Visa-Backed Paymate Said to Pick Banks for $400 Million IPO - Bloomberg
Paymate India Pvt, a business-to-business payment solution provider, has selected banks for its Mumbai initial public offering that could raise about $400 million, according to people familiar with the matter.
ICICI Securities Ltd., JM Financial Ltd. and Nomura Holdings Inc. were picked to help arrange the share sale, which could take place as soon as next year, said the people, who asked not to be identified as the discussions are private. Paymate plans to file a draft prospectus for the IPO as early as September, they added.
Deliberations are ongoing and more banks could be added at a later stage, the people said. Representatives for ICICI Securities and JM Financial declined to comment, while representatives for Nomura and Paymate couldn’t be reached immediately for comment.
Paymate, founded by entrepreneur Ajay Adiseshann, has a presence in India and the United Arab Emirates and is expanding across central Europe, the Middle East and Africa, according to its website. The Mumbai-based company counts Visa Inc., Recruit Strategic Partners and boutique investment firm Mayfair 101 among its backers.
Tuesday 27 July 2021
Oil prices steady as virus spread counters tight supplies | Reuters
Oil prices steady as virus spread counters tight supplies | Reuters
Oil prices held steady on Tuesday ahead of the release of U.S. inventory data as investors worried that global demand could be dented by surging COVID-19 cases, even though supplies are tightening and vaccination rates rising.
Inventory data was due from the American Petroleum Institute (API) on Tuesday and the U.S. Energy Information Administration on Wednesday.
Analysts polled by Reuters expected the data to show U.S. crude stocks fell by about 2.9 million barrels and gasoline stocks fell by 900,000 barrels in the week to July 23. [EIA/S]
“The API inventory data may jolt crude prices back into life,” said Craig Erlam, senior analyst at OANDA.
Brent futures slipped 2 cents to settle at $74.48 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 26 cents, or 0.4%, to settle at $71.65.
That was the first decline for Brent in six days.
Oil prices held steady on Tuesday ahead of the release of U.S. inventory data as investors worried that global demand could be dented by surging COVID-19 cases, even though supplies are tightening and vaccination rates rising.
Inventory data was due from the American Petroleum Institute (API) on Tuesday and the U.S. Energy Information Administration on Wednesday.
Analysts polled by Reuters expected the data to show U.S. crude stocks fell by about 2.9 million barrels and gasoline stocks fell by 900,000 barrels in the week to July 23. [EIA/S]
“The API inventory data may jolt crude prices back into life,” said Craig Erlam, senior analyst at OANDA.
Brent futures slipped 2 cents to settle at $74.48 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 26 cents, or 0.4%, to settle at $71.65.
That was the first decline for Brent in six days.
RAKBank reports 25% jump in second-quarter net profit amid continued economic recovery
RAKBank reports 25% jump in second-quarter net profit amid continued economic recovery
National Bank of Ras Al Khaimah reported a 25.4 per cent surge in its first-quarter net profit as loans and advances grew and impairment charges fell amid continued economic recovery.
Net income for the three months to the end of June climbed to Dh191.2 million ($52.1m), the bank said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Provisions for credit losses for the quarter decreased by Dh114.4m to Dh296.6m, a more than 27 per cent year-on-year drop. Loans and advances grew to Dh33.2 billion, a 3.1 per cent increase from the end of December 2020 level, the bank said.
“This is a crucial turning point for us as we see growth in our loan book and customer deposit and that is a very positive sign,” RAKBank chief executive, Peter England, said. “Our provisions for this quarter are the lowest they have been for many years as we see the re-balancing of our portfolio, which we have undertaken over the years, bear very positive results.”
The second quarter was “very strong” for the bank, with total income also growing after a number of quarters of decline since the beginning of the pandemic, he said.
National Bank of Ras Al Khaimah reported a 25.4 per cent surge in its first-quarter net profit as loans and advances grew and impairment charges fell amid continued economic recovery.
Net income for the three months to the end of June climbed to Dh191.2 million ($52.1m), the bank said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Provisions for credit losses for the quarter decreased by Dh114.4m to Dh296.6m, a more than 27 per cent year-on-year drop. Loans and advances grew to Dh33.2 billion, a 3.1 per cent increase from the end of December 2020 level, the bank said.
“This is a crucial turning point for us as we see growth in our loan book and customer deposit and that is a very positive sign,” RAKBank chief executive, Peter England, said. “Our provisions for this quarter are the lowest they have been for many years as we see the re-balancing of our portfolio, which we have undertaken over the years, bear very positive results.”
