Kuwait Seeks to Invest $750 Million in Pakistan Projects - Bloomberg
Kuwait-backed units are planning several projects in Pakistan valued at $750 million, marking one of the largest proposed investments in the South Asian country in recent years.
Kuwait Investment Authority’s Enertech Holding Co. and Pakistan Kuwait Investment Company have applied for a digital bank license and proposed a hydrogen plant and two smart cities, said Mohammad Al Fares, chairman at Pakistan Kuwait Investment Co. The two are already working on a $200 million water pipeline.
The proposed investments are a boon for Pakistan, which has seen muted foreign investment for more than a decade because of energy outages, terrorism and political instability. Recent turmoil has led to a regime change while the nation’s foreign exchange reserves have dropped to less than two months of imports.
Newly elected Prime Minister Shehbaz Sharif is currently visiting Saudi Arabia, which has provided loan support in the past. Pakistan is also negotiating with the International Monetary Fund to release $3 billion this year. Although loans have been the main stop-gap for financial support, the nation has long sought to increase foreign investment to reduce its reliance on borrowing.
Enertech and Pakistan Kuwait Investment Company have formed an alliance to explore opportunities in Pakistan, said Al Fares. The latter was established in 1979 by the governments of Pakistan and Kuwait, and holds multiple investments including a 30% stake in Meezan Bank Ltd., Pakistan’s fastest growing bank by deposits.
Saturday 30 April 2022
Turkey, #Saudi to revive great economic potential, Erdogan says | Reuters
Turkey, Saudi to revive great economic potential, Erdogan says | Reuters
Turkey and Saudi Arabia have a common will to "reactivate a great economic potential" between the two countries, Turkish President Tayyip Erdogan said on Saturday, after his first trip to the kingdom since 2017.
Speaking to reporters on a flight back from Saudi Arabia, where he sought to mend frayed ties, Erdogan said the sides were determined to accelerate efforts for the common interests and stability of the region, Turkish media reported.
The media readout did not mention a possible currency swap line nor specifics of any other planned investments that could help relieve Turkey's economic strains.
"We agreed with Saudi Arabia to reactivate a great economic potential through organisations that will bring our investors together," Erdogan said.
On his two-day visit, Erdogan met Saudi King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman, and discussed various international, regional and bilateral issues. read more
Turkey and Saudi Arabia have a common will to "reactivate a great economic potential" between the two countries, Turkish President Tayyip Erdogan said on Saturday, after his first trip to the kingdom since 2017.
Speaking to reporters on a flight back from Saudi Arabia, where he sought to mend frayed ties, Erdogan said the sides were determined to accelerate efforts for the common interests and stability of the region, Turkish media reported.
The media readout did not mention a possible currency swap line nor specifics of any other planned investments that could help relieve Turkey's economic strains.
"We agreed with Saudi Arabia to reactivate a great economic potential through organisations that will bring our investors together," Erdogan said.
On his two-day visit, Erdogan met Saudi King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman, and discussed various international, regional and bilateral issues. read more
Friday 29 April 2022
Oil prices reverse late in session as heating oil contract plunges | Reuters
Oil prices reverse late in session as heating oil contract plunges | Reuters
Oil prices fell on Friday, reversing in volatile trade, pulled downward by the U.S. heating oil contract that plummeted by more than 20% at one point on the day of its expiration.
The front-month U.S. heating oil contract , which is a proxy for diesel prices, soared to a record high of $5.8595 a gallon before falling as low as $4.4067 a gallon. Diesel futures have climbed as investors worry about tight supplies globally following Russia's invasion of Ukraine.
The heating oil contract expired on Friday, along with the global Brent benchmark and U.S. gasoline futures . Volumes in all three front-month contracts was low, creating outsized volatility in the market and leading to late-day sell-offs, analysts said.
"The fireworks were all in the expiring diesel contract," said Andrew Lipow of Lipow Oil Associates in Houston. "Today's expiry is especially volatile and may not be reflective of actual tightness."
The more-active second-month Brent crude futures contract fell 12 cents to settle at $107.14 a barrel. The expiring front-month contract rose $1.75 to settle at $109.34 a barrel.
U.S. West Texas Intermediate crude , which does not expire on Friday, fell 67 cents to settle at $104.69 a barrel, as traders sold energy contracts across the board.
The front-month heating oil contract's volatility was not mirrored in the more-active second-month U.S. heating oil contract , which gained $0.0088 a gallon to settle at $4.0172 a gallon.
Both Brent and WTI rose for the week and posted their fifth straight monthly gain. Brent ended the month up 1.3%, while WTI ended up 4.4%.
Oil prices fell on Friday, reversing in volatile trade, pulled downward by the U.S. heating oil contract that plummeted by more than 20% at one point on the day of its expiration.
The front-month U.S. heating oil contract , which is a proxy for diesel prices, soared to a record high of $5.8595 a gallon before falling as low as $4.4067 a gallon. Diesel futures have climbed as investors worry about tight supplies globally following Russia's invasion of Ukraine.
The heating oil contract expired on Friday, along with the global Brent benchmark and U.S. gasoline futures . Volumes in all three front-month contracts was low, creating outsized volatility in the market and leading to late-day sell-offs, analysts said.
"The fireworks were all in the expiring diesel contract," said Andrew Lipow of Lipow Oil Associates in Houston. "Today's expiry is especially volatile and may not be reflective of actual tightness."
The more-active second-month Brent crude futures contract fell 12 cents to settle at $107.14 a barrel. The expiring front-month contract rose $1.75 to settle at $109.34 a barrel.
U.S. West Texas Intermediate crude , which does not expire on Friday, fell 67 cents to settle at $104.69 a barrel, as traders sold energy contracts across the board.
The front-month heating oil contract's volatility was not mirrored in the more-active second-month U.S. heating oil contract , which gained $0.0088 a gallon to settle at $4.0172 a gallon.
Both Brent and WTI rose for the week and posted their fifth straight monthly gain. Brent ended the month up 1.3%, while WTI ended up 4.4%.
Ernst & Young Hit With U.K. Suit Over NMC Audit Allegations - Bloomberg
Ernst & Young Hit With U.K. Suit Over NMC Audit Allegations - Bloomberg
Administrators for NMC Health sued Ernst & Young in the U.K. over claims of negligent auditing spanning six years, escalating an intense battle over the hospital operator’s collapse.
The lawsuit, which was filed on Thursday, relates to work that EY carried out between 2012 and 2018, according to a spokesperson for the joint administrators, Alvarez and Marsal.
“The issues that we found at NMC Healthcare following our appointment were broad, complex and multi layered,” they said. “As administrators, we have an obligation to maximize returns for creditors and this action is part of those wider efforts.”
Sky News earlier reported the case saying that the health care firm is seeking 2 billion pounds ($2.5 billion). The suit doesn’t yet contain a public document laying out the details of the claim.
Administrators for NMC Health sued Ernst & Young in the U.K. over claims of negligent auditing spanning six years, escalating an intense battle over the hospital operator’s collapse.
The lawsuit, which was filed on Thursday, relates to work that EY carried out between 2012 and 2018, according to a spokesperson for the joint administrators, Alvarez and Marsal.
“The issues that we found at NMC Healthcare following our appointment were broad, complex and multi layered,” they said. “As administrators, we have an obligation to maximize returns for creditors and this action is part of those wider efforts.”
Sky News earlier reported the case saying that the health care firm is seeking 2 billion pounds ($2.5 billion). The suit doesn’t yet contain a public document laying out the details of the claim.
Fitch revises outlook on #Saudi sovereign fund PIF to 'positive' | Reuters
Fitch revises outlook on Saudi sovereign fund PIF to 'positive' | Reuters
Ratings agency Fitch on Friday revised the outlook on Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to "positive" from "stable" following a similar action on the country.
It also affirmed the PIF's rating at "A".
Fitch had cited improvements in Saudi Arabia's balance sheet due to higher oil revenues as reasons for its outlook revision on the country earlier this month. read more
Ratings agency Fitch on Friday revised the outlook on Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to "positive" from "stable" following a similar action on the country.
It also affirmed the PIF's rating at "A".
Fitch had cited improvements in Saudi Arabia's balance sheet due to higher oil revenues as reasons for its outlook revision on the country earlier this month. read more
Oil extends gains as supply fears outweigh China lockdowns | Reuters
Oil extends gains as supply fears outweigh China lockdowns | Reuters
Oil prices rose for a fourth day on Friday as fears over Russian supply disruption trumped COVID-19 lockdowns in China, the world's biggest crude importer.
Brent crude futures rose by $1.90, or 1.8%, to $109.49 a barrel by 1127 GMT after gaining 2.1% in the previous session. The front-month June contract expires later on Friday. The more active July contract rose by 94 cents to $104.41.
U.S. West Texas Intermediate crude gained 86 cents, or 0.8%, to $106.22 after advancing by 3.3% on Thursday.
Both contracts are set to finish up on the week and post their fifth straight monthly gains, buoyed by the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil. read more
Oil prices rose for a fourth day on Friday as fears over Russian supply disruption trumped COVID-19 lockdowns in China, the world's biggest crude importer.
Brent crude futures rose by $1.90, or 1.8%, to $109.49 a barrel by 1127 GMT after gaining 2.1% in the previous session. The front-month June contract expires later on Friday. The more active July contract rose by 94 cents to $104.41.
U.S. West Texas Intermediate crude gained 86 cents, or 0.8%, to $106.22 after advancing by 3.3% on Thursday.
Both contracts are set to finish up on the week and post their fifth straight monthly gains, buoyed by the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil. read more
#AbuDhabi bourse dips ahead of Eid break, #Dubai flat | Reuters
Abu Dhabi bourse dips ahead of Eid break, Dubai flat | Reuters
Abu Dhabi's shares closed lower on Friday in thin trade ahead of Eid al-Fitr holidays, while the Dubai bourse finished flat, ending three sessions of gains.
In Abu Dhabi, the index (.FTFADGI) eased 0.2%, with the country's largest lender First Abu Dhabi Bank (FAB) (FAB.AD) losing 1.3%, snapping two sessions of gains.
On Thursday, FAB had reported its highest ever quarterly net profit, helped by the sale of a majority stake in its payments business. read more
Elsewhere, United Arab Emirates-based conglomerate Alpha Dhabi (ALPHADHABI.AD) was down 0.7%.
Many investors prefer to cash in holdings ahead of the Eid holiday.
Dubai's main share index (.DFMGI) concluded flat, as real estate and industrial stocks moved in opposite dirrections.
Among gainers, budget airliner Air Arabia (AIRA.DU) advanced about 3%, ahead of the long Eid break, while Emirates Integrated Telecommunications (DU.DU) edged up 0.2% after reporting an increase in first-quarter net profit.
Abu Dhabi's shares closed lower on Friday in thin trade ahead of Eid al-Fitr holidays, while the Dubai bourse finished flat, ending three sessions of gains.
In Abu Dhabi, the index (.FTFADGI) eased 0.2%, with the country's largest lender First Abu Dhabi Bank (FAB) (FAB.AD) losing 1.3%, snapping two sessions of gains.
On Thursday, FAB had reported its highest ever quarterly net profit, helped by the sale of a majority stake in its payments business. read more
Elsewhere, United Arab Emirates-based conglomerate Alpha Dhabi (ALPHADHABI.AD) was down 0.7%.
Many investors prefer to cash in holdings ahead of the Eid holiday.
Dubai's main share index (.DFMGI) concluded flat, as real estate and industrial stocks moved in opposite dirrections.
Among gainers, budget airliner Air Arabia (AIRA.DU) advanced about 3%, ahead of the long Eid break, while Emirates Integrated Telecommunications (DU.DU) edged up 0.2% after reporting an increase in first-quarter net profit.
Adnoc Buys 25% Stake in Borealis in Chemicals Expansion Push - Bloomberg
Adnoc Buys 25% Stake in Borealis in Chemicals Expansion Push - Bloomberg
Abu Dhabi National Oil Co. is buying a 25% stake in Borealis AG from Mubadala Investment Co., a move to expand the oil company’s footprint in the chemicals sector and gain access to key markets in Europe and the Americas.
The acquisition is part of a wider UAE plan to attract investment and technology and to help build new industries and manufacturing. State-owned oil producer Adnoc is expanding a refining and chemicals hub in Abu Dhabi to find additional outlets for its oil and natural gas production and to make the plastics and components that will go into consumer goods.
Austrian oil producer OMV AG will continue to hold the largest stake in Borealis, at 75%, with Adnoc taking control of Mubadala’s 25% holding. Neither Adnoc nor Mubadala, a government-owned fund based in the United Arab Emirates, disclosed financial terms of the deal.
While the transaction merely shifts the stake from one Abu Dhabi entity to another, it fits with the strategic aims of the two government-owned companies. Buying into Borealis will allow Adnoc to increase control over plastics maker Borouge, as that venture plans to list on the Abu Dhabi stock exchange later this year. Borouge, which would be valued at about $20 billion, is jointly owned by Adnoc and Borealis.
Abu Dhabi National Oil Co. is buying a 25% stake in Borealis AG from Mubadala Investment Co., a move to expand the oil company’s footprint in the chemicals sector and gain access to key markets in Europe and the Americas.
The acquisition is part of a wider UAE plan to attract investment and technology and to help build new industries and manufacturing. State-owned oil producer Adnoc is expanding a refining and chemicals hub in Abu Dhabi to find additional outlets for its oil and natural gas production and to make the plastics and components that will go into consumer goods.
Austrian oil producer OMV AG will continue to hold the largest stake in Borealis, at 75%, with Adnoc taking control of Mubadala’s 25% holding. Neither Adnoc nor Mubadala, a government-owned fund based in the United Arab Emirates, disclosed financial terms of the deal.
While the transaction merely shifts the stake from one Abu Dhabi entity to another, it fits with the strategic aims of the two government-owned companies. Buying into Borealis will allow Adnoc to increase control over plastics maker Borouge, as that venture plans to list on the Abu Dhabi stock exchange later this year. Borouge, which would be valued at about $20 billion, is jointly owned by Adnoc and Borealis.
For Mubadala, the transaction is part of the company’s effort to streamline its holdings in oil refining and chemicals after acquiring assets in that industry following the takeover of another Abu Dhabi government fund International Petroleum Investment Co. in 2017. Since then, Mubadala has sold a stake in a Spanish refiner and said it would also offload its holdings in a Japanese oil processor.
