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Oil climbs 1 percent on OPEC output cut, hopes for easing China-U.S. trade tensions | Reuters

Oil climbs 1 percent on OPEC output cut, hopes for easing China-U.S. trade tensions | Reuters:Oil prices rose 1 percent on Friday after a report from the Organization of the Petroleum Exporting Countries (OPEC) showed its production fell sharply last month, easing fears about prolonged oversupply.International Brent crude oil futures LCOc1 were up 62 cents, or 1.01 percent, at $61.80 per barrel at 0753 GMT. Brent has risen about 2 percent this week, its third straight week of gains.U.S. West Tex...
Tags: Travel, China, Opec, Brent, Reuters, China U S, Rupert Neil Bumfrey, International Brent


Bad bets on oil, gas spark wave of energy-fund closures | Reuters

Bad bets on oil, gas spark wave of energy-fund closures | Reuters:Energy fund managers took heavy losses last year with wrong-way bets on the prices of oil and natural gas, leading to a wave of closures in the volatile fund sector.The number of active energy-focused funds fell to just 738 in 2018 through September from about 836 in 2016, according to the latest available data from hedge funds industry tracker Eurekahedge. That’s the lowest number of active funds since 2010.The number of funds so...
Tags: Travel, Reuters, Andy Hall, Boone Pickens, Rupert Neil Bumfrey, BP Capital, Jamison Capital, Astenbeck Capital Management


OPEC cuts offset headwinds from slowing economy: Kemp | Reuters

OPEC cuts offset headwinds from slowing economy: Kemp | Reuters:Oil traders seem increasingly convinced OPEC’s prompt action in cutting production will be enough to offset the impact of rising shale production and slowing global growth.Brent futures prices have stabilized around $60 per barrel in recent sessions, well below the peak of over $85 at the start of October, but significantly higher than the trough of less than $50 in late December.More importantly, Brent’s six-month calendar spread h...
Tags: Travel, Opec, Reuters, Kemp, Rupert Neil Bumfrey


Before start of new oil pact, OPEC made progress averting glut | Reuters

Before start of new oil pact, OPEC made progress averting glut | Reuters:OPEC cut oil output sharply in December before a new accord to limit supply took effect, it said on Thursday, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand.The Organization of the Petroleum Exporting Countries said in a monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in...
Tags: Travel, Russia, Opec, Reuters, Petroleum Exporting Countries, Rupert Neil Bumfrey


MIDEAST STOCKS-Corporate earnings boost most Gulf markets; Egypt edges lower | Reuters

MIDEAST STOCKS-Corporate earnings boost most Gulf markets; Egypt edges lower | Reuters:Dubai's stock market rose on Thursday, buoyed by heavyweight constituents, with most Gulf markets lifted by corporate earnings announcements.The Dubai index added 0.6 percent as lender Emirates NBD rose by 1.1 percent and developer Emaar Properties advanced by 1.3 percent.Emirates NBD, Dubai's largest bank, reported a 10 percent gain in fourth-quarter net profit after loan growth and improved margins offset hi...
Tags: Travel, Egypt, Dubai, Gulf, Reuters, Emirates NBD, Emaar Properties, Rupert Neil Bumfrey, Emirates NBD Dubai


Flydubai taps banks for $300 million loan: sources | Reuters

Flydubai taps banks for $300 million loan: sources | Reuters:State-owned Flydubai has approached banks for a $300 million syndicated loan, sources familiar with the matter said.The debt facility is needed for aircraft pre-delivery payments, said the sources, who did not want to be named because the matter is private.A flydubai spokeswoman said: “we are always looking at ways to further diversify our sources of funding and when we have a new announcement to make it will be made at the appropriate...
Tags: Travel, Reuters, State, Rupert Neil Bumfrey, Flydubai


#Saudi's NCB set to pick JPMorgan to advise on bank merger talks: sources | Reuters

Saudi's NCB set to pick JPMorgan to advise on bank merger talks: sources | Reuters:Saudi Arabia’s biggest lender, National Commercial Bank 1180.SE, is set to pick JPMorgan (JPM.N) to advise on its merger talks with smaller rival Riyad Bank 1010.SE, several sources familiar with the matter said.NCB, the kingdom’s biggest lender by assets, and Riyad Bank said in December they have begun preliminary discussions to merge, in a move that would further extend NCB’s lead over its closest rivals by boos...
Tags: Travel, Saudi Arabia, Reuters, Jpmorgan, Riyad Bank, NCB, Rupert Neil Bumfrey, Goldman Sachs GS, National Commercial Bank


