Oil eases as weak Asian data, more lockdowns dampen demand hopes | Reuters
Oil prices weakened for a fourth session on Tuesday on the back of surging cases of coronavirus in Japan, a weak demand picture in Asia and a belief in OPEC and among its allies that the market does not need more crude.
Brent crude ended the session down 48 cents, or 0.7%, at $69.03 per barrel, while U.S. West Intermediate crude (WTI) settled 70 cents, or 1% lower at $66.59 a barrel. Both contracts had fallen for three straight sessions.
"We continue to see $65 support in WTI but less forceful rebounds that see sellers pour in earlier," said Craig Erlam, senior market analyst at OANDA.
"A move below here would be a significant technical breakout and surely reflect serious concerns about growth in the coming months as Delta (coronavirus variant) causes increasing restrictions around the world."
Tuesday 17 August 2021
#Kuwait Asks Ministries to Cut Spending by 10% Amid Budget Gap - Bloomberg
Kuwait Asks Ministries to Cut Spending by 10% Amid Budget Gap - Bloomberg
Kuwait’s cabinet instructed state entities to reduce spending by at least 10% in an attempt to cut its budget deficit, state-run Kuwait News Agency reported.
The OPEC member posted a record 10.8 billion dinar ($36 billion) budget deficit in 2020, up 175% from a year earlier. It has been battling to reduce the gap due to its dependence on oil revenues, and high spending on civil servant wages and subsidies.
The measures include:
Kuwait’s cabinet instructed state entities to reduce spending by at least 10% in an attempt to cut its budget deficit, state-run Kuwait News Agency reported.
The OPEC member posted a record 10.8 billion dinar ($36 billion) budget deficit in 2020, up 175% from a year earlier. It has been battling to reduce the gap due to its dependence on oil revenues, and high spending on civil servant wages and subsidies.
The measures include:
- Limiting spending on local and international events and exhibitions and travel expenses
- Cutting spending on overseas training, foreign missions and medical treatment for nationals
- Taking steps to ensure debts due to the state are collected
- Revision of incentives to top state officials and rents for state-owned real estate
- Assessment and possible halting of financial incentives to nationals employed in the private sector whose wages exceed 3,000 dinars
- Establishing a sovereign credit rating governance committee
MIDEAST STOCKS Major Gulf markets gain, #AbuDhabi hits record high | Reuters
MIDEAST STOCKS Major Gulf markets gain, Abu Dhabi hits record high | Reuters
Most major stock markets in the Gulf rebounded on Tuesday, with the Abu Dhabi index touching an all-time high boosted by gains in telecoms firm Etisalat.
Saudi Arabia's benchmark index (.TASI) gained 0.6%, buoyed by a 1% rise in Al Rajhi Bank (1120.SE) and a 2.8% increase in Dr Sulaiman Al-Habib Medical Services (4013.SE). Oil behemoth Saudi Aramco (2222.SE) was up 0.7%.
Saudi Aramco is looking to raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, higher than the $12.4 billion raised from its oil pipeline deal, Reuters reported on Monday, citing sources familiar with the matter. read more
In Abu Dhabi, the index (.ADI) advanced 0.9%, with Emirates Telecommunications Group (Etisalat)(ETISALAT.AD) rising 2.4% after signing an agreement to acquire additional stake in Maroc Telecom Group for about $505 million.
Dubai's main share index (.DFMGI) climbed 0.4%, with blue-chip developer Emaar Properties (EMAR.DU) rising 1.5% and sharia-compliant lender Dubai Islamic Bank (DISB.DU) adding 0.6%.
The Qatari index (.QSI) added 0.3%, with Qatar National Bank (QNBK.QA) rising 1.1% and Qatar Gas Transport (QGTS.QA) gaining 1.2%.
Elsewhere, United Development Company (UDCD.QA) finished 0.1% higher.
Dubai district cooling firm Tabreed (TABR.DU) has sold its stake in joint venture Qatar Cool to United Development Company. read more
Back in Dubai, Tabreed was down 0.3%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 1%, dragged by a 2.5% drop in top lender Commercial International Bank (COMI.CA).
