Oil records worst day since pandemic as UAE calls for output hike | Reuters
Global oil prices on Wednesday posted their biggest plunge since the early pandemic days nearly two years ago, after the United Arab Emirates said the OPEC member would support increasing output into a market in disarray because of supply disruptions caused by sanctions imposed on Russia after it invaded Ukraine.
Brent crude futures fell more than 17% during the session before settling down $16.84, or 13.2%, at $111.14 a barrel, their worst one-day decline since April 21, 2020. U.S. crude futures ended $15.44, or 12.5%, lower at $108.70, their worst day since November.
"We favor production increases and will be encouraging OPEC to consider higher production levels," Ambassador Yousuf Al Otaiba said in a statement tweeted by the UAE Embassy in Washington. read more
"That's not nothing. They can probably bring about 800,000 barrels to the market very quickly, even immediately, bringing us one-seventh of the way there in replacing Russian supply," said Bob Yawger, director of energy futures at Mizuho.
Wednesday 9 March 2022
Binance Said to Be in Talks for License to Operate in #Dubai - Bloomberg
Binance Said to Be in Talks for License to Operate in Dubai - Bloomberg
Binance Holdings Ltd. is in talks over a license to operate in Dubai, further bolstering its presence in the Middle East, a person familiar with matter said.
The firm is in discussions with Dubai World Trade Centre free zone for a virtual asset service provider license, the person said, declining to be identified as the matter is private.
Binance, the world’s largest cryptocurrency exchange by trading volume, has already received in-principle approval from Bahrain’s central bank to be a crypto-asset service provider in the kingdom.
For Dubai, the move is part of efforts to attract some of the world’s biggest crypto companies. The United Arab Emirates, of which Dubai is a part, is poised to issue federal licenses for virtual asset service providers by the end of the first quarter, Bloomberg reported last month, and Binance Chief Executive Officer Changpeng “CZ” Zhao has become a fixture in the country’s crypto scene.
Binance Holdings Ltd. is in talks over a license to operate in Dubai, further bolstering its presence in the Middle East, a person familiar with matter said.
The firm is in discussions with Dubai World Trade Centre free zone for a virtual asset service provider license, the person said, declining to be identified as the matter is private.
Binance, the world’s largest cryptocurrency exchange by trading volume, has already received in-principle approval from Bahrain’s central bank to be a crypto-asset service provider in the kingdom.
For Dubai, the move is part of efforts to attract some of the world’s biggest crypto companies. The United Arab Emirates, of which Dubai is a part, is poised to issue federal licenses for virtual asset service providers by the end of the first quarter, Bloomberg reported last month, and Binance Chief Executive Officer Changpeng “CZ” Zhao has become a fixture in the country’s crypto scene.
Oil plunges as much as 17% as #UAE says support output hike | Reuters
Oil plunges as much as 17% as UAE says support output hike | Reuters
Oil prices plunged over 17% on Wednesday after the United Arab Emirates said the OPEC member would support boosting supply into a market in disarray because of supply disruptions caused by sanctions imposed on Russia after it invaded Ukraine.
Brent crude fell more than 17%, or $22, during a sharp selloff before recovering some of it to trade down $17.16, or 13.4%, at $110.82 a barrel at 2:02 p.m. ET (1902 GMT). U.S. crude was down $15.44, or 12.5%, at $108.26.
"We favor production increases and will be encouraging OPEC to consider higher production levels," Ambassador Yousuf Al Otaiba said in a statement tweeted by the UAE Embassy in Washington. read more
"That's not nothing. They can probably bring about 800,000 barrels to the market very quickly, even immediately, bringing us one-seventh of the way there in replacing Russian supply," said Bob Yawner, director of energy futures at Mizuho.
Oil prices plunged over 17% on Wednesday after the United Arab Emirates said the OPEC member would support boosting supply into a market in disarray because of supply disruptions caused by sanctions imposed on Russia after it invaded Ukraine.
Brent crude fell more than 17%, or $22, during a sharp selloff before recovering some of it to trade down $17.16, or 13.4%, at $110.82 a barrel at 2:02 p.m. ET (1902 GMT). U.S. crude was down $15.44, or 12.5%, at $108.26.
"We favor production increases and will be encouraging OPEC to consider higher production levels," Ambassador Yousuf Al Otaiba said in a statement tweeted by the UAE Embassy in Washington. read more
"That's not nothing. They can probably bring about 800,000 barrels to the market very quickly, even immediately, bringing us one-seventh of the way there in replacing Russian supply," said Bob Yawner, director of energy futures at Mizuho.
