Abu Dhabi Wealth Fund Culls Japan Team, Seeking New Growth Focus - Bloomberg
The Abu Dhabi Investment Authority has reconfigured the way it invests in Japanese stocks, part of a wider shift by the world’s third-largest sovereign wealth fund to focus on areas with more growth potential.
The fund, known as ADIA, closed a small team that focused on Japanese equities and three portfolio managers left, according to people familiar with the matter who declined to be identified because the information is confidential.
It will continue to invest in Japanese equities but only through its external managers and as part of a passive portfolio, the people said. An ADIA spokesperson confirmed the fund had changed its approach to investing in Japanese equities but declined to comment further.
Sovereign wealth funds in the Gulf, where governments are struggling to absorb the impact of lower oil prices, have been making adjustments to generate higher yields. ADIA’s most recent report showed 20-year annualized returns were 5.4% in 2018, the lowest since it began reporting them in 2008. It has almost $580 billion in assets, according to the SWF Institute.
Sunday, 8 November 2020
Etihad Airlines Streamlines Executive Team to Weather Pandemic - Bloomberg
Etihad Airlines Streamlines Executive Team to Weather Pandemic - Bloomberg
Etihad Airways has scaled back its executive team amid efforts to weather the coronavirus pandemic as it pushes ahead with a restructuring program launched three years ago.
The chief operating officer and chief financial officer will take on more responsibility at the Abu Dhabi-based carrier, according to a statement Sunday.
Under a 2017 restructuring plan, the airline is trimming its operations amid plans to position itself as a mid-size, full-service carrier concentrating on its wide-body fleet, it said.
“The first stage of this is an operational model change that will see us restructure our senior leadership team and our organization, said the airline’s chief executive officer Tony Douglas.
Etihad Airways has scaled back its executive team amid efforts to weather the coronavirus pandemic as it pushes ahead with a restructuring program launched three years ago.
The chief operating officer and chief financial officer will take on more responsibility at the Abu Dhabi-based carrier, according to a statement Sunday.
Under a 2017 restructuring plan, the airline is trimming its operations amid plans to position itself as a mid-size, full-service carrier concentrating on its wide-body fleet, it said.
“The first stage of this is an operational model change that will see us restructure our senior leadership team and our organization, said the airline’s chief executive officer Tony Douglas.
Gulf markets mixed as Biden win is no 'make or break' for regional economies | Reuters
Gulf markets mixed as Biden win is no 'make or break' for regional economies | Reuters
Gulf stock markets were muted on Sunday after Joe Biden’s U.S. election victory, reflecting expectations that his administration will not bring radical changes to the region’s struggling economies.
In Saudi Arabia, the stocks index declined 0.2% at market open but posted some gains in early trading and was up 0.3% at 0725 GMT. Other Gulf markets were mixed.
Expectations of moderate oil prices and a weaker U.S. dollar under a Biden administration could add pressure on Gulf government’s budget deficits, analysts say, accelerating the need for reforms.
“Long-term, low global interest rates, low oil prices, and a weaker U.S. dollar matter most and are generally negative for the Gulf,” said Hasnain Malik, head of equity research at Tellimer.
Gulf stock markets were muted on Sunday after Joe Biden’s U.S. election victory, reflecting expectations that his administration will not bring radical changes to the region’s struggling economies.
In Saudi Arabia, the stocks index declined 0.2% at market open but posted some gains in early trading and was up 0.3% at 0725 GMT. Other Gulf markets were mixed.
Expectations of moderate oil prices and a weaker U.S. dollar under a Biden administration could add pressure on Gulf government’s budget deficits, analysts say, accelerating the need for reforms.
“Long-term, low global interest rates, low oil prices, and a weaker U.S. dollar matter most and are generally negative for the Gulf,” said Hasnain Malik, head of equity research at Tellimer.