The second quarter was “very strong” for the bank, with total income also growing after a number of quarters of decline since the beginning of the pandemic, he said.
Amazon-backed Wiliot raises $200 mln in investment led by SoftBank Vision Fund 2 | Reuters
Amazon-backed Wiliot raises $200 mln in investment led by SoftBank Vision Fund 2 | Reuters
Wiliot, a technology company backed by Amazon Web Services (AMZN.O) and Qualcomm Inc (QCOM.O), said on Tuesday it raised $200 million in a funding round led by SoftBank Vision Fund 2.
The company, which makes chips that can be embedded on product packaging to help track items during their manufacturing, shipping, and sale, did not disclose the valuation at which the funds were raised.
Its technology can be integrated into vaccine vials and food packaging, among others. Wiliot says it aims to expand the internet-of-things network to include everyday products.
The company was founded in 2017 and is headquartered in Israel, with a presence in California, Germany, Ukraine, Australia and Taiwan.
Wiliot, a technology company backed by Amazon Web Services (AMZN.O) and Qualcomm Inc (QCOM.O), said on Tuesday it raised $200 million in a funding round led by SoftBank Vision Fund 2.
The company, which makes chips that can be embedded on product packaging to help track items during their manufacturing, shipping, and sale, did not disclose the valuation at which the funds were raised.
Its technology can be integrated into vaccine vials and food packaging, among others. Wiliot says it aims to expand the internet-of-things network to include everyday products.
The company was founded in 2017 and is headquartered in Israel, with a presence in California, Germany, Ukraine, Australia and Taiwan.
#Dubai house prices rise for second straight quarter - Knight Frank | Reuters
Dubai house prices rise for second straight quarter - Knight Frank | Reuters
Dubai residential property prices rose in April-June for a second straight quarter as demand picked up after the pandemic, consultancy Knight Frank said on Tuesday, although average prices are still 26% below the last market peak six years ago.
Average transacted prices rose by almost 1% in the second quarter of this year, following a 0.5% rise in the first, said Faisal Durrani, Knight Frank's Head of Middle East Research.
The uptick put some new energy into a property market that saw a sharp fall in activity at the height of the pandemic and had been in a five-year slump prior to that.
The 1% rise in April-June was the fastest quarterly rise since the summer of 2014. The last time meaningful gains were registered for two consecutive quarters was in the first two quarters of 2014, Durrani told Reuters.
Dubai residential property prices rose in April-June for a second straight quarter as demand picked up after the pandemic, consultancy Knight Frank said on Tuesday, although average prices are still 26% below the last market peak six years ago.
Average transacted prices rose by almost 1% in the second quarter of this year, following a 0.5% rise in the first, said Faisal Durrani, Knight Frank's Head of Middle East Research.
The uptick put some new energy into a property market that saw a sharp fall in activity at the height of the pandemic and had been in a five-year slump prior to that.
The 1% rise in April-June was the fastest quarterly rise since the summer of 2014. The last time meaningful gains were registered for two consecutive quarters was in the first two quarters of 2014, Durrani told Reuters.
Private equity firm TPG raises $5.4 bln for climate fund | Reuters
Private equity firm TPG raises $5.4 bln for climate fund | Reuters
TPG has raised $5.4 billion for its inaugural fund under its climate investing strategy from a number of high-profile investors including Allstate Corp (ALL.N) and Hartford Financial (HIG.N), the private equity firm said on Tuesday.
The TPG Rise Climate was launched in early 2021.
Hank Paulson, a former U.S. Treasury Secretary, is the executive chairman of the fund, while co-founder Jim Coulter is the managing partner.
TPG said the fund is designed to expand the scope of commercially viable climate technologies and its investor base includes Ontario Teachers' Pension Plan Board, Saudi Arabia's Public Investment Fund (PIF) and France's AXA (AXAF.PA).
TPG, which has more than $100 billion in assets under management, is evaluating a public listing, the Wall Street Journal reported last month.
TPG has raised $5.4 billion for its inaugural fund under its climate investing strategy from a number of high-profile investors including Allstate Corp (ALL.N) and Hartford Financial (HIG.N), the private equity firm said on Tuesday.
The TPG Rise Climate was launched in early 2021.
Hank Paulson, a former U.S. Treasury Secretary, is the executive chairman of the fund, while co-founder Jim Coulter is the managing partner.
TPG said the fund is designed to expand the scope of commercially viable climate technologies and its investor base includes Ontario Teachers' Pension Plan Board, Saudi Arabia's Public Investment Fund (PIF) and France's AXA (AXAF.PA).
TPG, which has more than $100 billion in assets under management, is evaluating a public listing, the Wall Street Journal reported last month.
