Boris Johnson Calls on Saudi Arabia to Increase Oil Production - Bloomberg
U.K. Prime Minister Boris Johnson urged Saudi Arabia to ramp up oil production, seeking to cool record fuel prices in an echo of comments last week from President Joe Biden.
“There may be some question about quite how much more the Saudis could pump out at this particular moment,” Johnson told the House of Commons on Monday. Nonetheless, “they need to produce more oil -- no question.”
Last week, Biden said he hoped key Persian Gulf producers would ramp up output as he prepared for a trip this month to Saudi Arabia, which leads the OPEC+ alliance. Crude prices remain above $110 a barrel as supplies fail to keep pace with a post-pandemic rebound in demand, squeezing consumers and threatening to tip the global economy into recession.
Global oil markets have also been roiled by plans to sanction Russia’s energy trade over its invasion of Ukraine, which could result in the biggest supply disruption in decades, according to the International Energy Agency.
Monday 4 July 2022
Oil rises as tight supply trumps recession fears | Reuters
Oil rises as tight supply trumps recession fears | Reuters
Oil rose on Monday as supply concerns driven by lower OPEC output, unrest in Libya and sanctions against Russia outweighed fears of a demand-sapping global recession.
Euro zone inflation hit yet another record high in June, strengthening the case for rapid European Central Bank rate increases, while U.S. consumer sentiment hit a record low. read more
Brent crude rose $2.26, or 2%, to $113.89 a barrel by 12:47 p.m. ET (1648 GMT) after falling more than $1 in early trade. U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63, in thin volume during the U.S. Independence Day holiday.
The Organization of the Petroleum Exporting Countries (OPEC) missed a target to boost output in June, a Reuters survey found.
Oil rose on Monday as supply concerns driven by lower OPEC output, unrest in Libya and sanctions against Russia outweighed fears of a demand-sapping global recession.
Euro zone inflation hit yet another record high in June, strengthening the case for rapid European Central Bank rate increases, while U.S. consumer sentiment hit a record low. read more
Brent crude rose $2.26, or 2%, to $113.89 a barrel by 12:47 p.m. ET (1648 GMT) after falling more than $1 in early trade. U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63, in thin volume during the U.S. Independence Day holiday.
The Organization of the Petroleum Exporting Countries (OPEC) missed a target to boost output in June, a Reuters survey found.
#Dubai Is the New Hedge Fund Magnet, #Iran's Oil Discounts, #UAE Petrol Price Hikes - Bloomberg
Dubai Is the New Hedge Fund Magnet, Iran's Oil Discounts, UAE Petrol Price Hikes - Bloomberg
International hedge funds managers have become the latest group of investors to use Dubai as a business hub, lured by the emirate’s tax-free lifestyle and less stringent approach to Covid.
Izzy Englander’s Millennium Management, Michael Gelband’s ExodusPoint Capital Management, All Blue Capital, and Michael Platt’s private investment firm BlueCrest Capital Management have been hiring and moving staff to the Gulf region’s pre-eminent finance center.
Besides lower taxes and year-round sunshine (albeit with temperatures soaring to 50° Celsius in the summer), Brexit has also spurred many funds to seek new bases outside the City of London, while some fled Hong Kong’s strict Covid restrictions. Dubai offers them an array of incentives, including reduced licensing fees and capital requirements. A team from the business hub also recently completed a roadshow in San Francisco and New York to attract more firms.
“We are in a unique situation where the classic financial centers are disintegrating,” said Tom Kirchmaier, professor at the Centre for Economic Performance at the London School of Economics.
It isn’t the first time, however, that Dubai has attempted to attract hedge fund managers. In 2008, many predicted a regional hedge fund boom but that ultimately failed to materialize as the financial crisis took its toll on the industry.
International hedge funds managers have become the latest group of investors to use Dubai as a business hub, lured by the emirate’s tax-free lifestyle and less stringent approach to Covid.