OPEC would miss 'friend Trump', wary of strains under Biden, sources say | Reuters
OPEC would miss 'friend Trump', wary of strains under Biden, sources say | Reuters
Key members of OPEC are wary that strains in the OPEC+ alliance could reemerge with Joe Biden as U.S. President, sources close to the organisation said, and would miss President Donald Trump who went from criticising the group to helping bring about a record oil output cut.
Biden could modify U.S. diplomatic relations with three members of OPEC - de facto leader Saudi Arabia, and sanctioned countries Iran and Venezuela, as well as with key non-OPEC producer Russia. Russia is the leader of oil producers allied with OPEC, a group known as OPEC+.
Strict enforcement of U.S. sanctions on Iran and Venezuela has kept millions of barrels of oil per day off the market, and if Biden should relax measures on either in years to come an increase in production could make it harder for OPEC to balance supply with demand.
Biden has said he would prefer multilateral diplomacy to the unilateral sanctions Trump has imposed, although that may not mean a relaxation in sanctions any time soon. In his campaign, Biden said he’d return to Iran’s 2015 nuclear deal if Tehran resumes compliance with the pact.
Key members of OPEC are wary that strains in the OPEC+ alliance could reemerge with Joe Biden as U.S. President, sources close to the organisation said, and would miss President Donald Trump who went from criticising the group to helping bring about a record oil output cut.
Biden could modify U.S. diplomatic relations with three members of OPEC - de facto leader Saudi Arabia, and sanctioned countries Iran and Venezuela, as well as with key non-OPEC producer Russia. Russia is the leader of oil producers allied with OPEC, a group known as OPEC+.
Strict enforcement of U.S. sanctions on Iran and Venezuela has kept millions of barrels of oil per day off the market, and if Biden should relax measures on either in years to come an increase in production could make it harder for OPEC to balance supply with demand.
Biden has said he would prefer multilateral diplomacy to the unilateral sanctions Trump has imposed, although that may not mean a relaxation in sanctions any time soon. In his campaign, Biden said he’d return to Iran’s 2015 nuclear deal if Tehran resumes compliance with the pact.
Factbox: How a Biden presidency would transform the U.S. energy landscape | Reuters
Factbox: How a Biden presidency would transform the U.S. energy landscape | Reuters
Democrat Joe Biden has won the November U.S. presidential election, according to several major networks. Here are some of the changes that could occur in U.S. energy policy under his administration:
INTERNATIONAL OIL SUPPLIES
Biden has shown an interest in multilateral diplomacy similar to previous Democratic administrations. That could mean an eventual path for OPEC members Iran and Venezuela to get out from under Washington’s sanctions and start pumping again, if the right conditions are met.
In Iran, that path could include a partnered approach between Washington and Europe, similar to a deal struck under Obama’s administration.
In Venezuela, Biden appears likely to continue to favor sanctions to pressure the regime of President Nicolas Maduro, but could increase diplomatic efforts to end the impasse by negotiating a new election or power-sharing with the opposition.
Democrat Joe Biden has won the November U.S. presidential election, according to several major networks. Here are some of the changes that could occur in U.S. energy policy under his administration:
INTERNATIONAL OIL SUPPLIES
Biden has shown an interest in multilateral diplomacy similar to previous Democratic administrations. That could mean an eventual path for OPEC members Iran and Venezuela to get out from under Washington’s sanctions and start pumping again, if the right conditions are met.
In Iran, that path could include a partnered approach between Washington and Europe, similar to a deal struck under Obama’s administration.
In Venezuela, Biden appears likely to continue to favor sanctions to pressure the regime of President Nicolas Maduro, but could increase diplomatic efforts to end the impasse by negotiating a new election or power-sharing with the opposition.
Milestone for Libya as Oil Output Hits Million Barrels Daily - Bloomberg
Milestone for Libya as Oil Output Hits Million Barrels Daily - Bloomberg
Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African country after civil war all but shut its energy industry.
