Emirates may cancel Boeing 777X if delays extend beyond 2023 -report | Reuters
Dubai's Emirates could cancel an order for Boeing (BA.N) 777X passenger jets if the model's entry into service slips beyond the end of 2023, the airline's president was reported saying.
"Honestly, if it goes beyond 2023, and it goes on for another year, we probably cancel the program," Tim Clark told industry publication AirlineRatings.
"What else can we do? We can’t continue the way we are. Boeing really needs to get their act together and get this aircraft sorted."
Emirates is the world's largest international carrier, according to industry data, and largest user of wide-body jets.
"Don’t forget the aircraft was originally designed for delivery in April 2020; it’s now 2024 if we are lucky. You’ve now got a four-year delay with the programme. If they got another year on it, we are going to question if this is fit for purpose or not, what’s the problem with it?"
Friday 25 February 2022
Oil prices dip after soaring on Russia's invasion of Ukraine | Reuters
Oil prices dip after soaring on Russia's invasion of Ukraine | Reuters
Oil prices slipped Friday after sharp rises early in the session on concern over potential global supply disruptions from sanctions on major crude exporter Russia.
The April Brent crude futures contract was down $2.29, or 2.3%, to $96.79 a barrel by 1:15 p.m. EST (1815 GMT), after climbing as high as $101.99. The more active May contract shed $1.72, or 1.8%, to $93.70.
U.S. West Texas Intermediate (WTI) crude fell $1.81, or 2%, to $91.00 a barrel, after hitting a session high of $95.64.
For the week, Brent was set to rise about 3.5%, while WTI was on track to fall around 2.2%.
On Thursday, Russia's invasion of Ukraine boosted prices above $100 a barrel for the first time since 2014, with Brent touching $105, before paring gains by the close of trade.
Oil prices slipped Friday after sharp rises early in the session on concern over potential global supply disruptions from sanctions on major crude exporter Russia.
The April Brent crude futures contract was down $2.29, or 2.3%, to $96.79 a barrel by 1:15 p.m. EST (1815 GMT), after climbing as high as $101.99. The more active May contract shed $1.72, or 1.8%, to $93.70.
U.S. West Texas Intermediate (WTI) crude fell $1.81, or 2%, to $91.00 a barrel, after hitting a session high of $95.64.
For the week, Brent was set to rise about 3.5%, while WTI was on track to fall around 2.2%.
On Thursday, Russia's invasion of Ukraine boosted prices above $100 a barrel for the first time since 2014, with Brent touching $105, before paring gains by the close of trade.
VIDEO: #UAE's rough diamond trade hit $22.8bln in 2021 | ZAWYA MENA Edition
VIDEO: UAE's rough diamond trade hit $22.8bln in 2021 | ZAWYA MENA Edition
The UAE’s rough diamond trade reached $22.8 billion in 2021, making the country the world’s top rough diamond trade hub.
The country has increased its rough diamond trading by 76 percent since 2015, and the diamond industry as a whole grew by 83 percent from 2020 to 2021, according to Ahmed bin Sulayem, executive chairman and CEO of Dubai Multi Commodities Centre (DMCC).
Dubai is a key hub for the diamond trade, thanks to its connectivity and infrastructure, bin Sulayem said at the recent Dubai Diamond Conference.
“This major milestone clearly demonstrates the determination of both Dubai and DMCC in advancing the global industry,” he said.
“We will continue to work towards becoming the capital for polished diamonds as well.”
The country has increased its rough diamond trading by 76 percent since 2015, and the diamond industry as a whole grew by 83 percent from 2020 to 2021, according to Ahmed bin Sulayem, executive chairman and CEO of Dubai Multi Commodities Centre (DMCC).
Dubai is a key hub for the diamond trade, thanks to its connectivity and infrastructure, bin Sulayem said at the recent Dubai Diamond Conference.
“This major milestone clearly demonstrates the determination of both Dubai and DMCC in advancing the global industry,” he said.
“We will continue to work towards becoming the capital for polished diamonds as well.”
#AbuDhabi's ADIC and U.S. partner weigh sale of stake in OiLSERV - sources | Reuters
Abu Dhabi's ADIC and U.S. partner weigh sale of stake in OiLSERV - sources | Reuters
State-backed Abu Dhabi Investment Council (ADIC) and U.S. private equity firm Lime Rock Partners are weighing the sale of their stake in Dubai-based oilfield services firm OiLSERV, two sources familiar with the matter told Reuters.
ADIC, owned by state investor Mubadala Investment Company, and Lime Rock Partners are exploring options for their investment, said the sources, declining to be named as the matter is not public.
