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Posts filtered by tags: Persian Gulf[x]


 

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


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


Why ‘Kafala’ Labor Rules Are an Issue in Persian Gulf: QuickTake - Bloomberg

Why ‘Kafala’ Labor Rules Are an Issue in Persian Gulf: QuickTake - Bloomberg For decades, Gulf Arab states have attracted scrutiny for migrant sponsorship rules widely criticized as abusive to the foreigners who make up large parts of their labor forces. Governments have taken gradual steps to reduce the scope for exploitation under the so-called kafala system and, in August, Qatar became the first to guarantee foreigners a minimum wage regardless of nationality. Now, Saudi Arabia is planning sw...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Jordan, Lebanon, Persian Gulf, Rupert Neil Bumfrey, Kafala, QuickTake Bloomberg


#Oman to Implement Unprecedented Measures to Curb Budget Deficit - Bloomberg

Oman to Implement Unprecedented Measures to Curb Budget Deficit - Bloomberg Cash-strapped Oman plans to take a step unheard of in the Persian Gulf region: It’s going to start taxing the income of wealthy individuals beginning in 2022, as part of a broader program to tackle a budget deficit that’s ballooned due to low oil prices and the coronavirus pandemic.By reducing government spending while spurring investments, the plan is projected to bring the budget deficit -- estimated to reach nearly 1...
Tags: Travel, Oman, International Monetary Fund, Persian Gulf, Ministry Of Finance, Rupert Neil Bumfrey, Bloomberg Economics, Ziad Daoud, Curb Budget Deficit Bloomberg, Curb Budget Deficit Bloomberg Cash


Israeli-Grown Produce Could Be on Sale in #UAE by Early November - Bloomberg

Israeli-Grown Produce Could Be on Sale in UAE by Early November - Bloomberg Israeli farmers, who face stiff competition in their main export markets in Europe, might be able to sell their produce in the Persian Gulf as early as November.The United Arab Emirates this week authorized the import of Israeli produce following the two nations’ normalization agreement, Israel’s Agriculture Ministry said in announcing the possible start date.While Israeli exporters have diversified their markets in resp...
Tags: Travel, Europe, Israel, Bloomberg, United Arab Emirates, Uae, Persian Gulf, Agriculture Ministry, Rupert Neil Bumfrey, Asia Israel


Israel and UAE Open Talks Over Top Secret Oil Pipeline - Bloomberg

Israel and UAE Open Talks Over Top Secret Oil Pipeline - Bloomberg:  Israel and the United Arab Emirates have opened talks over an oil pipeline linking the Red Sea with the Mediterranean and whose operations Israeli officials treat as top secret.  Europe Asia Pipeline Co., controlled by Israel’s government, and UAE-based MED-RED Land Bridge Ltd. signed a memorandum of understanding to collaborate on the transportation of crude and oil products between the Persian Gulf and Western markets, accor...
Tags: Travel, Europe, Israel, Bloomberg, Iran, Egypt, United Arab Emirates, Uae, Mediterranean, Gulf, Suez Canal, Red Sea, Persian Gulf, Eilat Ashkelon, Rupert Neil Bumfrey, EAPC


#Dubai Buyout Firm Al Masah Liquidated After Its Founder Banned - Bloomberg

Dubai Buyout Firm Al Masah Liquidated After Its Founder Banned - Bloomberg:Al Masah Capital Ltd., once among the Persian Gulf’s most active private equity companies, is being liquidated after being fined for allegedly misleading investors about fees, according to court filings in the Cayman Islands.The company’s collapse comes after Dubai’s financial watchdog in May penalized Al Masah, its founder Shailesh Dash, and two other executives on accusations that they also provided unauthorized service...
Tags: Travel, Bloomberg, Dubai, Cayman Islands, Persian Gulf, Rupert Neil Bumfrey, Al Masah, Shailesh Dash, Al Masah Capital Ltd


Why Labor Rules Are Such a Big Issue in Persian Gulf: QuickTake - Bloomberg

Why Labor Rules Are Such a Big Issue in Persian Gulf: QuickTake - Bloomberg:For decades, Gulf Arab states have attracted scrutiny for migrant sponsorship rules widely criticized as abusive to the foreigners who make up large parts of their labor forces. Governments have taken gradual steps to reduce the scope for exploitation under the so-called kafala system, and in August, Qatar became the first to guarantee foreigners a minimum wage regardless of wage or nationality. It says it will ultimatel...
Tags: Travel, Qatar, United Arab Emirates, Jordan, Bahrain, Lebanon, Gulf, Persian Gulf, Rupert Neil Bumfrey, Kafala, QuickTake Bloomberg


