DIRS.INFO The most relevant business & tech news

☆ First Abu Dhabi Bank says not currently evaluating offer for StanChart
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Feb 10 (Reuters) - First Abu Dhabi Bank (FAB.AD) (FAB), the United Arab Emirates' biggest lender, said on Friday it was not currently evaluating an offer for Britain's Standard Chartered (STAN.L). News of the potential offer first came on Jan. 5, when FAB said it had considered a bid for London-listed Standard Chartered but was no longer doing so. StanChart's shares rose by 11% on Thursday after Bloomberg News reported that the Abu Dhabi lender is considering reviving the bid once a lock-up period that prevents it immediately doing so expires, offering $30 billion to $35 billon. "First Abu Dhabi Bank PJSC notes the recent press speculation in relation to Standard Chartered and re-iterates that it is not evaluating a possible offer for Standard Chartered," the lender said in Friday's statement. It, however, added that it and related parties reserve "the right to announce an offer or possible offer for the company or make or participate in an offer or possible offer for the company," within six months of the date of this announcement.

☆ Morning Bid: Volatility stirs
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +5 min

World markets end a rough week of confusing and competing narratives in distinctly edgy form, with peculiarly subdued volatility gauges flickering back to life. Both 10 and 30-year yields hit their highest levels in over a month early on Friday. Job shedding in the digital sector continued, with Yahoo's plans to lay off more than 20% of its total workforce. That said, the year-on-year oil price trend continues to be negative, as it's been all year and base effects from last year's price spike around the Ukraine invasion will only deepen that and weigh on headline inflation further. Goldman Sachs lowered its oil price forecasts for this year and next, cutting its Brent 2023 price forecast by $6 to $92 per barrel - still above current levels around $86.

☆ FAB deal with StanChart is trying to 'recycle' U.S. dollar oil money into financial services: Analyst
▼ + stars: | 2023-02-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFAB deal with StanChart is trying to 'recycle' U.S. dollar oil money into financial services: AnalystFirst Abu Dhabi Bank and Standard Chartered could come to an agreement closer to July, according to Head of Financials at Hermes Investment, Filippo Alloatti, after FAB said it was not evaluating an offer for the London-listed bank.

☆ First Abu Dhabi Bank says it is not currently evaluating offer for StanChart
▼ + stars: | 2023-02-10 | by ( ) www.cnbc.com time to read: +1 min

First Abu Dhabi Bank, the United Arab Emirates' biggest lender, said on Friday it was not currently evaluating an offer for Britain's Standard Chartered . News of the potential offer first came on Jan. 5, when FAB said it had considered a bid for London-listed Standard Chartered but was no longer doing so. StanChart's shares rose by 11% on Thursday after Bloomberg News reported that the Abu Dhabi lender is considering reviving the bid once a lock-up period that prevents it immediately doing so expires, offering $30 billion to $35 billion. "First Abu Dhabi Bank PJSC notes the recent press speculation in relation to Standard Chartered and re-iterates that it is not evaluating a possible offer for Standard Chartered," the lender said in Friday's statement. It, however, added that it and related parties reserve "the right to announce an offer or possible offer for the company or make or participate in an offer or possible offer for the company," within six months of the date of this announcement.

☆ First Abu Dhabi Bank could renew $35 billion offer for StanChart -Bloomberg News
▼ + stars: | 2023-02-09 | by ( Lawrence White | ) www.reuters.com time to read: +2 min

LONDON, Feb 9 (Reuters) - First Abu Dhabi Bank (FAB.AD) (FAB), the United Arab Emirates' biggest lender, could renew a potential offer for Britain's Standard Chartered (STAN.L), once lock-up rules from its previous aborted bid expire, Bloomberg News reported on Thursday. A StanChart spokesperson declined to comment on the report, while FAB could not immediately be reached for comment. News of the potential offer first came on Jan. 5, when FAB said it had considered a bid for London-listed Standard Chartered but was no longer doing so. The Abu Dhabi lender is considering reviving the bid once a lock-up period that prevents it immediately doing so expires, offering $30 billion to $35 billon compared with StanChart's market value of $24 billion, Bloomnberg reported. Saudi National Bank in October announced it was investing up to $1.5 billion in Credit Suisse, representing a stake of up to 9.9%.