Discussions are at very early stages, and the parties are considering a sale or initial public offering (IPO), they said.
OiLSERV and Lime Rock Partners did not immediately respond to requests for comment. Mubadala declined to comment.
State-backed Abu Dhabi Investment Council (ADIC) and U.S. private equity firm Lime Rock Partners are weighing the sale of their stake in Dubai-based oilfield services firm OiLSERV, two sources familiar with the matter told Reuters.
ADIC, owned by state investor Mubadala Investment Company, and Lime Rock Partners are exploring options for their investment, said the sources, declining to be named as the matter is not public.
Discussions are at very early stages, and the parties are considering a sale or initial public offering (IPO), they said.
OiLSERV and Lime Rock Partners did not immediately respond to requests for comment. Mubadala declined to comment.
Oil prices take breather as Russia advances further on Ukraine | Reuters
Oil prices take breather as Russia advances further on Ukraine | Reuters
Oil prices slipped on Friday after sharp rises earlier in the session on concern over potential global supply disruptions from sanctions on major crude exporter Russia.
The April Brent crude futures contract was down $1.06, or 1.1%, at $98.02 a barrel at 1453 GMT, after climbing as high as $101.99. The more active May contract shed 64 cents, or 0.7%, to $94.78.
U.S. West Texas Intermediate (WTI) crude was down 31 cents, or 0.3%, to $92.50 a barrel, after hitting a session high of $95.64.
Russia's invasion of Ukraine on Thursday caused prices to surge above $100 a barrel for the first time since 2014, with Brent touching $105, before paring gains by the close of trade.
Oil prices slipped on Friday after sharp rises earlier in the session on concern over potential global supply disruptions from sanctions on major crude exporter Russia.
The April Brent crude futures contract was down $1.06, or 1.1%, at $98.02 a barrel at 1453 GMT, after climbing as high as $101.99. The more active May contract shed 64 cents, or 0.7%, to $94.78.
U.S. West Texas Intermediate (WTI) crude was down 31 cents, or 0.3%, to $92.50 a barrel, after hitting a session high of $95.64.
Russia's invasion of Ukraine on Thursday caused prices to surge above $100 a barrel for the first time since 2014, with Brent touching $105, before paring gains by the close of trade.
#UAE markets stabilise after tougher Western sanctions on Russia | Reuters
UAE markets stabilise after tougher Western sanctions on Russia | Reuters
Stock markets in the United Arab Emirates stabilised on Friday, tracking global equities higher, as investors worldwide welcomed coordinated Western sanctions against Russia that targeted the banks but left Moscow's energy sector largely untouched.
The Russian assault by land, sea and air was the biggest attack on a European state since World War Two, prompting tens of thousands of people to flee their homes as explosions and gunfire rocked major Ukrainian cities. read more
In Dubai, the main share index (.DFMGI) rose 1.2%, a day after the benchmark posted its biggest daily fall in a month.
Sharia-compliant lender Dubai Islamic Bank (DISB.DU) and blue-chip developer Emaar Properties (EMAR.DU) were up 2.7% and 1.6%, respectively.
Deyaar Development (DEYR.DU) jumped 4.2% after the company said board has approved the proposal to write off the accumulated losses through using legal reserve and capital reduction.
The Dubai stock market stabilised after Thursday's slump while investors cautiously assess the impact of the Ukraine conflict on the world economy. NATO is scheduled to hold a virtual meeting in Ukraine later in the day and any data released from that meeting could significantly affect the global market sentiment, said Farah Mourad, a senior market analyst with XTB MENA.
Abu Dhabi's index (.FTFADGI) added 0.4%, helped by a 0.6% jump in the shares of First Abu Dhabi Bank (FAB.AD), the country's largest lender.
The Abu Dhabi stock market was also supported by higher oil prices, which could bring large profits and counterbalance the risks posed by the conflict in Ukraine, added Mourad.
Both the indexes, however, lost 4% so far this week.
The Russian assault by land, sea and air was the biggest attack on a European state since World War Two, prompting tens of thousands of people to flee their homes as explosions and gunfire rocked major Ukrainian cities. read more
In Dubai, the main share index (.DFMGI) rose 1.2%, a day after the benchmark posted its biggest daily fall in a month.
Sharia-compliant lender Dubai Islamic Bank (DISB.DU) and blue-chip developer Emaar Properties (EMAR.DU) were up 2.7% and 1.6%, respectively.
Deyaar Development (DEYR.DU) jumped 4.2% after the company said board has approved the proposal to write off the accumulated losses through using legal reserve and capital reduction.
