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Oil sinks 4% on demand concerns as coronavirus spreads - Reuters

:Oil prices slumped by nearly 4% on Monday as the rapid spread of the coronavirus in countries outside China added to investor concerns over the effect on demand for crude.Global equities also extended losses as worries about the impact of the virus grew, with the number of cases jumping in Iran, Italy and South Korea.Brent crude LCOc1 futures fell $2.20, or 3.8%, to settle at $56.30 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell $1.95, or 3.7%, to settle at $51.43 a barrel...
Tags: Travel, South Korea, China, Chicago, Reuters, Iran Italy, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, Phil Flynn, Price Futures Group


#SaudiArabia to Restore Postal Service to #Qatar Amid Rift - Bloomberg

Saudi Arabia to Restore Postal Service to Qatar Amid Rift - Bloomberg:Saudi Arabia and Egypt are resuming postal service to Qatar -- frozen during a diplomatic rift that’s lasted nearly three years -- following a similar move by the United Arab Emirates.It wasn’t immediately clear whether the move indicated a broader mending of ties between the states, mired since June 2017 in a dispute that’s hurt trade and split the six-nation Gulf Cooperation Council at a time of heightened tensions with Iran...
Tags: Travel, Saudi Arabia, Qatar, Iran, Egypt, United Arab Emirates, Oman, Gulf Cooperation Council, Rupert Neil Bumfrey, Universal Postal Union, UN 's Universal Postal Union, Restore Postal Service, Qatar Amid Rift Bloomberg


NMC Health: Shares of Shetty's #UAE Hospital Chain to Fall Further - Bloomberg

:The Jefferies International Ltd. analyst who was ahead of the pack in predicting a slump in NMC Health Plc’s shares now says the stock has a lot further to fall.James Vane-Tempest cut his price target on the hospital operator to 500 pence, or 42% below Friday’s close, from 1,300 pence previously. The target is the lowest among analysts tracked by Bloomberg. The multiple of earnings that investors are willing to pay for NMC has fallen given the concerns raised by short seller Muddy Waters Capit...
Tags: Travel, Bloomberg, Abu Dhabi, NMC, Shetty, Rupert Neil Bumfrey, NMC Health Plc, Jefferies International Ltd, UAE Hospital Chain, James Vane Tempest, Muddy Waters Capital LLC Vane Tempest


#Oman’s New Sultan Embarks on Long Road to Economic Recovery - Bloomberg

Oman’s New Sultan Embarks on Long Road to Economic Recovery - Bloomberg:Oman’s new ruler is embarking on possibly unpopular steps to improve the Gulf nation’s finances, in a test of his authority just weeks after succeeding a cousin who had ruled for five decades.The largest Arab crude producer outside OPEC plans to lower its debt and review state companies, Sultan Haitham bin Tariq Al Said said on Sunday in his first televised address. Oman has posted deficits since oil prices slumped in 2014, ...
Tags: Travel, London, Opec, Oman, International Monetary Fund, Gulf, Long Road, Rupert Neil Bumfrey, Richard Segal, Economic Recovery Bloomberg, Sultan Haitham bin Tariq Al Said, Manulife Investment


Here's why Middle East investors are buying UK properties | ZAWYA MENA Edition

Here's why Middle East investors are buying UK properties | ZAWYA MENA Edition:More and more Middle East investors are being drawn to the UK market with a strong interest in central and outer London areas, real estate consultancy firm Knight Frank said.“We continue to see strong interest in central and outer London areas. Country houses with easy access into London have appeal as second homes, however, central London is where we see the most frequent demand for investment,” Henry Faun, Head of L...
Tags: Travel, UK, London, Middle East, Knight Frank, Rupert Neil Bumfrey, Zawya Regional


