Oil settles lower on doubts about Russia oil sanctions | Reuters
Oil settled lower on Thursday, adding to weekly losseson uncertainty that the euro zone will be able to effectively sanction Russian energy exports and after consuming nations announced a huge release of oil from emergency reserves.
Prices were also pressured by fears that lockdowns in China due to a new wave of COVID-19 would slow the recover in oil demand.
Brent crude futures fell 49 cents, or 0.5%, to settle at $100.58 a barrel while U.S. West Texas Intermediate (WTI) crude fell 20 cents, or 0.6%, to settle at $96.03 a barrel. The previous session, both benchmarks plunged more than 5% to their lowest closing levels since March 16.
The European Union's top diplomat, Josep Borrell, told a NATO meeting that new EU measures, including a ban on Russian coal, could be passed on Thursday or Friday and the bloc would discuss an oil embargo next. read more
Thursday, 7 April 2022
#UAE economy grew by 3.8% in 2021 - #Dubai ruler | Reuters
UAE economy grew by 3.8% in 2021 -Dubai ruler | Reuters
The United Arab Emirates recorded economic growth of 3.8% in 2021, Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum said in a Twitter post on Thursday.
The Central Bank of the United Arab Emirates said it expects the UAE economy to grow 4.2% in 2022.
The United Arab Emirates recorded economic growth of 3.8% in 2021, Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum said in a Twitter post on Thursday.
The Central Bank of the United Arab Emirates said it expects the UAE economy to grow 4.2% in 2022.
Oil falls on uncertainty over Russia sanctions, China demand | Reuters
Oil falls on uncertainty over Russia sanctions, China demand | Reuters
Oil prices fell $2 after rising earlier in the session on Thursday amid uncertainty that the eurozone will be able to effectively sanction Russian energy exports, and after consuming nations announced a huge release of oil from emergency reserves.
Brent crude futures slid to $2.13, or 2.1%, at $98.94 a barrel at 12:05 p.m. EDT (1405 GMT), while U.S. West Texas Intermediate (WTI) crude fell $1.7, or 1.9%, to $94.36 a barrel.
Both benchmarks had plunged more than 5% in the previous session and hit their lowest closing levels since March 16.
The European Union's top diplomat, Josep Borrell, told a NATO meeting Thursday that new EU measures, including a ban on Russian coal, could be passed on Thursday or Friday and the bloc would discuss an oil embargo next. read more
Oil prices fell $2 after rising earlier in the session on Thursday amid uncertainty that the eurozone will be able to effectively sanction Russian energy exports, and after consuming nations announced a huge release of oil from emergency reserves.
Brent crude futures slid to $2.13, or 2.1%, at $98.94 a barrel at 12:05 p.m. EDT (1405 GMT), while U.S. West Texas Intermediate (WTI) crude fell $1.7, or 1.9%, to $94.36 a barrel.
Both benchmarks had plunged more than 5% in the previous session and hit their lowest closing levels since March 16.
The European Union's top diplomat, Josep Borrell, told a NATO meeting Thursday that new EU measures, including a ban on Russian coal, could be passed on Thursday or Friday and the bloc would discuss an oil embargo next. read more
Etihad Airways Could Post Annual Profit for 2022, Ahead of Plan, CEO Says - Bloomberg
Etihad Airways Could Post Annual Profit for 2022, Ahead of Plan, CEO Says - Bloomberg
Etihad Airways turned profitable in the first quarter, according to Chief Executive Officer Tony Douglas, who said it’s possible the Gulf carrier can post positive earnings for all of 2022, one year ahead of schedule.
While the surge in oil prices following Russia’s invasion of Ukraine will raise costs over coming months, earnings should get a further boost in the fourth quarter as demand rises toward the annual peak, Douglas said in an interview Thursday at the CAPA Airline Leader Summit in northwest England.
“Subject to closing the books we’re on for being profitable in Q1, which is fantastic,” the CEO said. “The jury is well and truly out” on whether the Abu Dhabi-based company will remain in the black over the full 12 months, he added. “We targeted it for next year but we’ve got off to a great start this year.”
Etihad has coped better with the coronavirus crisis than many other airlines after a major downsizing from 2017 slashed its cost structure and repositioned the company as a mid-size carrier. The overhaul helped prepare Etihad for the pandemic, Douglas said. The company had racked up billions of dollars in losses under a previous strategy of focusing on inter-continental markets.
Etihad Airways turned profitable in the first quarter, according to Chief Executive Officer Tony Douglas, who said it’s possible the Gulf carrier can post positive earnings for all of 2022, one year ahead of schedule.
