Russia Has Found No Place Yet to Invest Reserves After Sanctions - Bloomberg
Russia’s central bank conceded it’s found no clear alternatives to the world’s major reserve currencies after sanctions over the war with Ukraine left it in possession of only yuan and gold.
Before the invasion, the Bank of Russia spent years reducing exposure to the dollar, bringing its share to just under 11% at the end of last year. But more than a third of the total was in euros -- on top of additional investments into currencies such as the British pound and yen -- making it possible for international governments to seize about half of the stockpile in retaliation for President Vladimir Putin’s attack.
More than a month into the war, the central bank has yet to identify other options, according to Governor Elvira Nabiullina. Speaking Monday in front of a parliamentary committee in Moscow, she said it was too early to draw lessons for what Russia should do differently.
“We need to look toward the future, but at the moment I am struggling to give specific suggestions,” she said. “The list of the countries issuing liquid reserve currencies is limited and they are the ones that have taken hostile measures and limited our access.”
Monday, 18 April 2022
How Did Jared Kushner Get $2 Billion From the Saudis? - Bloomberg
How Did Jared Kushner Get $2 Billion From the Saudis? - Bloomberg
Jared Kushner’s new private equity firm got $2 billion from Saudi Arabia because maybe that’s how you can cash in when your investing experience is slender but your father-in-law may wind up back in the White House. It’s also possible that you can get billions for a firm with no track record because the White House did favors for the Saudis when your father-in-law still occupied the Oval Office.
It’s probably a mix of both. Regardless, it’s certainly not a reflection of Kushner’s investing prowess. Before entering the White House as an adviser to former President Donald Trump, Kushner, 41, inherited wealth and his first adult job from his father, then botched his biggest gambit: vastly overpaying for a Fifth Avenue skyscraper soon before financial and real estate markets tanked.
The Saudis’ stake in Kushner is also a reminder of the gargantuan financial conflicts of interest that plagued the Trump clan throughout their White House stay and continue to seep into their post-Washington dealmaking. And, of course, national security hazards run through all of this. Is it that easy to secure the allegiance and foreign policy mindshare of an influential White House adviser?
Yes, it is. At least in the Trump era.
Jared Kushner’s new private equity firm got $2 billion from Saudi Arabia because maybe that’s how you can cash in when your investing experience is slender but your father-in-law may wind up back in the White House. It’s also possible that you can get billions for a firm with no track record because the White House did favors for the Saudis when your father-in-law still occupied the Oval Office.
It’s probably a mix of both. Regardless, it’s certainly not a reflection of Kushner’s investing prowess. Before entering the White House as an adviser to former President Donald Trump, Kushner, 41, inherited wealth and his first adult job from his father, then botched his biggest gambit: vastly overpaying for a Fifth Avenue skyscraper soon before financial and real estate markets tanked.
The Saudis’ stake in Kushner is also a reminder of the gargantuan financial conflicts of interest that plagued the Trump clan throughout their White House stay and continue to seep into their post-Washington dealmaking. And, of course, national security hazards run through all of this. Is it that easy to secure the allegiance and foreign policy mindshare of an influential White House adviser?
Yes, it is. At least in the Trump era.
Oil rises over 1% as Libya outages add to Russia supply fears | Reuters
Oil rises over 1% as Libya outages add to Russia supply fears | Reuters
Oil prices rose more than 1% on Monday, with Brent crude topping $114 a barrel, as outages in Libya deepened concern over tight global supply amid the Ukraine crisis.
Adding to supply pressures from sanctions on Russia, Libya's National Oil Corp on Monday said "a painful wave of closures" had begun hitting its facilities and declared force majeure at Al-Sharara oilfield and other sites.
"With global supplies now so tight, even the most minor disruption is likely to have an outsized impact on prices," said Jeffrey Halley, analyst at brokerage OANDA.
Brent crude , the global benchmark, rose $1.46, or 1.3%, to settle at $113.16 a barrel. The contract rose to $114.84 a barrel, its highest since March 28.
U.S. West Texas Intermediate rose $1.26, or 1.2%, to settle at $108.21 a barrel. The benchmark hit $109.81 a barrel, also the highest since March 28.
Oil prices rose more than 1% on Monday, with Brent crude topping $114 a barrel, as outages in Libya deepened concern over tight global supply amid the Ukraine crisis.
Adding to supply pressures from sanctions on Russia, Libya's National Oil Corp on Monday said "a painful wave of closures" had begun hitting its facilities and declared force majeure at Al-Sharara oilfield and other sites.
"With global supplies now so tight, even the most minor disruption is likely to have an outsized impact on prices," said Jeffrey Halley, analyst at brokerage OANDA.
