Oil edges higher on concerns over Russia, Libya supply disruption | Reuters
Oil prices rose on Thursday, buffeted by concerns about tightened supply as the European Union (EU) mulls a potential ban on Russian oil imports that would further restrict worldwide oil trade.
Brent crude futures settled up $1.53to close at $108.33 a barrel, after earlier reaching a high of $109.80. U.S. West Texas Intermediate (WTI) crude futures ended up $1.60, or 1.6%, to $103.79, after earlier reaching a high of $105.42.
Buyers also reacted to ongoing interruptions in Libya, which is losing more than 550,000 barrels per day of oil output due to blockades at major fields and export terminals. read more
Brent has gained nearly 8% in the last seven trading days, but the rally has come at a slow, grinding pace, unlike the frenzy that accompanied moves in late February when Russia invaded Ukraine and in mid-March as well.
Thursday 21 April 2022
#UAE freezes assets of Kinahan drug trafficking gang | Financial Times
UAE freezes assets of Kinahan drug trafficking gang | Financial Times
The United Arab Emirates has frozen the assets of the Kinahan drug trafficking gang, adding to international pressure on an organisation that has deep ties with boxers and promoters at the highest levels of the sport.
The Gulf state said it was continuing to investigate the Irish organised crime group in parallel with authorities in the US, UK, Ireland and Spain.
“The relevant authorities co-operate closely on cases involving foreign elements, in line with the UAE’s international commitments and national legal framework for combating illicit activity,” the government said. The asset freeze includes all personal and corporate bank accounts, one person briefed on the matter in the UAE said.
The announcement of the asset freeze on one of Europe’s most notorious crime syndicates comes after the US Treasury last week imposed sanctions on the Kinahan group and seven of its members including its Irish leaders, Christopher Kinahan and his two sons, Daniel and Christopher Jr, who are based in Dubai.
#Dubai IPO: Private School Operator Taaleem Picks Banks for Listing - Bloomberg
Dubai IPO: Private School Operator Taaleem Picks Banks for Listing - Bloomberg
Private school operator Taaleem has picked EFG-Hermes and Emirates NBD Bank to lead a planned Dubai initial public offering, according to people with knowledge of the matter.
The listing could come as soon as the fourth quarter this year, the people said, asking not to be identified as the information isn’t public. Preparations for the IPO are ongoing and details such as timing could still change, they said.
Representatives for Emirates NBD and EFG-Hermes declined to comment. There was no immediate response to a request for comment sent via Taaleem’s company website.
Dubai has kickstarted an ambitious program to inject some life into its stock market and boost trading volumes by listing 10 state-owned companies. The $6.1 billion IPO of utility Dubai Electricity & Water Authority earlier this month was the first such share sale, and its success has fueled expectations that more companies will seek to take advantage of the momentum.
Private school operator Taaleem has picked EFG-Hermes and Emirates NBD Bank to lead a planned Dubai initial public offering, according to people with knowledge of the matter.
The listing could come as soon as the fourth quarter this year, the people said, asking not to be identified as the information isn’t public. Preparations for the IPO are ongoing and details such as timing could still change, they said.
Representatives for Emirates NBD and EFG-Hermes declined to comment. There was no immediate response to a request for comment sent via Taaleem’s company website.
Dubai has kickstarted an ambitious program to inject some life into its stock market and boost trading volumes by listing 10 state-owned companies. The $6.1 billion IPO of utility Dubai Electricity & Water Authority earlier this month was the first such share sale, and its success has fueled expectations that more companies will seek to take advantage of the momentum.
Upside Foods valued at over $1 bln after Temasek, #AbuDhabi Growth Fund-led funding | Reuters
Upside Foods valued at over $1 bln after Temasek, Abu Dhabi Growth Fund-led funding | Reuters
Upside Foods has raised $400 million in a funding round led by Temasek and Abu Dhabi Growth Fund, valuing the cultivated meat company at over $1 billion, the company said on Thursday.
SoftBank (9984.T) Vision Fund 2 and Synthesis Capital are among the investors who took part in the latest round, bringing the company's total capital raised to $608 million.
While brands like Beyond Meat Inc (BYND.O) and Impossible Foods have cashed in on a boom in plant-based sources of protein, Upside produces lab-grown meat from animal cells eliminating the need to slaughter animals.