The OPEC member, home to Africa’s largest crude reserves, ramped up production in the past six weeks amid a truce between rival military forces. It was pumping 800,000 barrels a day last week, and the state-run National Oil Corp. said Saturday that output now exceeds the million-barrel level. That’s the first time the landmark has been reached since early January.
Libya’s resurgence -- it was producing less than 100,000 barrels a day in early September -- has taken oil traders by surprise and weakened prices just as renewed coronavirus lockdowns in Europe and accelerating cases in the U.S. stifle energy use. Benchmark Brent crude has slumped 40% this year and fell 3.6% to $39.45 a barrel on Friday.
The speed of Libya’s oil recovery is a “huge achievement,” the NOC said in a statement. Still, the company said it faces “very big financial difficulties,” which will make it tough to repair dilapidated and damaged oil facilities.
Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African country after civil war all but shut its energy industry.
The OPEC member, home to Africa’s largest crude reserves, ramped up production in the past six weeks amid a truce between rival military forces. It was pumping 800,000 barrels a day last week, and the state-run National Oil Corp. said Saturday that output now exceeds the million-barrel level. That’s the first time the landmark has been reached since early January.
Libya’s resurgence -- it was producing less than 100,000 barrels a day in early September -- has taken oil traders by surprise and weakened prices just as renewed coronavirus lockdowns in Europe and accelerating cases in the U.S. stifle energy use. Benchmark Brent crude has slumped 40% this year and fell 3.6% to $39.45 a barrel on Friday.
The speed of Libya’s oil recovery is a “huge achievement,” the NOC said in a statement. Still, the company said it faces “very big financial difficulties,” which will make it tough to repair dilapidated and damaged oil facilities.
Mideast Stocks-Major Gulf markets mixed in early trade | ZAWYA MENA Edition
Mideast Stocks-Major Gulf markets mixed in early trade | ZAWYA MENA Edition
Major share markets in the Gulf were mixed on Sunday as stocks did not react significantly to Joe Biden's victory in the U.S. presidential election, though gains in petrochemical shares lifted the Saudi bourse.
The kingdom's benchmark index rose 0.6%, with petrochemical maker Saudi Basic Industries gaining 2.7%, while Al Rajhi Bank was up 1%.
While Trump had cozy relationships with what critics say are increasingly authoritarian leaders in countries such as Saudi Arabia, Egypt and Turkey, Biden has promised to take a tough line on human rights.
Dubai's main share index gained 0.5%, led by a 1.4% rise in its largest lender Emirates NBD and a 2% increase in Emaar Properties.
Back in Saudi Arabia, Banque Saudi Fransi slid 1% following a drop in its quarterly profit.
In Abu Dhabi, the index lost 0.3%, hurt by a 1.4% fall in the country's largest lender First Abu Dhabi Bank .
The Qatari index dropped 0.4%, as most of the stocks were in negative territory including Qatar National Bank , which retreated 1.3%.
Major share markets in the Gulf were mixed on Sunday as stocks did not react significantly to Joe Biden's victory in the U.S. presidential election, though gains in petrochemical shares lifted the Saudi bourse.
The kingdom's benchmark index rose 0.6%, with petrochemical maker Saudi Basic Industries gaining 2.7%, while Al Rajhi Bank was up 1%.
While Trump had cozy relationships with what critics say are increasingly authoritarian leaders in countries such as Saudi Arabia, Egypt and Turkey, Biden has promised to take a tough line on human rights.
Dubai's main share index gained 0.5%, led by a 1.4% rise in its largest lender Emirates NBD and a 2% increase in Emaar Properties.
Back in Saudi Arabia, Banque Saudi Fransi slid 1% following a drop in its quarterly profit.
In Abu Dhabi, the index lost 0.3%, hurt by a 1.4% fall in the country's largest lender First Abu Dhabi Bank .
The Qatari index dropped 0.4%, as most of the stocks were in negative territory including Qatar National Bank , which retreated 1.3%.
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