Fitch confirms Qatar's credit rating and says that the strong LNG push will help to reduce conflict risks
Fitch Ratings confirmed Qatar's long term foreign currency rating as "AA" with a "stable outlook" on Friday. It said that Qatar's strong balance sheet and its plans to increase LNG production should help cushion the impact of the escalating Middle East conflict. The U.S. and Israel war against Iran has caused disruptions in shipments through the Strait of Hormuz. This is the most important oil route on the planet, responsible for 20 percent of the global oil supply.
Brazil's Ultrapar taps BTG for possible Ipiranga stake sale, Chevron interest reported
Two people familiar with this process said that Brazilian?conglomerate Ultrapar?has?tapped??investment banking BTG Pactual to handle the sale of a potential stake in fuel distributor Ipiranga. The?Brazil Journal had reported earlier in the day that oil company Chevron and Ultrapar were in advanced negotiating?talks for a 30% stake of Ipiranga. Two sources said they couldn't confirm whether Chevron was one of the potential buyers.
The new advisory board of Inpasa, an ethanol firm, will focus on growth and development according to a member
Inpasa, a corn ethanol producer, has a new advisory board that will help the company pursue growth strategies. This could include international expansion. The first member of this board, Jose Olympio Pereira, said on Wednesday. Inpasa, which has plants both in Paraguay & Brazil, has been expanding rapidly. Pereira, the former CEO of Banco J. Safra in Brazil (the investment banking arm of the?Safra Group), has "always" been a fan.
Modi's rooftop Solar push is slowed down by unwilling lenders, states
Vendors and analysts claim that despite the heavy subsidies, I ndian Prime Minister Narendra Modi is not able to achieve his targets due to loan delays and limited state support. These shortfalls are the latest "challenge" to India's efforts at nearly doubling clean energy capacity by 2030 to 500 gigawatts. The government is planning to suspend the clean energy tendering target amid an increasing backlog of projects that have been awarded but not yet built.
Sources say Glencore is close to appointing Citi for merger talks with Rio Tinto as a consultant.
Two people familiar with the matter said that the Swiss miner Glencore was close to appointing Citi as its "lead investment banking firm" for its potential acquisition of Rio Tinto, which could result in the creation of the world's biggest miner worth over $200 billion. Citigroup Global Markets Inc. filed a disclosure with the UK Takeover Panel on January that identified itself as being connected to Glencore Plc…
Norway Police File Charges Over Suspected Oil Bribery In Congo Republic
Norwegian police said Monday that they have charged two Norwegian executives and an oil company with paying millions of dollars to family members of Congo Republic president Denis Sassou-Nguesso. Norwegian police said that the investigation began after Monaco police requested legal assistance in relation to a suspicious banking transaction. They also stated that other countries such as France and the United States provided substantial assistance.
Sources say China will offer LNG futures by next month.
People with knowledge of the matter said that China will offer domestically listed, yuan denominated liquefied gas (LNG), futures contracts by the end of next month. This would reduce importers' reliance on the West to hedge against price movements. A person who declined to be named as they weren't authorised to talk to the media said that the?derivative? product would be listed at the Shanghai Futures Exchange.
Sources say that the Brazilian police have issued warrants to businessmen involved in an investigation into Banco Master.
Two sources familiar with this matter said that the Brazilian federal police issued search and seizure warrants on Wednesday against businessmen Nelson Tanure and Daniel Vorcaro as part of a probe into an alleged fraud at Banco Master. The raids were part of the second stage of an operation that began in November and led to Vorcaro's detention on the day Banco Master was liquidated by the Brazilian central banks. Vorcaro was released later, but had an ankle monitor to wear.
Wall Street clamors to offer advice on Rio-Glencore and the $100 million prize
Wall Street advisors could earn more than $100,000,000 in fees if Rio Tinto acquires Glencore and creates the world's biggest mining company, worth more than 200 billion dollars. Three people familiar with the matter said that after Rio and Glencore announced on Thursday their intention to merge, they were now racing for a piece of the pie. Rio's representative, who has until the 5th of February to submit a formal bid for Glencore…
ROI-Trump's Venezuela oil grab revives 'petrodollar' debate: McGeever
The arrest and capture of Venezuelan president Nicolas Maduro by the United States on Saturday was likely motivated by many factors, but one that has been little discussed is the White House's concern about the declining global prominence of "petrodollar". Venezuela's oil production is modest, at just 1 million barrels a day. However, its reported reserves are huge - around 300 billion barrels or 17% of global stocks. Donald Trump has made it clear the U.S.
