Oil rises $2 as dollar eases, market wary of Fed | Reuters
Oil prices rose about $2 on Monday, bolstered by supply fears, a dip in the U.S. dollar and early strength in equity markets, but prices seesawed as some worried fuel demand could weaken if the Federal Reserve raises U.S. interest rates too aggressively.
Brent crude futures for September settled up $1.95, or 1.9%, at $105.15 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $2, or 2.1%, to settle at $96.70 a barrel.
"A slightly weaker U.S. dollar and improving equity markets are supporting oil," UBS oil analyst Giovanni Staunovo said. (.STOXX)After early strength, U.S. stocks moved lower in afternoon trading, with investors cautious about the Fed meeting this week and earnings from several growth companies.
Oil futures have been volatile in recent weeks, pressured by worries that rising interest rates could slow economic activity and fuel demand but supported by tight supply, especially since Russia's invasion of Ukraine and Western sanctions on Moscow.
Monday 25 July 2022
South Africa Applies for Extradition of Gupta Brothers From #UAE - Bloomberg
South Africa Applies for Extradition of Gupta Brothers From UAE - Bloomberg
South Africa submitted a request for extradition from the United Arab Emirates of the Gupta brothers, who are wanted for allegedly masterminding the looting of billions of dollars from state entities on Monday.
“A request was received from the National Director of Public Prosecutions for the extradition of the Gupta brothers from the United Arab Emirates to the Republic of South Africa to stand trial on charges of fraud, money laundering,” Justice Minister Ronald Lamola told reporters on Monday in Pretoria, the capital. “We can confirm that the extradition request has been duly submitted to the UAE central authority.”
Rajesh and Atul Gupta were arrested in the United Arab Emirates in early June. They’re wanted on charges of money laundering and fraud, and were detained after the International Criminal Police Organization, or Interpol, placed them on its most-wanted list in February. The deadline for submitting the formal application for extradition was Aug. 2, National Director of Public Prosecutions Shamila Batohi said at Monday’s briefing.
A judicial inquiry into state graft spanning more than three years detailed close links between the brothers and former President Jacob Zuma. Witnesses allege they worked together to siphon money from South Africa’s state transport, power and arms companies, and jointly decided who was appointed to the cabinet. Zuma and the Guptas have denied wrongdoing.
Submitting the extradition request is an “important milestone in the National Prosecuting Authority’s commitment to hold to account the perpetrators of state capture and to uphold the rule of law,” Batohi said. The NPA will continue to cooperate with and support its counterparts in the UAE to ensure the Gupta brothers face justice in South Africa, although the process could take several months, she said.
South Africa submitted a request for extradition from the United Arab Emirates of the Gupta brothers, who are wanted for allegedly masterminding the looting of billions of dollars from state entities on Monday.
“A request was received from the National Director of Public Prosecutions for the extradition of the Gupta brothers from the United Arab Emirates to the Republic of South Africa to stand trial on charges of fraud, money laundering,” Justice Minister Ronald Lamola told reporters on Monday in Pretoria, the capital. “We can confirm that the extradition request has been duly submitted to the UAE central authority.”
Rajesh and Atul Gupta were arrested in the United Arab Emirates in early June. They’re wanted on charges of money laundering and fraud, and were detained after the International Criminal Police Organization, or Interpol, placed them on its most-wanted list in February. The deadline for submitting the formal application for extradition was Aug. 2, National Director of Public Prosecutions Shamila Batohi said at Monday’s briefing.
A judicial inquiry into state graft spanning more than three years detailed close links between the brothers and former President Jacob Zuma. Witnesses allege they worked together to siphon money from South Africa’s state transport, power and arms companies, and jointly decided who was appointed to the cabinet. Zuma and the Guptas have denied wrongdoing.
Submitting the extradition request is an “important milestone in the National Prosecuting Authority’s commitment to hold to account the perpetrators of state capture and to uphold the rule of law,” Batohi said. The NPA will continue to cooperate with and support its counterparts in the UAE to ensure the Gupta brothers face justice in South Africa, although the process could take several months, she said.
Oil rises as dollar strength eases, but Fed weighs | Reuters
Oil rises as dollar strength eases, but Fed weighs | Reuters
Oil prices rose on Monday, bolstered by a slightly weaker U.S. dollar and stronger equity markets in a session that seesawed between supply fears and expectations that rise in U.S. interest rates would weaken fuel demand.