OPEC+ Member #UAE Says Group Should Boost Oil Output Faster - Bloomberg
OPEC+ Member UAE Says Group Should Boost Oil Output Faster - Bloomberg
The United Arab Emirates said it will call on its fellow OPEC+ members to boost oil output faster, a dramatic U-turn that could set the country against fellow members of the alliance led by Saudi Arabia and Russia.
“We favor production increases and will be encouraging OPEC to consider higher production levels,” Yousef al-Otaiba, the UAE’s ambassador to Washington, said in a statement on Wednesday, which was first reported by the Financial Times.
The UAE didn’t consult with other OPEC+ members before making the comments, according to a person familiar with the matter. And in the first sign that the proposal will meet resistance, Iraq’s oil minister said the group was already pumping enough.
Saudi Arabia’s energy ministry had no immediate response. But the statement looks likely to revive tensions between the two Gulf states, traditional allies that nevertheless fell into a bitter dispute last year.
The United Arab Emirates said it will call on its fellow OPEC+ members to boost oil output faster, a dramatic U-turn that could set the country against fellow members of the alliance led by Saudi Arabia and Russia.
“We favor production increases and will be encouraging OPEC to consider higher production levels,” Yousef al-Otaiba, the UAE’s ambassador to Washington, said in a statement on Wednesday, which was first reported by the Financial Times.
The UAE didn’t consult with other OPEC+ members before making the comments, according to a person familiar with the matter. And in the first sign that the proposal will meet resistance, Iraq’s oil minister said the group was already pumping enough.
Saudi Arabia’s energy ministry had no immediate response. But the statement looks likely to revive tensions between the two Gulf states, traditional allies that nevertheless fell into a bitter dispute last year.
#Dubai adopts first virtual asset law, establishes regulator | Reuters
Dubai adopts first virtual asset law, establishes regulator | Reuters
The emirate of Dubai has adopted its first law governing virtual assets and established a regulator to oversee the sector, its ruler Sheikh Mohammed Bin Rashid said on Wednesday.
The United Arab Emirates, a federation of seven emirates and the region's financial capital, has been pushing to develop virtual asset regulation to attract new forms of business as regional economic competition heats up.
Virtual assets generally encompass products including crypto currencies and NFTs, but the announcement did not specify which assets would come under the new law.
The Dubai Virtual Asset Regulation Law aims to position Dubai and the UAE as a regional and global destination for the virtual assets sector, Sheikh Mohammed said in a statement carried by state media.
The emirate of Dubai has adopted its first law governing virtual assets and established a regulator to oversee the sector, its ruler Sheikh Mohammed Bin Rashid said on Wednesday.
The United Arab Emirates, a federation of seven emirates and the region's financial capital, has been pushing to develop virtual asset regulation to attract new forms of business as regional economic competition heats up.
Virtual assets generally encompass products including crypto currencies and NFTs, but the announcement did not specify which assets would come under the new law.
The Dubai Virtual Asset Regulation Law aims to position Dubai and the UAE as a regional and global destination for the virtual assets sector, Sheikh Mohammed said in a statement carried by state media.
Oil falls 5% on speculation U.S. Russia oil ban won't add to supply shock | Reuters
Oil falls 5% on speculation U.S. Russia oil ban won't add to supply shock | Reuters
Oil fell over 5% to around $121 a barrel on Wednesday as some investors took the view that the U.S. ban on Russian oil may not worsen a supply shock and the head of the International Energy Agency said the agency could further tap oil stocks.
U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil. read more Talk that Ukraine was no longer seeking NATO membership after some news reports this week on the issue also weighed on prices, traders said. read more
"Maybe this is playing its part," said Tamas Varga of oil broker PVM of the Ukraine NATO membership issue.
"The realization that the U.S. import ban might not materially make the current supply shock worse than it has been might have also triggered this bout of profit-taking," he added.
Brent crude was down $6.96, or 5.4%, at $121.02 a barrel at 1430 GMT, after earlier falling to as low as $120.04. U.S. West Texas Intermediate (WTI) fell $6.56, or 5.3%, to $117.14.
Oil fell over 5% to around $121 a barrel on Wednesday as some investors took the view that the U.S. ban on Russian oil may not worsen a supply shock and the head of the International Energy Agency said the agency could further tap oil stocks.
U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil. read more Talk that Ukraine was no longer seeking NATO membership after some news reports this week on the issue also weighed on prices, traders said. read more
"Maybe this is playing its part," said Tamas Varga of oil broker PVM of the Ukraine NATO membership issue.
"The realization that the U.S. import ban might not materially make the current supply shock worse than it has been might have also triggered this bout of profit-taking," he added.
