Oil falls about 2% on Libyan output, COVID-19 demand concerns | Reuters
Oil fell nearly 2% on Friday, finishing lower for the week, in anticipation of a surge in Libyan crude supply and demand concerns caused by surging coronavirus cases in the United States and Europe.
Crude prices sank after Libya’s National Oil Corp (NOC) said it lifted force majeure on exports from key ports and output would reach 1 million barrels per day in four weeks.
“As soon as that came out, the market cratered,” said Bob Yawger, director of energy futures at Mizuho in New York.
U.S. crude CLc1 settled at $39.85 a barrel, falling 79 cents, or 1.9%. Brent crude LCOc1 settled at $41.77 a barrel, losing 69 cents, or 1.6%. For the week, U.S. crude futures lost 2.5% and Brent futures shed 2.7%.
Friday 23 October 2020
#UAE investor-led consortium to own 90% in Jet Airways 2.0 | ZAWYA MENA Edition
UAE investor-led consortium to own 90% in Jet Airways 2.0 | ZAWYA MENA Edition
The consortium led by a UAE-based businessman that won the bid to take over Jet Airways will get more than 90 per cent stake in the grounded airline, while the rest would be distributed among lenders and some of the employees, it is learnt.
Last week, Jet Airways’ creditors approved a resolution plan submitted by a consortium of UAE-based Murari Lal Jalan and UK-based asset management firm Kalrock Capital.A former senior employee of the airline told Khaleej Times that as per the resolution plan, the consortium plans to re-launch the full-service carrier with an initial investment of Rs10 billion.
For this, the next step is to get the final go-ahead from the National Company Law Tribunal which is hearing the insolvency proceedings. The consortium, it is understood, is prepared to launch Jet Airways 2.0 within six months once the NCLT approval is obtained.
The consortium led by a UAE-based businessman that won the bid to take over Jet Airways will get more than 90 per cent stake in the grounded airline, while the rest would be distributed among lenders and some of the employees, it is learnt.
Last week, Jet Airways’ creditors approved a resolution plan submitted by a consortium of UAE-based Murari Lal Jalan and UK-based asset management firm Kalrock Capital.A former senior employee of the airline told Khaleej Times that as per the resolution plan, the consortium plans to re-launch the full-service carrier with an initial investment of Rs10 billion.
For this, the next step is to get the final go-ahead from the National Company Law Tribunal which is hearing the insolvency proceedings. The consortium, it is understood, is prepared to launch Jet Airways 2.0 within six months once the NCLT approval is obtained.
An industry source said another crucial measure for the new owners is to renegotiate contracts with various vendors including fuel retailers, aircraft lessors, and caterers. The new management also has to regain the airport slots that re-allocated to other domestic airlines by the government after the grounding of the embattled airline.
Jet Airways 2.0, which is expected to retain its brand identity and its business model of being a full-service carrier, is likely to operate only domestically in the first year.
Jet Airways 2.0, which is expected to retain its brand identity and its business model of being a full-service carrier, is likely to operate only domestically in the first year.
Largest Russian Bank to open office in #AbuDhabi | ZAWYA MENA Edition
Largest Russian Bank to open office in Abu Dhabi | ZAWYA MENA Edition
The largest commercial bank in Russia, Central and Eastern Europe is on course to opening an office in Abu Dhabi by the end of this year, according to a top executive.
In late September, the state-owned bank signed an agreement with Abu Dhabi sovereign investor Mubadala Investment Company to "tap the potential of mutually beneficial opportunities ".
The agreement covers cooperation in areas including co-investments, debt and equity financing, long-term financing of Mubadala projects in Russia and other territories.
It also includes potential cooperation in a wide range of areas that would embrace Islamic finance, artificial intelligence, cybersecurity, life sciences, venture capital, telemedicine and education.
Islamic finance will be the backbone of Sberbank business activity in the region. The Islamic window within Sber Investment Middle East, SIME, will be a single product development centre and the office for Sber’s Shariah-compliant finance business.
The largest commercial bank in Russia, Central and Eastern Europe is on course to opening an office in Abu Dhabi by the end of this year, according to a top executive.
In late September, the state-owned bank signed an agreement with Abu Dhabi sovereign investor Mubadala Investment Company to "tap the potential of mutually beneficial opportunities ".
The agreement covers cooperation in areas including co-investments, debt and equity financing, long-term financing of Mubadala projects in Russia and other territories.
It also includes potential cooperation in a wide range of areas that would embrace Islamic finance, artificial intelligence, cybersecurity, life sciences, venture capital, telemedicine and education.
Islamic finance will be the backbone of Sberbank business activity in the region. The Islamic window within Sber Investment Middle East, SIME, will be a single product development centre and the office for Sber’s Shariah-compliant finance business.
Oil holds near $42, heads for weekly loss as virus cases surge | Reuters
Oil holds near $42, heads for weekly loss as virus cases surge | Reuters
Oil steadied near $42 a barrel on Friday, heading for its first weekly drop in three, as surging coronavirus cases in the United States and Europe raise concerns about demand and Libyan output rises.
Several U.S. states reported record daily increases in infections on Thursday, while France extended curfews for about two-thirds of its population as the second wave of the pandemic sweeps across Europe.
Brent crude rose 6 cents, or 0.1%, to $42.52 a barrel by 0810 GMT having risen 1.7% on Thursday. U.S. crude fell 7 cents, or 0.2%, to $40.57. Both contracts are heading for a loss on the week.
“There is little in the way of support from the demand side in view of the extremely high number of new COVID-19 cases,” said Eugen Weinberg, analyst at Commerzbank. “There is also pressure on prices from the supply side.”
Oil steadied near $42 a barrel on Friday, heading for its first weekly drop in three, as surging coronavirus cases in the United States and Europe raise concerns about demand and Libyan output rises.
Several U.S. states reported record daily increases in infections on Thursday, while France extended curfews for about two-thirds of its population as the second wave of the pandemic sweeps across Europe.
Brent crude rose 6 cents, or 0.1%, to $42.52 a barrel by 0810 GMT having risen 1.7% on Thursday. U.S. crude fell 7 cents, or 0.2%, to $40.57. Both contracts are heading for a loss on the week.
“There is little in the way of support from the demand side in view of the extremely high number of new COVID-19 cases,” said Eugen Weinberg, analyst at Commerzbank. “There is also pressure on prices from the supply side.”
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