Saudi Aramco facing $50M cyber extortion over leaked data
Saudi Arabia’s state oil giant acknowledged Wednesday that leaked data from the company — files now apparently being used in a cyber-extortion attempt involving a $50 million ransom demand — likely came from one of its contractors.
The Saudi Arabian Oil Co., better known as Saudi Aramco, told The Associated Press that it “recently became aware of the indirect release of a limited amount of company data which was held by third-party contractors.”
The oil firm did not say which contractor found itself affected nor whether that contractor had been hacked or if the information leaked out another way.
“We confirm that the release of data was not due to a breach of our systems, has no impact on our operations and the company continues to maintain a robust cybersecurity posture,” Aramco said.
A page accessed by the AP on the darknet — a part of the internet hosted within an encrypted network and accessible only through specialized anonymity-providing tools — claimed the extortionist held 1 terabyte worth of Aramco data. A terabyte is 1,000 gigabytes.
Wednesday, 21 July 2021
Oil climbs over 4% despite rise in U.S. inventories | Reuters
Oil climbs over 4% despite rise in U.S. inventories | Reuters
Oil prices rose more than 4% Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in U.S. oil inventories.
Brent crude futures rose $2.88, or 4.2%, to settle at $72.23 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose $3.1, or 4.6%, to settle at $70.30 a barrel.
Futures are rebounding after dropping around 7% on Monday, following a deal by the Organization of Petroleum Exporting Countries and allies, together known as OPEC+, to boost supply by 400,000 barrels per day from August through December.
The sell-off was exacerbated by fears that a rise in cases of the Delta variant of the coronavirus in major markets like the United States, Britain and Japan would affect demand.
Oil prices rose more than 4% Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in U.S. oil inventories.
Brent crude futures rose $2.88, or 4.2%, to settle at $72.23 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose $3.1, or 4.6%, to settle at $70.30 a barrel.
Futures are rebounding after dropping around 7% on Monday, following a deal by the Organization of Petroleum Exporting Countries and allies, together known as OPEC+, to boost supply by 400,000 barrels per day from August through December.
The sell-off was exacerbated by fears that a rise in cases of the Delta variant of the coronavirus in major markets like the United States, Britain and Japan would affect demand.
Oil extends gains despite rise in U.S. inventories | Reuters
Oil extends gains despite rise in U.S. inventories | Reuters
Oil prices rose more than 3% Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in U.S. oil inventories last week and a weaker demand outlook due to rising COVID-19 infections.
Brent crude futures had gained $2.13, or 3.1%, to $71.48 a barrel by 1403 GMT. U.S. West Texas Intermediate (WTI) crude futures rose by $2.27, or 3.4%, to $69.47 a barrel.
"Oil ... is appearing to have found support as risk appetite increases once again," Ricardo Evangelista, ActivTrades analyst said.
"This support comes after the pronounced falls registered during the last few sessions, which were triggered by apprehension over the impact of the Delta variant ..., as well as the agreement between OPEC+ countries to increase production," he added.
Oil prices rose more than 3% Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in U.S. oil inventories last week and a weaker demand outlook due to rising COVID-19 infections.
Brent crude futures had gained $2.13, or 3.1%, to $71.48 a barrel by 1403 GMT. U.S. West Texas Intermediate (WTI) crude futures rose by $2.27, or 3.4%, to $69.47 a barrel.
"Oil ... is appearing to have found support as risk appetite increases once again," Ricardo Evangelista, ActivTrades analyst said.
"This support comes after the pronounced falls registered during the last few sessions, which were triggered by apprehension over the impact of the Delta variant ..., as well as the agreement between OPEC+ countries to increase production," he added.
Singapore Court Rules in Favor of Liquidating Hyflux in Hearing - Bloomberg
Singapore Court Rules in Favor of Liquidating Hyflux in Hearing - Bloomberg
A Singapore court on Wednesday ruled in favor of liquidating Hyflux Ltd., following a years-long saga in one of the city-state’s most high-profile distressed cases.
The ruling came in a hearing that was adjourned from July 12 after Utico FZC, one of Hyflux’s suitors, asked to be heard on its application to intervene in the case. Hyflux said last month the judicial manager terminated discussions with United Arab Emirates-based Utico as it was unable to meet the conditions required.
The hearing comes after the court-appointed manager in charge of the troubled water-treatment company since November applied last month to wind up the firm. Judicial manager Borrelli Walsh Ltd. said in a statement in June that “the remaining value” of the Hyflux Group is best realized in a liquidation.
The decision may cap a drawn-out saga around the company, which has left retail investors and creditors holding losses. Hyflux began a court-supervised debt restructuring process in May 2018 and faced about S$2.8 billion ($2.1 billion) of claims. It received multiple offers from several bidders along the way, none of which concluded.
A Singapore court on Wednesday ruled in favor of liquidating Hyflux Ltd., following a years-long saga in one of the city-state’s most high-profile distressed cases.
