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MIDEAST STOCKS- #Saudi near-4 year high days after entering FTSE Russell index | Reuters

MIDEAST STOCKS-Saudi near-4 year high days after entering FTSE Russell index | Reuters:All of Saudi Arabia's banks rose onThursday, lifting its stock exchange to a near-four year highfollowing its inclusion in the FTSE Russell's emerging-marketindex this week.Saudi's Tadawul index will have a weighting of 2.9percent in the FTSE Emerging All Cap Index and this year willjoin the MSCI emerging market benchmark. The market ispositioned for passive fund inflows of around $20 billion.Saudi Arabia's in...
Tags: Travel, Saudi Arabia, Reuters, Tadawul, MSCI, Russell, Riyad Bank, Rupert Neil Bumfrey, Al Rajhi Bank


MIDEAST STOCKS-Real estate hurts #Dubai, ex-dividend stocks weigh on #Qatar | Reuters

MIDEAST STOCKS-Real estate hurts Dubai, ex-dividend stocks weigh on Qatar | Reuters:Dubai’s stock market dropped on Thursday, weighed down by its property shares, while Qatar slipped as its heavyweight stocks traded ex-dividend.In Dubai, the index fell 0.7 percent after four straight days of gains, with blue-chip developer Emaar Properties decreasing 1.7 percent. Its board proposed a full-year dividend of 15 fils a share.Emaar’s unit Emaar Malls fell 2.3 percent after declaring an unchanged full...
Tags: Travel, Qatar, Dubai, Reuters, Emaar Properties, Emaar, Rupert Neil Bumfrey, Emaar Malls


Oil majors rush to dominate U.S. shale as independents scale back | Reuters

Oil majors rush to dominate U.S. shale as independents scale back | Reuters:In New Mexico’s Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry’s notorious boom-and-bust cycles.Workers at its Remuda lease near Carlsbad - part of a staff of 5,000 spread across New Mexico and Texas - are drilling wells, operating fleets of hydraulic pumps and digging trenches for pipelines.The sprawling site reflects the massi...
Tags: Travel, Texas, New Mexico, Reuters, Carlsbad, Permian Basin, Rupert Neil Bumfrey, Chihuahuan Desert Exxon Mobil Corp, Drillinginfo Inc, Remuda


#Qatar to launch energy-focused Islamic bank with $10 billion capital | Reuters

Qatar to launch energy-focused Islamic bank with $10 billion capital | Reuters:Qatar will launch an energy-focused Islamic lender later this year with a targeted capital of $10 billion to finance both domestic and global projects, an executive said on Tuesday.Tiny but wealthy Qatar is one of the most influential players in the liquefied natural gas market with annual production of about 77 million tonnes, and it plans to increase this over 40 percent to 110 million by 2024.Speaking at an Islamic...
Tags: Travel, Qatar, Doha, Reuters, Islamic Finance, Rupert Neil Bumfrey, Energy Bank


Oil holds near 2019 highs ahead of official U.S weekly data | Reuters

Oil holds near 2019 highs ahead of official U.S weekly data | Reuters:Oil prices held close to four-month highs on Tuesday on expectations that OPEC would continue production cuts through the end of the year and ahead of official weekly U.S. crude inventory data.Brent crude oil futures settled 7 cents higher at $67.61 a barrel, the global benchmark’s highest settlement since November 2018.U.S. West Texas Intermediate (WTI) futures touched its highest since November at $59.57 a barrel but finishe...
Tags: Travel, Opec, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


MIDEAST STOCKS- #Saudi inches up after index inclusion, Egypt hits 3-month low | Reuters

MIDEAST STOCKS-Saudi inches up after index inclusion, Egypt hits 3-month low | Reuters:Saudi Arabia's stock index edged up on Tuesday after touching a near-four year high on Monday, which was its first day as a member of FTSE Russell's emerging-market index.Egypt's blue-chip index, meanwhile, was pulled down by a wide sell-off to its biggest intra-day loss this year.Saudi's Tadawul index will have a weighting of 2.9 percent in the FTSE Emerging All Cap Index and later this year will join the MSC...
Tags: Travel, Saudi Arabia, Egypt, Reuters, Tadawul, MSCI, Russell, Rupert Neil Bumfrey


