Saudi Arabia wants OPEC+ to deepen oil cuts due to Aramco IPO

Saudi Arabia’s new Energy Minister, Prince Abdulaziz bin Salman takes a tour at the exhibition during the 24th World Energy Congress in Abu Dhabi, United Arab Emirates September 9, 2019. OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with the talks said. Prince Abdulaziz bin Salman heads to Vienna this week for his


Saudi Arabia’s new Energy Minister, Prince Abdulaziz bin Salman takes a tour at the exhibition during the 24th World Energy Congress in Abu Dhabi, United Arab Emirates September 9, 2019.
OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with the talks said.
Prince Abdulaziz bin Salman heads to Vienna this week for his
Saudi Arabia wants OPEC+ to deepen oil cuts due to Aramco IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-02
Keywords: news, cnbc, companies, sources, cuts, ipo, wants, abdulaziz, energy, opec, vienna, arabia, deal, aramco, saudi, oil, deepen


Saudi Arabia wants OPEC+ to deepen oil cuts due to Aramco IPO

Saudi Arabia’s new Energy Minister, Prince Abdulaziz bin Salman takes a tour at the exhibition during the 24th World Energy Congress in Abu Dhabi, United Arab Emirates September 9, 2019.

OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with the talks said.

The deal being discussed by the Organization of the Petroleum Exporting Countries and other producers, known as OPEC+, would be to add at least 400,000 barrels per day (bpd) to existing cuts of 1.2 million bpd. The current deal runs to March.

“They (the Saudis) want to surprise the market,” one of the sources said.

Another two sources said the latest OPEC analysis, drawn up by OPEC’s Economic Commission Board (ECB), showed a large oversupply and build up in inventories in the first half of 2020, if not additional cuts were made.

Prince Abdulaziz bin Salman heads to Vienna this week for his first OPEC meeting as Saudi Arabia’s energy minister.

The veteran oil official, known as a tough negotiator, wants to make ensure oil prices stay high enough during Aramco’s initial share offering (IPO), sources said.

The IPO will be priced on Dec. 5, the same day OPEC meets in Vienna. The OPEC+ grouping holds talks on Dec. 6.

Saudi officials, including Prince Abdulaziz, have insisted on stricter compliance with the current cuts, especially as countries such as Iraq and Nigeria have produced well above their quotas while Riyadh has cut more than demanded.

However, the Saudis are lobbying other producers to deepen cuts and have been signaling that they are ready to continue taking the biggest burden and to cut well in excess of their target.


Company: cnbc, Activity: cnbc, Date: 2019-12-02
Keywords: news, cnbc, companies, sources, cuts, ipo, wants, abdulaziz, energy, opec, vienna, arabia, deal, aramco, saudi, oil, deepen


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China’s overseas financial links deepen despite trade tensions with US

U.S. one-hundred dollar banknotes and Chinese one-hundred yuan banknotes are arranged for a photograph in Hong Kong on April 15, 2019. Foreign money is still betting on China, regardless of a slowdown in its economic growth, or tense trade negotiations with the United States. “Beyond financial considerations, this issuance also reflects China’s ongoing efforts to integrate itself into global financial markets, and delivers a strong message that it welcomes foreign investors.” The Chinese governm


U.S. one-hundred dollar banknotes and Chinese one-hundred yuan banknotes are arranged for a photograph in Hong Kong on April 15, 2019.
Foreign money is still betting on China, regardless of a slowdown in its economic growth, or tense trade negotiations with the United States.
“Beyond financial considerations, this issuance also reflects China’s ongoing efforts to integrate itself into global financial markets, and delivers a strong message that it welcomes foreign investors.”
The Chinese governm
China’s overseas financial links deepen despite trade tensions with US Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-29  Authors: evelyn cheng
Keywords: news, cnbc, companies, chinas, trade, yuan, foreign, overseas, investors, china, international, financial, tensions, deepen, chinese, despite, issuance, local, links


China's overseas financial links deepen despite trade tensions with US

U.S. one-hundred dollar banknotes and Chinese one-hundred yuan banknotes are arranged for a photograph in Hong Kong on April 15, 2019.

Foreign money is still betting on China, regardless of a slowdown in its economic growth, or tense trade negotiations with the United States.

As global bond yields remain low, investors clamored for China’s biggest ever international sovereign bond sale on Tuesday, with orders for the $6 billion raise reaching 3.6 times the issuance, according to China’s Ministry of Finance.