The Carlyle Group to set up MENA headquarters in #AbuDhabi | ZAWYA MENA Edition

The Carlyle Group to set up MENA headquarters in Abu Dhabi | ZAWYA MENA Edition:Global private equity firm The Carlyle Group will open its regional headquarters at Abu Dhabi Global Market as it looks to grow its presence in Middle East and North Africa region.The buyout firm with $222 billion of assets under management has partnered with Abu Dhabi Catalyst Partners, a joint venture between Mubadala Investment Company and Falcon Edge Capital, to build its regional presence.Abu Dhabi Catalyst Part...
Tags: Travel, Middle East, Abu Dhabi, Falcon Edge Capital, Mena, North Africa, Carlyle Group, Abu Dhabi Global Market, Rupert Neil Bumfrey, Mubadala Investment Company, Waleed Al Mokarrab Al Muhairi, Abu Dhabi Catalyst Partners, ADGM Square, Mubadala Deputy Group


UPDATE 1- #UAE's FAB to decide on Bank Audi's Egypt business acquisition in Q2 - Reuters

UPDATE 1-UAE's FAB to decide on Bank Audi's Egypt business acquisition in Q2 - Reuters:First Abu Dhabi Bank expects to decide in the second quarter whether it will buy Bank Audi’s Egyptian business, a senior executive said on Monday, as it eyes expansion in the Arab world’s most populous nation.FAB, which is the biggest lender in the United Arab Emirates, has identified Saudi Arabia and Egypt as two key markets for overseas expansion, its chief financial officer, James Burdett, told reporters.“W...
Tags: Travel, Saudi Arabia, Egypt, United Arab Emirates, Lebanon, Uae, Reuters, Rupert Neil Bumfrey, KSA Kingdom of Saudi Arabia, First Abu Dhabi Bank, Karim Karoui, James Burdett, Bank Audi, Bank Audi Egypt, Bank Audi Reuters


Oil slumps 5% on demand concerns as coronavirus spreads - Reuters

:Oil prices slumped by 5% on Monday as the rapid spread of the coronavirus in countries outside China added to investor concerns over the effect on demand for crude.Global equities also extended losses as worries about the impact of the virus grew, with the number of cases jumping in Iran, Italy and South Korea.Brent crude futures fell $2.96, or 5.1%, to $55.54 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by $2.58, or 4.8%, to $50.80 a barrel.“As the virus spreads globally,...


MIDEAST STOCKS-Middle Eastern stocks slide on coronavirus jitters - Reuters

MIDEAST STOCKS-Middle Eastern stocks slide on coronavirus jitters - Reuters:Stock markets in the Middle East sufferedsharp losses on Monday, with Saudi shares falling the most, asthe rapid spread of coronavirus cases outside China darkened theoutlook for world growth. Brent crude was down $2.37, or 4.1%, to $56.13 abarrel by 1145 GMT.Global shares also extended losses as worries about theimpact of the virus grew, with the number of infections jumpingin Iran, Italy and South Korea.Saudi Arabia's ...
Tags: Travel, China, Global, Middle East, Reuters, Iran Italy, Rupert Neil Bumfrey, Basic Industries, South Korea Saudi Arabia, United Arab Emirates Al Rajhi Bank


HSBC’s #SaudiArabia Affiliate Seeks to Boost Corporate Lending - Bloomberg

HSBC’s Saudi Arabia Affiliate Seeks to Boost Corporate Lending - Bloomberg:HSBC Holdings Plc’s affiliate in Saudi Arabia is ready to “compete aggressively” to regain market share in corporate lending after acquiring Alawwal Bank.“We have no appetite whatsoever to continue to lose market share,” Saudi British Bank’s Managing Director David Dew said in an interview in Riyadh. “For SABB, margins as a whole have peaked for this particular interest rate cycle and are now on a downward trend.”The lend...
Tags: Travel, Saudi Arabia, Hsbc, Riyadh, HSBC Holdings Plc, Dew, Rupert Neil Bumfrey, Sabb, Saudi British Bank, Alawwal Bank, David Dew, Boost Corporate Lending Bloomberg


