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☆ 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).

And a freight rail strike could cost the US economy $1 billion in its first week alone, according to a new analysis from the Anderson Economic Group. But that’s nothing compared to what would happen with a prolonged rail strike. CommutingOnly the nation’s freight rail lines face a pending strike, but commuters would likely be affected, too. Many commuter trains travel on tracks maintained and operated by the freight railroads and passenger railroads expect they’ll have to shut down their operations once the freight strike starts. Many commuter railroads also move over freight rail lines and could not operate if a strike was called.

☆ Takeover of NDTV a 'responsibility', says India's richest man Adani - FT
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

The ports-to-energy conglomerate run by Adani, Asia's richest person, unveiled plans late in August to acquire a majority stake in NDTV, seen as a bastion of independent media. Founded in 1988 and owned by husband-and-wife team Prannoy Roy and Radhika Roy, NDTV previously said that the move by Adani Group "was executed without any input from, conversation with, or consent of the NDTV founders". "Independence means if government has done something wrong, you say it's wrong," Adani said in the FT interview. Adani added that he has invited NDTV's owner-founder Prannoy Roy to remain as chair when the acquisition is completed. NDTV's business rivals include Times Group's Times Now and Network18's CNN-News18, controlled by Indian billionaire Mukesh Ambani.

☆ Natural vs. artificial Christmas tree: Which option is better for climate?
▼ + stars: | 2022-11-25 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +8 min

Christopher Dilts/Bloomber/Getty ImagesIt’s easy to imagine that reusing an artificial tree year after year is the more sustainable option. The American Christmas Tree Association, a nonprofit that represents artificial tree manufacturers, commissioned WAP Sustainability Consulting for a study in 2018 that found the environmental impact of an artificial tree is better than a real tree if you use the fake tree for at least five years. “Planting, fertilizing and watering were taken into account for real trees, which have an approximate field cultivation period of seven to eight years.”What are the benefits of real trees? Nathan Howard/Getty ImagesOn average, it takes seven years to fully grow a Christmas tree, according to the National Christmas Tree Association. About 15,000 farms grow Christmas trees in the US alone, employing over 100,000 people either full or part-time in the industry, according to the National Christmas Tree Association.

☆ China approves 20 M&A deals, including INEOS stake buy in Shanghai SECCO Petrochem
▼ + stars: | 2022-11-23 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: 1 min

BEIJING, Nov 23 (Reuters) - China's market regulator on Wednesday approved 20 merger and acquisition transactions without conditions, including INEOS Co.'s acquisition of Shanghai SECCO Petrochemical's stake, according to a statement on its website. In July, China's Sinopec Corp announced a string of deals with UK-based chemicals and energy group INEOS, including the sale of a 50% stake in Shanghai SECCO Petrochemical for 10.5 billion yuan ($1.56 billion). read moreReporting by Beijing newsroom; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Mexican companies could resort to more spinoffs to enhance market value
▼ + stars: | 2022-11-22 | by ( Valentine Hilaire | ) www.reuters.com time to read: +4 min

Mexican telecommunications giant America Movil (AMXL.MX) kicked off the trend late last year when its shareholders approved the spinoff of its cell tower business. Some analysts said both Alfa and Televisa may consider further spinoffs as they look to boost their depressed valuations. Other companies, like Coke bottler and retailer Femsa (FEMSAUBD.MX), whose shares are down 3.3% year-to-date, after gaining 6% in 2021, may follow suit. Alfa lost 2.69% the day after its shareholders approved the Axtel spinoff, while Televisa's shares advanced 0.86% the day after it revealed plans for a similar move. Televisa, meanwhile, could follow its sports spinoff with either its editorial or magazine businesses, two analysts said.

☆ The big new Exxon Mobil climate change deal that got an assist from Joe Biden
▼ + stars: | 2022-11-19 | by ( Tim Mullaney | ) www.cnbc.com time to read: +7 min

The law may help oil companies like ExxonMobil build profitable businesses to replace some of the revenue and profit they'll lose as EVs proliferate. Maybe, if carbon capture and storage is indeed as big a deal as ExxonMobil's first-of-its-kind deal to extract, transport and store carbon from other companies' factories implies. Could it be that Big Oil's next big thing got a big assist from Joe Biden? An industrial facility on the Houston Ship Channel where Exxon Mobil is proposing a carbon capture and sequestration network. And big oil and gas companies are where the expertise is."

