Oil prices settle up 2%, post weekly loss on stockpile releases | Reuters
Oil prices rose 2% on Friday but notched their second straight weekly decline after countries announced plans to release crude from their strategic stocks.
Brent crude futures settled up $2.20, or 2.19%, at $102.78 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose $2.23 to $98.26.
For the week, Brent dropped 1.5% while WTI slid 1%. For several weeks, the benchmarks have been at their most volatile since June 2020.
Trading was choppy all day and the contracts spiked higher just before settlement as traders covered short positions ahead of the weekend, said John Kilduff, a partner at Again Capital LLC.
Friday, 8 April 2022
Joe & The Juice Enters Middle East Market Ahead of IPO, CEO Thomas Noroxe Says - Bloomberg
Joe & The Juice Enters Middle East Market Ahead of IPO, CEO Thomas Noroxe Says - Bloomberg
Joe & The Juice A/S, the juice bar chain whose owners include Egypt’s richest man and the H&M billionaire family, will expand in the Middle East as part of growth plans to prepare for a possible stock-exchange listing.
It wants to popularize juice globally the way Starbucks Corp. spread the takeaway coffee culture around the world and reckons going public could help achieve that goal, Chief Executive Officer Thomas Noroxe, a former investment banker at UBS Group AG, said in an interview. An IPO will be possible in three to five years, if cash flow turns positive, he said.
“We’re a category killer,” the 47-year-old, who became CEO in June, said by phone. “We believe we have a justification to be on the stock exchange. We’re a consumer brand and listing would make us more visible.”
Joe & The Juice A/S, the juice bar chain whose owners include Egypt’s richest man and the H&M billionaire family, will expand in the Middle East as part of growth plans to prepare for a possible stock-exchange listing.
It wants to popularize juice globally the way Starbucks Corp. spread the takeaway coffee culture around the world and reckons going public could help achieve that goal, Chief Executive Officer Thomas Noroxe, a former investment banker at UBS Group AG, said in an interview. An IPO will be possible in three to five years, if cash flow turns positive, he said.
“We’re a category killer,” the 47-year-old, who became CEO in June, said by phone. “We believe we have a justification to be on the stock exchange. We’re a consumer brand and listing would make us more visible.”
#Dubai school operator Taaleem in preliminary talks for IPO | Reuters
Dubai school operator Taaleem in preliminary talks for IPO | Reuters
Dubai school operator Taaleem is in preliminary talks with banks for an initial public offering in Dubai, two sources told Reuters, a transaction that would test market appetite for UAE's education sector.
The private education sector in the United Arab Emirates (UAE) is recovering from a slowdown during the peak of the coronavirus pandemic.
Schools have been under pressure with higher operational costs and families departing from the UAE in the first year of the pandemic or opting for remote learning at schools abroad.
The Dubai government last week decided to freeze tuition fees for the year 2022-2023, its third year in a row to help ease the financial burdens on parents.
Dubai school operator Taaleem is in preliminary talks with banks for an initial public offering in Dubai, two sources told Reuters, a transaction that would test market appetite for UAE's education sector.
The private education sector in the United Arab Emirates (UAE) is recovering from a slowdown during the peak of the coronavirus pandemic.
Schools have been under pressure with higher operational costs and families departing from the UAE in the first year of the pandemic or opting for remote learning at schools abroad.
The Dubai government last week decided to freeze tuition fees for the year 2022-2023, its third year in a row to help ease the financial burdens on parents.
Oil prices set for weekly fall on stockpile releases | Reuters
Oil prices set for weekly fall on stockpile releases | Reuters
Oil prices were stable on Friday but remained on course for a second weekly fall after countries announced plans to release crude from their strategic stocks.
Brent crude futures were down 1 cent at $100.57 a barrel by 1201 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 31 cents, or 0.3%, to $96.34.
Both contracts are set to fall for a second consecutive week, with Brent on course for a 3.7% slide and WTI for a 2.9% decline.
Member nations of the International Energy Agency (IEA) will release 60 million barrels over the next six months, with the United States matching that amount as part of its 180 million barrel release announced in March. read more
Oil prices were stable on Friday but remained on course for a second weekly fall after countries announced plans to release crude from their strategic stocks.