GP Global announces plans to expand into Americas - Reuters

GP Global announces plans to expand into Americas - Reuters:United Arab Emirates-based oil trader and marine fuel supplier GP Global plans to expand its trading operations to the Americas following the appointment of Gene Owen as president of trading, the company said in a statement on Monday.“In addition to strengthening the company’s capabilities in the important Americas market, the appointment of Mr. Owen will also further bolster GP Global’s international Bunker and Trading division,” the c...
Tags: Travel, Germany, United Arab Emirates, Owen, Rupert Neil Bumfrey, GP Global, Americas Reuters, Gene Owen, Bomin Bunker Oil Corp, Bomin Group, Mabanaft


#Oman's Sultan Haitham vows to reduce public debt, boost employment - Arabianbusiness

Oman's Sultan Haitham vows to reduce public debt, boost employment - Arabianbusiness:In his speech marking the end of a 40-day mourning period for his predecessor, Omani Sultan Haitham bin Tariq al-Said has vowed to reduce public debt and restructure public institutions and companies.According to statistics from S&P Global Ratings, Oman’s debt to oil ratio rose to nearly 60 percent in 2019 – compared to 15 percent in 2015 – and could go as high as 70 percent by 2022.“We will also be committed to...
Tags: Travel, Oman, Rupert Neil Bumfrey, Haitham bin Tariq al Said, Sultan Haitham


REFILE- #UAE's Majid Al Futtaim posts modest annual growth, sees better 2020 - Reuters

REFILE-UAE's Majid Al Futtaim posts modest annual growth, sees better 2020 - Reuters:Dubai-based retail developer Majid Al Futtaim said on Monday its annual EBITDA and revenue edged a tick higher, sharply slowing from the pace of growth seen in 2018, amid challenging conditions in its key Middle East markets.Earnings before interest, tax, depreciation and amortization (EBITDA) for the year ended Dec. 31, 2019 rose to 4.6 billion dirhams ($1.25 billion), a 1% rise from the prior year.Revenue also...
Tags: Travel, Middle East, Dubai, Reuters, EBITDA, Majid Al Futtaim, Rupert Neil Bumfrey


Oil prices slide over 3% on demand concerns as virus spreads - Reuters

:Oil prices tumbled by more than 3% on Monday, as the rapid spread of a coronavirus in several countries outside China left investors concerned about a hit to demand. Global shares also extended losses as worries about the impact of the new virus grew, with the number of infections jumping in Iran, Italy and South Korea.Brent crude was down $2.16, or 3.7%, to $56.34 barrel by 0935 GMT. U.S. crude futures fell by $1.93, or 3.6%, to $51.45.“Oil prices will remain vulnerable here as energy traders ...
Tags: Travel, South Korea, China, Reuters, Iran Italy, Rupert Neil Bumfrey, OANDA, Edward Moya


MIDEAST STOCKS- #Saudi leads Gulf lower as coronavirus fears escalate - Agricultural Commodities - Reuters

MIDEAST STOCKS-Saudi leads Gulf lower as coronavirus fears escalate - Agricultural Commodities - Reuters:Most Gulf stock markets opened lower on Monday, tracking weakness in global shares and oil prices, as the rapid spread of a coronavirus in several countries outside China soured sentiment.Global shares extended losses as concerns about the impact of the virus grew, with sharp rises in infections in South Korea, Italy and Iran.Brent crude fell by $1.42, or 2.4%, to $57.08 a barrel by 0552 GMT,...
Tags: Travel, Saudi Arabia, China, Gulf, Riyad Bank, Rupert Neil Bumfrey, Al Rajhi Bank, South Korea Italy, Iran Brent, Agricultural Commodities Reuters, Saudi Basic Industries the world


#Saudi Regulator Seeks to Raise Capital Levels for Insurers - Bloomberg

Saudi Regulator Seeks to Raise Capital Levels for Insurers - Bloomberg:Saudi Arabia is working on new regulations that would raise capital requirements for the kingdom’s overcrowded insurance sector, its central bank governor said in an interview with Bloomberg TV.The new rules would “make the market more attractive to foreign investors,” Ahmed Alkholifey, governor of the Saudi Arabian Monetary Authority, said in an interview Sunday in Riyadh. Officials are trying to expedite the regulations and...
Tags: Travel, Saudi Arabia, Bloomberg, Riyadh, Rupert Neil Bumfrey, Saudi Arabian Monetary Authority, Bupa Arabia, Alkholifey, Raise Capital Levels for Insurers Bloomberg, Ahmed Alkholifey, The Company for Cooperative Insurance, Tawuniya