For Mubadala, the transaction is part of the company’s effort to streamline its holdings in oil refining and chemicals after acquiring assets in that industry following the takeover of another Abu Dhabi government fund International Petroleum Investment Co. in 2017. Since then, Mubadala has sold a stake in a Spanish refiner and said it would also offload its holdings in a Japanese oil processor.
For Mubadala, the transaction is part of the company’s effort to streamline its holdings in oil refining and chemicals after acquiring assets in that industry following the takeover of another Abu Dhabi government fund International Petroleum Investment Co. in 2017. Since then, Mubadala has sold a stake in a Spanish refiner and said it would also offload its holdings in a Japanese oil processor.
Three Arrows Capital Moving Headquarters to #Dubai From Singapore - Bloomberg
Three Arrows Capital Moving Headquarters to Dubai From Singapore - Bloomberg
Crypto hedge fund Three Arrows Capital is planning to move its headquarters to Dubai from Singapore.
The move by Three Arrows comes as Dubai opens to crypto firms while Singapore has been more conservative with its regulatory approach. Co-founder Su Zhu confirmed the Dubai move to Bloomberg News. The news was reported earlier by CoinDesk.
Three Arrows is also organizing its first fund to take capital from outside investors, CoinDesk reported, citing sources.
Singapore aims to be a “responsible” global crypto hub, Monetary Authority of Singapore Managing Director Ravi Menon reaffirmed on Wednesday. Like many regulators around the world, the MAS is trying to strike a balance between nurturing the fast-growing industry and keeping it within a regulatory framework. The city-state’s crypto licensing process has seen a small fraction of the roughly 170 applicants approved, and a recent directive not to market crypto products to the public caught some companies off guard.
The MAS didn’t immediately respond to a request for comment on Three Arrows from Bloomberg News.
Crypto hedge fund Three Arrows Capital is planning to move its headquarters to Dubai from Singapore.
The move by Three Arrows comes as Dubai opens to crypto firms while Singapore has been more conservative with its regulatory approach. Co-founder Su Zhu confirmed the Dubai move to Bloomberg News. The news was reported earlier by CoinDesk.
Three Arrows is also organizing its first fund to take capital from outside investors, CoinDesk reported, citing sources.
Singapore aims to be a “responsible” global crypto hub, Monetary Authority of Singapore Managing Director Ravi Menon reaffirmed on Wednesday. Like many regulators around the world, the MAS is trying to strike a balance between nurturing the fast-growing industry and keeping it within a regulatory framework. The city-state’s crypto licensing process has seen a small fraction of the roughly 170 applicants approved, and a recent directive not to market crypto products to the public caught some companies off guard.
The MAS didn’t immediately respond to a request for comment on Three Arrows from Bloomberg News.
War in Ukraine Is Making #Qatar Even Richer as Europe Ditches Russian Gas - Bloomberg
War in Ukraine Is Making Qatar Even Richer as Europe Ditches Russian Gas - Bloomberg
As planes begin their descent into Doha, passengers can look down at the brand new 80,000-seat stadium rising from the desert that will host the final of the World Cup in December. They may also notice another striking image: tankers lined up in the Persian Gulf to collect super-chilled natural gas.
Football and an increasingly indispensable fuel may have little in common, yet they are coming together to give Qatar outsized influence on the global stage. As the World Cup showcases its ability to acquire international prestige, Qatar’s status as a much-coveted gas supplier is promising to turn the tiny peninsula into the bigger player it always aspired to be.
Soaring oil prices because of the war in Ukraine have boosted Middle East oil producers like Saudi Arabia and Kuwait, but the financial and geopolitical rewards on offer for Qatar make it the standout winner after Vladimir Putin’s invasion forced Europe to start weaning itself off Russian energy imports.
Several of the European Union’s most senior officials have flown to Doha in recent weeks, all with a clear message: we need your gas as fast as possible. Germany has told businesses to start negotiating supply deals. The urgency became more acute this week after Russia cut off supplies to Poland and Bulgaria.
As planes begin their descent into Doha, passengers can look down at the brand new 80,000-seat stadium rising from the desert that will host the final of the World Cup in December. They may also notice another striking image: tankers lined up in the Persian Gulf to collect super-chilled natural gas.
Football and an increasingly indispensable fuel may have little in common, yet they are coming together to give Qatar outsized influence on the global stage. As the World Cup showcases its ability to acquire international prestige, Qatar’s status as a much-coveted gas supplier is promising to turn the tiny peninsula into the bigger player it always aspired to be.
Soaring oil prices because of the war in Ukraine have boosted Middle East oil producers like Saudi Arabia and Kuwait, but the financial and geopolitical rewards on offer for Qatar make it the standout winner after Vladimir Putin’s invasion forced Europe to start weaning itself off Russian energy imports.
Several of the European Union’s most senior officials have flown to Doha in recent weeks, all with a clear message: we need your gas as fast as possible. Germany has told businesses to start negotiating supply deals. The urgency became more acute this week after Russia cut off supplies to Poland and Bulgaria.
Oil extends gains as supply fears outweigh China lockdowns | Reuters
Oil extends gains as supply fears outweigh China lockdowns | Reuters
Oil prices rose for a fourth day on Friday as fears over Russian supply disruption trumped COVID-19 lockdowns in China, the world's biggest crude importer.
Brent crude futures rose $1.60, or 1.5%, to $109.19 a barrel by 0912 GMT after gaining 2.1% in the previous session. The front-month June contract expires later on Friday. The more active July contract rose $1.48 to $108.74.
U.S. West Texas Intermediate crude gained $1.01, or 1%, to $106.37 after advancing by 3.3% on Thursday.
Both contracts are set to finish up on the week and post their fifth straight monthly gains, buoyed by the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil. read more
Oil prices rose for a fourth day on Friday as fears over Russian supply disruption trumped COVID-19 lockdowns in China, the world's biggest crude importer.
Brent crude futures rose $1.60, or 1.5%, to $109.19 a barrel by 0912 GMT after gaining 2.1% in the previous session. The front-month June contract expires later on Friday. The more active July contract rose $1.48 to $108.74.
U.S. West Texas Intermediate crude gained $1.01, or 1%, to $106.37 after advancing by 3.3% on Thursday.
Both contracts are set to finish up on the week and post their fifth straight monthly gains, buoyed by the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil. read more
Thursday 28 April 2022
Oil prices settle up on increased chance of EU embargo of Russian oil | Reuters
Oil prices settle up on increased chance of EU embargo of Russian oil | Reuters
Oil settled higher on Thursday on the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil, which could further tighten supplies in the already stressed global crude market.
Traders were reacting to media reports of comments on Tuesday from German Economy Minister Robert Habeck, who said the EU's largest economy could cope with an EU embargo on Russian oil imports and Germany hoped to find ways to replace Russian oil with other supply. read more
"The apparent decision by Germany to remove its opposition to a Russian oil sanction would appear to go a long way in an overall EU ban that would further reduce Russian oil availability in a global market," said Jim Ritterbusch, president of Ritterbusch and Associate in Galena, Illinois.
Brent crude futures rose $2.27 to settle at $107.59 a barrel while U.S. West Texas Intermediate crude rose $3.34, or 3.3% to $105.36.
Germany relies heavily on Russian energy imports and had opposed a full ban.
Oil settled higher on Thursday on the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil, which could further tighten supplies in the already stressed global crude market.
Traders were reacting to media reports of comments on Tuesday from German Economy Minister Robert Habeck, who said the EU's largest economy could cope with an EU embargo on Russian oil imports and Germany hoped to find ways to replace Russian oil with other supply. read more
"The apparent decision by Germany to remove its opposition to a Russian oil sanction would appear to go a long way in an overall EU ban that would further reduce Russian oil availability in a global market," said Jim Ritterbusch, president of Ritterbusch and Associate in Galena, Illinois.
Brent crude futures rose $2.27 to settle at $107.59 a barrel while U.S. West Texas Intermediate crude rose $3.34, or 3.3% to $105.36.
Germany relies heavily on Russian energy imports and had opposed a full ban.
LIC IPO: GIC, #ADIA, Norway Wealth Fund Commit to Invest - Bloomberg
LIC IPO: GIC, ADIA, Norway Wealth Fund Commit to Invest - Bloomberg
Sovereign wealth funds from Norway, Singapore and Abu Dhabi have committed to be anchor investors in the initial public offering of Life Insurance Corporation of India, according to people with knowledge of the matter.
Norges Bank Investment Management, GIC Pte and Abu Dhabi Investment Authority will be among the anchor names due to be announced Monday, the people said, asking not to be identified before an official announcement.
A representative for ADIA declined to comment and a message and call to GIC wasn’t immediately answered outside of business hours in Singapore Thursday. A message to Norway’s wealth fund wasn’t answered. An Indian Finance Ministry spokesperson couldn’t be reached for comment. An LIC spokesperson declined to comment.
LIC’s IPO, which had previously been touted as India’s Aramco moment in reference to Gulf oil giant Saudi Arabian Oil Co.’s $29.4 billion listing in 2019, will test the depth of India’s capital market. While Prime Minister Narendra Modi’s government has slashed its fundraise goal by 60% -- as the war in Ukraine eroded investor appetite -- the offering will still be the nation’s biggest.
The LIC IPO aims to raise as much as 210 billion rupees ($2.7 billion) by pricing shares between 902 rupees to 949 rupees each. Firms in India have raised about $1.1 billion through IPOs this year, data compiled by Bloomberg show. That’s less than half of the nearly $3 billion raised in the same period in 2021.
The offering runs May 4-9 for other investors.
Sovereign wealth funds from Norway, Singapore and Abu Dhabi have committed to be anchor investors in the initial public offering of Life Insurance Corporation of India, according to people with knowledge of the matter.
Norges Bank Investment Management, GIC Pte and Abu Dhabi Investment Authority will be among the anchor names due to be announced Monday, the people said, asking not to be identified before an official announcement.
A representative for ADIA declined to comment and a message and call to GIC wasn’t immediately answered outside of business hours in Singapore Thursday. A message to Norway’s wealth fund wasn’t answered. An Indian Finance Ministry spokesperson couldn’t be reached for comment. An LIC spokesperson declined to comment.
LIC’s IPO, which had previously been touted as India’s Aramco moment in reference to Gulf oil giant Saudi Arabian Oil Co.’s $29.4 billion listing in 2019, will test the depth of India’s capital market. While Prime Minister Narendra Modi’s government has slashed its fundraise goal by 60% -- as the war in Ukraine eroded investor appetite -- the offering will still be the nation’s biggest.
The LIC IPO aims to raise as much as 210 billion rupees ($2.7 billion) by pricing shares between 902 rupees to 949 rupees each. Firms in India have raised about $1.1 billion through IPOs this year, data compiled by Bloomberg show. That’s less than half of the nearly $3 billion raised in the same period in 2021.
The offering runs May 4-9 for other investors.
Oil prices rally on report that Germany drops opposition to Russian oil embargo | Reuters
Oil prices rally on report that Germany drops opposition to Russian oil embargo | Reuters
Oil prices rallied on Thursday after reports that Germany is no longer opposed to an embargo on Russian oil, which could further tighten supplies in the already stressed global crude market.
German representatives to the European Union are no longer objecting to a full Russian oil embargo as long as Berlin is given time to secure alternative supplies, the Wall Street Journal reported on Thursday.
The article echoes comments from Germany's Economy Minister Robert Habeck on Tuesday, when he said the EU's largest economy, could cope with an EU embargo on Russian oil imports and it was hoping to find ways to replace Russian oil with other supply. read more
Brent crude futures rose $1.41 to $106.73 a barrel by 11:35 a.m. EDT (1535 GMT.) U.S. West Texas Intermediate crude rose $1.95, or 1.9% to $104.05.
Germany is heavily reliant on Russian energy imports and had previously opposed a full ban.
Oil prices rallied on Thursday after reports that Germany is no longer opposed to an embargo on Russian oil, which could further tighten supplies in the already stressed global crude market.
German representatives to the European Union are no longer objecting to a full Russian oil embargo as long as Berlin is given time to secure alternative supplies, the Wall Street Journal reported on Thursday.
The article echoes comments from Germany's Economy Minister Robert Habeck on Tuesday, when he said the EU's largest economy, could cope with an EU embargo on Russian oil imports and it was hoping to find ways to replace Russian oil with other supply. read more
Brent crude futures rose $1.41 to $106.73 a barrel by 11:35 a.m. EDT (1535 GMT.) U.S. West Texas Intermediate crude rose $1.95, or 1.9% to $104.05.
Germany is heavily reliant on Russian energy imports and had previously opposed a full ban.
UAE-Russia Relations: Sheikh Mansour Helps Usher More Russian Tycoons to #UAE - Bloomberg
UAE-Russia Relations: Sheikh Mansour Helps Usher More Russian Tycoons to UAE - Bloomberg
Outside the United Arab Emirates, Sheikh Mansour bin Zayed Al Nahyan is best known as owner of English football champion Manchester City. At home, he’s deputy prime minister and a powerful member of the royal family.
But Sheikh Mansour also has a behind-the-scenes role that’s become increasingly important in recent months: Helping manage relationships with wealthy Russians looking to move money into the UAE, according to several people familiar with Abu Dhabi’s engagement with Russians, who requested anonymity as the information isn’t public.
While Sheikh Mansour has long been involved in cultivating UAE-Russia relations, the importance and complexities of that position have grown since Russia’s invasion of Ukraine, the people said.
Even as the U.S., EU and other countries have blitzed Russia with thousands of new financial restrictions, making it the world’s most-sanctioned nation, the UAE hasn’t imposed any. Officials in the Middle Eastern nation have taken the stance that Abu Dhabi respects international law but isn’t required to follow measures implemented by specific countries and that the UAE has the right to adopt its own policies, several people familiar with their thinking said.
Outside the United Arab Emirates, Sheikh Mansour bin Zayed Al Nahyan is best known as owner of English football champion Manchester City. At home, he’s deputy prime minister and a powerful member of the royal family.
But Sheikh Mansour also has a behind-the-scenes role that’s become increasingly important in recent months: Helping manage relationships with wealthy Russians looking to move money into the UAE, according to several people familiar with Abu Dhabi’s engagement with Russians, who requested anonymity as the information isn’t public.