Brent crude futures for September settlement rose 68 cents, or 0.66%, to $103.88 a barrel by 1402 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 85 cents, or 0.9%, to $95.55 a barrel.
"A slightly weaker U.S. dollar and improving equity markets are supporting oil," UBS oil analyst Giovanni Staunovo said on Monday. (.STOXX)
Oil futures have been volatile in recent weeks as traders have tried to reconcile the possibilities of further interest rate hikes, which could limit economic activity and thus cut fuel demand growth, against tight supply from disruptions in trading of Russian crude because of Western sanctions amid the Ukraine conflict.
Oil prices rose on Monday, bolstered by a slightly weaker U.S. dollar and stronger equity markets in a session that seesawed between supply fears and expectations that rise in U.S. interest rates would weaken fuel demand.
Brent crude futures for September settlement rose 68 cents, or 0.66%, to $103.88 a barrel by 1402 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 85 cents, or 0.9%, to $95.55 a barrel.
"A slightly weaker U.S. dollar and improving equity markets are supporting oil," UBS oil analyst Giovanni Staunovo said on Monday. (.STOXX)
Oil futures have been volatile in recent weeks as traders have tried to reconcile the possibilities of further interest rate hikes, which could limit economic activity and thus cut fuel demand growth, against tight supply from disruptions in trading of Russian crude because of Western sanctions amid the Ukraine conflict.
Most Gulf bourses retreat on economic slowdown fears | Reuters
Most Gulf bourses retreat on economic slowdown fears | Reuters
Major stock markets in the Gulf ended lower on Monday, as signs of an economic slowdown ahead of a U.S. Federal Reserve policy meeting this week kept investors at bay, while retreating crude prices added to the worries.
The Fed will opt for another 75 basis point rate hike rather than a larger move to quell stubbornly-high inflation as the likelihood of a recession over the next year rises to 40%, a Reuters poll of economists found. read more
Saudi Arabia's benchmark index (.TASI) dropped 0.8%, with Riyad Bank (1010.SE) losing 3.4% and Saudi National Bank (1180.SE), the kingdom's biggest lender, falling 1.3%.
Oil prices, a key catalyst for the Gulf's financial markets, fell in seesaw trading as the market balanced supply fears with expectations that rise in U.S. interest rates would weaken fuel demand. read more
Dubai's main share index (.DFMGI) lost 0.7%, hit by a 2.2% fall in blue-chip developer Emaar Properties (EMAR.DU) declining 2.2% and a 1.4% decrease in Emirates Integrated Telecommunications Co (DU.DU).
The Dubai bourse could return to new price corrections after this month's strong rebound, said Wael Makarem, senior market strategist at Exness.
"Investors' expectations might weigh on performance as they wait for the Federal Reserve's decision."
In Abu Dhabi, the equities (.FTFADGI) retreated 0.8%, with the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD) closing 1.6% lower.
The Qatari index (.QSI), however, bucked the trend to finish 0.4% higher, helped by a 3.9% jump in Commercial Bank (COMB.QA) a day after reporting a rise in first-half profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) was down 0.4%, with top lender Commercial International Bank (COMI.CA) losing 0.3%.
According to Makarem, the Egyptian market is still seeing a selling trend from international investors and could be impacted by the rising tensions in Eastern Europe.
Major stock markets in the Gulf ended lower on Monday, as signs of an economic slowdown ahead of a U.S. Federal Reserve policy meeting this week kept investors at bay, while retreating crude prices added to the worries.
The Fed will opt for another 75 basis point rate hike rather than a larger move to quell stubbornly-high inflation as the likelihood of a recession over the next year rises to 40%, a Reuters poll of economists found. read more
Saudi Arabia's benchmark index (.TASI) dropped 0.8%, with Riyad Bank (1010.SE) losing 3.4% and Saudi National Bank (1180.SE), the kingdom's biggest lender, falling 1.3%.
Oil prices, a key catalyst for the Gulf's financial markets, fell in seesaw trading as the market balanced supply fears with expectations that rise in U.S. interest rates would weaken fuel demand. read more
Dubai's main share index (.DFMGI) lost 0.7%, hit by a 2.2% fall in blue-chip developer Emaar Properties (EMAR.DU) declining 2.2% and a 1.4% decrease in Emirates Integrated Telecommunications Co (DU.DU).