While the surge in oil prices following Russia’s invasion of Ukraine will raise costs over coming months, earnings should get a further boost in the fourth quarter as demand rises toward the annual peak, Douglas said in an interview Thursday at the CAPA Airline Leader Summit in northwest England.
“Subject to closing the books we’re on for being profitable in Q1, which is fantastic,” the CEO said. “The jury is well and truly out” on whether the Abu Dhabi-based company will remain in the black over the full 12 months, he added. “We targeted it for next year but we’ve got off to a great start this year.”
Etihad has coped better with the coronavirus crisis than many other airlines after a major downsizing from 2017 slashed its cost structure and repositioned the company as a mid-size carrier. The overhaul helped prepare Etihad for the pandemic, Douglas said. The company had racked up billions of dollars in losses under a previous strategy of focusing on inter-continental markets.
Russia Sidesteps Sanctions to Supply Energy to Willing World - Bloomberg
Russia Sidesteps Sanctions to Supply Energy to Willing World - Bloomberg
Cargoes of Russian Sokol crude from the Far East have sold out for next month, and several Chinese firms used local currency to buy Russian coal in March. Gas flows from Russia to Europe have, if anything, increased since the invasion on Feb. 24. None of these are the subject of restrictions.
Bloomberg Economics expects Russia will earn about $320 billion from energy exports this year, up by more than a third from 2021. The ruble has already rebounded to its pre-war price against the dollar.
While Russia’s oil output is declining this month, its ability to keep the energy money flowing and boost its currency are frustrating western leaders. That resilience is also is handing President Vladimir Putin a win at home, even with the country increasingly isolated and the Russian military pulling back from swathes of Ukraine.
Oil rises from 3-week low as supply concerns linger | Reuters
Oil rises from 3-week low as supply concerns linger | Reuters
Oil prices rose on Thursday from a three-week low touched in the previous session after consuming nations announced a huge release of oil from emergency reserves, with worries over tight supplies still clouding the market outlook.
Brent crude futures were up $1.19, or 1.2%, at $102.26 a barrel at 1306 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose $1.34, or 1.4%, to $97.57 a barrel.
Both benchmarks plunged more than 5% in the previous session and hit their lowest closing levels since March 16.
International Energy Agency member countries on Wednesday agreed to release 60 million barrels on top of a 180 million-barrel release announced by the United States last week to help drive down prices amid supply fears following Russia's invasion of Ukraine. read more
Oil prices rose on Thursday from a three-week low touched in the previous session after consuming nations announced a huge release of oil from emergency reserves, with worries over tight supplies still clouding the market outlook.
Brent crude futures were up $1.19, or 1.2%, at $102.26 a barrel at 1306 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose $1.34, or 1.4%, to $97.57 a barrel.
Both benchmarks plunged more than 5% in the previous session and hit their lowest closing levels since March 16.
International Energy Agency member countries on Wednesday agreed to release 60 million barrels on top of a 180 million-barrel release announced by the United States last week to help drive down prices amid supply fears following Russia's invasion of Ukraine. read more
#Saudi, #Qatar indexes gain while Egypt falls more than 2% | Reuters
Saudi, Qatar indexes gain while Egypt falls more than 2% | Reuters
Major Gulf indexes closed higher on Thursday, tracking the rise in oil prices, while Egypt's index recorded its biggest fall in 10 days.
Oil prices rose from a three-week low touched in the previous session after International Energy Agency member countries agreed to release 60 million barrels of oil to drive down prices amid supply fears following Russia's invasion of Ukraine.
U.S. Treasury bond yields fell, offering some respite to equities after Federal Reserve minutes released the previous day reinforced the rate-hike momentum already priced into markets.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 2.2%, its biggest daily percentage fall since March 28.
"The Egyptian stock market could record additional price corrections while the country remains exposed to the developments in Ukraine. As a result, commodities remain at high levels, putting the Egyptian economy in a difficult situation," said Fadi Reyad, Market Analyst at CAPEX.com MENA.
The world's top oil exporter Saudi Arabia's benchmark index (.TASI) closed up for the fourth consecutive session with a 0.4% gain.
The Qatari index (.QSI) advanced more than 1.5% for the second straight session.
Index heavyweight Qatar National Bank (QNBK.QA) gained 3.4% and Commercial Bank (COMB.QA) rose 4.3%.
In Dubai, the main share index (.DFMGI) rose 0.4%, boosted by the real estate sector.