Upside has also drawn investor interest from companies including Tyson Foods (TSN.N) and Whole Foods, as the food industry sees the need for innovative and alternative meats to appease a strong shift in consumer choices.
Upside Foods has raised $400 million in a funding round led by Temasek and Abu Dhabi Growth Fund, valuing the cultivated meat company at over $1 billion, the company said on Thursday.
SoftBank (9984.T) Vision Fund 2 and Synthesis Capital are among the investors who took part in the latest round, bringing the company's total capital raised to $608 million.
While brands like Beyond Meat Inc (BYND.O) and Impossible Foods have cashed in on a boom in plant-based sources of protein, Upside produces lab-grown meat from animal cells eliminating the need to slaughter animals.
Upside has also drawn investor interest from companies including Tyson Foods (TSN.N) and Whole Foods, as the food industry sees the need for innovative and alternative meats to appease a strong shift in consumer choices.
#AbuDhabi Investment Authority (ADIA) Joins KKR in $15 Billion Ramsay Health Bid - Bloomberg
Abu Dhabi Investment Authority (ADIA) Joins KKR in $15 Billion Ramsay Health Bid - Bloomberg
Abu Dhabi Investment Authority is among investors in a consortium led by KKR & Co. seeking to buy Australia’s Ramsay Health Care Ltd. for A$20.1 billion ($15 billion), according to a person familiar with the matter.
The sovereign wealth fund is backing the offer along with other investors including pension funds, said the person, who declined to be identified because the information is private. Australian health pension fund Health Employees Superannuation Trust Australia, or Hesta, said Thursday it was part of the KKR-led group.
Ramsay, which operates a network of private hospitals across Australia and Europe, revealed the takeover proposal on Wednesday. Investors led by the U.S. private equity firm offered A$88 per share, about a 37% premium to Ramsay’s Tuesday closing price. Ramsay didn’t provide details on the consortium, which has been allowed to carry out non-exclusive due diligence.
At an enterprise value of A$28 billion including debt, a deal would be Australia’s third largest on record, according to data compiled by Bloomberg.
The Australian Financial Review reported ADIA’s participation earlier on Thursday. Representatives for ADIA and KKR declined to comment.
Paul Ramsay Foundation Ltd., Ramsay’s largest shareholder with a 19% stake, said it “would support such an offer being put to shareholders.” In a statement late Wednesday, the foundation said the option to receive equity would give it “the opportunity to retain an interest in the business built by its founder, Mr. Paul Ramsay.”
Abu Dhabi Investment Authority is among investors in a consortium led by KKR & Co. seeking to buy Australia’s Ramsay Health Care Ltd. for A$20.1 billion ($15 billion), according to a person familiar with the matter.
The sovereign wealth fund is backing the offer along with other investors including pension funds, said the person, who declined to be identified because the information is private. Australian health pension fund Health Employees Superannuation Trust Australia, or Hesta, said Thursday it was part of the KKR-led group.
Ramsay, which operates a network of private hospitals across Australia and Europe, revealed the takeover proposal on Wednesday. Investors led by the U.S. private equity firm offered A$88 per share, about a 37% premium to Ramsay’s Tuesday closing price. Ramsay didn’t provide details on the consortium, which has been allowed to carry out non-exclusive due diligence.
At an enterprise value of A$28 billion including debt, a deal would be Australia’s third largest on record, according to data compiled by Bloomberg.
The Australian Financial Review reported ADIA’s participation earlier on Thursday. Representatives for ADIA and KKR declined to comment.
Paul Ramsay Foundation Ltd., Ramsay’s largest shareholder with a 19% stake, said it “would support such an offer being put to shareholders.” In a statement late Wednesday, the foundation said the option to receive equity would give it “the opportunity to retain an interest in the business built by its founder, Mr. Paul Ramsay.”
Oil rises as investors focus on lower supply from Russia, Libya | Reuters
Oil rises as investors focus on lower supply from Russia, Libya | Reuters
Oil prices rose on Thursday amid concerns about supply as the European Union (EU) mulls a potential ban on Russian oil imports days after diminished supplies from Libya rocked the market.