Oil prices flat as tight supply counters virus spread | Reuters
Oil prices flat as tight supply counters virus spread | Reuters
Oil prices were little changed on Tuesday, supported by tight supplies and rising vaccination rates but pressured by worries that surging COVID-19 cases worldwide will weigh on demand.
Brent futures rose 5 cents, or 0.1%, to $74.55 a barrel by 11:10 a.m. EDT (1510 GMT.U.S. West Texas Intermediate (WTI) crude fell 12 cents, or 0.2%, to $71.79.
That still put Brent up for a sixth straight day for the first time since May, on track for its highest close in almost two weeks.
Benchmark prices held their ground even after the United States issued travel warnings to Spain and Portugal because of rising COVID-19 cases.
Oil prices were little changed on Tuesday, supported by tight supplies and rising vaccination rates but pressured by worries that surging COVID-19 cases worldwide will weigh on demand.
Brent futures rose 5 cents, or 0.1%, to $74.55 a barrel by 11:10 a.m. EDT (1510 GMT.U.S. West Texas Intermediate (WTI) crude fell 12 cents, or 0.2%, to $71.79.
That still put Brent up for a sixth straight day for the first time since May, on track for its highest close in almost two weeks.
Benchmark prices held their ground even after the United States issued travel warnings to Spain and Portugal because of rising COVID-19 cases.
Brookfield (BAM) Gets $7 Billion for Impact Fund With Temasek on Board - Bloomberg
Brookfield (BAM) Gets $7 Billion for Impact Fund With Temasek on Board - Bloomberg
Brookfield Asset Management Inc. said it has raised $7 billion for the initial close of its new impact investment fund, pulling in money from Singapore’s sovereign wealth fund and Canadian pension managers for an investment vehicle that will help businesses cut their carbon emissions.
The Toronto-based alternative asset manager said it plans to raise as much as $12.5 billion for the Brookfield Global Transition Fund, which would make it the largest of its kind to date.
Ontario Teachers’ Pension Plan Board and Singapore’s $281 billion Temasek Holdings will be significant initial investors, Brookfield said in a statement. Canadian pension funds PSP Investments and Investment Management Corp. of Ontario have also made meaningful commitments to the fund, Brookfield said, without disclosing how much each is contributing.
Brookfield Asset Management Inc. said it has raised $7 billion for the initial close of its new impact investment fund, pulling in money from Singapore’s sovereign wealth fund and Canadian pension managers for an investment vehicle that will help businesses cut their carbon emissions.
The Toronto-based alternative asset manager said it plans to raise as much as $12.5 billion for the Brookfield Global Transition Fund, which would make it the largest of its kind to date.
Ontario Teachers’ Pension Plan Board and Singapore’s $281 billion Temasek Holdings will be significant initial investors, Brookfield said in a statement. Canadian pension funds PSP Investments and Investment Management Corp. of Ontario have also made meaningful commitments to the fund, Brookfield said, without disclosing how much each is contributing.
MIDEAST STOCKS Most Gulf markets firm on higher oil prices | Reuters
MIDEAST STOCKS Most Gulf markets firm on higher oil prices | Reuters
Most stock markets in the Gulf ended higher on Tuesday, mirroring a rise in oil prices, with the Abu Dhabi index settling at a record high.
Brent crude futures rose 23 cents, or 0.3%, to $74.73 a barrel by 1150 GMT as investors bet tight supply and rising vaccination rates will help offset any impact on demand from surging COVID-19 cases worldwide.
GCC markets have recovered as oil prices stabilized following clearer expectations on global demand, FXPRIMUS market analyst Daniel Takieddine said.
"The spread of the delta variant remains an ongoing concern however and could still affect how markets view economic development in the short term."
Saudi Arabia's benchmark index (.TASI) added 0.2%, with Saudi Telecom Co (7010.SE) rising 1.9% and Saudi National Bank (1180.SE), the kingdom's largest lender, closing 0.9% higher.
Elsewhere, Yanbu Cement Co (3060.SE) rose more than 3% after its board proposed a cash dividend of 1.25 riyals per share.
Dubai's main share index (.DFMGI) edged up 0.1%, helped by a 1.1% increase in top lender Emirates NBD (ENBD.DU) ahead of its earnings announcement.
Blue-chip developer Emaar Properties (EMAR.DU) added 0.5%.
In Abu Dhabi, the index (.ADI) ended flat to stay at a record high
Dana Gas (DANA.AD) advanced 2%, extending gains for a third consecutive session, after the energy firm won an arbitration on the sale of assets in Egypt.