Middle East Deals: #Saudi Binladin to Hire Advisers for $15 Billion Debt Revamp - Bloomberg

Middle East Deals: Saudi Binladin to Hire Advisers for $15 Billion Debt Revamp - Bloomberg:Saudi Binladin Group plans to hire more advisers to accelerate one of the Middle East’s biggest corporate-debt revamps and tackle its estimated $15 billion debt pile.The kingdom’s top builder reached out to restructuring specialists across the Persian Gulf to assist with reorganizing the business, a spokesman for Jeddah-based SBG said in a text message. The consultants will assist Houlihan Lokey Inc., whic...
Tags: Travel, Middle East, Mecca, Jeddah, Persian Gulf, Houlihan Lokey, Saudi Binladin Group, Rupert Neil Bumfrey, Houlihan Lokey Inc, Saudi Binladin, SBG


#Saudi Aramco Appoints New CEO for $500 Million Investment Arm - Bloomberg

Saudi Aramco Appoints New CEO for $500 Million Investment Arm - Bloomberg:Saudi Aramco appointed a new chief executive officer to run its $500 million venture capital and investments arm after the previous head departed, according to people with knowledge of the situation. Mahdi Aladel, who formerly led the state energy producer’s base oils and lubricants division, will take over as CEO of Saudi Aramco Energy Ventures LLC, according to the people, who asked not to be identified because the infor...
Tags: Travel, Bloomberg, Aramco, Saudi Aramco, Persian Gulf, Rupert Neil Bumfrey, SAEV, Mahdi Aladel, Saudi Aramco Energy Ventures LLC, Aladel


OPEC Middle East Oil Flows Edge Higher on Easing of Output Cuts - Bloomberg

OPEC Middle East Oil Flows Edge Higher on Easing of Output Cuts - Bloomberg:Oil exports from OPEC’s Middle East producers rose in July after Saudi Arabia and key Persian Gulf allies reversed the voluntary production cuts they had made the previous month. The figures excludes Iran.Kuwait and the United Arab Emirates led the gain in last month’s oil supplies to international markets, with Saudi Arabia increasing less quickly and Iraq barely changed. Saudi producers boosted shipments by 190,000 bar...
Tags: Travel, South Korea, Saudi Arabia, Iraq, India, Opec, Bloomberg, Middle East, United Arab Emirates, Persian Gulf, Organization of Petroleum Exporting Countries, U S Gulf Coast, Rupert Neil Bumfrey, Iran Kuwait, China Shipments, OPEC Middle East Oil


New M&A Wave Seen for Gulf Banks Trying to Outrun Virus Slowdown - Bloomberg

New M&A Wave Seen for Gulf Banks Trying to Outrun Virus Slowdown - Bloomberg:The coronavirus-induced economic slowdown is prompting a new wave of consolidation talk among banks in the Persian Gulf.In less than a week, two potential tie-ups have been announced, adding momentum to an already unprecedented merger and acquisition spree. Saudi Arabia’s biggest lender National Commercial Bank kicked off the most recent wave with an offer to buy rival Samba Financial Group in what could be the world’s ...
Tags: Travel, Saudi Arabia, Bloomberg, Dubai, Gulf Cooperation Council, Persian Gulf, Rupert Neil Bumfrey, Samba Financial Group, National Commercial Bank, Rahul Shah, Tellimer Ltd


#Oman Steps Up Plan for Middle East’s Biggest Oil-Tank Farm - Bloomberg

Oman Steps Up Plan for Middle East’s Biggest Oil-Tank Farm - Bloomberg: Oman’s ambitious goal of building the biggest oil-storage facility in the Middle East is finally progressing, more than seven years after the Gulf sultanate announced the plan.Oman Tank Terminal Co. has almost finished constructing eight tanks to store crude for a new refinery near the town of Duqm on the Arabian Sea. It’s now pushing ahead with others that could be used by oil companies and traders, according to two peo...
Tags: Travel, Middle East, United Arab Emirates, Oman, Gulf, Strait Of Hormuz, Persian Gulf, Arabian Sea, Rupert Neil Bumfrey, Duqm, Biggest Oil Tank Farm Bloomberg, Oman Tank Terminal Co, OTTCO, Ras Markaz Crude Oil Park


749 Covid patients in Ontario - This is a crisis?

Ontario's population is approximately 14.5 million, and there are about 500 hospitals scattered across the province.  When lockdown and social distancing measures were introduced back in mid March of this year the reason was clear, our underfunded and overburdened hosptials would not be able to handle the number of Covid patients that computer modeling suggested were going to happen.   The computer modeling was wrong.  There are currently only 749 patients being treated for Covid-19 in this e...
Tags: Travel, Iraq, George Bush, Oxford, Ontario, Merriam Webster, Persian Gulf, Loblaws, Haliburton, Gordie Canuk, COVID, Amazons Wal Marts, CDC Johns Hopkins Stanford USC


Are we ready to move past panic mode now?