The Dubai stock market stabilised after Thursday's slump while investors cautiously assess the impact of the Ukraine conflict on the world economy. NATO is scheduled to hold a virtual meeting in Ukraine later in the day and any data released from that meeting could significantly affect the global market sentiment, said Farah Mourad, a senior market analyst with XTB MENA.
Abu Dhabi's index (.FTFADGI) added 0.4%, helped by a 0.6% jump in the shares of First Abu Dhabi Bank (FAB.AD), the country's largest lender.
The Abu Dhabi stock market was also supported by higher oil prices, which could bring large profits and counterbalance the risks posed by the conflict in Ukraine, added Mourad.
Both the indexes, however, lost 4% so far this week.
#SaudiArabia Eyes Bold Global Acquisitions for $82 Billion Bank - Bloomberg
Saudi Arabia Eyes Bold Global Acquisitions for $82 Billion Bank - Bloomberg
Saudi Arabia is working on an ambitious plan to give the kingdom’s biggest bank a global footprint through major overseas acquisitions, people with knowledge of the matter said.
The oil-rich country wants Saudi National Bank, the lender with a market value of $82 billion created through a merger more than a year ago, to boost its presence outside the kingdom, according to the people. The bank has been studying potential purchases of financial institutions in Europe and Asia, the people said, asking not to be identified because the information is private.
Saudi National Bank executives have been brainstorming about potential targets and aim to present the contours of a dealmaking strategy to the board in the next few months, the people said. The lender could make major acquisitions with backing from its largest shareholder, the Saudi sovereign wealth fund, according to the people.
Wall Street advisory firms, excited at the prospect of a deep-pocketed buyer hunting for cross-border deals, have already started pitching opportunities ranging from a takeover of Credit Suisse Group AG to a purchase of emerging markets-focused Standard Chartered Plc, the people said. DBS Group Holdings Ltd., Southeast Asia’s largest bank, and Swiss wealth manager Julius Baer Group Ltd. have also been mooted as possibilities, the people said.
Saudi Arabia is working on an ambitious plan to give the kingdom’s biggest bank a global footprint through major overseas acquisitions, people with knowledge of the matter said.
The oil-rich country wants Saudi National Bank, the lender with a market value of $82 billion created through a merger more than a year ago, to boost its presence outside the kingdom, according to the people. The bank has been studying potential purchases of financial institutions in Europe and Asia, the people said, asking not to be identified because the information is private.
Saudi National Bank executives have been brainstorming about potential targets and aim to present the contours of a dealmaking strategy to the board in the next few months, the people said. The lender could make major acquisitions with backing from its largest shareholder, the Saudi sovereign wealth fund, according to the people.
Wall Street advisory firms, excited at the prospect of a deep-pocketed buyer hunting for cross-border deals, have already started pitching opportunities ranging from a takeover of Credit Suisse Group AG to a purchase of emerging markets-focused Standard Chartered Plc, the people said. DBS Group Holdings Ltd., Southeast Asia’s largest bank, and Swiss wealth manager Julius Baer Group Ltd. have also been mooted as possibilities, the people said.
#Dubai's Deyaar to write off losses via capital reduction | ZAWYA MENA Edition
Dubai's Deyaar to write off losses via capital reduction | ZAWYA MENA Edition
Dubai-based real estate company Deyaar Development announced on Friday that its board of directors has approved a proposal to write off its accumulated losses by using the company’s legal reserve and through a capital reduction.
The proposal will be presented to the shareholders at the next general assembly meeting after obtaining the necessary regulatory approvals, the developer said in a statement to the Dubai Financial Market (DMF), where its shares trade.
The stock jumped 2.6 percent to 0.46 dirhams shortly after opening on Friday.
While the developer swung to a net profit of 50.8 million dirhams ($13.8 million) for 2021, its accumulated losses as of December 31 came to 1.70 billion dirhams, it said earlier this month. The company’s accumulated losses reached 1.75 billion dirhams in in 2020.
Dubai-based real estate company Deyaar Development announced on Friday that its board of directors has approved a proposal to write off its accumulated losses by using the company’s legal reserve and through a capital reduction.
The proposal will be presented to the shareholders at the next general assembly meeting after obtaining the necessary regulatory approvals, the developer said in a statement to the Dubai Financial Market (DMF), where its shares trade.
The stock jumped 2.6 percent to 0.46 dirhams shortly after opening on Friday.
While the developer swung to a net profit of 50.8 million dirhams ($13.8 million) for 2021, its accumulated losses as of December 31 came to 1.70 billion dirhams, it said earlier this month. The company’s accumulated losses reached 1.75 billion dirhams in in 2020.