Brent crude , the global benchmark, rose $1.46, or 1.3%, to settle at $113.16 a barrel. The contract rose to $114.84 a barrel, its highest since March 28.
U.S. West Texas Intermediate rose $1.26, or 1.2%, to settle at $108.21 a barrel. The benchmark hit $109.81 a barrel, also the highest since March 28.
#UAE Cabinet Approves New Entry, Residence Scheme for Foreigners - Bloomberg
UAE Cabinet Approves New Entry, Residence Scheme for Foreigners - Bloomberg
The United Arab Emirates’ cabinet approved regulations on entry and residence of foreigners, formalizing a process aimed at giving expatriates a bigger stake in the economy.
“The new system of entry and residence aims at attracting and retaining global talents and skilled workers from all over the world, and boosting the competitiveness and flexibility of the job market and fostering high sense of stability among UAE residents and families,” according to a statement.
Foreign residents make up more than 80% of the population of the UAE and have been a mainstay of the economy for decades. The UAE comprises seven sheikhdoms, including Dubai and Abu Dhabi.
Details about new residence and entry permits:
Oil rises as Libya outages add to Russia supply fears | Reuters
Oil rises as Libya outages add to Russia supply fears | Reuters
Oil rose on Monday in choppy trade, with Brent crude topping $113 a barrel, as outages in Libya deepened concern over tight global supply amid the Ukraine crisis, offsetting worries over slowing Chinese demand.
Adding to supply pressures from sanctions on Russia, Libya's National Oil Corp on Monday warned "a painful wave of closures" had begun hitting its facilities and declared force majeure at Al-Sharara oilfield and other sites.
"With global supplies now so tight, even the most minor disruption is likely to have an outsized impact on prices," said Jeffrey Halley, analyst at brokerage OANDA.
Brent crude , the global benchmark, rose $1.24 to $112.94 a barrel by 11.19 a.m. EDT (1519 GMT). Earlier in the session, the contract rose to $113.80 a barrel, its highest since March 30.
U.S. West Texas Intermediate rose 85 cents to $107.80 a barrel. The benchmark hit $108.65 a barrel, also the highest since March 30.
Oil rose on Monday in choppy trade, with Brent crude topping $113 a barrel, as outages in Libya deepened concern over tight global supply amid the Ukraine crisis, offsetting worries over slowing Chinese demand.
Adding to supply pressures from sanctions on Russia, Libya's National Oil Corp on Monday warned "a painful wave of closures" had begun hitting its facilities and declared force majeure at Al-Sharara oilfield and other sites.
"With global supplies now so tight, even the most minor disruption is likely to have an outsized impact on prices," said Jeffrey Halley, analyst at brokerage OANDA.
Brent crude , the global benchmark, rose $1.24 to $112.94 a barrel by 11.19 a.m. EDT (1519 GMT). Earlier in the session, the contract rose to $113.80 a barrel, its highest since March 30.
U.S. West Texas Intermediate rose 85 cents to $107.80 a barrel. The benchmark hit $108.65 a barrel, also the highest since March 30.
Gulf bourses mixed, #SaudiArabia and Egypt gain | Reuters
Dubai and Abu Dhabi markets ended lower on Monday, while Saudi Arabia and Egypt edged up, and crude prices slipped over worries of slowing demand in China.
U.S. stock index futures dipped as Treasury yields continued to rise on expectations of a tighter monetary policy, and most Asian and European markets were closed due to an extended holiday-weekend.
Saudi Arabia's benchmark index (.TASI) ended higher at 0.4%, helped by gains in financials and healthcare stocks.
"The Saudi stock market recorded small fluctuations as the positive local fundamentals balance out with the risks of oil prices," said Wael Makarem, senior market strategist – MENA at Exness.
Shares of Sulaiman Alhabib (4013.SE) gained 4.8% as the company is set to begin trading ex-dividend on Tuesday.
Egypt's main share index (.EGX30) ended 0.2% higher, helped by materials stocks. EFG Hermes (HRHO.CA) declined 4.5% and was the top drag on the index.
Shares of Alexandria Mineral Oils (AMOC.CA) gained 8.8%, set for their best day in nearly a month, after the firm reported a rise in net profit for the nine-month period.
Dubai's main share index (.DFMGI) ended lower at 0.4%, snapping a streak of three-day gains, while Abu Dhabi's index (.FTFADGI) ended down 0.3%.
Qatar's benchmark index (.QSI) fell 0.5%, extending losses for the third consecutive session.
