Oil rises on news EU may phase in a ban on Russian oil imports | Reuters
Oil prices settled higher on Thursday after an early decline as investors covered short positions ahead of the long weekend and on news that the European Union might phase in a ban on Russian oil imports.
Brent futures settled up $2.92, or 2.68%, at $111.70 a barrel. U.S. West Texas Intermediate futures closed $2.70 or 2.59% higher at $106.95 a barrel.
Both contracts recorded their first weekly gain in April. For several weeks, prices have been the most volatile since June 2020.
The New York Times reported that the European Union was moving toward adopting a phased-in ban of Russian oil, to give Germany and other countries time to arrange alternative suppliers.
Thursday 14 April 2022
Oil edges higher ahead of long weekend on Russian supply woes | Reuters
Oil edges higher ahead of long weekend on Russian supply woes | Reuters
Oil prices edged higher on Thursday in thin trade ahead of a long weekend as traders weighed news of a possible European ban on Russian oil imports against a larger-than-expected build in U.S. oil stocks and falling refining activity in China.
Brent futures were up 42 cents, or 0.4%, at $109.17 a barrel, while U.S. West Texas Intermediate futures were 23 cents or 0.22% higher at $104.39 a barrel at 1223 ET or 1622 GMT.
While the European Union has not imposed a ban on imports of Russian oil in response to Russia's invasion of Ukraine, the New York Times reported that EU officials were drafting an embargo on Russian oil products.
That comes as Chinese refiners are set to cut crude throughput this month by about 6% - a scale last seen in the early days of the COVID-19 pandemic two years ago - to ease bulging fuel inventories as recent COVID lockdowns undercut consumption, industry sources and analysts said.
Oil prices edged higher on Thursday in thin trade ahead of a long weekend as traders weighed news of a possible European ban on Russian oil imports against a larger-than-expected build in U.S. oil stocks and falling refining activity in China.
Brent futures were up 42 cents, or 0.4%, at $109.17 a barrel, while U.S. West Texas Intermediate futures were 23 cents or 0.22% higher at $104.39 a barrel at 1223 ET or 1622 GMT.
While the European Union has not imposed a ban on imports of Russian oil in response to Russia's invasion of Ukraine, the New York Times reported that EU officials were drafting an embargo on Russian oil products.
That comes as Chinese refiners are set to cut crude throughput this month by about 6% - a scale last seen in the early days of the COVID-19 pandemic two years ago - to ease bulging fuel inventories as recent COVID lockdowns undercut consumption, industry sources and analysts said.
MENA growth to be 'uneven and insufficient' in 2022, World Bank says | Reuters
MENA growth to be 'uneven and insufficient' in 2022, World Bank says | Reuters
Economic growth in the Middle East and North Africa (MENA) is forecast to be "uneven and insufficient" this year, as oil exporters benefit from surging prices while higher food prices hit the whole region, the World Bank said on Thursday.
The war in Ukraine is also disrupting supplies and fuelling already-high inflation, it said.
GDP in the region is forecast to rise 5.2% this year after an estimated 3.3% expansion last year and 3.1% contraction in 2020, the World Bank said in a report, noting its own and others' forecasts had been overly optimistic in the past decade.
"Even if this high growth rate for the region as a whole materializes in this context of uncertainty, and there's no guarantee that it will ... (it) will be both insufficient and uneven across the region," Daniel Lederman, World Bank lead economist for the MENA region, told Reuters.
Economic growth in the Middle East and North Africa (MENA) is forecast to be "uneven and insufficient" this year, as oil exporters benefit from surging prices while higher food prices hit the whole region, the World Bank said on Thursday.
The war in Ukraine is also disrupting supplies and fuelling already-high inflation, it said.
GDP in the region is forecast to rise 5.2% this year after an estimated 3.3% expansion last year and 3.1% contraction in 2020, the World Bank said in a report, noting its own and others' forecasts had been overly optimistic in the past decade.
"Even if this high growth rate for the region as a whole materializes in this context of uncertainty, and there's no guarantee that it will ... (it) will be both insufficient and uneven across the region," Daniel Lederman, World Bank lead economist for the MENA region, told Reuters.
