic Support Scheme to AED256 billion ($70 billion, or around 17 percent of the country's GDP) from 100 billion dirhams.
The additional measures include a relaxation of a liquidity buffer requirement that will release $26 billion in liquidity; a cash reserve requirement reduction that will inject $17 billion of liquidity; and the introduction of transitional arrangements for the accounting of expected credit losses.
The $70 billion scheme now equals 16 percent of UAE banks’ domestic credit and 8 percent of their total assets as of February 2020.
UPDATE 4- #Qatar sells $10 bln bonds as it postpones project spending - Reuters
UPDATE 4-Qatar sells $10 bln bonds as it postpones project spending - Reuters:
Qatar sold $10 billion in bonds in tranches of 5, 10, and 30 years on Tuesday, the first Gulf state to raise cash in the debt markets against a backdrop of low oil prices and market uncertainty caused by the coronavirus pandemic.
The deal received over $44 billion in demand, two sources said, in a sign of strong investor appetite despite a plunge in crude prices that pushed up borrowing costs for governments of the oil-producing region.
A Dubai-based fund manager said that the deal was “successful” given its size.
“They had to probably pay up relative to a normal environment, but you have to expect something like that in these current circumstances,” the manager said.
Qatar sold $10 billion in bonds in tranches of 5, 10, and 30 years on Tuesday, the first Gulf state to raise cash in the debt markets against a backdrop of low oil prices and market uncertainty caused by the coronavirus pandemic.
The deal received over $44 billion in demand, two sources said, in a sign of strong investor appetite despite a plunge in crude prices that pushed up borrowing costs for governments of the oil-producing region.
A Dubai-based fund manager said that the deal was “successful” given its size.
“They had to probably pay up relative to a normal environment, but you have to expect something like that in these current circumstances,” the manager said.
COLUMN-Renewable energy wins over oil and gas in post-coronavirus world: Russell - Reuters
COLUMN-Renewable energy wins over oil and gas in post-coronavirus world: Russell - Reuters:
Imagine waking up one morning with a deadly tiger snake in your bed. To make matters worse out of the window you notice an approaching bushfire.
Both are a threat to your life, but you are going to deal with the imminent danger of the snake first, and then tackle the more distant but still serious fire. It’s the same with the new coronavirus and climate change.
Since the rapid spread of the coronavirus beyond its origin in China and the social and economic havoc it’s wreaking across the globe, it may seem that climate change has dropped off the radar screen.
Certainly, commentators on the right of the political spectrum and those who are climate change deniers have sometimes resorted to something akin to glee in pointing out how the coronavirus has shifted climate change to the back burner of current concerns.
Imagine waking up one morning with a deadly tiger snake in your bed. To make matters worse out of the window you notice an approaching bushfire.
Both are a threat to your life, but you are going to deal with the imminent danger of the snake first, and then tackle the more distant but still serious fire. It’s the same with the new coronavirus and climate change.
Since the rapid spread of the coronavirus beyond its origin in China and the social and economic havoc it’s wreaking across the globe, it may seem that climate change has dropped off the radar screen.
Certainly, commentators on the right of the political spectrum and those who are climate change deniers have sometimes resorted to something akin to glee in pointing out how the coronavirus has shifted climate change to the back burner of current concerns.
Big OPEC+ oil output cuts depend on U.S., others joining: sources - Reuters
Big OPEC+ oil output cuts depend on U.S., others joining: sources - Reuters:
Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis.
Global oil demand has dropped by as much as 30%, or about 30 million barrels per day (bpd), as measures to prevent the virus spreading have slashed demand for jet fuel, gasoline and diesel. France reported on Tuesday a 80% drop in its petrol use.
On top of sliding demand, Saudi Arabia has been flooding the market with extra crude after the collapse last month of a three-year-old deal with Russia on limiting supplies between OPEC and their allies, a group known as OPEC+.
OPEC+ is due to hold a video conference on Thursday at 1400 GMT, after U.S. President Donald Trump said last week he had brokered a deal between Riyadh and Moscow on cuts amounting to an unprecedented 10 million to 15 million bpd, or about 10% to 15% of global supplies. Nothing has yet been formalised.
Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis.
Global oil demand has dropped by as much as 30%, or about 30 million barrels per day (bpd), as measures to prevent the virus spreading have slashed demand for jet fuel, gasoline and diesel. France reported on Tuesday a 80% drop in its petrol use.
On top of sliding demand, Saudi Arabia has been flooding the market with extra crude after the collapse last month of a three-year-old deal with Russia on limiting supplies between OPEC and their allies, a group known as OPEC+.
OPEC+ is due to hold a video conference on Thursday at 1400 GMT, after U.S. President Donald Trump said last week he had brokered a deal between Riyadh and Moscow on cuts amounting to an unprecedented 10 million to 15 million bpd, or about 10% to 15% of global supplies. Nothing has yet been formalised.
OPEC+ set to agree 4.3mln bpd in output cuts -JP Morgan | ZAWYA MENA Edition
OPEC+ set to agree 4.3mln bpd in output cuts -JP Morgan | ZAWYA MENA Edition:
OPEC and Russia this week are likely to agree to cut oil output by about 4.3 million barrels per day (bpd), JP Morgan analysts said in a note on Tuesday, a big increase on their recent cuts of 1.7 million bpd but only a fraction of the demand lost due to the new coronavirus.
* Despite U.S. President Donald Trump's calls for cuts of 10 million bpd or more, OPEC+ are expected to agree on a "soft cut" of around 4.3 million bpd versus the group's output in April 2020, JP Morgan said.
* "While clearly not enough to offset the demand drop... (the cut) would materially lessen the risk of storage being filled and offer a smoother route to working off inventories," the Wall Street bank said in a note.
* Under the cut, Saudi would reduce output by 2.2 million bpd, the United Arab Emirates by around 1 million bpd, Iraq by around 500,000 bpd, Kuwait by 300,000 bpd and Russia by 300,000 bpd.
* "The Saudis want to keep pressure on oil prices in order to gain a larger market share and concessions from Washington," said Christyan Malek, head of European oil and gas research at JP Morgan.
* The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, a group known as OPEC+, are planned to meet on Thursday to discuss output cuts after global oil demand and prices sunk due to the impact of the coronavirus and pledges to increase output from Moscow and Riyadh.
OPEC and Russia this week are likely to agree to cut oil output by about 4.3 million barrels per day (bpd), JP Morgan analysts said in a note on Tuesday, a big increase on their recent cuts of 1.7 million bpd but only a fraction of the demand lost due to the new coronavirus.
* Despite U.S. President Donald Trump's calls for cuts of 10 million bpd or more, OPEC+ are expected to agree on a "soft cut" of around 4.3 million bpd versus the group's output in April 2020, JP Morgan said.
* "While clearly not enough to offset the demand drop... (the cut) would materially lessen the risk of storage being filled and offer a smoother route to working off inventories," the Wall Street bank said in a note.
* Under the cut, Saudi would reduce output by 2.2 million bpd, the United Arab Emirates by around 1 million bpd, Iraq by around 500,000 bpd, Kuwait by 300,000 bpd and Russia by 300,000 bpd.
* "The Saudis want to keep pressure on oil prices in order to gain a larger market share and concessions from Washington," said Christyan Malek, head of European oil and gas research at JP Morgan.
* The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, a group known as OPEC+, are planned to meet on Thursday to discuss output cuts after global oil demand and prices sunk due to the impact of the coronavirus and pledges to increase output from Moscow and Riyadh.
#UAE's TAQA board okays sale, purchase deal of ADPower assets | ZAWYA MENA Edition
UAE's TAQA board okays sale, purchase deal of ADPower assets | ZAWYA MENA Edition:
The board of the Abu Dhabi National Energy Company (TAQA) has approved the sale and purchase of an asset swap deal with the Abu Dhabi Power Corporation (ADPower).
The proposed transaction would create a new regional utilities champion that will accelerate the transformation of the water and electricity industry in the UAE.