Emirates Refreshments (ERC.DU) extended gains for a second session, jumping nearly 15% a day after it sought shareholder approval to increase issued share capital to 330 million dirhams.
The Abu Dhabi index (.FTFADGI) dropped 0.7%.
Major Gulf indexes closed higher on Thursday, tracking the rise in oil prices, while Egypt's index recorded its biggest fall in 10 days.
Oil prices rose from a three-week low touched in the previous session after International Energy Agency member countries agreed to release 60 million barrels of oil to drive down prices amid supply fears following Russia's invasion of Ukraine.
U.S. Treasury bond yields fell, offering some respite to equities after Federal Reserve minutes released the previous day reinforced the rate-hike momentum already priced into markets.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 2.2%, its biggest daily percentage fall since March 28.
"The Egyptian stock market could record additional price corrections while the country remains exposed to the developments in Ukraine. As a result, commodities remain at high levels, putting the Egyptian economy in a difficult situation," said Fadi Reyad, Market Analyst at CAPEX.com MENA.
The world's top oil exporter Saudi Arabia's benchmark index (.TASI) closed up for the fourth consecutive session with a 0.4% gain.
The Qatari index (.QSI) advanced more than 1.5% for the second straight session.
Index heavyweight Qatar National Bank (QNBK.QA) gained 3.4% and Commercial Bank (COMB.QA) rose 4.3%.
In Dubai, the main share index (.DFMGI) rose 0.4%, boosted by the real estate sector.
Emirates Refreshments (ERC.DU) extended gains for a second session, jumping nearly 15% a day after it sought shareholder approval to increase issued share capital to 330 million dirhams.
The Abu Dhabi index (.FTFADGI) dropped 0.7%.
#Dubai Financial Services Authority introduces whistleblowing regime
Dubai Financial Services Authority introduces whistleblowing regime
The Dubai Financial Services Authority has launched a regulatory regime for whistleblowing that applies to all DFSA-regulated entities operating in or from the Dubai International Financial Centre.
The regime is the first of its kind to be introduced by a financial service regulator in the UAE and provides enhanced legal protection for persons who report misconduct internally within DFSA-regulated entities or externally to their auditor, the DFSA or a law enforcement agency, the authority said in a statement on Thursday.
The move aims to improve the whistleblowing culture and increase transparency regarding how regulatory concerns are assessed and handled, and if appropriate escalated, the statement said.
A DFSA-regulated entity must put in place measures that protect the identity of the whistleblower and protect them from retribution.
The Dubai Financial Services Authority has launched a regulatory regime for whistleblowing that applies to all DFSA-regulated entities operating in or from the Dubai International Financial Centre.
The regime is the first of its kind to be introduced by a financial service regulator in the UAE and provides enhanced legal protection for persons who report misconduct internally within DFSA-regulated entities or externally to their auditor, the DFSA or a law enforcement agency, the authority said in a statement on Thursday.
The move aims to improve the whistleblowing culture and increase transparency regarding how regulatory concerns are assessed and handled, and if appropriate escalated, the statement said.
A DFSA-regulated entity must put in place measures that protect the identity of the whistleblower and protect them from retribution.
#Saudi IPO: Schlumberger-Backed Arabian Drilling Hires Banks for Share Sale - Bloomberg
Saudi IPO: Schlumberger-Backed Arabian Drilling Hires Banks for Share Sale - Bloomberg
Arabian Drilling Co., a Saudi oilfield-services firm partly held by Schlumberger NV, hired banks for its planned initial public offering and also is mulling a merger with ADES International Holding Plc, according to people familiar with the matter.
Arabian Drilling appointed the Saudi unit of HSBC Holdings Plc and SNB Capital as financial advisers for a planned share sale on the Riyadh stock exchange, the people said, asking not to be identified because the information is private. The deal could value the company at more than $1.4 billion, the people said.
Oil-services provider ADES was taken private last year in a deal backed by Saudi Arabia’s Public Investment Fund, the people said. That valued ADES at $516 million.
Arabian Drilling Co., a Saudi oilfield-services firm partly held by Schlumberger NV, hired banks for its planned initial public offering and also is mulling a merger with ADES International Holding Plc, according to people familiar with the matter.
Arabian Drilling appointed the Saudi unit of HSBC Holdings Plc and SNB Capital as financial advisers for a planned share sale on the Riyadh stock exchange, the people said, asking not to be identified because the information is private. The deal could value the company at more than $1.4 billion, the people said.