StanChart declined to comment on the reports of a fresh bid, while FAB did not respond to requests for comment. While StanChart's balance sheet, staff numbers and global footprint dwarf FAB's, it is worth half as much. StanChart's shares rose by 11% on Thursday after Bloomberg News reported that a possible FAB bid would value its target at $30 billion to $35 billion, a significant premium to the Asia-focused banking powerhouse's $24 billion market value. A second shareholder questioned whether FAB's shares would be attractive to British-based holders of StanChart stock. "I can't think shareholders would relish adding a small Gulf bank to Stan's current geographic mix," the investor added.

☆ European shares hit fresh nine-month high on earnings boost
▼ + stars: | 2023-02-09 | by ( Ankika Biswas | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 (.STOXX) was up 0.8% at 0920 GMT, extending gains for a third straight session. Shares of Sweco AB (SWECb.ST), a Swedish construction and engineering company, jumped 11% to top the STOXX 600 following its upbeat fourth-quarter earnings. An over 5% gain in AstraZeneca (AZN.L) on 2023 earnings and revenue growth forecast boosted the healthcare sub-index (.SXDP). Of the 93 STOXX 600 companies that have reported earnings so far, more than half have beaten market expectations, Refinitiv data showed on Tuesday. Signs of economic resilience and better-than-feared corporate earnings have helped European stocks outperform their U.S. counterparts so far this year.

☆ Earnings, M&A chatter lift FTSE 100 to record high, Entain tumbles
▼ + stars: | 2023-02-09 | by ( Sruthi Shankar | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) rose 0.7% to touch a record high of 7,943.68, while the midcap FTSE 250 index (.FTMC) inched up 0.1%. AstraZeneca (AZN.L) jumped 4.3%, set for its best day in nearly a year, after the drugmaker forecast earnings growth in 2023. Unilever (ULVR.L) rose 0.4% after the consumer goods giant reported quarterly underlying sales growth above expectations. Watches of Switzerland Group (WoS) (WOSG.L) slumped 13.1% after it gave its quarterly trading update. (This story has been corrected to say Watches of Switzerland Group gave quarterly trading update, not full-year in the third bullet and last paragraph.)

☆ ADNOC eyes valuation of at least $50 bln for its gas business - sources
▼ + stars: | 2023-01-30 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

The state oil giant announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity. ADNOC is eyeing a valuation of at least $50 billion for ADNOC Gas, though deliberations over valuations have not finalised and the company is yet to determine the size of the offering, said the sources close to the matter, declining to be named as the matter is not public. They said an initial public offering of ADNOC Gas could launch as soon as February, ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins end of March. At $50 billion and above, ADNOC Gas' valuation would be broadly comparable to Italian energy group Eni (ENI.MI), U.S. Over the past two years, ADNOC listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD) and ADNOC Drilling (ADNOCDRILL.AD).

☆ Gulf markets rise on China demand optimism
▼ + stars: | 2023-01-24 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +3 min

Jan 24 (Reuters) - Gulf stock markets closed higher on Tuesday on expectations of economic recovery in the world's second largest economy, China, and smaller interest rate hikes from the U.S. Federal Reserve. Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes. The world's largest Islamic bank by market capitalization, Al Rajhi Bank (1120.SE), rose 0.8%. Qatar Islamic Bank (QISB.QA) continued its gains with a 2.3% rise and Qatar International Islamic Bank (QIIB.QA) rose 1.7%. Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to fund its trading, including imports of energy products and essential commodities.