Booming #Qatar- #Turkey trade to hit $2 billion for 2018 as Gulf rift drags on | Reuters

Booming Qatar-Turkey trade to hit $2 billion for 2018 as Gulf rift drags on | Reuters:Trade between Qatar and Turkey is expected to have hit $2 billion in 2018, a Turkish official said, up 54 percent from the previous last year and underscoring Ankara’s solidified role as a top ally to Qatar amid a political rift in the Gulf region.Ankara has emerged as one of Qatar’s top partners since a Saudi Arabia-led bloc launched a trade and diplomatic boycott of the tiny Gulf state in 2017, sending additi...
Tags: Travel, Saudi Arabia, Qatar, Turkey, Egypt, Doha, Gulf, Ankara, Reuters, Qatar Turkey, Rupert Neil Bumfrey, Saudi Arabia United Arab Emirates Bahrain


Russian sovereign wealth fund to boost deals with #SaudiArabia | Reuters

Russian sovereign wealth fund to boost deals with Saudi Arabia | Reuters:Russian sovereign wealth fund RDIF said on Wednesday it was poised to significantly increase its number of investment deals with Saudi Arabia.Kirill Dmitriev, the head of the fund, met Saudi Energy Minister Khalid al-Falih and other Saudi officials in Riyadh to discuss projects in oil refining, petrochemicals, gas chemicals and oilfield services, among other fields, RDIF said in a statement.The fund said last month it was c...
Tags: Travel, Saudi Arabia, Reuters, Riyadh, Khalid al Falih, Rupert Neil Bumfrey, Novatek, Saudi Energy, RDIF, Kirill Dmitriev, NVTK


Oil gains with Wall Street, but rising U.S. fuel stocks weigh | Reuters

Oil gains with Wall Street, but rising U.S. fuel stocks weigh | Reuters:Oil prices edged higher on Wednesday, buoyed by a U.S. equity market rally and a supply cut agreement by OPEC+, but gains were limited by data showing growing U.S. refined product inventories and record crude production.Brent crude LCOc1 futures rose 68 cents to settle at $61.32 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 20 cents to settle at $52.31 a barrel.Boosting oil prices, Wall Street’s main i...
Tags: Travel, Opec, Reuters, Rupert Neil Bumfrey


#Qatar Islamic Bank Q4 profit rises 19 pct | Reuters

Qatar Islamic Bank Q4 profit rises 19 pct | Reuters:Qatar Islamic Bank (QIB), the Gulf state’s largest sharia-compliant lender by assets, reported a 19 percent rise in fourth-quarter net profit, according to Reuters calculations, narrowly beating analysts’ forecasts.It made a net profit of 750 million riyals ($206.0 million)during the three months to Dec. 31, compared with 630.2 million riyals in the same period a year earlier, Reuters calculated from financial statements in the absence of a qua...
Tags: Travel, Gulf, Reuters, Qatar Islamic Bank, Rupert Neil Bumfrey, Qatar Islamic Bank QIB


Saudi's Samba bank 2018 profit up 10 percent, meets forecasts | Reuters

Saudi's Samba bank 2018 profit up 10 percent, meets forecasts | Reuters:Samba Financial Group, Saudi Arabia’s third-largest bank by assets, reported a 10 percent rise in 2018 net profit on Wednesday, in line with analysts’ forecasts.The bank made a profit of 5.53 billion riyals ($1.47 billion) for the year, up from 5.02 billion riyals in the same period a year earlier, it said in a bourse statement.The average of eight analysts polled forecast the bank would make a net profit of 5.59 billion riy...
Tags: Travel, Saudi Arabia, Samba, Reuters, Rupert Neil Bumfrey, Samba Financial Group


MIDEAST STOCKS-Banks elevate #Saudi, blue-chips lift Egypt | Reuters

MIDEAST STOCKS-Banks elevate Saudi, blue-chips lift Egypt | Reuters:Saudi Arabia's stock market rose on Wednesday, boosted by its bank shares, while Egypt's index was lifted by its blue-chip stocks, mirroring a gain in emerging markets.Saudi Arabia's index rose 0.7 percent with Banque Saudi Fransi rising 5.2 percent.Riyad Bank continued to rise, adding 4.5 percent. The lender had picked Goldman Sachs to advise on its merger talks with National Commercial Bank (NCB), Reuters reported, citing sour...
Tags: Travel, Saudi Arabia, Egypt, Goldman Sachs, Reuters, Riyad Bank, NCB, Rupert Neil Bumfrey, Banque Saudi Fransi, National Commercial Bank NCB Reuters


