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OPEC+ Clinches Compromise on Gradual Easing of Output Cuts - Bloomberg

OPEC+ Clinches Compromise on Gradual Easing of Output Cuts - Bloomberg OPEC+ agreed to ease oil-output cuts next year after almost a week of fraught negotiations that exposed a new rift at the heart of the cartel.The group will add 500,000 barrels a day of production to the market in January, and ministers will then hold monthly consultations to decide on the next steps.That’s a much shorter time frame than OPEC+ usually operates under, and before this week the expectation had been that the grou...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Rupert Neil Bumfrey, Abdulaziz bin Salman, Bloomberg OPEC


OPEC+ Said to Focus on Proposals for Gradual Taper of Cuts - Bloomberg

OPEC+ Said to Focus on Proposals for Gradual Taper of Cuts - Bloomberg OPEC+ is making headway in its negotiations on oil-output cuts, raising the odds that Thursday’s meeting can salvage a deal after failed talks earlier in the week.After days of direct negotiations between the group’s heavyweights -- Russia, Saudi Arabia and the United Arab Emirates -- discussions are now focusing on proposals for gradual easing of output cuts over several months, said a delegate. It’s unclear whether the tape...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Uae, Organization of Petroleum Exporting Countries, Russia Saudi Arabia, Rupert Neil Bumfrey, Bloomberg OPEC


OPEC+ Makes Headway on Oil-Output Deal After Days of Talks - Bloomberg

OPEC+ Makes Headway on Oil-Output Deal After Days of Talks - Bloomberg OPEC+ has made headway toward a deal on oil-output cuts, the first sign of progress after failed talks earlier this week.After days of direct negotiations between the group’s heavyweights -- Russia, Saudi Arabia and the United Arab Emirates -- details of any potential compromise still weren’t immediately clear. It was too early to say whether the progress would translate into a final deal, delegates said, asking not to be nam...
Tags: Travel, New York, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Uae, Organization of Petroleum Exporting Countries, Russia Saudi Arabia, Rupert Neil Bumfrey


Turkey Wealth Fund sees Borsa Istanbul IPO in two years - CEO | Reuters

Turkey Wealth Fund sees Borsa Istanbul IPO in two years - CEO | Reuters The CEO of Turkey Wealth Fund said on Tuesday he expects to launch an initial public offering for Borsa Istanbul in the next two years, a day after the fund sold 10% of its shares to the Qatar Investment Authority (QIA).In an interview with broadcaster Bloomberg HT, Chief Executive Zafer Sonmez said the fund’s stake in the country’s exchange operator would not fall below 51%.The implied value of Borsa Istanbul in the transac...
Tags: Travel, Bloomberg, Turkey, Qatar Investment Authority, Reuters, Rupert Neil Bumfrey, Borsa Istanbul, Sonmez, Zafer Sonmez, Borsa Istanbul IPO, Turkey Wealth Fund


Facebook re-brands digital coin Libra as Diem

The Libra Association, Facebook Inc’s digital coin project, will now be called the “Diem Association” as part of the social media giant’s attempt to rebrand and restructure. While Facebook had released a white-paper for Libra in June last year, the project did not take off as central banks and regulators had raised several concerns over the attempts to create the world’s first digital coin which would be backed by a basket of currencies. Stuart Levey, chief executive officer, Diem Association t...
Tags: Travel, Facebook, News, US, Bloomberg, European Central Bank, Paypal, Cryptocurrencies, Libra, Visa, Reuters, Levey, Facebook Libra, Stuart Levey, Diem Association, Libra Association Facebook Inc


OPEC Splits at Its Core, Risking Deal That Underpins Oil Price - Bloomberg

OPEC Splits at Its Core, Risking Deal That Underpins Oil Price - Bloomberg The successful OPEC+ deal that’s supported the oil market since the price crash earlier this year is threatened by a new fissure at the heart of the cartel.Unusual tensions between Saudi Arabia and the United Arab Emirates -- longtime OPEC stalwarts and close allies -- have prevented what was widely expected to be a routine agreement to delay a production increase scheduled for January. Instead of a deal, a ministerial vi...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Bloomberg Television, Rupert Neil Bumfrey, Energy Aspects Ltd, Amrita Sen