Brent crude futures rose $1.13, or 1.1%, to $107.93 a barrel at 1228 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 81 cents, or 0.8%, to $103 a barrel.
Analysts said market volatility is likely to pick up again soon, with the EU still weighing a ban on Russian oil for its invasion of Ukraine, which Moscow calls a "special military operation". read more
Libya, a member of OPEC, on Wednesday said the country was losing more than 550,000 barrels per day of oil output due to blockades at major fields and export terminals. read more
Oil prices rose on Thursday amid concerns about supply as the European Union (EU) mulls a potential ban on Russian oil imports days after diminished supplies from Libya rocked the market.
Brent crude futures rose $1.13, or 1.1%, to $107.93 a barrel at 1228 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 81 cents, or 0.8%, to $103 a barrel.
Analysts said market volatility is likely to pick up again soon, with the EU still weighing a ban on Russian oil for its invasion of Ukraine, which Moscow calls a "special military operation". read more
Libya, a member of OPEC, on Wednesday said the country was losing more than 550,000 barrels per day of oil output due to blockades at major fields and export terminals. read more
Higher oil prices boost Dubai, Abu Dhabi; Saudi stocks pause | Reuters
Higher oil prices boost Dubai, Abu Dhabi; Saudi stocks pause | Reuters
Dubai and Abu Dhabi indexes gained on Thursday as oil prices rose on fears of supply issues, while investors took a breather in Saudi Arabia following a good rally so far this month.
Concerns about crude supply lingered as the European Union (EU) mulls a potential ban on Russian oil imports days after diminished supplies from Libya rocked the market.
Dubai's main share index (.DFMGI) rose for a third consecutive session, but pared gains to end 0.4% higher.
Amlak Finance (AMLK.DU) was the top gainer for a second session, rising 7.4%, a day after the company's shareholders approved continuity of operations.
Emirates NBD (ENBD.DU) rose 1.4% after Dubai's biggest lender posted an 18% jump in quarterly net profit. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose nearly 1%.
"The Egyptian stock market remains exposed to the current international issues, among them the war in Ukraine... the government has taken steps to alleviate the impact on the local economy and investors could influence the market after this month's sharp decreases," said Fadi Reyad, market analyst at CAPEX.com MENA.
The Egyptian pound fell to a five-year low of 18.59 to the dollar during the session, but later recouped to close at 18.50.
Real estate developer SODIC (OCDI.CA) jumped 13.6% after posting a 102% rise in quarterly sales.
Saudi Arabia's benchmark index (.TASI) fell 1%. The index has risen nearly 4% so far this month, ending higher in 11 out of the 15 sessions.
Alkhorayef Water And Power Technologies (2081.SE) jumped 5.6% after the company signed a contract with the Ministry of Environment worth 1.86 billion riyals ($495.97 mln).
Abu Dhabi's index (.FTFADGI) advanced 1.2% and posted its best day in over two weeks.
The Qatari index (.QSI) edged up marginally.
Dubai and Abu Dhabi indexes gained on Thursday as oil prices rose on fears of supply issues, while investors took a breather in Saudi Arabia following a good rally so far this month.
Concerns about crude supply lingered as the European Union (EU) mulls a potential ban on Russian oil imports days after diminished supplies from Libya rocked the market.
Dubai's main share index (.DFMGI) rose for a third consecutive session, but pared gains to end 0.4% higher.
Amlak Finance (AMLK.DU) was the top gainer for a second session, rising 7.4%, a day after the company's shareholders approved continuity of operations.
Emirates NBD (ENBD.DU) rose 1.4% after Dubai's biggest lender posted an 18% jump in quarterly net profit. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose nearly 1%.
"The Egyptian stock market remains exposed to the current international issues, among them the war in Ukraine... the government has taken steps to alleviate the impact on the local economy and investors could influence the market after this month's sharp decreases," said Fadi Reyad, market analyst at CAPEX.com MENA.
The Egyptian pound fell to a five-year low of 18.59 to the dollar during the session, but later recouped to close at 18.50.
Real estate developer SODIC (OCDI.CA) jumped 13.6% after posting a 102% rise in quarterly sales.