Oil firm as supply cuts point to tighter market despite weakening economy | Reuters

Oil firm as supply cuts point to tighter market despite weakening economy | Reuters:Oil prices firmed on Wednesday after climbing about 3 percent in the previous session as expectations that OPEC-led supply cuts will tighten markets despite signs of a global economic slowdown.Brent crude oil futures LCOc1 were at $60.83 per barrel at 0748 GMT, 19 cents, or 0.3 percent above their last close.West Texas Intermediate (WTI) crude futures CLc1 were up 10 cents, or 0.2 percent, at $52.21 a barrel. ...
Tags: Travel, Opec, Reuters, Rupert Neil Bumfrey


Loan growth, higher margins boost Emirates NBD Q4 net profit | Reuters

Loan growth, higher margins boost Emirates NBD Q4 net profit | Reuters:Emirates NBD, Dubai’s largest bank, on Wednesday reported a 10 percent rise in fourth-quarter net profit as loan growth and improved margins offset lower income from investment securities and higher expenses.The bank, the first United Arab Emirates lender to report quarterly results, made a net profit of 2.39 billion dirhams ($650.7 million) in the three months ended Dec. 31, 2018, compared with 2.18 billion dirhams in the ye...
Tags: Travel, United Arab Emirates, Reuters, EFG Hermes, Rupert Neil Bumfrey, Emirates NBD Dubai, SiCo, Emirates NBD Q4


MIDEAST STOCKS-Banks lift #Saudi, Emirates NBD aids #Dubai | Reuters

MIDEAST STOCKS-Banks lift Saudi, Emirates NBD aids Dubai | Reuters:Saudi Arabia’s stock market rose on Wednesday, boosted by its banks and petrochemical stocks, while Dubai was lifted by a rise in its largest lender Emirates NBD after it reported strong fourth-quarter earnings.Saudi Arabia’s index rose 0.9 percent with top petrochemical producer Saudi Basic Industries adding 1.2 percent and Al Rajhi Bank increasing 0.5 percent.The Saudi market, which will become part of the MSCI emerging market ...
Tags: Travel, Saudi Arabia, Dubai, Reuters, Emirates NBD, MSCI, Rupert Neil Bumfrey, Saudi Basic Industries, Al Rajhi Bank, Saudi Emirates NBD


Oil prices expected at around $65-$70 through 2023

Oil prices expected at around $65-$70 through 2023:Oil prices are expected to oscillate close to current levels well into the next decade, averaging around $65-$70 per barrel through 2023, according to an annual survey of energy professionals conducted by Reuters.Despite the recent slump in oil prices, forecasts have edged down by less than $5 per barrel compared with the last annual survey conducted at the start of 2018, and have changed little over the last three years.Long-term expectations f...
Tags: Travel, Reuters, Rupert Neil Bumfrey


MIDEAST STOCKS-Banks buoy #Saudi market, DAMAC drags down Dubai | Reuters

MIDEAST STOCKS-Banks buoy Saudi market, DAMAC drags down Dubai | Reuters:Saudi Arabia's stock market rose on Tuesday, as rebounding oil prices lifted all its banks, while the Dubai index was pulled down by a plunge in shares of DAMAC Properties.Saudi Arabia's index gained 0.9 percent to trade at a near six-month high, with Al Rajhi Bank adding 1.3 percent and the biggest lender National Commercial Bank climbing 1.4 percent.Riyad Bank rose 1.6 percent. The lender has picked Goldman Sachs to advis...
Tags: Travel, Saudi Arabia, Dubai, Goldman Sachs, Reuters, Riyad Bank, Rupert Neil Bumfrey, National Commercial Bank, Al Rajhi Bank, National Commercial Bank Reuters, DAMAC Properties Saudi Arabia