The new entity would be one of the largest utility companies in the GCC and a top 10 integrated utilities player in the EMEA region by regulated assets, ADPower had said in a statement.
TAQA’s board has also approved the issuance of a mandatory convertible bond to ADPower for the planned deal, it said in a statement to the Abu Dhabi Securities Exchange.
The board of the Abu Dhabi National Energy Company (TAQA) has approved the sale and purchase of an asset swap deal with the Abu Dhabi Power Corporation (ADPower).
The proposed transaction would create a new regional utilities champion that will accelerate the transformation of the water and electricity industry in the UAE.
The new entity would be one of the largest utility companies in the GCC and a top 10 integrated utilities player in the EMEA region by regulated assets, ADPower had said in a statement.
TAQA’s board has also approved the issuance of a mandatory convertible bond to ADPower for the planned deal, it said in a statement to the Abu Dhabi Securities Exchange.
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.
#UAE Virus News: #Dubai Financial Hub Regulator Proposes Relief - Bloomberg
UAE Virus News: Dubai Financial Hub Regulator Proposes Relief - Bloomberg:
The Dubai Financial Services Authority, the regulator of Dubai’s tax-free financial center, proposed relief measures to support new and existing entities at the business hub amid the coronavirus pandemic.
For new firms:
The Dubai Financial Services Authority, the regulator of Dubai’s tax-free financial center, proposed relief measures to support new and existing entities at the business hub amid the coronavirus pandemic.
For new firms:
- Additional time for completing application and authorization processes
- 50% reduction in application fees for the remainder of 2020 and flexibility in requirements for permanent premises
- Waiver of registration fees for the remainder of 2020 in the case of domestic funds
#Qatar’s Sheikha Moza Denies Buying Ritz Hotel in London - Bloomberg
Qatar’s Sheikha Moza Denies Buying Ritz Hotel in London - Bloomberg:
The private office of Sheikha Moza bint Nasser Al Misnad denied a report in Britain’s Mail on Sunday newspaper that she’d purchased London’s Ritz Hotel.
A statement dated Monday described the story as “wholly untrue.” Neither Sheikha Moza, who is the wife of Qatar’s former ruler, “nor any entity in which she has an interest or with which she has any association had any involvement whatsoever in the recent acquisition of the Ritz,” according to the statement.
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| Ritz hotel in London on March 11. Photographer: Chris J. Ratcliffe/Bloomberg |
The private office of Sheikha Moza bint Nasser Al Misnad denied a report in Britain’s Mail on Sunday newspaper that she’d purchased London’s Ritz Hotel.
A statement dated Monday described the story as “wholly untrue.” Neither Sheikha Moza, who is the wife of Qatar’s former ruler, “nor any entity in which she has an interest or with which she has any association had any involvement whatsoever in the recent acquisition of the Ritz,” according to the statement.
#Kuwait’s Wealth Fund on Standby as Oil Price, Virus Hit Finances - Bloomberg
Kuwait’s Wealth Fund on Standby as Oil Price, Virus Hit Finances - Bloomberg:
Kuwait’s government has discussed the possibility of turning to the sovereign wealth fund for a loan should the oil-price slump and the mounting cost of fighting the coronavirus pandemic deplete its cash reserves.
The option of a loan or investment by the Future Generations Fund is one of several available as a way to boost the Gulf nation’s finances during a difficult time, according to a person familiar with the matter. The fund is managed by Kuwait Investment Authority.
Kuwait has agreed a stimulus package to protect jobs and stabilize food prices during the pandemic but the Gulf nation, which relies on oil exports for most of its revenues, is being badly hit by the oil price war between Saudi Arabia and Russia, while wrangling in parliament holds up a draft debt law that would allow the government to issue bonds internationally. That leaves the government facing a budget shortfall that needs to be financed.
Turning to the fund would be a highly unusual measure for Kuwait. The government set a precedent in 1990 when it drew on the rainy day reserve during the Iraqi invasion to pay for the war and subsequent rebuilding.
Kuwait’s government has discussed the possibility of turning to the sovereign wealth fund for a loan should the oil-price slump and the mounting cost of fighting the coronavirus pandemic deplete its cash reserves.
