U.S. Sanctions Broker, Businesses in Iran Oil-Smuggling Network - Bloomberg
The U.S. sanctioned an individual and businesses it says are involved in an oil-smuggling network that supports Iran’s Islamic Revolutionary Guard Corps-Qods Force.
The Treasury Department on Friday placed financial restrictions on a foreign broker, Mahmood Rashid Amur Al Habsi, who worked with senior Revolutionary Guard officials and facilitated shipments of Iranian oil, including to customers in East Asia, according to a department statement.
The sanctions included businesses associated with al Habsi, including his Oman-based company, Nimr International Llc, which Treasury said facilitates the shipment of Iranian oil. Also sanctioned was Oman-based Orbit Petrochemicals Trading Llc, which facilitated oil deals to obscure the Revolutionary Guard’s involvement, Treasury said.
Senior officials in the Revolutionary Guard use proceeds from Iranian oil exports to help fund the group’s activities, the Treasury Department said.
The move comes as efforts to revive the multinational nuclear deal on Iran have faltered and amid heightened tensions with the inauguration of Iran’s new hard-line president, Ebrahim Raisi.
There also has been a spate of recent incidents including rocket strikes on Israel by Iran-backed Hezbollah militants and the attack on an oil tanker off the coast of Oman. Iran has denied responsibility for the strike on the HV Mercer Street, which killed a Romanian and a British citizen and added to jitters in oil markets.
Iran’s crude output has plummeted since then-President Donald Trump pulled the U.S. out of the nuclear accord in 2018 and tightened sanctions. Some analysts forecast Iran would be able to increase exports from barely anything to around 2 million barrels a day within a few months of deal, which would pressure oil prices. The uncertainty around Iranian supply has complicated OPEC+ policy as the 23-nation group of major exporters weighs whether to raise production later this year.
The extra pressure on Iran is supportive of higher oil prices. But as relations with the U.S. show no sign of thawing, it appears increasingly unlikely this extra supply will come imminently.
Friday 13 August 2021
Oil holds above $70 despite forecasts for weaker demand growth | Reuters
Oil holds above $70 despite forecasts for weaker demand growth | Reuters
The Brent benchmark oil price held above $70 a barrel on Friday, broadly shrugging off a warning from the International Energy Agency that the spread of coronavirus variants is slowing oil demand growth.
Brent crude was down 18 cents, or 0.2%, at $71.13 a barrel by 1332 GMT. U.S. crude lost 14 cents, or 0.2%, to trade at $68.95. Over the week the benchmarks are up less than 1%.
The IEA this week highlighted that growth in demand for crude oil ground to a halt in July and is set to rise at a slower pace over the rest of 2021 because of surging infections from the Delta variant of the coronavirus. read more
Banks have also lowered their near-term demand forecasts.
"We now see the global demand recovery stalling this month with oil demand only reaching 98.3 million barrels per day (bpd) in August and averaging 97.9 million bpd in September, on par with the nearly 98 million bpd average in July," JPM Commodities Research said.
The Brent benchmark oil price held above $70 a barrel on Friday, broadly shrugging off a warning from the International Energy Agency that the spread of coronavirus variants is slowing oil demand growth.
Brent crude was down 18 cents, or 0.2%, at $71.13 a barrel by 1332 GMT. U.S. crude lost 14 cents, or 0.2%, to trade at $68.95. Over the week the benchmarks are up less than 1%.
The IEA this week highlighted that growth in demand for crude oil ground to a halt in July and is set to rise at a slower pace over the rest of 2021 because of surging infections from the Delta variant of the coronavirus. read more
Banks have also lowered their near-term demand forecasts.
"We now see the global demand recovery stalling this month with oil demand only reaching 98.3 million barrels per day (bpd) in August and averaging 97.9 million bpd in September, on par with the nearly 98 million bpd average in July," JPM Commodities Research said.
#UAE anti-money laundering rule: Some businesses find compliance is no easy task | Markets – Gulf News
UAE anti-money laundering rule: Some businesses find compliance is no easy task | Markets – Gulf News
Businesses registered at some UAE free zones are getting penalty notices for failing to register with updated anti-money laundering (AML) regulations. Further delays in getting themselves registered will expose them to some heavy fines.
This is part of the UAE’s zero-tolerance policy on money laundering or other proscribed activities.
“Some free zones allow multiple business activities that combine financial services with real estate, trading or consulting services,” said Jitendra Gianchandani, founder partner at the consultancy JCP. “These businesses have received the penalty notice and which will need to be replied to in 15 days.
