Finablr is sinking before it has learnt to swim | Financial Times:
Finablr, the cross-border payments business, has barely had time to float let alone sink. But it is sinking and within little more than a year of being listed. On Tuesday, its board announced it was giving the nod to flogging off its remaining assets after a jeremiad of woes. It is typically back-to-front.
This is the Abu Dhabi-headquartered group that was listed on the London market in 2019 by BR Shetty, the tycoon who also brought to us the muddle that was NMC Health.
In the past year or so, Finablr has found more than $1bn of debt it did not know about, has put its flagship asset Travelex in the UK into administration, appointed legal eagles to probe possible malfeasance and misappropriation of assets, missed its accounting deadlines, lost its auditor and suspended its shares. How much better it would have been to know more before the group hit the public markets.
Now the board has approved an offer to settle its debts and bring in some needed working capital. Other companies might establish deal terms before going ahead. Not Finablr. All it has told shareholders, who must vote the sale through, is the name of the bidder — Prism Advance Solutions, a recently formed UK registered group fronted by Guy Rothschild, a multilingual Belgian residing in Zug. Mr Rothschild — a former finance chief of Maclaren UK, the baby buggy business, and sundry others — said the acquisition is the “first major UAE-Israeli commercial transaction”. We have to take his word for it. The Israeli connections are as hazy as the terms of the pact.
Finablr’s board under Michael Tomalin, a City veteran and chairman since April 2019, talks of completing a deal within four weeks “subject to all legal approvals being obtained”. The company has barely begun talking to regulators about approval. Aside from UAE Exchange in Abu Dhabi, which has been taken into care by the UAE central bank, Finablr has many overseers. It transfers cash all over the world.
Shareholders will no doubt get more details but they must be given time to consider the numbers and the nitty-gritty. They have had almost nothing to work on so far.
Finablr is sure to be a byword for playing by different rules. Shareholders may have learnt not to expect much, but they should have been able to hope for more.
Tuesday, 6 October 2020
Oil ends up on supply issues, nixed U.S. stimulus talks a bearish sign | Reuters
Oil ends up on supply issues, nixed U.S. stimulus talks a bearish sign | Reuters: #
Oil prices rose more than 2% on Tuesday, supported by expected supply disruptions from a hurricane approaching the Gulf of Mexico and an oil worker strike in Norway.
The market slipped in post-settlement trading, however, after U.S. President Donald Trump said he was instructing his administration not to negotiate a stimulus package until after the Nov. 3 election.
Brent crude futures LCOc1 settled at $42.65 a barrel, up $1.36 a barrel, or 3.29%. U.S. West Texas Intermediate (WTI) crude CLc1 settled at $40.67 a barrel, rising $1.45, or 3.7%. In post-close trading, however, Brent fell to $42.19 while U.S. crude dropped to $40.13 a barrel. #
Trump returned to the White House following three days in the hospital for treatment for COVID-19. U.S. House Speaker Nancy Pelosi and U.S. Treasury Secretary Steven Mnuchin had been in negotiations for an additional $1.5 trillion to $2 trillion in economic stimulus before Trump’s tweet.
Oil prices rose more than 2% on Tuesday, supported by expected supply disruptions from a hurricane approaching the Gulf of Mexico and an oil worker strike in Norway.
The market slipped in post-settlement trading, however, after U.S. President Donald Trump said he was instructing his administration not to negotiate a stimulus package until after the Nov. 3 election.
Brent crude futures LCOc1 settled at $42.65 a barrel, up $1.36 a barrel, or 3.29%. U.S. West Texas Intermediate (WTI) crude CLc1 settled at $40.67 a barrel, rising $1.45, or 3.7%. In post-close trading, however, Brent fell to $42.19 while U.S. crude dropped to $40.13 a barrel. #
Trump returned to the White House following three days in the hospital for treatment for COVID-19. U.S. House Speaker Nancy Pelosi and U.S. Treasury Secretary Steven Mnuchin had been in negotiations for an additional $1.5 trillion to $2 trillion in economic stimulus before Trump’s tweet.
