Oil slips, but set for weekly gain on Kazakh, Libyan concerns | Reuters
Oil prices settled lower on Friday, as the market weighed supply concerns from the unrest in Kazakhstan and outages in Libya against a U.S. jobs report that missed expectations and its potential impact on Federal Reserve policy.
Brent crude settled down 24 cents, or 0.3%, to $81.75 a barrel, while U.S. West Texas Intermediate (WTI) crude was down 56 cents, or 0.7%, at $78.90 a barrel.
Brent and WTI were on track for gains of about 5% in the first week of the year, with prices at their highest since late November, spurred on by the supply concerns.
"Employment data injected a question mark into where we are going from here and Omicron fears have crept back into the market," said John Kilduff, a partner at Again Capital Management.
Friday, 7 January 2022
Oil slips, but set for weekly gain on Kazakh, Libyan concerns | Reuters
Oil slips, but set for weekly gain on Kazakh, Libyan concerns | Reuters
Oil prices edged about 1% lower on Friday, as the market weighed supply concerns from the unrest in Kazakhstan and outages in Libya against a U.S. jobs report that missed expectations and its potential impact on Federal Reserve policy.
Brent crude fell 49 cents, or 0.6%, to $81.54 a barrel by 1:32 p.m. ET (1832 GMT), while U.S. West Texas Intermediate (WTI) crude was down 77 cents, or 1%, to $78.69 a barrel.
Brent and WTI were on track for gains of about 5% in the first week of the year, with prices at their highest since late November, spurred on by the supply concerns.
"Employment data injected a question mark into where we are going from here and Omicron fears have crept back into the market," said John Kilduff, a partner at Again Capital Management.
Oil prices edged about 1% lower on Friday, as the market weighed supply concerns from the unrest in Kazakhstan and outages in Libya against a U.S. jobs report that missed expectations and its potential impact on Federal Reserve policy.
Brent crude fell 49 cents, or 0.6%, to $81.54 a barrel by 1:32 p.m. ET (1832 GMT), while U.S. West Texas Intermediate (WTI) crude was down 77 cents, or 1%, to $78.69 a barrel.
Brent and WTI were on track for gains of about 5% in the first week of the year, with prices at their highest since late November, spurred on by the supply concerns.
"Employment data injected a question mark into where we are going from here and Omicron fears have crept back into the market," said John Kilduff, a partner at Again Capital Management.
For #Israel Aerospace Industries, #AbuDhabi hub offers route to soaring global demand for freighter conversions | Aviation – Gulf News
For Israel Aerospace Industries, Abu Dhabi hub offers route to soaring global demand for freighter conversions | Aviation – Gulf News
The UAE market will assume a central role in Israel Aerospace Industries’ push for a bigger share of the surging global demand for cargo freighters. The Israeli company already has signed freight conversion agreements with Emirates airline and Abu Dhabi’s Etihad Airways.
“The issue of conversion of passenger aircraft to cargo is very ‘in’ right now because the pandemic has changed the ratio between passenger jets and cargo,” said Shmuel Kuzi, Executive Vice-President and General Manager of IAI’s Aviation Group.
IAI’s conversion hub in Abu Dhabi will serve the global demand and comes at a ripe time too. The company will begin converting two highly popular aircraft models – the Boeing 777 and Airbus A330 – over the next few years.
At the Dubai Air Show in November, IAI signed a deal with Emirates Skycargo to convert four Boeing 777-300ER passenger aircraft into full freighters. The agreement also included an option for further Boeing 777-300ER conversions at a later stage.
The UAE market will assume a central role in Israel Aerospace Industries’ push for a bigger share of the surging global demand for cargo freighters. The Israeli company already has signed freight conversion agreements with Emirates airline and Abu Dhabi’s Etihad Airways.
“The issue of conversion of passenger aircraft to cargo is very ‘in’ right now because the pandemic has changed the ratio between passenger jets and cargo,” said Shmuel Kuzi, Executive Vice-President and General Manager of IAI’s Aviation Group.
