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MIDEAST STOCKS-Banks weigh on #Saudi, #Dubai as most major Gulf markets fall - Reuters

MIDEAST STOCKS-Banks weigh on Saudi, Dubai as most major Gulf markets fall - Reuters:Most major Gulf stock markets fell onSunday, with Saudi Arabia hurt by losses in banking shares thatoutweighed gains in Saudi Aramco and Emirates NBD dragging theDubai index lower.Saudi Arabia's benchmark index closed down 0.3% asSaudi Telecom dropped 2% and the country's largestlender National Commercial Bank fell 1.3%. But the index was supported by Saudi Aramco, whichrose 1.2% in its straight fifth session...
Tags: Travel, Saudi Arabia, Eu, Dubai, Gulf, Reuters, Saudi Aramco, Emirates NBD, Air Arabia, Rupert Neil Bumfrey, National Commercial Bank, Saudi Dubai, Jafurah, asSaudi Telecom, IndustriesCorp SABIC SABIC


#UAE economy grew at 2.9% in 2019, central bank says - Reuters

UAE economy grew at 2.9% in 2019, central bank says - Reuters:The United Arab Emirates’ economy grew at 2.9% year-on-year in 2019, up from 1.7% in 2018, a UAE central bank report said.The country’s hydrocarbon sector grew at 7.6% in 2019, while the non-hydrocarbon sector expanded by 1.1%, the bank report said. The central bank said the UAE economy grew 1.3% in the fourth quarter from a year earlier, slowing from a pace of 2.9% in the third quarter.The International Monetary Fund expects the UAE ...
Tags: Travel, Opec, United Arab Emirates, Dubai, International Monetary Fund, Uae, Reuters, Rupert Neil Bumfrey


EXCLUSIVE-EU to clear without conditions $69 bln Aramco, SABIC deal - sources - Reuters

EXCLUSIVE-EU to clear without conditions $69 bln Aramco, SABIC deal - sources - Reuters:EU antitrust regulators are set to give unconditional clearance to world No. 1 oil producer Saudi Aramco’s $69 billion bid for a 70% stake in petrochemicals group Saudi Basic Industries Corp (SABIC) , people familiar with the matter said on Friday.Aramco announced the deal in March last year, a move key to its diversification into refining and petrochemicals. [Author: [email protected] (Rupert Neil Bumfr...
Tags: Travel, Eu, Reuters, Saudi Aramco, Rupert Neil Bumfrey, Saudi Basic Industries Corp SABIC, Aramco Sabic


#UAE c.bank says monitoring job cuts in financial industry - Reuters

UAE c.bank says monitoring job cuts in financial industry - Reuters:United Arab Emirates’ (UAE) central bank said on Saturday it is closely following recent job cuts in the financial sector, after banks in the country shed hundreds of jobs in the last few months.“We are closely following the recent occurrences of downsizing amongst financial institutions in the country to ensure that downsizing is not adversely affecting regulatory compliance and market conduct,” the Central Bank of the UAE said...
Tags: Travel, United Arab Emirates, Uae, Reuters, Rupert Neil Bumfrey, Central Bank of the UAE


UPDATE 2- #Saudi economy set to grow this year, driven by non-oil sector - central bank - Reuters

UPDATE 2-Saudi economy set to grow this year, driven by non-oil sector - central bank - Reuters:Saudi Arabia’s economy is expected to grow this year, supported by the non-oil sector, despite a challenging global economic backdrop, the Saudi central bank governor said on Saturday as the kingdom hosts the G20 meeting. Ahmed al-Kholifey said it was too early to see the full picture of the economic damage caused by the new coronavirus, which has emerged in China and spread globally.The Saudi Arabian...
Tags: Travel, Saudi Arabia, China, Reuters, Riyadh, Rupert Neil Bumfrey, Ahmed al Kholifey, Kholifey, Saudi Arabian Monetary Authority


Oil slides 1% on renewed fears over toll from coronavirus - Reuters

Oil slides 1% on renewed fears over toll from coronavirus - Reuters:Oil prices fell about 1% on Friday on renewed concerns about crude demand being pinched by the economic impact of the coronavirus outbreak, while OPEC and allied producers appeared to be in no rush to curb output.The latest signs of infections outside the Hubei province epicenter in China spurred a selloff across financial markets, as G20 policymakers traveled to Saudi Arabia for talks on the global economy.Brent crude LCOc1 tum...
Tags: Travel, Saudi Arabia, China, Opec, Reuters, Hubei Province, Rupert Neil Bumfrey


