Oil up 3%; forecast for better U.S. fuel demand feeds rebound | Reuters
Oil prices rose 3% on Tuesday, rebounding from recent losses on signs of rising fuel demand in the United States despite a surge in COVID-19 cases.
Brent crude rose $1.59, or 2.3%, to settle at $70.63 a barrel and U.S. oil climbed $1.81, or 2.7%, to end the session at $68.29 a barrel.
Both contracts dropped around 2.5% on Monday, and last week notched their biggest losses in months as infections surged in major global oil consumers.
"Predicting short-term price swings has become extremely difficult given the arduous process of predicting the impact of the Delta variant on forward global oil demand, particularly in countries such as China where data is much less transparent than that of the U.S.," said Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, Illinois.
Tuesday, 10 August 2021
Lockdown Could Cut #Israel Growth by Half Point: Central Bank - Bloomberg
Lockdown Could Cut Israel Growth by Half Point: Central Bank - Bloomberg
A fourth coronavirus lockdown could cut Israel’s economic growth by half a percentage point, Bank of Israel Governor Amir Yaron told Bloomberg TV, adding that the central bank wasn’t bound by a ceiling on a major relief program of foreign-currency purchases.
“We have to make every conceivable effort to avoid a lockdown,” Yaron said in an interview on Tuesday, urging the government to expand the eligiblity of booster shots. The bank’s current growth forecast is 5.5%.
Yaron also said the Bank of Israel isn’t “bound” by its $30 billion foreign-currency buying program announced at the beginning of the year and almost exhausted.
“The $30 billion intervention that we mentioned in January was a special step in special circumstances particularly done to instill certainty in a super uncertain time where unemployment was double digits,” he said. “As I have said throughout and before, we are not bound by the $30 billion.”
A fourth coronavirus lockdown could cut Israel’s economic growth by half a percentage point, Bank of Israel Governor Amir Yaron told Bloomberg TV, adding that the central bank wasn’t bound by a ceiling on a major relief program of foreign-currency purchases.
“We have to make every conceivable effort to avoid a lockdown,” Yaron said in an interview on Tuesday, urging the government to expand the eligiblity of booster shots. The bank’s current growth forecast is 5.5%.
Yaron also said the Bank of Israel isn’t “bound” by its $30 billion foreign-currency buying program announced at the beginning of the year and almost exhausted.
“The $30 billion intervention that we mentioned in January was a special step in special circumstances particularly done to instill certainty in a super uncertain time where unemployment was double digits,” he said. “As I have said throughout and before, we are not bound by the $30 billion.”
Eritrea News: #Qatar Bank Asks U.S. Court to Enforce $300 Million Debt Ruling - Bloomberg
Eritrea News: Qatar Bank Asks U.S. Court to Enforce $300 Million Debt Ruling - Bloomberg
Qatar National Bank QPSC, the Middle East’s biggest lender, asked a U.S. court to order Eritrea to pay nearly $300 million of debt after the Horn of Africa nation refused to participate in two lawsuits.
The Doha-based bank requested a judgment by default from a federal court in Washington on Friday after Eritrea failed to respond to the bank’s claim seeking to enforce a U.K. ruling in 2019. QNB alleges that President Isaias Afwerki’s government went to drastic lengths to avoid being served with key documents.
A decision in its favor will help the Qatari bank identify and seize Eritrea’s overseas assets, according to the complaint it filed in the U.S. court in February. The legal battle may further discourage investment in the African country, which currently stands second from last among 190 economies in the World Bank’s Ease of Doing Business rankings.
The quarrel centers on $200 million that Eritrea borrowed from QNB in 2009 and 2010. The bank claims Afwerki’s government reneged on the debt in May 2012 after repaying about $45 million. That prompted the lender in 2018 to seek legal recourse in the U.K., as permitted under the loan agreement. The following year a judge directed Eritrea to pay its creditor $253 million plus interest.