Brent crude was down $6.96, or 5.4%, at $121.02 a barrel at 1430 GMT, after earlier falling to as low as $120.04. U.S. West Texas Intermediate (WTI) fell $6.56, or 5.3%, to $117.14.
Planes Leased to Russia Airlines Now Out of Reach Of Owners - Bloomberg
Planes Leased to Russia Airlines Now Out of Reach Of Owners - Bloomberg
Aircraft owners are coming to grips with the loss of hundreds of Airbus SE and Boeing Co. jets that Russian carriers have effectively shielded from seizure behind a new incarnation of the Iron Curtain.
With the window just about closed, foreign leasing firms have succeeded in repossessing only about two dozen of the more than 500 aircraft rented to Russian carriers, according to Dean Gerber, general counsel for Valkyrie BTO Aviation. The planes in limbo have a market value of about $10.3 billion, aviation analytics firm Ishka estimates.
Technically, lessors have until March 28 to retrieve the planes under European Union sanctions. But state-owned Aeroflot PJSC and other Russian airlines have already gathered the vast bulk of them back inside the country, out of reach of their owners. The government aided the effort by instructing carriers to stop flying internationally and return the jets to Russia by Tuesday.
“The number one fear right now is that these aeroplanes are gone forever,” said Steve Giordano, managing director of Dover, Delaware-based Nomadic Aviation Group, one of a handful of firms specializing in aircraft repossessions.
Aircraft owners are coming to grips with the loss of hundreds of Airbus SE and Boeing Co. jets that Russian carriers have effectively shielded from seizure behind a new incarnation of the Iron Curtain.
With the window just about closed, foreign leasing firms have succeeded in repossessing only about two dozen of the more than 500 aircraft rented to Russian carriers, according to Dean Gerber, general counsel for Valkyrie BTO Aviation. The planes in limbo have a market value of about $10.3 billion, aviation analytics firm Ishka estimates.
Technically, lessors have until March 28 to retrieve the planes under European Union sanctions. But state-owned Aeroflot PJSC and other Russian airlines have already gathered the vast bulk of them back inside the country, out of reach of their owners. The government aided the effort by instructing carriers to stop flying internationally and return the jets to Russia by Tuesday.
“The number one fear right now is that these aeroplanes are gone forever,” said Steve Giordano, managing director of Dover, Delaware-based Nomadic Aviation Group, one of a handful of firms specializing in aircraft repossessions.
Uber’s Careem Seeks $500 Million From #AbuDhabi and #Saudi Funds - Bloomberg
Uber’s Careem Seeks $500 Million From Abu Dhabi and Saudi Funds - Bloomberg
Uber Technologies Inc.’s Middle Eastern subsidiary is looking to raise as much as $500 million from investors including regional sovereign wealth funds to help bankroll an expansion into services beyond ride-hailing, people familiar with the matter said.
Dubai-based Careem has held talks with Saudi Arabia’s Public Investment Fund and Abu Dhabi’s ADQ to raise the funds, the people said, asking not to be named because the information is private. Bank of America Corp. is advising on the transaction, they said.
Talks are at an early stage, so the final amount might still change and more funds might join, the people said. Careem, Uber and Bank of America declined to comment, while ADQ and PIF weren’t immediately available to comment.
Careem was acquired by Uber for $3.1 billion in a landmark deal for the regional startup sector in 2019. Despite Uber’s full ownership and a degree of cooperation, both companies operate relatively independently.
Uber Technologies Inc.’s Middle Eastern subsidiary is looking to raise as much as $500 million from investors including regional sovereign wealth funds to help bankroll an expansion into services beyond ride-hailing, people familiar with the matter said.
Dubai-based Careem has held talks with Saudi Arabia’s Public Investment Fund and Abu Dhabi’s ADQ to raise the funds, the people said, asking not to be named because the information is private. Bank of America Corp. is advising on the transaction, they said.
Talks are at an early stage, so the final amount might still change and more funds might join, the people said. Careem, Uber and Bank of America declined to comment, while ADQ and PIF weren’t immediately available to comment.
Careem was acquired by Uber for $3.1 billion in a landmark deal for the regional startup sector in 2019. Despite Uber’s full ownership and a degree of cooperation, both companies operate relatively independently.
Gulf markets end lower, #AbuDhabi sees worst day in nearly 3 months | Reuters
Gulf markets end lower, Abu Dhabi sees worst day in nearly 3 months | Reuters
Markets in the Middle East fell on Wednesday, with the Abu Dhabi index losing more than 2% even as a U.S. ban on Russian oil imports sent crude towards $130 a barrel.
Abu Dhabi's main index (.FTFADGI) fell 2.2% in its biggest daily percentage loss since Dec. 20.
