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European, Middle Eastern & African Stocks - Bloomberg #UAE close

European, Middle Eastern & African Stocks - Bloomberg:Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Europe Middle East Africa, Rupert Neil Bumfrey, Europe UK Germany Russia, Bloomberg UAE


Oil falls as OPEC+ set to boost output - Reuters

Oil falls as OPEC+ set to boost output - Reuters:Oil prices fell on Monday on fears about the economic fallout from rising COVID-19 cases around the globe and on oversupply worries as OPEC and its allies are set to wind back output cuts in August. Brent crude fell 18 cents, or 0.4%, to $43.34 a barrel by 1123 GMT, and U.S. West Texas Intermediate (WTI) crude was down 19 cents, or 0.5%, at $40.06.In the last month, Brent has been trading in a range between $41 and almost $45.“Oil continues to tra...
Tags: Travel, Opec, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, Warren Patterson ING


Singapore's Hyflux Suitor Utico Extends Offer Acceptance Deadline - Bloomberg

Singapore's Hyflux Suitor Utico Extends Offer Acceptance Deadline - Bloomberg:The saga of Singapore’s highest profile restructuring case, Hyflux Ltd., looks set to run a bit longer.United Arab Emirates-based suitor Utico FZC agreed to extend a binding offer until Aug. 30, according to a filing. Utico has been pursuing Hyflux since last year, and had previously said the binding offer it made last month was open for acceptance until July 31.Hyflux was once a high-flier that stumbled after an ill-t...
Tags: Travel, Singapore, United Arab Emirates, Hyflux, Rupert Neil Bumfrey, Hyflux Ltd, Utico, Utico FZC, Hyflux Suitor Utico


Alibaba Boosts Investment in EV Maker Xpeng Before New York IPO - Bloomberg

Alibaba Boosts Investment in EV Maker Xpeng Before New York IPO - Bloomberg:Chinese electric-car startup Xpeng Motors is raising more funds from Alibaba Group Holding Ltd. and other investors ahead of its planned initial public offering in New York, according to people familiar with the matter.Qatar Investment Authority also is one of the backers putting in another $300 million total in Xpeng, said the people, asking not to be identified because the matter is private. That expands Xpeng’s pre-IP...
Tags: Travel, New York, China, Alibaba, Qatar Investment Authority, Guangzhou, U S Securities and Exchange Commission, Alibaba Group Holding Ltd, Rupert Neil Bumfrey, IPO Bloomberg, Tesla Inc, XPENG Motors, Xpeng, Nio Inc, EV Maker Xpeng Before New York


European, Middle Eastern & African Stocks - Bloomberg #UAE mid-session

European, Middle Eastern & African Stocks - Bloomberg:Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Europe Middle East Africa, Rupert Neil Bumfrey, Europe UK Germany Russia, Bloomberg UAE


JPMorgan Sees Virus Fallout Stoking Middle East Deals Into 2021 - Bloomberg

JPMorgan Sees Virus Fallout Stoking Middle East Deals Into 2021 - Bloomberg:The financial fallout from the coronavirus pandemic will keep fueling debt issuance from the Middle East into 2021, while also stoking mergers and acquisitions as companies seek to consolidate, according to JPMorgan Chase & Co.Growth in lending by the bank, coupled with fees from arranging bond and M&A deals, will drive the U.S. company’s operations in the region, Karim Tannir, JPMorgan’s joint-senior country officer for...
Tags: Travel, Saudi Arabia, Bloomberg, Middle East, United Arab Emirates, North Africa, JPMorgan Chase Co, Rupert Neil Bumfrey, Karim Tannir


#AbuDhabi's NMC Health 'close' to securing $250m bank funding | Banking – Gulf News

Abu Dhabi's NMC Health 'close' to securing $250m bank funding | Banking – Gulf News:Abu Dhabi headquartered NMC Health is all set to sign off on a $250 million debt funding that it desperately needs from UAE banks, according to financial industry sources. The terms of the deal have been agreed, and the funds would come in handy for the hospital operator to meet its medium-term cashflow requirements, including salary payoffs.But some banking sources say the amount could still be higher.If the loa...
Tags: Travel, Abu Dhabi, Uae, NMC, Gulf News, Rupert Neil Bumfrey, NMC Health, Abudhabi, Drake Scull International


Emirates REIT hires Houlihan Lokey for strategic review | ZAWYA MENA Edition

Emirates REIT hires Houlihan Lokey for strategic review | ZAWYA MENA Edition:Emirates REIT, a Dubai-based sharia-compliant real estate investment trust, said on Monday it had appointed Houlihan Lokey to advise its board on the strategic review of the fund.As part the review, all directors and employees of its manager Equitativa and Emirates REIT will be permitted to buy shares of the company, it said in a bourse filing. The statement came few weeks after the company said it was considering de-li...
Tags: Travel, United Arab Emirates, Dubai, Uae, Houlihan Lokey, Rupert Neil Bumfrey, Nasdaq Dubai, MENA Edition, Equitativa