Fitch revises #SaudiArabia's outlook to 'positive' from 'stable' | Reuters
Fitch revises Saudi Arabia's outlook to 'positive' from 'stable' | Reuters
Ratings agency Fitch revised its outlook on Saudi Arabia to "positive" from "stable" on Thursday, citing improvements in the country's sovereign balance sheet given higher oil revenues.
Saudi Arabia expects to post its first budget surplus in nearly a decade this year by keeping a tight rein on its budget while revenues roll in, boosted by higher crude prices, Finance Minister Mohammed al-Jadaan said in December.
The kingdom has increasingly relied on its $450 billion sovereign wealth fund, the PIF, and other state entities to drive an ambitious spending push - leaving the government's books relatively clear while freeing it to raise debt if needed.
S&P last month also raised Saudi Arabia's outlook to positive from stable. read more
Ratings agency Fitch revised its outlook on Saudi Arabia to "positive" from "stable" on Thursday, citing improvements in the country's sovereign balance sheet given higher oil revenues.
Saudi Arabia expects to post its first budget surplus in nearly a decade this year by keeping a tight rein on its budget while revenues roll in, boosted by higher crude prices, Finance Minister Mohammed al-Jadaan said in December.
The kingdom has increasingly relied on its $450 billion sovereign wealth fund, the PIF, and other state entities to drive an ambitious spending push - leaving the government's books relatively clear while freeing it to raise debt if needed.
S&P last month also raised Saudi Arabia's outlook to positive from stable. read more
Emirates Airline to Expand Into the Metaverse and Launch Own NFTs - Bloomberg
Emirates Airline to Expand Into the Metaverse and Launch Own NFTs - Bloomberg
Emirates unveiled plans to expand the airline’s use of the Metaverse and launch NFTs, a plan intended to boost revenue and improve customer service.
An NFT, or nonfungible token, is a unique asset -- often digital art -- that is registered on a blockchain. They have attracted growing interest from institutions outside of the cryptocurrency industry as a means to raise funds and awareness.
Emirates’ NFTs are set to be both collectible and utility-based, according to a statement on Thursday. Nike Inc. unveiled a similar plan with the acquisition of a virtual collectibles company in December.
The airline also plans to turn its pavilion at Dubai’s Expo into an innovation center that focuses on “future-focused projects,” including those related to the Metaverse, NFTs and Web3.
Emirates is “committing a significant investment in financial and resourcing terms to develop products and services using advanced technologies,” said Chief Executive Officer Saeed Al Maktoum. “That will deliver on revenue, brand experience and business efficiencies.”
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Photographer: Bruce Bennett/Getty Images |
An NFT, or nonfungible token, is a unique asset -- often digital art -- that is registered on a blockchain. They have attracted growing interest from institutions outside of the cryptocurrency industry as a means to raise funds and awareness.
Emirates’ NFTs are set to be both collectible and utility-based, according to a statement on Thursday. Nike Inc. unveiled a similar plan with the acquisition of a virtual collectibles company in December.
The airline also plans to turn its pavilion at Dubai’s Expo into an innovation center that focuses on “future-focused projects,” including those related to the Metaverse, NFTs and Web3.
Emirates is “committing a significant investment in financial and resourcing terms to develop products and services using advanced technologies,” said Chief Executive Officer Saeed Al Maktoum. “That will deliver on revenue, brand experience and business efficiencies.”
#AbuDhabi, Egypt fall as EFG Hermes posts worst day in over 15 years | Reuters
Abu Dhabi, Egypt fall as EFG Hermes posts worst day in over 15 years | Reuters
Abu Dhabi and Egypt led losses among Middle East markets on Thursday, as First Abu Dhabi Bank (FAB) (FAB.AD) withdrew its offer to buy stake in Egypt's EFG Hermes (HRHO.CA).
EFG Hermes plunged nearly 20%, its biggest percentage fall in more than 15 years, after UAE's biggest lender said it has withdrawn its offer to buy a controlling stake in Egyptian investment bank EFG Hermes. read more
Shares of FAB fell 3.2%
Abu Dhabi's index (.FTFADGI) fell 1.3% in its biggest daily percentage fall in over a month.
Hermes was the biggest drag on Egypt's index (.EGX30), which ended 1.5% lower. The index has fallen 3.8% this week.
