Oil settles higher on improving U.S. gasoline demand - Reuters:
Oil prices settled higher on Wednesday as U.S. gasoline consumption showed signs of a recovery, but price gains were limited by rising crude inventories and an increase in coronavirus infections.
Brent crude futures settled up 21 cents at $43.29 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 28 cents to settle at $40.90 barrel.
Both benchmarks were on track for a fourth session of daily percentage changes of less 1% in either direction, shrugging off news that OPEC member Libya was adding to global supplies by reopening its Es Sider oil terminal for exports.
U.S. gasoline inventories tumbled by 4.8 million barrels as demand climbed to 8.8 million barrels per day, the highest since March 20, according to data from the Energy Information Administration released Wednesday.
Wednesday 8 July 2020
'Calculated risk' to start flying again, says Emirates CEO - Arabianbusiness
'Calculated risk' to start flying again, says Emirates CEO - Arabianbusiness:
The CEO and chairman of Emirates Group has admitted there is “no choice” but to take to the skies once more and help kick-start the Dubai economy, which has been hammered by the impact of Covid-19.
During an interview with CNN’s John Defterios, Sheikh Ahmed bin Saeed Al Maktoum said the move to bring international tourism back to the emirate comes with obvious elements of risk, but added that Dubai is ready to meet all health and safety requirements.
Asked about the debate between risk and reward, he said: “I think there is no choice, and also, we have to take measures. We always take calculated risk, and I think we have done whatever it takes, really, to ensure that people who come here to be safe.
“I think we did so many tests to make sure also that we are geared for it. At the airport, we're using the PCRs, people coming in or leaving also to ensure also people leaving here.
The CEO and chairman of Emirates Group has admitted there is “no choice” but to take to the skies once more and help kick-start the Dubai economy, which has been hammered by the impact of Covid-19.
During an interview with CNN’s John Defterios, Sheikh Ahmed bin Saeed Al Maktoum said the move to bring international tourism back to the emirate comes with obvious elements of risk, but added that Dubai is ready to meet all health and safety requirements.
Asked about the debate between risk and reward, he said: “I think there is no choice, and also, we have to take measures. We always take calculated risk, and I think we have done whatever it takes, really, to ensure that people who come here to be safe.
“I think we did so many tests to make sure also that we are geared for it. At the airport, we're using the PCRs, people coming in or leaving also to ensure also people leaving here.
#SaudiArabia completes first phase of state mills privatisation - Reuters
Saudi Arabia completes first phase of state mills privatisation - Reuters:
Saudi Arabia said on Wednesday it had completed the first batch of its flour milling sector privatisation, according to a statement by the state grain buyer and privatisation centre.
The long-awaited flour mills sale was one of the first privatisations the kingdom planned as part of a wide-reaching overhaul of its economy.
The first milling company was awarded to Raha AlSafi consortium at 2.027 billion Saudi riyals ($540.1 million) while the third mill went to Alrajhi-Ghurair-Masafi consortium for 750 million riyals, a statement by the National Center for Privatization and PPP (NCP)and the Saudi Grains Organization (SAGO) said.
The final financial bids were submitted on Sunday.
Saudi Arabia said on Wednesday it had completed the first batch of its flour milling sector privatisation, according to a statement by the state grain buyer and privatisation centre.
The long-awaited flour mills sale was one of the first privatisations the kingdom planned as part of a wide-reaching overhaul of its economy.
The first milling company was awarded to Raha AlSafi consortium at 2.027 billion Saudi riyals ($540.1 million) while the third mill went to Alrajhi-Ghurair-Masafi consortium for 750 million riyals, a statement by the National Center for Privatization and PPP (NCP)and the Saudi Grains Organization (SAGO) said.
The final financial bids were submitted on Sunday.
Oil falls as rise in virus cases, U.S. inventories stall recovery - Reuters
Oil falls as rise in virus cases, U.S. inventories stall recovery - Reuters:
Oil prices inched lower on Wednesday, as rising U.S. crude inventories and an increase in U.S. coronavirus infections put the brakes on a price recovery sparked by easing lockdowns.
Brent crude futures fell 19 cents to $42.89 a barrel by 11:23 AM EDT (1523 GMT). U.S. West Texas Intermediate (WTI) crude futures fell 23 to at $40.39 a barrel.
