Saudi Arabia consortium withdraws interest in buying Newcastle Utd -statement - Reuters:
A consortium led by Saudi Arabia’s Public Investment Fund (PIF) has withdrawn its interest in acquiring Newcastle United football club, it said in a statement on Thursday.
The group, which includes PCP Capital Partners and Reuben Brothers, said that the “prolonged process” and “global uncertainty” had “rendered the potential investment no longer commercially viable.”
Thursday, 30 July 2020
Headache for OPEC as oil market structure signals return of glut - Reuters
Headache for OPEC as oil market structure signals return of glut - Reuters:
Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic.
The development is a headache for OPEC, which had been hoping demand would recover quicker after a round of record global output cuts. The group will either have to consider further production cuts or tolerate lower oil prices for longer.
The surplus market structure, when prompt prices are weaker than future prices, is also a boon for traders, as they can store crude in the hope to resell it later at a profit. Royal Dutch/Shell (RDSa.L), Total (TOTF.PA), Eni (ENI.MI) and Norway’s Equinor (EQNR.OL) have all reported bumper trading profits over the past week.
Front-month September Brent futures in the past week have been trading at a discount of $2 per barrel to March 2021, the steepest discount since May, when lockdown measures against the virus outbreak cut global oil demand by a third.
Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic.
The development is a headache for OPEC, which had been hoping demand would recover quicker after a round of record global output cuts. The group will either have to consider further production cuts or tolerate lower oil prices for longer.
The surplus market structure, when prompt prices are weaker than future prices, is also a boon for traders, as they can store crude in the hope to resell it later at a profit. Royal Dutch/Shell (RDSa.L), Total (TOTF.PA), Eni (ENI.MI) and Norway’s Equinor (EQNR.OL) have all reported bumper trading profits over the past week.
Front-month September Brent futures in the past week have been trading at a discount of $2 per barrel to March 2021, the steepest discount since May, when lockdown measures against the virus outbreak cut global oil demand by a third.
Oil sinks on weak U.S. economic data, political uncertainty - Reuters
Oil sinks on weak U.S. economic data, political uncertainty - Reuters:
Oil prices sank on Thursday following poor U.S. economic figures and after U.S. President Donald Trump roiled markets with a suggestion that the nation should delay its November presidential election.
Investors sold riskier assets following Trump’s tweet that raised the prospect of delaying the vote. The date of the U.S. election is enshrined in the U.S. Constitution, but Trump’s remarks were viewed as an attack on the integrity of the coming election, worrying investors.
Oil markets recovered from their lowest levels of the selloff. U.S. West Texas Intermediate (WTI) crude futures settled down $1.35, or 3.3%, at $39.92 a barrel after falling 5% earlier in the session.
Brent crude futures, which expire on Friday, fell 81 cents, or 1.9%, to $42.94 a barrel.
Oil prices sank on Thursday following poor U.S. economic figures and after U.S. President Donald Trump roiled markets with a suggestion that the nation should delay its November presidential election.
Investors sold riskier assets following Trump’s tweet that raised the prospect of delaying the vote. The date of the U.S. election is enshrined in the U.S. Constitution, but Trump’s remarks were viewed as an attack on the integrity of the coming election, worrying investors.
Oil markets recovered from their lowest levels of the selloff. U.S. West Texas Intermediate (WTI) crude futures settled down $1.35, or 3.3%, at $39.92 a barrel after falling 5% earlier in the session.
Brent crude futures, which expire on Friday, fell 81 cents, or 1.9%, to $42.94 a barrel.
#UAE oil trader GP Global uncovers fraud among employees - letter | ZAWYA MENA Edition
UAE oil trader GP Global uncovers fraud among employees - letter | ZAWYA MENA Edition:
United Arab Emirates-based oil trader GP Global has uncovered fraud within the company and filed criminal complaints against some of its employees, its legal representative said in a letter to the company's clients on its behalf.
"Few employees have colluded with external entities using the Covid-19 (lockdown) and work from home arrangement to defraud the company and its customers," Arun Abraham, legal consultant and partner at UAE-based Salam Advocates & Legal Consultants said in the letter reviewed by Reuters.