Saudi Arabia's benchmark index (.TASI) fell 1%. The index has risen nearly 4% so far this month, ending higher in 11 out of the 15 sessions.
Alkhorayef Water And Power Technologies (2081.SE) jumped 5.6% after the company signed a contract with the Ministry of Environment worth 1.86 billion riyals ($495.97 mln).
Abu Dhabi's index (.FTFADGI) advanced 1.2% and posted its best day in over two weeks.
The Qatari index (.QSI) edged up marginally.
#Dubai's Emirates NBD posts 18% rise in Q1 profit, higher rates to help | Reuters
Dubai's Emirates NBD posts 18% rise in Q1 profit, higher rates to help | Reuters
Dubai's biggest lender, Emirates NBD (ENBD.DU), posted a rise of 18% in quarterly net profit as impairment allowances fell sharply on economic recovery from the pandemic, while higher interest rates boosted its net interest rate margin.
The bank said it raised its net interest margin guidance by 15 basis points and is well-positioned for an expected rise in interest rates.
Net profit of 2.7 billion dirhams ($735.17 million) in the period ended March 31 was up from 2.3 billion dirhams in the corresponding period a year earlier, the bank said in a statement.
EFG Hermes Research had projected net profit of 2.47 billion dirhams.
Impairments fell by a fifth to 1.4 billion dirhams, reflecting last year's improving operating environment after the pandemic.
Dubai's biggest lender, Emirates NBD (ENBD.DU), posted a rise of 18% in quarterly net profit as impairment allowances fell sharply on economic recovery from the pandemic, while higher interest rates boosted its net interest rate margin.
The bank said it raised its net interest margin guidance by 15 basis points and is well-positioned for an expected rise in interest rates.
Net profit of 2.7 billion dirhams ($735.17 million) in the period ended March 31 was up from 2.3 billion dirhams in the corresponding period a year earlier, the bank said in a statement.
EFG Hermes Research had projected net profit of 2.47 billion dirhams.
Impairments fell by a fifth to 1.4 billion dirhams, reflecting last year's improving operating environment after the pandemic.
#Dubai Business Park Operator Tecom Plans Book-Build IPO - Bloomberg
Dubai Business Park Operator Tecom Plans Book-Build IPO - Bloomberg
Dubai’s Tecom Group, the business park operator that houses offices of more than 6,000 companies, approved a plan to convert itself into a public joint stock company ahead of a book-build initial public offering.
The shareholders last month approved the conversion from a limited liability company, according to an advertisement published in Dubai-based Gulf News. Tecom plans to list its shares on the Dubai Financial Market.
Dubai said in December that it plans to list Tecom, part of state-owned Dubai Holding, on its stock market. The firm hosts 10 large business complexes such as Dubai Internet City, Dubai Media City, Dubai Design District and Dubai Industrial Park.
Tecom has hired Emirates NBD PJSC, First Abu Dhabi Bank PJSC, Goldman Sachs Group Inc., Morgan Stanley and UBS Group AG to help arrange the potential IPO, people familiar with the matter said last month.
Dubai’s Tecom Group, the business park operator that houses offices of more than 6,000 companies, approved a plan to convert itself into a public joint stock company ahead of a book-build initial public offering.
The shareholders last month approved the conversion from a limited liability company, according to an advertisement published in Dubai-based Gulf News. Tecom plans to list its shares on the Dubai Financial Market.
Dubai said in December that it plans to list Tecom, part of state-owned Dubai Holding, on its stock market. The firm hosts 10 large business complexes such as Dubai Internet City, Dubai Media City, Dubai Design District and Dubai Industrial Park.
Tecom has hired Emirates NBD PJSC, First Abu Dhabi Bank PJSC, Goldman Sachs Group Inc., Morgan Stanley and UBS Group AG to help arrange the potential IPO, people familiar with the matter said last month.
#Dubai, #AbuDhabi gain; #SaudiArabia trades flat | Reuters
Dubai, Abu Dhabi gain; Saudi Arabia trades flat | Reuters
Most Gulf markets rose on Thursday, tracking higher oil prices, as investors shifted focus to supply woes that could arise due to a potential European Union (EU) ban on Russian oil.
Fear over diminished supply from Libya lingered after the OPEC member said the country was losing more than 550,000 barrels per day of oil output due to blockades at major fields and export terminal.
