UAE Ramps Up Extradition Pacts in Bid to Fight Dirty Money - Bloomberg
The United Arab Emirates expects to sign seven extradition agreements with countries around the world this year, underscoring a push by officials to cleanse the country’s image since a March “gray-listing” by a global financial watchdog.
The UAE has 37 mutual legal assistance and extradition accords in place, including pacts with the UK, France, Italy, India and China, a spokesperson at the Executive Office of AML/CFT, the UAE government body responsible for tackling illicit finance issues, said in an email to Bloomberg News.
“We expect to have seven additional agreements this year,” the spokesperson said without naming the countries. “Negotiations and discussions on this matter are ongoing with a number of the UAE’s other partners around the world.”
The comments follow a string of high-profile arrests over the past week in Dubai, the nation’s commercial hub. The UAE is now in talks to extradite two members of the Gupta family, accused of looting billions from South Africa -- the brothers have always denied the allegations.
Friday, 10 June 2022
Oil falls as U.S. inflation data surges, China imposes lockdowns | Reuters
Oil falls as U.S. inflation data surges, China imposes lockdowns | Reuters
Oil prices fell on Friday, after U.S. consumer prices rose more than expected and China imposed new COVID-19 lockdown measures.
Brent crude fell $1.06 to settle at $122.01 a barrel. U.S. West Texas Intermediate crude fell 84 cents to settle at $120.67 a barrel.
Both benchmarks still posted weekly gains, 1.9% for Brent and 1.5% for WTI.
For the day, oil prices sank along with Wall Street stocks after news that U.S. consumer prices accelerated in May. Gasoline prices have hit a record high and the cost of food has soared, leading to the largest annual increase in about 40 years. That raises expectations that the Federal Reserve will tighten policy more aggressively. read more
Oil prices fell on Friday, after U.S. consumer prices rose more than expected and China imposed new COVID-19 lockdown measures.
Brent crude fell $1.06 to settle at $122.01 a barrel. U.S. West Texas Intermediate crude fell 84 cents to settle at $120.67 a barrel.
Both benchmarks still posted weekly gains, 1.9% for Brent and 1.5% for WTI.
For the day, oil prices sank along with Wall Street stocks after news that U.S. consumer prices accelerated in May. Gasoline prices have hit a record high and the cost of food has soared, leading to the largest annual increase in about 40 years. That raises expectations that the Federal Reserve will tighten policy more aggressively. read more
VPS Healthcare Set to Court Investors Ahead of #AbuDhabi IPO - Bloomberg
VPS Healthcare Set to Court Investors Ahead of Abu Dhabi IPO - Bloomberg
Mideast hospital operator VPS Healthcare LLC is set to court investors ahead of potentially listing a unit in Abu Dhabi later this year, people familiar with the matter said.
The integrated health network will start talks this month with investors including sovereign and pension funds for an initial public offering of Burjeel Holdings, which operates about 60 VPS assets, the people said. The listing could come as soon as the third quarter, they said, asking not to be identified because the information is private.
Details on valuation or the size of the offer weren’t immediately available. EFG-Hermes Holding SAE, Emirates NBD Bank PJSC and JP Morgan Chase & Co. have been hired as global coordinators for the listing, the people said. Talks with investors are expected to continue into July with more formal group and one-on-one meetings to follow, they said.
Representatives for VPS declined to comment, while a spokesperson for EFG Hermes wasn’t available for comment.
VPS, which has hospital operations in the Middle East, Europe and India, had previously considered listing in London but shelved that plan in 2019 due to uncertainty surrounding Brexit. A listing in Abu Dhabi would come amid an IPO boom in the Gulf, where exchanges are on track for their best-ever first half.
Mideast hospital operator VPS Healthcare LLC is set to court investors ahead of potentially listing a unit in Abu Dhabi later this year, people familiar with the matter said.
The integrated health network will start talks this month with investors including sovereign and pension funds for an initial public offering of Burjeel Holdings, which operates about 60 VPS assets, the people said. The listing could come as soon as the third quarter, they said, asking not to be identified because the information is private.
Details on valuation or the size of the offer weren’t immediately available. EFG-Hermes Holding SAE, Emirates NBD Bank PJSC and JP Morgan Chase & Co. have been hired as global coordinators for the listing, the people said. Talks with investors are expected to continue into July with more formal group and one-on-one meetings to follow, they said.
Representatives for VPS declined to comment, while a spokesperson for EFG Hermes wasn’t available for comment.
VPS, which has hospital operations in the Middle East, Europe and India, had previously considered listing in London but shelved that plan in 2019 due to uncertainty surrounding Brexit. A listing in Abu Dhabi would come amid an IPO boom in the Gulf, where exchanges are on track for their best-ever first half.
Mideast Stocks: #AbuDhabi index extends losses, #Dubai edges up
Mideast Stocks: Abu Dhabi index extends losses, Dubai edges up
Markets in the United Arab Emirates ended mixed on Friday, as concerns over inflation and slowing economic growth dampened investor sentiment across the globe.