“Many of these business owners, especially the smaller ones, are still not aware that registering on the government portal is one of the first steps.”
The portal that Gianchandani is referring to is the ‘goAML’, managed by the UAE Ministry of Economy. Licensed businesses in the UAE answering to these five descriptions – in real estate services, trading in precious stones, offering consultancy, lawyers and accountants – had until end March to submit the required paperwork and get themselves AML-compliant. (Those operating on these licenses are clubbed under the Designated Non-Financial Businesses and Professions (DNFBP).)
Businesses registered at some UAE free zones are getting penalty notices for failing to register with updated anti-money laundering (AML) regulations. Further delays in getting themselves registered will expose them to some heavy fines.
This is part of the UAE’s zero-tolerance policy on money laundering or other proscribed activities.
“Some free zones allow multiple business activities that combine financial services with real estate, trading or consulting services,” said Jitendra Gianchandani, founder partner at the consultancy JCP. “These businesses have received the penalty notice and which will need to be replied to in 15 days.
“Many of these business owners, especially the smaller ones, are still not aware that registering on the government portal is one of the first steps.”
The portal that Gianchandani is referring to is the ‘goAML’, managed by the UAE Ministry of Economy. Licensed businesses in the UAE answering to these five descriptions – in real estate services, trading in precious stones, offering consultancy, lawyers and accountants – had until end March to submit the required paperwork and get themselves AML-compliant. (Those operating on these licenses are clubbed under the Designated Non-Financial Businesses and Professions (DNFBP).)
#AbuDhabi's NMC Healthcare set to say a final 'goodbye' to B.R. Shetty legacy on September 1 | Markets – Gulf News
Abu Dhabi's NMC Healthcare set to say a final 'goodbye' to B.R. Shetty legacy on September 1 | Markets – Gulf News
The current management at NMC Healthcare – UAE’s biggest privately-owned hospital operator – will not be distracted by what its founder Dr. B.R. Shetty has been doing.
Even when he has filed a $7 billion plus compensation claim in a New York court alleging that he was a victim of financial fraud carried out by the former management of NMC working with a coterie of banks and officials. It is not clear why Shetty, based in the south Indian state of Karnataka for more than a year now, filed for compensation in a US court. Nor is it known whether Shetty intends to fly back to the UAE now that flight services have resumed.
But none of this matters to NMC Health and the executives at Alvarez & Marsal, the consultancy that has been overseeing the hospital operator’s return to full financial health. Or somewhere close to it.
“We don't see that cutting across what we do [here],” said Benjamin Cairns of A&M, responding to a question whether Shetty filing a case in New York will have any bearing on NMC’s immediate future and plans. (A&M was appointed by a UK court to take on the task of restructuring NMC after evidence of billions of dollars of bank loans being diverted from the company’s coffers came to light early last year.)
The current management at NMC Healthcare – UAE’s biggest privately-owned hospital operator – will not be distracted by what its founder Dr. B.R. Shetty has been doing.
Even when he has filed a $7 billion plus compensation claim in a New York court alleging that he was a victim of financial fraud carried out by the former management of NMC working with a coterie of banks and officials. It is not clear why Shetty, based in the south Indian state of Karnataka for more than a year now, filed for compensation in a US court. Nor is it known whether Shetty intends to fly back to the UAE now that flight services have resumed.
But none of this matters to NMC Health and the executives at Alvarez & Marsal, the consultancy that has been overseeing the hospital operator’s return to full financial health. Or somewhere close to it.
“We don't see that cutting across what we do [here],” said Benjamin Cairns of A&M, responding to a question whether Shetty filing a case in New York will have any bearing on NMC’s immediate future and plans. (A&M was appointed by a UK court to take on the task of restructuring NMC after evidence of billions of dollars of bank loans being diverted from the company’s coffers came to light early last year.)
Arkan gets shareholders' nod for merger with Emirates Steel | ZAWYA MENA Edition
Arkan gets shareholders' nod for merger with Emirates Steel | ZAWYA MENA Edition
UAE-based Arkan Building Materials Company (Arkan) has announced that it has won approval from its shareholders for its strategic merger with Emirates Steel Industries, the Middle East’s leading integrated steel manufacturer.
A leading construction and building materials company in the UAE, Arkan said the transaction will create a listed national champion in the building materials and construction sector with strong potential for growth in the UAE and internationally.