While Sheikh Mansour has long been involved in cultivating UAE-Russia relations, the importance and complexities of that position have grown since Russia’s invasion of Ukraine, the people said.
Even as the U.S., EU and other countries have blitzed Russia with thousands of new financial restrictions, making it the world’s most-sanctioned nation, the UAE hasn’t imposed any. Officials in the Middle Eastern nation have taken the stance that Abu Dhabi respects international law but isn’t required to follow measures implemented by specific countries and that the UAE has the right to adopt its own policies, several people familiar with their thinking said.
Mideast Stocks: Egypt bourse outperforms regional peers; #Qatar eases
Mideast Stocks: Egypt bourse outperforms regional peers; Qatar eases
Most stock markets in the Middle East ended higher on Thursday, with Egypt's blue-chip index outperforming the region, while the Qatari index was hit by Masraf Al Rayan. Egypt's blue-chip index jumped more than 3%, its biggest intraday gain in more than a month, with most stocks in positive territory.
Egyptian President Abdel Fattah al-Sisi ordered the government to set a program for the private sector's participation in state-owned assets, with a target of $10 billion annually for four years, private television channel Extra News reported on Tuesday.
Investor confidence was supported by the positive earnings and the government's efforts to reinvigorate the economy and the stock market, said Fadi Reyad, market analyst at CAPEX.com MENA.
Saudi Arabia's benchmark index finished 0.7% higher, with the kingdom's largest lender Saudi National Bank leaping 5.3%, extending gains from the previous session, when it reported a sharp rise in quarterly net profit. Among other gainers, oil giant Saudi Aramco climbed 1.2%, rising for a third consecutive session. Ratings agency Fitch this week revised its outlook for Aramco to "positive" from "stable", on higher oil revenues.
The Qatari index eased 0.2%, weighed down by a 5.2% slide in Masraf Al Rayan as the sharia-compliant lender traded ex-dividend. Masraf Al Rayan also reported a decline in first-quarter net profit.
However, the index's losses were limited by gains at Gulf International Services, which jumped 10%, as it swung to a profit in the first-quarter.
In Abu Dhabi, the index advanced 0.8%, boosted by a 0.8% gain in the country's largest lender First Abu Dhabi Bank , which reported its highest quarterly net profit helped by the sale of a majority stake in its payments business. Dubai's main share index closed 0.9% higher, with blue-chip developer Emaar Properties gaining 1.6%.
Most stock markets in the Middle East ended higher on Thursday, with Egypt's blue-chip index outperforming the region, while the Qatari index was hit by Masraf Al Rayan. Egypt's blue-chip index jumped more than 3%, its biggest intraday gain in more than a month, with most stocks in positive territory.
Egyptian President Abdel Fattah al-Sisi ordered the government to set a program for the private sector's participation in state-owned assets, with a target of $10 billion annually for four years, private television channel Extra News reported on Tuesday.
Investor confidence was supported by the positive earnings and the government's efforts to reinvigorate the economy and the stock market, said Fadi Reyad, market analyst at CAPEX.com MENA.
Saudi Arabia's benchmark index finished 0.7% higher, with the kingdom's largest lender Saudi National Bank leaping 5.3%, extending gains from the previous session, when it reported a sharp rise in quarterly net profit. Among other gainers, oil giant Saudi Aramco climbed 1.2%, rising for a third consecutive session. Ratings agency Fitch this week revised its outlook for Aramco to "positive" from "stable", on higher oil revenues.
The Qatari index eased 0.2%, weighed down by a 5.2% slide in Masraf Al Rayan as the sharia-compliant lender traded ex-dividend. Masraf Al Rayan also reported a decline in first-quarter net profit.
However, the index's losses were limited by gains at Gulf International Services, which jumped 10%, as it swung to a profit in the first-quarter.
In Abu Dhabi, the index advanced 0.8%, boosted by a 0.8% gain in the country's largest lender First Abu Dhabi Bank , which reported its highest quarterly net profit helped by the sale of a majority stake in its payments business. Dubai's main share index closed 0.9% higher, with blue-chip developer Emaar Properties gaining 1.6%.
Oil prices fluctuate in the face of supply and demand concerns | Reuters
Oil prices fluctuate in the face of supply and demand concerns | Reuters
Oil prices firmed slightly but were trading in and out of positive territory on Thursday as investors weighed up tightening Russian supplies and the prospect of dwindling fuel demand in China.
Brent crude futures were up 17 cents, or 0.2%, at $105.49 a barrel by 0939 GMT. U.S. West Texas Intermediate crude gained 26 cents, or 0.3%, to $102.28.
Both contracts had gained 30 cents on Wednesday on concerns over tight global oil supplies and another drawdown in U.S. distillate and gasoline stocks. On Thursday the contracts traded in range of about $3 a barrel.
The U.S. Energy Information Administration said that crude stocks rose by only 692,000 barrels last week, short of expectations, but distillate inventories including diesel and jet fuel fell to their lowest since May 2008.
Oil prices firmed slightly but were trading in and out of positive territory on Thursday as investors weighed up tightening Russian supplies and the prospect of dwindling fuel demand in China.
Brent crude futures were up 17 cents, or 0.2%, at $105.49 a barrel by 0939 GMT. U.S. West Texas Intermediate crude gained 26 cents, or 0.3%, to $102.28.
Both contracts had gained 30 cents on Wednesday on concerns over tight global oil supplies and another drawdown in U.S. distillate and gasoline stocks. On Thursday the contracts traded in range of about $3 a barrel.
The U.S. Energy Information Administration said that crude stocks rose by only 692,000 barrels last week, short of expectations, but distillate inventories including diesel and jet fuel fell to their lowest since May 2008.
#UAE finance ministry to issue first tranche of federal treasuries | Reuters
UAE finance ministry to issue first tranche of federal treasuries | Reuters
The United Arab Emirates' finance ministry said on Thursday it plans to issue on May 9 the first tranche of federal treasury bills, in cooperation with the central bank.
The central bank will act as issuing and payment agent, the ministry said on Twitter.
The United Arab Emirates' finance ministry said on Thursday it plans to issue on May 9 the first tranche of federal treasury bills, in cooperation with the central bank.
The central bank will act as issuing and payment agent, the ministry said on Twitter.
#AbuDhabi’s Biggest Islamic Bank to Set Up Asset Management Firm - Bloomberg video
Watch Bary: Looking To Grow Asset Management - Bloomberg
Abu Dhabi Islamic Bank has reported an 18% rise in first quarter net income on the year while impairments fell 15%. Mohamed Abdel Bary, CFO of Abu Dhabi Islamic Bank speaks exclusively with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#AbuDhabi’s Biggest Islamic Bank to Set Up Asset Management Firm - Bloomberg
Abu Dhabi’s Biggest Islamic Bank to Set Up Asset Management Firm - Bloomberg
Abu Dhabi’s biggest Islamic bank is setting up a company mainly focused on asset management and is seeking to partner with other entities to push it forward, its chief financial officer said.
“We are setting up a company which we will fairly soon introduce to the market and will be predominantly focused on asset management,” Abu Dhabi Islamic Bank PJSC’s Mohamed Abdel Bary said in an interview with Bloomberg TV on Thursday. “Given our huge and strong client based, we are not starting from zero”
Known as ADIB, the Shariah-compliant lender is also continuing to look at organic and inorganic growth opportunities for its banking business. “The traditional way of M&A in this day and age is taking a long time to pay back and that’s why we are being very creative on how to create a bigger pool of opportunities,” Bary said, without elaborating.
UAE lenders have been looking to expand outside the region because of the crowded banking market and limited growth. First Abu Dhabi Bank, the biggest lender in the UAE, sought to buy a majority stake in investment bank EFG-Hermes but withdrew its billion-dollar bid after facing regulatory delays in Egypt.
Abu Dhabi’s biggest Islamic bank is setting up a company mainly focused on asset management and is seeking to partner with other entities to push it forward, its chief financial officer said.
“We are setting up a company which we will fairly soon introduce to the market and will be predominantly focused on asset management,” Abu Dhabi Islamic Bank PJSC’s Mohamed Abdel Bary said in an interview with Bloomberg TV on Thursday. “Given our huge and strong client based, we are not starting from zero”
Known as ADIB, the Shariah-compliant lender is also continuing to look at organic and inorganic growth opportunities for its banking business. “The traditional way of M&A in this day and age is taking a long time to pay back and that’s why we are being very creative on how to create a bigger pool of opportunities,” Bary said, without elaborating.
UAE lenders have been looking to expand outside the region because of the crowded banking market and limited growth. First Abu Dhabi Bank, the biggest lender in the UAE, sought to buy a majority stake in investment bank EFG-Hermes but withdrew its billion-dollar bid after facing regulatory delays in Egypt.
Mideast FedEx Rival Aramex Scraps Foreign Ownership Limit - Bloomberg
Mideast FedEx Rival Aramex Scraps Foreign Ownership Limit - Bloomberg
Aramex PJSC said it would remove limits on foreign ownership, potentially paving the way for outsiders to own a larger stake in one of the Middle East’s largest logistics firms.
The company will raise foreign ownership limit to 100% from 49%, becoming the first United Arab Emirates-based company listed in Dubai to do so. European logistics firm Geopost SA holds 24.9% of Aramex, while Abu Dhabi Ports Co. owns 22.3%, according to data compiled by Bloomberg,
Aramex shares rose 1.4% on Thursday, valuing the firm at 6.2 billion dirhams ($1.69 billion). The stock has advanced 3.2% year-to-date, underperforming a 15.5% gain in Dubai’s benchmark index.
Aramex PJSC said it would remove limits on foreign ownership, potentially paving the way for outsiders to own a larger stake in one of the Middle East’s largest logistics firms.
The company will raise foreign ownership limit to 100% from 49%, becoming the first United Arab Emirates-based company listed in Dubai to do so. European logistics firm Geopost SA holds 24.9% of Aramex, while Abu Dhabi Ports Co. owns 22.3%, according to data compiled by Bloomberg,
Aramex shares rose 1.4% on Thursday, valuing the firm at 6.2 billion dirhams ($1.69 billion). The stock has advanced 3.2% year-to-date, underperforming a 15.5% gain in Dubai’s benchmark index.
#UAE top lender FAB posts record profit helped by stake sale | Reuters
UAE top lender FAB posts record profit helped by stake sale | Reuters
First Abu Dhabi Bank (FAB) (FAB.AD), the United Arab Emirates' biggest lender, reported on Thursday its highest ever quarterly net profit, helped by the sale of a majority stake in its payments business.
The UAE banking sector is improving on the back of a further easing in COVID-19-related restrictions and a rebound in oil prices, boosting economic activity.
The Abu Dhabi-headquartered bank made 5.1 billion dirhams ($1.4 billion) in the January-March period, up 107% compared to the 2.5 billion dirhams logged in the period a year ago.
Arqaam Capital had forecast a net profit of 3.05 billion dirhams for the quarter, while EFG Hermes had put it at 3.1 billion dirhams.
First Abu Dhabi Bank (FAB) (FAB.AD), the United Arab Emirates' biggest lender, reported on Thursday its highest ever quarterly net profit, helped by the sale of a majority stake in its payments business.
The UAE banking sector is improving on the back of a further easing in COVID-19-related restrictions and a rebound in oil prices, boosting economic activity.
The Abu Dhabi-headquartered bank made 5.1 billion dirhams ($1.4 billion) in the January-March period, up 107% compared to the 2.5 billion dirhams logged in the period a year ago.
Arqaam Capital had forecast a net profit of 3.05 billion dirhams for the quarter, while EFG Hermes had put it at 3.1 billion dirhams.
#Dubai’s Averda Plans IPO After Ditching SPAC Merger Talks - Bloomberg
Dubai’s Averda Plans IPO After Ditching SPAC Merger Talks 57 characters - Bloomberg
Averda is exploring an initial public offering in Saudi Arabia or the United Arab Emirates, according to people familiar with the matter, the latest firm seeking to join a wave of listings in the Persian Gulf.
The Dubai-based provider of waste-disposal services held merger talks with U.S. blank-check firm Better World Acquisition Corp. earlier this year, but those discussions have been abandoned, the people said, asking not to be named because the information is private.
It’s not immediately clear why the SPAC talks fell through. After booming during the coronavirus pandemic, the market for blank-check companies has cooled sharply due to tightening regulatory oversight, poor trading and investor fatigue.
So far, the Gulf region has defied a global slowdown in IPOs, while Russia’s invasion of Ukraine, soaring inflation and hawkish central banks curb risk appetite elsewhere. At the same time, Riyadh, Abu Dhabi and Dubai have stepped up efforts to attract foreign investors by opening up their economies and listing state-backed assets.
Averda is exploring an initial public offering in Saudi Arabia or the United Arab Emirates, according to people familiar with the matter, the latest firm seeking to join a wave of listings in the Persian Gulf.
The Dubai-based provider of waste-disposal services held merger talks with U.S. blank-check firm Better World Acquisition Corp. earlier this year, but those discussions have been abandoned, the people said, asking not to be named because the information is private.
It’s not immediately clear why the SPAC talks fell through. After booming during the coronavirus pandemic, the market for blank-check companies has cooled sharply due to tightening regulatory oversight, poor trading and investor fatigue.
So far, the Gulf region has defied a global slowdown in IPOs, while Russia’s invasion of Ukraine, soaring inflation and hawkish central banks curb risk appetite elsewhere. At the same time, Riyadh, Abu Dhabi and Dubai have stepped up efforts to attract foreign investors by opening up their economies and listing state-backed assets.
Lender FAB buoys #AbuDhabi index; #Qatar dips | Reuters
Lender FAB buoys Abu Dhabi index; Qatar dips | Reuters
Most stock markets in the Gulf rose in early trade on Thursday, with the Abu Dhabi index leading the gains, boosted by a rise in the country's largest lender, First Abu Dhabi Bank (FAB.AD).
In Abu Dhabi, the index (.FTFADGI) advanced 1.1%, buoyed by a 1.2% gain in First Abu Dhabi Bank (FAB), which reported its highest quarterly net profit, helped by the sale of a majority stake in its payments business. read more
Total quarterly income of 7.3 billion dirhams ($1.99 billion) includes a net gain of 2.8 billion from the Magnati stake sale, up from 4.4 billion dirhams, a stock market filing showed.