☆ Olam’s Saudi-Singapore IPO sign of shifting times
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Jan 11 (Reuters Breakingviews) - Signs of deepening ties between Asia and the oil-rich Gulf are coming thick and fast. A planned Saudi Arabia-Singapore dual listing this year for Olam Agri, a trader of grains and seeds, is the latest example. Corporate and financial moves underscore how the global pin-code, as Olam’s co-founder and Chief Executive Sunny Verghese puts it, is changing. Between population trends, the Russia-Ukraine war and polarising geopolitics, expect the Gulf and Asia to get cosier. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

First Abu Dhabi Bank (FAB) (FAB.AD), the $50 billion Gulf lender that the brother of the United Arab Emirates’ president chairs, last week said it had considered a bid for the $23 billion UK-listed bank. Half its revenues come from Hong Kong, China and other Asian countries, where much of Abu Dhabi’s oil goes. StanChart’s commodities trading strength fits with Abu Dhabi’s keenness to become an energy trading hub. CONTEXT NEWSFirst Abu Dhabi Bank (FAB) on Jan. 5 said it had considered a bid for London-listed Standard Chartered but was no longer doing so. The Abu Dhabi lender said it had been in "the very early stages of evaluating a possible offer".

☆ StanChart suitors track banking’s flighty fortunes
▼ + stars: | 2023-01-06 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +4 min

But one reliable rule of thumb is that Standard Chartered (STAN.L) will be the subject of periodic bouts of takeover speculation. The latest prospective suitor, First Abu Dhabi Bank (FAB.AD), reflects the shifting fortunes of global banking. Under UK rules, First Abu Dhabi cannot make an offer for StanChart for six months, unless another bidder emerges. The Abu Dhabi lender said it had been in “the very early stages of evaluating a possible offer” for the emerging markets-focused bank. Standard Chartered declined to comment.

Bloomberg had earlier reported that FAB had been exploring an offer for Standard Chartered as part of a plan aimed at building an emerging markets bank, driving StanChart shares up as much as 20%. The Abu Dhabi lender said it had been in "the very early stages of evaluating a possible offer" for the emerging markets-focused bank. Furthermore, the mooted combination of FAB and StanChart would have been subjected to more onerous capital requirements that would burden the resulting lender, a banking source said. FAB was created via a merger between National Bank of Abu Dhabi and First Gulf Bank in 2016. The lender sources around half its deposits from the Abu Dhabi government and reported total assets of 1.15 trillion AED ($313.1 billion) as of end-September 2022.

☆ Most major Gulf stock markets fall on hawkish Fed, Egypt extends rally
▼ + stars: | 2023-01-05 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +2 min

Saudi Arabia's benchmark stock index (.TASI) closed flat, as losses in energy and financial shares were capped by gains in real estate stocks. In Abu Dhabi, the benchmark index (.FTFADGI) declined 0.3%, as the country's largest lender First Abu Dhabi Bank (FAB.AD) eased 0.6% while fertiliser maker Fertiglobe (FERTIGLOBE.AD) tumbled 2.4%. Alpha Dhabi (ALPHADHABI.AD) and Abu Dhabi state fund Mubadala Investment plan to deploy up to 9 billion dirhams ($2.45 billion) in credit markets through a new joint venture, the companies said. Elsewhere, Abu Dhabi National Oil Company (ADNOC) said on Thursday it would allocate $15 billion to decarbonisation projects by 2030. The benchmark stock index in Qatar (.QSI) jumped 2.8% to close the week with a gain of 4.3%.

☆ Gulf shares start new year in upbeat mood, Egypt outperforms
▼ + stars: | 2023-01-02 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Jan 2 (Reuters) - Most major Gulf equities got off to a good 2023 start on Monday, with Egypt outperforming regional peers, as investors shrugged off concerns about a potential recession, crude oil demand and the U.S. Fed hiking rates further. Crude prices, which are highly correlated with Gulf financial markets, swung wildly in 2022 and are expected to remain under pressure in 2023. Abu Dhabi's index (.FTFADGI) advanced 0.4% on Monday, bolstered by a 0.6% increase in the country's largest lender First Abu Dhabi Bank (FAB.AD). The Qatari index last year posted its first annual loss since 2017, dropping 8.1% in 2022. Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 2.5% higher, with Commercial International Bank Egypt (COMI.CA) climbing 3.1% while Abu Qir Fertilizers And Chemical Industries (ABUK.CA) was up 5.2%.