The Dubai bourse could return to new price corrections after this month's strong rebound, said Wael Makarem, senior market strategist at Exness.
"Investors' expectations might weigh on performance as they wait for the Federal Reserve's decision."
In Abu Dhabi, the equities (.FTFADGI) retreated 0.8%, with the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD) closing 1.6% lower.
The Qatari index (.QSI), however, bucked the trend to finish 0.4% higher, helped by a 3.9% jump in Commercial Bank (COMB.QA) a day after reporting a rise in first-half profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) was down 0.4%, with top lender Commercial International Bank (COMI.CA) losing 0.3%.
According to Makarem, the Egyptian market is still seeing a selling trend from international investors and could be impacted by the rising tensions in Eastern Europe.
#AbuDhabi Fund Hires Deutsche Bank Executive for Real Estate - Bloomberg
Abu Dhabi Fund Hires Deutsche Bank Executive for Real Estate - Bloomberg
The Abu Dhabi Investment Authority hired a Deutsche Bank AG executive as the global head of its real estate investments.
Drew Goldman’s appointment is effective Oct. 3, the sovereign wealth fund said in a statement. He will report to Mohamed AlQubaisi, executive director of ADIA’s real estate department.
Goldman was most recently the global head of investment banking coverage and M&A at Deutsche Bank in New York.
The Abu Dhabi Investment Authority hired a Deutsche Bank AG executive as the global head of its real estate investments.
Drew Goldman’s appointment is effective Oct. 3, the sovereign wealth fund said in a statement. He will report to Mohamed AlQubaisi, executive director of ADIA’s real estate department.
Goldman was most recently the global head of investment banking coverage and M&A at Deutsche Bank in New York.
Watch LNG, Not World Cup to Drive Qatari Banks, CBQ CEO Says - Bloomberg
Watch LNG, Not World Cup to Drive Qatari Banks, CBQ CEO Says - Bloomberg
Qatar's plans to expand its production capacity of liquefied natural gas are going to be key to loan growth going forward as the impact of the World Cup fades, says Commercial Bank of Qatar CEO Joseph Abraham. He spoke to Yousef Gamal El-Din and Simone Foxman on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#Saudi retail chain BinDawood in talks to acquire majority stake in French marketing firm Ykone
Saudi retail chain BinDawood in talks to acquire majority stake in French marketing firm Ykone
Saudi Arabian retailer BinDawood Holding has confirmed that it is looking to acquire a majority stake in Paris-based marketing agency Ykone, a subsidiary of France's TF1 Group.
The operator of hypermarkets and supermarkets has already entered into exclusive negotiations for the potential acquisition through its wholly owned subsidiary Future Technology Retail (FTR), the company said in a statement.
TF1 Group is a French leader in content production, publishing and distribution. Ykone operates as an international influencer marketing agency with a proprietary technology offering focused on travel, beauty, fashion and luxury brands.
The agency has presence in Europe, Asia and the Middle East, providing services on strategy, talent management, content production and monitoring to more than 200 brands worldwide.
The potential deal will be undertaken through a French subsidiary company to be incorporated by FTR, BinDawood Holding said.
BinDawood has a portfolio of 78 stores, which include 52 hypermarkets and 26 supermarkets spread across the kingdom.
Saudi Arabian retailer BinDawood Holding has confirmed that it is looking to acquire a majority stake in Paris-based marketing agency Ykone, a subsidiary of France's TF1 Group.
The operator of hypermarkets and supermarkets has already entered into exclusive negotiations for the potential acquisition through its wholly owned subsidiary Future Technology Retail (FTR), the company said in a statement.
TF1 Group is a French leader in content production, publishing and distribution. Ykone operates as an international influencer marketing agency with a proprietary technology offering focused on travel, beauty, fashion and luxury brands.
The agency has presence in Europe, Asia and the Middle East, providing services on strategy, talent management, content production and monitoring to more than 200 brands worldwide.
The potential deal will be undertaken through a French subsidiary company to be incorporated by FTR, BinDawood Holding said.
BinDawood has a portfolio of 78 stores, which include 52 hypermarkets and 26 supermarkets spread across the kingdom.