Saudi Arabia's benchmark index (.TASI) added 0.2%, helped by a rise of 1.6% in Saudi National Bank (1180.SE).
On Wednesday, the kingdom's biggest lender reported quarterly net profit of 4.50 billion riyals ($1.20 billion), up from 3.41 billion a year earlier.
Elsewhere, oil giant Saudi Aramco (2222.SE) gained 0.8%, on course to extend gains for a second session.
Ratings agency Fitch this week revised its outlook for Aramco to "positive" from "stable", citing a similar action on the country thanks to higher oil revenues. read more
In Qatar, the index (.QSI) dropped 0.3%, hit by a slide of 4.5% in sharia-compliant lender Masraf Al Rayan (MARK.QA), following a decline in first-quarter net profit.
However the index's losses were limited by gains at Gulf International Services (GISS.QA), which jumped 10%, as it swung to profit in the first quarter.
Dubai's main share index (.DFMGI) rose 0.5%, with blue-chip developer Emaar Properties (EMAR.DU) putting on 1%.
The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has hired banks for a potential dual listing in Saudi Arabia and the United Arab Emirates, Reuters reported on Wednesday, citing a source with knowledge of the matter. read more
Most stock markets in the Gulf rose in early trade on Thursday, with the Abu Dhabi index leading the gains, boosted by a rise in the country's largest lender, First Abu Dhabi Bank (FAB.AD).
In Abu Dhabi, the index (.FTFADGI) advanced 1.1%, buoyed by a 1.2% gain in First Abu Dhabi Bank (FAB), which reported its highest quarterly net profit, helped by the sale of a majority stake in its payments business. read more
Total quarterly income of 7.3 billion dirhams ($1.99 billion) includes a net gain of 2.8 billion from the Magnati stake sale, up from 4.4 billion dirhams, a stock market filing showed.
Saudi Arabia's benchmark index (.TASI) added 0.2%, helped by a rise of 1.6% in Saudi National Bank (1180.SE).
On Wednesday, the kingdom's biggest lender reported quarterly net profit of 4.50 billion riyals ($1.20 billion), up from 3.41 billion a year earlier.
Elsewhere, oil giant Saudi Aramco (2222.SE) gained 0.8%, on course to extend gains for a second session.
Ratings agency Fitch this week revised its outlook for Aramco to "positive" from "stable", citing a similar action on the country thanks to higher oil revenues. read more
In Qatar, the index (.QSI) dropped 0.3%, hit by a slide of 4.5% in sharia-compliant lender Masraf Al Rayan (MARK.QA), following a decline in first-quarter net profit.
However the index's losses were limited by gains at Gulf International Services (GISS.QA), which jumped 10%, as it swung to profit in the first quarter.
Dubai's main share index (.DFMGI) rose 0.5%, with blue-chip developer Emaar Properties (EMAR.DU) putting on 1%.
The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has hired banks for a potential dual listing in Saudi Arabia and the United Arab Emirates, Reuters reported on Wednesday, citing a source with knowledge of the matter. read more
Oil falls as China fuel demand concerns linger | Reuters
Oil falls as China fuel demand concerns linger | Reuters
Oil prices dropped on Thursday on caution about dwindling fuel demand in China, the world's biggest oil importer, due to the economic impact of COVID-19 restrictions.
Brent crude futures had fallen 62 cents, or 0.59%, to $104.70 a barrel by 0712 GMT. U.S. West Texas Intermediate crude futures slipped 48 cents, or 0.47%, to $101.54 a barrel.
Both contracts had settled over 30 cents higher on Wednesday on worries about tight worldwide oil supplies and another drawdown in U.S. distillate and gasoline stocks.
The U.S. Energy Information Administration said crude stocks rose by just 692,000 barrels last week, short of expectations, but distillate inventories, which include diesel and jet fuel, fell to their lowest since May 2008.
Oil prices dropped on Thursday on caution about dwindling fuel demand in China, the world's biggest oil importer, due to the economic impact of COVID-19 restrictions.
Brent crude futures had fallen 62 cents, or 0.59%, to $104.70 a barrel by 0712 GMT. U.S. West Texas Intermediate crude futures slipped 48 cents, or 0.47%, to $101.54 a barrel.
Both contracts had settled over 30 cents higher on Wednesday on worries about tight worldwide oil supplies and another drawdown in U.S. distillate and gasoline stocks.
The U.S. Energy Information Administration said crude stocks rose by just 692,000 barrels last week, short of expectations, but distillate inventories, which include diesel and jet fuel, fell to their lowest since May 2008.
Wednesday 27 April 2022
Oil prices edge up as worldwide supply concerns remain at the fore | Reuters
Oil prices edge up as worldwide supply concerns remain at the fore | Reuters
Oil prices rose modestly on Wednesday due to ongoing concerns about tight worldwide supply, underscored by another drawdown in U.S. distillate and gasoline inventories.
The market rebounded late in the session after losing ground for most of the day, in part due to strength in the dollar and as China grapples with fresh coronavirus outbreaks that are sapping demand. However, Russia's move to cut off gas shipments to two European nations added to overall worries about tight energy supply.
Brent crude futures settled up 33 cents to $105.32 a barrel, while U.S. West Texas Intermediate crude settled up 32 cents to $102.02 a barrel.
The U.S. Energy Information Administration said crude stocks rose by just 692,000 barrels last week, short of expectations, while distillate inventories, which include diesel and jet fuel, fell to their lowest since May 2008.
Oil prices rose modestly on Wednesday due to ongoing concerns about tight worldwide supply, underscored by another drawdown in U.S. distillate and gasoline inventories.
The market rebounded late in the session after losing ground for most of the day, in part due to strength in the dollar and as China grapples with fresh coronavirus outbreaks that are sapping demand. However, Russia's move to cut off gas shipments to two European nations added to overall worries about tight energy supply.
Brent crude futures settled up 33 cents to $105.32 a barrel, while U.S. West Texas Intermediate crude settled up 32 cents to $102.02 a barrel.
The U.S. Energy Information Administration said crude stocks rose by just 692,000 barrels last week, short of expectations, while distillate inventories, which include diesel and jet fuel, fell to their lowest since May 2008.
Oil prices dip as dollar soars, U.S. crude stocks edge higher | Reuters
Oil prices dip as dollar soars, U.S. crude stocks edge higher | Reuters
Oil prices dipped on Wednesday as a soaring U.S. dollar made barrels more expensive and coronavirus outbreaks in China clouded the economic outlook in the world's biggest importer of crude oil.
Supplies remained tight in the world's largest oil producer, the United States, as government data showed crude stockpiles rose modestly last week as fuel inventories declined.
Brent crude futures fell by $1.08, or 1%, to $103.91 a barrel as of 12:40 p.m. ET (1640 GMT). U.S. West Texas Intermediate crude futures dropped $1.19 a barrel to $100.51.
The dollar rose to its highest in five years, making oil purchases more expensive for holders of other currencies.
Oil prices dipped on Wednesday as a soaring U.S. dollar made barrels more expensive and coronavirus outbreaks in China clouded the economic outlook in the world's biggest importer of crude oil.
Supplies remained tight in the world's largest oil producer, the United States, as government data showed crude stockpiles rose modestly last week as fuel inventories declined.
Brent crude futures fell by $1.08, or 1%, to $103.91 a barrel as of 12:40 p.m. ET (1640 GMT). U.S. West Texas Intermediate crude futures dropped $1.19 a barrel to $100.51.
The dollar rose to its highest in five years, making oil purchases more expensive for holders of other currencies.
Oil prices dip as dollar soars, U.S. crude stocks rise modestly | Reuters
Oil prices dip as dollar soars, U.S. crude stocks rise modestly | Reuters
Oil prices dipped on Wednesday as a soaring dollar made barrels more expensive and as coronavirus outbreaks cloud the economic outlook in China, the world's biggest importer of crude oil.
Separately, U.S. government data showed crude stockpiles rose modestly last week as fuel inventories declined, signalling ongoing tightness in the world's largest oil producer.
Brent crude futures fell by 4 cents to $104.95 a barrel as of 10:53 a.m. EDT (1453 GMT). U.S. West Texas Intermediate crude futures dropped 25 cents to $101.45.
The dollar rose to its highest in five years, making oil purchases more expensive for holders of other currencies.
Oil prices dipped on Wednesday as a soaring dollar made barrels more expensive and as coronavirus outbreaks cloud the economic outlook in China, the world's biggest importer of crude oil.
Separately, U.S. government data showed crude stockpiles rose modestly last week as fuel inventories declined, signalling ongoing tightness in the world's largest oil producer.
Brent crude futures fell by 4 cents to $104.95 a barrel as of 10:53 a.m. EDT (1453 GMT). U.S. West Texas Intermediate crude futures dropped 25 cents to $101.45.
The dollar rose to its highest in five years, making oil purchases more expensive for holders of other currencies.
Oil prices dip as Europe turns away from Russian oil, dollar soars | Reuters
Oil prices dip as Europe turns away from Russian oil, dollar soars | Reuters
Oil prices dipped on Wednesday as a soaring dollar made barrels more expensive and Europe's biggest economy Germany was speeding up plans to wean itself off Russian oil while coronavirus outbreaks clouded China's economic outlook.
Erasing earlier gains, Brent crude futures dipped $1.34, or 1.3%, to $103.65 a barrel by 1353 GMT. U.S. West Texas Intermediate crude futures dropped $1.50, or 1.5%, to $100.20 a barrel.
Russian energy giant Gazprom (GAZP.MM) said on Wednesday it halted gas supplies to Bulgaria and Poland in a major escalation of Russia's broader row with the West over Ukraine. read more
European Commission Chief Ursula von der Leyen said Russia was using fossil fuels to blackmail the EU but added the era of Russian fossil fuels in Europe was coming to an end.
Oil prices dipped on Wednesday as a soaring dollar made barrels more expensive and Europe's biggest economy Germany was speeding up plans to wean itself off Russian oil while coronavirus outbreaks clouded China's economic outlook.
Erasing earlier gains, Brent crude futures dipped $1.34, or 1.3%, to $103.65 a barrel by 1353 GMT. U.S. West Texas Intermediate crude futures dropped $1.50, or 1.5%, to $100.20 a barrel.
Russian energy giant Gazprom (GAZP.MM) said on Wednesday it halted gas supplies to Bulgaria and Poland in a major escalation of Russia's broader row with the West over Ukraine. read more
European Commission Chief Ursula von der Leyen said Russia was using fossil fuels to blackmail the EU but added the era of Russian fossil fuels in Europe was coming to an end.
Top lender boosts #Saudi index; #Qatar falls on broad-based losses | Reuters
Top lender boosts Saudi index; Qatar falls on broad-based losses | Reuters
Saudi Arabia's stock market ended higher on Wednesday, buoyed by a surge in Saudi National Bank, while the Qatari bourse was dragged down by broad-based selling.
The benchmark index (.TASI) advanced 1%, with the country's largest lender Saudi National Bank (1180.SE) jumping 4.2% after it reported a 32.1% rise in first-quarter net profit.
Among other gainers, oil giant Saudi Aramco (2222.SE) concluded 2.3% higher.
South Korea's S-Oil Corp (010950.KS) - whose main shareholder is Aramco - said on Wednesday that its first-quarter profit doubled while it expected regional refining margins in the second quarter to stay firm, supported by seasonal demand and easing pandemic restrictions. read more
Dubai's main share index (.DFMGI) gained 0.6%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) rising 0.8%.
Investors' confidence improved and the Dubai market could see additional price increases thanks to the strong fundamentals and the positive impulse brought by the latest initial public offerings, said Daniel Takieddine, CEO MENA BDSwiss.
In Qatar, the index (.QSI) fell 1.1%, as almost all the stocks on the index were in negative territory as the bourse saw further price correction after hitting a record peak earlier this month.
A British judge on Tuesday denied a bid by Qatar Airways to reinstate a jet contract cancelled by Europe's Airbus in the latest twist to a dramatic feud playing out in UK courts. read more
The Abu Dhabi index (.FTFADGI) eased 0.2%, hurt by a 1.5% drop in telecoms firm Etisalat (ETISALAT.AD).
Outside the Gulf, Egypt's blue-chip index (.EGX30) firmed 0.3%.
Egyptian President Abdel Fattah al-Sisi ordered the government to set a program for the private sector's participation in state-owned assets, with a target of $10 billion annually for four years, private television channel Extra News reported on Tuesday. read more
The market could see a boost as the country announced the possibility to list state and military owned companies, opening the way for larger private participation, according to Takieddine.
Saudi Arabia's stock market ended higher on Wednesday, buoyed by a surge in Saudi National Bank, while the Qatari bourse was dragged down by broad-based selling.
The benchmark index (.TASI) advanced 1%, with the country's largest lender Saudi National Bank (1180.SE) jumping 4.2% after it reported a 32.1% rise in first-quarter net profit.
Among other gainers, oil giant Saudi Aramco (2222.SE) concluded 2.3% higher.
South Korea's S-Oil Corp (010950.KS) - whose main shareholder is Aramco - said on Wednesday that its first-quarter profit doubled while it expected regional refining margins in the second quarter to stay firm, supported by seasonal demand and easing pandemic restrictions. read more
Dubai's main share index (.DFMGI) gained 0.6%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) rising 0.8%.
Investors' confidence improved and the Dubai market could see additional price increases thanks to the strong fundamentals and the positive impulse brought by the latest initial public offerings, said Daniel Takieddine, CEO MENA BDSwiss.
In Qatar, the index (.QSI) fell 1.1%, as almost all the stocks on the index were in negative territory as the bourse saw further price correction after hitting a record peak earlier this month.
A British judge on Tuesday denied a bid by Qatar Airways to reinstate a jet contract cancelled by Europe's Airbus in the latest twist to a dramatic feud playing out in UK courts. read more
The Abu Dhabi index (.FTFADGI) eased 0.2%, hurt by a 1.5% drop in telecoms firm Etisalat (ETISALAT.AD).
Outside the Gulf, Egypt's blue-chip index (.EGX30) firmed 0.3%.
Egyptian President Abdel Fattah al-Sisi ordered the government to set a program for the private sector's participation in state-owned assets, with a target of $10 billion annually for four years, private television channel Extra News reported on Tuesday. read more
The market could see a boost as the country announced the possibility to list state and military owned companies, opening the way for larger private participation, according to Takieddine.