☆ Most Gulf markets fall in early trade; Dubai gains
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

Dec 26 (Reuters) - Most stock markets in the Gulf fell in early trade on Monday, with modest trading volumes in absence of many foreign investors for the Christmas holidays. Saudi Arabia's benchmark inex (.TASI) eased 0.1%, hit by a 0.6% fall in Retal Urban Development Co (4322.SE) and a 1.1% decline in the kingdom's biggest lender Saudi National Bank (1180.SE). However, Yanbu National Petrochemicals Company (2290.SE) gained 0.8% after it proposed half-yearly dividend of 1.25 riyal. Dubai's main share index (.DFMGI), however, rose 0.5%, helped by a 1.3% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU). Reporting by Ateeq Shariff in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Most Gulf markets subdued on economic concerns; Dubai gains
▼ + stars: | 2022-12-26 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Dubai's main share index (.DFMGI) added 0.3%, ending three sessions of losses, helped by a 1.3% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU). Among other gainers, Islamic Arab Insurance (SALAMA) (SALAMA.DU) advanced 3.9%, after saying it is considering a proposal to acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance (Aman) (DNIN.DU). The benchmark index (.QSI) in Qatar - among the world's top exporters of liquefied natural gas - retreated 1.2%. Most stocks on the index were in negative territory including Qatar Islamic Bank (QISB.QA), which was down 2.4%. Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 1.2%, with El Sewedy Electric (SWDY.CA) surging 8.1%.

☆ Most Gulf markets firm on rising oil prices
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

Dec 22 (Reuters) - Most major stock markets in the Gulf rose in early trade on Thursday, as oil prices extended gains for a fourth session although global economic concerns limited gains. Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 0.3% increase in oil giant Saudi Aramco (2222.SE). Oil prices - a key catalyst for the Gulf's financial markets - climbed for a fourth straight day with U.S. crude, heating oil and jet fuel stocks growing tighter just as a cold snap hits the United States and travel is set to soar for the holiday season. In Abu Dhabi, the index (.FTFADGI) added 0.1%, helped by a 0.6% increase in the country's biggest lender First Abu Dhabi Bank (FAB.AD). The country, among the world's top exporters of liquefied natural gas, approved its 2023 fiscal year budget on Monday with revenue estimated to increase 16.3% next year, its finance minister said, thanks to rising average oil prices.

☆ Most Gulf markets ease on economic worries, volatile energy prices
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

Dec 20 (Reuters) - Major stock markets in the Gulf fell in early trade on Tuesday, with the Saudi index falling the most on economic concerns and volatile energy prices. Saudi Arabia's benchmark index (.TASI) declined 1.3%, with Retal Urban Development Co (4322.SE) losing 1.6% and Dr Sulaiman Al-Habib Medical Services (4013.SE) dropped 4.6%. Last week, the U.S. Federal Reserve and European Central Bank raised interest rates and promised more, adding to concerns of a global economic downturn. Dubai's main share index (.DFMGI) eased 0.1%, weighed down by a 1.8% fall in sharia-compliant lender Dubai Islamic Bank (DISB.DU). The Qatari index (.QSI), however, added 0.2%, helped by a 1.3% rise in Qatar Islamic Bank (QISB.QA).

☆ Saudi bourse at 19-month low on growth fears; Egypt extends gains
▼ + stars: | 2022-12-07 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Dec 7 (Reuters) - Saudi Arabia's stock market led declines in much of the Gulf region on Wednesday, hitting its lowest since April last year as worries mounted about a global economic downturn. The Saudi bourse could see more losses while concerns remain around the developments in oil markets, Daniel Takieddine, CEO MENA at BDSwiss, said. In Abu Dhabi, the index (.FTFADGI) lost 0.7%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) down 1.9%. The Qatari index (.QSI), which wiped out its year-to-date gains in the previous session, retreated a further 1.3%. Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 2% higher, gaining for a seventh session.