Brent crude futures were down 1 cent at $100.57 a barrel by 1201 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 31 cents, or 0.3%, to $96.34.
Both contracts are set to fall for a second consecutive week, with Brent on course for a 3.7% slide and WTI for a 2.9% decline.
Member nations of the International Energy Agency (IEA) will release 60 million barrels over the next six months, with the United States matching that amount as part of its 180 million barrel release announced in March. read more
#Dubai, #AbuDhabi indexes gain; IHC rises after investment in Adani | Reuters
Dubai, Abu Dhabi indexes gain; IHC rises after investment in Adani | Reuters
Markets in Abu Dhabi and Dubai rose for the second consecutive session, buoyed by higher oil prices and a rebound in European stocks.
World stocks, however, were still on track for their first weekly loss in four as the prospect of aggressive global rate hikes and geopolitical risks rattled investors.
Dubai's main share index (.DFMGI) advanced 0.8% in its biggest daily percentage gain in ten days.
The index rose 0.2% for the week, a subdued mood after the rally in the previous week following the stellar response to state run Dubai Water and Authority's subscription for initial public offering.
Shares of International Holding Co (IHC.AD) ended 3% higher after the company said it will invest 7.3 billion dirhams ($1.99 billion) in three of Indian conglomerate Adani Group's portfolio companies. read more
In Abu Dhabi, the index (.FTFADGI) closed up nearly 1% and posted its third consecutive weekly gain with a 1.7% rise.
Markets in Abu Dhabi and Dubai rose for the second consecutive session, buoyed by higher oil prices and a rebound in European stocks.
World stocks, however, were still on track for their first weekly loss in four as the prospect of aggressive global rate hikes and geopolitical risks rattled investors.
Dubai's main share index (.DFMGI) advanced 0.8% in its biggest daily percentage gain in ten days.
The index rose 0.2% for the week, a subdued mood after the rally in the previous week following the stellar response to state run Dubai Water and Authority's subscription for initial public offering.
Shares of International Holding Co (IHC.AD) ended 3% higher after the company said it will invest 7.3 billion dirhams ($1.99 billion) in three of Indian conglomerate Adani Group's portfolio companies. read more
In Abu Dhabi, the index (.FTFADGI) closed up nearly 1% and posted its third consecutive weekly gain with a 1.7% rise.
Bitcoin Mining Giants Eye Middle East, Europe for Expansion - Bloomberg
Bitcoin Mining Giants Eye Middle East, Europe for Expansion - Bloomberg
Large-scale Bitcoin miners in the U.S. are looking to Scandinavia, the Middle East and other regions to expand their energy-intensive and lightly regulated industry.
“We are geographically diversified in the U.S. … but we are also looking outside the U.S.,” Mike Levitt, chief executive of Austin, Texas-based mining company Core Scientific, said at the Bitcoin Conference 2022 in Miami on Thursday. The most logical regions are Scandinavia and the Middle East, where some nations have suitable power sources and capital, he said.
Bitcoin miners also are searching for regions with fewer policy risks since the U.S. dethroned China as the world’s Bitcoin mining hub after Beijing’s crypto ban last May. Then just last month, the Texas state energy operator instituted a review process that could delay crypto miners for a few months from connecting to the power grid.
Bitcoin miners had been flocking to Texas for its low electricity prices and liberal regulations on crypto mining. New York and Washington have put forward strict regulations on crypto miners due to their large demand on local grids and environmental concerns.
Miners say the regulatory efforts are a reason to look elsewhere.
“The middle east is a very interesting place because they have asymmetry in power and energy,” Fred Thiel, chief executive of Marathon Digital, said at the conference. “In the UAE in the summertime, they generate four gigawatts of power to run their air conditioners, the other nine months of the year they only use one gigawatt and three gigawatts sitting idle.”
As for Europe, Thiel said, “The political winds in Europe are very anti.”
Large-scale Bitcoin miners in the U.S. are looking to Scandinavia, the Middle East and other regions to expand their energy-intensive and lightly regulated industry.
“We are geographically diversified in the U.S. … but we are also looking outside the U.S.,” Mike Levitt, chief executive of Austin, Texas-based mining company Core Scientific, said at the Bitcoin Conference 2022 in Miami on Thursday. The most logical regions are Scandinavia and the Middle East, where some nations have suitable power sources and capital, he said.