Oil falls on fears of glut as OPEC+ set to boost output - Reuters

Oil falls on fears of glut as OPEC+ set to boost output - Reuters:Oil prices fell on Monday on oversupply worries as OPEC and its allies are set to wind back output cuts in August and a rise in worldwide COVID-19 cases points to a slower pick-up in demand.Brent crude futures slid 27 cents, or 0.6%, to $43.25 a barrel by 0642 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 34 cents, or 0.8%, at $39.93.Brent posted a fourth month of gains in July and U.S. crude posted a third as bo...
Tags: Travel, Opec, Brent, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, Hiroyuki Kikukawa, Nissan Securities


Gaddafi’s prophecy comes true as foreign powers battle for Libya’s oil | World news | The Guardian

Gaddafi’s prophecy comes true as foreign powers battle for Libya’s oil | World news | The Guardian:In August 2011, as Libya’s rebels and Nato jets began an assault on Tripoli, Colonel Muammar Gaddafi delivered a speech calling on his supporters to defend the country from foreign invaders.“There is a conspiracy to control Libyan oil and to control Libyan land, to colonise Libya once again. This is impossible, impossible. We will fight until the last man and last woman to defend Libya from east to...
Tags: Travel, US, Nato, Libya, Muammar Gaddafi, Gaddafi, Sirte, Tripoli, Rupert Neil Bumfrey


#Iran's stock market hits record high amid battered economy

Iran's stock market hits record high amid battered economy:The Tehran Stock Exchange closed at a record high on Sunday, crossing 2 million points for the first time, even as U.S. sanctions, unemployment, inflation and low oil prices batter the Iranian economy.The exchange’s website showed it closed at 2,011,492 points, up some 50,000 points from Saturday. Government authorities also offered additional shares of state-owned companies onto the market Sunday.The Tehran Stock Exchange has seen sharp...
Tags: Travel, China, Iran, Tehran Stock Exchange, Rupert Neil Bumfrey


Russia Slightly Raised July Oil Output Ahead of OPEC+ Tapering - Bloomberg

Russia Slightly Raised July Oil Output Ahead of OPEC+ Tapering - Bloomberg:Russia slightly increased its oil production in July, ahead of OPEC+ plans to start easing their record supply cuts starting this month.The nation’s producers pumped 39.63 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That’s an average daily of 9.371 million barrels, applying a 7.33 barrel-per-ton conversion rate, and is above June levels, when outp...
Tags: Travel, Asia, Europe, Saudi Arabia, Russia, Opec, Organization of Petroleum Exporting Countries, Energy Ministry, Rupert Neil Bumfrey, CDU TEK, OPEC Tapering Bloomberg


GCC corporates to focus on preservation rather than growth: S&P | ZAWYA MENA Edition

GCC corporates to focus on preservation rather than growth: S&P | ZAWYA MENA Edition:The key focus for GCC corporates will be on preservation rather than growth, a recent report by S&P Global Ratings has showed.A sharp drop in oil prices and a negative impact from COVID-19 measures have been weighing on corporates in the region and worldwide. According to S&P, new investments are expected to take a back seat for most sectors, with the key priorities for businesses being cost optimization, manage...
Tags: Travel, GCC, Rupert Neil Bumfrey, COVID


#Iran's stock market surges past key level to record high, as analysts warn of bubble - Reuters

Iran's stock market surges past key level to record high, as analysts warn of bubble - Reuters:Iran’s main stock index broke through the key 2 million point mark for the first time ever on Sunday, state media reported, amid warnings that the market is overheating.The Tehran Stock Exchange’s benchmark TEDPIX index gained 46,844 points in early trading, the official IRNA news agency said, up 2.4%.The index closed at 1,961,649 on Saturday after surging by over 57,325 points, or 3.01%, on the day, a...
Tags: Travel, Iran, Tehran, Reuters, IRNA, Tehran Stock Exchange, Rupert Neil Bumfrey, Tehran Stock Exchange TSE


GCC government deficits could exceed $180b in 2020 | Banking – Gulf News

GCC government deficits could exceed $180b in 2020 | Banking – Gulf News:Government funding deficit across the GCC is expected to exceed $180 billion in 2020 due to low oil prices and the economic repercussions of the COVID-19, according to a recent note by Standard & Poor’s.The rating agency expect the surge in deficits to increase demand for debt issuance across the region. “We expect total GCC government debt to increase by a record-high of about $100 billion in 2020 alone, with an additional...
Tags: Travel, GCC, Standard Poor, Rupert Neil Bumfrey


Fit and proper - The #Saudi-led takeover of Newcastle United was “90% certain” six months ago. - Riyadh Bureau ht @ahmed