Canada's new oil tycoon is shaking up the sector with a bold expansion plan
Canadian banker-turned-oil-tycoon Adam Waterous, an industry outsider who lives in a Rocky Mountain tourist town, not energy hub Calgary, has a plan to cement his company's status as one of ?North America's fastest-growing oil companies. Waterous wants to expand the company more aggressively and more efficiently than its competitors after Strathcona Resources' hostile bid for MEG Energy was unsuccessful.
UK stock markets set to suffer sharp losses this week as Fed, tech concerns impact the market
London's major stock indexes fell on Friday and headed for weekly losses as fears over tech valuations, the Federal Reserve's hawkish position, and signs of possible progress towards peace in Ukraine rattled global markets. Defence shares also dropped amid signs that could lead to a breakthrough. The blue-chip FTSE 100 fell 0.4% at 1222 GMT, erasing the short recovery of Thursday, while…
London's FTSE 100 recovers after a four-day decline; inflation data increases rate-cut bets
The FTSE 100 in London was little changed Wednesday after four sessions of falling prices. Gains in consumer staples and healthcare kept the market afloat while a slower inflation rate raised hopes for a rate cut in December. As of 12:40 GMT the blue-chip index had fallen 0.07%, while the midcap FTSE 250 was up 0.07%. The UK's inflation rate slowed for the first month since May. This…
Australian shares are on the rise as sectoral strength offsets the banking slump
Australian shares traded within a narrow range Wednesday as investors held back their risk appetite due to waning expectations for additional monetary policy ease. S&P/ASX 200 index remained at 8,474.50 as of 2320 GMT but is still down about 7% from its all-time high reached on October 21. The benchmark index ended Tuesday at a low of five months. Since the Reserve Bank of Australia held interest rates constant earlier this month, the main index has been in a downward trend.
As the US shutdown comes to an end, UK's FTSE100 hits a record high.
Investors welcomed signs that the long-running U.S. shutdown may be ending. The blue-chip index ended 0.1% higher and is now within striking distance of 10,000. The FTSE 250 mid-cap index was down by 0.7%. Upgrade the UK's regulated electric networks and expand their renewable business. Metal mining companies gained 1.3% in value as the copper price increased on global commodities markets. Market sentiment improved after growing optimism that the U.S.
FTSE 100 edge higher with HSBC and Melrose boost; miners hold gains in check
London's FTSE 100 index rose for a 2nd consecutive day Tuesday. Shares of Melrose, HSBC and precious metal miners helped to boost the index, but losses among precious metal miners held gains back. HSBC, a heavyweight in the banking industry, rose by 1.8% following its appointment of David Lindberg as CEO of UK operations. Lindberg is a former NatWest executive and seasoned banker. The banks index rose by 1.2% thanks to its shares.
Segro gains after results; FTSE 100 edged higher due to HSBC's boost
Investors awaited the release of the domestic inflation report later this week. The FTSE 100 in London rose for a 2nd consecutive day. HSBC, the heavyweight in banking, rose 2% following its appointment of David Lindberg as CEO for its UK operations. Lindberg is a former NatWest executive and a veteran banker. The banks index rose 1.2% thanks to its shares. Segro's shares rose 2.8% in the third-quarter, making it the best performing stock in the FTSE 100.
Santander combines digital bank with consumer finance unit in Europe
Santander, a Spanish bank, announced on Wednesday that it would merge its digital lender Openbank into its consumer finance division in Europe to streamline its structure and cut costs. Santander announced that the new entity would manage Santander’s consumer finance operations, under the Openbank name, beginning with Germany and other markets following. Openbank and Santander Consumer Finance are part of the global digital consumer banking business.
Australia's renewables drive powers a 'golden rush' of big battery bets
Investors in Australia’s battery energy storage industry are taking advantage of the chaos on the spot markets. They have been emboldened by Australia’s efforts to expand its renewable energy infrastructure. Investors in the sector are now funding projects that do not have a fully-guaranteed long-term revenue. The first two battery projects exposed to the market this year were funded.
Trump's options for easing Russia sanctions are limited in comparison to Europe
Donald Trump, the U.S. president, could lift some sanctions against Russia quickly as a way to reward Moscow for successful peace talks with Ukraine. However only Europe can make the larger steps necessary to ease Russia's cash crisis. Trump has threatened to impose additional sanctions and tariffs against Russia and its oil buyers if there are no signs of progress in the three-and-a-half-year long war in Ukraine.