Travelex falls into administration, with loss of 1,300 jobs | Business | The Guardian:
Foreign exchange firm Travelex has collapsed into administration, with the immediate loss of more than 1,300 jobs.
Advisory firm PwC has been appointed to carry out a complex restructuring deal and pre-pack administration, which allows buyers to cherry-pick the best assets and ditch those they don’t want.
The administrators said the impact of a cyber-attack in December and the ongoing Covid-19 pandemic had “acutely impacted the business.”
A special purpose vehicle made up from a group of its creditors have bought the UK business, which serves major corporate and supermarket customers and the ATMs located outside UK airports. They have also acquired Travelex operations in Brazil, Middle East and Turkey, Nigeria and Asia Pacific.
Thursday, 6 August 2020
Oil settles below 5-month highs amid fuel demand worries - Reuters
Oil settles below 5-month highs amid fuel demand worries - Reuters:
Oil prices hovered below five-month highs on Thursday, falling after a session in which bearish sentiment about fuel demand counteracted optimism about Iraq’s supply cuts, pushing the benchmarks in and out of positive territory.
Concerns remain that demand is depressed by the economic slowdown due to the coronavirus pandemic, said Phil Flynn, senior analyst at Price Futures Group in Chicago.
“Everyone is waiting for the coronavirus relief package to come through to give a bounce to the economy,” he said.
Brent crude LCOc1 settled down 8 cents at $45.09 a barrel, while U.S. crude CLc1 fell 24 cents to $41.95 after a four-day streak of gains.
Earlier in the session, planned output cuts from Iraq boosted the contracts.
Oil prices hovered below five-month highs on Thursday, falling after a session in which bearish sentiment about fuel demand counteracted optimism about Iraq’s supply cuts, pushing the benchmarks in and out of positive territory.
Concerns remain that demand is depressed by the economic slowdown due to the coronavirus pandemic, said Phil Flynn, senior analyst at Price Futures Group in Chicago.
“Everyone is waiting for the coronavirus relief package to come through to give a bounce to the economy,” he said.
Brent crude LCOc1 settled down 8 cents at $45.09 a barrel, while U.S. crude CLc1 fell 24 cents to $41.95 after a four-day streak of gains.
Earlier in the session, planned output cuts from Iraq boosted the contracts.
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 Chemical Maker Sabic Expects Recovery Following Loss - Bloomberg
Saudi Chemical Maker Sabic Expects Recovery Following Loss - Bloomberg:
Saudi Basic Industries Corp., the chemical maker in which Saudi Arabia’s state oil giant holds a majority stake, sees a better second half after posting its biggest quarterly loss in at least a decade.
The coronavirus pandemic has throttled global demand this year, with widespread lockdowns curbing consumption of plastics, cosmetics and other products made with petrochemicals. But there are signs of recovery already in the second half, Yusef Al-Benyan, chief executive officer of the company known as Sabic, said on a conference call.
“We expect the third and fourth quarters to see slight improvements” in demand, Al-Benyan said. “There will be positive results as we have already seen in July and August with the slight demand improvement, in addition to a slight improvement in prices.”
Saudi Arabia, the biggest oil producer in OPEC, has sought to diversify its economy away from crude sales by building new industries. Expanding chemical output to sell higher-value hydrocarbon products is a key part of that strategy. Saudi Aramco this year bought a 70% stake in Sabic as the world’s biggest oil exporter strives to become one of the largest chemical producers too.
Saudi Basic Industries Corp., the chemical maker in which Saudi Arabia’s state oil giant holds a majority stake, sees a better second half after posting its biggest quarterly loss in at least a decade.
The coronavirus pandemic has throttled global demand this year, with widespread lockdowns curbing consumption of plastics, cosmetics and other products made with petrochemicals. But there are signs of recovery already in the second half, Yusef Al-Benyan, chief executive officer of the company known as Sabic, said on a conference call.
“We expect the third and fourth quarters to see slight improvements” in demand, Al-Benyan said. “There will be positive results as we have already seen in July and August with the slight demand improvement, in addition to a slight improvement in prices.”