Oil-services provider ADES was taken private last year in a deal backed by Saudi Arabia’s Public Investment Fund, the people said. That valued ADES at $516 million.
#Israel to sell 40% of postal service in Tel Aviv IPO by end of 2022
Israel to sell 40% of postal service in Tel Aviv IPO by end of 2022
Israel aims to sell 40% of its national postal service in a Tel Aviv share offering by the end of 2022 and cut 1,600 jobs as part of its plan to save the financially strapped Israel Post Co from collapse, the communications regulator said on Thursday.
The remaining 60% stake would be sold to a strategic investor by mid-2023, Communications Minister Yoaz Hendel told reporters.
The service suffers from problems that have not been addressed for years, including a manpower surplus, inefficiencies, and over-regulation.
"After years of neglect, we are undertaking vital root canal treatment," Hendel said.
Ministry officials could not provide a more detailed timetable for the offering on the Tel Aviv Stock Exchange, noting the process was under way and they were working with underwriters.
Israel aims to sell 40% of its national postal service in a Tel Aviv share offering by the end of 2022 and cut 1,600 jobs as part of its plan to save the financially strapped Israel Post Co from collapse, the communications regulator said on Thursday.
The remaining 60% stake would be sold to a strategic investor by mid-2023, Communications Minister Yoaz Hendel told reporters.
The service suffers from problems that have not been addressed for years, including a manpower surplus, inefficiencies, and over-regulation.
"After years of neglect, we are undertaking vital root canal treatment," Hendel said.
Ministry officials could not provide a more detailed timetable for the offering on the Tel Aviv Stock Exchange, noting the process was under way and they were working with underwriters.
Mideast tech investor iMENA plans IPO, hires banks - sources | Reuters
Mideast tech investor iMENA plans IPO, hires banks - sources | Reuters
Middle East technology investment firm iMENA Group, part owned by Abu Dhabi telecom operator e& (ETISALAT.AD), is considering an initial public offering in Abu Dhabi and is working with banks on the deal, two sources told Reuters.
The company invests in online and mobile businesses in the Middle East and North Africa, with firms including Dubai auto marketplace SellAnyCar.com, restaurant reservations app reserveout and online marketplace opensooq.com part of its portfolio.
If it proceeds, it would be the first technology investment firm to offer shares to the public in the United Arab Emirates.
The company is aiming for a deal to go ahead later this year and has picked First Abu Dhabi Bank (FAB.AD), Morgan Stanley (MS.N) and EFG Hermes (HRHO.CA) to advise on the IPO, said the sources, declining to be named as the matter is not public.
iMENA, Morgan Stanley and EFG Hermes declined to comment. First Abu Dhabi Bank and e& did not immediately respond to a request for comment.
Middle East technology investment firm iMENA Group, part owned by Abu Dhabi telecom operator e& (ETISALAT.AD), is considering an initial public offering in Abu Dhabi and is working with banks on the deal, two sources told Reuters.
The company invests in online and mobile businesses in the Middle East and North Africa, with firms including Dubai auto marketplace SellAnyCar.com, restaurant reservations app reserveout and online marketplace opensooq.com part of its portfolio.
If it proceeds, it would be the first technology investment firm to offer shares to the public in the United Arab Emirates.
The company is aiming for a deal to go ahead later this year and has picked First Abu Dhabi Bank (FAB.AD), Morgan Stanley (MS.N) and EFG Hermes (HRHO.CA) to advise on the IPO, said the sources, declining to be named as the matter is not public.
iMENA, Morgan Stanley and EFG Hermes declined to comment. First Abu Dhabi Bank and e& did not immediately respond to a request for comment.
Mocked as ‘Rubble’ by Biden, #Russia’s Ruble Comes Roaring Back - Bloomberg video
Russia Ruble (RUB USD) Price Quote Comes Roaring Back - Bloomberg
In the days after the Ukraine war began, the ruble’s collapse was a potent symbol of Russia’s newfound financial isolation.
International sanctions on Vladimir Putin’s regime sank it to a record low of 121.5 rubles per dollar, triggering memories of the battering it took during the 1998 Russian financial crisis.
Things looked dire enough that U.S. President Joe Biden said the ruble had been reduced to “rubble.”
Now, though, it sure hasn’t. The ruble has surged all the way back to where it was before Putin invaded Ukraine, extending its recent rally to trade as strong as 74.2625 per dollar in early Moscow trade on Thursday.
International sanctions on Vladimir Putin’s regime sank it to a record low of 121.5 rubles per dollar, triggering memories of the battering it took during the 1998 Russian financial crisis.
