Saudi PIF said to take majority stake in Lucid Motors, lawsuit claims - Arabianbusiness:
California-based electric vehicle gave up Lucid Motors transferred majority ownership to Saudi Arabia’s Public Investment Fund in exchange for the $1.3 billion investment the PIF made in 2019, according to documents included in a lawsuit filed by the firm’s former head of finance.
The lawsuit was filed by Doug Coates, whose lawyers are arguing that he was entitled to a number of severance benefits because of a ‘change in control’ clause in his contract that was triggered as a result of the PIF deal.
While Lucid Motors has disputed the severance pay issue, a company statement cited by The Verge said that it “does not dispute that the financing transaction that closed on or about April 2, 2019 would appear to constitute a change of control.”
Monday, 29 June 2020
OPEC has cut oil output by 1.25 mbpd in June, says Petro-Logistics - Reuters
OPEC has cut oil output by 1.25 mbpd in June, says Petro-Logistics - Reuters:
OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies, according to estimates from tanker-tracking company Petro-Logistics.
OPEC and its allies, a group known as OPEC+, agreed to cut supply by a record 9.7 million bpd from May 1 to offset an oil price and demand slump triggered by the coronavirus crisis. OPEC’s share of the cut is 6.084 million bpd.
“Excluding Iran, Libya and Venezuela, which are not part of the curtailment agreement, OPEC-10 supply remains about 1.55 million bpd away from full compliance,” Petro-Logistics said in an email.
OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies, according to estimates from tanker-tracking company Petro-Logistics.
OPEC and its allies, a group known as OPEC+, agreed to cut supply by a record 9.7 million bpd from May 1 to offset an oil price and demand slump triggered by the coronavirus crisis. OPEC’s share of the cut is 6.084 million bpd.
“Excluding Iran, Libya and Venezuela, which are not part of the curtailment agreement, OPEC-10 supply remains about 1.55 million bpd away from full compliance,” Petro-Logistics said in an email.
Oil rises on improving economic data but new coronavirus cases loom - Reuters
Oil rises on improving economic data but new coronavirus cases loom - Reuters:
Oil prices rose about $1 a barrel on Monday, after bullish data from Asia and Europe, but investors are wary about sharp spikes in new coronavirus infections around the world.
Brent crude LCOc1 gained 69 cents, or 1.7%, to settle at $41.71 a barrel. U.S. crude CLc1 rose $1.21, or 3.1%, to settle at $39.70 a barrel.
The recovery of economic sentiment in the euro zone intensified in June with improvements across all sectors, European Commission data showed on Monday. Overall sentiment rose to 75.7 points in June from 67.5 in May, though still short of expectations.
In China, profits at industrial firms rose for the first time in six months in May, suggesting the country’s economic recovery is gaining traction.
U.S. stock indexes, which broadly rose on Monday, also added support for oil prices, which at times track with equities.
Oil prices rose about $1 a barrel on Monday, after bullish data from Asia and Europe, but investors are wary about sharp spikes in new coronavirus infections around the world.
Brent crude LCOc1 gained 69 cents, or 1.7%, to settle at $41.71 a barrel. U.S. crude CLc1 rose $1.21, or 3.1%, to settle at $39.70 a barrel.
The recovery of economic sentiment in the euro zone intensified in June with improvements across all sectors, European Commission data showed on Monday. Overall sentiment rose to 75.7 points in June from 67.5 in May, though still short of expectations.
In China, profits at industrial firms rose for the first time in six months in May, suggesting the country’s economic recovery is gaining traction.
U.S. stock indexes, which broadly rose on Monday, also added support for oil prices, which at times track with equities.
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.
#Saudi Credit Remains Strong: Arqaam Capital’s Rizk - Bloomberg
Saudi Credit Remains Strong: Arqaam Capital’s Rizk - Bloomberg:
Zeina Rizk, executive director of fixed income at Arqaam Capital Ltd., discusses Saudi Arabia’s net foreign assets and her outlook for the economy. She speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Zeina Rizk, executive director of fixed income at Arqaam Capital Ltd., discusses Saudi Arabia’s net foreign assets and her outlook for the economy. She speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
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: Major Gulf indexes slip in early trade | ZAWYA MENA Edition
Mideast Stocks: Major Gulf indexes slip in early trade | ZAWYA MENA Edition:
Major bourses in the Gulf fell in early trade on Monday, with banking shares weighing on the Saudi index a day after it advanced after two lenders in the sector said they signed an initial merger agreement.
The benchmark index of Saudi Arabia, which has reported the highest number of new coronavirus infections in the six countries of the Gulf Cooperation Council (GCC), slipped 0.3%.
National Commercial Bank (NCB), which closed up 5% in the last session, declined 3.2% and Riyad Bank was down 2.2%.
NCB, the kingdom's biggest lender, said on Thursday it had signed an initial agreement with smaller lender Samba Financial Group to create a combined entity with almost $214 billion in assets.
But Samba jumped 6.1% to 27.9 riyals in early trade following a nearly 10% surge in the previous session.
Major bourses in the Gulf fell in early trade on Monday, with banking shares weighing on the Saudi index a day after it advanced after two lenders in the sector said they signed an initial merger agreement.
The benchmark index of Saudi Arabia, which has reported the highest number of new coronavirus infections in the six countries of the Gulf Cooperation Council (GCC), slipped 0.3%.
National Commercial Bank (NCB), which closed up 5% in the last session, declined 3.2% and Riyad Bank was down 2.2%.
NCB, the kingdom's biggest lender, said on Thursday it had signed an initial agreement with smaller lender Samba Financial Group to create a combined entity with almost $214 billion in assets.
But Samba jumped 6.1% to 27.9 riyals in early trade following a nearly 10% surge in the previous session.
Oil drops on sharp uptick in coronavirus cases globally - Reuters
Oil drops on sharp uptick in coronavirus cases globally - Reuters:
Oil prices slid on Monday as sharp spikes in new coronavirus infections around the world forced some countries to resume partial lockdowns, raising concerns about the pace of economic recovery and fuel demand.
Brent crude LCOc1 dropped 84 cents, or 2%, to $40.18 a barrel by 0833 GMT, and U.S. crude CLc1 fell 72 cents, or 1.8%, to $37.77.
“Both contracts are coming under stronger pressure this morning as the spectre of lockdowns returns,” said JBC Energy.
The death toll from COVID-19 surpassed half a million people on Sunday, according to a Reuters tally.
Oil prices slid on Monday as sharp spikes in new coronavirus infections around the world forced some countries to resume partial lockdowns, raising concerns about the pace of economic recovery and fuel demand.
Brent crude LCOc1 dropped 84 cents, or 2%, to $40.18 a barrel by 0833 GMT, and U.S. crude CLc1 fell 72 cents, or 1.8%, to $37.77.
“Both contracts are coming under stronger pressure this morning as the spectre of lockdowns returns,” said JBC Energy.
The death toll from COVID-19 surpassed half a million people on Sunday, according to a Reuters tally.