Izzy Englander’s Millennium Management, Michael Gelband’s ExodusPoint Capital Management, All Blue Capital, and Michael Platt’s private investment firm BlueCrest Capital Management have been hiring and moving staff to the Gulf region’s pre-eminent finance center.
Besides lower taxes and year-round sunshine (albeit with temperatures soaring to 50° Celsius in the summer), Brexit has also spurred many funds to seek new bases outside the City of London, while some fled Hong Kong’s strict Covid restrictions. Dubai offers them an array of incentives, including reduced licensing fees and capital requirements. A team from the business hub also recently completed a roadshow in San Francisco and New York to attract more firms.
“We are in a unique situation where the classic financial centers are disintegrating,” said Tom Kirchmaier, professor at the Centre for Economic Performance at the London School of Economics.
It isn’t the first time, however, that Dubai has attempted to attract hedge fund managers. In 2008, many predicted a regional hedge fund boom but that ultimately failed to materialize as the financial crisis took its toll on the industry.
Mideast Stocks: Most Gulf bourses extend losses on recession worries
Mideast Stocks: Most Gulf bourses extend losses on recession worries
Most stock markets in the Gulf ended lower on Monday, extending losses as investors remained worried about a global recession.
Figures on Friday showed euro zone inflation hit yet another record high in June, firming the case for rapid European Central Bank rate hikes starting this month. U.S. consumer sentiment hit a record low in June.
Saudi Arabia's benchmark index fell 0.9%, hit by a 5.3% slide in Sahara International Petrochemical and a 1.3% fall in oil behemoth Saudi Aramco. "The fear of a global economic slowdown is impacting investors' expectations and could push the market further down especially if oil prices decline further," Wael Makarem, senior market strategist at Exness, said.
Dubai's main share index declined 1.4%, dragged down by a 3.3% drop in blue-chip developer Emaar Properties and a 2.3% decrease in Emirates NBD Bank. Emirati supermarket chain Union Coop on Friday announced its intention to list shares on the Dubai stock market on July 18. In Abu Dhabi, equities dropped 0.4%, with the country's biggest lender First Abu Dhabi Bank losing 0.7%.
Meanwhile, the United Arab Emirates is doubling the financial support it provides for low-income Emirati families to 28 billion dirhams ($7.6 billion) to help them with soaring living costs in the Gulf state. It was not immediately clear how the expansion of financial support would be funded. UAE is a major oil-producing nation.
The Qatari index fell 0.5%, driven down by a 2.1% decline in the Gulf's biggest lender Qatar National Bank.
Outside the Gulf, Egypt's blue-chip index tumbled 3.6%, hitting its lowest in more than 2 years. All the stocks on the index were in negative territory including top lender Commercial International Bank. Selling pressure in Egypt came from both international and local investors, which could exacerbate the decline, Makarem said.
Most stock markets in the Gulf ended lower on Monday, extending losses as investors remained worried about a global recession.
Figures on Friday showed euro zone inflation hit yet another record high in June, firming the case for rapid European Central Bank rate hikes starting this month. U.S. consumer sentiment hit a record low in June.
Saudi Arabia's benchmark index fell 0.9%, hit by a 5.3% slide in Sahara International Petrochemical and a 1.3% fall in oil behemoth Saudi Aramco. "The fear of a global economic slowdown is impacting investors' expectations and could push the market further down especially if oil prices decline further," Wael Makarem, senior market strategist at Exness, said.
Dubai's main share index declined 1.4%, dragged down by a 3.3% drop in blue-chip developer Emaar Properties and a 2.3% decrease in Emirates NBD Bank. Emirati supermarket chain Union Coop on Friday announced its intention to list shares on the Dubai stock market on July 18. In Abu Dhabi, equities dropped 0.4%, with the country's biggest lender First Abu Dhabi Bank losing 0.7%.