MSCI's world equity index fell 0.22% to its lowest since May 26, and was headed for a 2% fall for the week.
In Abu Dhabi, the index ended 0.2% lower, extending losses to a straight eighth session. It fell 2.1% for the week. The country's largest lender First Abu Dhabi Bank eased 0.1%, while Multiply Group slipped 0.5%.
However, National Marine Dredging surged 6% after it announced the formation of a new company with Abu Dhabi Ports for offshore and onshore surveys and diving services.
Dubai's main stock index edged up 0.1%, supported by a 2.4% rise in state utility Dubai Electricity and Water Authority and a 4.6% jump in Mashreqbank.
Dubai plans to sell a 12.5% stake in business park operator TECOM Group in an initial public offering, the company said in a statement on Thursday. The TECOM IPO could help attract investors and support the Dubai market, said Farah Mourad, Senior Market Analyst of XTB MENA.
Markets in the United Arab Emirates ended mixed on Friday, as concerns over inflation and slowing economic growth dampened investor sentiment across the globe.
MSCI's world equity index fell 0.22% to its lowest since May 26, and was headed for a 2% fall for the week.
In Abu Dhabi, the index ended 0.2% lower, extending losses to a straight eighth session. It fell 2.1% for the week. The country's largest lender First Abu Dhabi Bank eased 0.1%, while Multiply Group slipped 0.5%.
However, National Marine Dredging surged 6% after it announced the formation of a new company with Abu Dhabi Ports for offshore and onshore surveys and diving services.
Dubai's main stock index edged up 0.1%, supported by a 2.4% rise in state utility Dubai Electricity and Water Authority and a 4.6% jump in Mashreqbank.
Dubai plans to sell a 12.5% stake in business park operator TECOM Group in an initial public offering, the company said in a statement on Thursday. The TECOM IPO could help attract investors and support the Dubai market, said Farah Mourad, Senior Market Analyst of XTB MENA.
Oil prices on track for weekly gain amid high U.S. demand | Reuters
Oil prices on track for weekly gain amid high U.S. demand | Reuters
Oil rose on Friday and was on track for another weekly gain supported by solid fuel demand in the United States, although fresh COVID-19 alerts in Shanghai and Beijing curbed gains.
Brent crude was up 98 cents, or 0.8%, at $124.05 a barrel at 1153 GMT and U.S. West Texas Intermediate crude rose 82 cents, or 0.7%, to $122.33 a barrel.
With prices overall rallying in the past two months, Brent was on track for a fourth consecutive weekly gain and WTI was set for a seventh straight weekly increase.
"The summer driving season in the U.S. is seeing record surges in gasoline and diesel consumption," analysts at Fitch Solutions said.
Oil rose on Friday and was on track for another weekly gain supported by solid fuel demand in the United States, although fresh COVID-19 alerts in Shanghai and Beijing curbed gains.
Brent crude was up 98 cents, or 0.8%, at $124.05 a barrel at 1153 GMT and U.S. West Texas Intermediate crude rose 82 cents, or 0.7%, to $122.33 a barrel.
With prices overall rallying in the past two months, Brent was on track for a fourth consecutive weekly gain and WTI was set for a seventh straight weekly increase.
"The summer driving season in the U.S. is seeing record surges in gasoline and diesel consumption," analysts at Fitch Solutions said.
Oil prices fall as partial Shanghai lockdowns stoke demand worries | Reuters
Oil prices fall as partial Shanghai lockdowns stoke demand worries | Reuters
Oil prices slipped on Friday but remained within touching distance of three-month highs as fears over new COVID-19 lockdown measures in Shanghai outweighed solid demand for fuels in the United States, the world's top consumer.
Brent crude futures for August were down 33 cents, or 0.3%, at $122.74 a barrel at 0647 GMT, after dropping to as low as $121.60 earlier in the session and declining 0.4% on the previous day.
U.S. West Texas Intermediate crude for July fell 29 cents, or 0.2%, to $121.22 a barrel, having dropped 0.5% on Thursday.
Still, with prices overall rallying in the past two months, Brent was on track for a fourth consecutive weekly gain and WTI was set for a seventh straight weekly increase. Both benchmarks on Wednesday marked their highest closes since March 8, when they reached 14-year peaks.
Oil prices slipped on Friday but remained within touching distance of three-month highs as fears over new COVID-19 lockdown measures in Shanghai outweighed solid demand for fuels in the United States, the world's top consumer.
Brent crude futures for August were down 33 cents, or 0.3%, at $122.74 a barrel at 0647 GMT, after dropping to as low as $121.60 earlier in the session and declining 0.4% on the previous day.
U.S. West Texas Intermediate crude for July fell 29 cents, or 0.2%, to $121.22 a barrel, having dropped 0.5% on Thursday.
Still, with prices overall rallying in the past two months, Brent was on track for a fourth consecutive weekly gain and WTI was set for a seventh straight weekly increase. Both benchmarks on Wednesday marked their highest closes since March 8, when they reached 14-year peaks.