Oil prices see weekly loss on virus resurgence fears - Reuters:
Oil was little changed on Friday and logged a first weekly decline since April as new U.S. coronavirus cases spiked, stoking fears of a second wave of the virus hitting fuel demand.
Brent settled at $38.73 a barrel, up 18 cents, while West Texas Intermediate settled at $36.26 a barrel, down 8 cents.
Both benchmarks logged weekly declines of about 8%, their first after six weeks of gains that have lifted prices off April lows.
With about half a dozen U.S. states reporting spikes in new infections, fears that the coronavirus pandemic may be far from over has brought the rally to a halt.
Friday, 12 June 2020
Nemir Kirdar, financier, 1936-2020 - Godfather of private equity who founded Investcorp | Financial Times
Nemir Kirdar, financier, 1936-2020 | Financial Times:
Nemir Kirdar, the Iraq-born financier, was one of the godfathers of private equity who founded Investcorp, a pioneering asset manager that channelled the Middle East’s oil riches into developed markets.
Kirdar, who has died aged 83, fled revolutionary Iraq and made his fortune as a banker, becoming a friend and counsellor to US presidents and the British royal family. A charming salesman and dogged dealmaker, he brushed off western prejudice toward an upstart, nouveau-riche Arab investment firm to build a respected Gulf institution.
Born in 1936 in Kirkuk into a well-connected family with Turkish roots, his great-grandfather was mayor of the multi-ethnic city during Ottoman rule. His progeny then served as parliamentarians under the Hashemite dynasty. As a high-school student in Baghdad, Kirdar would visit the Rihab palace to play chess and watch Hollywood movies with Iraq’s last king, Faisal II, who had inherited the throne aged four.
In 1958, as the fervour of Arab nationalism spread across the Middle East, Kirdar, by now studying at Istanbul’s Robert College, was waiting to welcome his friend the king to the city, where the two had planned to go water skiing. Faisal never arrived, having been shot dead in an anti-western military coup.
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| Iraq-born financier Nemir Kirdar envisioned a local institution that could attract global talent as a bridge into developed markets © Nasser Nasser/AP |
Nemir Kirdar, the Iraq-born financier, was one of the godfathers of private equity who founded Investcorp, a pioneering asset manager that channelled the Middle East’s oil riches into developed markets.
Kirdar, who has died aged 83, fled revolutionary Iraq and made his fortune as a banker, becoming a friend and counsellor to US presidents and the British royal family. A charming salesman and dogged dealmaker, he brushed off western prejudice toward an upstart, nouveau-riche Arab investment firm to build a respected Gulf institution.
Born in 1936 in Kirkuk into a well-connected family with Turkish roots, his great-grandfather was mayor of the multi-ethnic city during Ottoman rule. His progeny then served as parliamentarians under the Hashemite dynasty. As a high-school student in Baghdad, Kirdar would visit the Rihab palace to play chess and watch Hollywood movies with Iraq’s last king, Faisal II, who had inherited the throne aged four.
In 1958, as the fervour of Arab nationalism spread across the Middle East, Kirdar, by now studying at Istanbul’s Robert College, was waiting to welcome his friend the king to the city, where the two had planned to go water skiing. Faisal never arrived, having been shot dead in an anti-western military coup.
Reopening responsibly: 30% of #Sharjah government employees to return to work from Sunday | ZAWYA MENA Edition
Reopening responsibly: 30% of Sharjah government employees to return to work from Sunday | ZAWYA MENA Edition:
Around 30 per cent of the Sharjah government employees will resume work from offices on Sunday, the Sharjah Human Resources Directorate has announced.
However, pregnant women, people with special needs as well as those with chronic ailments and immune deficiencies, according to approved medical reports, are excluded from returning to the workplace depending on the nature of their work.
In addition to the employees above 60 years, female employees who have school-going children in the ninth grade or below have been exempted until the end of the current academic year.
Dr Tariq Sultan bin Khadim, head of the Human Resources Directorate and member of the Sharjah Executive Council, stressed that the decision to allow the return of government employees came following the directions of His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah.
Around 30 per cent of the Sharjah government employees will resume work from offices on Sunday, the Sharjah Human Resources Directorate has announced.
However, pregnant women, people with special needs as well as those with chronic ailments and immune deficiencies, according to approved medical reports, are excluded from returning to the workplace depending on the nature of their work.
In addition to the employees above 60 years, female employees who have school-going children in the ninth grade or below have been exempted until the end of the current academic year.
Dr Tariq Sultan bin Khadim, head of the Human Resources Directorate and member of the Sharjah Executive Council, stressed that the decision to allow the return of government employees came following the directions of His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah.
Commercial Bank of #Dubai to open up shares to foreign investors - Arabianbusiness
Commercial Bank of Dubai to open up shares to foreign investors - Arabianbusiness:
Commercial Bank of Dubai has opened up its shares to foreign investment.
The bank has set a foreign ownership limit (FOL) of 40 percent after receiving regulatory approval. Shareholders had previously given the move the go ahead at the annual general assembly meeting in March.
Dr Bernd van Linder, chief executive officer of Commercial Bank of Dubai, said the FOL will enhance liquidity in the shares and help accommodate interest from global investors.
"The bank has received substantial interest from foreign investors which was the main driver for us setting the FOL at the level announced today. It will allow us to broaden our investor base as well as sustain capital inflows in the UAE,” he said.
Commercial Bank of Dubai has opened up its shares to foreign investment.
The bank has set a foreign ownership limit (FOL) of 40 percent after receiving regulatory approval. Shareholders had previously given the move the go ahead at the annual general assembly meeting in March.
Dr Bernd van Linder, chief executive officer of Commercial Bank of Dubai, said the FOL will enhance liquidity in the shares and help accommodate interest from global investors.
"The bank has received substantial interest from foreign investors which was the main driver for us setting the FOL at the level announced today. It will allow us to broaden our investor base as well as sustain capital inflows in the UAE,” he said.
Oil falls, rally ends as U.S. sees resurgence of coronavirus infections - Reuters
Oil falls, rally ends as U.S. sees resurgence of coronavirus infections - Reuters:
Oil prices fell on Friday, extending big losses from overnight as U.S. coronavirus cases surged this week and raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world’s top consumer of crude and fuel.
Brent LCOc1 was down $1.34, or 3.5%, at $37.21 a barrel by 0701 GMT, having dropped nearly 8% in the previous session. West Texas Intermediate CLc1 was down $1.37 cents, or 3.8%, at $34.97 a barrel, after slumping more than 8% on Thursday.
The reality that the coronavirus pandemic may be far from over has brought the rally that raised oil off April lows to a shuddering halt, with infections in the United States alone passing 2 million.
The oil benchmarks are heading for their first weekly declines in seven, with Brent and U.S. crude both down more than around 12% as rising stockpiles also drag on prices.
Oil prices fell on Friday, extending big losses from overnight as U.S. coronavirus cases surged this week and raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world’s top consumer of crude and fuel.
Brent LCOc1 was down $1.34, or 3.5%, at $37.21 a barrel by 0701 GMT, having dropped nearly 8% in the previous session. West Texas Intermediate CLc1 was down $1.37 cents, or 3.8%, at $34.97 a barrel, after slumping more than 8% on Thursday.
The reality that the coronavirus pandemic may be far from over has brought the rally that raised oil off April lows to a shuddering halt, with infections in the United States alone passing 2 million.
The oil benchmarks are heading for their first weekly declines in seven, with Brent and U.S. crude both down more than around 12% as rising stockpiles also drag on prices.