Qatar National Bank QPSC, the Middle East’s biggest lender, asked a U.S. court to order Eritrea to pay nearly $300 million of debt after the Horn of Africa nation refused to participate in two lawsuits.
The Doha-based bank requested a judgment by default from a federal court in Washington on Friday after Eritrea failed to respond to the bank’s claim seeking to enforce a U.K. ruling in 2019. QNB alleges that President Isaias Afwerki’s government went to drastic lengths to avoid being served with key documents.
A decision in its favor will help the Qatari bank identify and seize Eritrea’s overseas assets, according to the complaint it filed in the U.S. court in February. The legal battle may further discourage investment in the African country, which currently stands second from last among 190 economies in the World Bank’s Ease of Doing Business rankings.
The quarrel centers on $200 million that Eritrea borrowed from QNB in 2009 and 2010. The bank claims Afwerki’s government reneged on the debt in May 2012 after repaying about $45 million. That prompted the lender in 2018 to seek legal recourse in the U.K., as permitted under the loan agreement. The following year a judge directed Eritrea to pay its creditor $253 million plus interest.
MIDEAST STOCKS Major Gulf bourses ease, banks buoy #Saudi index | Reuters
MIDEAST STOCKS Major Gulf bourses ease, banks buoy Saudi index | Reuters
Dubai's share index ended an eight-session winning streak on Tuesday and most other major stock markets in the Gulf also retreated, but the Saudi market rose thanks to gains in banks.
Saudi Arabia's benchmark index advanced 0.9%, with Saudi National Bank (1180.SE) rising 3.5%, a day after the country's largest lender proposed a cash dividend of 0.65 riyal per share for the first half.
Among other gainers, Dallah Healthcare (4004.SE) added 1.8% following a rise in its quarterly profit.
The kingdom's economy grew in the second quarter for the first time since the coronavirus pandemic began, fuelled by 10.1% growth in the non-oil sector, according to flash government estimates on Monday.
Separately, the Saudi Exchange on Monday announced the listing of Banan Real Estate on the parallel market on Aug. 11.
Dubai's main share index (.DFMGI) lost 0.2%, hit by a 0.8% fall in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, the index (.ADX) dropped 0.2%, pressured by a 0.4% fall in the country's largest lender, First Abu Dhabi Bank (FAB.AD).
Among other decliners, Ras Al Khaimah Cement Co (RAKCC.AD) tumbled about 10% to become the top loser on the index. Last week, the cement firm posted a net loss of 7.2 million dirhams for the second quarter.
The Qatari index (.QSI) lost 0.3%, as most of the constituents of the index retreated, including Commercial Bank (COMB.QA), which was down 1.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.5%, with top lender Commercial International Bank (COMI.CA) rising 2%.
Egypt on Monday received its first shipment of one-shot Johnson & Johnson (JNJ.N) COVID-19 vaccines, obtaining 261,600 doses in cooperation with the African Union, the health ministry said. read more
The country has also received shipments of the Sputnik, Sinopharm and Oxford-AstraZeneca shots.
Dubai's share index ended an eight-session winning streak on Tuesday and most other major stock markets in the Gulf also retreated, but the Saudi market rose thanks to gains in banks.
Saudi Arabia's benchmark index advanced 0.9%, with Saudi National Bank (1180.SE) rising 3.5%, a day after the country's largest lender proposed a cash dividend of 0.65 riyal per share for the first half.
Among other gainers, Dallah Healthcare (4004.SE) added 1.8% following a rise in its quarterly profit.
The kingdom's economy grew in the second quarter for the first time since the coronavirus pandemic began, fuelled by 10.1% growth in the non-oil sector, according to flash government estimates on Monday.
Separately, the Saudi Exchange on Monday announced the listing of Banan Real Estate on the parallel market on Aug. 11.
Dubai's main share index (.DFMGI) lost 0.2%, hit by a 0.8% fall in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, the index (.ADX) dropped 0.2%, pressured by a 0.4% fall in the country's largest lender, First Abu Dhabi Bank (FAB.AD).
