Oil rises 3% to one-week high after U.S. taps emergency reserves | Reuters
Oil prices rose to a one-week high on Tuesday after a move by the United States and other consumer nations to release tens of millions of barrels of oil from reserves to try to cool the market fell short of some expectations.
The United States said on Tuesday it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude. read more
But analysts said the effect on prices was likely to be short-lived after years of declining investment and a strong global recovery from the COVID-19 pandemic. read more
Brent futures rose $2.61, or 3.3%, to settle at $82.31, while U.S. West Texas Intermediate (WTI) crude rose $1.75, or 2.3%, to settle at $78.50.
That was the biggest daily percentage gain for Brent since August and its highest close since Nov. 16. It also pushed Brent's premium over WTI to its highest since mid-October.
Tuesday 23 November 2021
Saudi stocks bounce back, major Gulf markets end mixed | Reuters
Saudi stocks bounce back, major Gulf markets end mixed | Reuters
Saudi Arabian shares closed higher on Tuesday, snapping three straight sessions of losses, while major Gulf stock markets ended the day mixed.
Saudi Arabia's benchmark index (.TARSI) closed about 0.8% higher after three days of declines triggered by regional tensions with Yemen's Iran-aligned Houthis, who claimed responsibility for drone attacks in several parts of the kingdom, including at Saudi Aramco facilities in Jeddah. read more
Market-heavyweight Al Rajhi Bank (1120.SE) rose 2.1% and Saudi Arabian Mining (1211.SE) jumped 4.5%, while the oil giant Saudi Aramco (2222.SE) gained 1%.
In Abu Dhabi, the index (.ADI) gained nearly 0.8% as Emirates Telecommunications Group (Etisalat)(ETISALAT.AD) increased 2.8% and International Holding Company (IHC.AD) rose 2%.
Etisalat rose for a third straight day, riding on last week's agreement to acquire Dubai-based grocery delivery platform elGrocer DMCC.
The Dubai index (.DFMGI) fell 0.9% in its third straight day of decline, as property and financial shares weighed the most.
Emaar Properties (EMAR.DU), which completed a merger with its shopping malls operator unit Emaar Malls, fell 2%, while lenders Dubai Islamic Bank and Emirates NBD (ENBD.DU) dropped 1.9% and 1.8%, respectively.
The Qatari index (.QSI) closed 0.1% lower. Islamic lender Masraf Al Rayan (MARK.QA) led losses, falling 1.5%, while Industries Qatar (IQCD.QA)added 0.7%.
Outside the Gulf, the Egyptian blue-chip index (.EGX30) edged up 0.1%. Real estate investor TMG Holding (TMGH.CA) and investment bank EFG Hermes Holdings (HRHO.CA) climbed 2.5% and 1.6%, respectively.
However, the gains were capped by a 0.6% fall in the country's largest lender Commercial International Bank Egypt (COMI.CA).
Saudi Arabian shares closed higher on Tuesday, snapping three straight sessions of losses, while major Gulf stock markets ended the day mixed.
Saudi Arabia's benchmark index (.TARSI) closed about 0.8% higher after three days of declines triggered by regional tensions with Yemen's Iran-aligned Houthis, who claimed responsibility for drone attacks in several parts of the kingdom, including at Saudi Aramco facilities in Jeddah. read more
Market-heavyweight Al Rajhi Bank (1120.SE) rose 2.1% and Saudi Arabian Mining (1211.SE) jumped 4.5%, while the oil giant Saudi Aramco (2222.SE) gained 1%.
In Abu Dhabi, the index (.ADI) gained nearly 0.8% as Emirates Telecommunications Group (Etisalat)(ETISALAT.AD) increased 2.8% and International Holding Company (IHC.AD) rose 2%.
Etisalat rose for a third straight day, riding on last week's agreement to acquire Dubai-based grocery delivery platform elGrocer DMCC.
