DIRS.INFO The most relevant business & tech news

☆ French quantum computer startup PASQAL raises 100 million euros
▼ + stars: | 2023-01-24 | by ( Jane Lanhee Lee | ) www.reuters.com time to read: +2 min

OAKLAND, Calif. Jan 24 (Reuters) - Paris-based quantum computer startup PASQAL on Tuesday said it had raised 100 million euros ($109 million) and aims to deliver major commercial advantages over classical computers by next year using the fresh funds. The investment is the biggest private funding round for a quantum computer startup in Europe, according to Georges-Olivier Reymond, CEO and co-founder of PASQAL. It comes as the stock price collapse of three New York-listed quantum computer makers, IonQ Inc (IONQ.N), Rigetti Computing , and D-wave Quantum has made funding for the sector challenging. Scientists expect quantum computers could one day make certain calculations millions of times faster than the fastest super computers today. The number of qubits, or quantum bits, is an indication of the power of the quantum computer.

☆ JPMorgan names Anu Aiyengar sole head of global M&A
▼ + stars: | 2023-01-12 | by ( Anirban Sen | ) www.reuters.com time to read: +2 min

[1/2] Signage is seen at the JPMorgan Chase & Co. New York Head Quarters in Manhattan, New York City, U.S., June 30, 2022. REUTERS/Andrew KellyNEW YORK, Jan 12 (Reuters) - JPMorgan Chase & Co (JPM.N) on Thursday named Anu Aiyengar as the sole head of its global mergers and acquisitions (M&A) franchise after co-head Dirk Albersmeier stepped down from the role, cementing her status as the only female executive leading global M&A on Wall Street. Albersmeier will take on a new "wholly client and transaction-focused role" within JPMorgan, according to the memo. "Going forward, Anu will be the sole head of our global M&A business and Dirk will focus exclusively on providing our clients with first-class M&A advice and continuing to mentor the next generation of M&A leaders," the memo said. Aiyengar, a JPMorgan veteran of more than two decades, has led the bank's M&A franchise since she was promoted to the role alongside Albersmeier in 2020.

☆ Oil slips as U.S. crude, fuel inventories reignite demand concerns
▼ + stars: | 2023-01-11 | by ( ) www.cnbc.com time to read: +2 min

Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, in 2018. Oil prices fell on Wednesday, erasing the previous session's gains, after industry data showed an unexpected build in crude and fuel inventories in the United States, the world's biggest oil user, which reignited worries about fuel demand. Analysts polled by Reuters expected crude stocks to fall by 2.2 million barrels and distillate stocks to drop by 500,000 barrels. The big focus this week is on U.S. inflation data, due on Thursday. A weaker dollar can boost oil demand as it makes the commodity cheaper for buyers holding other currencies.

☆ Saudi Aramco's Luberef sets final IPO offer price at $26.3/shr
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Dec 12 (Reuters) - Oil giant Saudi Aramco's (2222.SE) base oil subsidiary Luberef has set the final offer price for its upcoming initial public offering (IPO) at 99 riyals ($26.33) a share, at the top end of the price range amid strong demand. The pricing implies a market capitalisation of SAR 16.7 billion riyals ($4.44 billion), the company said in a statement. Saudi investment bank Jadwa, is the selling shareholder, offering its 30% share in the company to investors. Luberef received $30 billion in orders from institutional investors during the book building process, the company statement said, signalling continued strong demand for Gulf IPOs this year. SNB Capital Company, HSBC Saudi Arabia, Citigroup Saudi Arabia and Morgan Stanley Saudi Arabia are joint financial advisers on the IPO, with SNB Capital also acting as lead manager.

☆ Factbox: Saudi-China energy, trade and investment ties
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +4 min

Below are some details about oil, trade and security relations between China and Saudi Arabia. OIL TRADEChina is Saudi Arabia's largest trading partner, with bilateral trade worth $87.3 billion in 2021. Chinese exports to Saudi Arabia reached $30.3 billion, while China's imports from the kingdom totalled $57 billion. REFINERIESAramco in early 2022 made a final investment decision to build a $10 billion refinery, petrochemical complex in northeast China, marking its single largest investment in China. Named Huajin Aramco Petrochemical Company, the joint venture groups Aramco, Huajin Chemical Industries Group Corporation (000059.SZ) -- a unit of defence conglomerate Norinco-- and Panjin Xincheng Industrial Group.

