Oil Market: Saudis Raise Crude Price for Global Customers in Tight Market - Bloomberg:
Saudi Arabia is raising crude prices for customers worldwide in a bit to prop up an oil market recovery. Bloomberg’s Javier Blas reports on "Bloomberg Surveillance." (Source: Bloomberg)
Thursday 7 May 2020
#Dubai in talks for financing backed by road toll revenue: sources - Reuters
Dubai in talks for financing backed by road toll revenue: sources - Reuters:
Dubai is in talks with banks to raise a financing worth billions of dollars which would be backed by road toll revenue, one of the main income generators for the government amid the coronavirus crisis, three sources familiar with the matter said.
Dubai’s economy has been hit hard by virus containment measures that have brought to a near standstill crucial sectors such as aviation and tourism, and it lacks the oil wealth of its neighbour Abu Dhabi to cushion the financial impact.
The emirate has been in discussions with banks for a financing which could be worth billions and would be raised by the Dubai Roads and Transport Authority (RTA), said the sources.
The loan would be repaid using the roads authority’s revenues and income generated by electronic toll collection system Salik, operated by RTA.
Dubai is in talks with banks to raise a financing worth billions of dollars which would be backed by road toll revenue, one of the main income generators for the government amid the coronavirus crisis, three sources familiar with the matter said.
Dubai’s economy has been hit hard by virus containment measures that have brought to a near standstill crucial sectors such as aviation and tourism, and it lacks the oil wealth of its neighbour Abu Dhabi to cushion the financial impact.
The emirate has been in discussions with banks for a financing which could be worth billions and would be raised by the Dubai Roads and Transport Authority (RTA), said the sources.
The loan would be repaid using the roads authority’s revenues and income generated by electronic toll collection system Salik, operated by RTA.
'What's the point of staying?': Gulf faces expatriate exodus - Reuters
'What's the point of staying?': Gulf faces expatriate exodus - Reuters:
A popular Saudi talk show host told private businesses this week it was their national duty to lay off foreign rather than local employees, warning that the dominance of Saudi Arabia’s workforce by expatriates was a “real danger”.
Khaled al-Oqaily’s comments on his daily TV show encapsulated the dilemma faced by 35 million foreigners who form the Gulf’s economic backbone: as firms shed jobs because of the coronavirus pandemic and oil price crash, and governments move to protect citizens’ jobs and wages, should they stay or go?
The expatriate exodus is expected to be larger than after the 2008-2009 financial crisis and the 2014-2015 plunge in prices for oil, the region’s main export, the International Labour Organization (ILO) said, without giving figures.
In Oman alone, the number of expatriates dropped by over 340,000 in 2010 following the 2008-2009 crisis, according to official data. That year, Oman’s economic growth slowed by 1.3 percentage points, World Bank data show.
A popular Saudi talk show host told private businesses this week it was their national duty to lay off foreign rather than local employees, warning that the dominance of Saudi Arabia’s workforce by expatriates was a “real danger”.
Khaled al-Oqaily’s comments on his daily TV show encapsulated the dilemma faced by 35 million foreigners who form the Gulf’s economic backbone: as firms shed jobs because of the coronavirus pandemic and oil price crash, and governments move to protect citizens’ jobs and wages, should they stay or go?
The expatriate exodus is expected to be larger than after the 2008-2009 financial crisis and the 2014-2015 plunge in prices for oil, the region’s main export, the International Labour Organization (ILO) said, without giving figures.
In Oman alone, the number of expatriates dropped by over 340,000 in 2010 following the 2008-2009 crisis, according to official data. That year, Oman’s economic growth slowed by 1.3 percentage points, World Bank data show.
Oil slips as demand worries erase early bounce from Saudi price increase - Reuters
Oil slips as demand worries erase early bounce from Saudi price increase - Reuters:
Oil prices slipped on Thursday as global supply and demand worries erased earlier gains seen from an increase in Saudi Arabia’s official crude selling price and a surprise rise in Chinese exports last month.
Brent LCOc1 futures fell 26 cents, or 0.9%, to settle at $29.46 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 lost 44 cents, or 1.8%, to settle at $23.55.
Earlier in the day, Brent was up over 5% and WTI up over 10%. For the week, Brent was still up about 11% and WTI up about 18%.