Oil falls over 2% on concerns over economic toll from virus - Reuters

Oil falls over 2% on concerns over economic toll from virus - Reuters:Oil prices slid more than 2% on Friday as investors fretted about crude demand being pinched by the economic impact of the coronavirus outbreak, while leading producers appeared to be in no rush to curb output.The latest signs of infections outside the Hubei province epicentre spurred a selloff across financial markets, as G20 policymakers travelled to Saudi Arabia for talks on the global economy. Brent crude LCOc1 was down $1...
Tags: Travel, Saudi Arabia, Saxo Bank, Reuters, Hubei Province, Rupert Neil Bumfrey, Ole Hansen


Oil falls 2% on renewed uncertainties over coronavirus outbreak - Reuters

Oil falls 2% on renewed uncertainties over coronavirus outbreak - Reuters:Oil prices fell on Friday as a rise in new cases of coronavirus and weak Asian economic data fuelled uncertainty about the economic outlook and as major crude producers showed no rush to cut output.Brent crude LCOc1 was down $1.20, or 2%, at $58.11 a barrel by 1136 GMT, while U.S. crude CLc1 dropped $1.02, or 1.9%, at $52.86 a barrel.Oil prices had edged up on Thursday after a much smaller-than-expected rise in U.S. crude ...
Tags: Travel, Ubs, Reuters, U S, Giovanni, Rupert Neil Bumfrey


Oil falls 1% as spreading virus compounds concerns over demand hit - Reuters

Oil falls 1% as spreading virus compounds concerns over demand hit - Reuters:Oil prices fell around 1% on Friday, pressured by growing worries about fuel demand as a coronavirus epidemic spread further beyond China, and as major crude producers appeared to be in no rush to cut output to buttress the market.Brent crude LCOc1 was down 64 cents, or 1.1%, at $58.67 a barrel by 0703 GMT, while U.S. crude CLc1 dropped 54 cents, or 1%, at $53.34 a barrel.South Korea’s fourth-largest city has become the...
Tags: Travel, South Korea, Japan, China, Singapore, Reuters, Rupert Neil Bumfrey


Oil prices rise as U.S. crude stocks build less than expected - Reuters

Oil prices rise as U.S. crude stocks build less than expected - Reuters:Oil prices rose on Thursday after the U.S. government reported a much smaller-than-anticipated rise in crude stocks, but gains were capped by worries about the spread of Coronavirus outside China.Data from the U.S. Energy Information Administration (EIA) showed that crude inventories rose only 414,000 barrels last week, compared with expectations of a 2.5 million barrel rise from analysts in a Reuters poll.However, scores of...
Tags: Travel, South Korea, China, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, U S Energy Information Administration EIA


#Dubai Islamic Bank hires banks to arrange dollar sukuk issuance - document - Reuters

Dubai Islamic Bank hires banks to arrange dollar sukuk issuance - document - Reuters:Dubai Islamic Bank, the United Arab Emirates’ largest shariah-compliant bank, has hired regional and international banks to arrange a potential long five-year or seven-year dollar sukuk issuance, a document showed on Thursday.The bank hired Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, ICBC, KFH Capital, Sharjah Islamic Bank and Standard Chartered Bank to lead the potential Isla...
Tags: Travel, London, Reuters, Standard Chartered Bank, Rupert Neil Bumfrey, Dubai Islamic Bank, Dubai Islamic Bank the United Arab Emirates


Oil prices gain on supply threats; demand concerns from coronavirus ease - Reuters

Oil prices gain on supply threats; demand concerns from coronavirus ease - Reuters:Oil prices climbed on Thursday, extending gains from the previous session, as the market shifted focus to supply disruptions, while demand concerns eased following a drop in new coronavirus cases at the epicenter of the outbreak.Conflict in Libya that has led to a blockade of its ports and oilfields shows no signs of a resolution, while U.S. sanctions on a subsidiary of Russian state oil major Rosneft (ROSN.MM) co...
Tags: Travel, Libya, Rosneft, Reuters, Rupert Neil Bumfrey


UPDATE 2- #Saudi Dar Al Arkan sells $400 mln seven-year sukuk - document - Reuters