"While the strong oil prices provide some support, it raises concerns that it could erode demand," Daniel Takieddine, CEO MENA at BDSwiss, said on the Abu Dhabi index fall.
Abu Dhabi National Energy Company (TAQA.AD) said it would buy energy generation assets in the UAE to expand its clean energy development, sending its shares 2.4% higher.
Saudi Arabia's benchmark share index (.TASI) ended down 0.9%, with oil giant Saudi Aramco (2222.SE) closing 2.9% lower.
Dubai's main stock index (.DFMGI) reversed initial gains to end down 0.8%, its fourth consecutive session of losses.
Financial stocks weighed on sentiment, with Emirates NBD Bank (ENBD.DU) down 2.7%.
The Qatari index (.QSI) closed 0.4% lower.
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended up 0.2% after three straight sessions of falls.
Markets in the Middle East fell on Wednesday, with the Abu Dhabi index losing more than 2% even as a U.S. ban on Russian oil imports sent crude towards $130 a barrel.
Abu Dhabi's main index (.FTFADGI) fell 2.2% in its biggest daily percentage loss since Dec. 20.
"While the strong oil prices provide some support, it raises concerns that it could erode demand," Daniel Takieddine, CEO MENA at BDSwiss, said on the Abu Dhabi index fall.
Abu Dhabi National Energy Company (TAQA.AD) said it would buy energy generation assets in the UAE to expand its clean energy development, sending its shares 2.4% higher.
Saudi Arabia's benchmark share index (.TASI) ended down 0.9%, with oil giant Saudi Aramco (2222.SE) closing 2.9% lower.
Dubai's main stock index (.DFMGI) reversed initial gains to end down 0.8%, its fourth consecutive session of losses.
Financial stocks weighed on sentiment, with Emirates NBD Bank (ENBD.DU) down 2.7%.
The Qatari index (.QSI) closed 0.4% lower.
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended up 0.2% after three straight sessions of falls.
Oil falls towards $125 as investors weigh U.S. import ban | Reuters
Oil falls towards $125 as investors weigh U.S. import ban | Reuters
Oil slipped towards $125 a barrel in volatile trading on Wednesday as investors assessed the U.S. ban of Russian oil imports and Russia announced a new ceasefire in Ukraine on Wednesday to let civilians flee.
A view that the U.S. ban of Russian oil imports may not worsen shortages kept a lid on prices, traders said, as did talk that Ukraine was no longer seeking NATO membership after some news reports this week on the issue. read more
"Maybe this is playing its part," said Tamas Varga of oil broker PVM said of the Ukraine NATO membership issue.
"The realization that the U.S. import ban might not materially make the current supply shock worse than it has been might have also triggered this bout of profit-taking," he added.
Brent crude fell $2.27, or 1.8%, to $125.71 a barrel at 1105 GMT, after earlier rising above $131. U.S. West Texas Intermediate (WTI) fell $3.19, or 2.6%, to $120.51.
Oil slipped towards $125 a barrel in volatile trading on Wednesday as investors assessed the U.S. ban of Russian oil imports and Russia announced a new ceasefire in Ukraine on Wednesday to let civilians flee.
A view that the U.S. ban of Russian oil imports may not worsen shortages kept a lid on prices, traders said, as did talk that Ukraine was no longer seeking NATO membership after some news reports this week on the issue. read more
"Maybe this is playing its part," said Tamas Varga of oil broker PVM said of the Ukraine NATO membership issue.
"The realization that the U.S. import ban might not materially make the current supply shock worse than it has been might have also triggered this bout of profit-taking," he added.
Brent crude fell $2.27, or 1.8%, to $125.71 a barrel at 1105 GMT, after earlier rising above $131. U.S. West Texas Intermediate (WTI) fell $3.19, or 2.6%, to $120.51.
Fitch Downgrades #Russia to 'C'
Fitch Downgrades Russia to 'C'
Fitch Ratings - N/A - 08 Mar 2022: Fitch Ratings has downgraded Russia's Long-Term Foreign Currency Issuer Default Rating (IDR) to 'C' from 'B'.
Fitch typically does not assign Outlooks or apply modifiers for sovereigns with a rating of 'CCC' or below.
A full list of rating actions is at the end of this rating action commentary.
Fitch Ratings - N/A - 08 Mar 2022: Fitch Ratings has downgraded Russia's Long-Term Foreign Currency Issuer Default Rating (IDR) to 'C' from 'B'.
Fitch typically does not assign Outlooks or apply modifiers for sovereigns with a rating of 'CCC' or below.
A full list of rating actions is at the end of this rating action commentary.