Both benchmarks have rallied sharply this week as countries have eased coronavirus-related lockdowns and fuel demand has rebounded modestly. Oil production worldwide is also declining to reduce a growing supply glut.
Oil prices slipped on Thursday as global supply and demand worries erased earlier gains seen from an increase in Saudi Arabia’s official crude selling price and a surprise rise in Chinese exports last month.
Brent LCOc1 futures fell 26 cents, or 0.9%, to settle at $29.46 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 lost 44 cents, or 1.8%, to settle at $23.55.
Earlier in the day, Brent was up over 5% and WTI up over 10%. For the week, Brent was still up about 11% and WTI up about 18%.
Both benchmarks have rallied sharply this week as countries have eased coronavirus-related lockdowns and fuel demand has rebounded modestly. Oil production worldwide is also declining to reduce a growing supply glut.
#Qatar Airways in talks with banks for billions of dollars in loans: sources - Reuters
Qatar Airways in talks with banks for billions of dollars in loans: sources - Reuters:
Qatar Airways is in talks with banks for loans worth billions of dollars, three sources familiar with the matter said, as the state-owned airline readies to begin rebuilding its network that has been crushed by the coronavirus pandemic.
The talks with banks are happening on a bilateral basis, the sources said, with one of them adding the company could explore offering a guarantee from the ministry of finance for the fundraising.
Qatar Airways, which declined to comment on the talks, announced on Wednesday it would start re-opening routes that it had been forced to abandon during the outbreak that has virtually halted international travel.
Qatar Airways is in talks with banks for loans worth billions of dollars, three sources familiar with the matter said, as the state-owned airline readies to begin rebuilding its network that has been crushed by the coronavirus pandemic.
The talks with banks are happening on a bilateral basis, the sources said, with one of them adding the company could explore offering a guarantee from the ministry of finance for the fundraising.
Qatar Airways, which declined to comment on the talks, announced on Wednesday it would start re-opening routes that it had been forced to abandon during the outbreak that has virtually halted international travel.
ADCB's profit slumps after $292 million impairments for NMC, Finablr - Reuters
ADCB's profit slumps after $292 million impairments for NMC, Finablr - Reuters:
Abu Dhabi Commercial Bank (ADCB) (ADCB.AD), UAE’s third-biggest lender, reported an 84% fall in first-quarter net profit on Thursday as it took $292 million in impairments on debt exposure to troubled hospital operator NMC Health and payments group Finablr (FINF.L).
The bank also said the coronavirus outbreak had made the operating environment “increasingly challenging”, and as a result it was difficult to predict the financial impact for the rest of the year at this stage.
ADCB was a major lender to NMC Health with an exposure of about $981 million to the company, which went into administration after months of turmoil following questions about its financial reporting from short-seller Muddy Waters.
Abu Dhabi Commercial Bank (ADCB) (ADCB.AD), UAE’s third-biggest lender, reported an 84% fall in first-quarter net profit on Thursday as it took $292 million in impairments on debt exposure to troubled hospital operator NMC Health and payments group Finablr (FINF.L).
The bank also said the coronavirus outbreak had made the operating environment “increasingly challenging”, and as a result it was difficult to predict the financial impact for the rest of the year at this stage.
ADCB was a major lender to NMC Health with an exposure of about $981 million to the company, which went into administration after months of turmoil following questions about its financial reporting from short-seller Muddy Waters.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar close
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.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar mid-session
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.
U.S. Recovers 1MDB-Linked Assets Bought by Emirati Businessman - Bloomberg
U.S. Recovers 1MDB-Linked Assets Bought by Emirati Businessman - Bloomberg:
The U.S. recovered $49 million, which include sales proceeds from high-end real estate in New York and Beverly Hills, California, that was allegedly acquired by an Emirati businessman with money stolen from Malaysia’s 1MDB investment fund.
The Justice Department settled two forfeiture lawsuits with trusts that held the assets on behalf of the minor children of Khadem Abdulla al-Qubaisi, according to a statement Wednesday from the U.S. attorney’s office in Los Angeles.
The settlement, together with the prior disposition of other related forfeiture cases, brings the total recoveries in the 1MDB case to more than $1 billion, representing the largest civil forfeiture ever concluded by the Justice Department, the government said.