Egypt has sold 622 million in one-year, euro-denominated T-bills with an average yield of 1.396%, the central bank said on Monday.
Saudi Arabia's benchmark index (.TASI) gained 0.6%, buoyed by a 1% rise in Al Rajhi Bank (1120.SE) and a 2.8% increase in Dr Sulaiman Al-Habib Medical Services (4013.SE). Oil behemoth Saudi Aramco (2222.SE) was up 0.7%.
Saudi Aramco is looking to raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, higher than the $12.4 billion raised from its oil pipeline deal, Reuters reported on Monday, citing sources familiar with the matter. read more
In Abu Dhabi, the index (.ADI) advanced 0.9%, with Emirates Telecommunications Group (Etisalat)(ETISALAT.AD) rising 2.4% after signing an agreement to acquire additional stake in Maroc Telecom Group for about $505 million.
Dubai's main share index (.DFMGI) climbed 0.4%, with blue-chip developer Emaar Properties (EMAR.DU) rising 1.5% and sharia-compliant lender Dubai Islamic Bank (DISB.DU) adding 0.6%.
The Qatari index (.QSI) added 0.3%, with Qatar National Bank (QNBK.QA) rising 1.1% and Qatar Gas Transport (QGTS.QA) gaining 1.2%.
Elsewhere, United Development Company (UDCD.QA) finished 0.1% higher.
Dubai district cooling firm Tabreed (TABR.DU) has sold its stake in joint venture Qatar Cool to United Development Company. read more
Back in Dubai, Tabreed was down 0.3%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 1%, dragged by a 2.5% drop in top lender Commercial International Bank (COMI.CA).
Egypt has sold 622 million in one-year, euro-denominated T-bills with an average yield of 1.396%, the central bank said on Monday.
Oil prices broadly stable after weak Asian data | Reuters
Oil prices broadly stable after weak Asian data | Reuters
Oil prices were broadly stable on Tuesday, recouping losses incurred earlier in the session on the back of weak demand picture in Asia and OPEC and its allies saying the market does not need more crude.
Brent crude was up 25 cents, or 0.4%, at $69.76 per barrel as of 1346 GMT. U.S. West Intermediate crude (WTI) rose 9 cents, or 0.1%, to $67.38 a barrel. Both contracts had fallen for three straight sessions.
On the demand side, daily crude processing in China, the world's biggest oil importer, fell to its lowest in July since May 2020 as independent plants slashed production amid tighter quotas, high inventories and weakening profits. read more
China's factory output and retail sales growth also slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted businesses. read more
Oil prices were broadly stable on Tuesday, recouping losses incurred earlier in the session on the back of weak demand picture in Asia and OPEC and its allies saying the market does not need more crude.
Brent crude was up 25 cents, or 0.4%, at $69.76 per barrel as of 1346 GMT. U.S. West Intermediate crude (WTI) rose 9 cents, or 0.1%, to $67.38 a barrel. Both contracts had fallen for three straight sessions.
On the demand side, daily crude processing in China, the world's biggest oil importer, fell to its lowest in July since May 2020 as independent plants slashed production amid tighter quotas, high inventories and weakening profits. read more
China's factory output and retail sales growth also slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted businesses. read more
Oil Heads for Longest Run of Losses Since March on Delta, Dollar - Bloomberg
Oil Heads for Longest Run of Losses Since March on Delta, Dollar - Bloomberg
Oil fell for a fourth day, heading for the longest losing run since March, on the threat to demand from the delta coronavirus variant.
Brent declined 0.5% after losing almost 3% over the previous three sessions. U.S. gasoline consumption fell for a third week, according to a survey by Descartes Labs, while official data from China on Monday revealed a slowdown in July. Oil’s initial gains in the session were overturned as a strengthening dollar made commodities priced in the currency more expensive.