Meanwhile, the United Arab Emirates is doubling the financial support it provides for low-income Emirati families to 28 billion dirhams ($7.6 billion) to help them with soaring living costs in the Gulf state. It was not immediately clear how the expansion of financial support would be funded. UAE is a major oil-producing nation.
The Qatari index fell 0.5%, driven down by a 2.1% decline in the Gulf's biggest lender Qatar National Bank.
Outside the Gulf, Egypt's blue-chip index tumbled 3.6%, hitting its lowest in more than 2 years. All the stocks on the index were in negative territory including top lender Commercial International Bank. Selling pressure in Egypt came from both international and local investors, which could exacerbate the decline, Makarem said.
Oil rises as tight supply trumps recession fears | Reuters
Oil rises as tight supply trumps recession fears | Reuters
Oil rose on Monday as supply concerns driven by lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of demand-sapping global recession.
Euro zone inflation hit yet another record high in June, strengthening the case for rapid European Central Bank rate increases, while U.S. consumer sentiment hit a record low. read more
Brent crude rose $1.55, or 1.4%, to $113.18 a barrel by 1318 GMT after falling more than $1 in early trade. U.S. West Texas Intermediate (WTI) crude rose $1.34, or 1.2%, to $109.77.
The Organization of the Petroleum Exporting Countries (OPEC) missed a target to boost output in June, a Reuters survey found.
In OPEC member Libya, authorities declared force majeure at Es Sidr and Ras Lanuf ports as well as the El Feel oilfield on Thursday, saying oil output was down by 865,000 barrels per day (bpd).
Oil rose on Monday as supply concerns driven by lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of demand-sapping global recession.
Euro zone inflation hit yet another record high in June, strengthening the case for rapid European Central Bank rate increases, while U.S. consumer sentiment hit a record low. read more
Brent crude rose $1.55, or 1.4%, to $113.18 a barrel by 1318 GMT after falling more than $1 in early trade. U.S. West Texas Intermediate (WTI) crude rose $1.34, or 1.2%, to $109.77.
The Organization of the Petroleum Exporting Countries (OPEC) missed a target to boost output in June, a Reuters survey found.
In OPEC member Libya, authorities declared force majeure at Es Sidr and Ras Lanuf ports as well as the El Feel oilfield on Thursday, saying oil output was down by 865,000 barrels per day (bpd).
Digital banking start-up YAP raises $41 mln, to expand into #SaudiArabia | Reuters
Digital banking start-up YAP raises $41 mln, to expand into Saudi Arabia | Reuters
YAP, a digital bank in the United Arab Emirates, said on Monday it had raised $41 million in funding and targeted raising another roughly $20 million to finance its expansion plans.
The investors so far included Saudi Arabia's Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital. YAP said it intends to complete it Series A by the end of the year.
YAP will use the funds to expand the business into Saudi Arabia, Egypt, Pakistan and Ghana, Chief Executive and co-founder Marwan Hachem said in an interview.
"We just got the EMI (electronic money institutions) license in Pakistan and PSP (payment service provider) in Ghana, same thing in Saudi Arabia. Together with the bank we are going to apply to the central bank," Hachem said.
YAP, launched in 2021, partnered with Emirati lender RAK Bank to be the UAE's first independent digital banking platform.
YAP, a digital bank in the United Arab Emirates, said on Monday it had raised $41 million in funding and targeted raising another roughly $20 million to finance its expansion plans.
The investors so far included Saudi Arabia's Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital. YAP said it intends to complete it Series A by the end of the year.
YAP will use the funds to expand the business into Saudi Arabia, Egypt, Pakistan and Ghana, Chief Executive and co-founder Marwan Hachem said in an interview.
"We just got the EMI (electronic money institutions) license in Pakistan and PSP (payment service provider) in Ghana, same thing in Saudi Arabia. Together with the bank we are going to apply to the central bank," Hachem said.
YAP, launched in 2021, partnered with Emirati lender RAK Bank to be the UAE's first independent digital banking platform.