The company said in April that IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, had requested arbitration after Dana Gas cancelled a sale of oil and gas assets in Egypt. read more
The Qatari index (.QSI) eased 0.1 due to a 0.8% fall in Commercial Bank (COMB.QA) and a 1.5% decline in telecoms firm Ooredoo (ORDS.QA), ahead of its board meeting on Wednesday to discuss first-half earnings.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.6%, with Fawry for Banking Technology and Electronic (FWRY.CA) rising 3.4%.
Egypt's economy will grow 5% in the fiscal year that ends in June next year, a Reuters survey predicted on Monday, unchanged from analysts' expectations in a similar poll three months ago and slightly below the government's target of 5.4%.
Most stock markets in the Gulf ended higher on Tuesday, mirroring a rise in oil prices, with the Abu Dhabi index settling at a record high.
Brent crude futures rose 23 cents, or 0.3%, to $74.73 a barrel by 1150 GMT as investors bet tight supply and rising vaccination rates will help offset any impact on demand from surging COVID-19 cases worldwide.
GCC markets have recovered as oil prices stabilized following clearer expectations on global demand, FXPRIMUS market analyst Daniel Takieddine said.
"The spread of the delta variant remains an ongoing concern however and could still affect how markets view economic development in the short term."
Saudi Arabia's benchmark index (.TASI) added 0.2%, with Saudi Telecom Co (7010.SE) rising 1.9% and Saudi National Bank (1180.SE), the kingdom's largest lender, closing 0.9% higher.
Elsewhere, Yanbu Cement Co (3060.SE) rose more than 3% after its board proposed a cash dividend of 1.25 riyals per share.
Dubai's main share index (.DFMGI) edged up 0.1%, helped by a 1.1% increase in top lender Emirates NBD (ENBD.DU) ahead of its earnings announcement.
Blue-chip developer Emaar Properties (EMAR.DU) added 0.5%.
In Abu Dhabi, the index (.ADI) ended flat to stay at a record high
Dana Gas (DANA.AD) advanced 2%, extending gains for a third consecutive session, after the energy firm won an arbitration on the sale of assets in Egypt.
The company said in April that IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, had requested arbitration after Dana Gas cancelled a sale of oil and gas assets in Egypt. read more
The Qatari index (.QSI) eased 0.1 due to a 0.8% fall in Commercial Bank (COMB.QA) and a 1.5% decline in telecoms firm Ooredoo (ORDS.QA), ahead of its board meeting on Wednesday to discuss first-half earnings.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.6%, with Fawry for Banking Technology and Electronic (FWRY.CA) rising 3.4%.
Egypt's economy will grow 5% in the fiscal year that ends in June next year, a Reuters survey predicted on Monday, unchanged from analysts' expectations in a similar poll three months ago and slightly below the government's target of 5.4%.
Mehra: Staying Away from China Tech - Bloomberg video
Mehra: Staying Away from China Tech - Bloomberg
Deepak Mehra, Head of Investments at Commercial Bank of Dubai discusses China's Tech Crackdown and its implications for global investors. He speaks Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Deepak Mehra, Head of Investments at Commercial Bank of Dubai discusses China's Tech Crackdown and its implications for global investors. He speaks Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Global LNG Market Faces Shakeup From Japan’s Green Shift - Bloomberg
Japan’s aggressive new plan to champion clean energy is shaking up the liquefied natural gas market that it helped pioneer 60 years ago.
The country, the world’s top LNG importer, called for more renewables such as wind and solar to replace natural gas in a revised plan released last week. The shift aims for LNG-fired power generation to fall by roughly half this decade, creating upheaval for Japanese utilities as well as suppliers from Qatar to Australia to the U.S.
The stricter guidelines will see Japan imports drop by a third by the end of the decade, according to traders and analysts. It will force domestic utilities to abandon long-term LNG deals, which have been the backbone of the nation’s imports, while increasing dependence on the more turbulent spot market.
“The move will further dampen Japanese LNG buyers’ appetite to sign long-term deals that extend beyond 2030, which could leave them more exposed to short-term price dynamics if demand ends up higher than targeted,” said Saul Kavonic, an energy analyst at Credit Suisse Group AG.
The policy was a surprise to suppliers around the world. Natural gas -- once widely seen as the bridge to a green future -- has been falling out of favor with some governments as they boost efforts to slow climate change and the cost of renewables drops drastically. Until recently, Japan had been touting the super-chilled fuel as a cleaner alternative to coal.
