Oil up above 2% on tighter supplies, eased lockdowns - Reuters:
Oil was up 2% on Monday on tighter crude supplies from major producers and as coronavirus lockdowns kept easing despite a record rise in cases globally.
Brent crude settled at $43.08 a barrel, up 89 cents, or 2.1%. The West Texas Intermediate (WTI) crude contract for August, the day’s more-active contract, settled at $40.73 a barrel, rising 90 cents, or 2.3%.
Prices got a boost from a plummeting U.S. and Canadian oil rig count, an indicator of future supply, which fell to a new low last week, said Andy Lipow, president of consultants Lipow Oil Associates.
The reopening of U.S. states and countries around the world following business closures and stay-at-home orders caused by the novel coronavirus, also helped oil rally, said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut.
Monday 22 June 2020
Former Abraaj executive Vettivetpillai consents to US extradition - The National
Former Abraaj executive Vettivetpillai consents to US extradition - The National:
A former managing partner of the now-defunct private equity firm Abraaj Group consented to extradition to the United States, where he faces fraud accusations related to the misappropriation of millions of dollars.
Former managing partner Sivendran Vettivetpillai was arrested in April last year in London as part of a crackdown on executives after Dubai-based Abraaj went insolvent. On Monday, a UK court clerk told The National Mr Vettivetpillai agreed to be extradited to the US.
Abraaj's founder and chief executive Arif Naqvi, out on £15 million (Dh68.4m) bail in the UK, is the lead defendant in the case. He is fighting extradition to the US and also had a court hearing on Monday.
Mr Vettivetpillai "is presently co-operating with US prosecutors," according to the prosecution’s skeleton argument. "It is expected that in due course he will enter guilty pleas to the superseding indictment, and will give evidence against the defendant at trial."
A former managing partner of the now-defunct private equity firm Abraaj Group consented to extradition to the United States, where he faces fraud accusations related to the misappropriation of millions of dollars.
Former managing partner Sivendran Vettivetpillai was arrested in April last year in London as part of a crackdown on executives after Dubai-based Abraaj went insolvent. On Monday, a UK court clerk told The National Mr Vettivetpillai agreed to be extradited to the US.
Abraaj's founder and chief executive Arif Naqvi, out on £15 million (Dh68.4m) bail in the UK, is the lead defendant in the case. He is fighting extradition to the US and also had a court hearing on Monday.
Mr Vettivetpillai "is presently co-operating with US prosecutors," according to the prosecution’s skeleton argument. "It is expected that in due course he will enter guilty pleas to the superseding indictment, and will give evidence against the defendant at trial."
Mubadala to Double Down on Tech After $1.2 Billion Jio Stake - Bloomberg
Mubadala to Double Down on Tech After $1.2 Billion Jio Stake - Bloomberg:
Mubadala Investment Co. is preparing to double down on its exposure to the technology sector, setting its sights on Asia, after the Abu Dhabi fund took a $1.2 billion stake in India’s Jio Platforms.
Technology, in particular the venture space, medical technology, life sciences and artificial intelligence, is “the place to go,” Chief Executive Officer Khaldoon Al Mubarak said during the Bloomberg Invest Global virtual conference on Monday. “That’s the arena for us to build experiences and expertise in and to deploy significant capital.”
The $232-billion fund is looking at India, China and Southeast Asia for potential investments. “We are, from a relative perspective, under-invested in Asia,” he said. “So you’ll see us grow our portfolio in Asia and expect us to do more in the med-tech space, artificial intelligence, life sciences, agribusiness. These are spaces we like.”
Mubadala is among Gulf sovereign funds plowing their oil and natural gas wealth into technology to lessen their reliance on crude and help transform their economies. The firm this month joined regional and global marquee investors in pouring billions of dollars into the telecommunications and digital services business controlled by Indian billionaire Mukesh Ambani. Mubadala, which has offices in San Francisco, New York and Moscow, made a $15 billion commitment to the SoftBank Vision Fund and launched a number of tech funds in the U.S. and Europe.
Mubadala Investment Co. is preparing to double down on its exposure to the technology sector, setting its sights on Asia, after the Abu Dhabi fund took a $1.2 billion stake in India’s Jio Platforms.
