Oil falls 4% as U.S. vote count continues, coronavirus cases rise | Reuters
Oil settled below $40 a barrel on Friday as rising global coronavirus cases stoked fears about lackluster demand and as drawn-out vote counting in the U.S. presidential election kept markets on edge.
France reported record cases, intensifying concerns that additional lockdowns in Europe could weigh on demand.
In the U.S. election, Democratic presidential candidate Joe Biden took the lead over President Donald Trump in Georgia and Pennsylvania, edging closer to winning the White House as a handful of states continue to count votes.
Three days after polls closed, Biden has a 253 to 214 lead in the state-by-state Electoral College vote that determines the winner, according to Edison Research. Winning Pennsylvania’s 20 electoral votes would put the former vice president over the 270 he needs to win.
Brent crude LCOc1 settled down $1.48, or 3.62%, at $39.45 a barrel. U.S. West Texas Intermediate (WTI) CLc1 dropped $1.65, or 4.25% to $37.14 a barrel.
Still, both contracts gained on the week with Brent up 5.8%, and U.S. crude rising 4.3%.
Friday 6 November 2020
EY faces £1bn lawsuit over audit work for NMC Health | Financial Times
EY faces £1bn lawsuit over audit work for NMC Health | Financial Times
The administrators to NMC Health are preparing to sue EY for more than £1bn over claims the Big Four audit firm was negligent when it signed off the group’s accounts during a “long term” multibillion-dollar fraud.
The administrators to NMC Health are preparing to sue EY for more than £1bn over claims the Big Four audit firm was negligent when it signed off the group’s accounts during a “long term” multibillion-dollar fraud.
NMC Health, the former FTSE 100 healthcare group, collapsed this year after discovering that more than $4bn was apparently hidden from its balance sheet in a large-scale fraud that spanned operations from Abu Dhabi to London.
EY has overseen NMC’s accounts since the healthcare company floated in London in 2012. The quality of the firm’s audits has already been questioned due to the fact that NMC’s board included former EY partners.
Administrator Alvarez & Marsal said it had hired law firm Quinn Emanuel to make a claim against EY, and had already issued a preliminary notice informing the audit firm it intended to file a lawsuit.
ADNOC and India's Adani Group put on hold mega chemicals project in Gujarat | Energy – Gulf News
ADNOC and India's Adani Group put on hold mega chemicals project in Gujarat | Energy – Gulf News
Energy giants ADNOC (Abu Dhabi National Oil Co.) and Borealis have decided to put on hold an ambitious chemical complex project planned for Mundra in India. The promoters, which also includes Germany's BASF and India's Adani Group, have cited the uncertainty brought on by the pandemic for the decision.
The planned location at Mundra - in the western state of Gujarat - is owned by Adani. The project envisaged creation of a port, a "world-scale" propane dehydrogenation (PDH) plant, a polypropylene (PP) production and an acrylics value chain complex.
"Despite all attempts to optimize the scope and the configuration, the project has been put on hold," said a statement. "The partners remain convinced about the strong fundamentals represented by the Indian market and agreed to periodically explore market conditions and discuss any opportunity that may arise over time."
Energy giants ADNOC (Abu Dhabi National Oil Co.) and Borealis have decided to put on hold an ambitious chemical complex project planned for Mundra in India. The promoters, which also includes Germany's BASF and India's Adani Group, have cited the uncertainty brought on by the pandemic for the decision.
The planned location at Mundra - in the western state of Gujarat - is owned by Adani. The project envisaged creation of a port, a "world-scale" propane dehydrogenation (PDH) plant, a polypropylene (PP) production and an acrylics value chain complex.
"Despite all attempts to optimize the scope and the configuration, the project has been put on hold," said a statement. "The partners remain convinced about the strong fundamentals represented by the Indian market and agreed to periodically explore market conditions and discuss any opportunity that may arise over time."
'Distress' sales are pushing land prices down in #Dubai property market, says Pantheon owner | Property – Gulf News
'Distress' sales are pushing land prices down in Dubai property market, says Pantheon owner | Property – Gulf News
Dubai’s land values have dropped sharply this year – but that’s still not helping developers to launch new projects.
“We are seeing distress sales of land that were owned by investors who had plans to launch projects,” said Kalpesh Kinariwala, Chairman of Pantheon Group. “But in today’s market conditions, there is little appetite among most developers for new offplan launches.
“That’s why these investor-developers are selling their land holdings at much reduced prices… and that’s brought on value drops across the board.”