#Saudi king launches $23 billion entertainment projects in Riyadh: state TV | Reuters

Saudi king launches $23 billion entertainment projects in Riyadh: state TV | Reuters:Saudi Arabia’s King Salman has launched four entertainment projects in the capital Riyadh, together worth 86 billion riyals ($23 billion), state television reported on Tuesday.The projects include a park, sports track and an art center.The King also ordered that one of the capital’s main roads should be named after Crown Prince Mohammed bin Salman. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Saudi Arabia, Reuters, Riyadh, Mohammed bin Salman, Salman, Rupert Neil Bumfrey


Mideast Stocks: #Saudi eases back from multi-year closing high | ZAWYA MENA Edition

Mideast Stocks: Saudi eases back from multi-year closing high | ZAWYA MENA Edition:Saudi Arabia's stock index edged down on Tuesday after closing at a near-four year high on Monday, which was its first day as a member of FTSE Russell's emerging-market index. Most other major Middle Eastern markets were mixed in muted trading.Saudi's Tadawul index will have a weighting of 2.9 percent in the FTSE Emerging All Cap Index and later this year will join the MSCI emerging market benchmark. The market is...
Tags: Travel, Saudi Arabia, Reuters, Tadawul, Mideast, MSCI, Russell, Rupert Neil Bumfrey


India watchdog says DP World trying to halt possible adverse probe findings | ZAWYA MENA Edition

India watchdog says DP World trying to halt possible adverse probe findings | ZAWYA MENA Edition:India's antitrust regulator said in a court filing that a challenge by Dubai's DP World of a probe into its alleged anti-competitive practices at a Mumbai port is an effort to halt or delay possible adverse findings against the firm.The Competition Commission of India (CCI) told a Mumbai court that DP World's local unit had "prematurely" rushed to court to stall or delay the probe, according to a fil...
Tags: Travel, India, Dubai, Mumbai, Reuters, DP World, CCI, Competition Commission of India CCI, Rupert Neil Bumfrey


Oil prices hover close to 2019 highs on OPEC output cuts, U.S. sanctions | Reuters

Oil prices hover close to 2019 highs on OPEC output cuts, U.S. sanctions | Reuters:Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC.U.S. sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising U.S. output.U.S. West Texas Intermediate (WTI) futures were at $59.14 per barrel at 0746 GMT, up 5 cents from their last settlement and close to the 2019 high of $59.23 reached the pr...
Tags: Travel, Opec, Iran, Venezuela, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


RPT-COLUMN-Hedge funds pause oil buying as fresh doubts about the economy surface: Kemp | Reuters

RPT-COLUMN-Hedge funds pause oil buying as fresh doubts about the economy surface: Kemp | Reuters:Hedge fund managers have become more cautious about buying oil since the end of February as doubts about the global economy resurface, dampening expected price rises from OPEC-led production cuts and U.S. sanctions on Iran and Venezuela. Front-month Brent futures prices were steady in the last week of February and the first part of March, giving funds little incentive to continue buying in the short...
Tags: Travel, Opec, Iran, Reuters, Kemp, Rupert Neil Bumfrey, Venezuela Front


Exclusive: #SaudiArabia curbs family influence in Binladin group shake-up | Reuters

Exclusive: Saudi Arabia curbs family influence in Binladin group shake-up | Reuters:The influence of Saudi Arabia’s Bin Laden family on its eponymous construction business has been curtailed in a restructuring that follows an anti-corruption crackdown by Riyadh, a document seen by Reuters shows.Saudi businessman Khalid Nahas has been named chairman of the newly-established Binladin Group Global Holding Company, which is 36.22 percent owned by Istidama, a finance ministry subsidiary, and 63.78 pe...
Tags: Travel, Saudi Arabia, Bin Laden, Reuters, Riyadh, Abdullah, Finance Ministry, Saad, Rupert Neil Bumfrey, Binladin, Saudi Binladin Group SBG, Khalid Nahas, Binladin Group Global Holding Company, Istidama