The Dubai index (.DFMGI) fell 0.9% in its third straight day of decline, as property and financial shares weighed the most.
Emaar Properties (EMAR.DU), which completed a merger with its shopping malls operator unit Emaar Malls, fell 2%, while lenders Dubai Islamic Bank and Emirates NBD (ENBD.DU) dropped 1.9% and 1.8%, respectively.
The Qatari index (.QSI) closed 0.1% lower. Islamic lender Masraf Al Rayan (MARK.QA) led losses, falling 1.5%, while Industries Qatar (IQCD.QA)added 0.7%.
Outside the Gulf, the Egyptian blue-chip index (.EGX30) edged up 0.1%. Real estate investor TMG Holding (TMGH.CA) and investment bank EFG Hermes Holdings (HRHO.CA) climbed 2.5% and 1.6%, respectively.
However, the gains were capped by a 0.6% fall in the country's largest lender Commercial International Bank Egypt (COMI.CA).
Alvarez & Marsal applies for 12-month extension to NMC administration in UK
Alvarez & Marsal applies for 12-month extension to NMC administration in UK
Alvarez & Marsal, the administrator of the UAE's biggest healthcare operator NMC Health, plans to apply to the UK High Court for a further extension for the company's plc entity early next year.
While the FTSE-100-listed company's UAE entity should exit administration in the next six weeks, according to Alvarez & Marsal, and start operations under new ownership next year, the UK administration process will need more time.
Richard Fleming, the joint administrator who leads Alvarez & Marsal’s restructuring practice in Europe, said the application to extend is “a totally natural thing”.
“You get appointed a year at a time, so every year you extend. Because we are litigating against third parties, those litigations will take some time, so you just go through a process of extending every year, that's just a normal thing,” he said with the plc administration set to last "as long as the litigation lasts".
Alvarez & Marsal, the administrator of the UAE's biggest healthcare operator NMC Health, plans to apply to the UK High Court for a further extension for the company's plc entity early next year.
While the FTSE-100-listed company's UAE entity should exit administration in the next six weeks, according to Alvarez & Marsal, and start operations under new ownership next year, the UK administration process will need more time.
Richard Fleming, the joint administrator who leads Alvarez & Marsal’s restructuring practice in Europe, said the application to extend is “a totally natural thing”.
“You get appointed a year at a time, so every year you extend. Because we are litigating against third parties, those litigations will take some time, so you just go through a process of extending every year, that's just a normal thing,” he said with the plc administration set to last "as long as the litigation lasts".
FAB to expand international network with first branch in China
FAB to expand international network with first branch in China
First Abu Dhabi Bank (FAB), the UAE's biggest bank by assets, will expand its international network with the opening of its first branch in China early next year.
FAB received a financial licence from the China Banking and Insurance Regulatory Commission that allows the lender to open a branch in Shanghai, it said on Tuesday.
The branch is expected to be fully operational in the first quarter of 2022.
“With the expansion of our presence in Shanghai, FAB can now apply scale, expertise and financial strength to accelerate collaboration across the priority industries of both nations,” said group chief executive Hana Al Rostamani.
First Abu Dhabi Bank (FAB), the UAE's biggest bank by assets, will expand its international network with the opening of its first branch in China early next year.
FAB received a financial licence from the China Banking and Insurance Regulatory Commission that allows the lender to open a branch in Shanghai, it said on Tuesday.
The branch is expected to be fully operational in the first quarter of 2022.
“With the expansion of our presence in Shanghai, FAB can now apply scale, expertise and financial strength to accelerate collaboration across the priority industries of both nations,” said group chief executive Hana Al Rostamani.
Colombian Billionaire Partners With Abu Dhabi in $2.2 Billion Bid for Nutresa - Bloomberg
Colombian Billionaire Partners With Abu Dhabi in $2.2 Billion Bid for Nutresa - Bloomberg
Over a span of four decades, Jaime Gilinski has quietly amassed a fortune exceeding $4 billion by expanding his family’s group of companies and pushing into new areas like banking, finance and real estate.