Saudi Arabia, the biggest oil producer in OPEC, has sought to diversify its economy away from crude sales by building new industries. Expanding chemical output to sell higher-value hydrocarbon products is a key part of that strategy. Saudi Aramco this year bought a 70% stake in Sabic as the world’s biggest oil exporter strives to become one of the largest chemical producers too.
EMEA emerging market sovereign debt-to-GDP ratio to rise over COVID-19 | ZAWYA MENA Edition
EMEA emerging market sovereign debt-to-GDP ratio to rise over COVID-19 | ZAWYA MENA Edition:
The fallout from the coronavirus pandemic on domestic demand and international trade will raise EMEA emerging-market government ratios of debt-to- GDP a median 8.2 percentage points in 2020, S&P Global Ratings said in a report.
S&P rates 53 emerging market sovereigns in the EMEA region. These sovereigns entered 2020 with higher public and private debt than in the run-up to the global financial crisis according to the ratings agency.
Since the start of 2020, S&P has downgraded 21 sovereigns globally (of the total 135 rated sovereigns). Ten of these downgrades were in emerging EMEA.
“While our house view is that by the end of next year a vaccine for the current strain of the virus will be broadly available in developed economies, enabling infection rates to converge rapidly toward zero, the possibility of lower access to a vaccine in some emerging sovereigns could delay the recovery,” the report said.
The fallout from the coronavirus pandemic on domestic demand and international trade will raise EMEA emerging-market government ratios of debt-to- GDP a median 8.2 percentage points in 2020, S&P Global Ratings said in a report.
S&P rates 53 emerging market sovereigns in the EMEA region. These sovereigns entered 2020 with higher public and private debt than in the run-up to the global financial crisis according to the ratings agency.
Since the start of 2020, S&P has downgraded 21 sovereigns globally (of the total 135 rated sovereigns). Ten of these downgrades were in emerging EMEA.
“While our house view is that by the end of next year a vaccine for the current strain of the virus will be broadly available in developed economies, enabling infection rates to converge rapidly toward zero, the possibility of lower access to a vaccine in some emerging sovereigns could delay the recovery,” the report said.
Oil prices just under five-month highs, supported by weaker dollar - Reuters
Oil prices just under five-month highs, supported by weaker dollar - Reuters:
Oil prices slipped just below five-month highs on Thursday, with support from a weak dollar .DXY and falling U.S. crude inventories undermined by bearish sentiment about fuel demand.
Brent crude LCOc1 fell 7 cents to $45.10 a barrel by 0802 GMT, while U.S. crude CLc1 was down 25 cents at $41.94.
The two benchmarks rose to their highest since March 6, completing a four-day rally, after the Energy Information Administration reported a much bigger than expected drop in U.S. crude stockpiles.
The dollar index, which measures the greenback against a basket of six major currencies .DXY, logged its biggest monthly percentage fall in a decade in July and a Reuters poll found analysts expected it to continue falling into next year.
Oil prices slipped just below five-month highs on Thursday, with support from a weak dollar .DXY and falling U.S. crude inventories undermined by bearish sentiment about fuel demand.
Brent crude LCOc1 fell 7 cents to $45.10 a barrel by 0802 GMT, while U.S. crude CLc1 was down 25 cents at $41.94.
The two benchmarks rose to their highest since March 6, completing a four-day rally, after the Energy Information Administration reported a much bigger than expected drop in U.S. crude stockpiles.
The dollar index, which measures the greenback against a basket of six major currencies .DXY, logged its biggest monthly percentage fall in a decade in July and a Reuters poll found analysts expected it to continue falling into next year.
MIDEAST STOCKS-Major Gulf indexes rise as financial stocks gain - Reuters
MIDEAST STOCKS-Major Gulf indexes rise as financial stocks gain - Reuters:
Major Gulf stock markets rose in early trade on Thursday, largely led by gains in financial shares, with many investors having returned from Eid Al-Adha holidays.
Saudi Arabia’s benchmark index gained 0.5%, driven by a 1% increase in Al Rajhi Bank and a 2.4% rise in Samba Financial Group.
Samba on Wednesday posted a 2% rise in quarterly net profit to 955 million riyals ($254.65 million), surviving a period marked by the coronavirus outbreak and weak interest rates.