Emirates Steel is owned by General Holding Corporation (Senaat), a part of ADQ, one of the region’s largest holding companies.
The key terms of the strategic combination, proposed in May by Senaat, are to transfer Emirates Steel to Arkan in consideration for the issuance by Arkan to Senaat of a convertible instrument.
Upon closing the transaction, the convertible instrument would automatically convert into 5.1 billion ordinary shares in Arkan at a fixed price of AED 0.798 per share. Following the conversion, Senaat would own 87.5% of the entire issued share capital of Arkan.
A leading construction and building materials company in the UAE, Arkan said the transaction will create a listed national champion in the building materials and construction sector with strong potential for growth in the UAE and internationally.
Emirates Steel is owned by General Holding Corporation (Senaat), a part of ADQ, one of the region’s largest holding companies.
The key terms of the strategic combination, proposed in May by Senaat, are to transfer Emirates Steel to Arkan in consideration for the issuance by Arkan to Senaat of a convertible instrument.
Upon closing the transaction, the convertible instrument would automatically convert into 5.1 billion ordinary shares in Arkan at a fixed price of AED 0.798 per share. Following the conversion, Senaat would own 87.5% of the entire issued share capital of Arkan.
Rosneft second-quarter profit leaps on higher oil prices | Reuters
Rosneft second-quarter profit leaps on higher oil prices | Reuters
Russian oil producer Rosneft's (ROSN.MM) second-quarter net profit showed a fivefold increase from the same period last year, it said on Friday, citing recovering oil prices.
Net profit surged to 233 billion roubles ($3.2 billion) while revenue doubled to 2.167 trillion roubles.
Rosneft, which includes oil major BP (BP.L) among its shareholders, said that liquid hydrocarbon production was at an average of 3.9 million barrels per day (bpd) in the quarter, down from 4.04 million bpd a year earlier, when OPEC+ launched its deepest oil supply cuts to prop-up global prices hit by the coronavirus pandemic.
Russian oil producer Rosneft's (ROSN.MM) second-quarter net profit showed a fivefold increase from the same period last year, it said on Friday, citing recovering oil prices.
Net profit surged to 233 billion roubles ($3.2 billion) while revenue doubled to 2.167 trillion roubles.
Rosneft, which includes oil major BP (BP.L) among its shareholders, said that liquid hydrocarbon production was at an average of 3.9 million barrels per day (bpd) in the quarter, down from 4.04 million bpd a year earlier, when OPEC+ launched its deepest oil supply cuts to prop-up global prices hit by the coronavirus pandemic.
Oil extends losses as Delta variant slows demand recovery | Reuters
Oil extends losses as Delta variant slows demand recovery | Reuters
Oil prices fell for a second day on Friday after the International Energy Agency warned that demand growth for crude and its products had slowed sharply as surging COVID-19 cases worldwide forced governments to revive movement restrictions.
Brent crude was down 58 cents, or 0.8%, at $70.73 a barrel by 0630 GMT, after dropping 13 cents in the previous session.
U.S. crude was off by 65 cents, or 0.9%, at $68.44 a barrel, having fallen 0.2% on Thursday. The benchmarks are little changed this week.
"The sudden about-face by the IEA has shaken nerves and capped the oil rally, bringing home the reality of the impact of the Delta variant," said Jeffrey Halley, OANDA's senior market analyst for Asia Pacific.
Rising demand for crude ground to a halt in July and is set to rise at a slower pace over the rest of 2021 because of the surge in infections from the coronavirus Delta variant, the IEA said on Thursday. read more
Oil prices fell for a second day on Friday after the International Energy Agency warned that demand growth for crude and its products had slowed sharply as surging COVID-19 cases worldwide forced governments to revive movement restrictions.
Brent crude was down 58 cents, or 0.8%, at $70.73 a barrel by 0630 GMT, after dropping 13 cents in the previous session.
U.S. crude was off by 65 cents, or 0.9%, at $68.44 a barrel, having fallen 0.2% on Thursday. The benchmarks are little changed this week.
"The sudden about-face by the IEA has shaken nerves and capped the oil rally, bringing home the reality of the impact of the Delta variant," said Jeffrey Halley, OANDA's senior market analyst for Asia Pacific.
Rising demand for crude ground to a halt in July and is set to rise at a slower pace over the rest of 2021 because of the surge in infections from the coronavirus Delta variant, the IEA said on Thursday. read more
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