Bitcoin miners also are searching for regions with fewer policy risks since the U.S. dethroned China as the world’s Bitcoin mining hub after Beijing’s crypto ban last May. Then just last month, the Texas state energy operator instituted a review process that could delay crypto miners for a few months from connecting to the power grid.
Bitcoin miners had been flocking to Texas for its low electricity prices and liberal regulations on crypto mining. New York and Washington have put forward strict regulations on crypto miners due to their large demand on local grids and environmental concerns.
Miners say the regulatory efforts are a reason to look elsewhere.
“The middle east is a very interesting place because they have asymmetry in power and energy,” Fred Thiel, chief executive of Marathon Digital, said at the conference. “In the UAE in the summertime, they generate four gigawatts of power to run their air conditioners, the other nine months of the year they only use one gigawatt and three gigawatts sitting idle.”
As for Europe, Thiel said, “The political winds in Europe are very anti.”
#UAE's IHC to invest $2 bln in Adani Group's companies | Reuters
UAE's IHC to invest $2 bln in Adani Group's companies | Reuters
International Holding Co (IHC.AD) has agreed to invest 7.3 billion dirhams ($2 billion) in three of Indian conglomerate Adani Group's portfolio companies.
It will provide capital to Adani Green Energy Ltd (ADNA.NS), Adani Transmission Ltd (ADAI.NS) and Adani Enterprises Ltd (ADEL.NS) which all are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India – through the preferential allotment route, it said in a statement.
The investment is subject to shareholder and regulatory approvals and will comply with India's securities regulations.
The capital will be utilised for pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purpose, the statement said.
IHC is chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the United Arab Emirates' national security adviser and a brother of the country's de facto ruler, Crown Prince Mohammed bin Zayed.
Sheikh Tahnoun is also the chairman of Royal Group, which owns 74% of IHC, and is chairman of ADQ.
International Holding Co (IHC.AD) has agreed to invest 7.3 billion dirhams ($2 billion) in three of Indian conglomerate Adani Group's portfolio companies.
It will provide capital to Adani Green Energy Ltd (ADNA.NS), Adani Transmission Ltd (ADAI.NS) and Adani Enterprises Ltd (ADEL.NS) which all are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India – through the preferential allotment route, it said in a statement.
The investment is subject to shareholder and regulatory approvals and will comply with India's securities regulations.
The capital will be utilised for pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purpose, the statement said.
IHC is chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the United Arab Emirates' national security adviser and a brother of the country's de facto ruler, Crown Prince Mohammed bin Zayed.
Sheikh Tahnoun is also the chairman of Royal Group, which owns 74% of IHC, and is chairman of ADQ.
Oil prices rise but set for 3% weekly fall on stockpile release | Reuters
Oil prices rise but set for 3% weekly fall on stockpile release | Reuters
Oil prices rose on Friday but were set to drop around 3% for the week as consuming countries' planned release of 240 million barrels from emergency stocks offset some concerns over reduced supplies from Russia because of western sanctions.
Brent crude futures advanced by 16 cents, or 0.2% to $100.77 a barrel at 0736 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 35 cents, or 4%, to $96.37a barrel.
Both contracts are set to fall for a second week, with Brent set to drop 3.4% while WTI is set to decline 2.8%.
Analysts said the emergency oil release, amounting to about 1 million barrels per day (bpd) from May to the end of the year, might cap price rises in the short term, but would not fully cover volumes lost if more countries impose sanctions against Russia over its invasion of Ukraine, which Moscow calls a "special operation". read more
Oil prices rose on Friday but were set to drop around 3% for the week as consuming countries' planned release of 240 million barrels from emergency stocks offset some concerns over reduced supplies from Russia because of western sanctions.
Brent crude futures advanced by 16 cents, or 0.2% to $100.77 a barrel at 0736 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 35 cents, or 4%, to $96.37a barrel.
Both contracts are set to fall for a second week, with Brent set to drop 3.4% while WTI is set to decline 2.8%.
Analysts said the emergency oil release, amounting to about 1 million barrels per day (bpd) from May to the end of the year, might cap price rises in the short term, but would not fully cover volumes lost if more countries impose sanctions against Russia over its invasion of Ukraine, which Moscow calls a "special operation". read more