“We still have a lot of investors who have confidence in investing in China,” Frank Zheng, head of international fixed income at China Asset Management Company, said in a phone interview Thursday, according to a CNBC translation of his Mandarin-language remarks.

The issuance yields for the four tranches of bonds ranged from 1.929% for a three-year term to 2.881% for a 20-year term, the finance ministry said.

“The tight spreads achieved provides a very positive signal on China’s fundamentals from an international investor’s perspective,” Rong Ren Goh, portfolio manager in Eastspring Investments’ fixed income team, said in an email. “Beyond financial considerations, this issuance also reflects China’s ongoing efforts to integrate itself into global financial markets, and delivers a strong message that it welcomes foreign investors.”

The Chinese government has picked up the pace of a long-touted opening of the local financial industry to foreign investors, peeling back limits on foreign stakes and quotas for foreign securities investment. The moves come as Beijing is under pressure from the U.S. to improve foreign access to Chinese markets, and needs to attract more capital into the local market.

Zhao Bowen, research director at Beijing-based Blue Stone Asset Management, pointed out that in the third quarter, China’s non-reserve financial assets broke a trend of running a surplus and instead posted a significant deficit that was greater than the current account surplus. Zhao also noted how trade tensions with the U.S. pushed the yuan weaker, giving Beijing more incentive to attract foreign capital.

While the majority of China’s debt (which has soared to a more-than-300% debt-to-GDP ratio) is denominated in local currency, Beijing needs U.S. dollars and other major foreign currencies for doing business with other countries, as the internationalization of the yuan makes slow progress.


Company: cnbc, Activity: cnbc, Date: 2019-11-29  Authors: evelyn cheng
Keywords: news, cnbc, companies, chinas, trade, yuan, foreign, overseas, investors, china, international, financial, tensions, deepen, chinese, despite, issuance, local, links


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Boeing’s 737 Max troubles deepen, taking airlines, suppliers with it

Boeing shares continued their slide Monday after explosive messages last week revealed a top pilot had concerns about a system on the 737 Max that was later implicated in two fatal crashes. That same pilot months later told the FAA to remove the system, known as MCAS, from pilot procedures and training materials. Boeing defended its training materials for the 737 Max, which regulators deemed safe in 2017, and said it told regulators on “multiple occasions” about the broadened capabilities of the


Boeing shares continued their slide Monday after explosive messages last week revealed a top pilot had concerns about a system on the 737 Max that was later implicated in two fatal crashes.
That same pilot months later told the FAA to remove the system, known as MCAS, from pilot procedures and training materials.
Boeing defended its training materials for the 737 Max, which regulators deemed safe in 2017, and said it told regulators on “multiple occasions” about the broadened capabilities of the
Boeing’s 737 Max troubles deepen, taking airlines, suppliers with it Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-21  Authors: leslie josephs
Keywords: news, cnbc, companies, max, system, faa, taking, boeings, suppliers, 737, pilot, told, airlines, boeing, regulators, troubles, training, deepen, messages


Boeing's 737 Max troubles deepen, taking airlines, suppliers with it

Boeing shares continued their slide Monday after explosive messages last week revealed a top pilot had concerns about a system on the 737 Max that was later implicated in two fatal crashes.

Several Wall Street analysts downgraded Boeing, fretting about the fallout from the crisis that has barred the manufacturer from delivering its best-selling planes that make up around 40% of its profit.

Boeing’s stock was down 3.8% Monday afternoon, shaving more than 80 points off the Dow Jones Industrial Average, but had pared losses from earlier in the session

The messages made public Friday included an exchange from a top Boeing pilot to a colleague in 2016 that expressed his worries about an aggressive flight control system on the Max, whose performance he called “egregious.” The pilot, who now works for Southwest, said in the exchange that he “unknowingly” lied to regulators. That same pilot months later told the FAA to remove the system, known as MCAS, from pilot procedures and training materials.

The FAA said Boeing knew about the messages for months and scolded Boeing in a letter for not releasing the documents earlier. Boeing defended its training materials for the 737 Max, which regulators deemed safe in 2017, and said it told regulators on “multiple occasions” about the broadened capabilities of the now-questioned system.

UBS on Monday downgraded Boeing to a neutral rating from buy.

“Our working thesis has been that the failures on the 737 Max development by the company centered on fault intolerant design compounded by poor assumptions of pilot response,” it wrote in its downgrade. “We now have to append that assessment further based on source material provided to Congress and the FAA on Friday that reinforces the perception of and heightens the potential of incomplete disclosure, which inherently puts more money/trust & time at stake.”