#Saudi outperforms Gulf markets, while #UAE shares were subdued | Reuters
Saudi outperforms Gulf markets, while UAE shares were subdued | Reuters:
Saudi Arabia’s stock market ended higher on Tuesday, boosted by gains in the banking sector, while shares in the United Arab Emirates were subdued amid a spike in new coronavirus cases.
Saudi Arabia's benchmark index .TASI advanced 1.4%, with Al Rajhi Bank 1120.SE rising 1.7% and Savola Group 2050.SE jumping 4.9%.
The kingdom’s non-oil private sector returned to growth in September for the first time in seven months, a survey showed on Monday, amid stronger demand after a loosening of lockdown measures imposed to stem the spread of the coronavirus.
In Qatar, the index .QSI closed up 0.6%, with petrochemical maker Industries Qatar IQCD.QA rising 1.7%, while Qatar National Bank QNBK.QA (QNB) firmed 0.9%.
QNB, the Gulf’s biggest lender, plans to raise a $3.5 billion loan with a group of banks, Reuters reported on Tuesday, citing four sources familiar with the matter.
Dubai's main share index .DFMGI gave up early gains to close flat, with Emirates NBD Bank ENBD.DU rising 1%.
The Abu Dhabi index .ADI eased 0.1%, hurt by a 1.1% fall in Abu Dhabi Commercial Bank ADCB.AD and 0.2% decrease in the country's largest lender First Abu Dhabi Bank FAB.AD.
The United Arab Emirates, with a population of around 9.9 million people, surpassed 100,000 recorded cases of COVID-19 infections on Tuesday.
The UAE, whose tally stands at 100,794 infections and 421 deaths, has seen the number of daily new cases surge over the past two months to a high of 1,231 cases on Saturday from 164 on Aug. 3.
Saudi Arabia’s stock market ended higher on Tuesday, boosted by gains in the banking sector, while shares in the United Arab Emirates were subdued amid a spike in new coronavirus cases.
Saudi Arabia's benchmark index .TASI advanced 1.4%, with Al Rajhi Bank 1120.SE rising 1.7% and Savola Group 2050.SE jumping 4.9%.
The kingdom’s non-oil private sector returned to growth in September for the first time in seven months, a survey showed on Monday, amid stronger demand after a loosening of lockdown measures imposed to stem the spread of the coronavirus.
In Qatar, the index .QSI closed up 0.6%, with petrochemical maker Industries Qatar IQCD.QA rising 1.7%, while Qatar National Bank QNBK.QA (QNB) firmed 0.9%.
QNB, the Gulf’s biggest lender, plans to raise a $3.5 billion loan with a group of banks, Reuters reported on Tuesday, citing four sources familiar with the matter.
Dubai's main share index .DFMGI gave up early gains to close flat, with Emirates NBD Bank ENBD.DU rising 1%.
The Abu Dhabi index .ADI eased 0.1%, hurt by a 1.1% fall in Abu Dhabi Commercial Bank ADCB.AD and 0.2% decrease in the country's largest lender First Abu Dhabi Bank FAB.AD.
The United Arab Emirates, with a population of around 9.9 million people, surpassed 100,000 recorded cases of COVID-19 infections on Tuesday.
The UAE, whose tally stands at 100,794 infections and 421 deaths, has seen the number of daily new cases surge over the past two months to a high of 1,231 cases on Saturday from 164 on Aug. 3.
BNY Mellon Lands a Big Ally for Its Expansion in #SaudiArabia - Bloomberg
BNY Mellon Lands a Big Ally for Its Expansion in Saudi Arabia - Bloomberg:
Bank of New York Mellon Corp., the world’s largest custody bank, is pushing deeper into Saudi Arabia through a deal with an arm of the country’s biggest bank.
The firm joined NCB Capital, a unit of National Commercial Bank, to seek institutional investors in the kingdom for BNY Mellon’s “global custody and associated asset-servicing activities,” according to a statement to be released Tuesday.
Under the agreement, investors could have all of their custody needs handled by BNY Mellon and NCB Capital instead of using multiple providers across regions. NCB Capital is the kingdom’s biggest asset manager and investment bank.
“This is about putting their local market reach and client base together with our global connectivity and capability set and giving them and their clients that access that they wouldn’t have otherwise,” Hani Kablawi, BNY Mellon’s chairman of international, said in an interview.
