Saudi Telecom Is Said to Submit Highest Bid for Altice Portugal - Bloomberg
Saudi Telecom Co. has emerged as the highest bidder for Altice’s Portuguese business, a key divestment for tycoon Patrick Drahi as he seeks to pare debt at his telecom empire, people with knowledge of the matter said.
The Middle Eastern carrier submitted the highest binding offer, putting it in pole position in the race to acquire the business, the people said. Altice has now asked the two other remaining suitors to revise their proposals, according to the people, who asked not to be identified because the information is private.
A competing Warburg Pincus-backed consortium — which also includes Zeno Partners and former banker António Horta-Osório — has indicated it’s unwilling to increase its bid, the people said. Discussions with telecom billionaire Xavier Niel’s Iliad SA have also slowed recently, according to the people.
Drahi was hoping to fetch as much as €10 billion for Altice Portugal, though potential bidders have been struggling to meet that expectation, Bloomberg News has reported. It will take at least a few weeks for an agreement to be reached, the people said.
Friday, 8 March 2024
Oil dips 1% on way to weekly loss as markets weigh Chinese demand | Reuters
Oil dips 1% on way to weekly loss as markets weigh Chinese demand | Reuters
Oil prices dipped 1% on Friday and were set to close lower for the week as markets remained wary of Chinese demand even as producer group OPEC+ extended supply cuts.
Brent crude futures were down 94 cents, or 1.1%, at $82 a barrel by 01:06 p.m. ET (1806 GMT). U.S. West Texas Intermediate crude futures were down $1.02, or 1.3%, at $77.92.
Both benchmarks were on track for weekly declines, with Brent down 1.1% and WTI 2.6%.
Oil prices dipped 1% on Friday and were set to close lower for the week as markets remained wary of Chinese demand even as producer group OPEC+ extended supply cuts.
Brent crude futures were down 94 cents, or 1.1%, at $82 a barrel by 01:06 p.m. ET (1806 GMT). U.S. West Texas Intermediate crude futures were down $1.02, or 1.3%, at $77.92.
Both benchmarks were on track for weekly declines, with Brent down 1.1% and WTI 2.6%.
Exclusive: Gulf oil giants #Saudi Aramco, Adnoc set sights on lithium | Reuters
Exclusive: Gulf oil giants Saudi Aramco, Adnoc set sights on lithium | Reuters
Saudi Arabia and the United Arab Emirates' national oil companies plan to extract lithium from brine in their oilfields, in line with efforts to diversify their economies and profit from the shift to electric vehicles (EVs), three sources told Reuters.
Other oil companies, including Exxon Mobil (XOM.N), opens new tab and Occidental Petroleum (OXY.N), opens new tab, plan to take advantage of emerging technologies to filter lithium from brine, as the world seeks to move away from fossil fuels.
Saudi Arabia, whose economy for decades has relied on oil, has spent billions on trying to turn itself into a hub for EVs as part of Saudi Crown Prince Mohammed bin Salman's attempts to find alternative sources of wealth.
Three people familiar with the matter said Saudi Aramco (2222.SE), opens new tab and Abu Dhabi National Oil Company (ADNOC) were in the very early stages of work to extract lithium, regarded as a critical mineral by many major economies because of its use in battery manufacture.
Saudi Arabia and the United Arab Emirates' national oil companies plan to extract lithium from brine in their oilfields, in line with efforts to diversify their economies and profit from the shift to electric vehicles (EVs), three sources told Reuters.
Other oil companies, including Exxon Mobil (XOM.N), opens new tab and Occidental Petroleum (OXY.N), opens new tab, plan to take advantage of emerging technologies to filter lithium from brine, as the world seeks to move away from fossil fuels.
Saudi Arabia, whose economy for decades has relied on oil, has spent billions on trying to turn itself into a hub for EVs as part of Saudi Crown Prince Mohammed bin Salman's attempts to find alternative sources of wealth.
Three people familiar with the matter said Saudi Aramco (2222.SE), opens new tab and Abu Dhabi National Oil Company (ADNOC) were in the very early stages of work to extract lithium, regarded as a critical mineral by many major economies because of its use in battery manufacture.
#UAE bourses gain on rate cut bets | Reuters
UAE bourses gain on rate cut bets | Reuters
United Arab Emirates stock exchanges ended higher on Friday, tracking global equities after U.S.Federal Reserve chair indicated that rate cuts might start within months.