Dubai’s main share index rose 0.7%, led by a 1.4% gain in Emirates NBD Bank and a 3.1% jump in logistic firm Aramex.
Major Gulf stock markets rose in early trade on Thursday, largely led by gains in financial shares, with many investors having returned from Eid Al-Adha holidays.
Saudi Arabia’s benchmark index gained 0.5%, driven by a 1% increase in Al Rajhi Bank and a 2.4% rise in Samba Financial Group.
Samba on Wednesday posted a 2% rise in quarterly net profit to 955 million riyals ($254.65 million), surviving a period marked by the coronavirus outbreak and weak interest rates.
Dubai’s main share index rose 0.7%, led by a 1.4% gain in Emirates NBD Bank and a 3.1% jump in logistic firm Aramex.
Tadawul: Foreign investors bought $247.45mln of stocks in July | ZAWYA MENA Edition
Tadawul: Foreign investors bought $247.45mln of stocks in July | ZAWYA MENA Edition:
The Saudi Stock Exchange (Tadawul) said in a report that foreign investors bought a net 928.14 million Saudi riyals ($247.45 million) of stocks in July.
The Monthly Stock Market Ownership and Trading Activity Report showed that foreigners bought 7.67 billion Saudi riyals of stocks (6.88 percent of total buys) and sold 6.74 billion riyals of stocks (6.05 percent of total sells) during the month.
The report also showed that Saudi individuals bought 94.88 billion Saudi riyals of stocks (85.18 percent of total buys) in July and sold 97.04 billion Saudi riyals of stocks (87.11 percent of total sells).
Saudi institutions were net buyers of 807.56 million Saudi riyals of stocks, buying 7.55 billion Saudi riyals (6.78 percent of total buys) and selling 6.74 billion Saudi riyals (6.05 percent of total sells).
The Saudi Stock Exchange (Tadawul) said in a report that foreign investors bought a net 928.14 million Saudi riyals ($247.45 million) of stocks in July.
The Monthly Stock Market Ownership and Trading Activity Report showed that foreigners bought 7.67 billion Saudi riyals of stocks (6.88 percent of total buys) and sold 6.74 billion riyals of stocks (6.05 percent of total sells) during the month.
The report also showed that Saudi individuals bought 94.88 billion Saudi riyals of stocks (85.18 percent of total buys) in July and sold 97.04 billion Saudi riyals of stocks (87.11 percent of total sells).
Saudi institutions were net buyers of 807.56 million Saudi riyals of stocks, buying 7.55 billion Saudi riyals (6.78 percent of total buys) and selling 6.74 billion Saudi riyals (6.05 percent of total sells).
#Saudi SABIC posts Q2 loss of $586.6 mln, third straight quarterly loss | ZAWYA MENA Edition
Saudi SABIC posts Q2 loss of $586.6 mln, third straight quarterly loss | ZAWYA MENA Edition:
Saudi Basic Industries Corp, the world's fourth-biggest petrochemicals firm, reported a net loss of 2.2 billion riyals ($586.6 million) in the second quarter, its third straight quarterly loss, on impairments and a drop in sales.
SABIC cited 1.18 billion riyals in impairments on capital assets and lower average selling prices and sales volumes for the loss.
The loss compared to a net profit of 2.03 billion riyals a year earlier and widened from a loss of 1.05 billion riyals in the first quarter.
Analysts had expected SABIC to post a loss of 40.85 million, a mean estimate of four analysts based on Refinitiv Eikon data showed.
Saudi Basic Industries Corp, the world's fourth-biggest petrochemicals firm, reported a net loss of 2.2 billion riyals ($586.6 million) in the second quarter, its third straight quarterly loss, on impairments and a drop in sales.
SABIC cited 1.18 billion riyals in impairments on capital assets and lower average selling prices and sales volumes for the loss.
The loss compared to a net profit of 2.03 billion riyals a year earlier and widened from a loss of 1.05 billion riyals in the first quarter.
Analysts had expected SABIC to post a loss of 40.85 million, a mean estimate of four analysts based on Refinitiv Eikon data showed.