IAI’s conversion hub in Abu Dhabi will serve the global demand and comes at a ripe time too. The company will begin converting two highly popular aircraft models – the Boeing 777 and Airbus A330 – over the next few years.
At the Dubai Air Show in November, IAI signed a deal with Emirates Skycargo to convert four Boeing 777-300ER passenger aircraft into full freighters. The agreement also included an option for further Boeing 777-300ER conversions at a later stage.
Trading volumes on DFM and ADX expected to jump with new working week
Trading volumes on DFM and ADX expected to jump with new working week
Trading volumes on both the Dubai Financial Market and Abu Dhabi Securities Exchanges are expected to surge in the coming days as both bourses switch to a Monday-to-Friday trading week in line with most global markets.
Both the DFM and ADX said they would operate from 10am to 3pm from Monday to Friday, following the UAE government's move last month to change the weekend from Friday and Saturday to Saturday and Sunday.
Today is the first Friday of trading on both stock markets since this change.
“As we go into 2022, this will have a substantial impact on the turnover and appetite of foreign investments into the UAE markets,” Marwan Shurrab, head of high-net-worth clients and retail equities at Al Ramz Capital, said.
Trading volumes on both the Dubai Financial Market and Abu Dhabi Securities Exchanges are expected to surge in the coming days as both bourses switch to a Monday-to-Friday trading week in line with most global markets.
Both the DFM and ADX said they would operate from 10am to 3pm from Monday to Friday, following the UAE government's move last month to change the weekend from Friday and Saturday to Saturday and Sunday.
Today is the first Friday of trading on both stock markets since this change.
“As we go into 2022, this will have a substantial impact on the turnover and appetite of foreign investments into the UAE markets,” Marwan Shurrab, head of high-net-worth clients and retail equities at Al Ramz Capital, said.
Oil Set for Third Weekly Advance as Market Tightens on Outages - Bloomberg
Oil Set for Third Weekly Advance as Market Tightens on Outages - Bloomberg
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Carsome Said to Draw $300 Million From Temasek-Backed Funds, QIA - Bloomberg
Carsome Said to Draw $300 Million From Temasek-Backed Funds, QIA - Bloomberg
Carsome Group, which operates a Southeast Asian used-car online marketplace, has raised almost $300 million in a financing round led by funds linked to Temasek Holdings Pte and Qatar’s sovereign wealth fund, according to people with knowledge of the matter.
65 Equity Partners and SeaTown Holdings Pte. -- both backed by Temasek -- and Qatar Investment Authority are among investors that participated in the fundraising by Carsome, the people said, asking not to be identified as the information is private.
Malaysia’s most valuable technology startup is planning an initial public offering in the U.S. later this year, one of the people said. Representatives for Carsome, 65 Equity Partners, SeaTown and QIA didn’t immediately respond to requests for comment.
Carsome started gauging investor interest in November and was seeking to raise about $200 million, Bloomberg News reported at the time. In a September statement, it said it mopped up $170 million in a series D2 round at a $1.3 billion valuation.
Founded in 2015, the company has expanded into Indonesia, Thailand and Singapore. The company works with more than 8,000 dealers and handles more than 100,000 transactions on an annualized basis, according to its website.
Carsome Group, which operates a Southeast Asian used-car online marketplace, has raised almost $300 million in a financing round led by funds linked to Temasek Holdings Pte and Qatar’s sovereign wealth fund, according to people with knowledge of the matter.
65 Equity Partners and SeaTown Holdings Pte. -- both backed by Temasek -- and Qatar Investment Authority are among investors that participated in the fundraising by Carsome, the people said, asking not to be identified as the information is private.
Malaysia’s most valuable technology startup is planning an initial public offering in the U.S. later this year, one of the people said. Representatives for Carsome, 65 Equity Partners, SeaTown and QIA didn’t immediately respond to requests for comment.
Carsome started gauging investor interest in November and was seeking to raise about $200 million, Bloomberg News reported at the time. In a September statement, it said it mopped up $170 million in a series D2 round at a $1.3 billion valuation.