#UAE Etisalat Group's 2021 net profit up 3.2% to $2.5bln | ZAWYA MENA Edition
UAE Etisalat Group's 2021 net profit up 3.2% to $2.5bln | ZAWYA MENA Edition
UAE telecom firm Etisalat Group, now known as e&, saw its net profit jump by 3.2 percent in 2021, driven by higher revenues and a growing subscriber base.
Total net profit for the year reached 9.3 billion dirhams ($2.5 billion), compared to 9 billion dirhams in the previous year.
Revenue for the same period grew 3.2 percent to 53.3 billion dirhams, while earnings per share went up from 1.04 dirhams to 1.07 dirhams, the company said in a statement.
During 2021, Etisalat's UAE subscriber base reached 12.7 million, while aggregate subscriber base touched 159 million, representing a year-over-year increase of 3 percent.
UAE telecom firm Etisalat Group, now known as e&, saw its net profit jump by 3.2 percent in 2021, driven by higher revenues and a growing subscriber base.
Total net profit for the year reached 9.3 billion dirhams ($2.5 billion), compared to 9 billion dirhams in the previous year.
Revenue for the same period grew 3.2 percent to 53.3 billion dirhams, while earnings per share went up from 1.04 dirhams to 1.07 dirhams, the company said in a statement.
During 2021, Etisalat's UAE subscriber base reached 12.7 million, while aggregate subscriber base touched 159 million, representing a year-over-year increase of 3 percent.
Goldman 1MDB Deal Was Missing #AbuDhabi Energy Chief Who Took Bribes, Leissner Says - Bloomberg
Goldman 1MDB Deal Was Missing Abu Dhabi Energy Chief Who Took Bribes, Leissner Says - Bloomberg
Just as Goldman Sachs Group Inc. bankers were set to close their first 1MDB bond deal in May 2012, there was a hitch: They were missing a crucial signature.
Khadem al-Qubaisi, who was head of Abu Dhabi’s state-owned energy company -- and had been paid off to guarantee the $1.75 billion transaction, according to the star witness in an ongoing 1MDB bribery trial -- couldn’t be found. Without his sign-off, the deal would collapse.
“They were in a state of panic to get that guarantee completed,” Goldman’s former Southeast Asia chairman Tim Leissner told a jury Thursday at the trial of his onetime colleague Roger Ng.
Leissner is the U.S. government’s key witness against Ng, who is accused of conspiring with Leissner and Malaysian financier Jho Low to divert hundreds of millions of dollars from the deals for Malaysia’s wealth fund, 1Malaysia Development Bhd., through kickbacks and bribes to Malaysian and Abu Dhabi officials. The deals totaled $6.5 billion.
Just as Goldman Sachs Group Inc. bankers were set to close their first 1MDB bond deal in May 2012, there was a hitch: They were missing a crucial signature.
Khadem al-Qubaisi, who was head of Abu Dhabi’s state-owned energy company -- and had been paid off to guarantee the $1.75 billion transaction, according to the star witness in an ongoing 1MDB bribery trial -- couldn’t be found. Without his sign-off, the deal would collapse.
“They were in a state of panic to get that guarantee completed,” Goldman’s former Southeast Asia chairman Tim Leissner told a jury Thursday at the trial of his onetime colleague Roger Ng.
Leissner is the U.S. government’s key witness against Ng, who is accused of conspiring with Leissner and Malaysian financier Jho Low to divert hundreds of millions of dollars from the deals for Malaysia’s wealth fund, 1Malaysia Development Bhd., through kickbacks and bribes to Malaysian and Abu Dhabi officials. The deals totaled $6.5 billion.
Goldman Ex-Banker Leissner Says Sheikh Mansour Needed $100 Million in 1MDB Trial - Bloomberg
Goldman Ex-Banker Leissner Says Sheikh Mansour Needed $100 Million in 1MDB Trial - Bloomberg
One hundred million dollars -- that was the cost of doing business in the multibillion-dollar 1MDB scam, former Goldman Sachs Group Inc. banker Tim Leissner testified.
Leissner, 52, the U.S. government’s star witness in its case against ex-Goldman banker Roger Ng, provided a description of the payment system Wednesday for a jury in Brooklyn, New York. Leissner told of a meeting at which Jho Low, the alleged architect of the massive fraud, spelled out who he said needed to be paid off for approval to raise and spend billions of dollars for Malaysia’s wealth fund, 1Malaysia Development Bhd.
On the list were officials from Malaysia and Abu Dhabi, Leissner testified, including Malaysia’s then-prime minister, Najib Razak, and Sheikh Mansour bin Zayed Al Nahyan, the deputy prime minister of the United Arab Emirates.