The EU is still weighing a ban on Russian oil for its invasion of Ukraine, which Moscow calls a "special military operation", and analysts expect the oil market to be volatile.
Dubai's main share index rose for a third consecutive session, gaining 1% as real estate and financial stocks continued to boost markets.
Amlak Finance (AMLK.DU) was the top gainer for a second session, rising 10.4%, a day after the company's shareholders approved continuity of operations.
Emirates NBD (ENBD.DU) rose 1% after Dubai's biggest lender posted a jump of 18% in its quarterly net profit. read more
Abu Dhabi's index (.FTFADGI) advanced 0.5%, while the Qatari index (.QSI) was nearly flat.
Shares of Baladna Companies (BLDN.QA) fell 3.3% after the company began trading ex-dividend.
Saudi Arabia's benchmark index (.TASI) was flat as investors took a breather after recent sessions of gains.
The index has risen 4.4% so far this month, ending higher in 12 out of the 15 sessions.
Alkhorayef Water And Power Technologies (2081.SE) jumped 3.6% after the company signed a contract with the Ministry of Environment worth 1.86 billion riyals ($495.97 mln).
Shares of Saudi Home Loans rose 4.4% on their second day of trading on the exchange.
Most Gulf markets rose on Thursday, tracking higher oil prices, as investors shifted focus to supply woes that could arise due to a potential European Union (EU) ban on Russian oil.
Fear over diminished supply from Libya lingered after the OPEC member said the country was losing more than 550,000 barrels per day of oil output due to blockades at major fields and export terminal.
The EU is still weighing a ban on Russian oil for its invasion of Ukraine, which Moscow calls a "special military operation", and analysts expect the oil market to be volatile.
Dubai's main share index rose for a third consecutive session, gaining 1% as real estate and financial stocks continued to boost markets.
Amlak Finance (AMLK.DU) was the top gainer for a second session, rising 10.4%, a day after the company's shareholders approved continuity of operations.
Emirates NBD (ENBD.DU) rose 1% after Dubai's biggest lender posted a jump of 18% in its quarterly net profit. read more
Abu Dhabi's index (.FTFADGI) advanced 0.5%, while the Qatari index (.QSI) was nearly flat.
Shares of Baladna Companies (BLDN.QA) fell 3.3% after the company began trading ex-dividend.
Saudi Arabia's benchmark index (.TASI) was flat as investors took a breather after recent sessions of gains.
The index has risen 4.4% so far this month, ending higher in 12 out of the 15 sessions.
Alkhorayef Water And Power Technologies (2081.SE) jumped 3.6% after the company signed a contract with the Ministry of Environment worth 1.86 billion riyals ($495.97 mln).
Shares of Saudi Home Loans rose 4.4% on their second day of trading on the exchange.
Oil rises as investors focus on lower supply from Russia, Libya | Reuters
Oil rises as investors focus on lower supply from Russia, Libya | Reuters
Oil prices rose on Thursday as concerns about supply as the European Union (EU) mulls a potential ban on Russian oil imports, days after diminished supplies from Libya rocked the market.
Brent crude futures rose $1.11, or 1%, to $107.91 a barrel at 0852 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 87 cents, or 0.9%, to 103.06 a barrel.
Analysts said market volatility is likely to pick up again soon, with the EU still weighing a ban on Russian oil for its invasion of Ukraine, which Moscow calls a "special military operation".
Libya, a member of OPEC, on Wednesday said the country was losing more than 550,000 barrels per day of oil output due to blockades at major fields and export terminals. read more
Oil prices rose on Thursday as concerns about supply as the European Union (EU) mulls a potential ban on Russian oil imports, days after diminished supplies from Libya rocked the market.
Brent crude futures rose $1.11, or 1%, to $107.91 a barrel at 0852 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 87 cents, or 0.9%, to 103.06 a barrel.
Analysts said market volatility is likely to pick up again soon, with the EU still weighing a ban on Russian oil for its invasion of Ukraine, which Moscow calls a "special military operation".
Libya, a member of OPEC, on Wednesday said the country was losing more than 550,000 barrels per day of oil output due to blockades at major fields and export terminals. read more