Boeing’s board is holding a regularly scheduled meeting in San Antonio that concludes Monday, a spokesman said. The board stripped CEO Dennis Muilenburg of his chairmanship on Oct. 11 to focus on getting the Max back into service.

The recent news is putting Muilenburg under even more pressure, however.


Company: cnbc, Activity: cnbc, Date: 2019-10-21  Authors: leslie josephs
Keywords: news, cnbc, companies, max, system, faa, taking, boeings, suppliers, 737, pilot, told, airlines, boeing, regulators, troubles, training, deepen, messages


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India’s Jet Airways cancels all international flights as debt problems deepen

The debt-swamped Indian airline Jet Airways has canceled all of its international flights on Friday. With aircraft leasing firms going unpaid, the number of planes operating under the Jet Airways name has collapsed. Middle East airline Etihad, which holds a 12% share in Jet Airways, has reportedly expressed an interest in upping its stake. India’s Aviation Minister, Suresh Prabhu, took to Twitter to say he would “review issues related to Jet Airways” and take “necessary steps to minimise passeng


The debt-swamped Indian airline Jet Airways has canceled all of its international flights on Friday. With aircraft leasing firms going unpaid, the number of planes operating under the Jet Airways name has collapsed. Middle East airline Etihad, which holds a 12% share in Jet Airways, has reportedly expressed an interest in upping its stake. India’s Aviation Minister, Suresh Prabhu, took to Twitter to say he would “review issues related to Jet Airways” and take “necessary steps to minimise passeng
India’s Jet Airways cancels all international flights as debt problems deepen Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: david reid, prasad gori, hindustan times, getty images
Keywords: news, cnbc, companies, cancels, problems, planes, jet, operating, deepen, services, international, indias, airways, debt, website, london, indian, flights, airline


India's Jet Airways cancels all international flights as debt problems deepen

The debt-swamped Indian airline Jet Airways has canceled all of its international flights on Friday.

According to its own website, flights scheduled to depart today from Delhi to Singapore, London, Amsterdam and Kathmandu have all been axed. Heathrow to Delhi and Mumbai services have also been canceled, according to the London airport’s website.

The airline has run out of cash, forcing pilots to go without salaries for months and causing failed payments to companies that lease aircraft, as well as defaults on other loans.

With aircraft leasing firms going unpaid, the number of planes operating under the Jet Airways name has collapsed. On Thursday local media reported that the airline had grounded ten more planes due to unpaid leasing fees and was now only operating 14 planes for international flights.

Illustrating the point, flight tracking website Flightradar24 has published a tweet showing the steady reduction in international services being offered by Jet Airways over the last 12 months.

In an emailed statement to CNBC, the public relations team for Jet Airways in the United Kingdom confirmed the cancellations between London and India for Friday. There was no indication if services would soon return to normal.

The statement said that the airline was working to minimize inconvenience to passengers and “in line with regulatory guidelines” was “offering re-accommodation choices or extending applicable refunds as the situation warrants.”

It added that at a corporate level, the airline’s management and key stakeholders were continuing to “work closely towards resolving the current situation.”

Estimates puts the carrier’s debt pile at more than $1 billion and in January it was revealed that it had defaulted on loans, including those to the government-owned State Bank of India (SBI).

In March, the airline’s founder, Naresh Goyal, stepped down as chairman, handing majority control to a consortium of Indian lenders led by the SBI.

On Wednesday, the lenders extended a deadline for outside bidders to take a stake of up to 75% in the airline. Initial interest bidders have until the end of today with binding bids wanted in place by the end of April, according to a notice on the SBI Capital Markets website.

Middle East airline Etihad, which holds a 12% share in Jet Airways, has reportedly expressed an interest in upping its stake. Rules dictate that foreign entities can own no more than 49% of an Indian airline.

India’s Aviation Minister, Suresh Prabhu, took to Twitter to say he would “review issues related to Jet Airways” and take “necessary steps to minimise passenger inconvenience and ensure their safety”.

Jet Airways had its first flight in May 1993, operating primarily out of Mumbai. Its latest official figures put the number of employees at more than 17,000.

Domestically, it is now India’s third-largest private airline after IndiGo and Spice Jet, holding a 10% passenger market share during February 2019.


Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: david reid, prasad gori, hindustan times, getty images
Keywords: news, cnbc, companies, cancels, problems, planes, jet, operating, deepen, services, international, indias, airways, debt, website, london, indian, flights, airline


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Germany and China pledge to open markets, deepen financial cooperation

Germany and China on Friday signed agreements to strengthen coordination in banking, finance and capital markets, and pledged to further open market access and deepen their pragmatic cooperation to broaden economic ties. They agreed to work to improve international economic governance, maintain the global multilateral system, combat trade protectionism and support the rule-based multilateral trading system with the World Trade Organization. A level playing field in terms of market access for ban


Germany and China on Friday signed agreements to strengthen coordination in banking, finance and capital markets, and pledged to further open market access and deepen their pragmatic cooperation to broaden economic ties. They agreed to work to improve international economic governance, maintain the global multilateral system, combat trade protectionism and support the rule-based multilateral trading system with the World Trade Organization. A level playing field in terms of market access for ban
Germany and China pledge to open markets, deepen financial cooperation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: hou yu china news service, visual china group, getty images
Keywords: news, cnbc, companies, access, open, germany, scholz, economic, financial, deepen, world, trade, market, important, pledge, markets, china, cooperation, strengthen


Germany and China pledge to open markets, deepen financial cooperation

Germany and China on Friday signed agreements to strengthen coordination in banking, finance and capital markets, and pledged to further open market access and deepen their pragmatic cooperation to broaden economic ties.

The agreements were made at the close of a two-day visit by German Finance Minister Olaf Scholz to Beijing for talks with Vice Premier Liu He, who is President Xi Jinping’s top economic adviser.

Both sides reaffirm that “they will strengthen macroeconomic policy coordination and pragmatic cooperation in the fiscal and financial fields and expand strategic cooperation,” according to a joint statement issued at the end of their talks.

Trade between the two nations has softened amid uncertainty caused by the U.S. tariff dispute with China, but both have shown willingness to demonstrate that the world remains multilateral.

They agreed to work to improve international economic governance, maintain the global multilateral system, combat trade protectionism and support the rule-based multilateral trading system with the World Trade Organization.

“It is important that, contrary to recent trends that we can observe elsewhere, we are seeing progress in our cooperation,” Scholz told reporters before the talks at the Diaoyutai State Guest House in the Chinese capital.

A level playing field in terms of market access for banks and insurers is important, added Scholz.

Liu also noted the importance of strengthening trade ties.

“As the world economy slows, market volatility rises, creating greater risks,” Liu told reporters.

Berlin has stressed its “close and advantageous” trade ties with China, whose rise has displaced Germany from its ranking as the world’s third-biggest economy to the fourth.

At the same time, it increasingly seeks to better protect and strengthen sensitive German and European business sectors from China’s state-backed acquisitions overseas in strategic industries.

“If you work closely together, you learn to appreciate similarities, but also to know differences,” Scholz said.

“And we have a lot of common interests in financial matters, and then we need to bring different perspectives together. I believe that is the very important task of this financial dialogue,” he added.

Both sides agreed that German-Chinese cooperation benefited their economies, and they are committed to ensuring a non-discriminating, open market access environment, and to easing existing market access and investment barriers in both countries.


Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: hou yu china news service, visual china group, getty images
Keywords: news, cnbc, companies, access, open, germany, scholz, economic, financial, deepen, world, trade, market, important, pledge, markets, china, cooperation, strengthen


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Bull market looks safe for now as fewer than half of corrections deepen into full-blown bears

Every bear market starts as a correction, but fewer than half of all corrections deepen into bear markets. Now that the U.S. stock market has shed one-tenth of its value in two weeks in a sharp correction, the fate of this downward break in prices has investors in suspense. That doesn’t mean we’ve surely seen the low for this decline, even though Friday’s upside reversal had some features of a good short-term bottom. We’ve probably seen the best this market has to offer in terms of the gain-vers


Every bear market starts as a correction, but fewer than half of all corrections deepen into bear markets. Now that the U.S. stock market has shed one-tenth of its value in two weeks in a sharp correction, the fate of this downward break in prices has investors in suspense. That doesn’t mean we’ve surely seen the low for this decline, even though Friday’s upside reversal had some features of a good short-term bottom. We’ve probably seen the best this market has to offer in terms of the gain-vers
Bull market looks safe for now as fewer than half of corrections deepen into full-blown bears Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-02-11  Authors: michael santoli, kai pfaffenbach
Keywords: news, cnbc, companies, half, corrections, bears, higher, mean, correction, weight, looks, market, fewer, bull, fullblown, kind, deepen, seen, work, bear, weve, safe


Bull market looks safe for now as fewer than half of corrections deepen into full-blown bears

Every bear market starts as a correction, but fewer than half of all corrections deepen into bear markets.