Low “said the sheikh would not get out of bed for less than $100 million,” Leissner told the jury.
One hundred million dollars -- that was the cost of doing business in the multibillion-dollar 1MDB scam, former Goldman Sachs Group Inc. banker Tim Leissner testified.
Leissner, 52, the U.S. government’s star witness in its case against ex-Goldman banker Roger Ng, provided a description of the payment system Wednesday for a jury in Brooklyn, New York. Leissner told of a meeting at which Jho Low, the alleged architect of the massive fraud, spelled out who he said needed to be paid off for approval to raise and spend billions of dollars for Malaysia’s wealth fund, 1Malaysia Development Bhd.
On the list were officials from Malaysia and Abu Dhabi, Leissner testified, including Malaysia’s then-prime minister, Najib Razak, and Sheikh Mansour bin Zayed Al Nahyan, the deputy prime minister of the United Arab Emirates.
Low “said the sheikh would not get out of bed for less than $100 million,” Leissner told the jury.
Surging Oil Is Budget Boon for the Middle East’s Exporters - Bloomberg
Surging Oil Is Budget Boon for the Middle East’s Exporters - Bloomberg
Oil’s surge has pushed crude above the break-even level for almost all the Middle East’s producers, raising the prospect of significant budget surpluses for even the weakest economies if prices remain high.
Russia’s invasion of Ukraine lifted crude prices over $105 a barrel for the first time since 2014, extending gains earlier propelled by economies around the world reopening after coronavirus lockdowns.
The fighting in Europe means OPEC member states like Saudi Arabia and the United Arab Emirates are set for an even bigger windfall, and there’s a chance that even Bahrain, the region’s smallest economy, could record a balanced budget for the first time since 2008 -- if crude remains elevated.
Brent jumped by more than 9% in the hours after President Vladimir Putin ordered Russian forces to strike Ukraine. The International Monetary Fund estimates prices at that level would ensure all the main oil producers in the Middle East, except Bahrain, record a budget surplus.
Saudi Arabia, which needs oil at about $72 a barrel to balance the books, already said it expects to record a surplus this year. For the UAE, that figure is about $67 a barrel. Bahrain needs prices in excess of $106 a barrel.
Russia’s invasion of Ukraine lifted crude prices over $105 a barrel for the first time since 2014, extending gains earlier propelled by economies around the world reopening after coronavirus lockdowns.
The fighting in Europe means OPEC member states like Saudi Arabia and the United Arab Emirates are set for an even bigger windfall, and there’s a chance that even Bahrain, the region’s smallest economy, could record a balanced budget for the first time since 2008 -- if crude remains elevated.
Brent jumped by more than 9% in the hours after President Vladimir Putin ordered Russian forces to strike Ukraine. The International Monetary Fund estimates prices at that level would ensure all the main oil producers in the Middle East, except Bahrain, record a budget surplus.
Saudi Arabia, which needs oil at about $72 a barrel to balance the books, already said it expects to record a surplus this year. For the UAE, that figure is about $67 a barrel. Bahrain needs prices in excess of $106 a barrel.
Oil prices surge as Russian invasion of Ukraine rings supply alarm bells | Reuters
Oil prices surge as Russian invasion of Ukraine rings supply alarm bells | Reuters
Oil prices jumped on Friday by nearly 3% on concerns of global supply disruptions from the impact of trade sanctions on major crude and fuel exporter Russia after it invaded Ukraine.
Global benchmark Brent crude rose $2.81, or 2.8%, to $101.89 a barrel at 0738 GMT on Friday, after climbing to as high as $101.99.
U.S. West Texas Intermediate (WTI) crude touched a high of $95.64 a barrel, and was last up $2.37, or 2.6%, at $95.18.
The start of the invasion in Ukraine on Thursday caused prices to surge above $100 a barrel for the first time since 2014, with Brent touching $105, before paring gains by the close of trade.
Oil prices jumped on Friday by nearly 3% on concerns of global supply disruptions from the impact of trade sanctions on major crude and fuel exporter Russia after it invaded Ukraine.
Global benchmark Brent crude rose $2.81, or 2.8%, to $101.89 a barrel at 0738 GMT on Friday, after climbing to as high as $101.99.
U.S. West Texas Intermediate (WTI) crude touched a high of $95.64 a barrel, and was last up $2.37, or 2.6%, at $95.18.
The start of the invasion in Ukraine on Thursday caused prices to surge above $100 a barrel for the first time since 2014, with Brent touching $105, before paring gains by the close of trade.