At 63, the Colombian native is embarking on his biggest gamble yet: a $2.2 billion bid to buy a majority stake in foodmaker Grupo Nutresa SA with the royal family of Abu Dhabi. For the deal to succeed, he’ll need to convince a group of investors in the complex cross-holding known as Grupo Empresarial Antioqueno, or GEA, and pension funds that the 38% premium is too sweet to pass up.
The offer to buy as much as 62.6% of the Medellin-based company has thrust the usually private Gilinski into the limelight and sent shock waves through the normally sleepy local capital markets where M&A deals of relevant size are rare. Shares in Nutresa jumped 23%, the most in more than two decades, to 26,780 pesos as trading resumed in Bogota on Monday.
Over a span of four decades, Jaime Gilinski has quietly amassed a fortune exceeding $4 billion by expanding his family’s group of companies and pushing into new areas like banking, finance and real estate.
At 63, the Colombian native is embarking on his biggest gamble yet: a $2.2 billion bid to buy a majority stake in foodmaker Grupo Nutresa SA with the royal family of Abu Dhabi. For the deal to succeed, he’ll need to convince a group of investors in the complex cross-holding known as Grupo Empresarial Antioqueno, or GEA, and pension funds that the 38% premium is too sweet to pass up.
The offer to buy as much as 62.6% of the Medellin-based company has thrust the usually private Gilinski into the limelight and sent shock waves through the normally sleepy local capital markets where M&A deals of relevant size are rare. Shares in Nutresa jumped 23%, the most in more than two decades, to 26,780 pesos as trading resumed in Bogota on Monday.
Biden Orders Release of U.S. Oil Reserves in Challenge to OPEC+ - Bloomberg
Biden Orders Release of U.S. Oil Reserves in Challenge to OPEC+ - Bloomberg
The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India and South Korea and the U.K -- an unprecedented, coordinated attempt the world’s largest oil consumers to tame prices that could prompt a backlash by OPEC+.
Of that amount, 32 million will be released from the U.S. Strategic Petroleum Reserve as an exchange over next several months, while 18 million will be as an accelerated release from previously authorized sale, the White House said in a statement Tuesday.
A Biden administration official told reporters Tuesday that barrels would begin moving as early as mid- to late December. The administration is prepared to take further, unspecified steps, if needed, the White House said.
West Texas Intermediate crude for January delivery dropped 1.5% to $75.61 a barrel as of 7:19 a.m. in New York.
The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India and South Korea and the U.K -- an unprecedented, coordinated attempt the world’s largest oil consumers to tame prices that could prompt a backlash by OPEC+.
Of that amount, 32 million will be released from the U.S. Strategic Petroleum Reserve as an exchange over next several months, while 18 million will be as an accelerated release from previously authorized sale, the White House said in a statement Tuesday.
A Biden administration official told reporters Tuesday that barrels would begin moving as early as mid- to late December. The administration is prepared to take further, unspecified steps, if needed, the White House said.
West Texas Intermediate crude for January delivery dropped 1.5% to $75.61 a barrel as of 7:19 a.m. in New York.
Increasing OPEC+ Oil Production Faster Has ‘No Logic’, #UAE Says - Bloomberg
Increasing OPEC+ Oil Production Faster Has ‘No Logic’, UAE Says - Bloomberg
The United Arab Emirates said there was no need for OPEC+ to increase oil production any faster, despite pressure from major consumers such as the U.S. and Japan for the group to help ease gasoline prices.
“There is no logic to increasing our contribution,” UAE Energy Minister Suhail Al-Mazrouei said to reporters on Tuesday in Dubai. “I don’t think we are changing the plan.”
The minister did not specify if he would agree to OPEC+ slowing its output increases should the U.S. and others announced a sale of their strategic petroleum reserves in a bid to lower gasoline prices.