Dubal Holding reports Dh2.7 billion net profit for 2021 | Markets – Gulf News
Dubal Holding reports Dh2.7 billion net profit for 2021 | Markets – Gulf News
Dubal Holding (DH), the investment arm of Dubai Government in the commodities and mining, power and energy, and industrial sectors, has announced record high net profit of Dh2.7 billion for 2021.
A combination of good operational performance and record profits made by DH’s 50 per cent subsidiary – Emirates Global Aluminium (EGA) due to soaring global prices of aluminium, made 2021 an exceptional year for DH.
“This [Aluminium] sector witnesses today a strong demand and is powering new emerging industries, and assuming a bigger role in sustainable development. This strategic direction contributes to enhancing the competitiveness of the UAE in the global aluminum markets in the future,” Saeed Mohammed Al Tayer, chairman of DH.
DH is currently implementing Dubai Waste Management Centre at Warsan – one of the world’s largest Waste-to-Energy plants – which will treat about 1.9 million tonnes of solid municipal waste per year and provide electricity to around 100,000 households. The landmark project, which is a joint venture with multiple partners, is on track for completion by mid-2024.
Dubal Holding (DH), the investment arm of Dubai Government in the commodities and mining, power and energy, and industrial sectors, has announced record high net profit of Dh2.7 billion for 2021.
A combination of good operational performance and record profits made by DH’s 50 per cent subsidiary – Emirates Global Aluminium (EGA) due to soaring global prices of aluminium, made 2021 an exceptional year for DH.
“This [Aluminium] sector witnesses today a strong demand and is powering new emerging industries, and assuming a bigger role in sustainable development. This strategic direction contributes to enhancing the competitiveness of the UAE in the global aluminum markets in the future,” Saeed Mohammed Al Tayer, chairman of DH.
DH is currently implementing Dubai Waste Management Centre at Warsan – one of the world’s largest Waste-to-Energy plants – which will treat about 1.9 million tonnes of solid municipal waste per year and provide electricity to around 100,000 households. The landmark project, which is a joint venture with multiple partners, is on track for completion by mid-2024.
#Dubai's non-oil economy shakes off Omicron jitters to rise sharply in February
Dubai's non-oil economy shakes off Omicron jitters to rise sharply in February
Business conditions in Dubai's non-oil private sector economy improved sharply in February, shaking off Omicron jitters, as new orders rose and the travel and tourism sector continued to benefit from Expo 2020.
The emirate's seasonally adjusted IHS Markit Purchasing Managers' Index climbed to 54.1 in February after easing to a four-month low of 52.6 in January. A reading above the neutral 50 level indicates economic expansion, while one below points to a contraction.
Non-oil businesses attributed the significant rise in new orders to an upturn in client demand and a recovery in economic conditions after the Omicron wave slowed the pace of demand growth at the start of the year.
The rate of new order growth in February was one of the strongest seen since the start of the pandemic, beaten only by levels seen in the last quarter of 2021.
Business conditions in Dubai's non-oil private sector economy improved sharply in February, shaking off Omicron jitters, as new orders rose and the travel and tourism sector continued to benefit from Expo 2020.
The emirate's seasonally adjusted IHS Markit Purchasing Managers' Index climbed to 54.1 in February after easing to a four-month low of 52.6 in January. A reading above the neutral 50 level indicates economic expansion, while one below points to a contraction.
Non-oil businesses attributed the significant rise in new orders to an upturn in client demand and a recovery in economic conditions after the Omicron wave slowed the pace of demand growth at the start of the year.
The rate of new order growth in February was one of the strongest seen since the start of the pandemic, beaten only by levels seen in the last quarter of 2021.
#Saudi chemicals maker Petro Rabigh turns into $554mln profit in 2021
Saudi chemicals maker Petro Rabigh turns into $554mln profit in 2021
Saudi chemicals maker Rabigh Refining and Petrochemical Co. turned into a profit of SR2.08 billion ($554 million) in 2021 on the back of better market conditions.
The firm, better known as Petro Rabigh, managed to erase losses of SR3.78 billion from a year earlier, it said in a filing to the Saudi stock exchange.
Revenues almost doubled to SR45.6 billion during the year, compared to SR21.9 billion in 2020.
The improved results were achieved “due to the fact that the current period has witnessed improved margins on refined and petrochemical products,” the company noted.
Saudi chemicals maker Rabigh Refining and Petrochemical Co. turned into a profit of SR2.08 billion ($554 million) in 2021 on the back of better market conditions.
The firm, better known as Petro Rabigh, managed to erase losses of SR3.78 billion from a year earlier, it said in a filing to the Saudi stock exchange.