Oil closes in on four-month highs on OPEC cuts, U.S. stock draw | Reuters

Oil closes in on four-month highs on OPEC cuts, U.S. stock draw | Reuters:Oil prices rose to near four-month highs on Monday, supported by the prospect of extended OPEC-led oil supply curbs and signs of inventory declines in U.S. crude stockpiles.Brent crude futures settled at $67.54 a barrel, rising 38 cents, or 0.6 percent. The international benchmark held near its 2019 peak of $68.14 reached on Thursday.U.S. West Texas Intermediate crude settled at $59.09 a barrel, adding 57 cents, or 1 perce...
Tags: Travel, Opec, Reuters, Rupert Neil Bumfrey


Mideast's biggest exchange expects foreign investment to grow, CEO says | Reuters

Mideast's biggest exchange expects foreign investment to grow, CEO says | Reuters:Saudi Arabia’s listed companies could see holdings by foreign investors rise to 10 percent when their shares are included in index providers MSCI and FTSE’s emerging-market indices, the chief executive of Tadawul told Reuters on Monday.Tadawul is the Middle East’s largest exchange and Saudi Arabia’s main exchange. It has a total market capitalization of around $541.3 billion, with a free float of about 40 percent.S...
Tags: Travel, Saudi Arabia, Middle East, Reuters, Tadawul, Mideast, MSCI, Rupert Neil Bumfrey, MSCI Emerging Markets Index


MIDEAST STOCKS- #Saudi closes at near 4-year high as it joins FTSE Russell index | Reuters

MIDEAST STOCKS-Saudi closes at near 4-year high as it joins FTSE Russell index | Reuters:Saudi Arabia's benchmark stock index closed at its highest in nearly four years on Monday as bank shares rose on its first day as a member of FTSE Russell's emerging-market index, which is expected to attract billions in passive fund inflows.Saudi's Tadawul index will have a weighting of 2.9 percent in the FTSE Emerging All Cap Index and later this year will join the MSCI emerging market benchmark. The marke...
Tags: Travel, Saudi Arabia, Reuters, Tadawul, MSCI, Rupert Neil Bumfrey, Jamal Khashoggi


RPT- #Saudi stocks set to receive $20 bln windfall even as some investors sit out | Reuters

RPT-Saudi stocks set to receive $20 bln windfall even as some investors sit out | Reuters:Saudi Arabia’s inclusion in major emerging markets stock indices from Monday is likely to suck in around $20 billion in passive inflows, but unease after Jamal Khashoggi’s murder and sluggish reforms could lead some active foreign investors to steer clear.Saudi Arabia will be the biggest recent addition to the global indices, the largest of which is the MSCI Emerging Markets Index, which it joins from May. ...
Tags: Travel, Mexico, Saudi Arabia, Russia, Reuters, Rupert Neil Bumfrey, Khashoggi, Jamal Khashoggi


Oil pulled two ways by economic slowdown, OPEC-led supply cuts | Reuters

Oil pulled two ways by economic slowdown, OPEC-led supply cuts | Reuters:Oil prices were mixed on Monday, weighed by concerns that an economic downturn may dent fuel consumption, but supported by supply cuts led by producer group OPEC and U.S. sanctions against Iran and Venezuela.Brent crude oil futures were at $67.24 per barrel at 0737 GMT, up 8 cents from their last close, and not far off the $68.14 per barrel 2019-high reached last week.U.S. West Texas Intermediate (WTI) futures were at $58.4...
Tags: Travel, Opec, Iran, Reuters, Rupert Neil Bumfrey, Venezuela Brent


Bailed-out #Bahrain has little room for maneuver in economy reboot | Reuters

Bailed-out Bahrain has little room for maneuver in economy reboot | Reuters:As the weekend kicks off in Bahrain, Saudi Arabian and Kuwaiti cars jam the capital’s roads and hotel lobbies fill with visitors looking for bars, restaurants and other night-time entertainment.A new sales tax introduced this year means government coffers will gain with every glass of wine sold and shisha pipe smoked, but that’s still not enough to plug a large gap in the island kingdom’s finances and wean it off aid fro...
Tags: Travel, Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Reuters, Rupert Neil Bumfrey, Bahrain Saudi Arabian