Fit and proper - Riyadh Bureau:The Saudi-led takeover of Newcastle United was “90% certain” six months ago. Well, that turned out to be far from certain.After a long battle to gain approval from the English Premier League, the investment group led by the kingdom’s sovereign wealth fund have decided this week to withdraw their £300 million offer to buy the club.“Unfortunately, the prolonged process under the current circumstances coupled with global uncertainty has rendered the potential investme...
Tags: Travel, Newcastle United, Riyadh, Reuben, Amanda Staveley, Rupert Neil Bumfrey, Riyadh Bureau


Column: U.S. shale supply chain will emerge smaller from price war, pandemic - Kemp - Reuters

Column: U.S. shale supply chain will emerge smaller from price war, pandemic - Kemp - Reuters:Slumping oil and gas prices as a result of the pandemic and the volume war earlier in the year between Saudi Arabia and Russia have slashed employment in the U.S. oil and gas fields at some of the fastest rates on record.Oil and gas-related employment is split across several different categories in the federal government’s statistical system, making it hard to track changes in total oilfield and gasfiel...
Tags: Travel, Saudi Arabia, Russia, U S Bureau of Labor Statistics, Rupert Neil Bumfrey, Kemp Reuters


OPEC July oil output surges as Gulf voluntary cuts end: survey - Reuters

OPEC July oil output surges as Gulf voluntary cuts end: survey - Reuters:OPEC oil output has risen by over 1 million barrels per day (bpd) in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance.The 13-member Organization of the Petroleum Exporting Countries pumped 23.32 million bpd on average in June, the survey found, up 970,000 bpd from June’s revised figure, which was the lowest ...
Tags: Travel, Saudi Arabia, Opec, Gulf, Reuters, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey


Oil posts monthly gains as U.S. reports record output cuts in May - Reuters

Oil posts monthly gains as U.S. reports record output cuts in May - Reuters:Oil prices rose on Friday and were on track for monthly gains, benefiting from news that U.S. oil output cuts in May were the largest on record.Brent crude settled up 37 cents, or 0.9%, at $43.31 a barrel.U.S. crude was up 35 cents, or 0.9%, at $40.27 after dropping 3.3% in the previous session, also off lows not seen since July 10.Brent crude posted a fourth month of gains and U.S. crude posted a third as both rise from...
Tags: Travel, Reuters, U S, U S Energy Information Administration, Rupert Neil Bumfrey


Oil set for fragile recovery as economies limp towards normal: Reuters poll - Reuters

Oil set for fragile recovery as economies limp towards normal: Reuters poll - Reuters:Oil prices are set for a slow crawl upwards this year as the gradual easing of coronavirus-led restrictions buoy demand, although a second COVID-19 wave could slow the pace of recovery, a Reuters poll showed on Friday.The survey of 43 analysts and economists forecast benchmark Brent crude LCOc1 to average $41.50 a barrel in 2020, up slightly from the $40.41 consensus in last month’s survey and compared with aro...
Tags: Travel, BNP Paribas, Reuters, Rupert Neil Bumfrey, Harry Tchilinguirian


Airlines Take Hit as IAG Seeks to Raise Capital, KLM Cuts Jobs - Bloomberg

:Two of Europe’s biggest airlines ratcheted up their response to the coronavirus crisis, underscoring the depth of the downturn and the urgent race to keep ahead of the financial repercussions.British Airways owner IAG SA set plans for 2.75 billion-euro ($3.3 billion) rights offering, while rival Air France-KLM’s Dutch arm said it would lop off 15% of its workforce and said will also resort to raising fresh equity. Both reported record quarterly losses on Friday, a measure of the strain on netwo...
Tags: Travel, Europe, London, Iag, British Airways, Willie Walsh, Air France KLM, Rupert Neil Bumfrey, IAG SA, KLM Cuts Jobs Bloomberg


Gold is king but should you buy it? | Charts That Count - YouTube

Gold is king but should you buy it? | Charts That Count - YouTube:https://youtu.be/7NmPNuZmWHEGold is king in times of crisis, and is seen as a safe haven for investors. However, as the FT's Robert Armstrong explains, it is also traditionally associated with fear, hoarding and inflation, and betting on gold is a bet against history. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Robert Armstrong, Rupert Neil Bumfrey


China Oil Giant CNPC Said to Eye BP Stake in #Oman Gas Field - Bloomberg

China Oil Giant CNPC Said to Eye BP Stake in Oman Gas Field - Bloomberg:China National Petroleum Corp. is in talks to acquire part of BP Plc’s stake in a key gas field in Oman, according to people familiar with the matter.China’s state-owned oil giant is having advanced discussions with BP for a 10% stake in the Khazzan natural gas field, the people said. The minority stake could fetch about $1.5 billion, said the people, asking not to be identified as the matter is private.No final decisions ha...
Tags: Travel, China, Malaysia, Oman, Bp, Bloomberg News, BP Plc, CNPC, China National Petroleum Corp, Rupert Neil Bumfrey, Oman Oil Co, Khazzan, China Oil Giant CNPC, Oman Gas Field Bloomberg


