Thursday 29 October 2020
U.S. moves forward with sale of 50 F-35 jets to #UAE - sources | Reuters
U.S. moves forward with sale of 50 F-35 jets to UAE - sources | Reuters
The U.S. State Department notified Congress it approved the sale of 50 Lockheed Martin Co LMT.N F-35 jets to the United Arab Emirates in a deal that could be worth $10 billion, sources said on Thursday, potentially setting up a showdown with lawmakers over the deal.
The United States and the UAE aim to have a letter of agreement for the F-35 jets in time for UAE National Day celebrated on Dec. 2, Reuters reported in September.
The U.S. Senate Foreign Relations and House of Representatives Foreign Affairs committees, whose members have criticized the UAE’s role in civilian deaths in Yemen, have the right to review, and block, weapons sales under an informal review process.
Israel initially balked at the prospective sale but last week dropped its opposition after what it described as U.S. guarantees that Israeli military superiority would be preserved.
The U.S. State Department notified Congress it approved the sale of 50 Lockheed Martin Co LMT.N F-35 jets to the United Arab Emirates in a deal that could be worth $10 billion, sources said on Thursday, potentially setting up a showdown with lawmakers over the deal.
The United States and the UAE aim to have a letter of agreement for the F-35 jets in time for UAE National Day celebrated on Dec. 2, Reuters reported in September.
The U.S. Senate Foreign Relations and House of Representatives Foreign Affairs committees, whose members have criticized the UAE’s role in civilian deaths in Yemen, have the right to review, and block, weapons sales under an informal review process.
Israel initially balked at the prospective sale but last week dropped its opposition after what it described as U.S. guarantees that Israeli military superiority would be preserved.
U.S. Firms Interested in #Israel Port After Passing Last Time - Bloomberg
U.S. Firms Interested in Israel Port After Passing Last Time - Bloomberg
A pair of American firms are among companies that have officially indicated interest in bidding for Israel’s largest seaport, following a push by the U.S. government.
U.S. officials hoping to put a chill on Chinese involvement in strategic infrastructure projects have been encouraging American firms to bid for the port in the northern city of Haifa, where state-run Shanghai International Port Group Co. won a contract to operate a separate facility in 2015. No U.S. companies bid on that 2015 project despite American efforts.
The U.S. companies that have expressed interest by Thursday’s deadline are SSA Marine, a Seattle-based terminal operator, and Kentucky-based shipper GraeStone Logistics LLC, according to an Israeli official who requested anonymity to speak publicly. The companies didn’t immediately respond to email requests for comment outside normal business hours.
As Bloomberg previously reported, GraeStone joined a consortium that included Turkish industrial conglomerate Yildirim Holding AS, cruise port operator Global Ports Holding Plc and Israeli businessman Eli Tilles. Dubai’s DP World and Israeli Shipyards Industries Ltd. also said earlier that they submitted a joint offer for the facility.
A pair of American firms are among companies that have officially indicated interest in bidding for Israel’s largest seaport, following a push by the U.S. government.
U.S. officials hoping to put a chill on Chinese involvement in strategic infrastructure projects have been encouraging American firms to bid for the port in the northern city of Haifa, where state-run Shanghai International Port Group Co. won a contract to operate a separate facility in 2015. No U.S. companies bid on that 2015 project despite American efforts.
The U.S. companies that have expressed interest by Thursday’s deadline are SSA Marine, a Seattle-based terminal operator, and Kentucky-based shipper GraeStone Logistics LLC, according to an Israeli official who requested anonymity to speak publicly. The companies didn’t immediately respond to email requests for comment outside normal business hours.
As Bloomberg previously reported, GraeStone joined a consortium that included Turkish industrial conglomerate Yildirim Holding AS, cruise port operator Global Ports Holding Plc and Israeli businessman Eli Tilles. Dubai’s DP World and Israeli Shipyards Industries Ltd. also said earlier that they submitted a joint offer for the facility.
#UAE's Mubadala completes $4.6bn deal to sell stake in chemical giant - Arabianbusiness
UAE's Mubadala completes $4.6bn deal to sell stake in chemical giant - Arabianbusiness
Mubadala Investment Company, the Abu Dhabi-based strategic investment company, on Thursday completed a deal to sell an additional 39 percent stake in Borealis to OMV, an oil and gas company headquartered in Vienna.
OMV now holds a 75 percent interest in Borealis and Mubadala retains a 25 percent interest in the global chemical company.
The transaction value amounts to $4.68 billion and represents the biggest acquisition in OMV’s history and the largest transaction ever for Mubadala.
Under the deal, OMV is entitled to all dividends in relation to the additional shares in Borealis distributed after December 31, 2019. In 2019, Borealis generated worldwide total sales of 9.8 billion euros and a net profit of 872 million euros.
Musabbeh Al Kaabi, CEO, Petroleum & Petrochemicals, Mubadala Investment Company, said: "This transaction is well aligned with our strategy as a responsible investor and we are confident in the value this partnership will create for all three companies."
Mubadala Investment Company, the Abu Dhabi-based strategic investment company, on Thursday completed a deal to sell an additional 39 percent stake in Borealis to OMV, an oil and gas company headquartered in Vienna.
