Oil settles up but posts second consecutive weekly decline | Reuters
Oil prices settled higher on Friday, but posted a second straight weekly loss, after a volatile trading week with no easy replacement for Russian barrels in a tight market.
Brent crude futures settled up $1.29, or 1.2%, to $107.93 a barrel, a day after surging nearly 9% in the biggest daily percentage gain since mid-2020.
U.S. West Texas Intermediate (WTI) crude futures settled up $1.72, or 1.7%, at $104.70 a barrel, adding to the previous session's 8% jump.
Both benchmark contracts ended the week down around 4%, after trading in a $16 range. Prices hit 14-year highs nearly two weeks ago, encouraging bouts of profit taking since then.
Russia said an agreement had yet to be reached after a fourth day of talks with Ukraine. Some signs of progress had emerged earlier in the week. read more
Friday, 18 March 2022
Indian Billionaire Gautam Adani Explores Partnerships With #Saudi Aramco - Bloomberg
Indian Billionaire Gautam Adani Explores Partnerships With Saudi Aramco - Bloomberg
Indian conglomerate Adani Group is exploring potential partnerships in Saudi Arabia, including the possibility of buying a stake in the world’s largest oil exporter, people with knowledge of the matter said.
The group, led by Indian tycoon Gautam Adani, has held preliminary talks on a range of potential cooperation and joint investment opportunities with Saudi Aramco and the country’s Public Investment Fund, according to the people. It has discussed the idea of buying part of the PIF’s stake in Aramco, the people said.
While Adani is unlikely to shell out billions of dollars in cash for Aramco stock, at least in the short term, it could seek to link an investment to a broader tie-up or asset swap deal, the people said. The Indian firm could team up with Aramco or subsidiaries like Sabic in areas such as renewable energy, crop nutrients or chemicals, one of the people said.
Adani may also offer the PIF, which is Saudi Arabia’s sovereign wealth fund, the opportunity to invest in infrastructure in India, another person said. Deliberations are at an early stage, and Adani hasn’t made a decision on which form any potential cooperation could take, the people said.
Indian conglomerate Adani Group is exploring potential partnerships in Saudi Arabia, including the possibility of buying a stake in the world’s largest oil exporter, people with knowledge of the matter said.
The group, led by Indian tycoon Gautam Adani, has held preliminary talks on a range of potential cooperation and joint investment opportunities with Saudi Aramco and the country’s Public Investment Fund, according to the people. It has discussed the idea of buying part of the PIF’s stake in Aramco, the people said.
While Adani is unlikely to shell out billions of dollars in cash for Aramco stock, at least in the short term, it could seek to link an investment to a broader tie-up or asset swap deal, the people said. The Indian firm could team up with Aramco or subsidiaries like Sabic in areas such as renewable energy, crop nutrients or chemicals, one of the people said.
Adani may also offer the PIF, which is Saudi Arabia’s sovereign wealth fund, the opportunity to invest in infrastructure in India, another person said. Deliberations are at an early stage, and Adani hasn’t made a decision on which form any potential cooperation could take, the people said.
Oil prices headed for weekly loss, but stay well above $100/bbl | Reuters
Oil prices headed for weekly loss, but stay well above $100/bbl | Reuters
Oil prices were set for a second straight weekly loss, but found a floor above $100 a barrel on Friday after volatile trading this week with no easy replacement for Russian barrels in sight in a market already marked by tight supply.
Brent crude futures fell 29 cents, or 0.3%, to $106.35 a barrel by 1245 GMT, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020.
U.S. West Texas Intermediate (WTI) crude futures were up 8 cents, or 0.1%, at $103.06 a barrel, adding to an 8% jump on Thursday.
Both benchmark contracts were set to end the week down more than 5%, after having traded in a $16 range. Prices hit 14-year highs nearly two weeks ago, encouraging bouts of profit taking since then.
Oil prices were set for a second straight weekly loss, but found a floor above $100 a barrel on Friday after volatile trading this week with no easy replacement for Russian barrels in sight in a market already marked by tight supply.
Brent crude futures fell 29 cents, or 0.3%, to $106.35 a barrel by 1245 GMT, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020.
U.S. West Texas Intermediate (WTI) crude futures were up 8 cents, or 0.1%, at $103.06 a barrel, adding to an 8% jump on Thursday.
Both benchmark contracts were set to end the week down more than 5%, after having traded in a $16 range. Prices hit 14-year highs nearly two weeks ago, encouraging bouts of profit taking since then.
#UAE markets weighed by financial, industrial stocks | Reuters
UAE markets weighed by financial, industrial stocks | Reuters
UAE stock markets fell on Friday, pressured by industrial and banking companies, with Dubai's main index marking its second straight session of losses.