Oil rises as Libya outages add to Russia supply fears | Reuters
Oil rises as Libya outages add to Russia supply fears | Reuters
Oil prices rose on Monday in choppy trade, with Brent crude topping $112 a barrel, as outages in Libya deepened concern over tight global supply and the Ukraine crisis dragged on, offsetting concern over slowing Chinese demand.
Adding to supply pressures from sanctions on Russia, Libya's National Oil Corp on Monday warned "a painful wave of closures" had begun hitting its facilities and declared force majeure at Al-Sharara oilfield and other sites.
"With global supplies now so tight, even the most minor disruption is likely to have an outsized impact on prices," said Jeffrey Halley, analyst at brokerage OANDA.
Brent crude , the global benchmark, rose 72 cents, or 0.6%, to $112.42 at 1225 GMT, but down from the highest since March 30 of $113.80 hit earlier in the session. U.S. West Texas Intermediate gained 14 cents, or 0.1%, to $107.09.
Oil prices rose on Monday in choppy trade, with Brent crude topping $112 a barrel, as outages in Libya deepened concern over tight global supply and the Ukraine crisis dragged on, offsetting concern over slowing Chinese demand.
Adding to supply pressures from sanctions on Russia, Libya's National Oil Corp on Monday warned "a painful wave of closures" had begun hitting its facilities and declared force majeure at Al-Sharara oilfield and other sites.
"With global supplies now so tight, even the most minor disruption is likely to have an outsized impact on prices," said Jeffrey Halley, analyst at brokerage OANDA.
Brent crude , the global benchmark, rose 72 cents, or 0.6%, to $112.42 at 1225 GMT, but down from the highest since March 30 of $113.80 hit earlier in the session. U.S. West Texas Intermediate gained 14 cents, or 0.1%, to $107.09.
How the impact of western sanctions on Russia could affect GCC states
How the impact of western sanctions on Russia could affect GCC states
The MENA region has broadly taken a neutral stance towards the Ukraine crisis, but the macro-economic impact of sanctions on Russia by the west can be substantial, according to an analyst.
M R Raghu, CEO of Marmore MENA Intelligence, said countries within the GCC have verbally condemned the growing humanitarian crisis resulting from the invasion of Ukraine, but at the same time have refrained from imposing any economic sanctions on Russia.
“The OPEC+ stuck to its previously agreed production increases, not paying too much heed to the western demands of increasing the production further,” he said.
“Although no sanctions apply to the GCC states, the macro-economic impact of sanctions on Russia by the west can be substantial.”
The MENA region has broadly taken a neutral stance towards the Ukraine crisis, but the macro-economic impact of sanctions on Russia by the west can be substantial, according to an analyst.
M R Raghu, CEO of Marmore MENA Intelligence, said countries within the GCC have verbally condemned the growing humanitarian crisis resulting from the invasion of Ukraine, but at the same time have refrained from imposing any economic sanctions on Russia.
“The OPEC+ stuck to its previously agreed production increases, not paying too much heed to the western demands of increasing the production further,” he said.
“Although no sanctions apply to the GCC states, the macro-economic impact of sanctions on Russia by the west can be substantial.”
Oil slips on China demand fears, supply worries limit losses | Reuters
Oil slips on China demand fears, supply worries limit losses | Reuters
Oil edged lower on Monday pressured by worries over slowing demand in China, although concern over tight global supply and the deepening Ukraine crisis kept Brent crude above $111 a barrel.
China's economy slowed in March as consumption, real estate and exports were hit, taking the shine off faster-than-expected first-quarter growth numbers and worsening an outlook already weakened by COVID-19 curbs and the Ukraine war. read more
Brent crude , the global benchmark, fell 26 cents, or 0.2%, to $111.44 at 1055 GMT, sliding from the highest since March 30 of $113.80 hit earlier in the session. U.S. West Texas Intermediate was down 11 cents, or 0.1%, at $106.84.
"Some Asian investors booked profits as they became worried about slowing demand in China," said Satoru Yoshida, a commodity analyst with Rakuten Securities.
Oil edged lower on Monday pressured by worries over slowing demand in China, although concern over tight global supply and the deepening Ukraine crisis kept Brent crude above $111 a barrel.
China's economy slowed in March as consumption, real estate and exports were hit, taking the shine off faster-than-expected first-quarter growth numbers and worsening an outlook already weakened by COVID-19 curbs and the Ukraine war. read more
Brent crude , the global benchmark, fell 26 cents, or 0.2%, to $111.44 at 1055 GMT, sliding from the highest since March 30 of $113.80 hit earlier in the session. U.S. West Texas Intermediate was down 11 cents, or 0.1%, at $106.84.
"Some Asian investors booked profits as they became worried about slowing demand in China," said Satoru Yoshida, a commodity analyst with Rakuten Securities.