#AbuDhabi's Masdar to buy wind farm stakes from John Laing Group | Reuters

Abu Dhabi's Masdar to buy wind farm stakes from John Laing Group | Reuters:Abu Dhabi Future Energy Company (Masdar) said on Tuesday it was acquiring John Laing Group’s stakes in two wind farms in the United States, its first North American renewable energy investment.Masdar said it was buying stakes in the Rocksprings wind farm in Texas and the Sterling wind farm in New Mexico.The deal is expected to close in the first half of 2019, Masdar said. [Author: [email protected] (Rupert Neil Bumfr...
Tags: Travel, Texas, United States, New Mexico, Abu Dhabi, Masdar, Reuters, Rupert Neil Bumfrey, Rocksprings, Abu Dhabi Future Energy Company Masdar, John Laing Group


QNB lifts quarterly profit on lending growth as #Qatar weathers blockade | Reuters

QNB lifts quarterly profit on lending growth as Qatar weathers blockade | Reuters:Qatar National Bank (QNB) reported an increase in fourth-quarter net profit on Tuesday, benefiting from strong lending growth as Qatar has pushed ahead with spending on the 2022 soccer World Cup and other infrastructure.The largest bank by assets in the Middle East and Africa reported a net profit of 3 billion riyals ($800 million) in the three months to the end of the year, compared with 2.88 billion riyals in the...
Tags: Travel, Africa, Qatar, Middle East, Reuters, QNB, Rupert Neil Bumfrey, Qatar National Bank QNB


#Qatar Airways CEO: not interested in Jet Airways as backed by 'enemy' state | Reuters

Qatar Airways CEO: not interested in Jet Airways as backed by 'enemy' state | Reuters:Qatar Airways will not buy a stake in Jet Airways (JET.NS) as a substantial portion of the debt-laden Indian carrier is held by Etihad Airways, whose owner Abu Dhabi is an “enemy” of Qatar, its CEO Akbar al-Baker said on Tuesday.Abu Dhabi is part of the United Arab Emirates that cut ties with Qatar in 2017 over accusations of supporting terrorism. Doha denies the charges. The UAE, together with Saudi Arabia, Eg...
Tags: Travel, Qatar, United Arab Emirates, Abu Dhabi, Mumbai, Bahrain, Etihad, Doha, Uae, Jet Airways, Reuters, Qatar Airways, Etihad Airways, Saudi Arabia Egypt, Akbar Al Baker, Rupert Neil Bumfrey


MIDEAST STOCKS-Oil boosts #Saudi, banks weigh on Dubai | Reuters

MIDEAST STOCKS-Oil boosts Saudi, banks weigh on Dubai | Reuters:Saudi Arabia’s stock market rose in early trading on Tuesday, as rebounding oil prices lifted its banks, while real estate and banks pulled down the Dubai index for the third straight session.Saudi Arabia’s index gained 0.7 percent with Al Rajhi Bank adding 1.6 percent and its biggest lender National Commercial Bank increasing 1.6 percent.Riyad Bank has chosen Goldman Sachs to advise on its merger talks with National Commercial Bank...
Tags: Travel, Saudi Arabia, Dubai, Goldman Sachs, Reuters, Riyad Bank, Rupert Neil Bumfrey, National Commercial Bank, Al Rajhi Bank, National Commercial Bank Reuters


Indonesian govt to collect data and charge tax on e-commerce players

Indonesia will now require e-commerce sellers to share data with authorities and pay VAT and income taxes, reports Reuters. Due to come into effect in April, the new rules passed by the finance ministry will require e-commerce platforms to give data on how much money each vendor has made while... ...
Tags: Travel, Mobile, Ecommerce, News, Internet, Indonesia, Policy, Regulation, Reuters, Lazada


Etihad to raise stake in cash-strapped Jet Airways: source | Reuters

Etihad to raise stake in cash-strapped Jet Airways: source | Reuters:Etihad Airways, which owns 24 percent of debt-laden company Jet Airways (JET.NS), plans to increase its stake in the Indian airline, a source close to the Abu Dhabi carrier told Reuters on Monday.Shares in India’s Jet Airways jumped over 18 percent on Monday after CNBC TV18 reported earlier on Monday that founder and chairman Naresh Goyal was likely to step down from the board and give up majority control. The report also said ...
Tags: Travel, India, Abu Dhabi, Etihad, Cnbc, Jet Airways, Reuters, Etihad Airways, Goyal, Rupert Neil Bumfrey, Naresh Goyal, Jet Airways JET NS