#Iran's Rouhani inaugurates four new phases of South Pars gas field | Reuters

Iran's Rouhani inaugurates four new phases of South Pars gas field | Reuters:Iranian President Hassan Rouhani formally inaugurated four new phases of South Pars, the world’s largest gas field, on Sunday, according to a statement posted by the Iranian oil ministry on Twitter.Iran has invested $11 billion to complete the four phases and they will increase the country’s gas production capacity by up to 110 million cubic meters per day, the statement said.Iranian Oil Minister Bijan Zanganeh said on ...
Tags: Travel, Qatar, Iran, Hassan Rouhani, Reuters, Rouhani, Bijan Zanganeh, Rupert Neil Bumfrey, Twitter Iran


#Saudi signals OPEC may need to extend oil cuts until end-2019 | Reuters

Saudi signals OPEC may need to extend oil cuts until end-2019 | Reuters:Saudi Arabia said on Sunday OPEC’s job in rebalancing the oil market was far from done as global inventories were still rising despite harsh U.S. sanctions on Iran and Venezuela, signaling it may need to expand output cuts into the second half of 2019.Russia, which is cutting oil output in tandem with OPEC, also said production cuts would stay in place at least until June, when Washington’s next steps on reducing Iran’s and ...
Tags: Travel, Washington, Saudi Arabia, Russia, Opec, Iran, United States, Venezuela, Reuters, Rupert Neil Bumfrey


MIDEAST STOCKS- #Saudi dips ahead of FTSE Russell index inclusion, other markets mixed | Reuters

MIDEAST STOCKS-Saudi dips ahead of FTSE Russell index inclusion, other markets mixed | Reuters:Saudi stocks dipped slightly on Sunday, a day ahead of the market's inclusion in the FTSE Russell's emerging market index, while other Gulf markets were mixed with Qatar down 1.1 percent on weakness in banks and real estate firms.Investors booked profits in recent gainers on the Tadawul, weakening the benchmark, which was down 0.2 percent. The Saudi index has gained 9.5 percent so far this year, outper...
Tags: Travel, Qatar, Gulf, Reuters, Tadawul, Russell, Rupert Neil Bumfrey


MOVES- #UAE's Dhabi Group chief executive resigns | Reuters

MOVES-UAE's Dhabi Group chief executive resigns | Reuters:The chief executive of Dhabi Group, owned by a prominent member of the royal family in Abu Dhabi, has resigned. Adeel Bajwa who took over as chief executive of the diversified investment group in 2016, told Reuters on Sunday he had resigned and planned to take up a new and challenging assignment.Prior to being the chief executive of Dhabi Group, he was general counsel and board member of several of the group’s companies. Bajwa was involve...
Tags: Travel, Africa, United States, Abu Dhabi, Uae, South Asia, Reuters, Bajwa, Rupert Neil Bumfrey, Dhabi Group, Adeel Bajwa, Warid Telecom Dhabi Group, Sheikh Nahyan Mubarak al Nahyan


ADNOC awards Japan’s Inpex Corp onshore exploration concession | Reuters

ADNOC awards Japan’s Inpex Corp onshore exploration concession | Reuters:Abu Dhabi National Oil Co (ADNOC) awarded Japan’s Inpex Corp an onshore exploration concession in Abu Dhabi’s competitive block bid round, ADNOC said in a statement on Sunday.Inpex will hold a 100 percent stake in the exploration phase, while ADNOC has the option to hold a 60 percent stake in the production phase of the concession, the statement said.The 35-year concession is for Onshore Block 4, and Inpex will invest up to...
Tags: Travel, Japan, Abu Dhabi, Reuters, Abu Dhabi National Oil Co ADNOC, ADNOC, Inpex, Rupert Neil Bumfrey, Inpex Corp


RPT- #Saudi stocks set to receive $20 bln windfall even as some investors sit out | Reuters

RPT-Saudi stocks set to receive $20 bln windfall even as some investors sit out | Reuters:Saudi Arabia’s inclusion in major emerging markets stock indices from Monday is likely to suck in around $20 billion in passive inflows, but unease after Jamal Khashoggi’s murder and sluggish reforms could lead some active foreign investors to steer clear.Saudi Arabia will be the biggest recent addition to the global indices, the largest of which is the MSCI Emerging Markets Index, which it joins from May. ...
Tags: Travel, Mexico, Saudi Arabia, Russia, Reuters, Rupert Neil Bumfrey, Khashoggi, Jamal Khashoggi