Bank of New York Mellon Corp., the world’s largest custody bank, is pushing deeper into Saudi Arabia through a deal with an arm of the country’s biggest bank.
The firm joined NCB Capital, a unit of National Commercial Bank, to seek institutional investors in the kingdom for BNY Mellon’s “global custody and associated asset-servicing activities,” according to a statement to be released Tuesday.
Under the agreement, investors could have all of their custody needs handled by BNY Mellon and NCB Capital instead of using multiple providers across regions. NCB Capital is the kingdom’s biggest asset manager and investment bank.
“This is about putting their local market reach and client base together with our global connectivity and capability set and giving them and their clients that access that they wouldn’t have otherwise,” Hani Kablawi, BNY Mellon’s chairman of international, said in an interview.
#UAE News: #AbuDhabi’s ADIA to Invest $750 Million in Mukesh Ambani’s Retail Unit - Bloomberg
UAE News: Abu Dhabi’s ADIA to Invest $750 Million in Mukesh Ambani’s Retail Unit - Bloomberg:
A unit of Abu Dhabi Investment Authority will invest 55.1 billion rupees ($750 million) in Reliance Industries Ltd.’s retail arm, as billionaire Mukesh Ambani continues to enlist marquee backers for the business and adding to the $4.4 billion he has mopped up in recent weeks.
ADIA will buy a 1.2% stake in Reliance Retail Ventures Ltd., according to an exchange filing Tuesday, valuing the business at 4.29 trillion rupees. With the latest investment, RRVL has raised 377.1b rupees from global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA in less than four weeks, the company said in the filing.
The deal brings yet another investor on board Ambani’s retail unit which has already sold stakes to partners including KKR & Co. General Atlantic and TPG among partners. The latest round builds on the success of the 63-year-old tycoon’s technology venture, Jio Platforms Ltd., which raised more than $20 billion from Facebook Inc., Google and others earlier this year.
A unit of Abu Dhabi Investment Authority will invest 55.1 billion rupees ($750 million) in Reliance Industries Ltd.’s retail arm, as billionaire Mukesh Ambani continues to enlist marquee backers for the business and adding to the $4.4 billion he has mopped up in recent weeks.
ADIA will buy a 1.2% stake in Reliance Retail Ventures Ltd., according to an exchange filing Tuesday, valuing the business at 4.29 trillion rupees. With the latest investment, RRVL has raised 377.1b rupees from global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA in less than four weeks, the company said in the filing.
The deal brings yet another investor on board Ambani’s retail unit which has already sold stakes to partners including KKR & Co. General Atlantic and TPG among partners. The latest round builds on the success of the 63-year-old tycoon’s technology venture, Jio Platforms Ltd., which raised more than $20 billion from Facebook Inc., Google and others earlier this year.
European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #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.
Moody’s Sees Virus and Oil Shocks Speeding Up Gulf Bank Mergers - Bloomberg
Moody’s Sees Virus and Oil Shocks Speeding Up Gulf Bank Mergers - Bloomberg:
The twin shocks of lower oil prices and the coronavirus fallout will speed up bank mergers in the Gulf, according Moody’s Investors Service, which said financial concerns will play a larger role in encouraging deals.
“Merger deals will be increasingly motivated by purely financial considerations” as opposed to common shareholders that drove some of the combinations in the past years, analysts including Badis Shubailat and Nitish Bhojnagarwala wrote in a note. “Mergers and acquisitions will remain a recurring credit theme over coming years.”
Even before the pandemic hit, the Middle East’s financial-services industry was witnessing a wave of consolidation as banks sought ways to improve competitiveness and boost capital amid slowing economic growth. Some of the biggest lenders in Saudi Arabia, the United Arab Emirates, Kuwait and Qatar have either combined their operations or are in the process of doing so.
The region is also heavily over-banked and lenders are being compelled to do deals to remain competitive. There are more than 70 listed banks in the six-nation Gulf Cooperation Council, according to data compiled by Bloomberg, catering to a population of about 50
The twin shocks of lower oil prices and the coronavirus fallout will speed up bank mergers in the Gulf, according Moody’s Investors Service, which said financial concerns will play a larger role in encouraging deals.