UAE stocks tracked global stock markets, which took a breather on Friday after several days of sizeable gains, as geo-political tensions arising from the Ukraine conflict kept investors on guard. read more
Meanwhile, oil prices extended gains on Friday at the end of a third volatile week of trade, as Brent crude futures rose 1% to $107.78 a barrel at 1003 GMT.
In Dubai, the main share index (.DFMGI) fell 1.7%, ending its second session of losses in a row. Financial and industrial stocks were among the big losers.
Air Arabia (AIRA.DU) declined 6.5% and was the biggest drag to the index. Earlier this month, the carrier said it plans to continue to operate Russia flights as long as they are legal. read more
Financial Emirates NBD Bank (ENBD.DU) and Shuaa Capital dropped more than 5% each.
The blue-chip developer Emaar Development (EMAARDEV.DU) fell 2.8%. Earlier in the day, the board of Emaar Properties (EMAR.DU) approved a plan to increase its shareholding in Emaar Development.
Abu Dhabi's index (.FTFADGI) ended flat on Friday, and posted a weekly gain of 0.6%.
"The Abu Dhabi stock market is seeing some corrections as investors price in the uncertainties on the oil markets," wrote Miguel Rodriguez, chief market analyst at CAPEX.com.
Emirates Telecommunications Group Company (ETISALAT.AD) gained 1.3% following its announcement to acquire a controlling stake in Starzplay Arabia.
Abu Dhabi Islamic Bank (ADIB.AD) added 0.9% after shareholders approved an annual dividend of 31.11 fils per share.
UAE stock markets fell on Friday, pressured by industrial and banking companies, with Dubai's main index marking its second straight session of losses.
UAE stocks tracked global stock markets, which took a breather on Friday after several days of sizeable gains, as geo-political tensions arising from the Ukraine conflict kept investors on guard. read more
Meanwhile, oil prices extended gains on Friday at the end of a third volatile week of trade, as Brent crude futures rose 1% to $107.78 a barrel at 1003 GMT.
In Dubai, the main share index (.DFMGI) fell 1.7%, ending its second session of losses in a row. Financial and industrial stocks were among the big losers.
Air Arabia (AIRA.DU) declined 6.5% and was the biggest drag to the index. Earlier this month, the carrier said it plans to continue to operate Russia flights as long as they are legal. read more
Financial Emirates NBD Bank (ENBD.DU) and Shuaa Capital dropped more than 5% each.
The blue-chip developer Emaar Development (EMAARDEV.DU) fell 2.8%. Earlier in the day, the board of Emaar Properties (EMAR.DU) approved a plan to increase its shareholding in Emaar Development.
Abu Dhabi's index (.FTFADGI) ended flat on Friday, and posted a weekly gain of 0.6%.
"The Abu Dhabi stock market is seeing some corrections as investors price in the uncertainties on the oil markets," wrote Miguel Rodriguez, chief market analyst at CAPEX.com.
Emirates Telecommunications Group Company (ETISALAT.AD) gained 1.3% following its announcement to acquire a controlling stake in Starzplay Arabia.
Abu Dhabi Islamic Bank (ADIB.AD) added 0.9% after shareholders approved an annual dividend of 31.11 fils per share.
Emaar Residential Property Sales Surge as #Dubai Market Rebounds - Bloomberg
Emaar Residential Property Sales Surge as Dubai Market Rebounds - Bloomberg
Sale of residential properties surged at Emaar Properties PJSC last year as Dubai’s biggest developer gained from a strong rebound in the real-estate market.
Revenue from the residential segment climbed 51% to 17.5 billion dirhams ($4.8 billion), according to Emaar’s full financial results. Income from sale of commercial units and land, and hospitality business also increased.
Property prices in Dubai have bounced back after the coronavirus pandemic exacerbated a downturn in the Middle East business and tourism hub. Dubai’s luxury home market should keep growing after a “spectacular turnaround” in 2021, fueled by the city’s recovery from the pandemic and openness to wealthy foreigners, according to property consultant Knight Frank.
Sale of residential properties surged at Emaar Properties PJSC last year as Dubai’s biggest developer gained from a strong rebound in the real-estate market.
Revenue from the residential segment climbed 51% to 17.5 billion dirhams ($4.8 billion), according to Emaar’s full financial results. Income from sale of commercial units and land, and hospitality business also increased.