The option of a loan or investment by the Future Generations Fund is one of several available as a way to boost the Gulf nation’s finances during a difficult time, according to a person familiar with the matter. The fund is managed by Kuwait Investment Authority.
Kuwait has agreed a stimulus package to protect jobs and stabilize food prices during the pandemic but the Gulf nation, which relies on oil exports for most of its revenues, is being badly hit by the oil price war between Saudi Arabia and Russia, while wrangling in parliament holds up a draft debt law that would allow the government to issue bonds internationally. That leaves the government facing a budget shortfall that needs to be financed.
Turning to the fund would be a highly unusual measure for Kuwait. The government set a precedent in 1990 when it drew on the rainy day reserve during the Iraqi invasion to pay for the war and subsequent rebuilding.
#Qatar Looks to Raise More Than $5 Billion With ‘Dream’ Eurobond - Bloomberg
Qatar Looks to Raise More Than $5 Billion With ‘Dream’ Eurobond - Bloomberg:
Qatar, the world’s biggest exporter of liquefied natural gas, is selling a Eurobond to bolster its finances, as developing-nation borrowers start to issue again following last month’s turmoil in global markets.
The Gulf monarchy, rated AA- by S&P Global Ratings, is marketing five-, 10- and 30-year notes and aiming to raise more than $5 billion, said people with knowledge of the matter, who asked not to be identified.
The government is offering a hefty premium to its existing bonds, with initial price talk on the longest tranche set at 4.75%. That compares with a yield of 4.05% on Qatar’s $6 billion of notes maturing in 2048. Israel, rated the same by S&P, issued $5 billion last week that included a 30-year portion paying 3.875%.
“Qatar is double-A rated and now offers yield which we could only dream of a couple months back,” said Carl Wong, head of fixed income at Avenue Asset Management Ltd. in Hong Kong.
Qatar, the world’s biggest exporter of liquefied natural gas, is selling a Eurobond to bolster its finances, as developing-nation borrowers start to issue again following last month’s turmoil in global markets.
The Gulf monarchy, rated AA- by S&P Global Ratings, is marketing five-, 10- and 30-year notes and aiming to raise more than $5 billion, said people with knowledge of the matter, who asked not to be identified.
The government is offering a hefty premium to its existing bonds, with initial price talk on the longest tranche set at 4.75%. That compares with a yield of 4.05% on Qatar’s $6 billion of notes maturing in 2048. Israel, rated the same by S&P, issued $5 billion last week that included a 30-year portion paying 3.875%.
“Qatar is double-A rated and now offers yield which we could only dream of a couple months back,” said Carl Wong, head of fixed income at Avenue Asset Management Ltd. in Hong Kong.
GIP, Brookfield in Talks to Team Up for Adnoc Gas Pipelines - Bloomberg
GIP, Brookfield in Talks to Team Up for Adnoc Gas Pipelines - Bloomberg:
Global Infrastructure Partners and Brookfield Asset Management Inc. are among investors in talks to jointly bid for a stake in Abu Dhabi National Oil Co.’s natural gas pipelines, which could be valued at about $15 billion, people with knowledge of the matter said.
Italian infrastructure operator Snam SpA, Ontario Teachers Pension Plan, Singapore sovereign fund GIC Pte and a Korean firm are in discussions to join the same consortium, which has been pursuing as much as a 49% stake in the assets, the people said.
The group is the only remaining bidder for the stake -- which could rank as one of this year’s largest infrastructure deals globally -- after other parties including Australian fund manager IFM Investors Pty dropped out, the people said. A final deal will depend on whether the consortium can secure financing, which has become more difficult to obtain due to tightening credit markets and the decline in oil, they said.
Global Infrastructure Partners and Brookfield Asset Management Inc. are among investors in talks to jointly bid for a stake in Abu Dhabi National Oil Co.’s natural gas pipelines, which could be valued at about $15 billion, people with knowledge of the matter said.
