Friday 1 April 2022

Russia Gold Industry Seeks New Ways to Sell Its $20-Billion-a-Year Output - Bloomberg

Russia Gold Industry Seeks New Ways to Sell Its $20-Billion-a-Year Output - Bloomberg


Russia’s huge gold industry is searching for new ways to sell its metal, such as exporting more to China and the Middle East, as sanctions choke off its traditional sales routes.

The second-biggest bullion miner is finding European and U.S. markets largely closed because of a ban on newly produced Russian gold, and some refineries are refusing to remelt old bars. The country’s miners have typically sold to a few -- mostly state-run -- local banks such as VTB Bank PJSC and Bank Otkritie, which then export the metal, or until recent years to the central bank.

But sanctions mean that selling to those banks is now not an option, and although the Bank of Russia said it will start purchasing gold again after a two-year pause, it isn’t expected to buy as much as it used to.

That’s left Russia’s gold sector wondering how to sell the roughly 340 tons it mines each year that’s worth about $20 billion. There aren’t many non-sanctioned banks that can realistically handle such volumes. And while the government granted miners general export licenses two years ago that allow them to export directly, few have used the process so far because they’ve preferred to rely on banks’ sales infrastructure.


Oil falls most in 2 years after oil stockpile release | Reuters

Oil falls most in 2 years after oil stockpile release | Reuters

Oil settled lower on Friday as members of the International Energy Agency (IEA) agreed to join in the largest-ever U.S. oil reserves release.

Both Brent and U.S. crude benchmarks settled down around 13% in their biggest weekly falls in two years after U.S. President Joe Biden announced the release on Thursday.

Brent crude futures were down 32 cents, or 0.3%, at $104.39 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.01, or 1%, at $99.27.

Biden announced a release of 1 million barrels per day (bpd) of crude oil for six months from May, which at 180 million barrels is the largest release ever from the U.S. Strategic Petroleum Reserve (SPR). read more

Binance steps up hiring, activity in crypto hub #Dubai | Reuters

Binance steps up hiring, activity in crypto hub Dubai | Reuters

Binance, the largest crypto exchange by trading volume, is recruiting over 100 positions in the United Arab Emirates (UAE) and is helping to shape Dubai's new virtual assets' regulations, its regional head said.

Binance's links with the Gulf state have deepened in recent months as the UAE tries to style itself as the world's new digital assets hub and develops regulation.

"It is a very progressive framework and we are very happy to be part of that process, working very closely with the Dubai government," said Richard Teng, Binance's MENA head. "I wish more regulators globally adopt this approach that Dubai has - a public-private sector partnership."

The UAE's crypto push comes as international authorities voice growing concerns about the use of cryptocurrencies in money laundering and other crimes.

DEWA's $5.7 bln #Dubai IPO oversubscribed at top end of range -sources | Reuters

DEWA's $5.7 bln Dubai IPO oversubscribed at top end of range -sources | Reuters

Dubai Electricity and Water Authority's (DEWA) initial public offering (IPO), which could raise up to $5.7 billion, has seen heavy demand during its book-building process at the top end of the price, sources familiar with the matter said.

Books are "heavily oversubscribed" at top end of the an indicative price range of between 2.25 dirhams ($0.6126) and 2.48 dirhams, one of the sources said.

The final price will be determined next week as books close on April 5.

DEWA's public share sale is seen as potentially the biggest for the region since Saudi Aramco's (2222.SE) record $29.4 billion in 2019.

#AbuDhabi Ports Group plans $4bln capital expenditure through 2026

Abu Dhabi Ports Group plans $4bln capital expenditure through 2026

Abu Dhabi Ports Group is set to invest 15 billion dirhams between 2022 and 2026 to expand Khalifa Port and its connectivity as well as the economic cities and free zones.

In its annual report for 2021 released on Friday, the ports and logistics group, which listed its stock on the Abu Dhabi Securities Exchange earlier this year, also said it plans to invest more than 3.5 billion dirhams in the Economic Cities & Free Zones Cluster (EC&FZ) to build new infrastructure and assets such as warehouses to accommodate a planned 4.1 billion dirhams expansion of its Khalifa Port facilities. This will eventually link with the Etihad Rail network.

"Looking ahead to 2022, the Ports Cluster is focused on resuming its international expansion and is targeting opportunities among trade partners of the UAE such as Jordan, Egypt, Iraq and Saudi Arabia," the report said.

The company reported a net profit of 845 million dirhams in 2021, compared with 397 million dirhams in 2020.

#Israel, #UAE finalise 'milestone' free trade deal | Reuters

Israel, UAE finalise 'milestone' free trade deal | Reuters

Israel and the United Arab Emirates have concluded negotiations for a free trade agreement, Israel's Economy Ministry and the UAE foreign trade minister said on Friday after formally establishing ties in 2020.

The UAE and Israel have between $600 million and $700 million in bilateral trade, UAE's economy minister Abdulla Bin Touq Al Marri said in September. read more

The UAE and Israel formally established relations in 2020 as part of the U.S.-brokered Abraham Accords that also included Bahrain and Morocco.

The latest agreement included 95% of traded products, which would be customs free, immediately or gradually, including food, agriculture and cosmetic products, as well as medical equipment and medicine, the Israeli Economy Ministry said in a statement.

Oil benchmarks on course for biggest weekly losses in 2 years | Reuters

Oil benchmarks on course for biggest weekly losses in 2 years | Reuters

Oil dipped in and out of negative territory on Friday as members of the International Energy Agency (IEA) were due to discuss a further addition of oil reserves to the market alongside a planned 180 million barrel release by the United States.