Among other decliners, Ras Al Khaimah Cement Co (RAKCC.AD) tumbled about 10% to become the top loser on the index. Last week, the cement firm posted a net loss of 7.2 million dirhams for the second quarter.
The Qatari index (.QSI) lost 0.3%, as most of the constituents of the index retreated, including Commercial Bank (COMB.QA), which was down 1.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.5%, with top lender Commercial International Bank (COMI.CA) rising 2%.
Egypt on Monday received its first shipment of one-shot Johnson & Johnson (JNJ.N) COVID-19 vaccines, obtaining 261,600 doses in cooperation with the African Union, the health ministry said. read more
The country has also received shipments of the Sputnik, Sinopharm and Oxford-AstraZeneca shots.
Oil rises as market shrugs off virus impact | Reuters
Oil rises as market shrugs off virus impact | Reuters
Oil prices rose more than $1 on Tuesday, recouping some of the losses in the previous session, as rise of demand in Europe and the United States outweighed concerns over a rise of COVID cases in Asian countries.
Brent crude was up $1.06, or 1.5%, at $70.10 a barrel by 1134 GMT, and U.S. oil rose $1.29 cents, or 1.9%, to $67.77 a barrel.
Both contracts dropped around 2.5% on Monday, but analysts believe the pandemic setback will not last for long.
"This turbulence should remain temporary, not the least as Western world oil demand is back at, or above, pre-pandemic levels and is draining global supplies," said Nortbert Ruecker, analyst at Swiss bank Julius Baer.
U.S. crude, gasoline, and other product inventories are likely to have dropped last week, with gasoline stocks forecast to fall for a fourth consecutive period, a preliminary Reuters poll showed on Monday.
Oil prices rose more than $1 on Tuesday, recouping some of the losses in the previous session, as rise of demand in Europe and the United States outweighed concerns over a rise of COVID cases in Asian countries.
Brent crude was up $1.06, or 1.5%, at $70.10 a barrel by 1134 GMT, and U.S. oil rose $1.29 cents, or 1.9%, to $67.77 a barrel.
Both contracts dropped around 2.5% on Monday, but analysts believe the pandemic setback will not last for long.
"This turbulence should remain temporary, not the least as Western world oil demand is back at, or above, pre-pandemic levels and is draining global supplies," said Nortbert Ruecker, analyst at Swiss bank Julius Baer.
U.S. crude, gasoline, and other product inventories are likely to have dropped last week, with gasoline stocks forecast to fall for a fourth consecutive period, a preliminary Reuters poll showed on Monday.
Oil Rebounds From Three-Week Low as Recovery Withstands Delta - Bloomberg
Oil Rebounds From Three-Week Low as Recovery Withstands Delta - Bloomberg
Oil rebounded from a three-week low on expectations that the global economic recovery will withstand the latest virus onslaught, even as it takes a toll on fuel demand.
Futures climbed toward $68 a barrel in New York, recovering in concert with other commodities, after tumbling almost 4% over the past two sessions. The Delta variant has led to rising infections and curbs on movement, most notably in China, where crude refining is set to be scaled back and air travel has slumped. Still, global demand is expected to hold up and tighten the market through the end of the year.
Oil rebounded from a three-week low on expectations that the global economic recovery will withstand the latest virus onslaught, even as it takes a toll on fuel demand.
Futures climbed toward $68 a barrel in New York, recovering in concert with other commodities, after tumbling almost 4% over the past two sessions. The Delta variant has led to rising infections and curbs on movement, most notably in China, where crude refining is set to be scaled back and air travel has slumped. Still, global demand is expected to hold up and tighten the market through the end of the year.
Mubadala Invests in Robo-Advisor Sarwa Amid Retail Trading Boom - Bloomberg
Mubadala Invests in Robo-Advisor Sarwa Amid Retail Trading Boom - Bloomberg
Abu Dhabi’s Mubadala Investment Co. led a funding round at Sarwa as the robo advisor eyes further growth amid a global surge in retail trading.