"The Dubai stock market was volatile as some investors moved to secure their gains... (after) A period during which the market was supported by the frenzy surrounding DEWA's listing," said Fadi Reyad, market analyst at CAPEX.com MENA.
Dubai's main share index (.DFMGI) ended flat.
Emaar Properties (EMAR.DU) rose 1.5% while Emirates NBD Bank (ENBD.DU) fell 1.7%.
Oil prices slipped amid thin trading volumes ahead of a public holiday as traders weighed a larger-than-expected build in U.S. oil stocks against tightening global supply.
Meanwhile, global stocks rose while bond yields and the euro fell on Thursday as the European Central Bank signalled a steady reduction of its stimulus.
Saudi Arabia's benchmark index (.TASI) erased early losses to end up 0.5%. It gained 2.3% for the week.
The region's March consumer price inflation rose 2% from a year earlier, according to government data. read more
The Qatari index (.QSI) fell 0.5%.
Abu Dhabi and Egypt led losses among Middle East markets on Thursday, as First Abu Dhabi Bank (FAB) (FAB.AD) withdrew its offer to buy stake in Egypt's EFG Hermes (HRHO.CA).
EFG Hermes plunged nearly 20%, its biggest percentage fall in more than 15 years, after UAE's biggest lender said it has withdrawn its offer to buy a controlling stake in Egyptian investment bank EFG Hermes. read more
Shares of FAB fell 3.2%
Abu Dhabi's index (.FTFADGI) fell 1.3% in its biggest daily percentage fall in over a month.
Hermes was the biggest drag on Egypt's index (.EGX30), which ended 1.5% lower. The index has fallen 3.8% this week.
"The Dubai stock market was volatile as some investors moved to secure their gains... (after) A period during which the market was supported by the frenzy surrounding DEWA's listing," said Fadi Reyad, market analyst at CAPEX.com MENA.
Dubai's main share index (.DFMGI) ended flat.
Emaar Properties (EMAR.DU) rose 1.5% while Emirates NBD Bank (ENBD.DU) fell 1.7%.
Oil prices slipped amid thin trading volumes ahead of a public holiday as traders weighed a larger-than-expected build in U.S. oil stocks against tightening global supply.
Meanwhile, global stocks rose while bond yields and the euro fell on Thursday as the European Central Bank signalled a steady reduction of its stimulus.
Saudi Arabia's benchmark index (.TASI) erased early losses to end up 0.5%. It gained 2.3% for the week.
The region's March consumer price inflation rose 2% from a year earlier, according to government data. read more
The Qatari index (.QSI) fell 0.5%.
Oil prices fall as market weighs mixed supply signals | Reuters
Oil prices fall as market weighs mixed supply signals | Reuters
Oil prices slipped on Thursday in thin trade ahead of a public holiday, as traders weighed a larger-than-expected build in U.S. oil stocks against tightening global supply.
Brent futures were down $1.52, or 1.4%, at $107.26 a barrel, while U.S. West Texas Intermediate futures were off $1.38 or 1.3%, at $102.87 a barrel at 1220 GMT.
Both contracts on Wednesday had shrugged off a build in U.S. crude inventories to end the trading session over 4% higher.
"The market was less active than usual, due to the long weekend in Europe, America and most of Asia, with the reduction in the number of active buyers also contributing to the easing in prices," said Ricardo Evangelista, senior analyst at ActivTrades, citing the U.S. stock build.
Oil prices slipped on Thursday in thin trade ahead of a public holiday, as traders weighed a larger-than-expected build in U.S. oil stocks against tightening global supply.
Brent futures were down $1.52, or 1.4%, at $107.26 a barrel, while U.S. West Texas Intermediate futures were off $1.38 or 1.3%, at $102.87 a barrel at 1220 GMT.
Both contracts on Wednesday had shrugged off a build in U.S. crude inventories to end the trading session over 4% higher.
"The market was less active than usual, due to the long weekend in Europe, America and most of Asia, with the reduction in the number of active buyers also contributing to the easing in prices," said Ricardo Evangelista, senior analyst at ActivTrades, citing the U.S. stock build.
StanChart exits 7 markets in Africa and Middle East | Reuters
StanChart exits 7 markets in Africa and Middle East | Reuters
Standard Chartered (STAN.L) is slashing its presence in Africa and the Middle East, it said on Thursday, as it looks to cut costs and focus on more profitable markets.