☆ Factbox: The newest fronts in climate-change-related legal battles
▼ + stars: | 2022-11-18 | by ( Clark Mindock | ) www.reuters.com time to read: +6 min

At the COP27 climate talks in Egypt, U.N. experts last week warned that many corporate environmental claims amounted to “empty slogans and hype.” This could embolden campaigners to launch more legal cases against climate-action laggards. The companies have denied the allegations in the lawsuits but have made public promises to work to avoid plastic pollution. The group claims the fossil fuel investments violate the French duty of vigilance law requiring corporations to identify and reduce environmental harms. The group, led by Oxfam France and Friends of the Earth France, called the move an "unprecedented legal action." The lawsuit claims DWS told investors that it invests 0% in controversial sectors such as coal, but elsewhere indicated revenue from the coal industry accounts for as much as 15% of the fund's revenue.

☆ Rail strike potential grows, threatening to worsen supply chain backlogs, inflation
▼ + stars: | 2022-11-17 | by ( Eli M. Rosenberg | Eli Rosenberg Is An Investigative Tech Reporter For Nbc News. | ) www.nbcnews.com time to read: +12 min

That’s how much paid sick leave some freight rail workers are demanding from the rail companies before they sign new contracts. Rail workers say years of grievances about workforce cuts, coupled with new scheduling requirements, have pushed them to the brink of exhaustion. But if any of the unions decides to strike, all rail unions will honor the work stoppage. Kennedy said the union had never agreed to higher wages at the expense of a benefit like paid sick leave. “A rail strike, even one of short duration, would be catastrophic,” said John Drake, a vice president at the Chamber of Commerce.

☆ U.S. imposes new sanctions over Iran sanctions evasion, targets Chinese firms
▼ + stars: | 2022-11-17 | by ( Daphne Psaledakis | ) www.reuters.com time to read: +2 min

Washington has increasingly targeted Chinese companies over the export of Iran's petrochemicals as the prospects of reviving the nuclear pact have dimmed. "The United States will continue to implement sanctions against those actors facilitating these sales." Iran's mission to the United Nations in New York did not immediately respond to a Reuters request for comment. Those that engage in certain transactions with the companies also risk being hit with sanctions. Reporting by Daphne Psaledakis; Editing by Andrea Ricci and Jon BoyleOur Standards: The Thomson Reuters Trust Principles.

SEOUL, Nov 17 (Reuters) - South Korean and Saudi Arabian leaders pledged stronger ties on Thursday in the fields of energy, defence industry and building projects, as the oil-rich kingdom signed investment agreements worth $30 billion with South Korean companies. "In particular, he said he would like to drastically strengthen cooperation with South Korea in the areas of defence industry, infrastructure and construction," Yoon's office said. Saudi-based Asharq TV quoted the kingdom's investment minister as saying deals signed on Thursday were worth $30 billion. "The (South Korean) government will actively support the successful implementation of cooperative projects which apply Korea's state-of-the-art architecture ... in NEOM," said South Korea's trade minister, Lee Chang-yang. Shares in Lotte Fine Chemical (004000.KS), which signed an agreement for chemical industry cooperation with the Saudi Ministry of Investment, rose 2.1%.

☆ S-Oil plans to invest $7 bln in South Korea factory
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Nov 17 (Reuters) - S-Oil Corp (010950.KS) said on Thursday it plans a 9.3 trillion won ($6.98 billion) investment in its Ulsan, South Korea, factory to produce more high-value petrochemical products. The refiner, whose largest shareholder is Saudi Aramco (2222.SE), said in a regulatory filing that the investment will start from next year and be completed by June 2026. "Improvement of profitability is expected by upgrading low value-added raw materials, such as naphtha, byproduct gas and residual oil to high value-added chemical products," S-Oil said in a regulatory filing. The announcement coincides with Saudi Arabian Crown Prince Mohammed bin Salman's visit to South Korea on Thursday. ($1 = 1,332.8900 won)Reporting by Joyce Lee; Editing by Leslie Adler and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Aramco to pump $7 bln into biggest petchem investment in South Korea
▼ + stars: | 2022-11-16 | by ( Joyce Lee | ) www.reuters.com time to read: +1 min

SEOUL, Nov 17 (Reuters) - Saudi Aramco (2222.SE) plans a $7-billion investment at a South Korean affiliate's factory in the port city of Ulsan to turn out more high-value petrochemical products, the company said on Thursday. The project, named Shaheen, is the Saudi firm's biggest investment in the Asian nation to develop one of the world's largest refinery-integrated petrochemical steam crackers, Aramco said in a statement. Saudi Aramco owns more than 63% of South Korean refiner S-Oil Corp (010950.KS). It will have production capacity of up to 3.2 million tonnes a year, along with a facility to produce high-value polymers, Aramco said. The news came in conjunction with Saudi Arabian Crown Prince Mohammed bin Salman's visit to South Korea on Thursday.