Al-Qubaisi is the former managing director of International Petroleum Investment Company, a fund owned by the Abu Dhabi government. He allegedly helped funnel billions of dollars from 1MDB. The Wall Street Journal reported last year that al-Qubaisi was sentenced to 15 years in prison in Abu Dhabi.
The U.S. recovered $49 million, which include sales proceeds from high-end real estate in New York and Beverly Hills, California, that was allegedly acquired by an Emirati businessman with money stolen from Malaysia’s 1MDB investment fund.
The Justice Department settled two forfeiture lawsuits with trusts that held the assets on behalf of the minor children of Khadem Abdulla al-Qubaisi, according to a statement Wednesday from the U.S. attorney’s office in Los Angeles.
The settlement, together with the prior disposition of other related forfeiture cases, brings the total recoveries in the 1MDB case to more than $1 billion, representing the largest civil forfeiture ever concluded by the Justice Department, the government said.
Al-Qubaisi is the former managing director of International Petroleum Investment Company, a fund owned by the Abu Dhabi government. He allegedly helped funnel billions of dollars from 1MDB. The Wall Street Journal reported last year that al-Qubaisi was sentenced to 15 years in prison in Abu Dhabi.
Oil extends losses on supply overhang, weak outlook - Reuters
Oil extends losses on supply overhang, weak outlook - Reuters:
Oil prices extended losses on Thursday as the industry grappled with the growing global surplus of crude and the sharp coronavirus-led downturn in demand, with the outlook still grim despite April data showing a rise in imports into China.
Brent crude LCOc1 was down by 24 cents, or 0.8%, to $29.48 a barrel by 0649 GMT, after dropping 4% on Wednesday.
U.S. West Texas Intermediate futures CLc1 dropped 34 cents, or 1.4%, to $23.65 a barrel, having declined more than 2% in the previous session.
Both contracts flicked higher and lower through the Asian session in light trade, with some markets including Singapore on holiday.
Oil prices extended losses on Thursday as the industry grappled with the growing global surplus of crude and the sharp coronavirus-led downturn in demand, with the outlook still grim despite April data showing a rise in imports into China.
Brent crude LCOc1 was down by 24 cents, or 0.8%, to $29.48 a barrel by 0649 GMT, after dropping 4% on Wednesday.
U.S. West Texas Intermediate futures CLc1 dropped 34 cents, or 1.4%, to $23.65 a barrel, having declined more than 2% in the previous session.
Both contracts flicked higher and lower through the Asian session in light trade, with some markets including Singapore on holiday.
MIDEAST STOCKS- #Saudi retreats as oil falls below $30; other bourses gain - Reuters
MIDEAST STOCKS-Saudi retreats as oil falls below $30; other bourses gain - Reuters:
Saudi Arabia’s stock market slipped in early trade on Thursday, after volatile oil prices dropped below $30, while other bourses rebounded as traders bought on dips.
Brent crude was down by 45 cents, or 1.5%, to $29.27 a barrel at 0720 GMT, after dropping 4% on Wednesday, as the industry grappled with the growing global surplus of crude and the sharp coronavirus-led downturn in demand.
Saudi Arabia’s benchmark index lost 0.3%, with Al Rajhi Bank easing 0.8% and oil giant Saudi Aramco shedding 0.8%.
Aramco is about to finalise a $10 billion loan with a group of roughly 10 banks as the world’s largest oil producer seeks cash amid record low oil prices, Reuters reported citing three sources familiar with the matter.
Saudi Arabia’s stock market slipped in early trade on Thursday, after volatile oil prices dropped below $30, while other bourses rebounded as traders bought on dips.
Brent crude was down by 45 cents, or 1.5%, to $29.27 a barrel at 0720 GMT, after dropping 4% on Wednesday, as the industry grappled with the growing global surplus of crude and the sharp coronavirus-led downturn in demand.
Saudi Arabia’s benchmark index lost 0.3%, with Al Rajhi Bank easing 0.8% and oil giant Saudi Aramco shedding 0.8%.
Aramco is about to finalise a $10 billion loan with a group of roughly 10 banks as the world’s largest oil producer seeks cash amid record low oil prices, Reuters reported citing three sources familiar with the matter.