The Organization of Petroleum Exporting Countries and its partners including Russia next meet on Dec. 2. The group is raising daily output by 400,000 barrels each month, but has said it will be flexible and can move slower or faster depending on demand.
The United Arab Emirates said there was no need for OPEC+ to increase oil production any faster, despite pressure from major consumers such as the U.S. and Japan for the group to help ease gasoline prices.
“There is no logic to increasing our contribution,” UAE Energy Minister Suhail Al-Mazrouei said to reporters on Tuesday in Dubai. “I don’t think we are changing the plan.”
The minister did not specify if he would agree to OPEC+ slowing its output increases should the U.S. and others announced a sale of their strategic petroleum reserves in a bid to lower gasoline prices.
The Organization of Petroleum Exporting Countries and its partners including Russia next meet on Dec. 2. The group is raising daily output by 400,000 barrels each month, but has said it will be flexible and can move slower or faster depending on demand.
Indian payments firm MobiKwik to go public later than initially planned | Reuters
Indian payments firm MobiKwik to go public later than initially planned | Reuters
Indian payments firm MobiKwik will carry out an initial public offering later than initially planned, its CEO said on Tuesday, following the dismal market debut of larger rival Paytm (PAYT.NS) earlier this month.
In India's largest-ever IPO, digital payments start-up Paytm made one of the worst major Indian stock market debuts as its shares fell more than 27%. read more
"We did want to have it (the IPO) around November," founder and CEO Bipin Preet Singh told Reuters. "We have a one-year window, from October, to list and obviously we will do it when we feel that we are going to have a successful IPO."
"We don't do it based on bravado, based on being aggressive and hopeful. You create maximum opportunity for success because you do this one time in the history of the company so you want it to be successful."
Indian payments firm MobiKwik will carry out an initial public offering later than initially planned, its CEO said on Tuesday, following the dismal market debut of larger rival Paytm (PAYT.NS) earlier this month.
In India's largest-ever IPO, digital payments start-up Paytm made one of the worst major Indian stock market debuts as its shares fell more than 27%. read more
"We did want to have it (the IPO) around November," founder and CEO Bipin Preet Singh told Reuters. "We have a one-year window, from October, to list and obviously we will do it when we feel that we are going to have a successful IPO."
"We don't do it based on bravado, based on being aggressive and hopeful. You create maximum opportunity for success because you do this one time in the history of the company so you want it to be successful."
#UAE is building 'first green hydrogen plant' in M.East - minister | Reuters
UAE is building 'first green hydrogen plant' in M.East - minister | Reuters
The United Arab Emirates has started building "the first green hydrogen plant in the Middle East" and testing is currently underway, Energy Minister Suhail Al-Mazrouei said on Tuesday.
The minister, who was speaking at a private business event at the Expo 2020 world fair in Dubai, gave no further details about the plans.
So-called green hydrogen, created by splitting water into its two components using electricity from renewable energy sources, is increasingly viewed as a fuel of the future to reduce carbon emissions from fossil fuels.
The UAE aims to capture 25% of the global hydrogen fuel market by 2030 and is implementing more than seven ambitious hydrogen projects, targeting major export markets including Japan, South Korea, Germany and India, the state news agency WAM reported last week.
The United Arab Emirates has started building "the first green hydrogen plant in the Middle East" and testing is currently underway, Energy Minister Suhail Al-Mazrouei said on Tuesday.
The minister, who was speaking at a private business event at the Expo 2020 world fair in Dubai, gave no further details about the plans.
So-called green hydrogen, created by splitting water into its two components using electricity from renewable energy sources, is increasingly viewed as a fuel of the future to reduce carbon emissions from fossil fuels.
The UAE aims to capture 25% of the global hydrogen fuel market by 2030 and is implementing more than seven ambitious hydrogen projects, targeting major export markets including Japan, South Korea, Germany and India, the state news agency WAM reported last week.