Turkey Wealth Fund to Retry Bond Sale as It Plans IPO of Assets - Bloomberg

Turkey Wealth Fund to Retry Bond Sale as It Plans IPO of Assets - Bloomberg Turkey’s sovereign wealth fund will retry a Eurobond issuance next year after its debut was shelved two months ago due to weak investor demand, and is also considering selling shares in some of its assets.The institution is weighing an initial public offering of stock-exchange operator Borsa Istanbul AS within the next two years, Chief Executive Officer Zafer Sonmez said in an interview with BloombergHT TV. The fund on M...
Tags: Travel, Bloomberg, Turkey, Qatar Investment Authority, Mariana Mazzucato, Rupert Neil Bumfrey, Sonmez, Bloomberg Turkey, Borsa Istanbul AS, Zafer Sonmez


Dyal, Wafra Set to Buy Minority Stake in Venture Firm NEA - Bloomberg

Dyal, Wafra Set to Buy Minority Stake in Venture Firm NEA - Bloomberg An investor group led by Neuberger Berman’s Dyal Capital Partners and Kuwait-backed Wafra Inc. is in talks to buy a minority stake in New Enterprise Associates, one of the world’s largest venture capital firms, according to people with knowledge of the matter.A deal is slated to be completed by year-end, said the people, who asked not to be identified because the talks are private. The stake represents about 15% of NEA, one of...
Tags: Travel, Bloomberg, Silicon Valley, Kuwait, General Catalyst, Nea, New Enterprise Associates, Goldman Sachs Group Inc, Neuberger Berman, Dyal, Rupert Neil Bumfrey, Dyal Capital Partners, Petershill, Wafra, Wafra Inc, Dyal Wafra Set


OPEC+ Talks Delayed as Split Deepens Between Key Gulf Allies - Bloomberg

OPEC+ Talks Delayed as Split Deepens Between Key Gulf Allies - Bloomberg OPEC+ talks were delayed for two days to give ministers more time to reach a deal, after a long and tense meeting on oil production broke down without an agreement.The move, set out in a letter seen by Bloomberg, was the most dramatic sign yet of the deep division inside the cartel after hours of talks on Monday yielded no result. Oil prices, which have rallied on vaccine hopes as well as expectations that OPEC will maintai...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Uae, Bloomberg Television, Rupert Neil Bumfrey, Energy Aspects Ltd, Amrita Sen, Bloomberg OPEC


Axa Sells Gulf Operations to Kuwaiti Group in $269 Million Deal - Bloomberg

Axa Sells Gulf Operations to Kuwaiti Group in $269 Million Deal - Bloomberg Axa SA sold its Persian Gulf business for $269 million to a Kuwait-based group, as the French insurance giant shifts its focus and exits some overseas investments to shore up its finances amid the coronavirus pandemic.The Paris-based insurer said on Monday it sold its stakes in Axa Gulf, Axa Cooperative Insurance Company and Axa Green Crescent Insurance Company to Gulf Insurance Group, a Kuwaiti insurance group in which ...
Tags: Travel, Bloomberg, Canada, Paris, Kuwait, Axa, Persian Gulf, Rupert Neil Bumfrey, Fairfax Financial Holdings Ltd, Thomas Buberl, XL Group Ltd, Axa Sells Gulf Operations to Kuwaiti Group, Bloomberg Axa SA, Axa Gulf Axa Cooperative Insurance Company, Buberl