Major Gulf bourses in red on recession worries | Reuters
Major Gulf bourses in red on recession worries | Reuters
Major stock markets in the Gulf fell in early trade on Monday, tracking oil prices and Asian shares lower as worries about a global economic downturn sapped risk appetite.
MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) lost 0.54% to 158.80, after touching highest since June 29 at 160.03 on Friday. read more
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, hit by a 0.8% fall in Al Rajhi Bank (1120.SE) and a 1.3% decrease in Alinma Bank (1150.SE).
Dubai's main share index (.DFMGI) lost 0.4%, with Emirates Integrated Telecommunications (DU.DU) dropping 0.6%, despite reporting a rise in quarterly net profit.
In Abu Dhabi, the index (.FTFADGI) eased 0.2%, following a 0.1% fall in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD).
Crude prices, a key catalyst for the Gulf's financial markets, dropped extending a recent losing streak on concerns that an expected rise in U.S. interest rates would weaken fuel demand.
The European Union said last week it would allow Russian state-owned companies to ship oil to third countries under an adjustment of sanctions agreed by member states aimed at limiting the risks to global energy security. read more
The Qatari benchmark (.QSI) was down 0.4%, with Qatar Islamic Bank (QISB.QA) declining 1.3% and Qatar National Bank (QNBK.QA), the Gulf's biggest lender, retreating 1.1%.
Major stock markets in the Gulf fell in early trade on Monday, tracking oil prices and Asian shares lower as worries about a global economic downturn sapped risk appetite.
MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) lost 0.54% to 158.80, after touching highest since June 29 at 160.03 on Friday. read more
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, hit by a 0.8% fall in Al Rajhi Bank (1120.SE) and a 1.3% decrease in Alinma Bank (1150.SE).
Dubai's main share index (.DFMGI) lost 0.4%, with Emirates Integrated Telecommunications (DU.DU) dropping 0.6%, despite reporting a rise in quarterly net profit.
In Abu Dhabi, the index (.FTFADGI) eased 0.2%, following a 0.1% fall in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD).
Crude prices, a key catalyst for the Gulf's financial markets, dropped extending a recent losing streak on concerns that an expected rise in U.S. interest rates would weaken fuel demand.
The European Union said last week it would allow Russian state-owned companies to ship oil to third countries under an adjustment of sanctions agreed by member states aimed at limiting the risks to global energy security. read more
The Qatari benchmark (.QSI) was down 0.4%, with Qatar Islamic Bank (QISB.QA) declining 1.3% and Qatar National Bank (QNBK.QA), the Gulf's biggest lender, retreating 1.1%.
Oil steady as market juggles Fed hike with supply fears | Reuters
Oil steady as market juggles Fed hike with supply fears | Reuters
Oil prices were relatively steady on Monday as the market balanced supply fears with expectations that rise in U.S. interest rates would weaken fuel demand.
Brent crude futures for September settlement rose 27 cents, or 0.26%, to $103.47 a barrel by 0909 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.08%, to $94.78 a barrel.
Oil futures have been volatile in recent weeks as traders have tried to reconcile the possibilities of further interest rate hikes, which could limit economic activity and thus cut fuel demand growth, against tight supply from disruptions in trading of Russian barrels because of Western sanctions amid the Ukraine conflict.
"Rising recession fears globally do suggest that gains are likely to be limited in the shorter term, geopolitics aside," said Jeffrey Halley, a senior market analyst at OANDA.
Officials at the Fed have indicated that the central bank would likely raise rates by 75 basis points at its July 26-27 meeting.
Oil prices were relatively steady on Monday as the market balanced supply fears with expectations that rise in U.S. interest rates would weaken fuel demand.
Brent crude futures for September settlement rose 27 cents, or 0.26%, to $103.47 a barrel by 0909 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.08%, to $94.78 a barrel.
Oil futures have been volatile in recent weeks as traders have tried to reconcile the possibilities of further interest rate hikes, which could limit economic activity and thus cut fuel demand growth, against tight supply from disruptions in trading of Russian barrels because of Western sanctions amid the Ukraine conflict.
"Rising recession fears globally do suggest that gains are likely to be limited in the shorter term, geopolitics aside," said Jeffrey Halley, a senior market analyst at OANDA.
Officials at the Fed have indicated that the central bank would likely raise rates by 75 basis points at its July 26-27 meeting.