☆ Saudi Aramco's Luberef expects to raise up to $1.32 bln from IPO
▼ + stars: | 2022-12-04 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, Dec 4 (Reuters) - Saudi oil giant Aramco's (2222.SE) base oil subsidiary Luberef expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday. Gulf issuers have raised about $16 billion through such listings this year, accounting for about half of total IPO proceeds from Europe, the Middle East and Africa, Refinitiv data shows. A minimum of 75% of the Luberef shares being sold will be offered to institutional investors, with bookbuilding getting underway on Sunday and running until Friday. Aramco owns 70% of Luberef and Saudi investment bank Jadwa Investment the remaining 30%. Saudi Aramco's record listing in late 2019, later boosted to total $29.4 billion in proceeds, was the world's largest IPO.

☆ Saudi Aramco's Luberef gets regulator nod for IPO
▼ + stars: | 2022-11-24 | by ( Steven Scheer | ) www.reuters.com time to read: +1 min

DUBAI, Nov 24 (Reuters) - Saudi oil giant Aramco's (2222.SE) base oil subsidiary, Luberef, has received the approval from the kingdom's stock market regulator for an initial public offering, the Capital Market Authority said on Thursday. Saudi Aramco Base Oil Company (Luberef), formerly Saudi Aramco Lubricating Oil Refining Co, will offer investors 50.045 million of its shares, equivalent to 29.656% of its share capital. Aramco owns 70% of Luberef and Saudi investment bank Jadwa Investment owns the remaining 30%. Gulf issuers have raised about $16 billion in initial public offerings this year, accounting for about half of total IPO proceeds from Europe, the Middle East and Africa, Refinitiv data shows. Saudi Aramco's record listing on Riyadh's Tadawul exchange in late 2019, later boosted to total $29.4 billion in proceeds, was the world's largest IPO.

☆ Goldman cuts oil forecast on 'lack of clarity' over G-7 Russia oil price cap, China Covid outbreaks
▼ + stars: | 2022-11-21 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, in 2018. Goldman Sachs lowered its oil price forecast by $10 to $100 per barrel for the fourth quarter of 2022, citing rising Covid concerns in China and lack of clarity over the Group of Seven nations' plan to cap Russian oil prices. China recorded recorded three Covid deaths over the weekend, the country's first deaths from the virus since May this year. China's capital Beijing tightened Covid measures in the last three days as the local case count climbed to several hundred per day. The economists added that the possibility of more lockdowns in the world's top importer of oil will dent demand from it even further.

☆ Saudi wealth fund, BlackRock to jointly explore Mideast infrastructure projects
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Nov 14 (Reuters) - Saudi Arabia's sovereign wealth fund and BlackRock (BLK.N) have signed an agreement to jointly explore infrastructure projects in the Middle East, focused on Saudi Arabia. The Public Investment Fund (PIF), which manages more than $600 billion in assets, said their non-binding memorandum of understanding will serve as the anchor for BlackRock's Middle East Infrastructure strategy. It added that the world's biggest fund manager plans to build a dedicated infrastructure investment team in Riyadh. In October last year, Saudi Arabia launched a national infrastructure fund to support up to 200 billion riyals ($53 billion) in projects over the next decade. It was not immediately clear whether the MoU was related to that National Infrastructure Fund, which is part of the National Development Fund.

☆ Saudi Aramco's quarterly net income up 39% to $42.4 billion
▼ + stars: | 2022-11-01 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Nov 1 (Reuters) - Saudi Arabian state oil producer Aramco (2222.SE) said on Tuesday its third-quarter net income rose 39%, boosted by higher crude oil prices and volumes sold, beating analysts' forecasts. Aramco's net income rose to $42.4 billion for the quarter to Sept. 30 from $30.4 billion a year earlier, it said in a bourse filing. That was just above the median net profit forecast of $41.7 billion from 16 analysts. The company's free cash flow rose to $45 billion from $28.7 billion a year-earlier. It declared a dividend of $18.8 billion in the third quarter, in line with its own target, which will be paid in the fourth quarter.

☆ Oil giant Saudi Aramco's quarterly profit surges 39% on higher prices
▼ + stars: | 2022-11-01 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia. ABU DHABI, United Arab Emirates — State oil giant Saudi Aramco reported a 39% rise in net income for the third quarter year-on-year, on the back of higher crude prices and tightening global supply. Net income rose to $42.4 billion for the quarter, up from $30.4 billion the previous year and just above expectations. "While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world's need for more affordable and reliable energy," Nasser added. Aramco is not alone in predicting a continued rise in oil demand.

☆ America is facing a dramatic diesel shortage that could get even worse
▼ + stars: | 2022-11-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

But trucks continued to deliver goods around the country, so diesel demand stayed elevated. With European nations weaning off Russian energy, competition has increased in the diesel market due to the influx of buyers. Markets are panicking, so diesel prices will climb higher and higher, which will spark behavioral changes in consumers and producers. "Higher prices make the profitability of refining diesel go much higher," he said. The mechanism to do that is simply through diesel prices rising."

