Tyson Foods (NYSE:TSN) Expands in MidEast With Deal for Saudi Arabia’s Tanmiah - Bloomberg
Tyson, the biggest US meat company by sales, is competing with international rivals such as Brazil’s JBS SA for market share amid swelling protein consumption around the world. Chicken demand, in particular, is growing much more dramatically than that of beef or pork, according to US government data, and chicken is forecast to account for more than 40% of worldwide meat consumption by the end of the decade.
Tyson agreed to acquire stakes in Tanmiah subsidiaries that operate chicken hatcheries, feed mills and poultry-processing plants serving Saudi Arabia, Kuwait, Bahrain, UAE, Oman, Lebanon and Jordan, according to a statement Wednesday.
Tyson will pay about $70 million for the stakes in Tanmiah’s Agricultural Development Co. and Supreme Foods Processing Co., according to a separate statement by the Saudi company.
The deal will enable Tyson to “unlock long-term opportunities in the growing Halal food market,” Tan Sun, president of Tyson Foods in Asia-Pacific, said in the statement.
Tanmiah shares rose as much as 8.9% in Riyadh. Tyson stock was little changed.
The announcement comes ahead of US President Joe Biden’s planned visit to Saudi Arabia next week. Biden has been critical of major food producers that he blames for contributing to the worst food inflation since the 1980s.
Wednesday, 6 July 2022
Russia’s war helps #Qatar boost its influence over global energy flows | Financial Times
Russia’s war helps Qatar boost its influence over global energy flows | Financial Times
Qatar has built an outsized role in global commodity markets since it first began exporting liquefied natural gas more than two decades ago.
Now, following Russia’s invasion of Ukraine and a series of deals to develop a new gasfield, the Gulf state’s influence over international energy flows is set to grow even larger.
QatarEnergy, its state-owned gas producer, has in recent weeks announced joint-venture agreements with five of the world’s biggest international oil companies to develop a vast $29bn project known as North Field East.
The project aims to increase Qatar’s annual export capacity from 77mn tonnes to 110mn tonnes by 2026, helping it to overtake Australia as the second-biggest producer of the fuel behind the US.
U.S. targets Hong Kong, #UAE companies in fresh Iran sanctions | Reuters
U.S. targets Hong Kong, UAE companies in fresh Iran sanctions | Reuters
The United States on Wednesday imposed sanctions on a network of Hong Kong, Emirati and other companies that it accused of helping to deliver and sell Iranian petroleum and petrochemical products to East Asia, applying pressure on Tehran as Washington seeks to revive the 2015 Iran nuclear deal.
The U.S. Treasury Department said in a statement the network of people and entities used a web of Gulf-based front companies to facilitate the delivery and sale of hundreds of millions of dollars in products from Iranian companies to East Asia.
In Doha last week, indirect talks between Tehran and Washington ended without a breakthrough over how to salvage Iran's 2015 nuclear pact. read more
“While the United States is committed to achieving an agreement with Iran that seeks a mutual return to compliance with the Joint Comprehensive Plan of Action, we will continue to use all our authorities to enforce sanctions on the sale of Iranian petroleum and petrochemicals,” Brian Nelson, the Treasury's under secretary for terrorism and financial intelligence, said.
The United States on Wednesday imposed sanctions on a network of Hong Kong, Emirati and other companies that it accused of helping to deliver and sell Iranian petroleum and petrochemical products to East Asia, applying pressure on Tehran as Washington seeks to revive the 2015 Iran nuclear deal.
The U.S. Treasury Department said in a statement the network of people and entities used a web of Gulf-based front companies to facilitate the delivery and sale of hundreds of millions of dollars in products from Iranian companies to East Asia.
In Doha last week, indirect talks between Tehran and Washington ended without a breakthrough over how to salvage Iran's 2015 nuclear pact. read more
“While the United States is committed to achieving an agreement with Iran that seeks a mutual return to compliance with the Joint Comprehensive Plan of Action, we will continue to use all our authorities to enforce sanctions on the sale of Iranian petroleum and petrochemicals,” Brian Nelson, the Treasury's under secretary for terrorism and financial intelligence, said.