The bank will fully exit seven countries, it said, and shrink its presence in a further two.
StanChart will cease all operations in Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe, it said.
Standard Chartered (STAN.L) is slashing its presence in Africa and the Middle East, it said on Thursday, as it looks to cut costs and focus on more profitable markets.
The bank will fully exit seven countries, it said, and shrink its presence in a further two.
StanChart will cease all operations in Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe, it said.
#UAE Lender First #AbuDhabi Bank Pulls Bid for Egypt’s EFG-Hermes - Bloomberg
UAE Lender First Abu Dhabi Bank Pulls Bid for Egypt’s EFG-Hermes - Bloomberg
First Abu Dhabi Bank PJSC withdrew its billion-dollar bid for investment bank EFG-Hermes after facing lengthy regulatory delays in Egypt, people familiar with the matter said.
Egypt’s regulator was slow and imposed new demands on FAB, the people said, declining to be identified as the matter is private. The United Arab Emirates-based lender would have been unable to complete the deal within a planned timeframe, they said.
EFG-Hermes slumped 20% to 15.46 Egyptian pounds in Cairo trading, after having closed above FAB’s 19-pound per share offer on Wednesday. The February bid valued the investment bank at $1.2 billion in what would have been FAB’s biggest deal in Egypt.
For its part, FAB blamed market volatility amid Russia’s invasion of Ukraine as the reason for pulling out. Shares of the UAE lender fell as much as 2.3% on Thursday.
“After careful consideration and in the context of ongoing global market uncertainty and volatile macro-economic conditions, First Abu Dhabi Bank has decided to withdraw its non-binding offer,” the lender said in a statement on Thursday. “Egypt remains a strategically important market for FAB.”
A spokesperson for EFG-Hermes declined to comment.
Egypt’s economy is under increasing pressure from the shockwaves of the war in Ukraine. The central bank held a special policy meeting in March and raised interest rates for the first time since 2017 while allowing the currency to weaken sharply.
To help shore up the North African nation’s economy, Gulf countries including the UAE are investing there. On Wednesday, Abu Dhabi wealth fund ADQ unveiled plans to buy stakes worth $1.82 billion in Egyptian companies.
FAB, which is also controlled by Abu Dhabi’s government, has previously expanded into Egypt by buying Bank Audi’s local unit. EFG-Hermes would have given it a larger presence in the Arab world’s most populous country alongside a foothold in several emerging markets including Kenya, Nigeria and Bangladesh.
First Abu Dhabi Bank PJSC withdrew its billion-dollar bid for investment bank EFG-Hermes after facing lengthy regulatory delays in Egypt, people familiar with the matter said.
Egypt’s regulator was slow and imposed new demands on FAB, the people said, declining to be identified as the matter is private. The United Arab Emirates-based lender would have been unable to complete the deal within a planned timeframe, they said.
EFG-Hermes slumped 20% to 15.46 Egyptian pounds in Cairo trading, after having closed above FAB’s 19-pound per share offer on Wednesday. The February bid valued the investment bank at $1.2 billion in what would have been FAB’s biggest deal in Egypt.
For its part, FAB blamed market volatility amid Russia’s invasion of Ukraine as the reason for pulling out. Shares of the UAE lender fell as much as 2.3% on Thursday.
“After careful consideration and in the context of ongoing global market uncertainty and volatile macro-economic conditions, First Abu Dhabi Bank has decided to withdraw its non-binding offer,” the lender said in a statement on Thursday. “Egypt remains a strategically important market for FAB.”
A spokesperson for EFG-Hermes declined to comment.
Egypt’s economy is under increasing pressure from the shockwaves of the war in Ukraine. The central bank held a special policy meeting in March and raised interest rates for the first time since 2017 while allowing the currency to weaken sharply.
To help shore up the North African nation’s economy, Gulf countries including the UAE are investing there. On Wednesday, Abu Dhabi wealth fund ADQ unveiled plans to buy stakes worth $1.82 billion in Egyptian companies.
FAB, which is also controlled by Abu Dhabi’s government, has previously expanded into Egypt by buying Bank Audi’s local unit. EFG-Hermes would have given it a larger presence in the Arab world’s most populous country alongside a foothold in several emerging markets including Kenya, Nigeria and Bangladesh.