Sarwa raised $15 million in the latest round from investors including Kuwait Projects Co. and Shorooq Partners. The Abu Dhabi-based company has so far raised $25 million in total.
The funding will allow Sarwa to grow its team and build more solutions, co-founder Nadine Mezher said in an interview. The company received an experimental permit from Saudi Arabia’s market regulator in January, allowing it to expand in the kingdom, and it plans to establish a presence across the Gulf and North Africa, she said.
Founded in 2017, Sarwa has more than 40,000 registered users. The company offers investors access to low-cost index funds based on their risk tolerance, as well as chance to add exposure to cryptocurrencies, through the Grayscale Bitcoin Trust. It’s also set to start a zero-commission trading service.
Sarwa competes with platforms including Etoro and Capital.com that have seen a surge in retail trading since the coronavirus pandemic began. Being based in the United Arab Emirates and having raised funds from the likes of Mubadala, the $243 billion sovereign wealth fund of Abu Dhabi, gives Sarwa an edge over competitors, Mezher said.
“In just three years, the company has nearly doubled its client funds and expanded its product base to include a wider range of securities and asset classes, reflecting the potential for further exponential growth,” said Ibrahim Ajami, head of Ventures and Growth at Mubadala.
Abu Dhabi’s Mubadala Investment Co. led a funding round at Sarwa as the robo advisor eyes further growth amid a global surge in retail trading.
Sarwa raised $15 million in the latest round from investors including Kuwait Projects Co. and Shorooq Partners. The Abu Dhabi-based company has so far raised $25 million in total.
The funding will allow Sarwa to grow its team and build more solutions, co-founder Nadine Mezher said in an interview. The company received an experimental permit from Saudi Arabia’s market regulator in January, allowing it to expand in the kingdom, and it plans to establish a presence across the Gulf and North Africa, she said.
Founded in 2017, Sarwa has more than 40,000 registered users. The company offers investors access to low-cost index funds based on their risk tolerance, as well as chance to add exposure to cryptocurrencies, through the Grayscale Bitcoin Trust. It’s also set to start a zero-commission trading service.
Sarwa competes with platforms including Etoro and Capital.com that have seen a surge in retail trading since the coronavirus pandemic began. Being based in the United Arab Emirates and having raised funds from the likes of Mubadala, the $243 billion sovereign wealth fund of Abu Dhabi, gives Sarwa an edge over competitors, Mezher said.
“In just three years, the company has nearly doubled its client funds and expanded its product base to include a wider range of securities and asset classes, reflecting the potential for further exponential growth,” said Ibrahim Ajami, head of Ventures and Growth at Mubadala.
#AbuDhabi's Etihad halves half-year loss to $400 mln | Reuters
Abu Dhabi's Etihad halves half-year loss to $400 mln | Reuters
Abu Dhabi's Etihad Airways on Tuesday said its core operating losses halved in the first half of the year to $400 million and that its liquidity position had returned to pre-pandemic levels.
The state-owned carrier, which over the past year has accelerated a pre-pandemic restructuring, said it had cut operating costs by 27% to $1.4 billion in the first half.
That was helped by a nearly 40% reduction in the number of aircraft utilized with the airline having grounded aircraft, including its ten Airbus A380 superjumbos. It is also phasing out of its 19 Boeing (BA.N) 777-300s. read more
The airline, which had 64 aircraft in operation in the first half, carried 1 million passengers, down 71.5% from a year ago. The average number of seats filled fell to 24.9%, from 71%.
Operating revenue shrank 29.5% to $1.2 billion, while earnings before interest, taxes, depreciation and amortisation swung to $100 million from a $100 million loss the year before.
Etihad has operated under tougher restrictions than some other United Arab Emirates carriers since the country lifted a months-long ban on most international travel in the second half of 2020.
Abu Dhabi, the largest emirate and capital of the UAE, currently requires most international arrivals to quarantine for several days while only those from select destinations are exempt.
