Iran's currency hits lowest value ever against the dollar:
Iran’s currency has dropped to its lowest value ever at 190,000 rial for each dollar amid severe U.S. sanctions against the country.
The Iranian currency has tumbled from a rate of 32,000 rials to $1 at the time of Tehran’s 2015 nuclear deal with world powers.
The rial unexpectedly rallied after President Donald Trump’s decision to withdraw the U.S. from the nuclear deal and reimpose crippling trade sanctions over two years ago.
U.S. sanctions have caused Iran’s oil exports, the country’s main source of income, to fall sharply.
Saturday 20 June 2020
Moody's revises outlook to negative on eight #UAE banks - Reuters
Moody's revises outlook to negative on eight UAE banks - Reuters:
Rating agency Moody’s changed its outlook to negative from stable for eight banks in the United Arab Emirates amid the coronavirus outbreak, it said on Friday.
The eight banks are Emirates NBD, Abu Dhabi Commercial Bank, Dubai Islamic Bank, Mashreq Bank, HSBC Bank Middle East, Abu Dhabi Islamic Bank , The National Bank of Ras al-Khaimah and National Bank of Fujairah.
Moody’s affirmed the banks’ ratings but said the change of outlook reflected “the potential material weakening in their standalone credit profiles, amid a challenging operating environment in the UAE due to the coronavirus outbreak, low oil prices and pre-existing economic challenges”
Rating agency Moody’s changed its outlook to negative from stable for eight banks in the United Arab Emirates amid the coronavirus outbreak, it said on Friday.
The eight banks are Emirates NBD, Abu Dhabi Commercial Bank, Dubai Islamic Bank, Mashreq Bank, HSBC Bank Middle East, Abu Dhabi Islamic Bank , The National Bank of Ras al-Khaimah and National Bank of Fujairah.
Moody’s affirmed the banks’ ratings but said the change of outlook reflected “the potential material weakening in their standalone credit profiles, amid a challenging operating environment in the UAE due to the coronavirus outbreak, low oil prices and pre-existing economic challenges”
BP to output from #Oman's Khazzan gas field to 1.5 bcf by end-2020 - Reuters
BP to output from Oman's Khazzan gas field to 1.5 bcf by end-2020 - Reuters:
BP plans to produce an additional 500 million cubic feet of gas from Oman’s Khazzan field, known as Ghazir, by the end of 2020, the state news agency quoted the company’s Oman boss as saying on Saturday.
“Gas production from Khazzan project is currently up to one billion cubic feet (bcf) and it will increase to 1.5 bcf per day, in addition to around 35,000 barrels per day of gas condensate (light oil),” Mohammed Al Ojaili told the news agency.
Construction of facilities has nearly finished, Al Ojaili added, with 126 of 300 wells drilled.
BP plans to produce an additional 500 million cubic feet of gas from Oman’s Khazzan field, known as Ghazir, by the end of 2020, the state news agency quoted the company’s Oman boss as saying on Saturday.
“Gas production from Khazzan project is currently up to one billion cubic feet (bcf) and it will increase to 1.5 bcf per day, in addition to around 35,000 barrels per day of gas condensate (light oil),” Mohammed Al Ojaili told the news agency.
Construction of facilities has nearly finished, Al Ojaili added, with 126 of 300 wells drilled.
#SaudiArabia to lift nationwide curfew, resume economic activities from Sunday - Reuters
Saudi Arabia to lift nationwide curfew, resume economic activities from Sunday - Reuters:
Saudi Arabia will end a nationwide curfew and lift restrictions on businesses from Sunday morning after three months of lockdown to curb the spread of coronavirus, state news agency SPA quoted a source in the interior ministry as saying on Saturday.
The curfew will be lifted as of 6 AM local time on Sunday. Restrictions will remain, however, for religious pilgrimages, international travel and social gatherings of more than 50 people.
The kingdom introduced stringent measures to curb the spread of the novel coronavirus in March, including 24-hour curfews on most towns and cities.
Saudi Arabia will end a nationwide curfew and lift restrictions on businesses from Sunday morning after three months of lockdown to curb the spread of coronavirus, state news agency SPA quoted a source in the interior ministry as saying on Saturday.
The curfew will be lifted as of 6 AM local time on Sunday. Restrictions will remain, however, for religious pilgrimages, international travel and social gatherings of more than 50 people.
The kingdom introduced stringent measures to curb the spread of the novel coronavirus in March, including 24-hour curfews on most towns and cities.
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