#Dubai Aerospace Enterprise posts 38% drop in H1 profits - Arabianbusiness
Dubai Aerospace Enterprise posts 38% drop in H1 profits - Arabianbusiness:
Dubai Aerospace Enterprise (DAE), the Middle East’s largest plane lessor, has reported a 38 percent drop in profits for the first half of the year compared to the first six months of 2019.
The company saw its net income decrease from $197.1 million to $121.7m as a result of 23 fewer aircraft in the owned aircraft portfolio, fewer asset sales resulting in lower gains on sale of assets, reduced finance income, and higher provisions for trade receivables offset by lower interest expense.
Firoz Tarapore, chief executive officer of DAE, said: “Our financial results for the first half of 2020 were characterized by excellent and abundant liquidity, strengthening balance sheet and lower reported profitability.”
Dubai Aerospace Enterprise (DAE), the Middle East’s largest plane lessor, has reported a 38 percent drop in profits for the first half of the year compared to the first six months of 2019.
The company saw its net income decrease from $197.1 million to $121.7m as a result of 23 fewer aircraft in the owned aircraft portfolio, fewer asset sales resulting in lower gains on sale of assets, reduced finance income, and higher provisions for trade receivables offset by lower interest expense.
Firoz Tarapore, chief executive officer of DAE, said: “Our financial results for the first half of 2020 were characterized by excellent and abundant liquidity, strengthening balance sheet and lower reported profitability.”
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.
#AbuDhabi's Etihad Airways loses $758 million in first half - Reuters
Abu Dhabi's Etihad Airways loses $758 million in first half - Reuters:
Abu Dhabi’s Etihad Airways said its core operating loss deepened to $758 million in the first half of the year as passenger traffic fell by nearly 60% due to the coronavirus pandemic.
The state carrier suspended regular, scheduled passenger flights in March due to the pandemic. Those services began to resume June.
Its core operating loss was up nearly 30% from $586 million a year ago as the airline carried around 3.5 million passengers compared with 8.2 million in the first half of 2019.
Total revenue fell 38% to $1.7 billion, though cargo revenue increased 37% to $490 million, it said in a statement.
Abu Dhabi’s Etihad Airways said its core operating loss deepened to $758 million in the first half of the year as passenger traffic fell by nearly 60% due to the coronavirus pandemic.
The state carrier suspended regular, scheduled passenger flights in March due to the pandemic. Those services began to resume June.
Its core operating loss was up nearly 30% from $586 million a year ago as the airline carried around 3.5 million passengers compared with 8.2 million in the first half of 2019.
Total revenue fell 38% to $1.7 billion, though cargo revenue increased 37% to $490 million, it said in a statement.
Oil prices mixed as coronavirus concerns undercut support from lower U.S. crude stocks - Reuters
Oil prices mixed as coronavirus concerns undercut support from lower U.S. crude stocks - Reuters:
Oil prices were mostly flat on Thursday, as a boost from lower-than-expected U.S. crude stocks that lifted the market to five-month highs in the previous session gave way to fuel demand concerns amid rising coronavirus infections.
U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 3 cents, or 0.1%, to $42.16 a barrel by 0436 GMT, while Brent crude LCOc1 futures rose 9 cents or nearly 0.2% to $45.25.
The two benchmark contracts rose more than 1% on Wednesday to their highest since March 6, completing a four-day rally, after the Energy Information Administration reported a much bigger than expected drop in U.S. crude stockpiles.
However, investors remained wary of rising U.S. refined product inventories at a time when U.S. central bankers said the resurgence in cases was slowing the economic recovery in the world’s biggest oil consumer.
Oil prices were mostly flat on Thursday, as a boost from lower-than-expected U.S. crude stocks that lifted the market to five-month highs in the previous session gave way to fuel demand concerns amid rising coronavirus infections.
U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 3 cents, or 0.1%, to $42.16 a barrel by 0436 GMT, while Brent crude LCOc1 futures rose 9 cents or nearly 0.2% to $45.25.
The two benchmark contracts rose more than 1% on Wednesday to their highest since March 6, completing a four-day rally, after the Energy Information Administration reported a much bigger than expected drop in U.S. crude stockpiles.
However, investors remained wary of rising U.S. refined product inventories at a time when U.S. central bankers said the resurgence in cases was slowing the economic recovery in the world’s biggest oil consumer.