☆ Iran's plans for its drones may be much different than how Russia is using them in Ukraine
▼ + stars: | 2022-10-30 | by ( Shahryar Pasandideh | World Politics Review | ) www.businessinsider.com time to read: +12 min

Russia's use of Iranian drones in Ukraine has been framed as Iran trying to test out its hardware. But Russia has so far been using those drones in a manner different than Iran would likely use them. For all the attention given to Iran's ballistic missiles, the country has spent more than a decade diversifying its strike capabilities. Iranian drones were notably employed alongside cruise missiles in the attacks on Saudi oil facilities in September 2019. Second, the propeller-driven Iranian drones that Russia is now using are slow and, if detected while in transit, provide ample warning for defenders to activate defenses.

☆ Factbox: Who's in and out in Credit Suisse's day of reckoning
▼ + stars: | 2022-10-27 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

Oct 27 (Reuters) - Credit Suisse's (CSGN.S) latest shake-up has led to the promotion of some senior executives to more powerful roles while others are leaving. IN:MICHAEL KLEINA former Citigroup Inc (C.N) dealmaker, Klein has been named adviser to Credit Suisse CEO Ulrich Körner. He was hired by former Credit Suisse boss Tidjane Thiam in 2017 to run equity derivatives globally. A Spanish national, Lopez Lorenzo joined Credit Suisse in 2015 from JPMorgan (JPM.N) where he was a managing director in New York. The 47-year-old banker was part of a new crop of executives who had been tasked to restore Credit Suisse's reputation after a series of scandals.

Brent crude futures were up $2.43, or 2.6%, to $95.95 a barrel by 12:31 p.m. EDT (1631 GMT). U.S. West Texas Intermediate (WTI) crude rose $2.86, or 3.3%, to $88.18. U.S. crude stocks rose 2.6 million barrels last week, according to weekly government data, more than anticipated, but that was lower than industry figures, which showed a 4.5 million-barrel build. In addition, crude exports rose to 5.1 million barrels a day, the most ever, dropping U.S. crude imports on net to their lowest in history. Traders attributed the surge in exports to the widened WTI-Brent spread , which, coming into Wednesday's trade, was at more than $8 per barrel.

NEW YORK, Oct 26 (Reuters) - Oil prices surged on Wednesday as U.S. crude exports hit an all-time high and as the nation's refiners operated at higher-than-usual levels for this time of year. Brent crude futures for December were up $2.16, or 2.3%, at $95.68 a barrel as of 11:01 a.m. EDT (1501 GMT). A 0.9% drop in the U.S. dollar also added to bullishness, making oil cheaper for holders of other currencies. "OPEC production cuts effective November and the new EU sanctions on Russian oil to be enforced from December should be positive" for prices, said Stephen Innes, managing partner at SPI Asset Management. In addition, crude exports rose to 5.1 million barrels a day, the most ever, dropping U.S. crude imports on net to their lowest in history.

☆ Saudi Aramco says its energy transition is not delivering and launches a $1.5 billion fund for a more 'realistic' plan
▼ + stars: | 2022-10-26 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Saudi Arabia's state-run oil giant is investing $1.5 billion in a new energy transition plan. Saudi Aramco's CEO Amin Nasser said the current framework is "flawed." Saudi Aramco chief executive Amin Nasser told a business conference Wednesday that the current framework in place "is not really delivering," while promoting "an optimal, realistic transition plan." The plan falls in line with the Kingdom's efforts to strengthen its green energy investments, and the Kingdom last year announced a goal of net zero emissions by 2060. Meanwhile Mohammed al-Jadaan, Saudi Arabia's finance minister, told the conference that the thinking around a plan to transition away from fossil fuels has "now became more realistic that actually transition will take... possibly 30 years."

General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. JPMorgan and Goldman Sachs made nearly $77 million and $42 million respectively in investment banking fees in Saudi Arabia last year, Refinitiv data showed. "For the most part, I do not see U.S. companies actively avoiding Saudi Arabia due to recent political tensions," said Adel Hamaizia, managing director at Highbridge Advisory and a visiting fellow at Harvard University. FDI FLATForeign direct investment still lags behind targets, though there has been movement in new sectors as the kingdom opens up. As Boeing netted an $80 million defence contract last year, Fedex announced a $400 million 10-year investment plan in the country, the Arab world's biggest economy.