Technology, in particular the venture space, medical technology, life sciences and artificial intelligence, is “the place to go,” Chief Executive Officer Khaldoon Al Mubarak said during the Bloomberg Invest Global virtual conference on Monday. “That’s the arena for us to build experiences and expertise in and to deploy significant capital.”
The $232-billion fund is looking at India, China and Southeast Asia for potential investments. “We are, from a relative perspective, under-invested in Asia,” he said. “So you’ll see us grow our portfolio in Asia and expect us to do more in the med-tech space, artificial intelligence, life sciences, agribusiness. These are spaces we like.”
Mubadala is among Gulf sovereign funds plowing their oil and natural gas wealth into technology to lessen their reliance on crude and help transform their economies. The firm this month joined regional and global marquee investors in pouring billions of dollars into the telecommunications and digital services business controlled by Indian billionaire Mukesh Ambani. Mubadala, which has offices in San Francisco, New York and Moscow, made a $15 billion commitment to the SoftBank Vision Fund and launched a number of tech funds in the U.S. and Europe.
Sovereign Wealth Fund Mubadala on Investment Strategy - Bloomberg
Sovereign Wealth Fund Mubadala on Investment Strategy - Bloomberg:
The Bloomberg Invest Global virtual event shifts its focus to the Middle East… The CEO of Mubadala, one of the world’s biggest sovereign wealth funds, from Abu Dhabi, talks to us about his investment strategy post Covid. Khalifa Al Mubarak spoke with Bloomberg’s Manus Cranny from Abu Dhabi and Zurich on the Bloomberg Invest Middle East virtual conference. (Source: Bloomberg)
The Bloomberg Invest Global virtual event shifts its focus to the Middle East… The CEO of Mubadala, one of the world’s biggest sovereign wealth funds, from Abu Dhabi, talks to us about his investment strategy post Covid. Khalifa Al Mubarak spoke with Bloomberg’s Manus Cranny from Abu Dhabi and Zurich on the Bloomberg Invest Middle East virtual conference. (Source: Bloomberg)
#Dubai Property Developer Azizi Bets on Quick Rebound From Virus - Bloomberg
Dubai Property Developer Azizi Bets on Quick Rebound From Virus - Bloomberg:
One of Dubai’s smaller developers is making a big bet that the city’s battered property market will soon be back to business after the shock of the coronavirus pandemic.
About a month after the lockdown eased, the chief executive officer of privately-owned Azizi Developments, saw a rebound in property inquiries and sales. Now he’s preparing for a rebound and hiring almost 100 employees as he seeks to sell properties in 54 apartment buildings under construction. Expanding at this time wasn’t an easy decision.
“We were split” and didn’t know if we should grow or shrink the team, said Farhad Azizi, whose father Mirwais Azizi, a prominent Afghan businessman, started the company in 2007. “My father said: ‘Let’s go bigger because there is a lot of talent in the market.’ And when the new joiners came in our sales picked up.”
One of Dubai’s smaller developers is making a big bet that the city’s battered property market will soon be back to business after the shock of the coronavirus pandemic.
About a month after the lockdown eased, the chief executive officer of privately-owned Azizi Developments, saw a rebound in property inquiries and sales. Now he’s preparing for a rebound and hiring almost 100 employees as he seeks to sell properties in 54 apartment buildings under construction. Expanding at this time wasn’t an easy decision.
“We were split” and didn’t know if we should grow or shrink the team, said Farhad Azizi, whose father Mirwais Azizi, a prominent Afghan businessman, started the company in 2007. “My father said: ‘Let’s go bigger because there is a lot of talent in the market.’ And when the new joiners came in our sales picked up.”
#Iran's currency reaches lowest value ever against the dollar
Iran's currency reaches lowest value ever against the dollar:
Iran’s currency on Monday dropped to its lowest value ever against the dollar and officials warned Iranian exporters to bring their foreign earnings home from abroad.
Money exchange shops briefly traded the Iranian rial 200,000 for a dollar and later in the day, the currency was valued at 198,000 rials against the dollar. The lows were a new record after the rial on Saturday traded at 190,000 for the dollar.