UPDATE 2-Saudi Dar Al Arkan sells $400 mln seven-year sukuk - document - Reuters:Saudi Arabian real estate developer Dar Al Arkan sold $400 million in seven-year sukuk at 7%, a document from one of the banks leading the deal showed on Wednesday. Dar Al Arkan, which began marketing the Islamic bonds at 7.375-7.5% on Wednesday, hired AlKhair Capital, Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreqbank, Nomura, Standard Chartered Bank and Warba Bank to lead the deal.The issue...
Tags: Travel, Reuters, Rupert Neil Bumfrey, Dar Al Arkan, Dar Al Arkan Real Estate Development, Warba Bank, Saudi Dar Al Arkan, Dar Al Arkan Sukuk Company Ltd


#UAE regulator to investigate Pakistan bank for money laundering - Reuters

UAE regulator to investigate Pakistan bank for money laundering - Reuters:The United Arab Emirates’ central bank is investigating Pakistan’s largest bank to ascertain if it violated anti-money- laundering and terrorism-financing laws, the regulator said on Wednesday.The inquiry comes as Pakistan is under examination by a Paris unit of the Financial Action Task Force, a global financial watchdog, for not adequately complying with global regulations on money laundering and terrorism financing.The ...
Tags: Travel, Pakistan, Paris, United Arab Emirates, Uae, Reuters, FATF, Rupert Neil Bumfrey, Financial Action Task Force, Habib Bank Ltd, Central Bank of UAE CBAUE, CBAUE


Pompeo in #SaudiArabia to talk #Iran, economy and human rights - Reuters

Pompeo in Saudi Arabia to talk Iran, economy and human rights - Reuters:U.S. Secretary of State Mike Pompeo arrived in Saudi Arabia on Wednesday to discuss regional security, namely Iran, after the U.S. killing last month of a top Iranian general pushed the oil-producing region closer to an all-out war.In meetings with King Salman and Crown Prince Mohammed bin Salman over the next two days, Pompeo will also raise economic and human rights issues like the case of a Saudi-American physician who re...
Tags: Travel, Saudi Arabia, Iraq, Iran, United States, Tehran, Trump, Reuters, Riyadh, State, Mohammed bin Salman, Salman, Pompeo, Qassem Soleimani, Mike Pompeo, Rupert Neil Bumfrey


Citi, Deutsche start talks to sell $9 billion #Dubai port company debt: sources - Reuters

Citi, Deutsche start talks to sell $9 billion Dubai port company debt: sources - Reuters:Citi (C.N) and Deutsche Bank (DBKGn.DE) have started talks with other banks to sell roughly $9 billion in debt Dubai raised to take full control of DP World (DPW.DI) and refinance borrowings of Dubai World, sources familiar with the matter said on Wednesday.Dubai announced this week one of its state companies, Port and Free Zone World (PFZW), part of state investment vehicle Dubai World, aims to buy publicly...
Tags: Travel, Dubai, Deutsche Bank, Citi, Reuters, DP World, Dubai World, Rupert Neil Bumfrey, Citi Deutsche, DP World DPW, Port and Free Zone World


#Iran oil projects reined in because of lack of funds: minister - Reuters

Iran oil projects reined in because of lack of funds: minister - Reuters:Iran has had to reduce oil production projects because of a lack of funds and a drop in income from oil exports, Oil Minister Bijan Zanganeh said on Tuesday, according to the official IRNA news agency.“All attacks are against us and the income from oil exports has been reduced. We have reduced many production projects because we don’t have money at all and side projects have been closed for a long time,” Zanganeh said.U.S. ...
Tags: Travel, Iran, Donald Trump, Reuters, Islamic Republic, Zanganeh, IRNA, Bijan Zanganeh, Rupert Neil Bumfrey


#Saudi Dar Al Arkan starts marketing $300-$400 mln 7-year sukuk - document - Reuters

Saudi Dar Al Arkan starts marketing $300-$400 mln 7-year sukuk - document - Reuters:Saudi Arabia’s Dar Al Arkan Real Estate Development Co has begun marketing $300-$400 million in seven-year sukuk at 7.375-7.5%, a document from one of the banks leading the deal showed on Wednesday.Dar Al Arkan hired AlKhair Capital, Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreqbank, Nomura, Standard Chartered Bank and Warba Bank to lead the deal, which is expected to close later on Wedne...
Tags: Travel, Saudi Arabia, Reuters, Rupert Neil Bumfrey, Dar Al Arkan, Dar Al Arkan Real Estate Development, Warba Bank, Dar Al Arkan Real Estate Development Co, Saudi Dar Al Arkan, Dar Al Arkan Sukuk Company Ltd


#Qatar Airways ups holding in BA-owner IAG to 25.1% with new $600 million stake - Reuters