The ruling came in a hearing that was adjourned from July 12 after Utico FZC, one of Hyflux’s suitors, asked to be heard on its application to intervene in the case. Hyflux said last month the judicial manager terminated discussions with United Arab Emirates-based Utico as it was unable to meet the conditions required.
The hearing comes after the court-appointed manager in charge of the troubled water-treatment company since November applied last month to wind up the firm. Judicial manager Borrelli Walsh Ltd. said in a statement in June that “the remaining value” of the Hyflux Group is best realized in a liquidation.
The decision may cap a drawn-out saga around the company, which has left retail investors and creditors holding losses. Hyflux began a court-supervised debt restructuring process in May 2018 and faced about S$2.8 billion ($2.1 billion) of claims. It received multiple offers from several bidders along the way, none of which concluded.
Mubadala gets preferential status in bid for Renova's assets | Reuters
Mubadala gets preferential status in bid for Renova's assets | Reuters
Abu Dhabi’s Mubadala Investment Company won the right to match any other higher bid for some assets of bankrupt Renova Energia SA, the energy company said in a securities filing on Wednesday.
Mubadala has made a 1.1 billion reais ($211 million) binding offer for Renova’s 51% stake in Brasil PCH SA unit, which has 13 small hydroelectric plants.
Abu Dhabi’s Mubadala Investment Company won the right to match any other higher bid for some assets of bankrupt Renova Energia SA, the energy company said in a securities filing on Wednesday.
Mubadala has made a 1.1 billion reais ($211 million) binding offer for Renova’s 51% stake in Brasil PCH SA unit, which has 13 small hydroelectric plants.
Oil Rises With Strength in Equities Countering Higher Stockpiles - Bloomberg
Oil Rises With Strength in Equities Countering Higher Stockpiles - Bloomberg
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#UAE's first half bank 2021 results point to economic recovery gaining traction | Banking – Gulf News
UAE's first half bank 2021 results point to economic recovery gaining traction | Banking – Gulf News
Financial results of UAE banks for the first six months of 2021 point to sustained improvement in profitability supported by gains in cost efficiency, improving asset quality and gains in non-interest income streams.
The overall gains in the bank results for the first half of the current year compared to the same period last year confirms the improvement in the economic conditions supporting credit growth and credit quality with lower cost of funds.
Abu Dhabi Commercial Bank (ADCB) reported a net profit of Dh2.52 billion for the first half of 2021, up 76 per cent compared to the same period in 2020.
For the second quarter of 2021, the bank reported Dh1.4 billion net profit, up 14 per cent year on year and 25 per cent quarter on quarter.
“The growth in net profit is a result of the increase in a diversified revenue stream, disciplined cost control and a prudent approach to risk management,” said Khaldoon Al Mubarak, Chairman of ADCB.
Mashreq, a leading bank reported Dh85 million net profit for the first half (H1) of 2021. The bank’s operating income increased by 1.4 per cent over the previous year to Dh2.9 billion due to improvements in fees and commission.
Mashreq’s non-interest income to operating income ratio improved to 49.8 per cent compared to 47.1 per cent in the first half of 2020.
Operating profit at Dh1.6 billion is a 4.6 per cent increase compared to first half of 2020 as a result of increased operating income and reduced operating expense.
“Recording a net profit of Dh85 million during the first half of 2021, I believe we are fortunate to have been steered through the pandemic and its far-reaching impacts by a national leadership that has taken proactive measures to protect business interests, jobs and economic stability,” said AbdulAziz Al Ghurair, Chairman of Mashreq Bank.
Financial results of UAE banks for the first six months of 2021 point to sustained improvement in profitability supported by gains in cost efficiency, improving asset quality and gains in non-interest income streams.
The overall gains in the bank results for the first half of the current year compared to the same period last year confirms the improvement in the economic conditions supporting credit growth and credit quality with lower cost of funds.
Abu Dhabi Commercial Bank (ADCB) reported a net profit of Dh2.52 billion for the first half of 2021, up 76 per cent compared to the same period in 2020.
For the second quarter of 2021, the bank reported Dh1.4 billion net profit, up 14 per cent year on year and 25 per cent quarter on quarter.
“The growth in net profit is a result of the increase in a diversified revenue stream, disciplined cost control and a prudent approach to risk management,” said Khaldoon Al Mubarak, Chairman of ADCB.
Mashreq, a leading bank reported Dh85 million net profit for the first half (H1) of 2021. The bank’s operating income increased by 1.4 per cent over the previous year to Dh2.9 billion due to improvements in fees and commission.
Mashreq’s non-interest income to operating income ratio improved to 49.8 per cent compared to 47.1 per cent in the first half of 2020.
Operating profit at Dh1.6 billion is a 4.6 per cent increase compared to first half of 2020 as a result of increased operating income and reduced operating expense.