#Saudi Central Bank Extends Pandemic Loan Support Into Next Year - Bloomberg

Saudi Central Bank Extends Pandemic Loan Support Into Next Year - Bloomberg The Saudi central bank has extended a loan deferral program to help small businesses cope with the fallout of the coronavirus pandemic until the end of the first quarter next year.The monetary authority said in a statement Sunday that the plan has impacted over 77 billion riyals ($20.5 billion) of loans and the extension was taken to help support economic growth. Announced in March as one of the kingdom’s first responses...
Tags: Travel, Bloomberg, United Arab Emirates, Rupert Neil Bumfrey, Saudi Central Bank


OPEC Faces Seismic Demand Split as Cartel Plots Next Move - Bloomberg

OPEC Faces Seismic Demand Split as Cartel Plots Next Move - Bloomberg As OPEC+ ministers gather virtually this week, the city that traditionally hosts their meetings will be locked down. Vienna’s Christmas markets will be closed, the famous Ringstrasse boulevard silent. For oil ministers, the scene should urge caution.But while the Austrian capital provides a dramatic example of how the second wave of the pandemic is shutting down economies in Europe and the U.S., the global picture is more nuan...
Tags: Travel, Asia, Europe, China, India, Opec, Bloomberg, Vienna, Diwali, Rupert Neil Bumfrey, Cartel Plots Next Move Bloomberg


Most Mideast Stocks Rise to Track Peers, Oil Higher: Inside EM - Bloomberg

Most Mideast Stocks Rise to Track Peers, Oil Higher: Inside EM - Bloomberg Most Middle East stock markets advanced, taking their cue from rising crude oil prices and gains elsewhere in emerging markets last week.Indexes in Saudi Arabia, Abu Dhabi, Bahrain and Oman climbed as much as 0.3%, while those in Dubai, Kuwait and Qatar slipped. The Tadawul All Share Index in Riyadh rose for the sixth consecutive session to trade at the highest level since July 2019.The prospect of the formal start to Pre...
Tags: Travel, Israel, Opec, Qatar, Bloomberg, Joe Biden, Iran, Middle East, Hassan Rouhani, Oman, Riyadh, CureVac, Dubai Kuwait, Rupert Neil Bumfrey, Boubyan Bank, Bloomberg Most


More Silicon Valley tech talent is flocking to Austin, Texas, during the pandemic. Here's what it's like in the growing tech hub of 'Silicon Hills.'

Katie Canales/Business Insider The COVID-19 pandemic has appeared to bolster an exodus from the pricey San Francisco Bay Area to more affordable locales, including Austin, Texas. Dropbox CEO Drew Houston is among those who have announced their move to Austin in the last few months amid a widespread shift to remote work. Big Tech has noticeably made itself more at home in Texas's capital in the last decade, but the industry has a long history in Austin. Visit Business Insider's homepage fo...
Tags: Travel, Apple, Google, Amazon, Facebook, Elon Musk, Texas, California, Washington Post, Drew Houston, US, Samsung, San Francisco, Barack Obama, Trends, Tech


#SaudiArabia Broadens Central Bank’s Mandate to Promote Growth - Bloomberg

Saudi Arabia Broadens Central Bank’s Mandate to Promote Growth - Bloomberg The Saudi Central Bank updated its mandate to include supporting economic growth as one of its prime objectives, formally changing its fundamental operating principles for the first time in more than 60 years, Vice-Governor Ayman Alsayari said.“Including support of economic growth as an explicit element in the central bank’s mandate is meant to cover evolving variables such as financial innovation, which has the potential...
Tags: Travel, Saudi Arabia, Bloomberg, Rupert Neil Bumfrey, Saudi Central Bank, SaudiArabia Broadens Central Bank, Saudi Arabia Broadens Central Bank, Ayman Alsayari, Alsayari