Revenues almost doubled to SR45.6 billion during the year, compared to SR21.9 billion in 2020.
The improved results were achieved “due to the fact that the current period has witnessed improved margins on refined and petrochemical products,” the company noted.
#Saudi retailer Jarir Bookstore pays out $240mln dividends for 2021
Saudi retailer Jarir Bookstore pays out $240mln dividends for 2021
Saudi retail giant Jarir Marketing Co. will distribute dividends of SR900 million ($240 million) in 2021, or SR7.5 per share.
The company has maintained a steady dividend payout throughout the years, having distributed SR7.85 a year earlier.
Known as Jarir Bookstore, the firm will pay out SR234 million for the fourth quarter alone, or SR1.95 per share.
Saudi retail giant Jarir Marketing Co. will distribute dividends of SR900 million ($240 million) in 2021, or SR7.5 per share.
The company has maintained a steady dividend payout throughout the years, having distributed SR7.85 a year earlier.
Known as Jarir Bookstore, the firm will pay out SR234 million for the fourth quarter alone, or SR1.95 per share.
#AbuDhabi TAQA, Dubal Holding to acquire Emirates Global’s power assets
Abu Dhabi TAQA, Dubal Holding to acquire Emirates Global’s power assets
Abu Dhabi National Energy Company PJSC (TAQA) and Dubal Holding plan to acquire Emirates Global Aluminium's (EGA) power generation assets in the UAE as part of plans to expand clean energy development.
TAQA and Dubal Holding, the investment vehicle for energy and commodities, will hold 50 percent share each of EGA's power assets, the Abu Dhabi listed energy company said in a bourse filing on Wednesday.
No terms of the acquisitions were disclosed.
The power generated from the assets would be supplied to the grid under a long-term power purchase agreement with despatch of the assets through EWEC’s load despatch centre.
Abu Dhabi National Energy Company PJSC (TAQA) and Dubal Holding plan to acquire Emirates Global Aluminium's (EGA) power generation assets in the UAE as part of plans to expand clean energy development.
TAQA and Dubal Holding, the investment vehicle for energy and commodities, will hold 50 percent share each of EGA's power assets, the Abu Dhabi listed energy company said in a bourse filing on Wednesday.
No terms of the acquisitions were disclosed.
The power generated from the assets would be supplied to the grid under a long-term power purchase agreement with despatch of the assets through EWEC’s load despatch centre.
Bank Leumi to pay large dividend as profit jumps | Reuters
Bank Leumi to pay large dividend as profit jumps | Reuters
Bank Leumi (LUMI.TA), one of Israel's two largest lenders, reported a jump in fourth-quarter profit on Wednesday and said it would pay a sizable dividend.
Net profit in the period reached 1.47 billion shekels ($446 million), compared with 890 million in the same period last year, the bank said.
The bank's board approved paying a dividend of 588 million shekels, representing 40% of quarterly profit.
Leumi's main rival, Bank Hapoalim (POLI.TA), reported on Tuesday a rise in fourth-quarter profit but held off on paying dividends for the quarter, sending its shares lower. read more
Bank Leumi (LUMI.TA), one of Israel's two largest lenders, reported a jump in fourth-quarter profit on Wednesday and said it would pay a sizable dividend.
Net profit in the period reached 1.47 billion shekels ($446 million), compared with 890 million in the same period last year, the bank said.
The bank's board approved paying a dividend of 588 million shekels, representing 40% of quarterly profit.
Leumi's main rival, Bank Hapoalim (POLI.TA), reported on Tuesday a rise in fourth-quarter profit but held off on paying dividends for the quarter, sending its shares lower. read more
World’s Oldest Sovereign Wealth Fund Makes London Hiring Push - Bloomberg #Kuwait
World’s Oldest Sovereign Wealth Fund Makes London Hiring Push - Bloomberg
The London arm of the Kuwait Investment Authority has hired executives from Barclays Plc and the Carlyle Group Inc in recent months as the Gulf state’s sovereign wealth fund looks to step up its capital markets investments.
The Kuwait Investment Office recruited Arne Hassel as chief investment officer in November, people familiar with the matter said. Hassel previously worked as CIO at Barclays and head of hedge fund strategies for Europe & Asia at Goldman Sachs Group Inc., according to his LinkedIn profile.
Braam Verster, a former director at Carlyle, has been hired as head of strategy and Iain Edwards joined from Jupiter Asset Management Limited as new chief technology officer, the people said, who asked not to be identified because the information is private.
KIA officials couldn’t be reached for comment.
The London arm of the Kuwait Investment Authority has hired executives from Barclays Plc and the Carlyle Group Inc in recent months as the Gulf state’s sovereign wealth fund looks to step up its capital markets investments.