“Recording a net profit of Dh85 million during the first half of 2021, I believe we are fortunate to have been steered through the pandemic and its far-reaching impacts by a national leadership that has taken proactive measures to protect business interests, jobs and economic stability,” said AbdulAziz Al Ghurair, Chairman of Mashreq Bank.
Trump Ally’s #UAE Lobbying Struck Heart of Democracy, U.S. Says - Bloomberg video
Trump Ally’s UAE Lobbying Struck Heart of Democracy, U.S. Says - Bloomberg
Even before Donald Trump was elected president in November 2016, a foreign government turned to one of his close associates in an effort to gain influence -- and this time it wasn’t Russia.
Instead, according to an indictment of Trump’s former inaugural chairman Tom Barrack unveiled on Tuesday, the nation that sought such clout was the United Arab Emirates, a staunch U.S. ally in the Persian Gulf region. Prosecutors say the UAE relied on Barrack, a longtime Trump associate and real estate developer, to build a backchannel to senior U.S. officials.
Barrack and two of his associates were charged with failing to register as foreign agents for work they allegedly did to promote the United Arab Emirates’ foreign policy interests and increase its political sway in the U.S.
Barrack’s conduct “strikes at the very heart of our democracy,” prosecutors said, when he “capitalized” on his position as an outside adviser to the Trump campaign, at the direction of UAE senior officials and their intermediaries. Through Barrack, the Emirates developed a backchannel to the Trump campaign and then the administration, according to the indictment.
Matthew Herrington, Barrack’s lawyer, said his client is innocent.
“Tom Barrack made himself voluntarily available to investigators from the outset,” Herrington said in a statement. “He is not guilty and will be pleading not guilty.”
Even before Donald Trump was elected president in November 2016, a foreign government turned to one of his close associates in an effort to gain influence -- and this time it wasn’t Russia.
Instead, according to an indictment of Trump’s former inaugural chairman Tom Barrack unveiled on Tuesday, the nation that sought such clout was the United Arab Emirates, a staunch U.S. ally in the Persian Gulf region. Prosecutors say the UAE relied on Barrack, a longtime Trump associate and real estate developer, to build a backchannel to senior U.S. officials.
Barrack and two of his associates were charged with failing to register as foreign agents for work they allegedly did to promote the United Arab Emirates’ foreign policy interests and increase its political sway in the U.S.
Barrack’s conduct “strikes at the very heart of our democracy,” prosecutors said, when he “capitalized” on his position as an outside adviser to the Trump campaign, at the direction of UAE senior officials and their intermediaries. Through Barrack, the Emirates developed a backchannel to the Trump campaign and then the administration, according to the indictment.
Matthew Herrington, Barrack’s lawyer, said his client is innocent.
“Tom Barrack made himself voluntarily available to investigators from the outset,” Herrington said in a statement. “He is not guilty and will be pleading not guilty.”
Oil retreats on surprise rise in U.S. stocks, weakening demand outlook | Reuters
Oil retreats on surprise rise in U.S. stocks, weakening demand outlook | Reuters
Oil prices fell on Wednesday after an industry report showed an unexpected build-up in U.S. oil inventories last week, which heightened worries about a resurgence in COVID-19 infections potentially dampening fuel demand.
Brent crude futures fell 36 cents, or 0.5%, to $68.98 a barrel at 0627 GMT, giving up some of Tuesday's 1.1% gain.
U.S. West Texas Intermediate (WTI) crude futures dropped 36 cents, or 0.5%, to $66.84 a barrel, after rising $1 on Tuesday.
The market "has come under a bit of downward pressure in early morning trading today after a bearish and rather surprising inventory report from the API," ING Economics analysts said in a note, referring to weekly figures from the American Petroleum Institute.
U.S. crude stocks rose by 806,000 barrels for the week that ended July 16, according to two market sources, citing American Petroleum Institute figures.
By comparison, 10 analysts polled by Reuters had estimated, on average, that crude stocks fell by about 4.5 million barrels.
Oil prices fell on Wednesday after an industry report showed an unexpected build-up in U.S. oil inventories last week, which heightened worries about a resurgence in COVID-19 infections potentially dampening fuel demand.
Brent crude futures fell 36 cents, or 0.5%, to $68.98 a barrel at 0627 GMT, giving up some of Tuesday's 1.1% gain.
U.S. West Texas Intermediate (WTI) crude futures dropped 36 cents, or 0.5%, to $66.84 a barrel, after rising $1 on Tuesday.
The market "has come under a bit of downward pressure in early morning trading today after a bearish and rather surprising inventory report from the API," ING Economics analysts said in a note, referring to weekly figures from the American Petroleum Institute.
U.S. crude stocks rose by 806,000 barrels for the week that ended July 16, according to two market sources, citing American Petroleum Institute figures.
By comparison, 10 analysts polled by Reuters had estimated, on average, that crude stocks fell by about 4.5 million barrels.
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