☆ Most Gulf markets track oil prices, global shares lower
▼ + stars: | 2022-11-28 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Nov 28 (Reuters) - Most stock markets in the Gulf ended lower on Monday, as investors tracked sluggish oil prices and global shares after rare protests in China against the country's zero-COVID curbs roiled sentiment. China has stuck with President Xi Jinping's zero-COVID policy even as much of the world has lifted most restrictions. Saudi Arabia's benchmark index (.TASI) fell 0.5%, hit by a 2.8% fall in Retal Urban Development Co (4322.SE) and a 2.6% decline in oil giant Saudi Aramco (2222.SE). Europe's benchmark STOXX index (.STOXX) fell 0.9% in early trading after MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 1.2% as COVID protests raised investors' concerns about growth implications for China. Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.7%, with top lender Commercial International Bank (COMI.CA) falling 0.8%.

☆ Major Gulf markets track Asian shares, oil prices lower
▼ + stars: | 2022-11-28 | by ( Roxanne Liu | Yantoultra Ngui | ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - Major stock markets in the Gulf fell on Monday, with the Qatari index leading the drop, as investors tracked sluggish crude prices and Asian equities lower after rare protests in China against the country's zero-COVID curbs roiled sentiment. Crude prices - a key catalyst for the Gulf's financial markets - slumped as street protests against strict curbs in China, the world's biggest crude importer, stoked concerns about the outlook for fuel demand. In Qatar, the index (.QSI) dropped 1.5%, as all stocks were trading in negative territory including petrochemical maker Industries Qatar (IQCD.QA), which was down 1.9%. Saudi Arabia's benchmark index (.TASI) retreated more than 1%, with Retal Urban Development Co (4322.SE) losing 1% and oil giant Saudi Aramco (2222.SE) declining 0.9%. Dubai's main share index (.DFMGI) retreated 0.5%, weighed down by a 0.9% fall in blue-chip developer Emaar Properties (EMAR.DU).

☆ Major Gulf markets fall after Fed warning
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - Major stock markets in the Gulf retreated in early trade on Monday after a top U.S. central banker warned investors against getting carried away over one inflation number. Saudi Arabia's benchmark stock index (.TASI) dropped 1.3%, dragged down by a 4.1% slide in Retal Urban Development Co (4322.SE) and a 1.3% decline in Al Rajhi Bank (1120.SE). The kingdom's Public Investment Fund sold a 10% stake in the firm through a secondary share offering, raising 2.3 billion riyals ($612 million). The fund sold 12 million shares through an accelerated bookbuild offering at 191 riyals each, a 9% discount to Thursday's closing price. Dubai's main share index (.DFMGI) fell 0.4%, hit by a 0.9% fall in blue-chip developer Emaar Properties (EMAR.DU).

☆ Most Gulf stocks end higher, Abu Dhabi hits record high
▼ + stars: | 2022-11-07 | by ( Ateeq Shariff | Megan Rowling | ) www.reuters.com time to read: +2 min

Brent crude futures recouped most losses after dropping by more than $1/bbl earlier in the session on China lockdowns worries. read moreSaudi Arabia's benchmark index (.TASI) rose 0.7%, extending gains from the previous session, led by a 3% rise in Riyad Bank (1010.SE). Dubai's main share index (.DFMGI) gained 0.9%, with blue-chip developer Emaar Properties (EMAR.DU) rising 2.3%. In ABu Dhabi, the index (.FTFADGI) advanced 1.2% to hit a record high, buoyed by a 2.1% jump in the country's biggest lender, First Abu Dhabi Bank (FAB.AD). Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.4%, as most of the stocks on the index were in positive territory.

Search resuls for: "Abu Dhabi Bank"

25 mentions found