OPEC+ Calls Last-Minute Talks to Prepare for Oil-Cuts Decision - Bloomberg

OPEC+ Calls Last-Minute Talks to Prepare for Oil-Cuts Decision - Bloomberg Saudi Arabia and Russia summoned OPEC+ ministers who oversee their oil production cuts for last-minute talks on Saturday, as the cartel prepares for a decision on whether to delay January’s output increase.A clear majority of OPEC+ watchers expect the group to maintain their supply curbs at current levels for a few months longer due to lingering uncertainty about the strength of demand. However, the decision is by no mean...
Tags: Travel, Iraq, Russia, Nigeria, Opec, Bloomberg, United Arab Emirates, Uae, Organization of Petroleum Exporting Countries, Alexander Novak, Rupert Neil Bumfrey, JMMC, Abdulaziz bin Salman, Bloomberg Saudi Arabia, Joint Ministerial Monitoring Committee, Algeria Kazakhstan Iraq Nigeria


BP to Invest More in Middle East’s ‘World-Leading’ Oil Fields - Bloomberg

BP to Invest More in Middle East’s ‘World-Leading’ Oil Fields - Bloomberg BP Plc said it will invest more money in Middle Eastern oil and natural-gas fields even as it transitions to renewable energy and tries to lower emissions.The company is a major producer in countries such as Iraq, where it operates the world’s third-largest oil field of Rumaila, the United Arab Emirates and Oman. It’s focusing on their low-cost oil, while also boosting output of gas, according to Stephen Willis, BP’s senio...
Tags: Travel, Iraq, Bloomberg, Middle East, United Arab Emirates, Oman, Bp, Abu Dhabi, Uae, Middle Eastern, Willis, Rumaila, Rupert Neil Bumfrey, Bloomberg BP Plc, Stephen Willis BP


#Saudi, #AbuDhabi Wealth Funds Team Up on Egyptian Drugmaker Deal - Bloomberg

Saudi, Abu Dhabi Wealth Funds Team Up on Egyptian Drugmaker Deal - Bloomberg Two of the biggest sovereign wealth funds in the Middle East are exploring a joint bid for an Egyptian pharmaceutical company, a deal that could mark the beginning of wider co-investment plans between the two state-controlled firms, people familiar with the matter said.Saudi Arabia’s Public Investment Fund and ADQ, formerly known as Abu Dhabi Development Holding Co., are weighing the purchase of Bausch Health Cos.’s Cai...
Tags: Travel, Saudi Arabia, Bloomberg, Egypt, Middle East, Abu Dhabi, Pif, Cairo, Gulf, Bausch, Rupert Neil Bumfrey, Public Investment Fund, Louis Dreyfus Co, Abu Dhabi Development Holding Co, ADQ, Bausch Health Cos


France to levy digital service tax on tech giants: Report

The French government is planning to re-introduce a digital service tax (DST) on big tech companies from this year onward, reported Reuters. Though the policy to impose a 3% tax on revenue from digital services was introduced by the French government last year, tax collections were suspended as the Organization for Economic Cooperation and Development (OECD) had begun negotiating an overhaul of the global tax system. However, in a conversation with journalists on Wednesday, French Finance Minist...
Tags: Travel, Amazon, Facebook, Europe, News, France, India, US, Bloomberg, European Union, Czech Republic, United States, United Kingdom, WTO, OECD, Financial Times


Oil’s Surge Toward $50 Risks Giving OPEC+ Yet Another Headache - Bloomberg

Oil’s Surge Toward $50 Risks Giving OPEC+ Yet Another Headache - Bloomberg With OPEC+ just days from meeting, those countries who favor ratcheting up oil production may be finding some support for their arguments from surging prices. Headline futures contracts jumped 30% this month with Brent at one point on Wednesday hitting $48.75 a barrel, the highest since March. Critically though, a much more fundamental shift has taken place in the forward curve, which offers clues about traders’ perspecti...
Tags: Travel, Opec, Bloomberg, Standard Chartered, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Paul Hornsell