Oil slides 2% to 12-week low on fears of global recession | Reuters
Oil slides 2% to 12-week low on fears of global recession | Reuters
Oil prices slid about 2% to a 12-week low in volatile trade on Wednesday, extending the prior session's heavy losses as investors grew more worried energy demand would take a hit in a potential global recession.
Looking ahead, analysts polled by Reuters forecast U.S. crude inventories fell about 1.0 million barrels last week. A drop in crude stockpiles could support prices. ,
The American Petroleum Institute (API), an industry group, will issue its inventory report at 4:30 p.m. EDT (2030 GMT) on Wednesday. The U.S. Energy Information Administration (EIA) reports at 11:00 a.m. EDT (1500 GMT) on Thursday. Both reports were delayed one day by the U.S. July Fourth holiday.
Brent futures for September delivery fell $2.08, or 2.0%, to settle at $100.69 a barrel. U.S. West Texas Intermediate (WTI) crude fell 97 cents, or 1.0%, to settle at $98.53. Both benchmarks closed at their lowest since April 11, in technically oversold territory for a second straight day.
Oil prices slid about 2% to a 12-week low in volatile trade on Wednesday, extending the prior session's heavy losses as investors grew more worried energy demand would take a hit in a potential global recession.
Looking ahead, analysts polled by Reuters forecast U.S. crude inventories fell about 1.0 million barrels last week. A drop in crude stockpiles could support prices. ,
The American Petroleum Institute (API), an industry group, will issue its inventory report at 4:30 p.m. EDT (2030 GMT) on Wednesday. The U.S. Energy Information Administration (EIA) reports at 11:00 a.m. EDT (1500 GMT) on Thursday. Both reports were delayed one day by the U.S. July Fourth holiday.
Brent futures for September delivery fell $2.08, or 2.0%, to settle at $100.69 a barrel. U.S. West Texas Intermediate (WTI) crude fell 97 cents, or 1.0%, to settle at $98.53. Both benchmarks closed at their lowest since April 11, in technically oversold territory for a second straight day.
Mideast Stocks: #Dubai leads most Gulf bourses lower on recession fears
Mideast Stocks: Dubai leads most Gulf bourses lower on recession fears
Most stock markets in the Gulf ended lower on Wednesday, with the Dubai index falling most, hit by concern over a possible global recession.
Dubai's main share index lost 1.9%, dragged down by a 2.8% fall for blue-chip developer Emaar Properties and a 2.7% decline for sharia-compliant lender Dubai Islamic Bank. Separately, Dubai road-toll operator Salik has appointed Ibrahim Al Haddad as chief executive, it said on Wednesday, in a move that showed the company was moving closer to its planned flotation.
In Abu Dhabi, equities eased by 0.2%, hit by a 0.4% fall in conglomerate International Holding.
The United Arab Emirates is boosting state spending on social welfare by billions of dollars as it seeks to shield its citizens from rising living costs. The UAE is doubling the financial support it provides to low-income Emirati families to 28 billion dirhams ($7.6 billion) to help them contend with soaring inflation in the Gulf state.
The Qatari benchmark finished 1.7% down, with petrochemicals company Industries Qatar retreating 3.9%.
Saudi Arabia's benchmark index reversed early losses to close 0.6% up, ending four sessions of losses, with Al Rajhi Bank rising 2% and Riyad Bank advancing 2.8%.
Oil prices, a key catalyst for the Gulf's financial markets, rose on Wednesday, clawing back some of the previous day's heavy losses as supply concerns returned to the fore and outweighed lingering global recession fears. Advanced Petrochemical Co slid 3.6%, however, after a steep fall in quarterly profit.
Outside the Gulf, Egypt's blue-chip index edged 0.2% higher, helped by a 0.6% gain for Commercial International Bank.
The Egyptian stock market was volatile and remained exposed to the downside as inflation and risk aversion weighed on investor sentiment, said CAPEX.com analyst Fadi Reyad. The market could find some relief if talks to bring a resumption in grain exports from Ukraine prove successful, Reyad added.
Most stock markets in the Gulf ended lower on Wednesday, with the Dubai index falling most, hit by concern over a possible global recession.
Dubai's main share index lost 1.9%, dragged down by a 2.8% fall for blue-chip developer Emaar Properties and a 2.7% decline for sharia-compliant lender Dubai Islamic Bank. Separately, Dubai road-toll operator Salik has appointed Ibrahim Al Haddad as chief executive, it said on Wednesday, in a move that showed the company was moving closer to its planned flotation.