“Merger deals will be increasingly motivated by purely financial considerations” as opposed to common shareholders that drove some of the combinations in the past years, analysts including Badis Shubailat and Nitish Bhojnagarwala wrote in a note. “Mergers and acquisitions will remain a recurring credit theme over coming years.”
Even before the pandemic hit, the Middle East’s financial-services industry was witnessing a wave of consolidation as banks sought ways to improve competitiveness and boost capital amid slowing economic growth. Some of the biggest lenders in Saudi Arabia, the United Arab Emirates, Kuwait and Qatar have either combined their operations or are in the process of doing so.
The region is also heavily over-banked and lenders are being compelled to do deals to remain competitive. There are more than 70 listed banks in the six-nation Gulf Cooperation Council, according to data compiled by Bloomberg, catering to a population of about 50
#AbuDhabi Investment Office, #Israel Export Institute to foster bilateral trade | Reuters
Abu Dhabi Investment Office, Israel Export Institute to foster bilateral trade | Reuters:
The Abu Dhabi Investment Office and Israel Export Institute have signed an agreement to boost trade opportunities, the Abu Dhabi Media office said in a tweet.
The United Arab Emirates agreed a historic deal to normalise relations with Israel in August, and the Gulf state of Bahrain followed suit in September.
The Abu Dhabi Investment Office and Israel Export Institute have signed an agreement to boost trade opportunities, the Abu Dhabi Media office said in a tweet.
The United Arab Emirates agreed a historic deal to normalise relations with Israel in August, and the Gulf state of Bahrain followed suit in September.
#Dubai repays $750 million bonds due in October | Reuters
Dubai repays $750 million bonds due in October | Reuters:
The government of Dubai has repaid $750 million in bonds that reached maturity on Oct. 5, the department of finance said in a statement on Tuesday.
“Upon maturity, all the notes were redeemed in full,” it said.
Dubai sold $2 billion in dual-tranche bonds last month, its first sale in public debt markets in six years, as it seeks to boost finances hit by the coronavirus crisis.
The government of Dubai has repaid $750 million in bonds that reached maturity on Oct. 5, the department of finance said in a statement on Tuesday.
“Upon maturity, all the notes were redeemed in full,” it said.
Dubai sold $2 billion in dual-tranche bonds last month, its first sale in public debt markets in six years, as it seeks to boost finances hit by the coronavirus crisis.
#Qatar National Bank to raise $3.5 billion loan - sources | Reuters
Qatar National Bank to raise $3.5 billion loan - sources | Reuters:
Qatar National Bank (QNB) QNBK.QA, the Gulf's biggest lender, plans to raise a $3.5 billion loan with a group of banks, said four sources familiar with the matter.
The planned transaction would refinance an existing $3.5 billion debt facility the bank raised in 2017 and which is due in December this year.
Two of the sources said HSBC will have a leading role in the deal. QNB did not immediately respond to a comment request while HSBC declined to comment.
The new loan will be split into two tranches with maturities of three and five years, said two of the sources. “It will be tightly priced, despite the progressive tenor,” added one of them.
Qatar National Bank (QNB) QNBK.QA, the Gulf's biggest lender, plans to raise a $3.5 billion loan with a group of banks, said four sources familiar with the matter.
The planned transaction would refinance an existing $3.5 billion debt facility the bank raised in 2017 and which is due in December this year.
Two of the sources said HSBC will have a leading role in the deal. QNB did not immediately respond to a comment request while HSBC declined to comment.
The new loan will be split into two tranches with maturities of three and five years, said two of the sources. “It will be tightly priced, despite the progressive tenor,” added one of them.
Finablr agrees to takeover offer from Prism | Financial Times #UAE #AbuDhabi
Finablr agrees to takeover offer from Prism | Financial Times:
Finablr, the payments group that revealed $1.3bn in undisclosed debt earlier this year, said it had accepted a takeover offer from a group called Prism Advance Solutions.
Few details about Prism or the transaction were provided by Finablr, a UAE group that listed in London in 2019 and was founded by BR Shetty, the Indian entrepreneur behind scandal-ridden NMC Health.