The plunge of the rial comes amid severe U.S. sanctions imposed on Tehran. Iran’s Senior Vice President Eshaq Jahangiri on Monday urged Iranian exporters to bring home their earnings from abroad. Last week, Jahangiri said Iran’s oil revenues have plummeted to $8 billion from $100 billion in 2011.
Iran’s currency on Monday dropped to its lowest value ever against the dollar and officials warned Iranian exporters to bring their foreign earnings home from abroad.
Money exchange shops briefly traded the Iranian rial 200,000 for a dollar and later in the day, the currency was valued at 198,000 rials against the dollar. The lows were a new record after the rial on Saturday traded at 190,000 for the dollar.
The plunge of the rial comes amid severe U.S. sanctions imposed on Tehran. Iran’s Senior Vice President Eshaq Jahangiri on Monday urged Iranian exporters to bring home their earnings from abroad. Last week, Jahangiri said Iran’s oil revenues have plummeted to $8 billion from $100 billion in 2011.
#AbuDhabi state investor Mubadala plans to grow Asia portfolio - Reuters
Abu Dhabi state investor Mubadala plans to grow Asia portfolio - Reuters:
Abu Dhabi state investor Mubadala Investment Co is under-invested in Asia and plans to expand its portfolio in the region, Group CEO Khaldoon Khalifa al-Mubarak said on Monday.
Mubadala, the second-biggest state investor in Abu Dhabi behind Abu Dhabi Investment Authority (ADIA), has 9% of its portfolio invested in Asia.
“From a relative perspective we are under-invested in Asia. You’ll see us grow our portfolio in Asia,” Mubarak said at a Bloomberg event.
His comments came weeks after the sovereign fund agreed to invest $1.2 billion in digital business Jio Platforms, a unit of India’s Reliance Industries, in exchange for a 1.85% stake.
Abu Dhabi state investor Mubadala Investment Co is under-invested in Asia and plans to expand its portfolio in the region, Group CEO Khaldoon Khalifa al-Mubarak said on Monday.
Mubadala, the second-biggest state investor in Abu Dhabi behind Abu Dhabi Investment Authority (ADIA), has 9% of its portfolio invested in Asia.
“From a relative perspective we are under-invested in Asia. You’ll see us grow our portfolio in Asia,” Mubarak said at a Bloomberg event.
His comments came weeks after the sovereign fund agreed to invest $1.2 billion in digital business Jio Platforms, a unit of India’s Reliance Industries, in exchange for a 1.85% stake.
MIDEAST STOCKS- #Dubai gains on further lockdown easing; Saudi retreats - Reuters
MIDEAST STOCKS-Dubai gains on further lockdown easing; Saudi retreats - Reuters:
The Dubai stock market advanced on
Monday after the emirate said it would allow tourists to enter
from July 7 in a further easing of its coronavirus lockdown,
while the Saudi bourse retreated with broad-based losses among
its constituents.
Dubai's main share index rose 1.6%, with
sharia-compliant lender Dubai Islamic Bank and
Emirates NBD Bank both up 1.8%. Budget airline Air
Arabia jumped 5.3%.
Dubai will also allow those with residency visas to enter
from Monday, the government media office said in a statement on
Sunday, more than two months after the United Arab Emirates
(UAE) introduced strict measures to curb the spread of the new
coronavirus.
Last week, the UAE allowed citizens and residents to travel
to countries deemed low-risk for catching the coronavirus.
Saudi Arabia's benchmark index retreated 1.2%,
pulled down by a 2.3% fall in petrochemical firm Saudi Basic
Industries and a 2.7% decline in Riyad Bank.
The Dubai stock market advanced on
Monday after the emirate said it would allow tourists to enter
from July 7 in a further easing of its coronavirus lockdown,
while the Saudi bourse retreated with broad-based losses among
its constituents.
Dubai's main share index rose 1.6%, with
sharia-compliant lender Dubai Islamic Bank and
Emirates NBD Bank both up 1.8%. Budget airline Air
Arabia jumped 5.3%.
Dubai will also allow those with residency visas to enter
from Monday, the government media office said in a statement on
Sunday, more than two months after the United Arab Emirates
(UAE) introduced strict measures to curb the spread of the new
coronavirus.
Last week, the UAE allowed citizens and residents to travel
to countries deemed low-risk for catching the coronavirus.