In Abu Dhabi, equities eased by 0.2%, hit by a 0.4% fall in conglomerate International Holding.
The United Arab Emirates is boosting state spending on social welfare by billions of dollars as it seeks to shield its citizens from rising living costs. The UAE is doubling the financial support it provides to low-income Emirati families to 28 billion dirhams ($7.6 billion) to help them contend with soaring inflation in the Gulf state.
The Qatari benchmark finished 1.7% down, with petrochemicals company Industries Qatar retreating 3.9%.
Saudi Arabia's benchmark index reversed early losses to close 0.6% up, ending four sessions of losses, with Al Rajhi Bank rising 2% and Riyad Bank advancing 2.8%.
Oil prices, a key catalyst for the Gulf's financial markets, rose on Wednesday, clawing back some of the previous day's heavy losses as supply concerns returned to the fore and outweighed lingering global recession fears. Advanced Petrochemical Co slid 3.6%, however, after a steep fall in quarterly profit.
Outside the Gulf, Egypt's blue-chip index edged 0.2% higher, helped by a 0.6% gain for Commercial International Bank.
The Egyptian stock market was volatile and remained exposed to the downside as inflation and risk aversion weighed on investor sentiment, said CAPEX.com analyst Fadi Reyad. The market could find some relief if talks to bring a resumption in grain exports from Ukraine prove successful, Reyad added.
#UAE imposes $11m in fines for anti-money laundering offences in the first half of 2022
UAE imposes $11m in fines for anti-money laundering offences in the first half of 2022
The UAE's anti-money laundering task force imposed fines of more than Dh41 million ($11m) in the first six months of 2022, as it continues to rein in illicit financial activity.
The Emirates' higher committee overseeing the national strategy on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) also doubled its efforts to assist in international co-operation and mutual legal assistance cases and requests, state news agency Wam cited Hamid Al Zaabi, director general of the executive office of AML/CFT, as saying.
The UAE's progress in the fight against illicit finance was presented during the committee's 15th meeting, which was chaired by Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation.
The financial system's rapid digital transformation has increased the vulnerability to fraud.
The Covid-19 pandemic also led to an increase in money laundering and terrorist financing, fraud, cyber attacks, bribery and corruption across the financial system, the UAE Central Bank said in September.
The UAE's anti-money laundering task force imposed fines of more than Dh41 million ($11m) in the first six months of 2022, as it continues to rein in illicit financial activity.
The Emirates' higher committee overseeing the national strategy on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) also doubled its efforts to assist in international co-operation and mutual legal assistance cases and requests, state news agency Wam cited Hamid Al Zaabi, director general of the executive office of AML/CFT, as saying.
The UAE's progress in the fight against illicit finance was presented during the committee's 15th meeting, which was chaired by Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation.
The financial system's rapid digital transformation has increased the vulnerability to fraud.
The Covid-19 pandemic also led to an increase in money laundering and terrorist financing, fraud, cyber attacks, bribery and corruption across the financial system, the UAE Central Bank said in September.
#Kuwait Lender KFH to Buy Bahrain’s Ahli United for $11.6 Billion - Bloomberg
Kuwait Lender KFH to Buy Bahrain’s Ahli United for $11.6 Billion - Bloomberg
Kuwait Finance House agreed to buy Bahrain’s Ahli United for about $11.6 billion, a deal almost four years in the making and one that would rank among the banking sector’s biggest of the year.
The potential combination, a rare cross border deal in the Middle East, would create the Gulf’s seventh-largest lender with $115 billion in assets. Under the revised terms, KFH will offer one share for every 2.695 shares of Ahli, implying an offer price of $1.04 per share -- a 13% premium to the stock’s Wednesday close.
Kuwait’s central bank, which in 2020 asked KFH to reassess the deal as the pandemic spread, approved the combination on Wednesday. The initial offer in 2019 was valued at $8.8 billion, with KFH offering 1 share for every 2.32558 shares in Ahli.
Since then, Kuwait Finance House shares have risen 66%, valuing the lender at $25.8 billion. Ahli is up 27% in the same period, giving the bank a market value of $10.3 billion.