☆ Musk says excited by Twitter deal despite overpaying
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

OAKLAND, Calif., Oct 19 (Reuters) - Elon Musk on Wednesday said he was excited about his pending acquisition of Twitter Inc (TWTR.N), although he and other investors were overpaying for the social media company. Musk, the chief executive of Tesla, was answering a question during a call after the electric vehicle maker's quarterly report. The world's richest person is pursuing the Twitter purchase after earlier trying to back out of the $44 billion deal. A Delaware judge ordered a pause to Twitter Inc's (TWTR.N) lawsuit against Elon Musk, giving the billionaire until Oct. 28 to close the deal. Tesla investors feared that the billionaire may sell more Tesla stocks to finance the deal and may be spreading himself too thin, pulling down shares.

☆ Saudi Arabia pushed other OPEC nations into oil cut, White House claims
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

Flames are seen at the production facility of Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah/File PhotoWASHINGTON, Oct 14 (Reuters) - Saudi Arabia pushed other OPEC+ nations into an output cut last week, the White House claimed on Thursday, part of an escalating war of words between the two countries. "More than one" OPEC member disagreed with Saudi Arabia's push to cut production and felt coerced into the vote, National Security Council spokesman John Kirby told reporters. Of those cuts, experts expect an actual production cut of about half that level. The production cut is the latest sign of deteriorating U.S.-Saudi relations since Biden took office.

☆ Saudi wealth fund braves market tumult in green bonds debut, others unlikely to rush
▼ + stars: | 2022-10-12 | by ( Yousef Saba | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterHe said that PIF's issuance of the first-ever 100-year green bonds showed investor confidence in its credit strength and Saudi Arabia's long-term commitment to energy transition. PIF sold $500 million of the 100-year bonds - the first bonds of that tenor from a debut issuer or a sovereign wealth fund, and the first 100-year issue in the region. Alaoui said the fund was expected to continue issuing green bonds, including green sukuk, or Islamic bonds, and to tap the onshore U.S. market in the coming years. Egypt, due to host the COP27 climate conference next month, became the region's first issuer of sovereign green bonds in 2020. First Abu Dhabi Bank (FAB.AD), which taps the market regularly and is one of the region's most active green issuer, followed up PIF's transaction a day later with a sale of $700 million worth of green bonds.

Oil prices rose around 4% on Monday morning. Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. "A further uptick in trading activity coupled with tightening near-term oil fundamentals could well push oil prices back to $100/bbl," Brennock said in a research note. Storage tanks and oil processing facilities operate beside the Arabian Sea at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. The upcoming OPEC+ meeting in Vienna will result in an oil production cut "of some historic kind", said CIO of Pickering Energy Partners, Dan Pickering.

☆ Saudi Aramco chief is 'seriously concerned' that a rebound of the global economy will kill off any spare oil capacity
▼ + stars: | 2022-09-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Saudi Aramco's CEO warned a global economic rebound could kill off any spare oil capacity out there. That could deepen the world's energy crisis, which has already sent prices in Europe soaring. "When the global economy recovers, we can expect demand to rebound further, eliminating the little spare oil production capacity out there ... that is why I am seriously concerned," Nasser said at an event on Tuesday, Reuters reported. Nasser estimated that spare oil capacity currently only accounts for a mere 1.5% of global demand. "The conflict in Ukraine has certainly intensified the effects of the energy crisis, but it is not the root cause …Sadly, even if the conflict stopped today as we all wish, the crisis would not end," he said.

☆ OPEC+ supply shortfall now stands at 3.5% of global oil demand
▼ + stars: | 2022-09-20 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

General view of Aramco tanks and oil pipe at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed JadallahCompanies Saudi Arabian Oil Co FollowLONDON, Sept 20 (Reuters) - OPEC+ is now producing below its targets by a record 3.58 million barrels per day - about 3.5% of global demand - highlighting underlying tight supply in the oil market, even as recession fears drag oil prices lower. Nigeria's crude oil production fell below 1 million bpd in August, figures from its regulator show, as the nation grappled with rampant theft from its pipelines and years of underinvestment. read more"It has been struggling for months to fulfil its quota and Saudi Arabia has made it abundantly clear that they would only use thinning spare capacity in case of real emergency," PVM Oil's Tamaz Varga said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ahmad Ghaddar; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Arabia's July crude oil exports rise to over 2-year peak
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterGeneral view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed JadallahSept 19 (Reuters) - Top oil exporter Saudi Arabia's July crude oil exports gained for a second-straight month to their highest in more than two years, data from the Joint Organisation Data Initiative (JODI) showed on Monday. Saudi Arabia's exports rose 2.5% to 7.38 million barrels per day (bpd) in July - highest since April 2020 - from 7.20 million bpd in June. read moreSaudi production also climbed to its highest in more than two years to 10.815 million bpd from 10.646 million bpd in the previous month. Saudi's domestic crude refinery throughput fell about 3% to 2.763 mln bpd in July, while oil products exports stood at 1.429 mln bpd.

Search resuls for: "Saudi Aramco's"

25 mentions found