Insight

Saudi Arabia's race to attract investment dogged by scepticism

Dubai - Saudi Arabia could have a credibility problem if it keeps shifting the goal posts for the amount of foreign investment it wants to turn its vision of a future beyond oil into a reality, financial sources and analysts said. Five years since Crown Prince Mohammed bin Salman launched Vision 2030 to end the kingdom's dependence on fossil fuels

After midterm rout

Argentina's Peronists face identity crisis

Buenos Aires - Argentina's Peronist ruling coalition is teetering on the brink of political crisis, with President Alberto Fernandez facing a fight for control after voters abandoned his center-left party in bruising midterm elections, sapping his power in Congress

Under climate efforts

Oil industry calls for inclusivity

Abu Dhabi - Energy producers gathered in Abu Dhabi following the Cop26 U.N. climate talks called on Monday for greater inclusivity that would see more investment in hydrocarbons for energy security as they work to reduce emissions while developing their economies

Current shortage not unexpected

UAE says Q1 to see oil supply surplus

Dubai - UAE Energy Minister Suhail al-Mazrouei said on Monday that all indications point to an oil supply surplus in the first quarter of 2022 and he expected OPEC+ would likely stick to current production policy when it next meets in early December. OPEC and its allies agreed earlier this month to stick with plans to raise oil output by 400,000 barrels per day (bpd) from December

Amid crisis

Belavia to stop flying Syrians, Iraqis and Yemenis from Turkey

Moscow - Belarusian state-owned airline Belavia said on Friday it would stop allowing citizens of Iraq, Syria and Yemen to board flights from Turkey to Belarus at the request of Turkish authorities amid a migrant standoff between Belarus and Poland

For unpaid bills

France's EDF stops cutting electricity supply

Paris - EDF said on Friday it would no longer cut off French retail customers' electricity supplies for unpaid bills, extending a winter truce introduced by the regulator amid rising energy costs. The state-owned French company said that instead of cutting off supplies it would reduce power levels to a guaranteed minimum level

As growth slumps to single digit amid crackdown

China's Singles' Day loses lustre

Shanghai - After more than a decade of explosive growth, China's Singles' Day, the world's biggest online shopping fest, is losing its gloss and bracing for more modest growth in coming years, hurt by a slower economy and tighter regulatory scrutiny

More than one billion dollars

Glencore assurances on Chad pave way for IMF lending program

London - Glencore has offered assurances over the restructuring of Chad's more than $1 billion commercial debt, paving the way for the International Monetary Fund to move forward on a lending program, sources familiar with the matter said on Thursday. The African country in January became the first country to request a restructuring of its external debt of $3 billion under a common framework agreed last year by China and other Group of 20 members

An industrial conglomerate pioneer

GE to break up

London - General Electric will split into three public companies as the storied U.S. industrial conglomerate seeks to simplify its business, pare down debt and breathe life into a battered share price, the company said on Tuesday. The split marks the end of the 129-year-old conglomerate that was once the most valuable U.S. corporation and a global symbol of American business power

FOCUS

How GE's Larry Culp split the empire Jack Welch built

London - It was the break-up that eluded a generation of General Electric insiders. When Larry Culp, the first GE chief executive not to rise from within its ranks, convened a board meeting earlier this month to greenlight the split of the industrial conglomerate into three companies, he secured its backing. It was a far cry from board meetings held in the 1980s and 1990s by one of Culp's predecessors

Column

A winter of market confusion

London - If any investor tells you they are sure of what happens next in macro markets, they are likely to be fibbing. Such is the confusion in policy and investment circles right now over the course of inflation, output, jobs, financial prices and central bank policy that the next three-six months is likely impossible to predict with any conviction

First since Taliban victory

Ariana Airlines to resume flights between Afghanistan and Dubai

Kabul - Ariana Afghan Airlines is due to begin regular flights from Kabul to Dubai on Monday, reopening a heavily used international route that had been suspended since the Taliban victory over the Western-backed government in August. Ariana will operate daily flights, charging $550 for a one-way ticket. There had been heavy demand for tickets on the first flight

For a third day

No Russian Yamal gas flows into Germany for a third day

Moscow - Gas flows on the Yamal-Europe pipeline between Russia and Germany flowed eastbound for the third day running on Monday before stopping completely, data on German transmission company Gascade's website showed

Due to COVID 19 outbreak

UK: global supply chain crisis supports small ports

London - As the global supply chain crisis continues to escalate, suppliers are rerouting shipments into the UK through smaller ports like Liverpool. The sudden upsurge in demand for online retail instigated major disruptions in the global supply chain sector, following worldwide lockdowns due to the COVID-19 outbreak in November 2019

Ignazio Messina & C.

Navis integrates Master Terminal at Milano Segrate Terminal

Genoa - Navis has announced that it has gone live with its Master Terminal operating system at Inter Modal Logistic (IML) Milano Segrate Terminal (Ignazio Messina & C.). Milano Segrate is currently in the process of updating its inland and intermodal terminals

Amid expansion plans

Qatar orders six LNG ships from Korean shipyards

Doha - QatarEnergy has ordered six LNG ships from two South Korean shipyards, the first batch under a 2020 agreement, as the Gulf state seeks to meet requirements for its North Field expansion plans

Focus

Port congestion getting worse

London - Vessel and port congestion levels in 2021 have been unprecedented, significantly impacting capacity in the Container and Bulker sectors and disrupting global supply chains, says VesselsValue in its 2021 Port Congestion Report (FULL REPORT INSIDE)