Founded in 2015, the company has expanded into Indonesia, Thailand and Singapore. The company works with more than 8,000 dealers and handles more than 100,000 transactions on an annualized basis, according to its website.
Markets mixed in #UAE as it shifts to new working week | Reuters
Markets mixed in UAE as it shifts to new working week | Reuters
United Arab Emirates stock markets had mixed fortunes as they shifted to a new Monday to Friday working week to better align with global markets.
The UAE announced last month it would move to a Saturday-Sunday weekend from the start of 2022. read more
It has taken measures in the past year to make its economy more attractive to foreign investment and talent at a time of growing economic rivalry with Saudi Arabia.
"The change in trading days could give the two markets an edge over other bourses in the region," Wael Makarem, senior market strategist at Exness, said.
In Abu Dhabi, the index (.ADI) fell 0.2% on Friday, extending losses for a fourth session, hit by a 1.1% drop in its largest lender First Abu Dhabi Bank (FAB.AD).
But Dubai's main share index (.DFMGI) advanced 0.5%, notching up its second weekly gain, as investors await initial public offering announcements.
In November, Dubai announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings of 10 state-backed companies as part of plans to boost activity on the local bourse. read more
The listing plans are aimed at making Dubai a more competitive market against bigger bourses in the region, such those in as Saudi Arabia and neighbouring Abu Dhabi, that are seeing larger listings and strong liquidity.
United Arab Emirates stock markets had mixed fortunes as they shifted to a new Monday to Friday working week to better align with global markets.
The UAE announced last month it would move to a Saturday-Sunday weekend from the start of 2022. read more
It has taken measures in the past year to make its economy more attractive to foreign investment and talent at a time of growing economic rivalry with Saudi Arabia.
"The change in trading days could give the two markets an edge over other bourses in the region," Wael Makarem, senior market strategist at Exness, said.
In Abu Dhabi, the index (.ADI) fell 0.2% on Friday, extending losses for a fourth session, hit by a 1.1% drop in its largest lender First Abu Dhabi Bank (FAB.AD).
But Dubai's main share index (.DFMGI) advanced 0.5%, notching up its second weekly gain, as investors await initial public offering announcements.
In November, Dubai announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings of 10 state-backed companies as part of plans to boost activity on the local bourse. read more
The listing plans are aimed at making Dubai a more competitive market against bigger bourses in the region, such those in as Saudi Arabia and neighbouring Abu Dhabi, that are seeing larger listings and strong liquidity.
#Dubai Waste Firm Averda Said in Better World SPAC Merger Talks - Bloomberg
Dubai Waste Firm Averda Said in Better World SPAC Merger Talks - Bloomberg
Dubai-based provider of waste-disposal services Averda is in talks to go public through a merger with Better World Acquisition Corp., a blank-check firm, according to people with knowledge of the matter, in what would be a rare deal involving a U.S.-listed SPAC and a Middle Eastern company.
The transaction’s size couldn’t immediately be learned. A deal, if reached, could be announced in coming weeks, one of the people said.
Averda representatives and a Better World spokesperson declined to comment.
Led by Chief Executive Officer Malek Sukkar, Averda is one of the largest waste management firms in the Middle East and Africa. The privately owned business has in the past considered an intial public offering and sold a 33% stake to Bahrain-based private equity firm Growthgate Capital in 2008.
Dubai-based provider of waste-disposal services Averda is in talks to go public through a merger with Better World Acquisition Corp., a blank-check firm, according to people with knowledge of the matter, in what would be a rare deal involving a U.S.-listed SPAC and a Middle Eastern company.
The transaction’s size couldn’t immediately be learned. A deal, if reached, could be announced in coming weeks, one of the people said.
Averda representatives and a Better World spokesperson declined to comment.
Led by Chief Executive Officer Malek Sukkar, Averda is one of the largest waste management firms in the Middle East and Africa. The privately owned business has in the past considered an intial public offering and sold a 33% stake to Bahrain-based private equity firm Growthgate Capital in 2008.
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