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

Nov 14 (Reuters) - Most Gulf stock markets ended lower on Monday after a top U.S. central banker warned investors not to get carried away over one inflation number, while falling oil prices compounded concerns. Saudi Arabia's benchmark index (.TASI) fell 0.4%, hit by a 3% slide in the country's biggest lender Saudi National Bank (SNB)(1180.SE). The lender has agreed to invest 1.5 billion Swiss francs ($1.59 billion) in the Swiss bank and is set to take a stake of up to 9.9%. Since the October announcement, SNB has lost 39.94 billion riyals ($10.63 billion) from its market value. 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).

☆ 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 bourses in black on Fed rate hopes
▼ + stars: | 2022-11-13 | by ( Ateeq Shariff | ) www.reuters.com time to read: +3 min

Nov 13 (Reuters) - Most stock markets in the Gulf ended higher on Sunday with Saudi Arabian shares snapping three sessions of losses, as soft U.S. inflation data fuelled hopes that the aggressive Federal Reserve rate stance might begin to ease. The Qatari stock market started the week positively as the world cup could provide strong support for the market and attract investors' attention, said Farah Mourad, Senior Market Analyst of XTB MENA. Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 1.9%, as most of the stocks on the index were in positive territory. According to analyst Mourad, the Egyptian stock market continues to benefit from the attention COP27 brought to the country. ($1 = 3.7590 riyals)($1 = 0.9417 Swiss francs)Reporting by Ateeq Shariff in Bengaluru;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

LAUNCESTON, Australia, Nov 8 (Reuters) - China's imports of crude oil rebounded in October, but the details aren't as strong as the headline number suggests. PetroChina started trial operations at a 200,000 bpd crude unit at its new refinery in Guangdong, while Shendong Petrochemical is also starting operations at its new 320,000 bpd plant in Jiangsu province. This appears to have resulted in China boosting imports from the kingdom, with Refinitiv Oil Research estimating that October arrivals were 1.91 million bpd, up from 1.84 million bpd in September. Rising exports of refined products are also acting as a spur to crude imports, with 4.46 million tonnes of fuel being shipped out in October. This was down from September's 1.5 million bpd and August's 1.23 million bpd, but it's worth noting that the past three months have been strongest since July last year.

The increased output could also cool prices for other oil products, especially for gasoline, and dampen overall refining margins. Half of the increase, though, will still come from Asia's biggest refiner Sinopec (600028.SS), one of them said, as it raises output to produce more diesel and raise fuel exports. So the mandate from the headquarters is to boost diesel production to supply the domestic market and also to raise exports," one of the Sinopec sources said. Further boosting supply, China's largest private refiner Zhejiang Petroleum and Chemical Co (ZPC) is raising diesel output by cutting petrochemical production. Lockdowns have become more frequent and China's borders remain mostly shut, hurting domestic gasoline and aviation fuel sales.

☆ German government says in talks with Wintershall Dea about Russia production
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Nov 7 (Reuters) - The German government is in talks with oil and gas producer Wintershall Dea (WINT.UL)(BASFn.DE) after a media report that the company's Russian gas condensate production helps support the Russian war effort against Ukraine, a spokesperson said. Asked for a comment, Wintershall Dea has pointed to its statement on Friday saying it rejected the accusations and reserved the right to consider legal action. German magazine Spiegel and public broadcaster ZDF had reported on Friday that their investigations had shown that gas condensate produced in Russia by joint ventures between Wintershall Dea and Gazprom (GAZP.MM) was processed into jet fuel, among other uses. Citing a military expert, the outlets said the jet fuel delivered by Wintershall Dea to Gazprom could be used for military purposes. Wintershall Dea had no influence over gas and condensate deliveries from two joint ventures, Achimgaz and Achim Development, to Gazprom, but they were marketed mostly for petrochemical applications, it said.