Saudi Arabia's benchmark index retreated 1.2%,
pulled down by a 2.3% fall in petrochemical firm Saudi Basic
Industries and a 2.7% decline in Riyad Bank.
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.
Oil steady on tighter supply, but virus fears cap gains - Reuters
Oil steady on tighter supply, but virus fears cap gains - Reuters:
Oil prices were steady on Monday, supported by tighter supplies from major producers but held in check by concerns over a rise in coronavirus infections worldwide that could stall a recovery in fuel demand.
Brent crude LCOc1 was up 5 cents, or 0.1%, at $42.24 a barrel by 1349 GMT. The West Texas Intermediate (WTI) crude contract for August CLc2, which became the day’s more active contract, rose 10 cents, or 0.2%, to $39.93.
South Korea on Monday said for the first time that it was in the midst of a second wave of the coronavirus. The World Health Organization reported a record rise in global cases on Sunday, with the biggest increase coming from North and South America.
“Infections are rising in key markets around the world and there are valid concerns that the world is in for a prolonged period of dealing with its consequences,” said Rystad Energy’s head of oil markets Bjornar Tonhaugen.
Oil prices were steady on Monday, supported by tighter supplies from major producers but held in check by concerns over a rise in coronavirus infections worldwide that could stall a recovery in fuel demand.
Brent crude LCOc1 was up 5 cents, or 0.1%, at $42.24 a barrel by 1349 GMT. The West Texas Intermediate (WTI) crude contract for August CLc2, which became the day’s more active contract, rose 10 cents, or 0.2%, to $39.93.
South Korea on Monday said for the first time that it was in the midst of a second wave of the coronavirus. The World Health Organization reported a record rise in global cases on Sunday, with the biggest increase coming from North and South America.
“Infections are rising in key markets around the world and there are valid concerns that the world is in for a prolonged period of dealing with its consequences,” said Rystad Energy’s head of oil markets Bjornar Tonhaugen.
Middle East News: Emirates REIT Probes Suspicious Trades - Bloomberg
Middle East News: Emirates REIT Probes Suspicious Trades - Bloomberg:
Emirates REIT filed an application in the Dubai International Financial Centre Courts to find out the identify of those behind “suspicious trades” in its shares.
“Emirates REIT yesterday submitted an application in the DIFC Courts seeking an order for the disclosure by Nasdaq Dubai of the identity of the traders behind the nominee account responsible for several suspicious trades of Emirates REIT shares,” the Dubai-based company said in a statement Monday.
In May, Emirates REIT said it found evidence of irregular trading activity by certain market participants and reported it to the regulatory authorities.
Emirates REIT filed an application in the Dubai International Financial Centre Courts to find out the identify of those behind “suspicious trades” in its shares.
“Emirates REIT yesterday submitted an application in the DIFC Courts seeking an order for the disclosure by Nasdaq Dubai of the identity of the traders behind the nominee account responsible for several suspicious trades of Emirates REIT shares,” the Dubai-based company said in a statement Monday.
In May, Emirates REIT said it found evidence of irregular trading activity by certain market participants and reported it to the regulatory authorities.
#Qatar National Bank markets 5-yr Chinese yuan bonds - document - Reuters
Qatar National Bank markets 5-yr Chinese yuan bonds - document - Reuters:
Qatar National Bank is marketing five-year Chinese yuan-denominated bonds at a final price guidance of 3.85%, a document showed on Monday.
Qatar National Bank hired Credit Agricole as sole lead manager for the benchmark deal, which is expected to close on Monday, the document showed.
The bonds will be listed on the London Stock Exchange and Taipei Exchange.
Earlier this month, QNB sold 1.2 billion Chinese yuan ($169.52 million) in five-year bonds at 3.8%.
Qatar National Bank is marketing five-year Chinese yuan-denominated bonds at a final price guidance of 3.85%, a document showed on Monday.
Qatar National Bank hired Credit Agricole as sole lead manager for the benchmark deal, which is expected to close on Monday, the document showed.
The bonds will be listed on the London Stock Exchange and Taipei Exchange.
Earlier this month, QNB sold 1.2 billion Chinese yuan ($169.52 million) in five-year bonds at 3.8%.