#Saudi Falih optimistic on continued commitment to OPEC+ oil supply cut | Reuters

Saudi Falih optimistic on continued commitment to OPEC+ oil supply cut | Reuters:Saudi Arabia’s energy minister said on Sunday he was optimistic about continued commitment to the oil supply cut agreement between OPEC and non-OPEC members. “I am obviously optimistic that implementation of our OPEC+ agreement will improve, it’s already strong by historical standards,” Khalid al-Falih said on the sidelines of the joint ministerial monitoring committee meeting in Baku.Overall conformity with the cut...
Tags: Travel, Saudi Arabia, Opec, Reuters, Baku, Khalid al Falih, Rupert Neil Bumfrey, Falih


MIDEAST STOCKS- #Saudi edges up ahead of FTSE Russell index inclusion, other mkts mixed | Reuters

MIDEAST STOCKS-Saudi edges up ahead of FTSE Russell index inclusion, other mkts mixed | Reuters:Saudi stocks were trading 0.2 percent higher on Sunday, a day ahead of the exchange’s inclusion in the FTSE Russell’s emerging market index, while other Gulf markets were mixed with Qatar down 0.8 percent on weakness in banks and real estate firms.The Saudi index has gained 9.8 percent so far this year, outperforming major Gulf markets. Foreign investors have been net buyers of Saudi stocks every week...
Tags: Travel, Qatar, Gulf, Reuters, MSCI, Russell, Rupert Neil Bumfrey, Riyad Capital, Muhammad Faisal Potrik


American stops flying to Venezuela

Amid the civil unrest taking place in Venezuela, American Airlines is joining other major US airlines in suspending service to the country. Normally, the airline flies twice daily between Caracas and Miami, and once between Maracaibo and Miami. The decision came after the Allied Pilots Association (APA), a union group for American Airlines Pilots, began urging its pilots to refuse trips to the country following a travel advisory issued by the US State Department. The advisory warned of “viole...
Tags: Travel, US, Miami, Venezuela, Nicolás Maduro, United, US Embassy, American Airlines, All, Reuters, Caracas, Maduro, US State Department, Maracaibo, Allied Pilots Association APA, Juan Guaido


U.S. oil retreats from 2019 high on soaring production | Reuters

U.S. oil retreats from 2019 high on soaring production | Reuters:U.S. crude futures eased slightly on Friday after hitting a 2019 high, as worries about the global economy and robust U.S. production put a brake on prices.West Texas Intermediate (WTI) crude oil futures settled down 9 cents at $58.52 a barrel, having hit their highest so far this year at $58.95.Brent crude futures settled down 7 cents at $67.16 a barrel, below their 2019 peak of $68.14 reached on Thursday.U.S. crude ended the week...
Tags: Travel, Brent, Reuters, Rupert Neil Bumfrey


U.S. oil hits highest so far this year, but concerns over demand growth drag | Reuters

U.S. oil hits highest so far this year, but concerns over demand growth drag | Reuters:Oil prices edged up on Friday, with U.S. crude climbing to its highest so far this year as production cuts led by OPEC and U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter.Yet prices have been prevented from rising further by concerns that an economic slowdown will soon start denting growth in fuel demand.U.S. West Texas Intermediate (WTI) crude oi...
Tags: Travel, Opec, Iran, Venezuela, Reuters, Rupert Neil Bumfrey


Fearing new oil glut, OPEC builds case for keeping supply cuts | Reuters

Fearing new oil glut, OPEC builds case for keeping supply cuts | Reuters:OPEC on Thursday cut the forecast of global demand for its oil this year as rivals boost production, building a case for extending supply curbs beyond June to stop any new glut.Continued supply reductions would further support oil prices, which are up about 25 percent this year at $68 a barrel, and incur the wrath of U.S. President Donald Trump, who has demanded OPEC ease its efforts to bolster the market.In a monthly repor...
Tags: Travel, Opec, Donald Trump, Reuters, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey



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