Airbus implements A350 design change amid Qatar Airways feud | Reuters
Airbus (AIR.PA) has carried out design changes to A350 passenger jets amid a $2 billion dispute with Qatar Airways over surface damage, which spilled over to a debate on security on Thursday.
The two companies have been fighting in court for months over the safety impact of flaking paint that exposed corrosion or gaps in a sub-layer of metallic lightning protection.
At the heart of the case is a sandwich of copper foil between the carbon fuselage and outer paint on A350 jets, designed to allow lightning strikes to wash away safely.
Reuters first reported in November 2021 that Airbus was studying a new type known as perforated copper foil (PCF), initially because it was lighter than the current expanded copper foil (ECF), but also because it would ease cracking.
Qatar told a London court on Thursday that Airbus had started implementing the change and called for more information. Airbus confirmed its partial use from late last year.
Thursday 19 January 2023
Gulf stocks gain despite weak Oil, U.S. consumer data | Reuters
Gulf stocks gain despite weak Oil, U.S. consumer data | Reuters
Most major Gulf equities recovered early losses to close slightly higher on Thursday as investors in the region remained bullish despite weak U.S. consumer data and global recession worries.
The latest U.S. consumer data rekindled global recession worries. Additionally, Chinese data showed the world's second-biggest economy grew 2.9% in the fourth quarter of last year, the worst showing in nearly half a century.
Fadi Reyad, Chief Market Analyst at CAPEX.com MENA, said GCC stock markets moved in different directions as Chinese economic reopening continues to fuel a positive outlook.
Oil, which fuels the region's growth, was also trading on the back foot, with Brent crude futures lost 65 cents, or 0.8%, to $84.33 a barrel at 1030 GMT.
Saudi Arabia's benchmark index (.TASI) rose 0.2%, supported by a 2.1% gain in Arab National Bank (1080.SE).
Saudi's oil giant Aramco (2222.SE) was up 0.2%.
Dubai's benchmark index (.DFMGI) added 0.1%, supported by a 2% jump in Emirates Central Cooling Systems (EMPOWER.DU) and a 0.7% lift in blue-chip developer Emaar Properties (EMAR.DU).
Qatari Stock index (.QSI) jumped 2.1%, ending seven sessions losses, as almost all its constituent stocks moved into positive territory. Gulf's biggest lender Qatar National Bank (QNBK.QA) surged 3.5% after recording losses in most of the sessions in this week.
Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.5%, continuing its rally since Wednesday.
Fadi attributed this rise to increase in foreign investments.
Abu Dhabi's index (.FTFADGI), however, eased 0.5%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) continued its slide to close 0.6% lower.
Most major Gulf equities recovered early losses to close slightly higher on Thursday as investors in the region remained bullish despite weak U.S. consumer data and global recession worries.
The latest U.S. consumer data rekindled global recession worries. Additionally, Chinese data showed the world's second-biggest economy grew 2.9% in the fourth quarter of last year, the worst showing in nearly half a century.
Fadi Reyad, Chief Market Analyst at CAPEX.com MENA, said GCC stock markets moved in different directions as Chinese economic reopening continues to fuel a positive outlook.
Oil, which fuels the region's growth, was also trading on the back foot, with Brent crude futures lost 65 cents, or 0.8%, to $84.33 a barrel at 1030 GMT.
Saudi Arabia's benchmark index (.TASI) rose 0.2%, supported by a 2.1% gain in Arab National Bank (1080.SE).
Saudi's oil giant Aramco (2222.SE) was up 0.2%.
Dubai's benchmark index (.DFMGI) added 0.1%, supported by a 2% jump in Emirates Central Cooling Systems (EMPOWER.DU) and a 0.7% lift in blue-chip developer Emaar Properties (EMAR.DU).
Qatari Stock index (.QSI) jumped 2.1%, ending seven sessions losses, as almost all its constituent stocks moved into positive territory. Gulf's biggest lender Qatar National Bank (QNBK.QA) surged 3.5% after recording losses in most of the sessions in this week.
Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.5%, continuing its rally since Wednesday.
Fadi attributed this rise to increase in foreign investments.
Abu Dhabi's index (.FTFADGI), however, eased 0.5%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) continued its slide to close 0.6% lower.
#Dubai's DFSA slams fines on firms for repeated money laundering breaches
Dubai's DFSA slams fines on firms for repeated money laundering breaches
The Dubai Financial Services Authority (DFSA) has imposed fines of $14,000 on two companies for lapses related to anti-money laundering (AML) regulations.
The two unidentified businesses have been asked to pay financial penalties of $5,600 and $8,400, respectively, for their “repeated” failure to submit annual AML returns despite several reminders.
“The DFSA expects all authorized firms to submit AML returns within the set deadlines and will look to escalate fines against recalcitrant firms,” said Ian Johnston, CEO of DFSA.
“The DFSA will continue to take all the necessary actions to ensure strict compliance with AML-related requirements in the DIFC.”