Extradition hearing of former Abraaj CEO to start in London - Arabianbusiness
Extradition hearing of former Abraaj CEO to start in London - Arabianbusiness:
A four-day extradition hearing is set to get underway in London on Monday involving the founder and former chief executive of Abraaj Group, Arif Naqvi.
The former Dubai-based businessman is battling against US authorities, who want him to stand trial in America on charges of fraud and money laundering.
Naqvi is one of six former Abraaj executives who face charges stemming from the private equity’s firm’s 2018 collapse. In court papers last year, US prosecutors said Naqvi stole more than $250 million. But in a new filing on Friday, the liquidators put the losses much higher, claiming Naqvi stole $385m from 2009 to 2018 as he moved money for his own use in more than 3,700 transactions.
A four-day extradition hearing is set to get underway in London on Monday involving the founder and former chief executive of Abraaj Group, Arif Naqvi.
The former Dubai-based businessman is battling against US authorities, who want him to stand trial in America on charges of fraud and money laundering.
Naqvi is one of six former Abraaj executives who face charges stemming from the private equity’s firm’s 2018 collapse. In court papers last year, US prosecutors said Naqvi stole more than $250 million. But in a new filing on Friday, the liquidators put the losses much higher, claiming Naqvi stole $385m from 2009 to 2018 as he moved money for his own use in more than 3,700 transactions.
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.
MIDEAST STOCKS- #Dubai gains on further lockdown easing; other markets dip - Agricultural Commodities - Reuters
MIDEAST STOCKS-Dubai gains on further lockdown easing; other markets dip - Agricultural Commodities - Reuters:
The Dubai stock market rose on Monday after the emirate said it would allow tourists to enter from July 7 in a further easing of its coronavirus lockdown, outperforming other major Gulf markets which retreated in early trade.
In Dubai, the index rose 0.5%, with its largest lender Emirates NBD rising 1.2% and budget airliner Air Arabia gaining 1.8%.
Dubai will also allow those with residency visas to enter from Monday, the government media office said in a statement on Sunday.
The announcement comes more than two months after the United Arab Emirates introduced strict measures to curb the spread of the new coronavirus.
The Dubai stock market rose on Monday after the emirate said it would allow tourists to enter from July 7 in a further easing of its coronavirus lockdown, outperforming other major Gulf markets which retreated in early trade.
In Dubai, the index rose 0.5%, with its largest lender Emirates NBD rising 1.2% and budget airliner Air Arabia gaining 1.8%.
Dubai will also allow those with residency visas to enter from Monday, the government media office said in a statement on Sunday.
The announcement comes more than two months after the United Arab Emirates introduced strict measures to curb the spread of the new coronavirus.
Oil dips as demand worries outweigh tighter supply - Reuters
Oil dips as demand worries outweigh tighter supply - Reuters:
Oil prices slid on Monday as concern grew that a record rise in coronavirus infections worldwide could stall a recovery in fuel demand, outweighing tighter supplies from major producers.
Brent crude LCOc1 fell 10 cents, or 0.2%, to $42.04 a barrel by 0655 GMT, while U.S. crude CLc1 was at $39.72 a barrel, down 11 cents, or 0.3%.
Both contracts rose about 9% last week and Brent crude futures have flipped into backwardation, so that oil for immediate delivery costs more than that to be provided later, usually an indication of tightening supply.
“The market has entered a slight backwardation up to October. It times in with some of our estimates that by around November, the market could get really tight,” said Howie Lee, an economist at Singapore’s OCBC Bank.
Oil prices slid on Monday as concern grew that a record rise in coronavirus infections worldwide could stall a recovery in fuel demand, outweighing tighter supplies from major producers.
Brent crude LCOc1 fell 10 cents, or 0.2%, to $42.04 a barrel by 0655 GMT, while U.S. crude CLc1 was at $39.72 a barrel, down 11 cents, or 0.3%.
Both contracts rose about 9% last week and Brent crude futures have flipped into backwardation, so that oil for immediate delivery costs more than that to be provided later, usually an indication of tightening supply.
“The market has entered a slight backwardation up to October. It times in with some of our estimates that by around November, the market could get really tight,” said Howie Lee, an economist at Singapore’s OCBC Bank.