Liberal progressive consumers of news have long known that it pays to be skeptial of over the top reporting.  Whether it was the Gulf of Tonkin incident in Viet Nam or the more recent wars in the Persian Gulf, with Iraq presented as a major threat to world peace and security, the media loves to play on fear.   A lot of Canadians are scared right now, and that is understandable given the fashion in which most media outlets have been reporting on the novel coronavirus.  I've seen frequent refer...
Tags: Travel, California, Washington Post, NYC, Iraq, US, Canada, Oxford, Un, Great Britain, Persian Gulf, Gulf of Tonkin, Viet Nam, LTC, Stanford USC, Bill Mahar


OPEC’s View of Oil Market Darkens While Gulf States Cut Deeper - Bloomberg

OPEC’s View of Oil Market Darkens While Gulf States Cut Deeper - Bloomberg:OPEC presented a bleaker assessment of global oil markets for the second quarter as the coronavirus crisis continues to drain demand, days after some of the cartel’s biggest producers pledged to make even deeper production cutbacks.The Organization of Petroleum Exporting Countries cut estimates for the amount of crude it will need to supply over the three-month period by just under 3 million barrels a day, or about 15%, i...
Tags: Travel, Europe, Saudi Arabia, India, Opec, Bloomberg, United Arab Emirates, Kuwait, Persian Gulf, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey


#Qatar News: Natural Gas Market Glut Leaves Nation in a Conundrum - Bloomberg

Qatar News: Natural Gas Market Glut Leaves Nation in a Conundrum - Bloomberg:Hemmed in by weak demand and scarce storage, the world’s biggest exporter of liquefied natural gas may soon face a stark choice: curb output or ignite a battle for market share that has the potential -- just as in the oil market -- to turn gas prices negative.Qatar began in February redirecting LNG cargoes away from Asia, where the coronavirus was hobbling sales, and sending them instead to northwestern Europe. That qui...
Tags: Travel, Asia, Europe, Australia, Qatar, Persian Gulf, Hamad al Thani, Cushing Oklahoma, Rupert Neil Bumfrey, Conundrum Bloomberg


Distressed Debt Deals May Rise to 2009 Levels in Crisis-Hit Gulf - Bloomberg

Distressed Debt Deals May Rise to 2009 Levels in Crisis-Hit Gulf - Bloomberg:The fallout of the coronavirus and oil-price collapse will offer a once-in-a decade opportunity for distressed debt investors in the Persian Gulf, according to Sancta Capital Group Ltd.“2020 will present us with the most lucrative deep value and distressed debt investment opportunity set since the global financial crisis,” said Ahmad Alanani, chief executive officer of the company, which invests in the debt and equity o...
Tags: Travel, Bloomberg, Persian Gulf, Rupert Neil Bumfrey, Ahmad Alanani, Sancta Capital Group Ltd


Crude Oil, Russia, OPEC+: Anguish Grows for Small Producers - Bloomberg

Crude Oil, Russia, OPEC+: Anguish Grows for Small Producers - Bloomberg:As Russia’s small oil producers struggle to survive a historic price crash, some say in private they wish they could just set their crude ablaze.The sentiment, though wishful thinking, lays bare the scale of the issue for Russia during the global pandemic -- there is too much crude and nowhere to store it. While Saudi Arabia and the U.S. have more places to keep it, Russia is getting increasingly desperate. Even turning off ...
Tags: Travel, Saudi Arabia, Russia, Bloomberg, Moscow, Persian Gulf, Rupert Neil Bumfrey, West Siberia Russia, Small Producers Bloomberg, Marina Mosoyan, Vygon Consulting That, Oxford Energy