Guy Rothschild, the co-founder of Prism, said that he looked forward to working with authorities in the UAE to revive the company.
“We acknowledge that it’s going to be a challenging journey and that there would be difficulties along the way, but we are confident that with the support from all parties involved we will realise Finablr’s full potential,” Mr Rothschild said in a statement on Tuesday.
UAE Exchange, the Abu Dhabi-based remittance house at the heart of Finablr, was taken under the supervision of the UAE central bank in March. The company’s Travelex unit, one of the biggest foreign exchange providers in the UK, was placed into administration in August with the loss of about 1,300 jobs.
According to his LinkedIn profile, Mr Rothschild runs a consultancy in Switzerland and is a director of UK-registered Prism, which was set up in November last year.
Finablr described Prism’s planned takeover as a “game-changing” transaction in the Middle East, coming just weeks after the UAE normalised relations with Israel. In the statement released by Finablr, Mr Rothschild claimed it was the “first major UAE-Israeli commercial transaction”, without giving details.
The transaction will provide Finablr working capital and let the group restructure its debts, the UAE-based company said.
Finablr shares were suspended in March as it faced a liquidity squeeze prompted by coronavirus and concerns over the accounting scandal at sister company NMC, the healthcare group.
In July, Finablr appointed law firm Skadden to help investigate potential wrongdoing and theft within the payments group. Mr Shetty has blamed the alleged fraud at NMC and Finablr on various members of their former management.
Finablr chief executive Bhairav Trivedi thanked its employees for supporting the company through trying times. “Our employees have worked at reduced or zero pay for some months,” he said. “We now enter a new chapter in the company’s history.”
Subject to regulatory approvals, the transaction is expected to be completed within four weeks, Finablr said.
Finablr, the payments group that revealed $1.3bn in undisclosed debt earlier this year, said it had accepted a takeover offer from a group called Prism Advance Solutions.
Few details about Prism or the transaction were provided by Finablr, a UAE group that listed in London in 2019 and was founded by BR Shetty, the Indian entrepreneur behind scandal-ridden NMC Health.
Guy Rothschild, the co-founder of Prism, said that he looked forward to working with authorities in the UAE to revive the company.
“We acknowledge that it’s going to be a challenging journey and that there would be difficulties along the way, but we are confident that with the support from all parties involved we will realise Finablr’s full potential,” Mr Rothschild said in a statement on Tuesday.
UAE Exchange, the Abu Dhabi-based remittance house at the heart of Finablr, was taken under the supervision of the UAE central bank in March. The company’s Travelex unit, one of the biggest foreign exchange providers in the UK, was placed into administration in August with the loss of about 1,300 jobs.
According to his LinkedIn profile, Mr Rothschild runs a consultancy in Switzerland and is a director of UK-registered Prism, which was set up in November last year.
Finablr described Prism’s planned takeover as a “game-changing” transaction in the Middle East, coming just weeks after the UAE normalised relations with Israel. In the statement released by Finablr, Mr Rothschild claimed it was the “first major UAE-Israeli commercial transaction”, without giving details.
The transaction will provide Finablr working capital and let the group restructure its debts, the UAE-based company said.
Finablr shares were suspended in March as it faced a liquidity squeeze prompted by coronavirus and concerns over the accounting scandal at sister company NMC, the healthcare group.
In July, Finablr appointed law firm Skadden to help investigate potential wrongdoing and theft within the payments group. Mr Shetty has blamed the alleged fraud at NMC and Finablr on various members of their former management.
Finablr chief executive Bhairav Trivedi thanked its employees for supporting the company through trying times. “Our employees have worked at reduced or zero pay for some months,” he said. “We now enter a new chapter in the company’s history.”
Subject to regulatory approvals, the transaction is expected to be completed within four weeks, Finablr said.
Column: Hedge funds resume oil sales | Reuters
Column: Hedge funds resume oil sales | Reuters:
Hedge funds and other money managers resumed selling oil last week as concerns about the health of the global economy re-emerged and the previous week’s short-covering rally lost momentum.
Hedge funds sold the equivalent of 29 million barrels in the six most important petroleum futures and options contracts, largely reversing purchases of 40 million barrels the week before.