Italian infrastructure operator Snam SpA, Ontario Teachers Pension Plan, Singapore sovereign fund GIC Pte and a Korean firm are in discussions to join the same consortium, which has been pursuing as much as a 49% stake in the assets, the people said.
The group is the only remaining bidder for the stake -- which could rank as one of this year’s largest infrastructure deals globally -- after other parties including Australian fund manager IFM Investors Pty dropped out, the people said. A final deal will depend on whether the consortium can secure financing, which has become more difficult to obtain due to tightening credit markets and the decline in oil, they said.
MIDEAST STOCKS-Gulf markets lifted by Wall Street and oil rebound - Agricultural Commodities - Reuters
MIDEAST STOCKS-Gulf markets lifted by Wall Street and oil rebound - Agricultural Commodities - Reuters:
Gulf stock markets rallied for a second day on Tuesday after Wall Street’s sharp gains on slowdowns in coronavirus-related deaths and new cases in some global hot spots.
Rising crude oil prices also cheered investors in a region that relies heavily on the oil sector.
Brent crude was up 90 cents, or 2.7%, at $33.95 a barrel by 0747 GMT on hopes that the world’s biggest oil producers will agree to curtail production as the coronavirus pandemic ravages the global economy.
Dubai’s main share index advanced 3.9%, led by a 5% jump in its top lender Emirates NBD and a 4.6% rise for Emaar Properties.
Gulf stock markets rallied for a second day on Tuesday after Wall Street’s sharp gains on slowdowns in coronavirus-related deaths and new cases in some global hot spots.
Rising crude oil prices also cheered investors in a region that relies heavily on the oil sector.
Brent crude was up 90 cents, or 2.7%, at $33.95 a barrel by 0747 GMT on hopes that the world’s biggest oil producers will agree to curtail production as the coronavirus pandemic ravages the global economy.
Dubai’s main share index advanced 3.9%, led by a 5% jump in its top lender Emirates NBD and a 4.6% rise for Emaar Properties.
#Kuwait's NBK reveals exposure to #UAE's NMC Health | ZAWYA MENA Edition
Kuwait's NBK reveals exposure to UAE's NMC Health | ZAWYA MENA Edition:
National Bank of Kuwait (NBK) has revealed its exposure to troubled NMC Healthcare Group, a statement on Boursa Kuwait showed.
NBK’s exposure to UAE-based NMC Health is $91.352 million and the bank has no exposures to other subsidiaries of the company.
NBK said that at the present time, it is difficult to determine the financial impact of the exposure on the bank’s financial statement.
Top UAE banks disclosed on Sunday and Monday their exposure to hospital group NMC Health, which revised its debt position last week to $6.6 billion from $5 billion earlier in March.
National Bank of Kuwait (NBK) has revealed its exposure to troubled NMC Healthcare Group, a statement on Boursa Kuwait showed.
NBK’s exposure to UAE-based NMC Health is $91.352 million and the bank has no exposures to other subsidiaries of the company.
NBK said that at the present time, it is difficult to determine the financial impact of the exposure on the bank’s financial statement.
Top UAE banks disclosed on Sunday and Monday their exposure to hospital group NMC Health, which revised its debt position last week to $6.6 billion from $5 billion earlier in March.
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 confirms its participation in OPEC+ meeting on April 9 - Reuters
Russia confirms its participation in OPEC+ meeting on April 9 - Reuters:
Russia on Tuesday confirmed its participation in the OPEC+ meeting of leading oil producers set for April 9, a spokeswoman for energy ministry told Reuters.
The conference, due to be held via a video link as a precautionary measure against the coronavirus, had been initially scheduled for April 6 but was delayed “to allow more time for negotiations”, according to the OPEC sources.
Russia on Tuesday confirmed its participation in the OPEC+ meeting of leading oil producers set for April 9, a spokeswoman for energy ministry told Reuters.
The conference, due to be held via a video link as a precautionary measure against the coronavirus, had been initially scheduled for April 6 but was delayed “to allow more time for negotiations”, according to the OPEC sources.