Salam Advocates were advising GP Global on "the internal investigation that was underway," Abraham told Reuters, confirming that the letter had been sent out to some of GP Global's clients last week.
Based on preliminary investigations, "criminal complaints have been filed against few employees in Sharjah and Fujairah," Abraham said in the letter.
United Arab Emirates-based oil trader GP Global has uncovered fraud within the company and filed criminal complaints against some of its employees, its legal representative said in a letter to the company's clients on its behalf.
"Few employees have colluded with external entities using the Covid-19 (lockdown) and work from home arrangement to defraud the company and its customers," Arun Abraham, legal consultant and partner at UAE-based Salam Advocates & Legal Consultants said in the letter reviewed by Reuters.
Salam Advocates were advising GP Global on "the internal investigation that was underway," Abraham told Reuters, confirming that the letter had been sent out to some of GP Global's clients last week.
Based on preliminary investigations, "criminal complaints have been filed against few employees in Sharjah and Fujairah," Abraham said in the letter.
Oil prices slide as virus surge weighs on demand outlook - Reuters
Oil prices slide as virus surge weighs on demand outlook - Reuters:
Oil prices fell on Thursday, as surging coronavirus infections around the world threatened to jeopardise a recovery in fuel demand just as major oil producers are set to raise output.
The most-active Brent crude contract for October fell 51 cents, or 1.2%, to $43.58 a barrel at 0907 GMT. The September Brent contract, which is expiring on Friday, fell 56 cents to $43.19 a barrel.
U.S. West Texas Intermediate (WTI) crude futures were down 60 cents, or 1.5%, at $40.67 a barrel.
Both benchmark contracts rose on Wednesday after the U.S. Energy Information Administration (EIA) reported the largest one-week fall in crude stocks since December.
Oil prices fell on Thursday, as surging coronavirus infections around the world threatened to jeopardise a recovery in fuel demand just as major oil producers are set to raise output.
The most-active Brent crude contract for October fell 51 cents, or 1.2%, to $43.58 a barrel at 0907 GMT. The September Brent contract, which is expiring on Friday, fell 56 cents to $43.19 a barrel.
U.S. West Texas Intermediate (WTI) crude futures were down 60 cents, or 1.5%, at $40.67 a barrel.
Both benchmark contracts rose on Wednesday after the U.S. Energy Information Administration (EIA) reported the largest one-week fall in crude stocks since December.
Saudis Seen Cutting Oil Price as Fresh Supply Meets Demand Slump - Bloomberg
Saudis Seen Cutting Oil Price as Fresh Supply Meets Demand Slump - Bloomberg:
Saudi Arabia may have little choice but to reduce the price of its oil as OPEC and allied producers start to ease output curbs amid weakening demand that’s crashed the value of physical supplies.
Aramco is expected to cut the official selling price for its flagship Arab Light grade by 48 cents a barrel for September sales to Asia, the median estimate in a survey of eight traders and refiners across the region shows. It would be the first drop in four months after a series of hikes that came as OPEC+ cut output and consumption recovered as Asian economies emerged from lockdowns.
A reduction in Saudi OSPs could signal a pause or even a reversal in the rapid recovery across oil markets from the coronavirus. While Asia led the world in the demand rebound, crude and product stockpiles remain stubbornly high and the pandemic is still surging or staging a comeback in many countries. Floods and logistical bottlenecks in China in recent weeks have also contributed to a slump in imports, while Indian fuel sales are dropping again.
Saudi Arabia may have little choice but to reduce the price of its oil as OPEC and allied producers start to ease output curbs amid weakening demand that’s crashed the value of physical supplies.
Aramco is expected to cut the official selling price for its flagship Arab Light grade by 48 cents a barrel for September sales to Asia, the median estimate in a survey of eight traders and refiners across the region shows. It would be the first drop in four months after a series of hikes that came as OPEC+ cut output and consumption recovered as Asian economies emerged from lockdowns.