Oil steadies as recession fears balance tight supply | Reuters
Oil steadies as recession fears balance tight supply | Reuters
Oil was little changed on Monday as fears of a global recession that would hit demand werebalanced by concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia.
Figures on Friday showed euro zone inflation hit yet another record high in June, firming the case for rapid European Central Bank rate hikes starting this month. read more U.S. consumer sentiment hit a record low in June. read more
Brent crude rose 15 cents, or 0.1%, to $111.78 a barrel at 1048 GMT, after falling over $1 in early trade. U.S. West Texas Intermediate (WTI) crude slipped 33 cents, or 0.3%, to $108.10.
"The risk is tilted to the downside as traders are concerned about slowing oil demand due to a strong possibility of an economic recession taking place in the U.S. and in other parts of the world," said Naeem Aslam of Avatrade.
Oil was little changed on Monday as fears of a global recession that would hit demand werebalanced by concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia.
Figures on Friday showed euro zone inflation hit yet another record high in June, firming the case for rapid European Central Bank rate hikes starting this month. read more U.S. consumer sentiment hit a record low in June. read more
Brent crude rose 15 cents, or 0.1%, to $111.78 a barrel at 1048 GMT, after falling over $1 in early trade. U.S. West Texas Intermediate (WTI) crude slipped 33 cents, or 0.3%, to $108.10.
"The risk is tilted to the downside as traders are concerned about slowing oil demand due to a strong possibility of an economic recession taking place in the U.S. and in other parts of the world," said Naeem Aslam of Avatrade.
Mideast Stocks: Major Gulf bourses were mixed in early trade
Mideast Stocks: Major Gulf bourses were mixed in early trade
Major stock markets in the Gulf were mixed in early trade on Monday, tracking Asian shares as soft U.S. data suggested downside risks for this week's June payrolls report.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat, after losing 1.8% last week. Japan's Nikkei added 0.6%, while South Korea fell 0.8%.
Saudi Arabia's benchmark index dropped 1.1%, on course to extend losses for a second session, hit by a 1.7% fall in Al Rajhi Bank and a 1.8% decrease in oil giant Saudi Aramco.
Dubai's main share index fell 0.6%, with blue-chip developer Emaar Properties losing 1.4%, while lender Emirates NBD declined 1.2%.
Separately, Emirati supermarket chain Union Coop on Friday announced its intention to list shares on the Dubai stock market on July 18.
The company said in a statement that existing shareholders would be offered ten shares in the listing for each share held, and that trading of shares on its own portal had been suspended.
In Abu Dhabi, equities were flat, as gains in financials were offset by declines in telecoms firm e& .
The Qatari index gained 0.3%, with Qatar Islamic Bank rising 1.5%.
Oil prices, a catalyst for the Gulf's financial markets, reversed losses and edged up as concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of a global recession.
Major stock markets in the Gulf were mixed in early trade on Monday, tracking Asian shares as soft U.S. data suggested downside risks for this week's June payrolls report.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat, after losing 1.8% last week. Japan's Nikkei added 0.6%, while South Korea fell 0.8%.
Saudi Arabia's benchmark index dropped 1.1%, on course to extend losses for a second session, hit by a 1.7% fall in Al Rajhi Bank and a 1.8% decrease in oil giant Saudi Aramco.
Dubai's main share index fell 0.6%, with blue-chip developer Emaar Properties losing 1.4%, while lender Emirates NBD declined 1.2%.
Separately, Emirati supermarket chain Union Coop on Friday announced its intention to list shares on the Dubai stock market on July 18.
The company said in a statement that existing shareholders would be offered ten shares in the listing for each share held, and that trading of shares on its own portal had been suspended.
In Abu Dhabi, equities were flat, as gains in financials were offset by declines in telecoms firm e& .
The Qatari index gained 0.3%, with Qatar Islamic Bank rising 1.5%.
Oil prices, a catalyst for the Gulf's financial markets, reversed losses and edged up as concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of a global recession.
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