- Revenue from sale commercial units, plots of land and others: 3.44 billion dirhams vs 1.54 billion
- Revenue from hospitality: 1.49 billion dirhams vs 789 million
- Revenue from leased properties, retail and related activities: 5.8 billion dirhams vs 4 billion
- NOTE: Emaar in February posted an 80% jump in full-year profit
Property prices in Dubai have bounced back after the coronavirus pandemic exacerbated a downturn in the Middle East business and tourism hub. Dubai’s luxury home market should keep growing after a “spectacular turnaround” in 2021, fueled by the city’s recovery from the pandemic and openness to wealthy foreigners, according to property consultant Knight Frank.
Oil continues rally as Russia-Ukraine talks stall | Reuters
Oil continues rally as Russia-Ukraine talks stall | Reuters
Oil prices extended their gains on Friday at the end of a third volatile week of trade after slim progress in peace talks between Russia and Ukraine raised the spectre prolonged disruption to oil supply.
Brent crude futures rose $1.14, or 1%, to $107.78 a barrel at 1003 GMT, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020.
U.S. West Texas Intermediate (WTI) crude futures climbed $1.24, or 1.2%, to $104.22 a barrel, adding to an 8% jump on Thursday.
Both benchmark contracts were set to end the week down more than 4%, after having traded in a $16 range. Prices have dropped from 14-year highs hit nearly two weeks ago.
The supply crunch from traders avoiding Russian barrels, stuttering nuclear talks with Iran, dwindling oil stockpiles and worries about a surge of COVID-19 cases in China hitting demand have combined to produce a rollercoaster ride for crude this week.
Oil prices extended their gains on Friday at the end of a third volatile week of trade after slim progress in peace talks between Russia and Ukraine raised the spectre prolonged disruption to oil supply.
Brent crude futures rose $1.14, or 1%, to $107.78 a barrel at 1003 GMT, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020.
U.S. West Texas Intermediate (WTI) crude futures climbed $1.24, or 1.2%, to $104.22 a barrel, adding to an 8% jump on Thursday.
Both benchmark contracts were set to end the week down more than 4%, after having traded in a $16 range. Prices have dropped from 14-year highs hit nearly two weeks ago.
The supply crunch from traders avoiding Russian barrels, stuttering nuclear talks with Iran, dwindling oil stockpiles and worries about a surge of COVID-19 cases in China hitting demand have combined to produce a rollercoaster ride for crude this week.
#Israel Keeps IPO Momentum Alive as Turmoil Shuts Europe Market - Bloomberg
Israel Keeps IPO Momentum Alive as Turmoil Shuts Europe Market - Bloomberg
Initial public offerings in Israel are weathering the market turbulence better than many European venues, as its equity benchmark dodges the worst of a global selloff.
Six IPOs have raised $383 million on the Tel Aviv Stock Exchange this year, according to data from the bourse. That’s a better showing than more established European markets like Germany, France and Sweden, where the war in Ukraine and worries about inflation have scuppered listing plans.
Israel has sidestepped much of the recent geopolitical and economic turmoil. Its stock benchmark, classified as a developed market, has outperformed both the European gauge and the MSCI Emerging Markets Index in 2022. But while Tel Aviv is coming off a record 2021 for IPOs, issuance is likely to be slower this year.
“We still see IPOs in our market, but obviously not at the same rate of 2021,” said Ittai Ben-Zeev, the Tel Aviv Stock Exchange’s chief executive officer. “The market is more selective.”
In recent years, Tel Aviv’s bourse has stepped up efforts to attract more listings through stock-market reforms like allowing companies to file in English and expanding dual-listing agreements.
Still, the vast majority of Israel’s biggest IPOs are bypassing Tel Aviv to go public in New York instead. Uber Technologies Inc. rival Via Transportation has filed to go public on the Nasdaq, while clothing maker Delta Galil is said to target a secondary listing in the U.S.
Game developer Playtika Holding Corp. and fraud-management platform Riskified Ltd. were among the record $6.4 billion worth of IPOs by Israeli companies in the U.S. last year. Many of these stocks have been hit by a shift away from pricey growth assets over concerns of monetary policy tightening, with Riskified sinking 70% since listing.
Initial public offerings in Israel are weathering the market turbulence better than many European venues, as its equity benchmark dodges the worst of a global selloff.
Six IPOs have raised $383 million on the Tel Aviv Stock Exchange this year, according to data from the bourse. That’s a better showing than more established European markets like Germany, France and Sweden, where the war in Ukraine and worries about inflation have scuppered listing plans.
Israel has sidestepped much of the recent geopolitical and economic turmoil. Its stock benchmark, classified as a developed market, has outperformed both the European gauge and the MSCI Emerging Markets Index in 2022. But while Tel Aviv is coming off a record 2021 for IPOs, issuance is likely to be slower this year.