#Saudi Amlak International achieves 129% net income growth in H1 2020 | ZAWYA MENA Edition
Saudi Amlak International achieves 129% net income growth in H1 2020 | ZAWYA MENA Edition:
Saudi Arabia’s leading non-bank real estate lender, Amlak International has announced its financial results for the period ended June 30, 2020. Net income grew by 20.9% y-o-y to SR23.8 million for the Q2 2020 period, and by 129% y-o-y to SR53.3 million for 1H 2020, with total revenues increasing by 6.2% y-o-y to reach SR73.2 million for Q2 2020 and 7.9% y-o-y to SR 148.4 million for 1H 2020.
Earnings before tax (EBT) increased by 16% y-o-y to SR28.5 million for Q2 2020, at a margin of 38.9%, and by 27% y-o-y to SR61.8 million for 1H 2020. The company recently completed the offering of 30% of its equity on the Saudi Stock Exchange – Tadawul – raising approximately SR435 million.
Amlak’s total financing portfolio increased to SR3.5 billion across its individual and corporate book. Growth in new financing contracts to individuals saw an increase in value of 75.32%, with the corporate lending book accounting for 69% of Amlak’s total portfolio.
The results for the period included a SR6.4 million impairment allowance for expected credit losses (ECL), increasing credit provision from SR89.7 million as at December 2019 to SR96.1 million as at June 2020. The increase results from the expected impact of the COVID-19 pandemic to the company’s business.
Saudi Arabia’s leading non-bank real estate lender, Amlak International has announced its financial results for the period ended June 30, 2020. Net income grew by 20.9% y-o-y to SR23.8 million for the Q2 2020 period, and by 129% y-o-y to SR53.3 million for 1H 2020, with total revenues increasing by 6.2% y-o-y to reach SR73.2 million for Q2 2020 and 7.9% y-o-y to SR 148.4 million for 1H 2020.
Earnings before tax (EBT) increased by 16% y-o-y to SR28.5 million for Q2 2020, at a margin of 38.9%, and by 27% y-o-y to SR61.8 million for 1H 2020. The company recently completed the offering of 30% of its equity on the Saudi Stock Exchange – Tadawul – raising approximately SR435 million.
Amlak’s total financing portfolio increased to SR3.5 billion across its individual and corporate book. Growth in new financing contracts to individuals saw an increase in value of 75.32%, with the corporate lending book accounting for 69% of Amlak’s total portfolio.
The results for the period included a SR6.4 million impairment allowance for expected credit losses (ECL), increasing credit provision from SR89.7 million as at December 2019 to SR96.1 million as at June 2020. The increase results from the expected impact of the COVID-19 pandemic to the company’s business.
Oil prices dip as virus concerns weigh on demand hopes - Reuters
Oil prices dip as virus concerns weigh on demand hopes - Reuters:
Oil prices slipped on Thursday, weighed down by concerns that surging coronavirus infections around the globe could jeopardize a recovery in fuel demand just as major oil producers are set to raise output.
The most-active Brent crude contract for October fell 2 cents, or 0.05%, to $44.07 a barrel at 0555 GMT. The September Brent contract, which is expiring on Friday, fell 7 cents to $43.68 in light trading.
U.S. West Texas Intermediate (WTI) crude futures were down 5 cents at $41.22 a barrel.
Both benchmark contracts rose on Wednesday after the U.S. Energy Information Administration (EIA) reported the largest one-week fall in crude stocks since December.
Oil prices slipped on Thursday, weighed down by concerns that surging coronavirus infections around the globe could jeopardize a recovery in fuel demand just as major oil producers are set to raise output.
The most-active Brent crude contract for October fell 2 cents, or 0.05%, to $44.07 a barrel at 0555 GMT. The September Brent contract, which is expiring on Friday, fell 7 cents to $43.68 in light trading.
U.S. West Texas Intermediate (WTI) crude futures were down 5 cents at $41.22 a barrel.
Both benchmark contracts rose on Wednesday after the U.S. Energy Information Administration (EIA) reported the largest one-week fall in crude stocks since December.