The benchmark Brent and WTI contracts were both on course for their biggest weekly falls in two years, at 14% and 13% respectively.

Brent crude futures were down 63 cents, or 0.6%, at $104.08 a barrel by 1313 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 99 cents, or 1%, at $99.29.

On Thursday, U.S. President Joe Biden announced a release of 1 million barrels per day (bpd) of crude oil for six months from May, the largest release ever from the U.S. Strategic Petroleum Reserve (SPR). read more

#Dubai ends marginally higher, #AbuDhabi muted | Reuters

Dubai ends marginally higher, Abu Dhabi muted | Reuters

Dubai's main share index inched up on Friday on renewed hopes over state-run DEWA's initial public offering, while sentiment in Abu Dhabi was muted amid volatile crude prices.

Oil prices dipped in and out of negative territory ahead of a meeting of International Energy Agency (IEA) member nations set to discuss a release of emergency oil reserves alongside a huge planned release by the United States.

U.S. President Joe Biden on Thursday announced a release of 1 million barrels per day for six months, starting in May, which will be the largest release ever from the U.S. Strategic Petroleum Reserve (SPR). read more

"The Dubai stock market was volatile as the market hit a peak and investors moved to secure their gains while DEWA’s IPO continues to fuel a positive sentiment," said Eman AlAyyaf, CEO of EA Trading.

Dubai Electricity and Water Authority's (DEWA) initial public offering (IPO), which could raise up to $5.7 billion, has seen heavy demand during its book-building process at the top end of the price, sources familiar with the matter said. read more

Instability in oil markets could lead to price corrections in Abu Dhabi, AlAyyaf added.

In Dubai, the main share index (.DFMGI) rose 0.3%, helped by gains in communication services stocks.

The index gained 3.7% this week, its second consecutive weekly rise.

Sector heavyweight Emirates Integrated Telecommunications Company (DU.DU) ended 2% higher.

Abu Dhabi's index (.FTFADGI) ended 0.2% lower and posted a weekly gain of 1.6%.

Analysis: High oil prices, Ukraine war at #Saudi pivot point | AP News

Analysis: High oil prices, Ukraine war at Saudi pivot point | AP News

A spike in global energy prices benefits Saudi Arabia as the world’s top oil exporter, but problems remain for the kingdom’s impulsive crown prince.

Whether trying to find jobs for a growing number of unemployed youth or finding a way to end the long war he launched in Yemen, Crown Prince Mohammed bin Salman and his father King Salman now face a potential pivot point for the kingdom amid Russia’s war on Ukraine.

Can the ruling Al Saud family reset a now-troubled relationship with the United States, long the security guarantor for the wider Persian Gulf, as tensions simmer with Iran and higher fuel prices squeeze Washington? Or does the kingdom tip toward further toward China, now its biggest buyer of crude, or Moscow?

An American rapprochement seems unlikely. Asked in a recent interview about what he’d want President Joe Biden to know about, Prince Mohammed bluntly said: “I don’t care.”

#Dubai Business Park Operator Tecom Raises $2 Billion From Loans - Bloomberg

Dubai Business Park Operator Tecom Raises $2 Billion From Loans - Bloomberg

Tecom Group, the Dubai business park operator that plans to sell shares in an IPO, raised $2 billion in two-part debt for refinancing, according to data compiled by Bloomberg.

Tecom, part of state-owned Dubai Holding, obtained 4 billion dirhams ($1.1 billion) in five-year Islamic financing from Dubai Islamic Bank and Emirates NBD PJSC, according to the data. It also secured 3.6 billion dirhams in a five-year term loan from Emirates NBD PJSC and First Abu Dhabi Bank PJSC.

Dubai said in December that it plans to list Tecom, which houses the headquarters of more than 5,600 companies, on its stock market. Tecom operates 10 large business complexes such as Dubai Internet City, Dubai Media City, Dubai Design District and Dubai Industrial Park.

EU regulators close antitrust investigation into #Qatar Energy | Reuters

EU regulators close antitrust investigation into Qatar Energy | Reuters

EU antitrust regulators on Friday scrapped their investigation into Qatar Energy after evidence they collected did not confirm their initial concerns.

"Today's closure decision is based on a thorough analysis of all relevant evidence, including information received from Qatar Energy and the European gas importers," the European Commission said in a statement.

Reuters exclusively reported last month that the state-owned company was no longer in the EU crosshairs. read more

The EU investigation opened in 2018 focused on Qatar Energy's supply agreements with European gas importers and their ability to sell liquefied natural gas in alternative destinations within Europe.

European, Middle Eastern & African Stocks - Bloomberg #UAE mid-session

European, Middle Eastern & African Stocks - Bloomberg



Oil slides before consumer nations' meeting on stocks release | Reuters

Oil slides before consumer nations' meeting on stocks release | Reuters

Oil prices fell about $1 on Friday, ahead of a meeting of consuming nations to discuss a new release of emergency oil reserves alongside a huge planned release by the United States.

U.S. West Texas Intermediate (WTI) crude futures were down$1.02 at $99.26 a barrel by 0629 GMT, after trading as high as $101.75. The contract slumped 7% on Thursday.

Brent crude futures slid by 79 cents to $103.92 a barrel, after dropping 5.6% on Thursday. The May contract expired on Thursday at $107.91.