After a blistering rally in the first half, crude’s advance has been checked in July and August. The delta variant has spurred fresh curbs on mobility in many nations including China, harming energy consumption. Against that backdrop, JPMorgan Chase & Co. has been among bank’s reducing oil price forecasts.
“These periodic corrections are likely to be short-lived and the longer-term trend will still be a move higher,” said John Driscoll, chief strategist at JTD Energy Services Pte. “Signals point to a recovery. Demand is likely to rebound unless these new virus variants result in massive lockdowns.”
Oil fell for a fourth day, heading for the longest losing run since March, on the threat to demand from the delta coronavirus variant.
Brent declined 0.5% after losing almost 3% over the previous three sessions. U.S. gasoline consumption fell for a third week, according to a survey by Descartes Labs, while official data from China on Monday revealed a slowdown in July. Oil’s initial gains in the session were overturned as a strengthening dollar made commodities priced in the currency more expensive.
After a blistering rally in the first half, crude’s advance has been checked in July and August. The delta variant has spurred fresh curbs on mobility in many nations including China, harming energy consumption. Against that backdrop, JPMorgan Chase & Co. has been among bank’s reducing oil price forecasts.
“These periodic corrections are likely to be short-lived and the longer-term trend will still be a move higher,” said John Driscoll, chief strategist at JTD Energy Services Pte. “Signals point to a recovery. Demand is likely to rebound unless these new virus variants result in massive lockdowns.”
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Burgerizzr IPO oversubscribed by 500% on day one | ZAWYA MENA Edition
Burgerizzr IPO oversubscribed by 500% on day one | ZAWYA MENA Edition
The Burgerizzr burger chain’s initial public offering (IPO) was oversubscribed by 500 percent on the first day, according to the financial advisor in charge of the share sale Emirates NBD Capital KSA.
It added the price range for the offering will be between SAR 150 and SAR 165 per share at the start of the book-building process.
“The final price for the shares will be determined on completion of the book-building process,” the company said in a statement on Tadawul.
Burgerizzr said in its prospectus it plans to sell 725,000 of its shares, representing 29 percent of its capital, in the parallel market Nomu, according to Argaam data.
The IPO for the eligible groups began on Aug.15, 2021, and will end on Aug. 23, 2021, the prospectus said.
Burgerizzr was co-founded in 2009 by Mohammad Al Ruwaigh and has grown from one beef and chicken burger restaurant to 65 outlets throughout Saudi Arabia.
The chain targets 100 restaurants by the end of 2020 and 200 by 2025.
It added the price range for the offering will be between SAR 150 and SAR 165 per share at the start of the book-building process.
“The final price for the shares will be determined on completion of the book-building process,” the company said in a statement on Tadawul.
Burgerizzr said in its prospectus it plans to sell 725,000 of its shares, representing 29 percent of its capital, in the parallel market Nomu, according to Argaam data.
The IPO for the eligible groups began on Aug.15, 2021, and will end on Aug. 23, 2021, the prospectus said.
Burgerizzr was co-founded in 2009 by Mohammad Al Ruwaigh and has grown from one beef and chicken burger restaurant to 65 outlets throughout Saudi Arabia.
The chain targets 100 restaurants by the end of 2020 and 200 by 2025.
#SaudiArabia's PIF raises stake in U.S. game maker Activision by 13.3 pct-filing | Reuters
Saudi Arabia's PIF raises stake in U.S. game maker Activision by 13.3 pct-filing | Reuters
Saudi Arabia's sovereign wealth fund has increased its holding in American video game company Activision Blizzard (ATVI.O) by 13.3% to 37.9 million shares, according to a U.S. regulatory filing on Monday.
The Public Investment Fund (PIF) bought 4.4 million shares in the video game maker in the second quarter, according to a Securities and Exchange Commission filing.
PIF, which did not immediately respond to a comment request on the filing, is at the centre of Saudi Arabia's plans to transform the economy by creating new sectors and diversifying revenues away from oil.