Portfolio managers have sold oil in five of the last six weeks, reducing their total position by 227 million barrels since the middle of August (tmsnrt.rs/3d3KNJA).
In the latest week, funds sold NYMEX and ICE WTI (-24 million barrels), Brent (-7 million) and European gasoil (-3 million) but were small buyers of U.S. diesel (+3 million) and U.S. gasoline (+2 million).
Hedge funds and other money managers resumed selling oil last week as concerns about the health of the global economy re-emerged and the previous week’s short-covering rally lost momentum.
Hedge funds sold the equivalent of 29 million barrels in the six most important petroleum futures and options contracts, largely reversing purchases of 40 million barrels the week before.
Portfolio managers have sold oil in five of the last six weeks, reducing their total position by 227 million barrels since the middle of August (tmsnrt.rs/3d3KNJA).
In the latest week, funds sold NYMEX and ICE WTI (-24 million barrels), Brent (-7 million) and European gasoil (-3 million) but were small buyers of U.S. diesel (+3 million) and U.S. gasoline (+2 million).
#Qatar allows foreigners to own properties in more areas | Reuters
Qatar allows foreigners to own properties in more areas | Reuters:
Qatar said on Tuesday it will allow foreign companies and individuals to own real estate in more areas in the country, liberalising rules to attract overseas funds in the sector as part of moves to diversify the economy.
Non-Qatari individuals could own properties in nine areas, up from three before, while the number of areas where foreigners may use real estate has also been increased to 16, a government statement said.
Foreign companies can also own properties in nine areas, a big boost from the past when they were only allowed access to real estate ownership within the confines of The Pearl Island project in Doha.
“Such decision would contribute to the advancement of the Qatari real estate market, the acceleration of the economic development, and the stimulation of the real estate sector,” the Ministry of Justice statement said.
Qatar said on Tuesday it will allow foreign companies and individuals to own real estate in more areas in the country, liberalising rules to attract overseas funds in the sector as part of moves to diversify the economy.
Non-Qatari individuals could own properties in nine areas, up from three before, while the number of areas where foreigners may use real estate has also been increased to 16, a government statement said.
Foreign companies can also own properties in nine areas, a big boost from the past when they were only allowed access to real estate ownership within the confines of The Pearl Island project in Doha.
“Such decision would contribute to the advancement of the Qatari real estate market, the acceleration of the economic development, and the stimulation of the real estate sector,” the Ministry of Justice statement said.
#AbuDhabi Offers up its Date Champion For Larger Agthia Stake - Bloomberg
Abu Dhabi Offers up its Date Champion For Larger Agthia Stake - Bloomberg:
Abu Dhabi’s state-owned investor Senaat is seeking to raise its stake in food-producer Agthia Group, in exchange for the country’s leading date trader, amid a flurry of deals by its parent ADQ.
The proposed transaction would create one of the top 10 food and beverages companies in the Middle East and North Africa, ADQ said in a statement on Tuesday. Senaat expects the transaction to close before or during the first quarter of 2021.
Agthia’s shares surged as much as 13% in their highest intraday jump since April. They pared gains to 7.8% at 4.00 dirhams as of 12:32 p.m. local time.
Senaat said it would transfer most assets of state-owned date processing firm Al Foah Co. to Agthia, in return for 120 million shares of Agthia convertible at 3.75 dirhams a share, valuing Al Foah at 450 million dirhams ($123 million). On completion, Senaat’s stake in Agthia would rise to 59.2% from 51%.
Abu Dhabi’s state-owned investor Senaat is seeking to raise its stake in food-producer Agthia Group, in exchange for the country’s leading date trader, amid a flurry of deals by its parent ADQ.
The proposed transaction would create one of the top 10 food and beverages companies in the Middle East and North Africa, ADQ said in a statement on Tuesday. Senaat expects the transaction to close before or during the first quarter of 2021.
Agthia’s shares surged as much as 13% in their highest intraday jump since April. They pared gains to 7.8% at 4.00 dirhams as of 12:32 p.m. local time.
Senaat said it would transfer most assets of state-owned date processing firm Al Foah Co. to Agthia, in return for 120 million shares of Agthia convertible at 3.75 dirhams a share, valuing Al Foah at 450 million dirhams ($123 million). On completion, Senaat’s stake in Agthia would rise to 59.2% from 51%.