Oil rises further from three-week lows, but headwinds loom - Reuters

Oil rises further from three-week lows, but headwinds loom - Reuters:Oil prices rose on Friday, after touching three-week lows in the previous session, responding to a record decline in U.S. growth as the coronavirus ravaged the world’s biggest economy and oil consumer.Brent crude was up by 41 cents, or 1%, at $43.35 a barrel by 0702 GMT. On Thursday, Brent closed down 1.9% after touching its lowest level since July 10.U.S. crude gained 43 cents, or 1.1%, to $40.35 after dropping 3.3% the previo...
Tags: Travel, Reuters, Rupert Neil Bumfrey


#SaudiArabia consortium withdraws interest in buying Newcastle Utd -statement - Reuters

Saudi Arabia consortium withdraws interest in buying Newcastle Utd -statement - Reuters:A consortium led by Saudi Arabia’s Public Investment Fund (PIF) has withdrawn its interest in acquiring Newcastle United football club, it said in a statement on Thursday.The group, which includes PCP Capital Partners and Reuben Brothers, said that the “prolonged process” and “global uncertainty” had “rendered the potential investment no longer commercially viable.” [Author: [email protected] (Rupert Nei...
Tags: Travel, Saudi Arabia, Newcastle United, Reuters, Newcastle Utd, Reuben Brothers, Rupert Neil Bumfrey, Public Investment Fund PIF, PCP Capital Partners


Headache for OPEC as oil market structure signals return of glut - Reuters

Headache for OPEC as oil market structure signals return of glut - Reuters:Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic.The development is a headache for OPEC, which had been hoping demand would recover quicker after a round of record global output cuts. The group will either have to consider further...
Tags: Travel, Opec, Royal Dutch Shell, Norway, Reuters, Rupert Neil Bumfrey


Oil sinks on weak U.S. economic data, political uncertainty - Reuters

Oil sinks on weak U.S. economic data, political uncertainty - Reuters:Oil prices sank on Thursday following poor U.S. economic figures and after U.S. President Donald Trump roiled markets with a suggestion that the nation should delay its November presidential election.Investors sold riskier assets following Trump’s tweet that raised the prospect of delaying the vote. The date of the U.S. election is enshrined in the U.S. Constitution, but Trump’s remarks were viewed as an attack on the integrit...
Tags: Travel, Donald Trump, Trump, Reuters, Rupert Neil Bumfrey


Saudis Seen Cutting Oil Price as Fresh Supply Meets Demand Slump - Bloomberg

Saudis Seen Cutting Oil Price as Fresh Supply Meets Demand Slump - Bloomberg:Saudi Arabia may have little choice but to reduce the price of its oil as OPEC and allied producers start to ease output curbs amid weakening demand that’s crashed the value of physical supplies.Aramco is expected to cut the official selling price for its flagship Arab Light grade by 48 cents a barrel for September sales to Asia, the median estimate in a survey of eight traders and refiners across the region shows. It w...
Tags: Travel, Asia, Saudi Arabia, China, Opec, Bloomberg, Aramco, Rupert Neil Bumfrey


#UAE oil trader GP Global uncovers fraud among employees - letter | ZAWYA MENA Edition

UAE oil trader GP Global uncovers fraud among employees - letter | ZAWYA MENA Edition:United Arab Emirates-based oil trader GP Global has uncovered fraud within the company and filed criminal complaints against some of its employees, its legal representative said in a letter to the company's clients on its behalf."Few employees have colluded with external entities using the Covid-19 (lockdown) and work from home arrangement to defraud the company and its customers," Arun Abraham, legal consultan...
Tags: Travel, Uae, Sharjah, Reuters, Abraham, Rupert Neil Bumfrey, MENA Edition, Arun Abraham, Salam Advocates Legal Consultants, Reuters Salam Advocates, Fujairah Abraham


Oil prices slide as virus surge weighs on demand outlook - Reuters

Oil prices slide as virus surge weighs on demand outlook - Reuters:Oil prices fell on Thursday, as surging coronavirus infections around the world threatened to jeopardise a recovery in fuel demand just as major oil producers are set to raise output.The most-active Brent crude contract for October fell 51 cents, or 1.2%, to $43.58 a barrel at 0907 GMT. The September Brent contract, which is expiring on Friday, fell 56 cents to $43.19 a barrel.U.S. West Texas Intermediate (WTI) crude futures were...
Tags: Travel, Reuters, Rupert Neil Bumfrey, U S Energy Information Administration EIA



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