#Saudi-Russia Oil Price War Heralds End to Gulf Luxury Lifestyle - Bloomberg

Saudi-Russia Oil Price War Heralds End to Gulf Luxury Lifestyle - Bloomberg:For much of the world, oil wealth is a curse. Endowed with ample reserves of hydrocarbons, the likes of Nigeria, Angola, Kazakhstan, Mexico and Venezuela frittered the benefits away.Only in the Persian Gulf has oil been a nation-building blessing. The discoveries of petroleum in the mid-20th century turned an anarchic, desperately poor region into one of the most affluent places on the planet. Qatar, Kuwait and the Unite...
Tags: Travel, Japan, Saudi Arabia, Russia, United Arab Emirates, Oman, Venezuela, Kuwait, Gulf, Persian Gulf, Rupert Neil Bumfrey, Qatar Kuwait, Rystad Energy, Nigeria Angola Kazakhstan Mexico, Switzerland Even Saudi Arabia Bahrain


Bahrain News: May Sell Stake in Oil Assets in IPO After Aramco - Bloomberg

Bahrain News: May Sell Stake in Oil Assets in IPO After Aramco - Bloomberg:Bahrain may transfer some of its oil and natural gas assets into a proposed state-run fund in which it could sell shares to investors, as the smallest Gulf Arab country seeks to balance its budget.The government is working on the project and may decide to proceed with it later this year, Oil Minister Mohammed bin Khalifa Al Khalifa said in an interview. It’s still deciding which assets to put into the proposed fund and ho...
Tags: Travel, Saudi Arabia, Bahrain, Aramco, Saudi Aramco, Persian Gulf, Finance Ministry, Gulf Arab, Al Khalifa, Rupert Neil Bumfrey, Abu Dhabi National Oil Co, Aramco Bloomberg, Neighboring Saudi Arabia, Mohammed bin Khalifa Al Khalifa


American Air Ends #Qatar Feud With Eye on Future Doha Flights - Bloomberg

American Air Ends Qatar Feud With Eye on Future Doha Flights - Bloomberg:American Airlines Group Inc. set the stage for possible flights to the Middle East after it set aside a long-running quarrel with Qatar Airways to revive a suspended marketing pact.The two airlines will seek U.S. regulatory approval to reinstate a codeshare agreement that ended in 2017 amid a dispute initiated by the three largest U.S. carriers over government subsidies they said were giving an unfair competitive advantage ...
Tags: Travel, India, Tel Aviv, Qatar, Middle East, Qatar Airways, Fort Worth Texas, Casablanca Morocco, Persian Gulf, Middle East Africa, Akbar Al Baker, Doha Qatar, Qatar Air, American Airlines Group Inc, Doug Parker, Bangalore India


U.S. Push to Pry Open Gulf Airspace for Qatar Hits Resistance - Bloomberg

U.S. Push to Pry Open Gulf Airspace for Qatar Hits Resistance - Bloomberg:Saudi Arabia and its Arab allies are resisting a U.S. push to open their airspace to Qatar and end the natural-gas powerhouse’s heavy reliance on Iran’s skies, according to officials familiar with the contacts.They figure they stand a better chance of extracting bigger concessions from Qatar, which they’ve been boycotting for nearly three years, the closer it gets to hosting the 2022 World Cup soccer tournament, according ...
Tags: Travel, Washington, Saudi Arabia, Qatar, Iran, Egypt, Doha, Gulf, Persian Gulf, United Arab Emirates Bahrain, Rupert Neil Bumfrey, Qatar Hits Resistance Bloomberg


Virus Fallout Lays Bare Vulnerability of Persian Gulf Assets - Bloomberg

Virus Fallout Lays Bare Vulnerability of Persian Gulf Assets - Bloomberg:It’s been a one-two punch for Gulf markets this year. First came the flare-up when the U.S. assassinated one of Iran’s top generals. Now, the region’s stocks and bonds are suffering the economic fallout from the coronavirus.Valuations in the six-nation Gulf Cooperation Council were stretched heading into 2020, making them vulnerable to a decline in risk appetite, according to Tellimer, a brokerage focusing on frontier marke...
Tags: Travel, Bloomberg, Iran, GCC, United Arab Emirates, Dubai, Gulf, Gulf Cooperation Council, Persian Gulf, Rupert Neil Bumfrey, IHS Markit, Hasnain Malik Tellimer