Analysis: Cash-hungry emerging markets arrive late to the SPAC party | Reuters
Analysis: Cash-hungry emerging markets arrive late to the SPAC party | Reuters
Emerging markets have so far been on the fringes of a fundraising boom using so-called SPACs or special-purpose acquisition companies, which could potentially unlock a vital new source of cash for entrepreneurs in developing regions.
But the take-off of SPAC fundraisings in these markets hinges in part on the success of a few recently-delayed landmark deals, reflecting wider global investor caution about this funding tool.
SPACs allow investors to list a shell company on public markets before they have identified a business to buy, which provides a speedier route to an initial public offering.
In excess of $115.6 billion has been raised via more than 400 SPACS or blank-check companies this year, mainly on Wall Street where SPACs make up two thirds of all Initial Public Offerings (IPOs), although activity has slowed as regulatory and valuation concerns have increased. read more
In contrast, a total of $1.18 billion has been raised this year via six SPACs by emerging market issuers, including two apiece from Israel and China. This is just a fraction of the $96.3 billion raised via traditional IPOs from emerging markets, based on Refinitiv data.
But SPACs are expected to feature more prominently in future fundraisings for emerging market entrepreneurs, opening up more capital and operational expertise.
Just this month, SPACs formed by Abu Dhabi's Mubadala Capital and Singapore's Fat Projects Spac filed with the U.S. Securities and Exchange Commission to raise up to $300 million in IPOs.
Emerging markets have so far been on the fringes of a fundraising boom using so-called SPACs or special-purpose acquisition companies, which could potentially unlock a vital new source of cash for entrepreneurs in developing regions.
But the take-off of SPAC fundraisings in these markets hinges in part on the success of a few recently-delayed landmark deals, reflecting wider global investor caution about this funding tool.
SPACs allow investors to list a shell company on public markets before they have identified a business to buy, which provides a speedier route to an initial public offering.
In excess of $115.6 billion has been raised via more than 400 SPACS or blank-check companies this year, mainly on Wall Street where SPACs make up two thirds of all Initial Public Offerings (IPOs), although activity has slowed as regulatory and valuation concerns have increased. read more
In contrast, a total of $1.18 billion has been raised this year via six SPACs by emerging market issuers, including two apiece from Israel and China. This is just a fraction of the $96.3 billion raised via traditional IPOs from emerging markets, based on Refinitiv data.
But SPACs are expected to feature more prominently in future fundraisings for emerging market entrepreneurs, opening up more capital and operational expertise.
Just this month, SPACs formed by Abu Dhabi's Mubadala Capital and Singapore's Fat Projects Spac filed with the U.S. Securities and Exchange Commission to raise up to $300 million in IPOs.
Oil Steadies With Investors Assessing Demand Amid Delta Spread - Bloomberg
Oil Steadies With Investors Assessing Demand Amid Delta Spread - Bloomberg
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Oil inches up as tight supply, vaccinations outweigh virus concerns | Reuters
Oil inches up as tight supply, vaccinations outweigh virus concerns | Reuters
Oil prices rose on Tuesday with investors betting tight supply and rising vaccination rates will help offset any impact on demand due to surging COVID-19 cases worldwide.
Brent crude futures climbed 34 cents, or 0.46%, to $74.84 a barrel at 0508 GMT, extending a 0.5% gain on Monday.
U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.28%, to $72.11 a barrel, after losing 16 cents on Monday.
Benchmark prices rose even after the United States issued travel warnings to Spain and Portugal due to rising COVID-19 cases and a White House official told Reuters that wider travel curbs will not be lifted due to the highly infectious Delta variant and rising domestic infections.
“Oil prices are set to range this week after recovering all of the “delta-dip” losses from the last Monday week,” Jeffrey Halley, a senior Asia Pacific market analyst at OANDA, wrote in a note. “Both contracts should continue to consolidate their gains, with volatility much reduced from last week.”
Oil prices rose on Tuesday with investors betting tight supply and rising vaccination rates will help offset any impact on demand due to surging COVID-19 cases worldwide.
Brent crude futures climbed 34 cents, or 0.46%, to $74.84 a barrel at 0508 GMT, extending a 0.5% gain on Monday.
U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.28%, to $72.11 a barrel, after losing 16 cents on Monday.
Benchmark prices rose even after the United States issued travel warnings to Spain and Portugal due to rising COVID-19 cases and a White House official told Reuters that wider travel curbs will not be lifted due to the highly infectious Delta variant and rising domestic infections.
“Oil prices are set to range this week after recovering all of the “delta-dip” losses from the last Monday week,” Jeffrey Halley, a senior Asia Pacific market analyst at OANDA, wrote in a note. “Both contracts should continue to consolidate their gains, with volatility much reduced from last week.”
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