In neighbouring Dubai, where airline Emirates is based, most international arrivals are required to present a negative coronavirus polymerase chain reaction (PCR) test without having to quarantine.
Abu Dhabi's Etihad Airways on Tuesday said its core operating losses halved in the first half of the year to $400 million and that its liquidity position had returned to pre-pandemic levels.
The state-owned carrier, which over the past year has accelerated a pre-pandemic restructuring, said it had cut operating costs by 27% to $1.4 billion in the first half.
That was helped by a nearly 40% reduction in the number of aircraft utilized with the airline having grounded aircraft, including its ten Airbus A380 superjumbos. It is also phasing out of its 19 Boeing (BA.N) 777-300s. read more
The airline, which had 64 aircraft in operation in the first half, carried 1 million passengers, down 71.5% from a year ago. The average number of seats filled fell to 24.9%, from 71%.
Operating revenue shrank 29.5% to $1.2 billion, while earnings before interest, taxes, depreciation and amortisation swung to $100 million from a $100 million loss the year before.
Etihad has operated under tougher restrictions than some other United Arab Emirates carriers since the country lifted a months-long ban on most international travel in the second half of 2020.
Abu Dhabi, the largest emirate and capital of the UAE, currently requires most international arrivals to quarantine for several days while only those from select destinations are exempt.
In neighbouring Dubai, where airline Emirates is based, most international arrivals are required to present a negative coronavirus polymerase chain reaction (PCR) test without having to quarantine.
#UAE's ADNOC Distribution Q2 profit rises on higher fuel volumes | ZAWYA MENA Edition
UAE's ADNOC Distribution Q2 profit rises on higher fuel volumes | ZAWYA MENA Edition
UAE’s largest fuel and convenience retailer, ADNOC Distribution has reported its first half 2021 EBITDA at AED 1.53 billion ($420 million), with net profit of AED 1.15 billion. For the second quarter, EBITDA was AED 712 million with net profit of AED 521 million.
Higher fuel volumes, improvement in non-fuel and commercial gross profit margin and increased operational efficiencies made in the first half of 2021 helped in delivering good results, the company said.
Its Q2 revenue stood at 5.02 billion dirhams versus 3.02 billion dirhams in the same period last year.
The company will pay a dividend of AED 2.57 billion. The first six-month's dividend of 2021 (10.285 fils per share) is expected to be paid in October of this year, subject to board approval.
UAE’s largest fuel and convenience retailer, ADNOC Distribution has reported its first half 2021 EBITDA at AED 1.53 billion ($420 million), with net profit of AED 1.15 billion. For the second quarter, EBITDA was AED 712 million with net profit of AED 521 million.
Higher fuel volumes, improvement in non-fuel and commercial gross profit margin and increased operational efficiencies made in the first half of 2021 helped in delivering good results, the company said.
Its Q2 revenue stood at 5.02 billion dirhams versus 3.02 billion dirhams in the same period last year.
The company will pay a dividend of AED 2.57 billion. The first six-month's dividend of 2021 (10.285 fils per share) is expected to be paid in October of this year, subject to board approval.
MIDEAST STOCKS Major Gulf markets mixed, with banks pushing Saudi index higher | Reuters
MIDEAST STOCKS Major Gulf markets mixed, with banks pushing Saudi index higher | Reuters
Major Gulf stock markets were mixed on Tuesday, with the Saudi benchmark index (.TASI) leading gains on the back of a strong financial sector.
The index rose 0.7%, with Al Rajhi Bank (1120.SE) rising 0.8% and Saudi National Bank (1180.SE), the largest lender, up 1.7%.
Among other gainers, Dallah Healthcare (4004.SE) leapt over 5%, following a rise in quarterly net profit.
The kingdom's economy grew in the second quarter for the first time since the coronavirus pandemic began, fuelled by 10.1% growth in the non-oil sector, according to flash government estimates on Monday.
The economy contracted last year due to the twin shock of the pandemic and lower oil prices.