Oil Tanker Owner Says Ship Attacked in #Saudi Arabian Red Sea - Bloomberg

Oil Tanker Owner Says Ship Attacked in Saudi Arabian Red Sea - Bloomberg An oil tanker came under attack while at a Saudi Arabian terminal in the Red Sea about 125 miles north of the country’s border with Yemen, according to the vessel’s owner.The Agrari, a so-called Aframax-class vessel able to haul about 700,000 barrels of oil, was holed about 1 meter above the waterline in the incident, a statement distributed on behalf of the carrier’s owner said. The incident took place as the ship was prep...
Tags: Travel, Saudi Arabia, Bloomberg, Yemen, Jeddah, Saudi Aramco, Red Sea, Rupert Neil Bumfrey, Saudi Arabian Red Sea Bloomberg, Saudi Arabian Red Sea


#Dubai Raises $1.5 Billion From Private Bond Placement - Bloomberg

Dubai Raises $1.5 Billion From Private Bond Placement - Bloomberg Dubai’s government raised $1.5 billion this week by reopening existing debt instruments, data compiled by Bloomberg show.Emirates NBD Capital, a unit of Dubai’s biggest bank, was the sole manager of the transactions on Nov. 23 and 24, according to the data.The transactions:$150 million and $100 million from reopening a September facility of $1 billion {DUGB 3.9 09/09/50 Govt DES }$300 million and $200 million from reopening a Janu...
Tags: Travel, Bloomberg, Dubai, Rupert Neil Bumfrey, Emirates NBD Capital, Bloomberg Dubai, DUGB


#Saudi Exports Drop in September, With Oil Revenue Down 39% - Bloomberg

Saudi Exports Drop in September, With Oil Revenue Down 39% - Bloomberg Saudi Arabia’s exports fell by nearly a third in September from a year ago, driven largely by a slump in oil demand.Total revenue from exports was 53.3 billion riyals ($14.2 billion) compared with 77.3 billion riyals for the same month last year, according to a statement from the General Authority for Statistics. Oil exports slumped 38.7% to about 35 billion riyals.Non-oil exports declined 9.3% compared to a year ago to about...
Tags: Travel, Bloomberg, United Arab Emirates, Rupert Neil Bumfrey, Oil Revenue Down 39 Bloomberg Saudi Arabia, General Authority for Statistics Oil


#AbuDhabi Plans $122 Billion in Oil Spending to Boost Output - Bloomberg

Abu Dhabi Plans $122 Billion in Oil Spending to Boost Output - Bloomberg Abu Dhabi will invest 448 billion dirhams ($122 billion) in oil and natural gas over the next five years as it seeks to raise production capacity, even while OPEC restricts its output.The Gulf emirate’s top body for energy policy, the Supreme Petroleum Council, approved the budget for Abu Dhabi National Oil Co., the state-run WAM news agency reported on Sunday. The investment plan will contribute to growth and expansion “in...
Tags: Travel, Wam, Opec, Bloomberg, United Arab Emirates, Abu Dhabi, Uae, Gulf, Rupert Neil Bumfrey, Abu Dhabi National Oil Co, Supreme Petroleum Council, Bloomberg Abu Dhabi


#SaudiArabia’s Acwa Power Set to Raise $1 Billion in Sukuk Sale - Bloomberg

Saudi Arabia’s Acwa Power Set to Raise $1 Billion in Sukuk Sale - Bloomberg Saudi Arabia’s Acwa Power International, half-owned by the kingdom’s sovereign wealth fund, is planning to raise about $1 billion by selling Islamic bonds early next year, according to people familiar with the matter.The company, one of the largest developers of power plants in the Middle East, has appointed the Saudi unit of HSBC Holdings Plc and Samba Capital to advise on the issuance, the people said, asking not to be...
Tags: Travel, Saudi Arabia, Bloomberg, Middle East, Samba, Riyadh, Jazan, HSBC Holdings Plc, Rupert Neil Bumfrey, Acwa Power International, ACWA, Samba Capital, Acwa Power Set, Sukuk Sale Bloomberg Saudi Arabia, Acwa HSBC