#AbuDhabi, #Qatar edge lower; sentiment muted in #Dubai | Reuters
Abu Dhabi, Qatar edge lower; sentiment muted in Dubai | Reuters
Major Gulf bourses were mixed on Monday amid steady crude prices, while most Asian and European markets were shut due to an extended Easter weekend.
Oil prices stabilized as worries over slowing demand in China prompted investors to take profits on gains made earlier in the day on concerns over tight supply and the deepening Ukraine crisis.
Authorities in Ukraine's Western and Southern regions of Lviv and Dnipropetrovsk reported multiple explosions on Monday, while a Reuters reporter heard a series of blasts in Kyiv, as Russia's invasion of the country drags on for nearly two months. read more
Dubai's main share index (.DFMGI) was flat, after rising 1.7% in the previous week following Dubai Electricity and Water Authority's (DEWA) (DEWAA.DU) stellar debut.
DEWA shares were up 0.7%.
Gains in the real estate sector were offset by losses in financials.
Abu Dhabi's index (.FTFADGI) was down 0.3%.
Qatar's benchmark index (.QSI) slipped 0.2%, extending losses on profit-taking.
Saudi Arabia's benchmark index (.TASI) was flat.
Financials rose, with index heavyweights Al Rajhi Bank (1120.SE) and Banque Saudi Fransi (1050.SE) driving gains.
Shares of Arabian Cement (3010.SE) and Saudi Arabia's biggest lender Saudi National Bank (1180.SE) fell after the stocks began trading ex-dividend.
Arabian Cement (3010.SE) dropped 4.4% and was the top percentage loser on the index.
Major Gulf bourses were mixed on Monday amid steady crude prices, while most Asian and European markets were shut due to an extended Easter weekend.
Oil prices stabilized as worries over slowing demand in China prompted investors to take profits on gains made earlier in the day on concerns over tight supply and the deepening Ukraine crisis.
Authorities in Ukraine's Western and Southern regions of Lviv and Dnipropetrovsk reported multiple explosions on Monday, while a Reuters reporter heard a series of blasts in Kyiv, as Russia's invasion of the country drags on for nearly two months. read more
Dubai's main share index (.DFMGI) was flat, after rising 1.7% in the previous week following Dubai Electricity and Water Authority's (DEWA) (DEWAA.DU) stellar debut.
DEWA shares were up 0.7%.
Gains in the real estate sector were offset by losses in financials.
Abu Dhabi's index (.FTFADGI) was down 0.3%.
Qatar's benchmark index (.QSI) slipped 0.2%, extending losses on profit-taking.
Saudi Arabia's benchmark index (.TASI) was flat.
Financials rose, with index heavyweights Al Rajhi Bank (1120.SE) and Banque Saudi Fransi (1050.SE) driving gains.
Shares of Arabian Cement (3010.SE) and Saudi Arabia's biggest lender Saudi National Bank (1180.SE) fell after the stocks began trading ex-dividend.
Arabian Cement (3010.SE) dropped 4.4% and was the top percentage loser on the index.
Oil slips on fears over slowing China demand | Reuters
Oil slips on fears over slowing China demand | Reuters
Oil edged lower on Monday as worries over slowing demand in China balanced support from concern over tight global supply and the deepening Ukraine crisis.
China's economy slowed in March as consumption, real estate and exports were hit, taking the shine off faster-than-expected first-quarter growth numbers and worsening an outlook already weakened by COVID-19 curbs and the Ukraine war. read more
Brent crude fell 19 cents, or 0.2%, to $111.51 a barrel at 0825 GMT, sliding from the highest since March 30 of $113.80 hit earlier in the session. U.S. West Texas Intermediate was down 19 cents, or 0.2%, at $106.76.
"Some Asian investors booked profits as they became worried about slowing demand in China," said Satoru Yoshida, a commodity analyst with Rakuten Securities.
Oil edged lower on Monday as worries over slowing demand in China balanced support from concern over tight global supply and the deepening Ukraine crisis.
China's economy slowed in March as consumption, real estate and exports were hit, taking the shine off faster-than-expected first-quarter growth numbers and worsening an outlook already weakened by COVID-19 curbs and the Ukraine war. read more
Brent crude fell 19 cents, or 0.2%, to $111.51 a barrel at 0825 GMT, sliding from the highest since March 30 of $113.80 hit earlier in the session. U.S. West Texas Intermediate was down 19 cents, or 0.2%, at $106.76.
"Some Asian investors booked profits as they became worried about slowing demand in China," said Satoru Yoshida, a commodity analyst with Rakuten Securities.
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