#Dubai Hotel Billionaire Khalaf Al Habtoor to Decide on IPO by Early 2022 - Bloomberg video
Dubai Hotel Billionaire Khalaf Al Habtoor to Decide on IPO by Early 2022 - Bloomberg
Dubai hotel mogul Khalaf Al Habtoor will make a decision on listing his firm in the next three to four months, amid a series of moves by the emirate to encourage family-owned businesses to go public.
The firm will either list the entire group or each of its units “one by one,” the founding chairman of Al Habtoor Group said in an interview with Bloomberg TV on Tuesday. Dubai’s government “is encouraging everybody, which is excellent,” he said.
The billionaire told Arabiya TV last week the company may list 30% or 35%, possibly in the third quarter of next year. The announcement comes amid a series of reforms on Dubai’s stock exchange aimed at bolstering liquidity, including incentivizing local companies to go public.
Al Habtoor owns hotels in Dubai, including the Waldorf Astoria on the man-made island Palm Jumeirah, as well as car dealerships, residential properties and schools.
Al Habtoor said the business was doing well. That mirrors the broader rebound in Dubai, where property sales are at decade highs and hotel occupancy above 2019 levels. Expo 2020, one of the world’s biggest in-person events since the pandemic, has been attracting both residents and visitors fleeing new lockdowns.
“We can see the light not at the end of the tunnel, but beyond the tunnel,” Al Habtoor said. “In all our sectors, there’s a huge improvement. We are doing very, very well.”
The firm will either list the entire group or each of its units “one by one,” the founding chairman of Al Habtoor Group said in an interview with Bloomberg TV on Tuesday. Dubai’s government “is encouraging everybody, which is excellent,” he said.
The billionaire told Arabiya TV last week the company may list 30% or 35%, possibly in the third quarter of next year. The announcement comes amid a series of reforms on Dubai’s stock exchange aimed at bolstering liquidity, including incentivizing local companies to go public.
Al Habtoor owns hotels in Dubai, including the Waldorf Astoria on the man-made island Palm Jumeirah, as well as car dealerships, residential properties and schools.
Al Habtoor said the business was doing well. That mirrors the broader rebound in Dubai, where property sales are at decade highs and hotel occupancy above 2019 levels. Expo 2020, one of the world’s biggest in-person events since the pandemic, has been attracting both residents and visitors fleeing new lockdowns.
“We can see the light not at the end of the tunnel, but beyond the tunnel,” Al Habtoor said. “In all our sectors, there’s a huge improvement. We are doing very, very well.”
Oil slips on U.S. plans to tap emergency crude reserves | Reuters
Oil slips on U.S. plans to tap emergency crude reserves | Reuters
Oil prices dropped by more than 1% on Tuesday ahead of the expected release of U.S. crude reserves to cool the market while resurgent COVID-19 cases in Europe also weighed on demand.
The United States' planned release of emergency oil reserves is part of a plan that President Joe Biden's administration has hashed out with China, India and Japan to lower energy prices. read more
Brent crude futures fell 69 cents, or 0.87%, to $79.01 a barrel by 0938 GMT and U.S. West Texas Intermediate (WTI) crude futures were down 98 cents, or 1.28%, at $75.77.
"U.S. President Biden is said to be preparing to announce a release of oil from its strategic petroleum reserve in concert with several other countries," ANZ said in a note.
Oil prices dropped by more than 1% on Tuesday ahead of the expected release of U.S. crude reserves to cool the market while resurgent COVID-19 cases in Europe also weighed on demand.
The United States' planned release of emergency oil reserves is part of a plan that President Joe Biden's administration has hashed out with China, India and Japan to lower energy prices. read more
Brent crude futures fell 69 cents, or 0.87%, to $79.01 a barrel by 0938 GMT and U.S. West Texas Intermediate (WTI) crude futures were down 98 cents, or 1.28%, at $75.77.
"U.S. President Biden is said to be preparing to announce a release of oil from its strategic petroleum reserve in concert with several other countries," ANZ said in a note.