Could the #UAE Prompt OPEC's House of Cards to Collapse? - Bloomberg

Could the UAE Prompt OPEC's House of Cards to Collapse? - Bloomberg All is not well in the house of OPEC.As the cartel’s oil ministers prepare to meet in just over a week to decide on the next step in their record-breaking output deal, officials in the United Arab Emirates, normally a loyal Saudi ally, are privately questioning the benefits of participating, and may even be considering whether to leave the Organization of Petroleum Exporting Counties.The deliberations, leaked to the press on W...
Tags: Travel, Opec, Bloomberg, United Arab Emirates, Uae, Persian Gulf, Rupert Neil Bumfrey, Organization of Petroleum


#SaudiArabia Won’t Tap Debt Market Again In 2020, Minister Says - Bloomberg

Saudi Arabia Won’t Tap Debt Market Again In 2020, Minister Says - Bloomberg Saudi Arabia has no plans to tap international debt markets again this year as the kingdom leans on domestic borrowing to cover its budget deficit, Finance Minister Mohammed Al-Jadaan said.“We went to the local market significantly this year, we are likely to go to the market next year,” Al-Jadaan said in an interview with Bloomberg TV on Friday. “There are no plans currently for an international issuance.”The world’s la...
Tags: Travel, Saudi Arabia, Bloomberg, Morgan Stanley, Bloomberg TV, Rupert Neil Bumfrey, Mohammed al Jadaan, Al Jadaan, Bloomberg Saudi Arabia


America’s Biggest Oil Storage Hub is Filling to the Brim Again - Bloomberg

America’s Biggest Oil Storage Hub is Filling to the Brim Again - Bloomberg Oil tanks in America’s most important crude storage hub are filling to the brim once again, quickly approaching the critical levels reached in May after prices crashed.Stockpiles at Cushing, Oklahoma, the delivery point for West Texas Intermediate futures, stood at 61.6 million barrels as of Nov. 13, or about 81% of capacity, according to the most recent U.S. government data. That’s 3.83 million barrels shy of the levels ...
Tags: Travel, America, Bloomberg, Energy Information Administration, Cushing Oklahoma, Cushing, Rupert Neil Bumfrey, Wood Mackenzie Ltd, Bloomberg Oil, Biggest Oil Storage Hub, Hillary Stevenson


Middle East, #SaudiArabia News: Minimum Wage Raised for Citizens by 33% - Bloomberg

Middle East, Saudi Arabia News: Minimum Wage Raised for Citizens by 33% - Bloomberg Saudi Arabia will raise its minimum wage for citizens by a third to 4,000 riyals ($1,066), according to a statement by the Ministry of Human Resources and Social Development.The ministry said the decision will be applied five months from Wednesday, without giving an exact date.The higher minimum wage must be paid for a worker to be counted as part of a company’s quota of citizen employees, the ministry said. Work...
Tags: Travel, Workers, Bloomberg, Middle East, Middle East Saudi Arabia, Ministry of Human Resources, Rupert Neil Bumfrey, Bloomberg Saudi Arabia


#UAE Escalates OPEC Dispute as Tensions on Output Quotas Grow - Bloomberg

UAE Escalates OPEC Dispute as Tensions on Output Quotas Grow - Bloomberg The United Arab Emirates ratcheted up tension with oil allies in OPEC+, with officials privately questioning the benefits of being in the producers’ alliance and even considering whether to leave it.The UAE has not said publicly it’s debating its membership, let alone planning to exit. And officials briefed the media under condition they would not be named, allowing room for maneuver if they later want to distance themselve...
Tags: Travel, Saudi Arabia, Iraq, Russia, Opec, Bloomberg, United Arab Emirates, Abu Dhabi, Uae, Riyadh, Mohammed bin Zayed, Emirati, Rupert Neil Bumfrey



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