OMV now holds a 75 percent interest in Borealis and Mubadala retains a 25 percent interest in the global chemical company.
The transaction value amounts to $4.68 billion and represents the biggest acquisition in OMV’s history and the largest transaction ever for Mubadala.
Under the deal, OMV is entitled to all dividends in relation to the additional shares in Borealis distributed after December 31, 2019. In 2019, Borealis generated worldwide total sales of 9.8 billion euros and a net profit of 872 million euros.
Musabbeh Al Kaabi, CEO, Petroleum & Petrochemicals, Mubadala Investment Company, said: "This transaction is well aligned with our strategy as a responsible investor and we are confident in the value this partnership will create for all three companies."
Oil extends losses on renewed coronavirus lockdowns, over-supply worries | Reuters
Oil extends losses on renewed coronavirus lockdowns, over-supply worries | Reuters
Oil prices fell on Thursday, extending a 5% slump in the previous session, as governments’ renewed restrictions to curb a second wave of coronavirus infections and signs of a growing global oil supply glut send prices tumbling.
U.S. West Texas Intermediate (WTI) crude futures edged down 8 cents, or 0.21%, to $37.31 a barrel by 0743 GMT, while Brent crude futures were down 12 cents, or 0.31%, at $39.00.
Amid surging COVID-19 cases in Europe, France will require people to stay home for all but essential activities as of Friday, while Germany will shut bars, restaurants and theatres from Nov. 2 through the end of the month.
“The demand outlook is deteriorating as a second viral wave swept the U.S. and most part of the Europe. Stricter social distancing measures and more lockdowns may bring a larger-than-expected impact on global energy demand,” said Margaret Yang, a strategist at DailyFX.
Oil prices fell on Thursday, extending a 5% slump in the previous session, as governments’ renewed restrictions to curb a second wave of coronavirus infections and signs of a growing global oil supply glut send prices tumbling.
U.S. West Texas Intermediate (WTI) crude futures edged down 8 cents, or 0.21%, to $37.31 a barrel by 0743 GMT, while Brent crude futures were down 12 cents, or 0.31%, at $39.00.
Amid surging COVID-19 cases in Europe, France will require people to stay home for all but essential activities as of Friday, while Germany will shut bars, restaurants and theatres from Nov. 2 through the end of the month.
“The demand outlook is deteriorating as a second viral wave swept the U.S. and most part of the Europe. Stricter social distancing measures and more lockdowns may bring a larger-than-expected impact on global energy demand,” said Margaret Yang, a strategist at DailyFX.
MIDEAST STOCKS- #Saudi Arabian shares see broad-based losses, Industries #Qatar weighs | Nasdaq
MIDEAST STOCKS-Saudi Arabian shares see broad-based losses, Industries Qatar weighs | Nasdaq
Saudi Arabian shares fell sharply on Thursday, incurring losses across the board due to weak oil prices, while the Qatari benchmark was dragged lower by heavyweight Industries Qatar.
Oil prices slumped 5% in the previous session, with Brent hitting a four-month low, as surging coronavirus infections in the United States and Europe prompted renewed lockdowns and raised concerns of new declines in fuel demand. O/R
The kingdom's benchmark index .TASI declined 1.6%, with oil giant Saudi Aramco 2222.SE shedding 1.6% and Saudi Telecom 7010.SE falling 1.5%.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies will have to contend with a "lot of demand issues" before raising supply in January 2021, given throughput cuts by oil refiners, the head of Saudi Aramco's trading arm said.
In Qatar, the index .QSI retreated 1.1%, with most stocks trading lower. Petrochemical firm Industries Qatar IQCD.QA dropped 2.1%.
The company earlier this week had reported a net profit of 951 million riyals ($261.26 million) for the first nine months of 2020, down from 2 billion riyals a year earlier.
Saudi Arabian shares fell sharply on Thursday, incurring losses across the board due to weak oil prices, while the Qatari benchmark was dragged lower by heavyweight Industries Qatar.
Oil prices slumped 5% in the previous session, with Brent hitting a four-month low, as surging coronavirus infections in the United States and Europe prompted renewed lockdowns and raised concerns of new declines in fuel demand. O/R
The kingdom's benchmark index .TASI declined 1.6%, with oil giant Saudi Aramco 2222.SE shedding 1.6% and Saudi Telecom 7010.SE falling 1.5%.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies will have to contend with a "lot of demand issues" before raising supply in January 2021, given throughput cuts by oil refiners, the head of Saudi Aramco's trading arm said.
In Qatar, the index .QSI retreated 1.1%, with most stocks trading lower. Petrochemical firm Industries Qatar IQCD.QA dropped 2.1%.
The company earlier this week had reported a net profit of 951 million riyals ($261.26 million) for the first nine months of 2020, down from 2 billion riyals a year earlier.
Qatar Insurance QINS.QA, which posted loss for nine months ended Sept. 30, was down 1.6%.
Markets in the United Arab Emirates are closed for a public holiday.
Markets in the United Arab Emirates are closed for a public holiday.