Both benchmarks are set for a fourth session of daily percentage changes of less 1% in either direction, shrugging off news that OPEC member Libya was adding to global supplies by reopening its Es Sider oil terminal for exports.
U.S. Gulf Coast crude oil stockpiles rose by 5 million barrels to a record high of 309 million barrels last week even as refineries hiked output, the Energy Information Administration said on Wednesday.
Oil prices inched lower on Wednesday, as rising U.S. crude inventories and an increase in U.S. coronavirus infections put the brakes on a price recovery sparked by easing lockdowns.
Brent crude futures fell 19 cents to $42.89 a barrel by 11:23 AM EDT (1523 GMT). U.S. West Texas Intermediate (WTI) crude futures fell 23 to at $40.39 a barrel.
Both benchmarks are set for a fourth session of daily percentage changes of less 1% in either direction, shrugging off news that OPEC member Libya was adding to global supplies by reopening its Es Sider oil terminal for exports.
U.S. Gulf Coast crude oil stockpiles rose by 5 million barrels to a record high of 309 million barrels last week even as refineries hiked output, the Energy Information Administration said on Wednesday.
MIDEAST STOCKS-Major Gulf bourses retreat; Egypt resumes gains - Markets - Reuters
MIDEAST STOCKS-Major Gulf bourses retreat; Egypt resumes gains - Markets - Reuters:
Major Gulf stock markets ended lower on
Wednesday, with financials and property shares weighing on
indexes in the United Arab Emirates, while the Egyptian bourse
advanced on the back of its top lender.
Dubai's main share index declined 0.7%, with
blue-chip developer Emaar Properties shedding 1.8% and
sharia-compliant lender Dubai Islamic Bank losing 1%.
Elsewhere, Amlak Finance tumbled 4.1%, a day after
it saw its biggest intraday gain Since December 2019.
On Monday, Amlak signed an agreement with Dubai Land
Department, allowing customers to invest in properties listed by
the firm.
In Abu Dhabi, the index lost 0.7%, hurt by a 1.6%
fall in the country's largest lender First Abu Dhabi Bank
and a 2.8% slide in Dana Gas.
The energy firm has asked owners of its bonds to provide
information on their holdings, three sources said and a document
reviewed by Reuters showed, a move that some investors fear may
be a step towards another debt restructuring.
Major Gulf stock markets ended lower on
Wednesday, with financials and property shares weighing on
indexes in the United Arab Emirates, while the Egyptian bourse
advanced on the back of its top lender.
Dubai's main share index declined 0.7%, with
blue-chip developer Emaar Properties shedding 1.8% and
sharia-compliant lender Dubai Islamic Bank losing 1%.
Elsewhere, Amlak Finance tumbled 4.1%, a day after
it saw its biggest intraday gain Since December 2019.
On Monday, Amlak signed an agreement with Dubai Land
Department, allowing customers to invest in properties listed by
the firm.
In Abu Dhabi, the index lost 0.7%, hurt by a 1.6%
fall in the country's largest lender First Abu Dhabi Bank
and a 2.8% slide in Dana Gas.
The energy firm has asked owners of its bonds to provide
information on their holdings, three sources said and a document
reviewed by Reuters showed, a move that some investors fear may
be a step towards another debt restructuring.
Middle East Deals: Banks Talk Consolidation to Weather Oil, Virus - Bloomberg
Middle East Deals: Banks Talk Consolidation to Weather Oil, Virus - Bloomberg:
The global pandemic and an oil price rout are prompting a new wave of consolidation talk among banks in the Middle East. In recent weeks, two potential tie-ups in Saudi Arabia and Qatar have been announced, adding momentum to an already unprecedented merger and acquisition spree. With about $440 billion of deals on the table, here’s what’s in the works:
National Commercial Bank and Samba
The global pandemic and an oil price rout are prompting a new wave of consolidation talk among banks in the Middle East. In recent weeks, two potential tie-ups in Saudi Arabia and Qatar have been announced, adding momentum to an already unprecedented merger and acquisition spree. With about $440 billion of deals on the table, here’s what’s in the works:
National Commercial Bank and Samba
- Saudi Arabia’s largest lender by assets last month said it plans to pay as much as $15.6 billion to acquire rival Samba Financial Group in what could be the world’s biggest banking takeover this year. The potential deal, which would create the region’s third-largest lender, comes about six months after NCB abandoned plans to merge with Riyad Bank
- Combined entity: About $210 billion
#Dubai Tourism Chief Expects ‘Aggressive’ Bounce Back by Year-End - Bloomberg
Dubai Tourism Chief Expects ‘Aggressive’ Bounce Back by Year-End - Bloomberg:
Dubai expects an “aggressive” bounce back in tourism by the year-end after the Mideast travel hub allowed holiday-makers to resume flying into the emirate from Tuesday.