The MSCI All-Country stock index (.MIWD00000PUS), opens new tab was up 0.9%, while MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab gained 0.4%.
Federal Reserve Chair Jerome Powell said on Thursday the U.S. central bank was "not far" from gaining the confidence it needs in falling inflation to begin cutting interest rates.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy since most regional currencies are pegged to the U.S. dollar.
Dubai's main index (.DFMGI), opens new tab rose 0.4%, lifted by a 2.5% jump in Emirates Central Cooling System Corporation (EMPOWER.DU), opens new tab, while Dubai's blue-chip developer Emaar Properties (EMAR.DU), opens new tab added 0.7%.
The slight rebound on Dubai's stock market followed strong declines early this week.
Daniel Takieddine, CEO MENA at BDSwiss, said strong real estate stocks could help drive the market higher.
Among the gainers on Friday, Commercial Bank of Dubai (CBD.DU), opens new tab gained 3.5% after the board elected Ahmad Abdulkarim Mohammad Julfar as chairman.
Dubai index lost 2.4%, its steepest weekly decline since Oct. 20 last year, LSEG data showed.
After trading down for almost the whole session, Abu Dhabi's benchmark index (.FTFADGI), opens new tab closed 0.1% higher, helped by a 1.7% rise in Emirates Telecommunication Group (also know as E&)(EAND.AD), opens new tab, as well as a 0.7% gain in utility giant Abu Dhabi National Energy Company (TAQA.AD), opens new tab.
Abu Dhabi National Hotel (ADNH.AD), opens new tab also gained 1.5% after it reached agreement to acquire Compass Group International's entire stake in their joint ventures operating UAE.
Separately, Abu Dhabi wealth fund ADQ has chosen advisers, including HSBC Holdings (HSBA.L), opens new tab, Citigroup (C.N), opens new tab and First Abu Dhabi Bank (FAB.AD), opens new tab, for a potential initial public offering of Etihad Airways, Bloomberg News reported on Thursday.
United Arab Emirates stock exchanges ended higher on Friday, tracking global equities after U.S.Federal Reserve chair indicated that rate cuts might start within months.
The MSCI All-Country stock index (.MIWD00000PUS), opens new tab was up 0.9%, while MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab gained 0.4%.
Federal Reserve Chair Jerome Powell said on Thursday the U.S. central bank was "not far" from gaining the confidence it needs in falling inflation to begin cutting interest rates.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy since most regional currencies are pegged to the U.S. dollar.
Dubai's main index (.DFMGI), opens new tab rose 0.4%, lifted by a 2.5% jump in Emirates Central Cooling System Corporation (EMPOWER.DU), opens new tab, while Dubai's blue-chip developer Emaar Properties (EMAR.DU), opens new tab added 0.7%.
The slight rebound on Dubai's stock market followed strong declines early this week.
Daniel Takieddine, CEO MENA at BDSwiss, said strong real estate stocks could help drive the market higher.
Among the gainers on Friday, Commercial Bank of Dubai (CBD.DU), opens new tab gained 3.5% after the board elected Ahmad Abdulkarim Mohammad Julfar as chairman.
Dubai index lost 2.4%, its steepest weekly decline since Oct. 20 last year, LSEG data showed.
After trading down for almost the whole session, Abu Dhabi's benchmark index (.FTFADGI), opens new tab closed 0.1% higher, helped by a 1.7% rise in Emirates Telecommunication Group (also know as E&)(EAND.AD), opens new tab, as well as a 0.7% gain in utility giant Abu Dhabi National Energy Company (TAQA.AD), opens new tab.
Abu Dhabi National Hotel (ADNH.AD), opens new tab also gained 1.5% after it reached agreement to acquire Compass Group International's entire stake in their joint ventures operating UAE.
Separately, Abu Dhabi wealth fund ADQ has chosen advisers, including HSBC Holdings (HSBA.L), opens new tab, Citigroup (C.N), opens new tab and First Abu Dhabi Bank (FAB.AD), opens new tab, for a potential initial public offering of Etihad Airways, Bloomberg News reported on Thursday.
#AbuDhabi to Tap Citi, HSBC and First Abu Dhabi Bank for Ethiad Airways IPO - Bloomberg
Abu Dhabi to Tap Citi, HSBC and First Abu Dhabi Bank for Ethiad Airways IPO - Bloomberg
ADQ has picked advisers including Citigroup Inc., HSBC Holdings Plc and First Abu Dhabi Bank for a potential initial public offering of hub carrier Etihad Airways PJSC, according to people familiar with the matter.