Qatar Airways ups holding in BA-owner IAG to 25.1% with new $600 million stake - Reuters:Qatar Airways has bought a $600 million stake in British Airways-owner IAG (ICAG.L) to increase its holding to 25.1%, advancing its strategy of building a global portfolio of international carriers.In an endorsement of the Anglo-Spanish group just weeks before its founder Willie Walsh steps down, Qatar said that increasing its stake was evidence of its support for the company and its strategy.Qatar previousl...
Tags: Travel, Qatar, Ireland, Middle East, Ba, Iag, British Airways, Iberia, Willie Walsh, Reuters, Qatar Airways, Rupert Neil Bumfrey, IAG ICAG, Aer Lingus IAG


Oil rises amid hope for short economic hit from coronavirus outbreak - Reuters

Oil rises amid hope for short economic hit from coronavirus outbreak - Reuters:Oil prices rose on Wednesday, with Brent gaining a seventh straight day, amid broad optimism as new coronavirus cases fell for a second day in China and concerns rose over supply after a U.S. move to cut more Venezuelan crude from the market.Brent crude LCOc1 was up by 51 cents, or 0.9%, at $58.26 a barrel by 0732 GMT, while U.S. oil CLc1 was up 55 cents, or 1.1%, at $52.60 a barrel.China is still struggling to get ma...
Tags: Travel, China, Brent, Reuters, Rupert Neil Bumfrey


MIDEAST STOCKS-Gulf stocks little changed; blue chips down in Dubai - Reuters

MIDEAST STOCKS-Gulf stocks little changed; blue chips down in Dubai - Reuters:Most major Gulf stock markets traded in positive territory early on Tuesday, led by financial stocks and corporate announcements, but Dubai’s index retreated on a sell-off by blue chips.Saudi Arabia’s benchmark index rose 0.4%, driven by a 1.1% gain in Saudi Basic Industries and a 0.3% rise in Saudi Aramco.Aramco Trading Co has sealed a new deal to secure long-term crude oil supplies from state-run Kuwait Petroleum Cor...
Tags: Travel, Asia, Saudi Arabia, Dubai, Gulf, Reuters, Saudi Aramco, Dubai Reuters, Rupert Neil Bumfrey, Saudi Basic Industries, Kuwait Petroleum Corp, Saudi Aramco Aramco Trading Co, Al Moammar Information Systems Co


NMC Health says 'disappointed' in founder Shetty's ownership disclosures - Reuters

NMC Health says 'disappointed' in founder Shetty's ownership disclosures - Reuters:NMC Health (NMC.L) said on Tuesday it was ‘disappointed’ with the disclosures made by its founder B.R. Shetty and that it urgently sought clarity on his shareholding arrangements and holdings in the company.Shetty on Monday resigned as co-chairman, creating further uncertainty for the UAE healthcare company, which has seen its shares collapse in the past few weeks on doubts about the shareholdings of its major inv...
Tags: Travel, UK, Uae, Reuters, NMC, Shetty, Rupert Neil Bumfrey, NMC Health, B R Shetty, NMC Health NMC


UPDATE 2- #Saudi Arabia's Riyad Bank sells $1.5 billion 10-yr Islamic bonds - Reuters

UPDATE 2-Saudi Arabia's Riyad Bank sells $1.5 billion 10-yr Islamic bonds - Reuters:Saudi Arabia’s Riyad Bank has sold $1.5 billion in 10-year dollar sukuk, callable after five years, at 180 basis points (bps) over five-year mid-swaps, a document showed on Tuesday.The bank garnered more than $7.8 billion in orders for the sukuk, or Islamic bonds, the document said. It tightened the spreads after it had initially started marketing the bonds at around 225 bps over mid-swaps earlier on Tuesday.Riya...
Tags: Travel, Saudi Arabia, Hsbc, Reuters, Riyad Bank, Rupert Neil Bumfrey, First Abu Dhabi Bank, JPMorgan Riyad Capital and Standard Chartered


#Saudi inflation up in January for second consecutive month - Reuters

Saudi inflation up in January for second consecutive month - Reuters:Saudi Arabia’s consumer price index rose 0.4% in January from a year earlier, official data showed on Tuesday, the second consecutive month of positive inflation after it was in negative territory for most of last year.Hikes in prices at restaurants and hotels, education, and healthcare, boosted the index, data from the General Authority for Statistics showed.Prices for food and beverages, which account for nearly 20% of the in...
Tags: Travel, Saudi Arabia, Reuters, Capital Economics, Jason Tuvey, Rupert Neil Bumfrey, General Authority for Statistics


