Argentina agrees $775 mln loan with Qatar to make IMF repayment | Reuters
Argentina's government on Friday agreed with Qatar a $775 million loan to use to make an International Monetary Fund (IMF) repayment due this Friday.
Argentina is grappling with a severe economic crisis with sky-high inflation and falling central bank reserves and is facing IMF repayments.
The country's Economy Minister Sergio Massa said on Monday Argentina would not use "a single dollar of its own reserves" to make the IMF repayment.
The Qatar loan will have the IMF's variable interest rate applicable to SDRs (IMF currency), which is currently 4.033% per annum, a presidential decree said.
The funds will "fund the payment of Argentina's maturity with the IMF (for charges and surcharges) on August 4, 2023," it said.
Massa also confirmed on Monday the repayment will be made with a $1 billion bridge loan from regional development bank CAF and $1.7 billion from the second tranche of a swap with China, a move recently made to complete part of a June payment to the IMF.
Friday 4 August 2023
#UAE stocks extend weekly gains on strong oil, corporate earnings | Reuters
UAE stocks extend weekly gains on strong oil, corporate earnings | Reuters
Stock markets in the United Arab Emirates extended their weekly gains on Friday, supported by solid corporate earnings and strong oil prices.
Crude oil prices - a major driver for Gulf economies - were on track for a sixth week of gains after Saudi Arabia and Russia, the world's second and third-largest crude producers, pledged to cut output through September, with Brent crude futures for October rising 43 cents to $85.57 a barrel by 0825 GMT.
In Dubai, the main share index (.DFMGI) rose 0.8% on the back of a more than 3% rise in Emirates NBD Bank (ENBD.DU), Dubai's largest lender, and a 2% gain in blue-chip developer Emaar Properties (EMAR.DU).
Dubai's district cooling provider Empower (EMPOWER.DU), which reported a decline in quarterly profit, fell 0.5% and was among the three top losers on the index.
Abu Dhabi's benchmark index (.FTFADGI) finished flat after wobbling between small losses and gains as hospital operator Burjeel Holding (BURJEEL.AD) surged more than 10% to settle up 8.8% after reporting a more than 51% jump in Q2 profit.
Maritime logistics services firm ADNOC Logistics & Services (ADNOCLS.AD) also climbed as much 5.3% during early trade as its second-quarter profit jumped more than three-fold.
Both Abu Dhabi and Dubai indexes record weekly gains of 0.3% and 1.2%, respectively.
Stock markets in the United Arab Emirates extended their weekly gains on Friday, supported by solid corporate earnings and strong oil prices.
Crude oil prices - a major driver for Gulf economies - were on track for a sixth week of gains after Saudi Arabia and Russia, the world's second and third-largest crude producers, pledged to cut output through September, with Brent crude futures for October rising 43 cents to $85.57 a barrel by 0825 GMT.
In Dubai, the main share index (.DFMGI) rose 0.8% on the back of a more than 3% rise in Emirates NBD Bank (ENBD.DU), Dubai's largest lender, and a 2% gain in blue-chip developer Emaar Properties (EMAR.DU).
Dubai's district cooling provider Empower (EMPOWER.DU), which reported a decline in quarterly profit, fell 0.5% and was among the three top losers on the index.
Abu Dhabi's benchmark index (.FTFADGI) finished flat after wobbling between small losses and gains as hospital operator Burjeel Holding (BURJEEL.AD) surged more than 10% to settle up 8.8% after reporting a more than 51% jump in Q2 profit.
Maritime logistics services firm ADNOC Logistics & Services (ADNOCLS.AD) also climbed as much 5.3% during early trade as its second-quarter profit jumped more than three-fold.
Both Abu Dhabi and Dubai indexes record weekly gains of 0.3% and 1.2%, respectively.
#UAE’s Emirates Telecom/e&/Etisalat Chases Global Deals Despite Vodafone Snag - Bloomberg
UAE’s Emirates Telecom/e&/Etisalat Chases Global Deals Despite Vodafone Snag - Bloomberg
Vodafone Group Plc’s biggest shareholder is pushing ahead with an ambitious global expansion strategy, undeterred by a slump in the British carrier’s share price that’s wiped out a chunk of its most high-profile investment.
Abu Dhabi-based Emirates Telecommunications Group this week said it will pay €2.15 billion ($2.4 billion) for a controlling stake in some of PPF Telecom Group’s assets in Eastern Europe. The deal marks the Gulf firm’s second large foray into Europe since May last year, when it splashed out $4.4 billion for just under 10% of Vodafone.
It’s since raised that holding to about 15% over a period that’s seen the UK firm’s shares shed more than a third of their value and languish at their lowest levels in 25 years. Executives have indicated that the firm could add to its stake.
The $60 billion firm, backed by oil-rich Abu Dhabi, has been mandated by the government to continue pursuing opportunistic deals, according to people familiar with matter, who asked not to be identified as the information isn’t public.
It counts UAE federal wealth fund, Emirates Investment Authority, as its biggest shareholder, giving the government — particularly in Abu Dhabi — sway over decision making.
Vodafone Group Plc’s biggest shareholder is pushing ahead with an ambitious global expansion strategy, undeterred by a slump in the British carrier’s share price that’s wiped out a chunk of its most high-profile investment.