Ukraine War Sparks Epic Aircraft Insurance Struggle - Bloomberg
Ukraine War Sparks Epic Aircraft Insurance Struggle - Bloomberg
Two decades ago, as a resurgent Russia sought to reclaim its place on the global stage, flagship airline Aeroflot PJSC and various startup carriers accelerated their shift from Soviet-era Ilyushins and Tupolevs to modern jetliners. That proved a bounty for Airbus SE and Boeing Co., of course, but it also enriched a less exalted corner of the aviation business: aircraft leasing firms. Dozens of lessors jumped in, and today about half of the 1,000 planes in the Russian fleet are owned by companies outside the country. Vladimir Putin’s war in Ukraine has thrown that market into turmoil, setting up a high-stakes tussle between leasing companies and their insurers, who say they’re not obligated to pay many claims because sanctions required them to drop coverage in Russia.
Days after the invasion, the European Union, seeking to pressure Moscow to withdraw its troops, ordered lessors to take back their planes. About 30 jets were seized in places such as Hong Kong, Istanbul, and Mexico City. But the Kremlin quickly imposed its own ban on most international flights for Russian airlines, leaving almost 400 foreign-owned aircraft stranded. When the places where the planes were registered—mostly Bermuda and Ireland—withdrew their safety certifications, Russia encouraged its carriers to also register them at home, a move that’s banned by international aviation treaties. “I don’t think anyone in the insurance market contemplated Russia re-registering Western aircraft,” says Garrett Hanrahan, global head of aviation at insurance broker Marsh. “The equipment, the hulls, and the engines in Russia are likely to stay there.”
Two decades ago, as a resurgent Russia sought to reclaim its place on the global stage, flagship airline Aeroflot PJSC and various startup carriers accelerated their shift from Soviet-era Ilyushins and Tupolevs to modern jetliners. That proved a bounty for Airbus SE and Boeing Co., of course, but it also enriched a less exalted corner of the aviation business: aircraft leasing firms. Dozens of lessors jumped in, and today about half of the 1,000 planes in the Russian fleet are owned by companies outside the country. Vladimir Putin’s war in Ukraine has thrown that market into turmoil, setting up a high-stakes tussle between leasing companies and their insurers, who say they’re not obligated to pay many claims because sanctions required them to drop coverage in Russia.
Days after the invasion, the European Union, seeking to pressure Moscow to withdraw its troops, ordered lessors to take back their planes. About 30 jets were seized in places such as Hong Kong, Istanbul, and Mexico City. But the Kremlin quickly imposed its own ban on most international flights for Russian airlines, leaving almost 400 foreign-owned aircraft stranded. When the places where the planes were registered—mostly Bermuda and Ireland—withdrew their safety certifications, Russia encouraged its carriers to also register them at home, a move that’s banned by international aviation treaties. “I don’t think anyone in the insurance market contemplated Russia re-registering Western aircraft,” says Garrett Hanrahan, global head of aviation at insurance broker Marsh. “The equipment, the hulls, and the engines in Russia are likely to stay there.”
#UAE's Aldar Properties reports 26.5% Q1 profit jump | Reuters
UAE's Aldar Properties reports 26.5% Q1 profit jump | Reuters
Emirati developer Aldar Properties (ALDAR.AD) on Wednesday reported a 26.5% increase in first-quarter profit driven by record quarterly sales and the inclusion of the financial results of Egypt developer SODIC, in which it co-owns a majority share.
The company made 688 million dirhams ($187 million) in the quarter, up from 544 million a year earlier, it said.
Revenue was up 31.5% to 2.68 billion dirhams.
Emirati developer Aldar Properties (ALDAR.AD) on Wednesday reported a 26.5% increase in first-quarter profit driven by record quarterly sales and the inclusion of the financial results of Egypt developer SODIC, in which it co-owns a majority share.
The company made 688 million dirhams ($187 million) in the quarter, up from 544 million a year earlier, it said.
Revenue was up 31.5% to 2.68 billion dirhams.
#Saudi Al Rajhi Bank reports 24% rise in Q1 profit | Reuters
Saudi Al Rajhi Bank reports 24% rise in Q1 profit | Reuters
Al Rajhi Bank (1120.SE), Saudi Arabia's second-biggest lender, reported a nearly 24% rise in quarterly earnings, fuelled by a jump in net financing for customers, and higher investment income and fees from banking services.
The bank reported a net profit of 4.1 billion riyals ($1.09 billion) for first quarter ended March 31, up 3.34 billion riyals in the same period a year earlier.
The result was in line with an average forecast of 4.056 billion riyals made by analysts in Refintiv Eikon data. Saudi Arabia's banking sector is benefiting from higher interest rates, as a hike by U.S. Federal Reserve is typically followed by the Saudi central bank due to the Saudi riyal's peg to the U.S. dollar.
S&P Global Ratings calculates for every 100 basis point increase in rates, Saudi banks' net income is likely to rise 13% and return on equity an additional 1.5 percentage points, based on data from the country's 10 listed banks.
Al Rajhi Bank (1120.SE), Saudi Arabia's second-biggest lender, reported a nearly 24% rise in quarterly earnings, fuelled by a jump in net financing for customers, and higher investment income and fees from banking services.
The bank reported a net profit of 4.1 billion riyals ($1.09 billion) for first quarter ended March 31, up 3.34 billion riyals in the same period a year earlier.
The result was in line with an average forecast of 4.056 billion riyals made by analysts in Refintiv Eikon data. Saudi Arabia's banking sector is benefiting from higher interest rates, as a hike by U.S. Federal Reserve is typically followed by the Saudi central bank due to the Saudi riyal's peg to the U.S. dollar.
S&P Global Ratings calculates for every 100 basis point increase in rates, Saudi banks' net income is likely to rise 13% and return on equity an additional 1.5 percentage points, based on data from the country's 10 listed banks.
Americana IPO: Middle East KFC Operator Picks Banks for Dual Listing - Bloomberg
Americana IPO: Middle East KFC Operator Picks Banks for Dual Listing - Bloomberg
The operator of KFC and Pizza Hut restaurants across the Middle East and North Africa has tapped banks to prepare for a dual listing in Riyadh and Abu Dhabi that could raise about $1 billion, according to people familiar with the matter.
Americana Group, backed by Saudi Arabia’s Public Investment Fund and an investment vehicle led by Dubai-based businessman Mohamed Alabbar, has picked First Abu Dhabi Bank PJSC, Goldman Sachs Group Inc. and SNB Capital to work on an initial public offering that could take place as soon as this year, the people said.
The firm could seek a valuation of about $7 billion to $8 billion, the people said, asking not to be identified as the information is private. Rothschild & Co. is Americana’s financial adviser on the IPO and more banks are likely to be added in the coming months, they said.
Details on size and timing of the offering are still preliminary and subject to change. Representatives for First Abu Dhabi Bank, Goldman Sachs and Rothschild declined to comment, while Americana and SNB weren’t immediately available for comment.
The operator of KFC and Pizza Hut restaurants across the Middle East and North Africa has tapped banks to prepare for a dual listing in Riyadh and Abu Dhabi that could raise about $1 billion, according to people familiar with the matter.
Americana Group, backed by Saudi Arabia’s Public Investment Fund and an investment vehicle led by Dubai-based businessman Mohamed Alabbar, has picked First Abu Dhabi Bank PJSC, Goldman Sachs Group Inc. and SNB Capital to work on an initial public offering that could take place as soon as this year, the people said.
The firm could seek a valuation of about $7 billion to $8 billion, the people said, asking not to be identified as the information is private. Rothschild & Co. is Americana’s financial adviser on the IPO and more banks are likely to be added in the coming months, they said.
Details on size and timing of the offering are still preliminary and subject to change. Representatives for First Abu Dhabi Bank, Goldman Sachs and Rothschild declined to comment, while Americana and SNB weren’t immediately available for comment.
Major Gulf bourses mixed in early trade | Reuters
Major Gulf bourses mixed in early trade | Reuters
Major stock markets in the Gulf were mixed in early trade on Wednesday, against the backdrop of rising crude prices and growing fears of slowing global economic growth.
Financial markets are grappling with multiple risks, including the prospects of aggressive U.S. interest rate hikes, a sharp slowdown in China, surging inflation and the Ukraine conflict.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, led by a 3.1% rise in the kingdom's largest lender Saudi National Bank (1180.SE) and 1.3% increase in oil giant Saudi Aramco (2222.SE).
Ratings agency Fitch on Monday revised its outlook for Aramco to "positive" from "stable". read more
Oil prices, a key catalyst for the Gulf's financial markets, extended gains amid simmering geopolitical tensions as Russia cut gas supplies to Bulgaria and Poland, while hopes of Chinese economic stimulus buoyed the demand outlook.
The Abu Dhabi index (.FTFADGI) added 0.3%, helped by a 0.5% gain in top lender First Abu Dhabi Bank (FAB.AD).
The United Arab Emirates and Turkey have officially launched talks on a Comprehensive Economic Partnership Agreement, which is expected to double trade between the two nations, Emirati trade minister Thani al Zeyoudi tweeted on Tuesday. read more
In Qatar, the index (.QSI) fell 0.9%, as most of the stocks on the index were in negative territory as the bourse saw further price correction after hitting a record peak earlier this month.
A British judge on Tuesday denied a bid by Qatar Airways to reinstate a jet contract cancelled by Europe's Airbus in the latest twist to a dramatic feud playing out in UK courts. read more
Dubai's main share index (.DFMGI) lost 0.3%, hit by a 1.2% fall in Emirates Integrated Telecommunications (DU.DU).
Major stock markets in the Gulf were mixed in early trade on Wednesday, against the backdrop of rising crude prices and growing fears of slowing global economic growth.
Financial markets are grappling with multiple risks, including the prospects of aggressive U.S. interest rate hikes, a sharp slowdown in China, surging inflation and the Ukraine conflict.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, led by a 3.1% rise in the kingdom's largest lender Saudi National Bank (1180.SE) and 1.3% increase in oil giant Saudi Aramco (2222.SE).
Ratings agency Fitch on Monday revised its outlook for Aramco to "positive" from "stable". read more
Oil prices, a key catalyst for the Gulf's financial markets, extended gains amid simmering geopolitical tensions as Russia cut gas supplies to Bulgaria and Poland, while hopes of Chinese economic stimulus buoyed the demand outlook.
The Abu Dhabi index (.FTFADGI) added 0.3%, helped by a 0.5% gain in top lender First Abu Dhabi Bank (FAB.AD).
The United Arab Emirates and Turkey have officially launched talks on a Comprehensive Economic Partnership Agreement, which is expected to double trade between the two nations, Emirati trade minister Thani al Zeyoudi tweeted on Tuesday. read more
In Qatar, the index (.QSI) fell 0.9%, as most of the stocks on the index were in negative territory as the bourse saw further price correction after hitting a record peak earlier this month.
A British judge on Tuesday denied a bid by Qatar Airways to reinstate a jet contract cancelled by Europe's Airbus in the latest twist to a dramatic feud playing out in UK courts. read more
Dubai's main share index (.DFMGI) lost 0.3%, hit by a 1.2% fall in Emirates Integrated Telecommunications (DU.DU).
Oil prices steady on Russian supply fears and Asian demand concerns | Reuters
Oil prices steady on Russian supply fears and Asian demand concerns | Reuters
Oil was broadly steady on Wednesday after Russia cut gas supplies to Bulgaria and Poland, while lingering concerns about Asian coronavirus lockdowns weighing on economic growth and oil demand kept a lid on prices.
Having dipped into negative territory, Brent crude futures rose 53 cents, or 0.5%, to $105.52 a barrel by 1024 GMT. U.S. West Texas Intermediate crude futures gained 60 cents, or 0.6%, to reach $102.30 a barrel.
Russian energy giant Gazprom (GAZP.MM) said on Wednesday it halted gas supplies to Bulgaria and Poland in a major escalation of Russia's broader row with the West over Ukraine. read more
While crude prices on Wednesday did not jump, the row sent NYMEX ultra-low-sulfur diesel futures up more than 9% on Tuesday to $4.47 a gallon, a record close.
Oil was broadly steady on Wednesday after Russia cut gas supplies to Bulgaria and Poland, while lingering concerns about Asian coronavirus lockdowns weighing on economic growth and oil demand kept a lid on prices.
Having dipped into negative territory, Brent crude futures rose 53 cents, or 0.5%, to $105.52 a barrel by 1024 GMT. U.S. West Texas Intermediate crude futures gained 60 cents, or 0.6%, to reach $102.30 a barrel.
Russian energy giant Gazprom (GAZP.MM) said on Wednesday it halted gas supplies to Bulgaria and Poland in a major escalation of Russia's broader row with the West over Ukraine. read more
While crude prices on Wednesday did not jump, the row sent NYMEX ultra-low-sulfur diesel futures up more than 9% on Tuesday to $4.47 a gallon, a record close.
Tuesday 26 April 2022
#UAE and Turkey aim to double bilateral trade - minister | Reuters
UAE and Turkey aim to double bilateral trade - minister | Reuters
The United Arab Emirates (UAE) and Turkey have officially launched talks on a Comprehensive Economic Partnership Agreement (CEPA), which is expected to double trade between the two nations, Emirati trade minister Thani al Zeyoudi tweeted on Tuesday.
"By cutting tariffs, promoting free movement of goods, facilitating capital flows and reducing trade barriers, we will make it easier than ever to do business. It will also underpin a new era of cooperation," he wrote.
The UAE is seeking broad free trade agreements, known as CEPAs, with several countries and has this year signed such pacts with India and Israel.
The UAE and Turkey last year ended a long-running political dispute, during which the sides maintained economic ties.
The United Arab Emirates (UAE) and Turkey have officially launched talks on a Comprehensive Economic Partnership Agreement (CEPA), which is expected to double trade between the two nations, Emirati trade minister Thani al Zeyoudi tweeted on Tuesday.
"By cutting tariffs, promoting free movement of goods, facilitating capital flows and reducing trade barriers, we will make it easier than ever to do business. It will also underpin a new era of cooperation," he wrote.
The UAE is seeking broad free trade agreements, known as CEPAs, with several countries and has this year signed such pacts with India and Israel.
The UAE and Turkey last year ended a long-running political dispute, during which the sides maintained economic ties.