Adnoc’s $15 Billion Gas Pipeline Said to Attract BlackRock, GIP - Bloomberg

Adnoc’s $15 Billion Gas Pipeline Said to Attract BlackRock, GIP - Bloomberg:BlackRock Inc., Global Infrastructure Partners and KKR & Co. are among suitors considering bidding for a stake in natural gas pipelines being sold by Abu Dhabi’s state-owned energy giant, people familiar with the matter said.Australia’s IFM Investors Pty and Ontario Teachers’ Pension Plan are also weighing offers for a stake in Abu Dhabi National Oil Co.’s gas pipeline unit, according to the people. A deal could value th...
Tags: Travel, Australia, United Arab Emirates, Abu Dhabi, Persian Gulf, Ontario Teachers, KKR Co, ADNOC, Rupert Neil Bumfrey, Abu Dhabi National Oil Co, BlackRock GIP Bloomberg, BlackRock Inc Global Infrastructure Partners, IFM Investors Pty


Trump Is Wrong The U.S. Does Need Middle East Oil. - Bloomberg

Trump Is Wrong The U.S. Does Need Middle East Oil. - Bloomberg:President Donald Trump was wrong last week when he said that the U.S. doesn’t need Middle East oil. For one thing, U.S. refiners still need to process it to make the products their customers want. What’s more, America’s car drivers and truckers need it to keep flowing or else they’ll face higher prices at their local gas pump.Trump made his assertion during an address from the White House after Iran launched a barrage of missiles at ...
Tags: Travel, White House, Iraq, America, Bloomberg, Iran, Middle East, Donald Trump, Trump, Strait Of Hormuz, Hormuz, Persian Gulf, Rupert Neil Bumfrey, U S Does Need Middle East Oil Bloomberg


Sultan Qaboos, Quiet Peacemaker Who Built #Oman, Dies at 79 - The New York Times

Sultan Qaboos, Quiet Peacemaker Who Built Oman, Dies at 79 - The New York Times: Sultan Qaboos bin Said of Oman during a meeting with Secretary of State Mike Pompeo at the Beit Al Baraka Royal Palace in Muscat, Oman, in 2019. Credit... Andrew Caballero-Reynolds/Pool Photo, via Associated Press Sultan Qaboos bin Said of Oman, who over nearly five decades in power transformed his Persian Gulf kingdom from an isolated enclave into a developed nation known for brokering quiet tal...
Tags: Travel, Europe, New York Times, Oman, State, Persian Gulf, Sultan Qaboos bin Said, Muscat Oman, Mike Pompeo, Rupert Neil Bumfrey, Qaboos, Oman News Agency, Beit Al Baraka Royal Palace


Weekly Roundup, Friday 10 January 2020

What are these amazing and enormous creatures (not horses)? They’re something we’ll see on one of this year’s Travel Insider Tours. See the following article for details on the tours and what they feature. Good morningWe’re now definitely into the third decade of the 21st century, but I’m still captivated by the special feeling that the number 2020 gives me.  I hope your special year is shaping up to indeed be special, in the most positive meaning of the term.Talking about special, I am trying...
Tags: Travel, Google, Amazon, Europe, New York, Science, Washington, Trains, Miscellaneous, Cars, US, Samsung, Newsletter, Tech, Iran, Nasa


OPEC Seeks to Reassure Oil Market on Spiking Mideast Tension - Bloomberg

OPEC Seeks to Reassure Oil Market on Spiking Mideast Tension - Bloomberg: OPEC and one of its biggest producers sought to tamp down concerns over Middle Eastern oil supply on Wednesday after Iran fired missiles at U.S. forces in Iraq. Global crude markets are well supplied, and the Organization of Petroleum Exporting Countries and allied producers will respond if necessary to spiking tensions in the region, U.A.E. Energy Minister Suhail Al Mazrouei told reporters in Abu Dhabi. The escalating con...
Tags: Travel, Opec, Iran, United Arab Emirates, Persian Gulf, Organization of Petroleum Exporting Countries, Suhail Al Mazrouei, Rupert Neil Bumfrey, Al Mazrouei, Spiking Mideast Tension Bloomberg, Iraq Global


Oil Shippers Raise Offers for Middle East Route on Gulf Risk - Bloomberg

Oil Shippers Raise Offers for Middle East Route on Gulf Risk - Bloomberg:Owners of oil tankers are boosting their rates to haul crude on a key route from the Middle East as risks in the Gulf escalate after Iran retaliated against the U.S. killing of a top general.Shipowners are offering rates for supertankers carrying crude from the Persian Gulf to China at increasingly higher levels, in some cases at least 14% above previous bookings, according to brokers and oil traders in Asia. While there ha...
Tags: Travel, Asia, China, Iran, Middle East, Gulf, Strait Of Hormuz, Persian Gulf, Rupert Neil Bumfrey, Middle East Route, Gulf Risk Bloomberg



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