Abu Dhabi-based Emirates Telecommunications Group this week said it will pay €2.15 billion ($2.4 billion) for a controlling stake in some of PPF Telecom Group’s assets in Eastern Europe. The deal marks the Gulf firm’s second large foray into Europe since May last year, when it splashed out $4.4 billion for just under 10% of Vodafone.
It’s since raised that holding to about 15% over a period that’s seen the UK firm’s shares shed more than a third of their value and languish at their lowest levels in 25 years. Executives have indicated that the firm could add to its stake.
The $60 billion firm, backed by oil-rich Abu Dhabi, has been mandated by the government to continue pursuing opportunistic deals, according to people familiar with matter, who asked not to be identified as the information isn’t public.
It counts UAE federal wealth fund, Emirates Investment Authority, as its biggest shareholder, giving the government — particularly in Abu Dhabi — sway over decision making.
#AbuDhabi's Adnoc: UAE Oil Firm Makes First Major Global Gas Deal with Azeri Buy - Bloomberg
Abu Dhabi's Adnoc: UAE Oil Firm Makes First Major Global Gas Deal with Azeri Buy - Bloomberg
The biggest oil producer in the United Arab Emirates is buying a stake in a natural gas field in Azerbaijan, marking the company’s first major international purchase of upstream hydrocarbon assets.
Abu Dhabi National Oil Co. agreed to buy a 30% equity stake in the Absheron gas field in the Caspian Sea, the government-owned firm said in a statement. Azerbaijan’s state oil company Socar and its French partner TotalEnergies SA will each sell a 15% share of the project to Adnoc in the deal. The parties didn’t disclose financial terms.
Government and private oil producers have been increasingly developing gas assets as they look to meet growing global demand for energy and consumer products with a fuel that burns more cleanly than crude. Gas, which still emits carbon gas that contributes to global warming, can be burnt in power plants and also used in the chemical processes that create plastics and other materials that go into mobile phones, computers and auto parts.
“Adnoc’s investment into the Caspian region aims to create a substantial growth position as it enters the international gas market,” the statement said. “The partnership will enable Adnoc to build a major footprint in a region with prolific natural resources and significant growth potential, facilitating a route into attractive international growth markets for gas in Europe and Central Asia.”
Absheron is estimated to hold 300 billion cubic meters of gas, but the reserves are probably much bigger, according to Azerbaijain’s President Ilham Aliyev.
The biggest oil producer in the United Arab Emirates is buying a stake in a natural gas field in Azerbaijan, marking the company’s first major international purchase of upstream hydrocarbon assets.
Abu Dhabi National Oil Co. agreed to buy a 30% equity stake in the Absheron gas field in the Caspian Sea, the government-owned firm said in a statement. Azerbaijan’s state oil company Socar and its French partner TotalEnergies SA will each sell a 15% share of the project to Adnoc in the deal. The parties didn’t disclose financial terms.
Government and private oil producers have been increasingly developing gas assets as they look to meet growing global demand for energy and consumer products with a fuel that burns more cleanly than crude. Gas, which still emits carbon gas that contributes to global warming, can be burnt in power plants and also used in the chemical processes that create plastics and other materials that go into mobile phones, computers and auto parts.
“Adnoc’s investment into the Caspian region aims to create a substantial growth position as it enters the international gas market,” the statement said. “The partnership will enable Adnoc to build a major footprint in a region with prolific natural resources and significant growth potential, facilitating a route into attractive international growth markets for gas in Europe and Central Asia.”
Absheron is estimated to hold 300 billion cubic meters of gas, but the reserves are probably much bigger, according to Azerbaijain’s President Ilham Aliyev.
Exclusive: China, #Saudi in talks for ETF cross-listings to bolster financial ties | Reuters
Exclusive: China, Saudi in talks for ETF cross-listings to bolster financial ties | Reuters
China and Saudi Arabia's stock exchanges are in talks to allow exchange-traded funds (ETFs) to list on each other's bourses, three sources familiar with the matter said, as the countries look to deepen financial ties amid warming diplomatic relations.
The talks are in the early stages, said the sources, and could mark a major first step by Beijing and Riyadh towards broadening cooperation beyond energy, security, and sensitive technology sectors.
The Shenzhen Stock Exchange, one of the two major bourses in the Chinese mainland, is in negotiations with the Saudi Tadawul Group (1111.SE), operator of the Saudi Stock Exchange, for ETF Connect, as the programme is called, two of the sources said.
For China, an 'ETF Connect' tie-up with Saudi Arabia will be the first such beyond East Asia and affirm a commitment to open up its trillions of dollars worth of financial markets to international investors.
China and Saudi Arabia's stock exchanges are in talks to allow exchange-traded funds (ETFs) to list on each other's bourses, three sources familiar with the matter said, as the countries look to deepen financial ties amid warming diplomatic relations.
The talks are in the early stages, said the sources, and could mark a major first step by Beijing and Riyadh towards broadening cooperation beyond energy, security, and sensitive technology sectors.
The Shenzhen Stock Exchange, one of the two major bourses in the Chinese mainland, is in negotiations with the Saudi Tadawul Group (1111.SE), operator of the Saudi Stock Exchange, for ETF Connect, as the programme is called, two of the sources said.
For China, an 'ETF Connect' tie-up with Saudi Arabia will be the first such beyond East Asia and affirm a commitment to open up its trillions of dollars worth of financial markets to international investors.
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