The Dubai Financial Services Authority (DFSA) has imposed fines of $14,000 on two companies for lapses related to anti-money laundering (AML) regulations.
The two unidentified businesses have been asked to pay financial penalties of $5,600 and $8,400, respectively, for their “repeated” failure to submit annual AML returns despite several reminders.
“The DFSA expects all authorized firms to submit AML returns within the set deadlines and will look to escalate fines against recalcitrant firms,” said Ian Johnston, CEO of DFSA.
“The DFSA will continue to take all the necessary actions to ensure strict compliance with AML-related requirements in the DIFC.”
#UAE’s Biggest Green Power Producer Masdar Targets $750 Million Bond Sale - Bloomberg
UAE’s Biggest Green Power Producer Masdar Targets $750 Million Bond Sale - Bloomberg
The biggest renewable energy producer in the United Arab Emirates plans to raise as much as $750 million in its first ever green bond sale to fund new solar, wind and hydrogen projects around the world.
Masdar will likely sell the bonds in the second half of the year, Chief Financial Officer Niall Hannigan said in an interview in Abu Dhabi. The firm plans to grow its renewables capacity five-fold by the end of the decade.
“Given the growth ambitions we have as a business and the pipeline we have in place, I would be expecting that we’re likely to be an annual issuer,” Hannigan said on the sidelines of Abu Dhabi Sustainability Week, the emirate’s annual conference for renewables, water and climate change.
The fresh funds will help the government-owned company to continue to develop new projects at home, in Saudi Arabia, central Asia and other markets. It will also seek to combine solar and wind assets with green hydrogen projects in markets like Egypt and Oman and other areas with export and transport connections. It has a green capacity target of as much as 100 gigawatts by the end of the decade.
The biggest renewable energy producer in the United Arab Emirates plans to raise as much as $750 million in its first ever green bond sale to fund new solar, wind and hydrogen projects around the world.
Masdar will likely sell the bonds in the second half of the year, Chief Financial Officer Niall Hannigan said in an interview in Abu Dhabi. The firm plans to grow its renewables capacity five-fold by the end of the decade.
“Given the growth ambitions we have as a business and the pipeline we have in place, I would be expecting that we’re likely to be an annual issuer,” Hannigan said on the sidelines of Abu Dhabi Sustainability Week, the emirate’s annual conference for renewables, water and climate change.
The fresh funds will help the government-owned company to continue to develop new projects at home, in Saudi Arabia, central Asia and other markets. It will also seek to combine solar and wind assets with green hydrogen projects in markets like Egypt and Oman and other areas with export and transport connections. It has a green capacity target of as much as 100 gigawatts by the end of the decade.
#Saudi Aramco Acquires Trading Arm of US Refiner Motiva - Bloomberg
Saudi Aramco Acquires Trading Arm of US Refiner Motiva - Bloomberg
Saudi Aramco has combined its main trading unit with that of US refiner Motiva Enterprises LLC, as the oil giant consolidates its dealing operations before potentially listing them.
Aramco has set up a new entity, Houston-based Aramco Trading Americas LLC, which will be the regional office for the Saudi company’s broader trading arm, it said in a statement. ATA will be the sole supplier and off-taker for Motiva, which owns the biggest refinery in the US, the 630,000 barrel-a-day Port Arthur plant in Texas.
Aramco, the world’s largest oil company, is already the parent of Motiva. It’s pushing ahead with plans for an initial public offering of its energy-trading business that could value the unit at more than $30 billion, Bloomberg reported in October.
The moves announced Wednesday are “a giant step towards executing our ambitious global growth strategy,” said Mohammed Al-Mulhim, chief executive of Aramco’s trading operations, said in the statement.
Other national oil companies in the Persian Gulf — including those in the United Arab Emirates and Qatar — are seeking to build their trading businesses, in a shift for the firms that have traditionally stuck to a simple model of pumping crude and exporting it. Now, they’re looking to boost profits by moving into more lucrative areas of the market.
Saudi Aramco has combined its main trading unit with that of US refiner Motiva Enterprises LLC, as the oil giant consolidates its dealing operations before potentially listing them.
Aramco has set up a new entity, Houston-based Aramco Trading Americas LLC, which will be the regional office for the Saudi company’s broader trading arm, it said in a statement. ATA will be the sole supplier and off-taker for Motiva, which owns the biggest refinery in the US, the 630,000 barrel-a-day Port Arthur plant in Texas.
Aramco, the world’s largest oil company, is already the parent of Motiva. It’s pushing ahead with plans for an initial public offering of its energy-trading business that could value the unit at more than $30 billion, Bloomberg reported in October.
The moves announced Wednesday are “a giant step towards executing our ambitious global growth strategy,” said Mohammed Al-Mulhim, chief executive of Aramco’s trading operations, said in the statement.
Other national oil companies in the Persian Gulf — including those in the United Arab Emirates and Qatar — are seeking to build their trading businesses, in a shift for the firms that have traditionally stuck to a simple model of pumping crude and exporting it. Now, they’re looking to boost profits by moving into more lucrative areas of the market.