Dubai's main share index (.DFMGI) eased 0.1%, hit by a 0.4% decrease in Emirates NBD Bank (ENBD.DU) and a 1.4% decline in Air Arabia (AIRA.DU).
The budget airliner swung to a second-quarter net profit, but a decrease sequentially in earnings.
Separately, the Saudi Exchange on Monday announced the listing of Banan Real Estate on the parallel market on Aug. 11.
The Abu Dhabi index (.ADI) added 0.1%, helped by a 0.2% increase in the country's largest lender, First Abu Dhabi Bank (FAB.AD).
Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD) gained 0.5% as the firm reported an increase in quarterly net profit.
The Qatari benchmark (.QSI) lost 0.3%, with petrochemicals maker Industries Qatar (IQCD.QA) losing 0.6%
Major Gulf stock markets were mixed on Tuesday, with the Saudi benchmark index (.TASI) leading gains on the back of a strong financial sector.
The index rose 0.7%, with Al Rajhi Bank (1120.SE) rising 0.8% and Saudi National Bank (1180.SE), the largest lender, up 1.7%.
Among other gainers, Dallah Healthcare (4004.SE) leapt over 5%, following a rise in quarterly net profit.
The kingdom's economy grew in the second quarter for the first time since the coronavirus pandemic began, fuelled by 10.1% growth in the non-oil sector, according to flash government estimates on Monday.
The economy contracted last year due to the twin shock of the pandemic and lower oil prices.
Dubai's main share index (.DFMGI) eased 0.1%, hit by a 0.4% decrease in Emirates NBD Bank (ENBD.DU) and a 1.4% decline in Air Arabia (AIRA.DU).
The budget airliner swung to a second-quarter net profit, but a decrease sequentially in earnings.
Separately, the Saudi Exchange on Monday announced the listing of Banan Real Estate on the parallel market on Aug. 11.
The Abu Dhabi index (.ADI) added 0.1%, helped by a 0.2% increase in the country's largest lender, First Abu Dhabi Bank (FAB.AD).
Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD) gained 0.5% as the firm reported an increase in quarterly net profit.
The Qatari benchmark (.QSI) lost 0.3%, with petrochemicals maker Industries Qatar (IQCD.QA) losing 0.6%
Oil recovers from three-week low amid surge in Delta variant infections | Reuters
Oil recovers from three-week low amid surge in Delta variant infections | Reuters
Oil prices rose more than 1% on Tuesday, recouping some of the losses in the previous session when prices hit a three-week low, but gains are likely to be limited on worries that rising COVID-19 cases and restrictions in China will dent fuel demand.
Brent crude was up by 84 cents, or 1.2%, at $69.88 a barrel by 0656 GMT, after falling 2.3% on Monday. U.S. oil was up by 99 cents, or 1.5%, at $67.47 a barrel, having fallen by 2.6% in the previous session.
China on Tuesday reported more COVID-19 infections in the latest outbreak of the disease that was first detected in the country in late 2019, in what analysts said was the biggest test of Beijing's zero-infection strategy.
Some cities in China, the world's top crude oil importer, have stepped up mass testing as authorities try to stamp out locally transmitted infections of the highly transmissible Delta variant of the coronavirus. read more
Oil prices rose more than 1% on Tuesday, recouping some of the losses in the previous session when prices hit a three-week low, but gains are likely to be limited on worries that rising COVID-19 cases and restrictions in China will dent fuel demand.
Brent crude was up by 84 cents, or 1.2%, at $69.88 a barrel by 0656 GMT, after falling 2.3% on Monday. U.S. oil was up by 99 cents, or 1.5%, at $67.47 a barrel, having fallen by 2.6% in the previous session.
China on Tuesday reported more COVID-19 infections in the latest outbreak of the disease that was first detected in the country in late 2019, in what analysts said was the biggest test of Beijing's zero-infection strategy.
Some cities in China, the world's top crude oil importer, have stepped up mass testing as authorities try to stamp out locally transmitted infections of the highly transmissible Delta variant of the coronavirus. read more
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