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Dubai’s Shuaa, GFH jump on merger hopes

  DUBAI / Reuters Speculation over a possible merger between Dubai-based Shuaa Capital and Bahrain’s GFH Financial spurred heavy turnover in their shares on Monday, while the banking and insurance sectors dragged the Saudi Arabian stock index lower. Shuaa climbed 3.2 percent to a seven-year closing high of 1.93 dirhams, bringing its gains to 18.4 percent since Sunday. The Dubai-listed ...

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Nigeria’s proposed sale of oil assets not easy

  Bloomberg For sale: stakes in oil fields. Bids from world class energy companies preferred. Pipelines and terminals associated with the deposits only blown up about a dozen times in the past year. Deal may depend on crude prices. Nigerian President Muhammadu Buhari’s government on March 7 proposed a plan to jump start the economy by, among other things, selling ...

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Canadian oil firm to spend $9.4 billion to buy Alberta fields

  Bloomberg The future of the Canadian oil sands is looking a lot more Canadian. Calgary-based Canadian Natural Resources Ltd. said it will spend C$12.7 billion ($9.4 billion), its biggest purchase ever, to buy Alberta oil fields and facilities that process the sticky bitumen from oil sands from Royal Dutch Shell Plc and Marathon Oil Corp. “At the time you ...

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Libya crude oil output falls 11% on field closings

  Bloomberg Libya’s crude output dropped 11 percent as clashes among rival armed groups over the last 11 days led to the closing of some of the OPEC nation’s biggest oil export terminals, forcing a number of fields to halt production. Output fell by about 80,000 barrels a day to 620, 000 barrels since fighting among armed groups broke out ...

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Oil steadies below $49 as US drillers boost activity

  Bloomberg Oil steadied below $49 a barrel as US drillers continued to boost activity, countering OPEC’s efforts to drain a global glut. Futures were little changed in New York after falling 9.1 percent last week, the biggest weekly loss since November. Rigs targeting crude in the US rose to the most since September 2015, according to Baker Hughes Inc. ...

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EU utility pain worsens as Russian gas jumps most in 7 years

  Bloomberg The price European utilities pay for their natural gas is on a tear. Rates for Russian fuel at the German border last month jumped the most in seven years, extending their gain since September to almost 50 percent, according to the International Monetary Fund. The price of fuel from Moscow-based Gazprom PJSC may increase further even as prices ...

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Singapore eases property market regulations

  Bloomberg Whether you look at prices or policy, the property markets in Singapore and Hong Kong are marching resolutely in opposite directions. Singapore has eased some rules in its property market, after more than three years of home price declines. Hong Kong in November tightened some restrictions, after prices rallied following a short-lived dip last year. The curbs in ...

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Hong Kong securities regulator to probe CCB International’s IPO work

  Bloomberg Hong Kong’s securities regulator is investigating CCB International Holdings Ltd., the No. 2 underwriter of initial public offerings in the city last year, for its role advising a Chinese seafood supplier on now-scrapped listing plans, according to people with knowledge of the matter. The Securities and Futures Commission has been interviewing staff of the Chinese investment bank and ...

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