#Saudi leads major Gulf bourses higher | Reuters
Saudi leads major Gulf bourses higher | Reuters
Most major stock markets in the Gulf rebounded in early trade on Tuesday, with the Saudi index on track to end three sessions of losses.
Saudi Arabia's benchmark index (.TASI) gained 0.6%, helped by a 1.9% rise in Al Rajhi Bank (1120.SE) and a 1.5% increase in Alinma Bank (1150.SE).
The kingdom's Tourism Development Fund said on Monday it had deployed 2 billion riyals ($533.13 million) on tourism projects worth a total of around 6 billion riyals from its establishment last year until the end of September this year. read more
In the previous session, the Saudi bourse suffered its biggest intraday fall in over a year following regional tensions.
The Saudi-led coalition in Yemen said on Tuesday it was launching air raids on "legitimate" Houthi military targets in the capital Sanaa, and asked civilians not to gather around or approach potential targets, Saudi state TV reported. read more
Yemen's Iran-aligned Houthi movement said on Saturday it had fired 14 drones at several Saudi Arabian cities, including at Saudi Aramco facilities in Jeddah. L1N2SB07K
In Abu Dhabi, the index (.ADI) rose 0.2%, with Emirates Telecommunications Group (ETISALAT.AD) up 1.1% and the country's largest lender, First Abu Dhabi Bank (FAB.AD), rising 0.3%.
Meanwhile Abu Dhabi state investor Mubadala, which manages $243 billion in assets, expects no change in its investment strategy and themes in 2022, group chief executive Khaldoon Khalifa Al Mubarak said on Monday. read more
Dubai's benchmark index (.DFMGI) rose 0.2%, led by a 13% surge in Mashreq Bank (MASB.DU) after it entered into a strategic partnership with Dubai South to build banking and financial solutions for Dubai South's aviation and logistics ecosystem.
The Qatari index (.QSI) edged 0.1% higher, with petrochemical maker Industries Qatar (IQCD.QA) adding 0.5%.
Most major stock markets in the Gulf rebounded in early trade on Tuesday, with the Saudi index on track to end three sessions of losses.
Saudi Arabia's benchmark index (.TASI) gained 0.6%, helped by a 1.9% rise in Al Rajhi Bank (1120.SE) and a 1.5% increase in Alinma Bank (1150.SE).
The kingdom's Tourism Development Fund said on Monday it had deployed 2 billion riyals ($533.13 million) on tourism projects worth a total of around 6 billion riyals from its establishment last year until the end of September this year. read more
In the previous session, the Saudi bourse suffered its biggest intraday fall in over a year following regional tensions.
The Saudi-led coalition in Yemen said on Tuesday it was launching air raids on "legitimate" Houthi military targets in the capital Sanaa, and asked civilians not to gather around or approach potential targets, Saudi state TV reported. read more
Yemen's Iran-aligned Houthi movement said on Saturday it had fired 14 drones at several Saudi Arabian cities, including at Saudi Aramco facilities in Jeddah. L1N2SB07K
In Abu Dhabi, the index (.ADI) rose 0.2%, with Emirates Telecommunications Group (ETISALAT.AD) up 1.1% and the country's largest lender, First Abu Dhabi Bank (FAB.AD), rising 0.3%.
Meanwhile Abu Dhabi state investor Mubadala, which manages $243 billion in assets, expects no change in its investment strategy and themes in 2022, group chief executive Khaldoon Khalifa Al Mubarak said on Monday. read more
Dubai's benchmark index (.DFMGI) rose 0.2%, led by a 13% surge in Mashreq Bank (MASB.DU) after it entered into a strategic partnership with Dubai South to build banking and financial solutions for Dubai South's aviation and logistics ecosystem.
The Qatari index (.QSI) edged 0.1% higher, with petrochemical maker Industries Qatar (IQCD.QA) adding 0.5%.
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