The $400 billion fund is expected to inject at least $40 billion annually in the local economy until 2025, and increase its assets to $1 trillion by that date, which would make it one of the world's biggest sovereign wealth funds.
Saudi Arabia's sovereign wealth fund has increased its holding in American video game company Activision Blizzard (ATVI.O) by 13.3% to 37.9 million shares, according to a U.S. regulatory filing on Monday.
The Public Investment Fund (PIF) bought 4.4 million shares in the video game maker in the second quarter, according to a Securities and Exchange Commission filing.
PIF, which did not immediately respond to a comment request on the filing, is at the centre of Saudi Arabia's plans to transform the economy by creating new sectors and diversifying revenues away from oil.
The $400 billion fund is expected to inject at least $40 billion annually in the local economy until 2025, and increase its assets to $1 trillion by that date, which would make it one of the world's biggest sovereign wealth funds.
#Dubai district cooling firm Tabreed divests stake in Qatari joint venture | Reuters
Dubai district cooling firm Tabreed divests stake in Qatari joint venture | Reuters
Dubai district cooling firm Tabreed (TABR.DU) has divested its stake in joint venture firm Qatar Cool via a sale to United Development Company (UDCD.QA) , the company said in a statement on Tuesday.
District cooling firms deliver chilled water via insulated pipes to offices, as well as industrial and residential buildings.
Tabreed sold its 44% stake 417 million dirhams ($113.54 million), it said in a regulatory filing published on the Dubai bourse.
Tabreed said the assets are in a non-core market for the company and that "the proceeds will be used to further finance growth of Tabreed's portfolio in key markets".
They consist of cooling plants and the associated network in Qatar, which provide chilled water services to residential, commercial, retail and other real estate assets.
Dubai district cooling firm Tabreed (TABR.DU) has divested its stake in joint venture firm Qatar Cool via a sale to United Development Company (UDCD.QA) , the company said in a statement on Tuesday.
District cooling firms deliver chilled water via insulated pipes to offices, as well as industrial and residential buildings.
Tabreed sold its 44% stake 417 million dirhams ($113.54 million), it said in a regulatory filing published on the Dubai bourse.
Tabreed said the assets are in a non-core market for the company and that "the proceeds will be used to further finance growth of Tabreed's portfolio in key markets".
They consist of cooling plants and the associated network in Qatar, which provide chilled water services to residential, commercial, retail and other real estate assets.
Oil prices fall back on concerns over COVID-19 cases | Reuters
Oil prices fall back on concerns over COVID-19 cases | Reuters
Oil prices fell on Tuesday, paring earlier gains, as expectations that major producers will not boost supply any time soon were outweighed by worries over slowing demand amid a spike in the Delta variant of coronavirus infections.
Brent crude was down 51 cents, or 0.7%, at $69.00 per barrel as of 0703 GMT, after rising as high as $69.77 earlier in the session.
U.S. West Intermediate crude (WTI) slid 52 cents, or 0.8%, to $66.77 a barrel, after reaching $67.66 earlier.
Japan was set to extend its state of emergency in Tokyo and other regions to Sept. 12 and widen curbs to seven more prefectures, as COVID-19 cases spike while cases are set to "rise substantially" in Sydney in the coming weeks despite a prolonged lockdown, authorities said on Tuesday.
Oil prices fell on Tuesday, paring earlier gains, as expectations that major producers will not boost supply any time soon were outweighed by worries over slowing demand amid a spike in the Delta variant of coronavirus infections.
Brent crude was down 51 cents, or 0.7%, at $69.00 per barrel as of 0703 GMT, after rising as high as $69.77 earlier in the session.
U.S. West Intermediate crude (WTI) slid 52 cents, or 0.8%, to $66.77 a barrel, after reaching $67.66 earlier.
Japan was set to extend its state of emergency in Tokyo and other regions to Sept. 12 and widen curbs to seven more prefectures, as COVID-19 cases spike while cases are set to "rise substantially" in Sydney in the coming weeks despite a prolonged lockdown, authorities said on Tuesday.