Oil rebounds on China's plans to support its economy | Reuters
Oil rebounds on China's plans to support its economy | Reuters
Oil prices rebounded in volatile trading on Tuesday as the market weighed China's plans to support its economy against a possible coronavirus lockdown in its capital Beijing.
Brent crude futures settled up $2.67, or 2.6%, at $104.99 a barrel, while U.S. West Texas Intermediate contracts were up $3.16, or 3.2%, at $101.70.
Brent and WTI had settled down about 4% on Monday and touched respective lows on Tuesday of $101.08 and $97.06 a barrel, pressured by concerns over demand in China, the world's largest crude oil importer.
NYMEX ultra-low-sulfur diesel futures rose 9.2% to settle at $4.47 a gallon, a record close, after Poland said that Russia warned that gas supply would stop on Wednesday.
Oil prices rebounded in volatile trading on Tuesday as the market weighed China's plans to support its economy against a possible coronavirus lockdown in its capital Beijing.
Brent crude futures settled up $2.67, or 2.6%, at $104.99 a barrel, while U.S. West Texas Intermediate contracts were up $3.16, or 3.2%, at $101.70.
Brent and WTI had settled down about 4% on Monday and touched respective lows on Tuesday of $101.08 and $97.06 a barrel, pressured by concerns over demand in China, the world's largest crude oil importer.
NYMEX ultra-low-sulfur diesel futures rose 9.2% to settle at $4.47 a gallon, a record close, after Poland said that Russia warned that gas supply would stop on Wednesday.
Guyana in Discussions to Build Deepwater Port With #AbuDhabi - Bloomberg
Guyana in Discussions to Build Deepwater Port With Abu Dhabi - Bloomberg
Guyana, home to the world’s largest oil discovery of the past decade, is in discussions with Abu Dhabi to build a deepwater port to serve the rapid economic development along South America’s Caribbean coast.
“We must have a major deepwater port to handle a Panamax” ship, President Irfaan Ali said today during an investment seminar in London. “We are in discussions with Abu Dhabi Ports.”
The port would handle agricultural produce, linking not just Guyana but also neighboring Suriname and northern Brazil with world markets, Ali said. He did not provide details on how much the port would cost or how it would be financed.
Guyana, with a population of about 800,000 people, is expected to be one of the world’s fastest-growing economies this year, boosted by oil revenues from Exxon Mobil Corp.-led developments about 135 miles (220 kilometers) offshore.
The government is keen to quickly diversify the economy to avoid the fate of other developing countries that have fallen victim to the so-called Dutch disease, whereby a natural-resources boom triggers a decline in other sectors.
Guyana’s economy will grow 47% this year, on top of 20% in 2021 and 43% in 2020, according to the International Monetary Fund.
Guyana, home to the world’s largest oil discovery of the past decade, is in discussions with Abu Dhabi to build a deepwater port to serve the rapid economic development along South America’s Caribbean coast.
“We must have a major deepwater port to handle a Panamax” ship, President Irfaan Ali said today during an investment seminar in London. “We are in discussions with Abu Dhabi Ports.”
The port would handle agricultural produce, linking not just Guyana but also neighboring Suriname and northern Brazil with world markets, Ali said. He did not provide details on how much the port would cost or how it would be financed.
Guyana, with a population of about 800,000 people, is expected to be one of the world’s fastest-growing economies this year, boosted by oil revenues from Exxon Mobil Corp.-led developments about 135 miles (220 kilometers) offshore.
The government is keen to quickly diversify the economy to avoid the fate of other developing countries that have fallen victim to the so-called Dutch disease, whereby a natural-resources boom triggers a decline in other sectors.
Guyana’s economy will grow 47% this year, on top of 20% in 2021 and 43% in 2020, according to the International Monetary Fund.
#UAE IPO: Moelis Wins Role on Third #Dubai Listing With Empower Mandate - Bloomberg
UAE IPO: Moelis Wins Role on Third Dubai Listing With Empower Mandate - Bloomberg
Emirates Central Cooling Systems Corp. picked Moelis & Co. to work on its initial public offering that’s planned for later this year, according to people familiar with the matter.
Known as Empower, the company has been working with Moelis on preparing a possible listing on the domestic stock exchange, the people said, asking not be named because the information is private. The next step will be to appoint book-runners for the share sale, they said.
A representative for Moelis declined to comment. A spokesperson for Empower’s 70% owner Dubai Electricity & Water Authority didn’t respond to requests for comment.
For Moelis, the Empower mandate is the third government-linked IPO win in Dubai this year. The New York-bank is already working on the IPO of toll-road operator Salik, Bloomberg previously reported, and was financial adviser to Dewa’s recently-completed $6 billion listing on the main Dubai stock exchange earlier this month.
Emirates Central Cooling Systems Corp. picked Moelis & Co. to work on its initial public offering that’s planned for later this year, according to people familiar with the matter.
Known as Empower, the company has been working with Moelis on preparing a possible listing on the domestic stock exchange, the people said, asking not be named because the information is private. The next step will be to appoint book-runners for the share sale, they said.
A representative for Moelis declined to comment. A spokesperson for Empower’s 70% owner Dubai Electricity & Water Authority didn’t respond to requests for comment.
For Moelis, the Empower mandate is the third government-linked IPO win in Dubai this year. The New York-bank is already working on the IPO of toll-road operator Salik, Bloomberg previously reported, and was financial adviser to Dewa’s recently-completed $6 billion listing on the main Dubai stock exchange earlier this month.
NBF records 44% higher unaudited profits in Q1 22
NBF records 44% higher unaudited profits in Q1 22
The unaudited net profits of National Bank of Fujairah (NBF) hiked by 43.7% year-on-year (YoY) to AED 60.35 million in the first quarter (Q1) of 2022 from AED 42 million, according to the bank's consolidated interim financials for the three-month period ended 31 March 2022.
The bank's net interest income and net income from Islamic financing and investment activities jumped to AED 238.57 million in Q1-22, compared to AED 227.56 million in the year-ago period.
The basic and diluted earnings per share (EPS) settled at AED 0.03 in Q1-22, versus AED 0.02 in the same quarter of 2021.
It is noteworthy to mention that in 2021, NBF has achieved net profits of AED 115.2 million, against net losses of AED 475.3 million in 2020.
The unaudited net profits of National Bank of Fujairah (NBF) hiked by 43.7% year-on-year (YoY) to AED 60.35 million in the first quarter (Q1) of 2022 from AED 42 million, according to the bank's consolidated interim financials for the three-month period ended 31 March 2022.
The bank's net interest income and net income from Islamic financing and investment activities jumped to AED 238.57 million in Q1-22, compared to AED 227.56 million in the year-ago period.
The basic and diluted earnings per share (EPS) settled at AED 0.03 in Q1-22, versus AED 0.02 in the same quarter of 2021.
It is noteworthy to mention that in 2021, NBF has achieved net profits of AED 115.2 million, against net losses of AED 475.3 million in 2020.
Oil rebounds on China's plans to support its economy | Reuters
Oil rebounds on China's plans to support its economy | Reuters
Oil prices rebounded in volatile trading on Tuesday as the market weighed China's plans to support its economy against lockdowns in the country's capital city.
Brent crude futures were up $2.37, or 2.3%, at $104.71 a barrel by 11:50 a.m. ET (15:51 GMT). U.S. West Texas Intermediate contracts were up $2.65, or 2.7%, at $101.21.
Brent and WTI had settled down about 4% on Monday and touched respective lows on Tuesday of $101.08 and $97.06 a barrel, pressured by concerns over demand in China, the world's largest crude oil importer.
China's central bank on Tuesday said it will step up prudent monetary policy support to the nation's economy and any stimulus would help boost oil demand amid worries of a slowdown in global growth.
Oil prices rebounded in volatile trading on Tuesday as the market weighed China's plans to support its economy against lockdowns in the country's capital city.
Brent crude futures were up $2.37, or 2.3%, at $104.71 a barrel by 11:50 a.m. ET (15:51 GMT). U.S. West Texas Intermediate contracts were up $2.65, or 2.7%, at $101.21.
Brent and WTI had settled down about 4% on Monday and touched respective lows on Tuesday of $101.08 and $97.06 a barrel, pressured by concerns over demand in China, the world's largest crude oil importer.
China's central bank on Tuesday said it will step up prudent monetary policy support to the nation's economy and any stimulus would help boost oil demand amid worries of a slowdown in global growth.
QIA: #Qatar Pursues Plan to Bolster $450 Billion Wealth Fund - Bloomberg
QIA: Qatar Pursues Plan to Bolster $450 Billion Wealth Fund - Bloomberg
Qatar, the world’s richest country per capita, is considering a plan that would make its $450 billion sovereign wealth fund even bigger, according to people familiar with the matter.
Officials are discussing a plan to make Qatar Investment Authority the money manager for major state-run companies, consolidating the nation’s assets under one entity, said the people, who requested anonymity as the information isn’t public. Maximilian Mahringer, a QIA executive and former McKinsey & Co. consultant, is helping spearhead the project, they said.
No final decisions have been made and it wasn’t immediately clear which state firms would be included. A representative for the QIA wasn’t available for comment.
The strategy could help Doha cut costs while significantly boosting the total assets under QIA, which currently ranks as the world’s ninth-largest sovereign wealth fund, according to SWF Institute data. As part of Qatar’s economic diversification push, the fund has vowed to plow more money into Asia and the U.S. following years of substantial investment in Europe.
In the past year, QIA has climbed up the wealth fund rankings, bolstered by surging prices for gas -- the nation’s main export -- as well as improving relations with neighboring Saudi Arabia. The government also expects a $20 billion economic boost from the World Cup that it will host later this year.
Qatar, the world’s richest country per capita, is considering a plan that would make its $450 billion sovereign wealth fund even bigger, according to people familiar with the matter.
Officials are discussing a plan to make Qatar Investment Authority the money manager for major state-run companies, consolidating the nation’s assets under one entity, said the people, who requested anonymity as the information isn’t public. Maximilian Mahringer, a QIA executive and former McKinsey & Co. consultant, is helping spearhead the project, they said.
No final decisions have been made and it wasn’t immediately clear which state firms would be included. A representative for the QIA wasn’t available for comment.
The strategy could help Doha cut costs while significantly boosting the total assets under QIA, which currently ranks as the world’s ninth-largest sovereign wealth fund, according to SWF Institute data. As part of Qatar’s economic diversification push, the fund has vowed to plow more money into Asia and the U.S. following years of substantial investment in Europe.
In the past year, QIA has climbed up the wealth fund rankings, bolstered by surging prices for gas -- the nation’s main export -- as well as improving relations with neighboring Saudi Arabia. The government also expects a $20 billion economic boost from the World Cup that it will host later this year.
Major Gulf bourses end mixed; Egypt gains | Reuters
Major Gulf bourses end mixed; Egypt gains | Reuters
Saudi Arabia's stock market ended lower on Tuesday as the bourse saw further price correction after hitting a record peak last week, while the Dubai index finished higher.
The Saudi benchmark index (.TASI) lost 0.3%, hit by a 1.4% fall in Islamic lender Al Rajhi Bank (1120.SE) and a 1.8% decline in the country's largest lender Saudi National Bank (1180.SE).
On the other hand, oil behemoth Saudi Aramco (2222.SE) climbed 1.1%.
Ratings agency Fitch on Monday revised its outlook for Aramco to "positive" from "stable", citing a similar action on the country. read more
The Qatari index (.QSI) and Abu Dhabi index (.FTFADGI) gave up early gains to close flat.
Uncertainties continue to impact confidence as tensions in Ukraine were exacerbated with Russia invoking the nuclear threat again, while China has pledged to support its economy after sanitary lockdowns hit it hard, according to Farah Mourad, senior market analyst of XTB MENA.
Dubai's main share index (.DFMGI) gained 0.3%, helped by a 1.1% rise in Emirates Integrated Telecommunications (DU.DU).
Egypt's blue-chip index (.EGX30), which traded after a two-session break, finished 1.3% higher, buoyed by a 2.4% rise in top lender Commercial International Bank Egypt (COMI.CA).
"The Egyptian stock market was volatile as investors tried to buy the dip while it continued to be exposed to the tensions in Eastern Europe and the uncertain sentiment among investors," said Mourad.
Saudi Arabia's stock market ended lower on Tuesday as the bourse saw further price correction after hitting a record peak last week, while the Dubai index finished higher.
The Saudi benchmark index (.TASI) lost 0.3%, hit by a 1.4% fall in Islamic lender Al Rajhi Bank (1120.SE) and a 1.8% decline in the country's largest lender Saudi National Bank (1180.SE).
On the other hand, oil behemoth Saudi Aramco (2222.SE) climbed 1.1%.
Ratings agency Fitch on Monday revised its outlook for Aramco to "positive" from "stable", citing a similar action on the country. read more
The Qatari index (.QSI) and Abu Dhabi index (.FTFADGI) gave up early gains to close flat.
Uncertainties continue to impact confidence as tensions in Ukraine were exacerbated with Russia invoking the nuclear threat again, while China has pledged to support its economy after sanitary lockdowns hit it hard, according to Farah Mourad, senior market analyst of XTB MENA.
Dubai's main share index (.DFMGI) gained 0.3%, helped by a 1.1% rise in Emirates Integrated Telecommunications (DU.DU).
Egypt's blue-chip index (.EGX30), which traded after a two-session break, finished 1.3% higher, buoyed by a 2.4% rise in top lender Commercial International Bank Egypt (COMI.CA).
"The Egyptian stock market was volatile as investors tried to buy the dip while it continued to be exposed to the tensions in Eastern Europe and the uncertain sentiment among investors," said Mourad.
Oil rebounds from drop on China demand concerns | Reuters
Oil rebounds from drop on China demand concerns | Reuters
Oil prices rebounded in volatile trading on Tuesday as the market weighed concerns over Russian supply and Chinese demand.
Brent crude futures were up $1.26 cents, or 1.2%, at $103.58 a barrel by 1355 GMT. U.S. West Texas Intermediate contracts were up $1.14 cents, or 1.2%, at $99.68.
Brent and WTI had settled about 4% down on Monday and touched respective lows on Tuesday of $101.08 and $97.06 a barrel, pressured by concerns over demand in China, the world's largest crude oil importer.