MIDEAST STOCKS-Major Gulf bourses gain as financials lead | Nasdaq
MIDEAST STOCKS-Major Gulf bourses gain as financials lead | Nasdaq:
Major Gulf stock markets edged higher in early trade on Tuesday, helped by financial shares, with Dubai on track to end three sessions of losses.
Saudi Arabia's benchmark index .TASI increased 0.6%, with Al Rajhi Bank 1120.SE rising 0.9% and telecoms firm Etihad Etisalat 7020.SE jumping 5.1%.
Dubai's main share index .DFMGI gained 0.6%, led by a 1.2% rise in sharia-compliant lender Dubai Islamic Bank DISB.DU and a 1% increase in Emirates NBD Bank ENBD.DU.
The Abu Dhabi index .ADI edged up 0.2%, supported by a 0.2% gain in the country's largest lender First Abu Dhabi Bank FAB.AD.
The United Arab Emirates has resumed granting work permits for foreigners employed by government and semi-government entities as well as entry permits for domestic workers, the National Emergency Crisis and Disaster Management Authority said in a Twitter post on Monday.
The UAE had suspended in March the issuance of all types of labour permits as part of measures to contain the spread of the novel coronavirus.
In Qatar, the index .QSI added 0.3%, with petrochemical maker Industries Qatar IQCD.QA risingn0.9% and Commercial Bank COMB.QA was up 1.4%.
Major Gulf stock markets edged higher in early trade on Tuesday, helped by financial shares, with Dubai on track to end three sessions of losses.
Saudi Arabia's benchmark index .TASI increased 0.6%, with Al Rajhi Bank 1120.SE rising 0.9% and telecoms firm Etihad Etisalat 7020.SE jumping 5.1%.
Dubai's main share index .DFMGI gained 0.6%, led by a 1.2% rise in sharia-compliant lender Dubai Islamic Bank DISB.DU and a 1% increase in Emirates NBD Bank ENBD.DU.
The Abu Dhabi index .ADI edged up 0.2%, supported by a 0.2% gain in the country's largest lender First Abu Dhabi Bank FAB.AD.
The United Arab Emirates has resumed granting work permits for foreigners employed by government and semi-government entities as well as entry permits for domestic workers, the National Emergency Crisis and Disaster Management Authority said in a Twitter post on Monday.
The UAE had suspended in March the issuance of all types of labour permits as part of measures to contain the spread of the novel coronavirus.
In Qatar, the index .QSI added 0.3%, with petrochemical maker Industries Qatar IQCD.QA risingn0.9% and Commercial Bank COMB.QA was up 1.4%.
Oil prices climb as Trump's return to White House calms nerves | Reuters
Oil prices climb as Trump's return to White House calms nerves | Reuters:
Oil prices gained on Tuesday due to fears that refineries could be hit by a storm brewing in the Gulf of Mexico, while buyers also drew relief from U.S. President Donald Trump’s return to the White House after being treated for COVID-19 in hospital.
The gains slightly extended Monday’s rally of more than 5%, when buyers took heart from Trump saying he would return to the White House, and from growing hopes for an agreement on a U.S. stimulus package to counter the impact of the pandemic.
U.S. West Texas Intermediate (WTI) crude futures were trading 36 cents, or nearly 0.9% higher at $39.58 a barrel at 0710 GMT.
Brent crude futures rose 25 cents, or 0.6%, to $41.54 a barrel.
Oil prices gained on Tuesday due to fears that refineries could be hit by a storm brewing in the Gulf of Mexico, while buyers also drew relief from U.S. President Donald Trump’s return to the White House after being treated for COVID-19 in hospital.
The gains slightly extended Monday’s rally of more than 5%, when buyers took heart from Trump saying he would return to the White House, and from growing hopes for an agreement on a U.S. stimulus package to counter the impact of the pandemic.
U.S. West Texas Intermediate (WTI) crude futures were trading 36 cents, or nearly 0.9% higher at $39.58 a barrel at 0710 GMT.
Brent crude futures rose 25 cents, or 0.6%, to $41.54 a barrel.
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