“We’re looking forward to seeing aggressive growth coming once things normalize towards the year-end,” Helal Al Marri, director general of Dubai’s Department of Tourism and Commerce Marketing, said in an interview with Bloomberg TV.
Dubai, which spent years turning itself into a business and tourism hub, attracts millions of visitors annually thanks to its beaches, luxury hotels and high-end malls. It started easing restrictions in the past months after locking down the city and suspending travel.
Dubai expects an “aggressive” bounce back in tourism by the year-end after the Mideast travel hub allowed holiday-makers to resume flying into the emirate from Tuesday.
“We’re looking forward to seeing aggressive growth coming once things normalize towards the year-end,” Helal Al Marri, director general of Dubai’s Department of Tourism and Commerce Marketing, said in an interview with Bloomberg TV.
Dubai, which spent years turning itself into a business and tourism hub, attracts millions of visitors annually thanks to its beaches, luxury hotels and high-end malls. It started easing restrictions in the past months after locking down the city and suspending travel.
European, Middle Eastern & African Stocks - Bloomberg #UAE close #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 stock markets get off to a weak start - Reuters
MIDEAST STOCKS-Major Gulf stock markets get off to a weak start - Reuters:
Major stock markets in the Gulf were subdued in early trade on Wednesday, with banking and real estate shares weighing on indexes in the United Arab Emirates.
The benchmark index in Saudi Arabia, which has the highest number of cases in the six-nation Gulf Cooperation Council, eased 0.1%. Petrochemical firm Saudi Basic Industries fell 0.3%, while oil behemoth Saudi Aramco edged down 0.2%.
The kingdom is pressing on with plans to double the size and population of its capital city in the next decade, a government official said, despite an economic downturn due to the coronavirus crisis and low oil prices.
In Dubai, the index slipped 0.2%, with blue-chip developer Emaar Properties falling 1.1% and its unit Emaar Malls losing 1.4%.
Major stock markets in the Gulf were subdued in early trade on Wednesday, with banking and real estate shares weighing on indexes in the United Arab Emirates.
The benchmark index in Saudi Arabia, which has the highest number of cases in the six-nation Gulf Cooperation Council, eased 0.1%. Petrochemical firm Saudi Basic Industries fell 0.3%, while oil behemoth Saudi Aramco edged down 0.2%.
The kingdom is pressing on with plans to double the size and population of its capital city in the next decade, a government official said, despite an economic downturn due to the coronavirus crisis and low oil prices.
In Dubai, the index slipped 0.2%, with blue-chip developer Emaar Properties falling 1.1% and its unit Emaar Malls losing 1.4%.
Oil broadly stable despite rising virus cases, higher U.S. crude stockpiles - Reuters
Oil broadly stable despite rising virus cases, higher U.S. crude stockpiles - Reuters:
Oil prices were broadly stable on Wednesday, recouping earlier losses after rising U.S. crude stockpile data and an increase in coronavirus infections in the United States cast doubts over a swift pickup in oil demand.
Brent crude futures fell 1 cent to $43.07 a barrel by 0832 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 8 cents to $40.54 a barrel.
Both benchmarks are set for a fourth session of daily percentage changes of less 1% in either direction.
The U.S. coronavirus outbreak crossed a grim milestone of over 3 million confirmed cases on Tuesday as more states reported record numbers of new infections.
Oil prices were broadly stable on Wednesday, recouping earlier losses after rising U.S. crude stockpile data and an increase in coronavirus infections in the United States cast doubts over a swift pickup in oil demand.
Brent crude futures fell 1 cent to $43.07 a barrel by 0832 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 8 cents to $40.54 a barrel.
Both benchmarks are set for a fourth session of daily percentage changes of less 1% in either direction.
The U.S. coronavirus outbreak crossed a grim milestone of over 3 million confirmed cases on Tuesday as more states reported record numbers of new infections.