☆ Russia's war on Ukraine latest news: Russia resumes participation in grain deal
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +2 min

The Russian defence ministry said it had received written guarantees from Kyiv not to use the Black Sea grain corridor for military operations against Russia. * Ukrainian President Volodymyr Zelenskiy said it was important to stand up to "crazy Russian aggression that destabilises international trade." * Turkish President Tayyip Erdogan said he and Zelenskiy discussed sending grain to African countries. * The U.N. coordinator for the grain deal said he expects loaded ships to depart Ukrainian ports on Thursday. * The British government said it had sanctioned four Russian steel and petrochemical tycoons in relation to the war in Ukraine.

☆ Big brands set to miss plastic sustainability targets
▼ + stars: | 2022-11-02 | by ( Joe Brock | ) www.reuters.com time to read: +2 min

The study by the Ellen MacArthur Foundation and the United Nations Environment Programme also revealed that some companies - including Coca-Cola (KO.N) and Pepsi - are using more virgin plastic despite a pledge to reduce its use. Dozens of major brands have in recent years set targets to increase plastic recycling and reduce the use of single-use packaging in partnership with the Ellen MacAurthur Foundation, as part of efforts to burnish their green credentials. The headline pledge was that 100% of plastic packaging would be reusable, recyclable or compostable by 2025, but this goal will "almost certainly be missed by most organisations", the environmental group's report said. Greenpeace said the report is evidence that voluntary corporate targets have failed and called on the U.N. to forge a treaty that forces governments and companies to use less single-use plastic packaging. "This underlines the need for governments to ensure that the global plastic treaty ... delivers major reductions in plastic production and use," said Graham Forbes, Greenpeace’s USA Global Plastics Project Leader.

☆ Biden is threatening a windfall tax on energy companies, after he slammed them for 'war profiteering'
▼ + stars: | 2022-11-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

US President Joe Biden called on energy companies to boost production or pay a windfall tax. He said energy companies will have to boost output and refining capacity or face the consequences. Biden said energy companies are entitled to a fair return for work or innovation, but the profits this time are "so high, it's hard to believe." "A windfall profit tax might make for good soundbites, but as policy, it's bad for consumers. Ben van Beurden, the CEO of UK-based Shell, seems to agree with the view that energy companies should pay higher taxes.

KUALA LUMPUR, Nov 1 (Reuters) - Malaysian state energy firm Petronas said on Tuesday it was studying the damage to interconnecting pipes caused by a fire last week at its refinery and petrochemical joint venture with Saudi Aramco. Petronas said last Thursday a fire and explosion occurred at the Pengerang Integrated Complex (PIC) located in the southern Malaysian state of Johor. "The damage to the interconnecting pipes caused by the recent incident at Pengerang Integrated Complex is currently being further assessed for rectification," the company said in an emailed statement to Reuters. A spokesperson at Pengerang Refining Company and Pengerang Petrochemical, collectively known as PrefChem, said the affected portion of the plant is currently shut down because of a disruption in nitrogen supply. On Monday, Petronas Chemicals Group (PCGB.KL) said in a statement that the interconnecting pipes in the incident were not within the petrochemical facilities in which PCG has 50% direct equity.

☆ Saudi Shares fall on weak earnings, volatile oil
▼ + stars: | 2022-10-30 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +3 min

Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually copy any monetary policy change in the United States. The benchmark index (<.TASI>) in Saudi Arabia declined 0.7%, pulled down by a 2% drop in SABIC Industries (<2010.SE>) shares after the company reported a lower quarterly profit. The petrochemical maker posted a quarterly net profit after zakat and tax payments of 1.84 billion riyals ($489.62 million), down from 5.6 billion riyals year ago. Another petrochemical maker Nama Chemicals (<2210.SE>) posted a quarterly loss of 5.4 million riyals compared to a profit of 4.9 million riyals year ago. Earlier, the company recorded 669.20 million Egyptian pounds ($28.12 million) during the first-quarter of fiscal year, an yearly increase of 98.97% from 336.33 million Egyptian pounds.

☆ 300 business groups call on Biden to intervene in rail unions contract vote
▼ + stars: | 2022-10-27 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

Washington CNN Business —Three hundred business groups are calling on President Joe Biden to intervene in the ratification of the national tentative agreement he helped broker last month between rail unions and US freight railroads. In a letter sent to the president Thursday, retail, agricultural, manufacturing, and trucking associations jointly asked the president to ensure that the tentative agreement is ratified. Sick time is unpaid in the current tentative agreement. They also give union members cash bonuses of $1,000 a year. All told, the backpay and bonuses will give union members an average payment of $11,000 per worker once the deal is ratified.

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