Things looked dire enough that U.S. President Joe Biden said the ruble had been reduced to “rubble.”
Now, though, it sure hasn’t. The ruble has surged all the way back to where it was before Putin invaded Ukraine, extending its recent rally to trade as strong as 74.2625 per dollar in early Moscow trade on Thursday.
Higher oil prices boost #Saudi, #Qatar stock indexes | Reuters
Higher oil prices boost Saudi, Qatar stock indexes | Reuters
Major Gulf bourses were mixed on Thursday, with sentiment in Saudi Arabia and Qatar helped by a rise in oil prices.
Asian shares retreated as markets were spooked by more aggressive noises from U.S. policymakers about the need for tighter monetary policy, which also kept the dollar near a two-year peak. MKYTS/GLOB
Oil prices, on the other hand, rose after consuming nations announced a huge release of oil from emergency reserves, as worries over tight supplies still clouded the market outlook.
Saudi Arabia's benchmark index (.TASI) inched 0.2% higher, heading towards its fourth consecutive session of gains.
Shares of Yamama Cement Company (3020.SE) dropped 3% after the company began trading ex-dividend.
The Qatari index (.QSI) rose 0.5%, after ending the previous session 1.5% higher.
Financials and industrial stocks boosted the index.
In Dubai, the main share index (.DFMGI) edged up 0.1%, with investors taking a breather after last week's rally .
Dubai Electricity and Water is set to raise 22.32 billion dirhams ($6.1 billion) in the Gulf's biggest IPO since Saudi Aramco's record deal in 2019.
Emirates Refreshments (ERC.DU) continued its gains for a second session, jumping nearly 15%, a day after it sought shareholder approval to increase issued share capital to 330 million dirhams.
The Abu Dhabi index (.FTFADGI) was flat.
Major Gulf bourses were mixed on Thursday, with sentiment in Saudi Arabia and Qatar helped by a rise in oil prices.
Asian shares retreated as markets were spooked by more aggressive noises from U.S. policymakers about the need for tighter monetary policy, which also kept the dollar near a two-year peak. MKYTS/GLOB
Oil prices, on the other hand, rose after consuming nations announced a huge release of oil from emergency reserves, as worries over tight supplies still clouded the market outlook.
Saudi Arabia's benchmark index (.TASI) inched 0.2% higher, heading towards its fourth consecutive session of gains.
Shares of Yamama Cement Company (3020.SE) dropped 3% after the company began trading ex-dividend.
The Qatari index (.QSI) rose 0.5%, after ending the previous session 1.5% higher.
Financials and industrial stocks boosted the index.
In Dubai, the main share index (.DFMGI) edged up 0.1%, with investors taking a breather after last week's rally .
Dubai Electricity and Water is set to raise 22.32 billion dirhams ($6.1 billion) in the Gulf's biggest IPO since Saudi Aramco's record deal in 2019.
Emirates Refreshments (ERC.DU) continued its gains for a second session, jumping nearly 15%, a day after it sought shareholder approval to increase issued share capital to 330 million dirhams.
The Abu Dhabi index (.FTFADGI) was flat.
Oil rises from 3-week low as supply concerns linger | Reuters
Oil rises from 3-week low as supply concerns linger | Reuters
Oil prices rose on Thursday from a three-week low touched in the previous session after consuming nations announced a huge release of oil from emergency reserves, as worries over tight supplies still clouded the market outlook.
Brent crude futures climbed $1.05 or 1.%, to $102.12 a barrel at 0921 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 86 cents, or 0.9%, to $97.09 a barrel.
Both benchmarks plunged more than 5% in the previous session and hit their lowest closing levels since March 16.
International Energy Agency member countries on Wednesday agreed to release 60 million barrels on top of a 180 million-barrel release announced by the United States last week to help drive down prices amid supply fears following Russia's invasion of Ukraine. read more
Oil prices rose on Thursday from a three-week low touched in the previous session after consuming nations announced a huge release of oil from emergency reserves, as worries over tight supplies still clouded the market outlook.
Brent crude futures climbed $1.05 or 1.%, to $102.12 a barrel at 0921 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 86 cents, or 0.9%, to $97.09 a barrel.
Both benchmarks plunged more than 5% in the previous session and hit their lowest closing levels since March 16.
International Energy Agency member countries on Wednesday agreed to release 60 million barrels on top of a 180 million-barrel release announced by the United States last week to help drive down prices amid supply fears following Russia's invasion of Ukraine. read more