Oil drops below $57 on coronavirus impact and OPEC+ delay - Reuters

Oil drops below $57 on coronavirus impact and OPEC+ delay - Reuters:Oil fell below $57 a barrel on Tuesday, pressured by concerns over the impact on oil demand from the coronavirus outbreak in China and a lack of further action by OPEC and its allies to support the market.Forecasters including the International Energy Agency (IEA) have cut 2020 oil demand estimates because of the virus. Though new cases in mainland China have dipped, global experts say it is too early to judge if the outbreak is...
Tags: Travel, China, Opec, Reuters, International Energy Agency IEA, Commerzbank, Rupert Neil Bumfrey, Carsten Fritsch


Travel News: February 18, 2020

‘Scarlet Lady’ Is First Cruise Ship to Be Constructed Carbon-NeutralTravel Pulse On the heels of Scarlet Lady’s delivery ceremony yesterday, Virgin Voyages today announced that the impressive new vessel has officially reached completion. The first to be delivered out of a fleet of four ‘Lady Ships,’ and flagship to the new cruise line by Virgin Group, Scarlet Lady will now make her way into open waters from the Fincantieri shipyard in Genoa, Italy. Then, sailing away from her new homepor...
Tags: Travel, Asia, Hong Kong, Australia, Mexico, China, Miami, Royal Caribbean, News And Deals, Reuters, Cancun, Fain, Quintana Roo, Genoa Italy, RCCL, Fincantieri


SoftBank spends $2.5 billion to get second Vision Fund off the ground: sources - Reuters

SoftBank spends $2.5 billion to get second Vision Fund off the ground: sources - Reuters:SoftBank Group Corp (9984.T) has pumped $2.5 billion of its own cash into new investments since October, people familiar with the matter said, hoping to restore its money-making credentials as it courts investors for a successor to its Vision Fund.The Japanese technology conglomerate is also considering investing another $2.5 billion of its own money, one of the people said.SoftBank Chief Executive Masayoshi...
Tags: Travel, Softbank, Reuters, SoftBank Group Corp, Masayoshi Son, Rupert Neil Bumfrey


#Dubai's Emirates NBD markets 10-yr kangaroo bonds - Reuters

Dubai's Emirates NBD markets 10-yr kangaroo bonds - Reuters:Emirates NBD, Dubai’s largest bank, is selling “kangaroo” bonds with a 10-year maturity, a document showed on Tuesday.Kangaroo bonds are issued by non-Australian issuers in the Australian market and are denominated in Australian dollars.The bank has set the indicative yield for the bonds at 3.115% and has received over A$860 million ($574.82 million) in orders for the potential debt sale, which is expected to close on Wednesday, the doc...
Tags: Travel, Dubai, Reuters, Emirates NBD, Nomura, Rupert Neil Bumfrey, Emirates NBD Dubai, ANZ Emirates NBD Capital Mizuho


#Saudi Arabia's Riyad Bank starts marketing 10-yr dollar sukuk - Reuters

Saudi Arabia's Riyad Bank starts marketing 10-yr dollar sukuk - Reuters:Saudi Arabia’s Riyad Bank has started marketing 10-year dollar sukuk, or Islamic bonds, at around 225 basis points (bps) over mid-swaps, a document showed on Tuesday. The bank hired JPMorgan, Riyad Capital and Standard Chartered to lead the deal. First Abu Dhabi Bank and HSBC are also involved in arranging the potential debt sale, which is expected to close later on Tuesday.The Tier 2 subordinated sukuk sale is part of a $3 ...
Tags: Travel, Saudi Arabia, Hsbc, Reuters, Riyad Bank, Rupert Neil Bumfrey, First Abu Dhabi Bank, JPMorgan Riyad Capital and Standard Chartered


Oil falls below $57 on coronavirus hit to demand, OPEC+ delay - Reuters

Oil falls below $57 on coronavirus hit to demand, OPEC+ delay - Reuters:Oil fell to below $57 a barrel on Tuesday, pressured by concerns over the impact of the coronavirus outbreak in China on oil demand and a lack of any further action by OPEC and its allies to support the market.Forecasters including the International Energy Agency have cut 2020 oil demand estimates because of the virus. Global experts say it is too early to judge if the outbreak is being contained, despite a fall in new cases...
Tags: Travel, China, Opec, Reuters, International Energy Agency, Rupert Neil Bumfrey, OANDA, Edward Moya



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