#AbuDhabi down as #UAE's biggest bank withdraws offer for EFG Hermes | Reuters
Abu Dhabi down as UAE's biggest bank withdraws offer for EFG Hermes | Reuters
Major Gulf bourses fell on Thursday and Abu Dhabi's share index slipped more than 1%, after First Abu Dhabi Bank (FAB) (FAB.AD) withdrew its offer for a stake in Egypt's EFG Hermes (HRHO.CA).
Global sentiment remained upbeat after recent U.S. data raised hopes that inflation may be close to peaking, though several major central banks raised rates aggressively.
Meanwhile, oil prices slipped amid thin trading volumes ahead of a public holiday.
Dubai's index traded lower for the second consecutive session and was last down 1%.
Shares of FAB fell 1.7% after UAE's biggest lender said it has withdrawn its offer to buy a controlling stake in Egyptian investment bank EFG Hermes. read more
Shares of Dewa Water and Electrical Authority (DEWAA.DU) fell 2.1%. Earlier this week, the stock jumped 20% in the region's biggest initial public offering since Saudi Aramco (2222.SE) in 2019.
Saudi Arabia's benchmark index (.TASI) fell 0.6%, with state-run Saudi Aramco down 0.5%.
The region is expected to report March inflation data later in the day.
Dubai's main share index (.DFMGI) edged lower marginally, with gains in real estate stocks offset by losses in industrials.
The Qatari index (.QSI) was flat.
Major Gulf bourses fell on Thursday and Abu Dhabi's share index slipped more than 1%, after First Abu Dhabi Bank (FAB) (FAB.AD) withdrew its offer for a stake in Egypt's EFG Hermes (HRHO.CA).
Global sentiment remained upbeat after recent U.S. data raised hopes that inflation may be close to peaking, though several major central banks raised rates aggressively.
Meanwhile, oil prices slipped amid thin trading volumes ahead of a public holiday.
Dubai's index traded lower for the second consecutive session and was last down 1%.
Shares of FAB fell 1.7% after UAE's biggest lender said it has withdrawn its offer to buy a controlling stake in Egyptian investment bank EFG Hermes. read more
Shares of Dewa Water and Electrical Authority (DEWAA.DU) fell 2.1%. Earlier this week, the stock jumped 20% in the region's biggest initial public offering since Saudi Aramco (2222.SE) in 2019.
Saudi Arabia's benchmark index (.TASI) fell 0.6%, with state-run Saudi Aramco down 0.5%.
The region is expected to report March inflation data later in the day.
Dubai's main share index (.DFMGI) edged lower marginally, with gains in real estate stocks offset by losses in industrials.
The Qatari index (.QSI) was flat.
Oil prices fall as market weighs mixed supply signals | Reuters
Oil prices fall as market weighs mixed supply signals | Reuters
Oil prices slipped on Thursday amid thin trading volumes ahead of a public holiday, as traders weighed a larger-than-expected build in U.S. oil stocks against tightening global supply.
Brent futures were down $1.14, or 1.1%, at $107.64 a barrel, while U.S. West Texas Intermediate futures were off $1.32, or 1.3%, at $102.93 a barrel at 0632 GMT.
Both contracts on Wednesday had shrugged off a large build in U.S. crude inventories to end the trading session roughly 4% higher.
"Asian buyers have been absent today, with volumes potentially being curbed by the long weekend across most of Asia, Europe, and North America," OANDA analyst Jeffrey Halley wrote in a note.
Oil prices slipped on Thursday amid thin trading volumes ahead of a public holiday, as traders weighed a larger-than-expected build in U.S. oil stocks against tightening global supply.
Brent futures were down $1.14, or 1.1%, at $107.64 a barrel, while U.S. West Texas Intermediate futures were off $1.32, or 1.3%, at $102.93 a barrel at 0632 GMT.
Both contracts on Wednesday had shrugged off a large build in U.S. crude inventories to end the trading session roughly 4% higher.
"Asian buyers have been absent today, with volumes potentially being curbed by the long weekend across most of Asia, Europe, and North America," OANDA analyst Jeffrey Halley wrote in a note.