U.S. wants #Qatar to challenge Russian gas in Europe -U.S. official | Reuters

U.S. wants Qatar to challenge Russian gas in Europe -U.S. official | Reuters:The United States wants Qatar, the world’s top liquefied natural gas supplier, to challenge Russia’s gas dominance in Europe, a U.S. administration official said on Monday.Deputy U.S. Energy Secretary Dan Brouillette told Reuters that the United States is talking with Doha about supplying Europe with LNG as it wants Germany and other countries to import Qatari and U.S. gas rather than from Russia, which now accounts for...
Tags: Travel, Europe, Germany, Russia, Qatar, United States, Baltic Sea, Doha, Reuters, U S Energy, Rupert Neil Bumfrey, Nord Stream, Dan Brouillette


MIDEAST STOCKS-Global woes hurt Egypt, weak oil pushes down #Saudi | Reuters

MIDEAST STOCKS-Global woes hurt Egypt, weak oil pushes down Saudi | Reuters:Egypt's blue-chip index fell sharply on Monday, weighed down by financial shares, mirroring a slide in global stocks amid fears of a slowdown in global growth, while Saudi Arabia snapped a seven-day winning streak as its petrochemicals were pulled down by sliding oil prices.Egypt's blue-chip index fell 1.4 percent with 23 of its 30 stocks declining.The country's biggest lender Commercial International Bank retreated 1.4 ...
Tags: Travel, Saudi Arabia, Egypt, Reuters, Rupert Neil Bumfrey, Commercial International Bank, Global Telecom


Saudi's Riyad Bank selects Goldman to advise on merger talks with NCB: sources | Reuters

Saudi's Riyad Bank selects Goldman to advise on merger talks with NCB: sources | Reuters:Saudi Arabia’s Riyad Bank 1010.SE has picked Goldman Sachs (GS.N) to advise on its merger talks with National Commercial Bank 1180.SE, two sources familiar with the matter said.NCB, the kingdom’s biggest lender by assets, and Riyad Bank have begun preliminary merger discussions, the two banks said in December in a deal that could potentially create a combined bank holding $183 billion in assets.Riyad Bank di...
Tags: Travel, Saudi Arabia, Goldman Sachs, Goldman, Reuters, Riyad Bank, NCB, Rupert Neil Bumfrey, National Commercial Bank, Goldman Sachs GS N


#AbuDhabi National Hotels secures 1.6 bln dirham loan for hotel purchase | Reuters

Abu Dhabi National Hotels secures 1.6 bln dirham loan for hotel purchase | Reuters:First Abu Dhabi Bank said on Monday it had agreed to provide a 1.6 billion dirham ($436 million) loan to Abu Dhabi National Hotels (ADNH) for the acquisition of a number of Dubai-based hotels.The statement didn’t specify the hotels, but ADNH said on Nov. 29 it had agreed to buy five hotels from Emaar Properties unit Emaar Hospitality for 2.2 billion dirhams. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Dubai, Reuters, Emaar Properties, Rupert Neil Bumfrey, First Abu Dhabi Bank, Emaar Hospitality, Abu Dhabi National Hotels, Abu Dhabi National Hotels ADNH, ADNH, AbuDhabi National Hotels


Germany’s anti-trust body to order FB to stop gathering unspecified user data

Germany’s anti-trust regulator plans to order Facebook to stop gathering some user data (unspecified), reports Reuters. The regulator, Federal Cartel Office, will tell Facebook in a ruling as to what action it would have to take in the next few weeks. The Federal Cartel Office has been... ...
Tags: Travel, Mobile, Facebook, News, Internet, Government, Germany, Social Media, Data, Regulation, Antitrust, Data Protection, Reuters, Federal Cartel Office


SNOC awards Eni three onshore exploration concessions | Reuters

SNOC awards Eni three onshore exploration concessions | Reuters:Sharjah National Oil Corporation (SNOC) awarded Italy’s Eni concessions in three areas, Eni said in a statement on Sunday.“Concession Area A and C cover respectively an area of 437 square kilometers (169 square miles) and 1,184 square kilometers. Eni will act as operator with 75 percent participating interest, with SNOC as partner with a 25 percent stake,” the statement said.“Concession Area B covers an area of 264 square kilometers...
Tags: Travel, Italy, Reuters, Eni, Rupert Neil Bumfrey, SNOC, Sharjah National Oil Corporation SNOC



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