Chinese capital Beijing has expanded its COVID-19 mass testing to much of the city of nearly 22 million as the population braces for a lockdown similar to Shanghai's stringent curbs. read more
Oil prices rebounded in volatile trading on Tuesday as the market weighed concerns over Russian supply and Chinese demand.
Brent crude futures were up $1.26 cents, or 1.2%, at $103.58 a barrel by 1355 GMT. U.S. West Texas Intermediate contracts were up $1.14 cents, or 1.2%, at $99.68.
Brent and WTI had settled about 4% down on Monday and touched respective lows on Tuesday of $101.08 and $97.06 a barrel, pressured by concerns over demand in China, the world's largest crude oil importer.
Chinese capital Beijing has expanded its COVID-19 mass testing to much of the city of nearly 22 million as the population braces for a lockdown similar to Shanghai's stringent curbs. read more
Emirates widens fleet refurbish plan amid delays to new deliveries | Reuters
Emirates widens fleet refurbish plan amid delays to new deliveries | Reuters
Emirates (EMIRA.UL) will refurbish more of its existing fleet than previously planned, its chief commercial officer said on Tuesday, as the airline faces delays to deliveries of new Boeing (BA.N) jets and seeks assurances over concerns with the Airbus A350s it ordered.
The Gulf carrier is spending over a $1 billion to refurbish the fleet which includes installing a new premium economy cabin.
Adnan Kazim told reporters in Dubai that Emirates would now refurbish 120 aircraft from its existing fleet of A380 and 777s, up from the 105 that the airline had previously announced.
Of those, 67 A380s would be retrofitted, up from 52 initially announced, while the 53 refurbished 777s is unchanged.
Emirates (EMIRA.UL) will refurbish more of its existing fleet than previously planned, its chief commercial officer said on Tuesday, as the airline faces delays to deliveries of new Boeing (BA.N) jets and seeks assurances over concerns with the Airbus A350s it ordered.
The Gulf carrier is spending over a $1 billion to refurbish the fleet which includes installing a new premium economy cabin.
Adnan Kazim told reporters in Dubai that Emirates would now refurbish 120 aircraft from its existing fleet of A380 and 777s, up from the 105 that the airline had previously announced.
Of those, 67 A380s would be retrofitted, up from 52 initially announced, while the 53 refurbished 777s is unchanged.
Oil falls on demand concerns as China's Beijing expands COVID-19 testing | Reuters
Oil falls on demand concerns as China's Beijing expands COVID-19 testing | Reuters
Oil prices fell on Tuesday as China's capital Beijing expanded its COVID mass testing, heightening demand concerns and outweighing the prospect of supply disruptions.
Brent crude futures were down 56 cents, or 0.5%, at $101.76 a barrel at 0935 GMT, while U.S. West Texas Intermediate contracts were down 82 cents, or 0.8%, at $97.72 per barrel.
China's capital Beijing has expanded its COVID-19 mass testing from one district this week to most of the city of nearly 22 million, as the population braced for an imminent lockdown similar to Shanghai's stringent curbs. China is the world's largest crude oil importer. read more
Both oil contracts rose over $1 a barrel earlier in the session following a statement from the People's Bank of China that it will step up monetary policy support to the real economy.
Oil prices fell on Tuesday as China's capital Beijing expanded its COVID mass testing, heightening demand concerns and outweighing the prospect of supply disruptions.
Brent crude futures were down 56 cents, or 0.5%, at $101.76 a barrel at 0935 GMT, while U.S. West Texas Intermediate contracts were down 82 cents, or 0.8%, at $97.72 per barrel.
China's capital Beijing has expanded its COVID-19 mass testing from one district this week to most of the city of nearly 22 million, as the population braced for an imminent lockdown similar to Shanghai's stringent curbs. China is the world's largest crude oil importer. read more
Both oil contracts rose over $1 a barrel earlier in the session following a statement from the People's Bank of China that it will step up monetary policy support to the real economy.
High oil prices to power Gulf economies amid inflation risks | Reuters
High oil prices to power Gulf economies amid inflation risks | Reuters
The Gulf Cooperation Council's (GCC) economic growth will accelerate this year to a pace not seen in a decade, according to a Reuters poll of economists, who said high inflation and a slowing global economy were the biggest downside risks.
Crude prices, a major driver for Gulf economies, shot up after Russia invaded Ukraine in February and have remained elevated, giving a major boost to economies in the oil and gas-rich region. read more
An April 12-22 Reuters poll predicted growth overall in the six GCC economies would average 5.9% this year, which would be the fastest since 2012.
"GCC economies have seen a relatively strong start to 2022. The hydrocarbons sectors have benefited from increased oil production so far this year, with crude oil production up 12% on Q1 2021 for the UAE and 19% over the same period for Saudi Arabia," said Khatija Haque, chief economist at Emirates NBD.
The Gulf Cooperation Council's (GCC) economic growth will accelerate this year to a pace not seen in a decade, according to a Reuters poll of economists, who said high inflation and a slowing global economy were the biggest downside risks.
Crude prices, a major driver for Gulf economies, shot up after Russia invaded Ukraine in February and have remained elevated, giving a major boost to economies in the oil and gas-rich region. read more
An April 12-22 Reuters poll predicted growth overall in the six GCC economies would average 5.9% this year, which would be the fastest since 2012.
"GCC economies have seen a relatively strong start to 2022. The hydrocarbons sectors have benefited from increased oil production so far this year, with crude oil production up 12% on Q1 2021 for the UAE and 19% over the same period for Saudi Arabia," said Khatija Haque, chief economist at Emirates NBD.
Swvl Buys Turkish Transit Firm Volt Lines in Latest Deal Spree - Bloomberg
Swvl Buys Turkish Transit Firm Volt Lines in Latest Deal Spree - Bloomberg
Swvl Holdings Corp., a Dubai-based ride sharing startup, has agreed to acquire the Turkish transportation-as-a-service operator Volt Lines in its fourth acquisition since August.
The sale values Volt Lines at $40 million, with an additional $25 million in funding committed to grow in the region, according to people familiar with the matter, who asked not to be identified as the details aren’t public.
The transaction is expected to close this quarter, according to a statement provided to Bloomberg News. Financial terms of the agreement weren’t disclosed.
The deal furthers what Swvl Chief Financial Officer Youssef Salem has said is a plan “to rapidly pursue strategic initiatives to further enhance shareholder value.”
Swvl Holdings Corp., a Dubai-based ride sharing startup, has agreed to acquire the Turkish transportation-as-a-service operator Volt Lines in its fourth acquisition since August.
The sale values Volt Lines at $40 million, with an additional $25 million in funding committed to grow in the region, according to people familiar with the matter, who asked not to be identified as the details aren’t public.
The transaction is expected to close this quarter, according to a statement provided to Bloomberg News. Financial terms of the agreement weren’t disclosed.
The deal furthers what Swvl Chief Financial Officer Youssef Salem has said is a plan “to rapidly pursue strategic initiatives to further enhance shareholder value.”
Most Gulf bourses rises as oil prices steady | Reuters
Most Gulf bourses rises as oil prices steady | Reuters
Most stock markets in the Gulf rose in early trade on Tuesday, as crude prices bounced back after a sharp drop in the previous session.
Oil prices, a key catalyst for the Gulf's financial markets, steadied as worries over China's fuel demand were soothed by the central bank's pledge to support an economy hit by renewed COVID-19 curbs.
On the supply side, analysts said the phasing out of Russian oil from the market would continue to support prices.
Saudi Arabia's benchmark stock index (.TASI) rose 0.3%, helped by a 2% gain in Saudi Arabian Mining Company (1211.SE) after the Capital Market Authority approved its request for capital increase through an issuance of bonus shares.
Among other gainers, oil behemoth Saudi Aramco (2222.SE) added 0.2%.
Ratings agency Fitch on Monday revised its outlook for Aramco to "positive" from "stable", citing a similar action on the country. read more
In Qatar, the index (.QSI) gained 0.5%, with Commercial Bank (COMB.QA) rising 2%.
Separately, a British judge will on Tuesday rule whether Airbus must keep building A321neo jetliners for estranged Qatar Airways in a decision with implications for future multi-billion-dollar jet deals, as their public bust-up returns to London's High Court. read more
The Abu Dhabi index (.FTFADGI) was up 0.8%, boosted by a 2.1% rise in conglomerate International Holding (IHC) (IHC.AD).
Multiply Group (MULTIPLY.AD), which counts state-linked IHC as a major shareholder, swung to profit in the first quarter of 2022.
Dubai's main share index (.DFMGI), however, traded flat as gains in financials countered declines in telecoms and industrial stocks.
Most stock markets in the Gulf rose in early trade on Tuesday, as crude prices bounced back after a sharp drop in the previous session.
Oil prices, a key catalyst for the Gulf's financial markets, steadied as worries over China's fuel demand were soothed by the central bank's pledge to support an economy hit by renewed COVID-19 curbs.
On the supply side, analysts said the phasing out of Russian oil from the market would continue to support prices.
Saudi Arabia's benchmark stock index (.TASI) rose 0.3%, helped by a 2% gain in Saudi Arabian Mining Company (1211.SE) after the Capital Market Authority approved its request for capital increase through an issuance of bonus shares.
Among other gainers, oil behemoth Saudi Aramco (2222.SE) added 0.2%.
Ratings agency Fitch on Monday revised its outlook for Aramco to "positive" from "stable", citing a similar action on the country. read more
In Qatar, the index (.QSI) gained 0.5%, with Commercial Bank (COMB.QA) rising 2%.
Separately, a British judge will on Tuesday rule whether Airbus must keep building A321neo jetliners for estranged Qatar Airways in a decision with implications for future multi-billion-dollar jet deals, as their public bust-up returns to London's High Court. read more
The Abu Dhabi index (.FTFADGI) was up 0.8%, boosted by a 2.1% rise in conglomerate International Holding (IHC) (IHC.AD).
Multiply Group (MULTIPLY.AD), which counts state-linked IHC as a major shareholder, swung to profit in the first quarter of 2022.
Dubai's main share index (.DFMGI), however, traded flat as gains in financials countered declines in telecoms and industrial stocks.
Oil steadies after sharp fall; focus on China growth | Reuters
Oil steadies after sharp fall; focus on China growth | Reuters
Oil prices bounced on Tuesday, steadying after a sharp fall of 4% in the previous session, as worries over China's fuel demand were soothed by the central bank's pledge to support an economy hit by renewed COVID-19 curbs.
Brent crude futures were up 59 cents, or 0.58%, at $102.91 a barrel after rising to $103.93 earlier in the session.
U.S. West Texas Intermediate contracts were up 34 cents, or 0.35%, at $98.88 per barrel at 0658 GMT after climbing to $99.82 a barrel in early trade.
Both contracts had settled around 4% lower on Monday, with Brent falling as much as $7 a barrel in the session and WTI dipping roughly $6 a barrel. read more
Oil prices bounced on Tuesday, steadying after a sharp fall of 4% in the previous session, as worries over China's fuel demand were soothed by the central bank's pledge to support an economy hit by renewed COVID-19 curbs.
Brent crude futures were up 59 cents, or 0.58%, at $102.91 a barrel after rising to $103.93 earlier in the session.
U.S. West Texas Intermediate contracts were up 34 cents, or 0.35%, at $98.88 per barrel at 0658 GMT after climbing to $99.82 a barrel in early trade.
Both contracts had settled around 4% lower on Monday, with Brent falling as much as $7 a barrel in the session and WTI dipping roughly $6 a barrel. read more
UK judge dismisses #Qatar claim over A321neo jet contract | Reuters
UK judge dismisses Qatar claim over A321neo jet contract | Reuters
A British judge on Tuesday denied a request by Qatar Airways to force Airbus (AIR.PA) keep building A321neo jetliners in a setback to the airline as part of a wider legal dispute.
The decision means the European planemaker is free to market the in-demand jets to other airlines while the two sides pursue a separate dispute over the safety of larger A350 jets.
A British judge on Tuesday denied a request by Qatar Airways to force Airbus (AIR.PA) keep building A321neo jetliners in a setback to the airline as part of a wider legal dispute.
The decision means the European planemaker is free to market the in-demand jets to other airlines while the two sides pursue a separate dispute over the safety of larger A350 jets.
Fitch revises #Saudi Aramco's outlook to 'positive' | Reuters
Fitch revises Saudi Aramco's outlook to 'positive' | Reuters
Ratings agency Fitch on Monday revised its outlook for state-owned Saudi Arabian Oil Co (2222.SE) to "positive" from "stable", citing a similar action on the country.
The agency had raised its outlook on Saudi Arabia to "positive" from "stable" earlier this month on the back improvements in the country's sovereign balance sheet thanks to higher oil revenues. read more
Ratings agency Fitch on Monday revised its outlook for state-owned Saudi Arabian Oil Co (2222.SE) to "positive" from "stable", citing a similar action on the country.
The agency had raised its outlook on Saudi Arabia to "positive" from "stable" earlier this month on the back improvements in the country's sovereign balance sheet thanks to higher oil revenues. read more
Monday 25 April 2022
Oil slumps 4% as Shanghai lockdowns stoke demand fears | Reuters
Oil slumps 4% as Shanghai lockdowns stoke demand fears | Reuters
Oil slumped about 4% on Monday to its lowest in two weeks on growing worries about the global energy demand outlook due to prolonged COVID-19 lockdowns in Shanghai and potential increases in U.S. interest rates.
"The prospect of slower economic growth this year amid U.S. interest-rate hikes ... has already led to a downward revision of oil-demand forecasts," analysts at the Eurasia Group consultancy said, noting "The longer the Ukraine war and the China lockdowns persist, the higher the risk that demand growth will be even weaker."
Shanghai's COVID-19 lockdown misery dragged into a fourth week, as orders for mass testing in Beijing's biggest district sparked fears that the Chinese capital could be destined for a similar fate. read more
China is the world's biggest oil importer.
Brent futures fell $4.33, or 4.1%, to settle at $102.32 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $3.53, or 3.5%, to settle at $98.54.
Oil slumped about 4% on Monday to its lowest in two weeks on growing worries about the global energy demand outlook due to prolonged COVID-19 lockdowns in Shanghai and potential increases in U.S. interest rates.
"The prospect of slower economic growth this year amid U.S. interest-rate hikes ... has already led to a downward revision of oil-demand forecasts," analysts at the Eurasia Group consultancy said, noting "The longer the Ukraine war and the China lockdowns persist, the higher the risk that demand growth will be even weaker."