The Kuwait Investment Office recruited Arne Hassel as chief investment officer in November, people familiar with the matter said. Hassel previously worked as CIO at Barclays and head of hedge fund strategies for Europe & Asia at Goldman Sachs Group Inc., according to his LinkedIn profile.
Braam Verster, a former director at Carlyle, has been hired as head of strategy and Iain Edwards joined from Jupiter Asset Management Limited as new chief technology officer, the people said, who asked not to be identified because the information is private.
KIA officials couldn’t be reached for comment.
#AbuDhabi’s Magnati Looking at Expansion Opportunities, CEO Says - Bloomberg
Abu Dhabi’s Magnati Looking at Expansion Opportunities, CEO Says - Bloomberg
Magnati, the payments business of First Abu Dhabi Bank PJSC, is weighing expansion opportunities after Brookfield Business Partners LP agreed to buy 60% stake in the firm, its chief executive officer said.
“All options are on the table,” Ramana Kumar told Bloomberg TV on Wednesday when asked if Magnati may consider acquisitions. The firm needs to build scale, showcase its presence in the Middle East and Africa and “we need to expand, and we will look at all opportunities,” he said.
Brookfield Business Partners signed an agreement last month to buy 60% of Magnati at a $1.15 billion valuation. First Abu Dhabi Bank, which completed the carve-out of its Magnati business into a fully-owned subsidiary last year, will retain a 40% stake.
Demand for digital payments has grown after as the pandemic accelerated the shift toward online transactions. The Magnati transaction added to a spree of deal-making in the global payments industry, with banks seeking to offload operations in which they struggle to compete with specialist providers.
“Now we have the right propelling ammunition, now we just need to move,” Kumar said.
Magnati, the payments business of First Abu Dhabi Bank PJSC, is weighing expansion opportunities after Brookfield Business Partners LP agreed to buy 60% stake in the firm, its chief executive officer said.
“All options are on the table,” Ramana Kumar told Bloomberg TV on Wednesday when asked if Magnati may consider acquisitions. The firm needs to build scale, showcase its presence in the Middle East and Africa and “we need to expand, and we will look at all opportunities,” he said.
Brookfield Business Partners signed an agreement last month to buy 60% of Magnati at a $1.15 billion valuation. First Abu Dhabi Bank, which completed the carve-out of its Magnati business into a fully-owned subsidiary last year, will retain a 40% stake.
Demand for digital payments has grown after as the pandemic accelerated the shift toward online transactions. The Magnati transaction added to a spree of deal-making in the global payments industry, with banks seeking to offload operations in which they struggle to compete with specialist providers.
“Now we have the right propelling ammunition, now we just need to move,” Kumar said.
First #AbuDhabi Bank Denies Report of Merger With Smaller Rival ADCB - Bloomberg
First Abu Dhabi Bank Denies Report of Merger With Smaller Rival ADCB - Bloomberg
First Abu Dhabi Bank PJSC said it isn’t currently in talks with smaller rival Abu Dhabi Commercial Bank PJSC, denying a report that claimed the two were close to finalizing a potential merger.
“FAB strongly denies the report issued by Al Arabiya and currently has not entered discussions with ADCB to pursue any merger activity” the lender said on Wednesday. In a separate statement, ADCB also denied the report and said it is focused on implementing a five-year strategy.
FAB and ADCB are two of the biggest banks in the United Arab Emirates and a deal would create the largest Middle East lenders by assets. Abu Dhabi’s government owns a majority stake in both lenders.
“The desire to create larger, more efficient entities persists, even after the latest wave of mergers,” CI Capital analysts including Sara Boutros and Maryam Saleh wrote in a note. “In the case of FAB/ADCB, their common shareholding bode well for a merger.”
First Abu Dhabi Bank PJSC said it isn’t currently in talks with smaller rival Abu Dhabi Commercial Bank PJSC, denying a report that claimed the two were close to finalizing a potential merger.
“FAB strongly denies the report issued by Al Arabiya and currently has not entered discussions with ADCB to pursue any merger activity” the lender said on Wednesday. In a separate statement, ADCB also denied the report and said it is focused on implementing a five-year strategy.
FAB and ADCB are two of the biggest banks in the United Arab Emirates and a deal would create the largest Middle East lenders by assets. Abu Dhabi’s government owns a majority stake in both lenders.
“The desire to create larger, more efficient entities persists, even after the latest wave of mergers,” CI Capital analysts including Sara Boutros and Maryam Saleh wrote in a note. “In the case of FAB/ADCB, their common shareholding bode well for a merger.”