Dubai’s land values have dropped sharply this year – but that’s still not helping developers to launch new projects.
“We are seeing distress sales of land that were owned by investors who had plans to launch projects,” said Kalpesh Kinariwala, Chairman of Pantheon Group. “But in today’s market conditions, there is little appetite among most developers for new offplan launches.
“That’s why these investor-developers are selling their land holdings at much reduced prices… and that’s brought on value drops across the board.”
Why ‘Kafala’ Labor Rules Are an Issue in Persian Gulf: QuickTake - Bloomberg
Why ‘Kafala’ Labor Rules Are an Issue in Persian Gulf: QuickTake - Bloomberg
For decades, Gulf Arab states have attracted scrutiny for migrant sponsorship rules widely criticized as abusive to the foreigners who make up large parts of their labor forces. Governments have taken gradual steps to reduce the scope for exploitation under the so-called kafala system and, in August, Qatar became the first to guarantee foreigners a minimum wage regardless of nationality. Now, Saudi Arabia is planning sweeping changes, easing restrictions on foreign workers in an effort to attract overseas talent and build a more flexible labor market.
1. Where does the kafala system come from?
During the oil boom of the 1970s, Gulf Arab states began bringing in large numbers of foreign workers to build infrastructure quickly and cheaply, and to provide services for their suddenly prospering societies. Kafala is an Arabic word meaning sponsorship or guarantorship, and has evolved into a system of employment. The six nations of the Gulf Cooperation Council -- Saudi Arabia, Kuwait, Bahrain, Qatar, Oman and the United Arab Emirates -- are most closely associated with the practice. It’s also used for some low-skilled workers employed in Lebanon and Jordan.
For decades, Gulf Arab states have attracted scrutiny for migrant sponsorship rules widely criticized as abusive to the foreigners who make up large parts of their labor forces. Governments have taken gradual steps to reduce the scope for exploitation under the so-called kafala system and, in August, Qatar became the first to guarantee foreigners a minimum wage regardless of nationality. Now, Saudi Arabia is planning sweeping changes, easing restrictions on foreign workers in an effort to attract overseas talent and build a more flexible labor market.
1. Where does the kafala system come from?
During the oil boom of the 1970s, Gulf Arab states began bringing in large numbers of foreign workers to build infrastructure quickly and cheaply, and to provide services for their suddenly prospering societies. Kafala is an Arabic word meaning sponsorship or guarantorship, and has evolved into a system of employment. The six nations of the Gulf Cooperation Council -- Saudi Arabia, Kuwait, Bahrain, Qatar, Oman and the United Arab Emirates -- are most closely associated with the practice. It’s also used for some low-skilled workers employed in Lebanon and Jordan.
Oil slumps as COVID-19 infections surge, U.S. vote-count drags on | Reuters
Oil slumps as COVID-19 infections surge, U.S. vote-count drags on | Reuters
U.S. oil fell more than 2% on Friday as new lockdowns in Europe to halt surging infections of COVID-19 sparked concern about the outlook for demand, while markets remained on edge over drawn-out vote counting in the U.S. election.
West Texas Intermediate was down $1.06, or 2.7%, at $37.73 a barrel at 0538 GMT, after dropping 0.9% on Thursday. Brent crude was off $1.05, or 2.6%, at $39.88, having fallen 0.7% in the previous session.
Italy recorded its highest daily number of infections on Thursday and cases surged by at least 120,276 in the United States, the second consecutive daily record as the outbreak spreads across the country.
“COVID-19’s rampage across Europe and the U.S. is likely to deliver a hit to consumption,” said Jeffrey Halley, senior market analyst at OANDA.
U.S. oil fell more than 2% on Friday as new lockdowns in Europe to halt surging infections of COVID-19 sparked concern about the outlook for demand, while markets remained on edge over drawn-out vote counting in the U.S. election.
West Texas Intermediate was down $1.06, or 2.7%, at $37.73 a barrel at 0538 GMT, after dropping 0.9% on Thursday. Brent crude was off $1.05, or 2.6%, at $39.88, having fallen 0.7% in the previous session.
Italy recorded its highest daily number of infections on Thursday and cases surged by at least 120,276 in the United States, the second consecutive daily record as the outbreak spreads across the country.
“COVID-19’s rampage across Europe and the U.S. is likely to deliver a hit to consumption,” said Jeffrey Halley, senior market analyst at OANDA.
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