Shanghai's COVID-19 lockdown misery dragged into a fourth week, as orders for mass testing in Beijing's biggest district sparked fears that the Chinese capital could be destined for a similar fate. read more
China is the world's biggest oil importer.
Brent futures fell $4.33, or 4.1%, to settle at $102.32 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $3.53, or 3.5%, to settle at $98.54.
Before Giving Billions to Jared Kushner, #Saudi Investment Fund Had Big Doubts - The New York Times
Before Giving Billions to Jared Kushner, Saudi Investment Fund Had Big Doubts - The New York Times
Six months after leaving the White House, Jared Kushner secured a $2 billion investment from a fund led by the Saudi crown prince, a close ally during the Trump administration, despite objections from the fund’s advisers about the merits of the deal.
A panel that screens investments for the main Saudi sovereign wealth fund cited concerns about the proposed deal with Mr. Kushner’s newly formed private equity firm, Affinity Partners, previously undisclosed documents show.
Those objections included: “the inexperience of the Affinity Fund management”; the possibility that the kingdom would be responsible for “the bulk of the investment and risk”; due diligence on the fledgling firm’s operations that found them “unsatisfactory in all aspects”; a proposed asset management fee that “seems excessive”; and “public relations risks” from Mr. Kushner’s prior role as a senior adviser to his father-in-law, former President Donald J. Trump, according to minutes of the panel’s meeting last June 30.
But days later the full board of the $620 billion Public Investment Fund — led by Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler and a beneficiary of Mr. Kushner’s support when he worked as a White House adviser — overruled the panel.
Six months after leaving the White House, Jared Kushner secured a $2 billion investment from a fund led by the Saudi crown prince, a close ally during the Trump administration, despite objections from the fund’s advisers about the merits of the deal.
A panel that screens investments for the main Saudi sovereign wealth fund cited concerns about the proposed deal with Mr. Kushner’s newly formed private equity firm, Affinity Partners, previously undisclosed documents show.
Those objections included: “the inexperience of the Affinity Fund management”; the possibility that the kingdom would be responsible for “the bulk of the investment and risk”; due diligence on the fledgling firm’s operations that found them “unsatisfactory in all aspects”; a proposed asset management fee that “seems excessive”; and “public relations risks” from Mr. Kushner’s prior role as a senior adviser to his father-in-law, former President Donald J. Trump, according to minutes of the panel’s meeting last June 30.
But days later the full board of the $620 billion Public Investment Fund — led by Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler and a beneficiary of Mr. Kushner’s support when he worked as a White House adviser — overruled the panel.
Elon Musk Texts With #Saudi’s PIF Shed Light Around Taking Tesla Private Tweets - Bloomberg
Elon Musk Texts With Saudi’s PIF Shed Light Around Taking Tesla Private Tweets - Bloomberg
The back-and-forth continues. Al-Rumayyan tells Musk that “we cannot approve something that we don’t have sufficient information on,” and writes that he’s been waiting for more details. Later in the exchange, Al-Rumayyan asks Musk to “read the article please.”
“I read the article,” Musk says. “It is weak sauce and still makes me sound like a liar. It is filled with equivocation and in no way indicates the strong interest you conveyed in person.”
Musk told Al-Rumayyan that Tesla would move forward with private equity firm Silver Lake, Goldman Sachs Group Inc. and other investors. The next day, however, he published a blog post citing the Saudi PIF’s interest in taking Tesla private as the reason he tweeted that he had “funding secured.”
Al-Rumayyan texted that he was surprised Musk had divulged “loose information,” despite having signed a non-disclosure agreement and after keeping the PIF waiting for specifics needed to move forward with a deal. Musk scolded Al-Rumayyan again for not pushing back against media reports about whether the Saudi fund would support the go-private transaction.
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| Page 122 of a court document of a shareholder lawsuit against Elon Musk and Tesla details a string of text messages between Musk and the head of Saudi Arabia’s Public Investment Fund Source: Court Filing |
The back-and-forth continues. Al-Rumayyan tells Musk that “we cannot approve something that we don’t have sufficient information on,” and writes that he’s been waiting for more details. Later in the exchange, Al-Rumayyan asks Musk to “read the article please.”
“I read the article,” Musk says. “It is weak sauce and still makes me sound like a liar. It is filled with equivocation and in no way indicates the strong interest you conveyed in person.”
Musk told Al-Rumayyan that Tesla would move forward with private equity firm Silver Lake, Goldman Sachs Group Inc. and other investors. The next day, however, he published a blog post citing the Saudi PIF’s interest in taking Tesla private as the reason he tweeted that he had “funding secured.”
Al-Rumayyan texted that he was surprised Musk had divulged “loose information,” despite having signed a non-disclosure agreement and after keeping the PIF waiting for specifics needed to move forward with a deal. Musk scolded Al-Rumayyan again for not pushing back against media reports about whether the Saudi fund would support the go-private transaction.
Rising Oil Prices a Boon for #SaudiArabia's Economy - Bloomberg
Rising Oil Prices a Boon for Saudi Arabia's Economy - Bloomberg
Rising oil prices may be a deepening concern for most of the world, but it’s been a boon for Saudi Arabia’s economy and stock market.
The International Monetary Fund raised its estimate for the country’s economic growth by nearly three percentage points to 7.6%. The benchmark Tadawul All Share Index is the sixth best-performing gauge globally in 2022 and analysts say gains may not be over yet.
Russia’s war in Ukraine has pushed up fuel prices, the kingdom’s main source of income, to well above the level Saudi Arabia needs to balance its budget. As a result S&P Global Ratings has forecast the country will see its first surplus since 2013.
The rising prices however, have frustrated most of the rest of the world, particularly the U.S., in particular due to Saudi’s refusal to hike oil production. That has stoked tension already existing between the two. Saudi wants the U.S. to do more to counter missile attacks on the kingdom from Iran-backed Houthi rebels, and is wary of Washington’s attempts to revive a 2015 nuclear deal with Iran, its main regional rival.
The Saudis, however, have stressed that the relationship with the U.S. “is historic and remains strong.” And in what might be a complete turnaround for the region, Iran’s state-run Nour News reported that Iran and Saudi have resumed talks aimed at restoring ties to reduce regional tensions.
Rising oil prices may be a deepening concern for most of the world, but it’s been a boon for Saudi Arabia’s economy and stock market.
The International Monetary Fund raised its estimate for the country’s economic growth by nearly three percentage points to 7.6%. The benchmark Tadawul All Share Index is the sixth best-performing gauge globally in 2022 and analysts say gains may not be over yet.
Russia’s war in Ukraine has pushed up fuel prices, the kingdom’s main source of income, to well above the level Saudi Arabia needs to balance its budget. As a result S&P Global Ratings has forecast the country will see its first surplus since 2013.
The rising prices however, have frustrated most of the rest of the world, particularly the U.S., in particular due to Saudi’s refusal to hike oil production. That has stoked tension already existing between the two. Saudi wants the U.S. to do more to counter missile attacks on the kingdom from Iran-backed Houthi rebels, and is wary of Washington’s attempts to revive a 2015 nuclear deal with Iran, its main regional rival.
The Saudis, however, have stressed that the relationship with the U.S. “is historic and remains strong.” And in what might be a complete turnaround for the region, Iran’s state-run Nour News reported that Iran and Saudi have resumed talks aimed at restoring ties to reduce regional tensions.
#AbuDhabi Commercial Bank's quarterly net profit up 32% | Reuters
Abu Dhabi Commercial Bank's quarterly net profit up 32% | Reuters
Abu Dhabi Commercial Bank (ADCB), the third-largest lender in the United Arab Emirates, on Monday reported a 32% increase in first-quarter profit on higher net fees and commission.
The lender reported net profit of 1.483 billion dirhams ($391.55 million) for the three months to March 31, up from 1.121 billion dirhams in the same period last year.
Net fees and commission income was up 10% year on year, mainly attributable to a significant increase in trade finance commission as well as higher loan processing and card-related fees, it said.
Banks in the United Arab Emirates are making a swift recovery in earnings as the economy rebounds from the worst of the COVID-19 pandemic, with oil prices having surged and the Expo world fair having boosted tourism.
Abu Dhabi Commercial Bank (ADCB), the third-largest lender in the United Arab Emirates, on Monday reported a 32% increase in first-quarter profit on higher net fees and commission.
The lender reported net profit of 1.483 billion dirhams ($391.55 million) for the three months to March 31, up from 1.121 billion dirhams in the same period last year.
Net fees and commission income was up 10% year on year, mainly attributable to a significant increase in trade finance commission as well as higher loan processing and card-related fees, it said.
Banks in the United Arab Emirates are making a swift recovery in earnings as the economy rebounds from the worst of the COVID-19 pandemic, with oil prices having surged and the Expo world fair having boosted tourism.
#Dubai’s ICD Said to Explore Sale of $1 Billion IT Services Firm - Bloomberg
Dubai’s ICD Said to Explore Sale of $1 Billion IT Services Firm - Bloomberg
Dubai’s sovereign wealth fund is exploring a potential sale of British software services company SmartStream Technologies Group, according to people familiar with the matter.
Investment Corp. of Dubai is working with advisers at Deutsche Bank AG to identify potential suitors for the business, the people said, asking not to be identified as the matter is private. SmartStream’s owner is seeking about $1 billion in a potential sale that could draw both financial and strategic investors, the people said.
No final decisions have been made, and the fund may decide to retain the asset if it fails to find suitable bidders, the people said. A representative for ICD wasn’t immediately available for comment, while a Deutsche Bank spokesperson declined to comment.
A Dubai state entity initially bought SmartStream in 2007 from private equity firm TA Associates after the U.K. firm scrapped its initial public offering. SmartStream’s ownership was then transferred to ICD and the wealth fund currently controls the company, which specializes in providing software solutions to the financial industry.
Dubai is working on an ambitious plan to privatize as many as 10 firms to raise cash and revive its capital markets. The city’s main power and water company raised $6.1 billion in the world’s second-biggest initial public offering this year, defying a global slowdown in listings.
Dubai’s sovereign wealth fund is exploring a potential sale of British software services company SmartStream Technologies Group, according to people familiar with the matter.
Investment Corp. of Dubai is working with advisers at Deutsche Bank AG to identify potential suitors for the business, the people said, asking not to be identified as the matter is private. SmartStream’s owner is seeking about $1 billion in a potential sale that could draw both financial and strategic investors, the people said.
No final decisions have been made, and the fund may decide to retain the asset if it fails to find suitable bidders, the people said. A representative for ICD wasn’t immediately available for comment, while a Deutsche Bank spokesperson declined to comment.
A Dubai state entity initially bought SmartStream in 2007 from private equity firm TA Associates after the U.K. firm scrapped its initial public offering. SmartStream’s ownership was then transferred to ICD and the wealth fund currently controls the company, which specializes in providing software solutions to the financial industry.
Dubai is working on an ambitious plan to privatize as many as 10 firms to raise cash and revive its capital markets. The city’s main power and water company raised $6.1 billion in the world’s second-biggest initial public offering this year, defying a global slowdown in listings.
Most Gulf bourses fall as oil prices plunge | Reuters
Most Gulf bourses fall as oil prices plunge | Reuters
Most stock markets in the Gulf ended lower on Monday, tracking global shares, as oil prices tumbled nearly 5% on concerns over the impact of rising interest rates and China's COVID-19 lockdowns on global economic growth.
Asian markets suffered their worst session in over a month as worries that Beijing could soon be back in a lockdown sent Chinese shares back to 2020 lows, and as the effects of Wall Street's 2.5% slump on Friday lingered.
The Qatari benchmark (.QSI) ended 1.6% lower, extending losses from the previous session, as all stocks but one on the index were in negative territory.
Qatar International Islamic Bank (QIIB.QA) slid 4% and was the biggest percentage decliner on the index, despite reporting a rise in first-quarter net profit.
The Abu Dhabi index (.FTFADGI) dropped 0.9%, hit by a 2.1% fall in the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD).
Dubai's main share index (.DFMGI) declined 0.8%, snapping a four-day winning streak, with blue-chip developer Emaar Properties (EMAR.DU) losing 0.8%.
Crude prices, a key catalyst for the Gulf's financial markets, hit a near two-week low on demand worries.
Saudi Arabia's benchmark index (.TASI), however, bucked the trend to close 0.6% higher, led by a 2.1% jump in Islamic lender Al Rajhi Bank (1120.SE).
The Saudi stock market was mixed as investors' sentiment tilted between the strong fundamentals and international concerns, said Wael Makarem, senior market strategist at Exness.
On other hand, Saudi Kayan Petrochemical Company (2350.SE) plunged 8.7% after the company reported a steep fall in quarterly net profit.
** Egypt was closed for a public holiday
Most stock markets in the Gulf ended lower on Monday, tracking global shares, as oil prices tumbled nearly 5% on concerns over the impact of rising interest rates and China's COVID-19 lockdowns on global economic growth.
Asian markets suffered their worst session in over a month as worries that Beijing could soon be back in a lockdown sent Chinese shares back to 2020 lows, and as the effects of Wall Street's 2.5% slump on Friday lingered.
The Qatari benchmark (.QSI) ended 1.6% lower, extending losses from the previous session, as all stocks but one on the index were in negative territory.
Qatar International Islamic Bank (QIIB.QA) slid 4% and was the biggest percentage decliner on the index, despite reporting a rise in first-quarter net profit.
The Abu Dhabi index (.FTFADGI) dropped 0.9%, hit by a 2.1% fall in the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD).
Dubai's main share index (.DFMGI) declined 0.8%, snapping a four-day winning streak, with blue-chip developer Emaar Properties (EMAR.DU) losing 0.8%.
Crude prices, a key catalyst for the Gulf's financial markets, hit a near two-week low on demand worries.
Saudi Arabia's benchmark index (.TASI), however, bucked the trend to close 0.6% higher, led by a 2.1% jump in Islamic lender Al Rajhi Bank (1120.SE).
The Saudi stock market was mixed as investors' sentiment tilted between the strong fundamentals and international concerns, said Wael Makarem, senior market strategist at Exness.
On other hand, Saudi Kayan Petrochemical Company (2350.SE) plunged 8.7% after the company reported a steep fall in quarterly net profit.
** Egypt was closed for a public holiday