Now that the U.S. stock market has shed one-tenth of its value in two weeks in a sharp correction, the fate of this downward break in prices has investors in suspense.

The answer is unknowable, But the weight of the evidence right now suggests we’re in a nasty, anxious correction, rather than the kind of prolonged downturn of 20 percent or more that would place the bears in control.

That doesn’t mean we’ve surely seen the low for this decline, even though Friday’s upside reversal had some features of a good short-term bottom. It also might not mean a quick return to the record index highs of Jan. 26, or to the kind of effortless upward climb that preceded it. We’ve probably seen the best this market has to offer in terms of the gain-versus-pain ratio reflected in the low-volatility levitation of last year and this January.

Yet stocks can likely work their way higher on sturdy corporate profitability and steady global expansion, perhaps after making their peace with somewhat higher interest rates and more elevated volatility.

(Dow futures were rebounding Monday, pointing to a 1 percent higher open.)


Company: cnbc, Activity: cnbc, Date: 2018-02-11  Authors: michael santoli, kai pfaffenbach
Keywords: news, cnbc, companies, half, corrections, bears, higher, mean, correction, weight, looks, market, fewer, bull, fullblown, kind, deepen, seen, work, bear, weve, safe


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Amazon shares to keep rallying as company uses massive spending to deepen its ‘moat’: Analyst

Nomura Instinet reiterated its buy rating for Amazon shares, saying the internet giant will maintain its leadership position because of its massive investment spending. Amazon shares have rallied 51 percent this year through Friday, compared with the market’s 15 percent gain. The analyst noted how the company’s profit margins are expanding as it grows its more profitable businesses, such as cloud computing and the third-party marketplace seller platform. Siegel increased his price target for Ama


Nomura Instinet reiterated its buy rating for Amazon shares, saying the internet giant will maintain its leadership position because of its massive investment spending. Amazon shares have rallied 51 percent this year through Friday, compared with the market’s 15 percent gain. The analyst noted how the company’s profit margins are expanding as it grows its more profitable businesses, such as cloud computing and the third-party marketplace seller platform. Siegel increased his price target for Ama
Amazon shares to keep rallying as company uses massive spending to deepen its ‘moat’: Analyst Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-11-20  Authors: tae kim, getty images
Keywords: news, games, cnbc, companies, increasing, amazons, moat, uses, company, shares, amazon, investment, massive, spending, markets, margins, analyst, margin, deepen, target, profit, rallying


Amazon shares to keep rallying as company uses massive spending to deepen its 'moat': Analyst

Amazon’s dominance over multiple industries and markets will only get larger, according to one Wall Street firm.

Nomura Instinet reiterated its buy rating for Amazon shares, saying the internet giant will maintain its leadership position because of its massive investment spending.

“With nearly all retailers playing defense, the few willing & able to go on the offensive have been digging ever increasing moats to take ever increasing share,” analyst Simeon Siegel wrote in a note to clients Monday titled “Analyzing the Forbidden: Margin Deep Dive Leaves

Us w/Increased Optimism.”

“To this end, we took a deep dive into Amazon’s margin structure, & backing into segment GMs [gross profit margins], we believe that mix shift alone could drive 1000+bps of LT GM lift, powering a $160bn investment into deepening Amazon’s moat.”

Amazon shares have rallied 51 percent this year through Friday, compared with the market’s 15 percent gain.

The analyst noted how the company’s profit margins are expanding as it grows its more profitable businesses, such as cloud computing and the third-party marketplace seller platform. He estimates Amazon’s grow margin can potentially rise to 45 to 46 percent by 2022 from an estimated 35 percent this year, enabling up to $160 billion of incremental investment spending.

Siegel increased his price target for Amazon shares to $1,360 from $1,100, representing 20 percent upside to Friday’s close. The analyst’s new target is the second-highest out of the 40 analysts who cover Amazon, according to FactSet.

Amazon shares were little changed on Monday after the report.


Company: cnbc, Activity: cnbc, Date: 2017-11-20  Authors: tae kim, getty images
Keywords: news, games, cnbc, companies, increasing, amazons, moat, uses, company, shares, amazon, investment, massive, spending, markets, margins, analyst, margin, deepen, target, profit, rallying


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