Gulf markets mixed amid U.S. ban on Russian oil imports; #Saudi, #Dubai gain | Reuters
Gulf markets mixed amid U.S. ban on Russian oil imports; Saudi, Dubai gain | Reuters
Major Gulf bourses traded mixed on Wednesday amid fears of a potential supply shock after the United States announced a ban on Russian oil imports.
U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for Moscow's invasion of Ukraine even as the move will drive up U.S. energy prices. read more
Crude oil prices rose to $130.89 per barrel while Asian stocks struggled for footing as investors assessed the impact of the worsening conflict in Ukraine.
Dubai's main stock index (.DFMGI) rose 0.5%, breaking its three-day streak of falls.
Emirates Integrated Telecommunications Company (DU.DU) and Dubai Islamic Bank (DISB.DU) boosted sentiment.
Saudi Arabia's benchmark share index (.TASI) gained 0.5%.
State-run oil giant Saudi Aramco was up 0.3%. CEO Amin Nasser said the "tragic situation unfolding in Ukraine" is making the global energy crisis worse, according to prepared remarks delivered at an industry conference on Tuesday. read more
Abu Dhabi's index (.FTFADGI) fell 0.7%.
Abu Dhabi National Energy Company (TAQA.AD) said it will buy energy generated assets in the UAE to expand its clean energy development, sending its shares 1.6% higher.
The Qatari index (.QSI) was flat, with losses in communication services offset by gains in the real estate sector.
Major Gulf bourses traded mixed on Wednesday amid fears of a potential supply shock after the United States announced a ban on Russian oil imports.
U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for Moscow's invasion of Ukraine even as the move will drive up U.S. energy prices. read more
Crude oil prices rose to $130.89 per barrel while Asian stocks struggled for footing as investors assessed the impact of the worsening conflict in Ukraine.
Dubai's main stock index (.DFMGI) rose 0.5%, breaking its three-day streak of falls.
Emirates Integrated Telecommunications Company (DU.DU) and Dubai Islamic Bank (DISB.DU) boosted sentiment.
Saudi Arabia's benchmark share index (.TASI) gained 0.5%.
State-run oil giant Saudi Aramco was up 0.3%. CEO Amin Nasser said the "tragic situation unfolding in Ukraine" is making the global energy crisis worse, according to prepared remarks delivered at an industry conference on Tuesday. read more
Abu Dhabi's index (.FTFADGI) fell 0.7%.
Abu Dhabi National Energy Company (TAQA.AD) said it will buy energy generated assets in the UAE to expand its clean energy development, sending its shares 1.6% higher.
The Qatari index (.QSI) was flat, with losses in communication services offset by gains in the real estate sector.
Oil rises towards $130 as Russian crude struggles to find buyers | Reuters
Oil rises towards $130 as Russian crude struggles to find buyers | Reuters
Oil rose towards $130 a barrel on Wednesday, supported by concern of a potential supply shock as the United States banned Russian oil imports and amid signs that some buyers are already steering clear.
The United States on Tuesday imposed a ban on Russian oil imports, Britain said it would phase them out and Shell said it would stop buying Russian crude.
JP Morgan estimated around 70% of Russian seaborne oil was struggling to find buyers. read more
"What is obvious is that the current crisis will not be resolved in the foreseeable (future) and consequently oil prices are expected to remain at elevated levels," said Tamas Varga of oil broker PVM.
Brent crude was up $1.68, or 1.3%, at $129.66 a barrel at 0905 GMT. U.S. West Texas Intermediate (WTI) was up $1.60, or 1.3%, to $125.30.
Oil has surged since Russia, the world's second-largest crude exporter, launched what it called a "special operation" in Ukraine. Brent hit $139 on Monday, its highest since 2008.
Oil rose towards $130 a barrel on Wednesday, supported by concern of a potential supply shock as the United States banned Russian oil imports and amid signs that some buyers are already steering clear.
The United States on Tuesday imposed a ban on Russian oil imports, Britain said it would phase them out and Shell said it would stop buying Russian crude.
JP Morgan estimated around 70% of Russian seaborne oil was struggling to find buyers. read more
"What is obvious is that the current crisis will not be resolved in the foreseeable (future) and consequently oil prices are expected to remain at elevated levels," said Tamas Varga of oil broker PVM.
Brent crude was up $1.68, or 1.3%, at $129.66 a barrel at 0905 GMT. U.S. West Texas Intermediate (WTI) was up $1.60, or 1.3%, to $125.30.
Oil has surged since Russia, the world's second-largest crude exporter, launched what it called a "special operation" in Ukraine. Brent hit $139 on Monday, its highest since 2008.
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