Rothschild & Co. is acting as an independent financial adviser to the Abu Dhabi wealth fund, the people said, asking not to be identified because the information isn’t public. ADQ may add more banks later, the people said.
The fund had previously been weighing a direct listing for Etihad instead of a traditional IPO, the people said. A share sale will create the first publicly-traded major Gulf hub carrier and could come as soon as this year, Bloomberg News reported on Friday. The final lineup of advisers may still change. No final decisions have been made on the timing of the sale, the people said.
Representatives for Etihad, ADQ, Citigroup and HSBC declined to comment. Rothschild and FAB didn’t respond to a request for comment.
The airline is working to be ready for an IPO whenever the shareholder decides the time is right, Etihad Chief Executive Officer Antonoaldo Neves said in a CNBC interview this week. Neves didn’t offer any details or confirmation on a potential IPO, saying that the decision was for ADQ.
The Persian Gulf has been in the midst of an IPO boom since late 2021 as governments sold stakes in state-owned firms to fund the transition from fossil fuels, and high oil prices buoyed regional stock markets. International investors have also shown a growing interest in the region.
An Etihad listing would be another example of the United Arab Emirates using its national champions to boost the domestic stock market and to diversify the economy away from oil. Ownership of the airline was transferred to ADQ from Abu Dhabi’s Supreme Council for Financial and Economic Affairs in 2022, part of an effort to boost the sheikhdom’s status as a transport hub.
ADQ has picked advisers including Citigroup Inc., HSBC Holdings Plc and First Abu Dhabi Bank for a potential initial public offering of hub carrier Etihad Airways PJSC, according to people familiar with the matter.
Rothschild & Co. is acting as an independent financial adviser to the Abu Dhabi wealth fund, the people said, asking not to be identified because the information isn’t public. ADQ may add more banks later, the people said.
The fund had previously been weighing a direct listing for Etihad instead of a traditional IPO, the people said. A share sale will create the first publicly-traded major Gulf hub carrier and could come as soon as this year, Bloomberg News reported on Friday. The final lineup of advisers may still change. No final decisions have been made on the timing of the sale, the people said.
Representatives for Etihad, ADQ, Citigroup and HSBC declined to comment. Rothschild and FAB didn’t respond to a request for comment.
The airline is working to be ready for an IPO whenever the shareholder decides the time is right, Etihad Chief Executive Officer Antonoaldo Neves said in a CNBC interview this week. Neves didn’t offer any details or confirmation on a potential IPO, saying that the decision was for ADQ.
The Persian Gulf has been in the midst of an IPO boom since late 2021 as governments sold stakes in state-owned firms to fund the transition from fossil fuels, and high oil prices buoyed regional stock markets. International investors have also shown a growing interest in the region.
An Etihad listing would be another example of the United Arab Emirates using its national champions to boost the domestic stock market and to diversify the economy away from oil. Ownership of the airline was transferred to ADQ from Abu Dhabi’s Supreme Council for Financial and Economic Affairs in 2022, part of an effort to boost the sheikhdom’s status as a transport hub.
#SaudiArabia transfers $163bn stake of oil producer Aramco to its wealth fund
Saudi Arabia transfers $163bn stake of oil producer Aramco to its wealth fund
Saudi Arabia has transferred a $163bn stake in national oil group Aramco to its sovereign wealth fund as the once conservative state investment group seeks to grow its assets to fund projects to modernise the economy.
Saudi Arabia has transferred a $163bn stake in national oil group Aramco to its sovereign wealth fund as the once conservative state investment group seeks to grow its assets to fund projects to modernise the economy.
The transfer of 8 per cent of Aramco to the Public Investment Fund is the third time in the past two years the government has increased the sovereign wealth fund’s stake in the world’s largest oil producer.
The PIF now in effect controls 16 per cent of Aramco after an original 4 per cent stake was transferred to the fund in February 2022 before Sanabil, an investment arm of the wealth fund, took a 4 per cent stake in April 2023.
After decades as a conservative sovereign investor mainly focused on the local market, Crown Prince Mohammed bin Salman has made the PIF the vehicle for investments under his Vision 2030 strategy, which seeks to modernise the kingdom and reduce its reliance on oil.
MBS, as he is widely known, who is the country’s prime minister and also chairs the wealth fund, said the transfer would “solidify PIF’s strong financial position and credit rating”.
The transaction was “a continuation of Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Saudi Vision 2030”, he added.