Kuwait Finance House agreed to buy Bahrain’s Ahli United for about $11.6 billion, a deal almost four years in the making and one that would rank among the banking sector’s biggest of the year.
The potential combination, a rare cross border deal in the Middle East, would create the Gulf’s seventh-largest lender with $115 billion in assets. Under the revised terms, KFH will offer one share for every 2.695 shares of Ahli, implying an offer price of $1.04 per share -- a 13% premium to the stock’s Wednesday close.
Kuwait’s central bank, which in 2020 asked KFH to reassess the deal as the pandemic spread, approved the combination on Wednesday. The initial offer in 2019 was valued at $8.8 billion, with KFH offering 1 share for every 2.32558 shares in Ahli.
Since then, Kuwait Finance House shares have risen 66%, valuing the lender at $25.8 billion. Ahli is up 27% in the same period, giving the bank a market value of $10.3 billion.
Oil prices rebound from Tuesday tumble as supply concerns return | Reuters
Oil prices rebound from Tuesday tumble as supply concerns return | Reuters
Oil prices rose on Wednesday, clawing back some of Tuesday's heavy losses as supply concerns returned to the fore and outweighed lingering worries about a potential global recession.
Brent crude futures rose by $1.43, or 1.39%, to $104.20 a barrel at 1120 GMT.
U.S. West Texas Intermediate (WTI) crude climbed 65 cents, or 0.65%, to $100.15 a barrel after closing below $100 in the previous session for the first time since late April.
Both contracts recorded their largest daily drop since March on Tuesday on recession fears and other bearish pressures, which also kept a lid on Wednesday's price rise. read more
Oil prices have seen a knock from a resurgent dollar, which is holding at a 20-year high against the euro and multi-month peaks against other major currencies.
Oil prices rose on Wednesday, clawing back some of Tuesday's heavy losses as supply concerns returned to the fore and outweighed lingering worries about a potential global recession.
Brent crude futures rose by $1.43, or 1.39%, to $104.20 a barrel at 1120 GMT.
U.S. West Texas Intermediate (WTI) crude climbed 65 cents, or 0.65%, to $100.15 a barrel after closing below $100 in the previous session for the first time since late April.
Both contracts recorded their largest daily drop since March on Tuesday on recession fears and other bearish pressures, which also kept a lid on Wednesday's price rise. read more
Oil prices have seen a knock from a resurgent dollar, which is holding at a 20-year high against the euro and multi-month peaks against other major currencies.
United Arab Emirates cuts red tape to attract businesses | Reuters #UAE
United Arab Emirates cuts red tape to attract businesses | Reuters
The United Arab Emirates is cutting red tape to make it easier and quicker for digital companies to incorporate, the latest economic policy announcement as the government seeks to further diversify the economy away from oil revenues.
Trade minister Thani Al Zeyoudi, flanked by executives from many state-linked entities, on Wednesday announced the changes that include better access to the financial and banking system.
"We want to show digitally enabled companies from Europe, Asia, the Americas, that the UAE is the world's best place to live, work, invest and scale," the minister told reporters, setting a target for 300 digital companies to incorporate within a year.
Those setting up in the UAE, home to financial centre Dubai and oil-rich Abu Dhabi, would have visas issued sooner and be offered attractive commercial and residential leases, he said.
The United Arab Emirates is cutting red tape to make it easier and quicker for digital companies to incorporate, the latest economic policy announcement as the government seeks to further diversify the economy away from oil revenues.
Trade minister Thani Al Zeyoudi, flanked by executives from many state-linked entities, on Wednesday announced the changes that include better access to the financial and banking system.
"We want to show digitally enabled companies from Europe, Asia, the Americas, that the UAE is the world's best place to live, work, invest and scale," the minister told reporters, setting a target for 300 digital companies to incorporate within a year.
Those setting up in the UAE, home to financial centre Dubai and oil-rich Abu Dhabi, would have visas issued sooner and be offered attractive commercial and residential leases, he said.
Mideast Stocks: Most Gulf bourses fall on recession worries
Mideast Stocks: Most Gulf bourses fall on recession worries
Most Gulf shares fell in early trade on Wednesday, with the Saudi index on course to extend losses for a fourth straight session, on persistent fears about a global recession.