Damac Properties GM reveals plans for #Saudi expansion - Arabianbusiness

Damac Properties GM reveals plans for Saudi expansion - Arabianbusiness:Dubai-based property developer Damac Properties is looking to expand into Saudi Arabia.Ali Sajwani, general manager of operations, who has a strategic overview of the UAE and international businesses, revealed in an interview with Saudi publication Arab News, that the kingdom is very much part of the company’s future plans.The 28-year-old said: “Over the next five years, under [Crown Prince] Mohammed bin Salman, it (Saudi) h...
Tags: Travel, Saudi Arabia, Dubai, Uae, DAMAC Properties, Rupert Neil Bumfrey, RSB- Mohammed bin Salman, Damac Properties GM, Saudi Arabia Ali Sajwani


Exclusive: If #Lebanon needs financial aid, France will be there, finmin says - Reuters

Exclusive: If Lebanon needs financial aid, France will be there, finmin says - Reuters:France is ready to support Lebanon financially - bilaterally or multilaterally - its finance minister said on Sunday, warning against mixing economic recovery in the small Mediterranean state with U.S.-led efforts to counter Iran in the region.“France always stands ready to help Lebanon. It has always been the case in the past and it will be the case in the future...” Bruno Le Maire told Reuters at the end of ...
Tags: Travel, France, Iran, Lebanon, Mediterranean, Reuters, Lebanon France, Bruno Le Maire, Rupert Neil Bumfrey


#SaudiArabia in touch with other countries on #Lebanon aid - finmin - Reuters

Saudi Arabia in touch with other countries on Lebanon aid - finmin - Reuters:Saudi Arabia is in contact with other countries to coordinate any support for Lebanon based on economic reforms, the kingdom’s finance minister said on Sunday.“The kingdom has been and will remain supportive to Lebanon and the Lebanese people,” Mohammed al-Jadaan told reporters at the end of a meeting of finance officials from the Group of 20 countries. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Saudi Arabia, Lebanon, Reuters, Rupert Neil Bumfrey, Mohammed al Jadaan


Middle East #UAE News: 2019 Growth From Oil - Bloomberg

Middle East U.A.E. News: 2019 Growth From Oil - Bloomberg:Economic growth in the United Arab Emirates is estimated to have accelerated last year, but mostly because of oil.Excluding the hydrocarbon industry, the Middle East’s second-biggest economy expanded at the slowest pace since at least 2011, according to central bank forecasts released on Sunday. It grew 1.1% in 2020, compared with 1.3% a year ago, according to the lender’s latest quarterly review. Earlier calculations assumed there would ...
Tags: Travel, China, Iran, Middle East, United Arab Emirates, Dubai, Abu Dhabi, Abu Dhabi Commercial Bank, Rupert Neil Bumfrey, Oil Bloomberg


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


Israel and Middle East Stocks News: - Bloomberg

Israel and Middle East Stocks News: - Bloomberg:Israeli stocks fell the most in the Middle East as the country confirmed a coronavirus case and moved to contain its spread.The main gauge in Tel Aviv retreated as much as 2.5% on Sunday, while those in Saudi Arabia, Dubai, Bahrain, Kuwait and Qatar also fell. Israeli equities are highly correlated to moves in the U.S., where stocks sank on Friday.Last week, emerging-market currencies had their worst five days since August and stocks fell on mounti...
Tags: Travel, China, Israel, Tel Aviv, Qatar, Bloomberg, Middle East, Rupert Neil Bumfrey, Saudi Arabia Dubai Bahrain Kuwait


MIDEAST STOCKS-Major Gulf markets mixed, banks weigh on #Saudi index - Agricultural Commodities - Reuters