#Qatar to postpone $8 billion of contracts from projects due to coronavirus - Reuters
Qatar to postpone $8 billion of contracts from projects due to coronavirus - Reuters:
Qatar’s ruler has asked the government to postpone $8.2 billion in unawarded contracts on capital expenditure projects due to the coronavirus outbreak, a bond prospectus seen by Reuters showed.
The spread of the coronavirus may continue to negatively impact the Qatari economy and financial markets and could lead to a recession, the Gulf state also said in the document, dated April 7.
Qatar on Tuesday started marketing a triple-tranche U.S. dollar-denominated bond.
Qatar’s ruler has asked the government to postpone $8.2 billion in unawarded contracts on capital expenditure projects due to the coronavirus outbreak, a bond prospectus seen by Reuters showed.
The spread of the coronavirus may continue to negatively impact the Qatari economy and financial markets and could lead to a recession, the Gulf state also said in the document, dated April 7.
Qatar on Tuesday started marketing a triple-tranche U.S. dollar-denominated bond.
Oil higher as hopes build for production cut amid coronavirus threat to demand - Reuters
Oil higher as hopes build for production cut amid coronavirus threat to demand - Reuters:
Oil rose on Tuesday amid hope that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected and big production cuts will be needed.
Brent crude LCOc1 was up by 80 cents, or 2.4%, at $33.85 a barrel by 0657 GMT after falling more than 3% on Monday. West Texas Intermediate (WTI) crude CLc1 was up by 83 cents, or 3.2%, at $26.91 a barrel, having dropped nearly 8% in the previous session.
The world’s main oil producers including Saudi Arabia and Russia are likely to agree to cut output at a meeting on Thursday, although that would depend on the United States joining in, sources told Reuters.
But the threat of a major recession hangs over the market due to the halt of much economic activity as a result of the coronavirus pandemic, with half the global population under some form of lockdown or social distancing measures.
Oil rose on Tuesday amid hope that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected and big production cuts will be needed.
Brent crude LCOc1 was up by 80 cents, or 2.4%, at $33.85 a barrel by 0657 GMT after falling more than 3% on Monday. West Texas Intermediate (WTI) crude CLc1 was up by 83 cents, or 3.2%, at $26.91 a barrel, having dropped nearly 8% in the previous session.
The world’s main oil producers including Saudi Arabia and Russia are likely to agree to cut output at a meeting on Thursday, although that would depend on the United States joining in, sources told Reuters.
But the threat of a major recession hangs over the market due to the halt of much economic activity as a result of the coronavirus pandemic, with half the global population under some form of lockdown or social distancing measures.
#SaudiArabia's PIF discloses 8.2% stake in cruise operator Carnival - Reuters
Saudi Arabia's PIF discloses 8.2% stake in cruise operator Carnival - Reuters:
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), on Monday disclosed an 8.2% stake in coronavirus-hit Carnival Corp, sending the cruise operator’s shares nearly 30% higher.
The stake of about 43.5 million shares is worth $369.3 million as of Friday's close, making the investment fund the second-largest investor in the world's biggest cruise line, according to Refinitiv Eikon data. (bit.ly/3aJnpyS)
Carnival’s shares have lost more than three-quarters of their value so far this year due to the impact of the COVID-19 pandemic that has forced cruise ship companies to halt operations and suspend voyages.
PIF, which manages over $300 billion in assets, has stakes in Uber and electric car company Lucid Motors. It has also allocated $45 billion to Softbank’s $100 billion Vision Fund.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), on Monday disclosed an 8.2% stake in coronavirus-hit Carnival Corp, sending the cruise operator’s shares nearly 30% higher.
The stake of about 43.5 million shares is worth $369.3 million as of Friday's close, making the investment fund the second-largest investor in the world's biggest cruise line, according to Refinitiv Eikon data. (bit.ly/3aJnpyS)
Carnival’s shares have lost more than three-quarters of their value so far this year due to the impact of the COVID-19 pandemic that has forced cruise ship companies to halt operations and suspend voyages.
PIF, which manages over $300 billion in assets, has stakes in Uber and electric car company Lucid Motors. It has also allocated $45 billion to Softbank’s $100 billion Vision Fund.