Davos Latest News: #AbuDhabi’s Mubadala to Focus on Asia With Eye on China - Bloomberg
Davos Latest News: Abu Dhabi’s Mubadala to Focus on Asia With Eye on China - Bloomberg
Mubadala Investment Co. plans to focus on investments in Asia this year as China recovers from the pandemic faster-than-expected and India’s economy continues to grow.
The $284 billion Abu Dhabi wealth fund expects a “strong recovery” in China this year and also sees “very exciting opportunities” in Indonesia, South East Asia, Japan and Korea, Chief Executive Officer Khaldoon Khalifa Al Mubarak said in a Bloomberg Television interview at Davos on Wednesday.
“Our portfolio is relatively underinvested in Asia as a whole and particularly in economies like India and like Korea,” he said. “You will see us certainly look more into these areas as we see more opportunities in the sectors we like.”
Mubadala has a strong team of investment professionals based in China and understands the Chinese market well, he said.
Mubadala Investment Co. plans to focus on investments in Asia this year as China recovers from the pandemic faster-than-expected and India’s economy continues to grow.
The $284 billion Abu Dhabi wealth fund expects a “strong recovery” in China this year and also sees “very exciting opportunities” in Indonesia, South East Asia, Japan and Korea, Chief Executive Officer Khaldoon Khalifa Al Mubarak said in a Bloomberg Television interview at Davos on Wednesday.
“Our portfolio is relatively underinvested in Asia as a whole and particularly in economies like India and like Korea,” he said. “You will see us certainly look more into these areas as we see more opportunities in the sectors we like.”
Mubadala has a strong team of investment professionals based in China and understands the Chinese market well, he said.
Most Gulf markets in red as U.S. recession fears dent appetite | Reuters
Most Gulf markets in red as U.S. recession fears dent appetite | Reuters
Most major stock markets in the Gulf dropped in early trade on Thursday as weak U.S. consumer data sparked recession worries worldwide, although the Qatari index edged higher to snap a seven-day losing streak.
U.S. retail sales fell in December by the most in a year, pulled down by lower purchases of motor vehicles and a range of other goods, putting consumer spending and the overall economy on a weaker growth path heading into 2023.
The widespread signs of weakening demand and subsiding inflation are likely to encourage the U.S. Federal Reserve to further scale back the pace of its rate hikes next month, but not pause its monetary policy tightening anytime soon as the labor market remains tight.
Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.
Saudi Arabia's benchmark index (.TASI) dropped 0.3%, hit by a 1% fall in Retal Urban Development Co (4322.SE), while Saudi Kayan Petrochemical Company (2350.SE) retreated 2.8% a day after it announced shutdown of some production units for periodic maintenance.
Oil futures - a key catalyst for the Gulf's financial markets - fell by nearly $1, extending losses from the previous day, as a surprise jump in U.S. crude stocks weighed on the market along with fears of a recession that were heightened by disappointing U.S. retail sales and output data.
Dubai's main share index (.DFMGI) eased 0.2%, hit by a 0.7% fall in Salik Company (SALIK.DU), operator of the emirate's exclusive road toll system.
In Abu Dhabi, the index (.FTFADGI) declined 0.4%, weighed down by a 0.4% drop in conglomerate International Holding (IHC.AD).
The Qatari index (.QSI), however, bucked the trend to trade 0.9% higher, on course to end a seven-day losing streak.
Most major stock markets in the Gulf dropped in early trade on Thursday as weak U.S. consumer data sparked recession worries worldwide, although the Qatari index edged higher to snap a seven-day losing streak.
U.S. retail sales fell in December by the most in a year, pulled down by lower purchases of motor vehicles and a range of other goods, putting consumer spending and the overall economy on a weaker growth path heading into 2023.
The widespread signs of weakening demand and subsiding inflation are likely to encourage the U.S. Federal Reserve to further scale back the pace of its rate hikes next month, but not pause its monetary policy tightening anytime soon as the labor market remains tight.
Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.
Saudi Arabia's benchmark index (.TASI) dropped 0.3%, hit by a 1% fall in Retal Urban Development Co (4322.SE), while Saudi Kayan Petrochemical Company (2350.SE) retreated 2.8% a day after it announced shutdown of some production units for periodic maintenance.
Oil futures - a key catalyst for the Gulf's financial markets - fell by nearly $1, extending losses from the previous day, as a surprise jump in U.S. crude stocks weighed on the market along with fears of a recession that were heightened by disappointing U.S. retail sales and output data.
Dubai's main share index (.DFMGI) eased 0.2%, hit by a 0.7% fall in Salik Company (SALIK.DU), operator of the emirate's exclusive road toll system.
In Abu Dhabi, the index (.FTFADGI) declined 0.4%, weighed down by a 0.4% drop in conglomerate International Holding (IHC.AD).
The Qatari index (.QSI), however, bucked the trend to trade 0.9% higher, on course to end a seven-day losing streak.