MIDEAST STOCKS-Major Gulf markets mixed, banks weigh on Saudi index - Agricultural Commodities - Reuters:Major Gulf stock markets were mixed in early trade on Sunday as banking shares dragged Saudi index lower, while petrochemical shares supported the Qatari index.Saudi Arabia’s benchmark index edged down 0.2%, with Al Rajhi Bank and Banque Saudi Fransi both down 0.4% and 2.3% respectively.But the index was supported by Saudi Aramco, which rose 0.5% in its straight fifth session of gains.The oil...
Tags: Travel, Saudi Arabia, Gulf, Saudi Aramco, Rupert Neil Bumfrey, Banque Saudi Fransi, Al Rajhi Bank, Major Gulf, Agricultural Commodities Reuters


OPEC Emperor #SaudiArabia Has Fallen For Russia's Tricks - Bloomberg

OPEC Emperor Saudi Arabia Has Fallen For Russia's Tricks - Bloomberg: Russia’s oil output cuts are as real as the emperor’s new clothes, OPEC just can’t admit it.   Source: Culture Club/Hulton Archive As the Covid-19 virus hit demand for oil, OPEC kingpin Saudi Arabia wanted an urgent meeting among the cartel’s members and their international partners in order to bring in deeper and longer output cuts. Russia didn’t, and now the emergency gathering of the 23-nation coalition kn...
Tags: Travel, Saudi Arabia, Russia, Opec, Sam, Salman, Rupert Neil Bumfrey, Tricks Bloomberg, Culture Club Hulton, Hans Christian AndersenSalman Prince of the Desert


#Lebanon Slammed by Double Downgrade as Bond Default Looms - Bloomberg

Lebanon Slammed by Double Downgrade as Bond Default Looms - Bloomberg:Lebanon was downgraded deeper into junk by two of the three biggest credit rating companies Friday as the nation’s bondholders brace for a potential default next month.S&P Global Ratings cut the country’s long-term foreign currency rating to CC, following a similar reduction by Moody’s Investors Service to Ca earlier in the day. That puts Lebanon’s rating below the likes of Argentina, Mozambique and the Democratic Republic of ...
Tags: Travel, World Bank, Lebanon, Democratic Republic Of Congo, Rupert Neil Bumfrey, Moody 's Investors Service, Argentina Mozambique, Zahabia Gupta, Bond Default Looms Bloomberg


#SaudiArabia to Invest $110 Billion in Jafurah Gas Field - Bloomberg

Saudi Arabia to Invest $110 Billion in Jafurah Gas Field - Bloomberg:Saudi Arabia plans to invest 412 billion riyals ($110 billion) to develop unconventional natural gas reserves in the eastern Jafurah field, according to the kingdom’s official Saudi Press Agency.Crown Prince Mohammed bin Salman presided over a meeting of the Saudi High Commission for Hydrocarbons on Thursday during which the development plans were reviewed, the agency reported late Friday. The field is estimated to hold 200 tri...
Tags: Travel, Saudi Arabia, Mohammed bin Salman, Saudi Press Agency, Saudi Arabian Oil Co, Rupert Neil Bumfrey, Amin Nasser, Jafurah, Jafurah Gas Field Bloomberg, Saudi High Commission for Hydrocarbons


#Lebanon Slammed by Double Downgrade as Investors Warn of Default - Bloomberg

Lebanon Slammed by Double Downgrade as Investors Warn of Default - Bloomberg:Lebanon was downgraded deeper into junk territory by two of the three biggest credit rating companies Friday as the nation’s bondholders brace for a potential default next month.S&P Global Ratings cut the country’s long-term foreign currency rating to CC, following a similar reduction by Moody’s Investors Service to Ca earlier in the day. That puts Lebanon among the likes of Argentina, Mozambique and the Democratic Repu...
Tags: Travel, World Bank, Lebanon, Democratic Republic Of Congo, Rupert Neil Bumfrey, Moody 's Investors Service, Investors Warn of Default Bloomberg, Argentina Mozambique, Zahabia Gupta


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



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