Saudi Arabia's benchmark index dropped 0.5%, hit by a 0.9% fall in oil giant Saudi Aramco and a 0.3% decrease in Retal Urban Development Co.
Advanced Petrochemical Co slid 3.4%, after reporting a steep fall in its quarterly profit.
The kingdom and the United Arab Emirates are boosting state spending on social welfare by billions of dollars, as they seek to shield their citizens from rising living costs.
The UAE is doubling the financial support it provides to low-income Emirati families to 28 billion dirhams ($7.6 billion) to help them with soaring inflation in the Gulf state, while Saudi Arabia's King Salman ordered a 20 billion riyal ($5.33 billion) allocation.
Dubai's main share index fell 0.9%, weighed down by a 1.8% fall in blue-chip developer Emaar Properties and a 0.8% decrease in Emirates NBD.
Qatari shares declined 1.8%, as almost all the stocks on the index were in negative territory including petrochemical maker Industries Qatar, which retreated 4.2%.
The Abu Dhabi index, however, edged 0.2% higher, helped by a 0.6% increase in the country's biggest lender First Abu DHabi Bank.
Oil prices rose as much as nearly 3% before paring some gains, as investors piled back into the market after a heavy rout in the previous session, with supply concerns returning to the fore even as worries about a global recession linger.
Most Gulf shares fell in early trade on Wednesday, with the Saudi index on course to extend losses for a fourth straight session, on persistent fears about a global recession.
Saudi Arabia's benchmark index dropped 0.5%, hit by a 0.9% fall in oil giant Saudi Aramco and a 0.3% decrease in Retal Urban Development Co.
Advanced Petrochemical Co slid 3.4%, after reporting a steep fall in its quarterly profit.
The kingdom and the United Arab Emirates are boosting state spending on social welfare by billions of dollars, as they seek to shield their citizens from rising living costs.
The UAE is doubling the financial support it provides to low-income Emirati families to 28 billion dirhams ($7.6 billion) to help them with soaring inflation in the Gulf state, while Saudi Arabia's King Salman ordered a 20 billion riyal ($5.33 billion) allocation.
Dubai's main share index fell 0.9%, weighed down by a 1.8% fall in blue-chip developer Emaar Properties and a 0.8% decrease in Emirates NBD.
Qatari shares declined 1.8%, as almost all the stocks on the index were in negative territory including petrochemical maker Industries Qatar, which retreated 4.2%.
The Abu Dhabi index, however, edged 0.2% higher, helped by a 0.6% increase in the country's biggest lender First Abu DHabi Bank.
Oil prices rose as much as nearly 3% before paring some gains, as investors piled back into the market after a heavy rout in the previous session, with supply concerns returning to the fore even as worries about a global recession linger.
Oil prices bounce back from Tuesday tumble as supply concerns return | Reuters
Oil prices bounce back from Tuesday tumble as supply concerns return | Reuters
Oil prices rose on Wednesday, clawing back some of Tuesday's heavy losses as supply concerns returned to the forefront and outweighed lingering worries over a global recession.
Brent crude futures rose by $1.62, or 1.58%, to $104.39 a barrel at 0839 GMT.
U.S. West Texas Intermediate (WTI) crude climbed $1.04, or 1.05%, to $100.54 a barrel after closing below $100 in the previous session for the first time since late April.
Both contracts on Tuesday recorded their largest daily drop since March on recessionary fears and other bearish pressures which also kept a lid on Wednesday's price rise. read more
Oil prices have seen a knock from a resurgent dollar, which is holding at a 20-year peak against the euro and multi-month highs against other major peers.
Oil prices rose on Wednesday, clawing back some of Tuesday's heavy losses as supply concerns returned to the forefront and outweighed lingering worries over a global recession.
Brent crude futures rose by $1.62, or 1.58%, to $104.39 a barrel at 0839 GMT.
U.S. West Texas Intermediate (WTI) crude climbed $1.04, or 1.05%, to $100.54 a barrel after closing below $100 in the previous session for the first time since late April.
Both contracts on Tuesday recorded their largest daily drop since March on recessionary fears and other bearish pressures which also kept a lid on Wednesday's price rise. read more
Oil prices have seen a knock from a resurgent dollar, which is holding at a 20-year peak against the euro and multi-month highs against other major peers.
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