“We still see IPOs in our market, but obviously not at the same rate of 2021,” said Ittai Ben-Zeev, the Tel Aviv Stock Exchange’s chief executive officer. “The market is more selective.”
In recent years, Tel Aviv’s bourse has stepped up efforts to attract more listings through stock-market reforms like allowing companies to file in English and expanding dual-listing agreements.
Still, the vast majority of Israel’s biggest IPOs are bypassing Tel Aviv to go public in New York instead. Uber Technologies Inc. rival Via Transportation has filed to go public on the Nasdaq, while clothing maker Delta Galil is said to target a secondary listing in the U.S.
Game developer Playtika Holding Corp. and fraud-management platform Riskified Ltd. were among the record $6.4 billion worth of IPOs by Israeli companies in the U.S. last year. Many of these stocks have been hit by a shift away from pricey growth assets over concerns of monetary policy tightening, with Riskified sinking 70% since listing.
#Dubai’s Emaar Properties to Raise Stake in Development Unit - Bloomberg
Dubai’s Emaar Properties to Raise Stake in Development Unit - Bloomberg
Emaar Properties PJSC plans to increase its stake in its development business, whose shares have lost a quarter of their value since the firm listed in 2017.
The company’s board approved increasing the stake in Emaar Development at a meeting on Thursday, it said in a statement, without providing further details. Emaar Properties already holds 79% in the unit.
Emaar Properties, the Dubai-based developer of the world’s tallest tower, took its malls business private last year -- at a discount to its listing price.
The company’s shares have gained 9.4% this year on the back of a rebound in property prices in Dubai, which have bounced back strongly over the past year. Dubai’s luxury home market should keep growing after a “spectacular turnaround” in 2021, property consultant Knight Frank said in March.
Emaar Properties raised 4.82 billion dirhams ($1.31 billion) from the sale of a 20% stake in its development business in 2017. The stock has since dropped about 25%, closing at 4.54 dirhams on Thursday.
Emaar Properties PJSC plans to increase its stake in its development business, whose shares have lost a quarter of their value since the firm listed in 2017.
The company’s board approved increasing the stake in Emaar Development at a meeting on Thursday, it said in a statement, without providing further details. Emaar Properties already holds 79% in the unit.
Emaar Properties, the Dubai-based developer of the world’s tallest tower, took its malls business private last year -- at a discount to its listing price.
The company’s shares have gained 9.4% this year on the back of a rebound in property prices in Dubai, which have bounced back strongly over the past year. Dubai’s luxury home market should keep growing after a “spectacular turnaround” in 2021, property consultant Knight Frank said in March.
Emaar Properties raised 4.82 billion dirhams ($1.31 billion) from the sale of a 20% stake in its development business in 2017. The stock has since dropped about 25%, closing at 4.54 dirhams on Thursday.
Oil gains as Russia-Ukraine talks stall | Reuters
Oil gains as Russia-Ukraine talks stall | Reuters
Oil prices extended their gains on Friday at the end of a third volatile week of trade after slim progress in peace talks between Russia and Ukraine raised the spectre of tighter sanctions and a prolonged disruption to oil supply.
Despite battleground setbacks and punitive sanctions by the West, Russian President Vladimir Putin has shown little sign of relenting. A fourth day of talks between Russian and Ukrainian negotiators took place by videolink, but the Kremlin said an agreement had yet to be reached. read more
Brent crude futures rose 82 cents, or 0.8%, to $107.46 a barrel at 0742 GMT, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020.
U.S. West Texas Intermediate (WTI) crude futures climbed $1.14, or 1.1%, to $104.12 a barrel, adding to an 8% jump on Thursday.
Despite the rebound, both benchmark contracts were set to end the week down more than 4%, after having traded in a $16 range. Prices have dropped from 14-year highs hit nearly two weeks ago.
Oil prices extended their gains on Friday at the end of a third volatile week of trade after slim progress in peace talks between Russia and Ukraine raised the spectre of tighter sanctions and a prolonged disruption to oil supply.
Despite battleground setbacks and punitive sanctions by the West, Russian President Vladimir Putin has shown little sign of relenting. A fourth day of talks between Russian and Ukrainian negotiators took place by videolink, but the Kremlin said an agreement had yet to be reached. read more
Brent crude futures rose 82 cents, or 0.8%, to $107.46 a barrel at 0742 GMT, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020.
U.S. West Texas Intermediate (WTI) crude futures climbed $1.14, or 1.1%, to $104.12 a barrel, adding to an 8% jump on Thursday.
Despite the rebound, both benchmark contracts were set to end the week down more than 4%, after having traded in a $16 range. Prices have dropped from 14-year highs hit nearly two weeks ago.