December, 2018

• 4 December

  Aramco awards key well services contract to BHGE

  

  Dammam / Emirates Business Saudi Aramco has awarded a major simulation and well-testing contract to Baker Hughes — a GE company — to be a partner in optimising production from new and existing wells across conventional fields in Saudi Arabia. Demonstrating the strength and breadth of its expertise and portfolio of oilfield services, BHGE will deliver a comprehensive well services …

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• 4 December

  Dubai Chamber promotes emirate at Russia forum

  

  DUBAI / WAM The Dubai Chamber of Commerce and Industry participated in a seminar organised as part of the Interregional Export Forum in Perm, Russia, where participants were briefed on the various competitive advantages that Dubai offers to Russian exporters, companies and investors. During the forum, Sanan Nasibli, Head of Dubai Chamber’s Azerbaijan office, delivered a detailed presentation titled “Doing …

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• 4 December

  Canada oil cut stirs investor worries

  

  Bloomberg While Alberta’s plan to mandate Opec-style production cuts already is boosting oil prices and shares, the revival of Canada’s resource nationalism adds another layer of risk for investors to consider. The removal of millions of barrels of crude from the market will help shareholders of smaller producers who are exempt from the cuts, like Bonterra Energy Corp, as well …

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• 4 December

  Greenworks secures $440mn for clean energy real estate

  Bloomberg Greenworks Lending, which provides financing to commercial-property owners working to boost building efficiency, has arranged $440 million in funding for sustainability and clean energy. The deals are in three parts: CarVal Investors committed $250 million to fund new projects, along with a $40 million corporate investment, according to a statement. Greenworks, which finances clean-energy systems through a model called …

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• 4 December

  Stocks decline as trade hopes fade; curve flattens

  

  Bloomberg The rally in risk assets sparked by the trade truce faded as investors grew skeptical that the US and China made any meaningful breakthrough. The Treasury yield curve continued to flatten and the dollar retreated. The S&P 500, Dow Jones and Nasdaq indexes all gave up a chunk of Monday’s gains at the New York open, while the Stoxx …

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• 4 December

  Pound rallies as market grabs sign Brexit is reversible

  Bloomberg The pound rallied after an adviser to the European Union’s top court suggested that the UK should be allowed to reverse its notice to leave the bloc. Sterling snapped three days of losses following the non-binding opinion from Advocate General Manuel Campos Sanchez-Bordona of the EU Court of Justice, who said “the possibility continues to exist” to revoke the …

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• 4 December

  Yuan poised for biggest two-day gain in a decade

  Bloomberg The real winner from the trade thaw between the US and China is proving to be the yuan. The currency rose 0.66 percent to 6.8403 per dollar, taking its two-day gain to 1.7 percent, the biggest since at least 2007. Bonds rallied, with the yield on 10-year government debt falling to its lowest level since April 2017, amid speculation …

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• 4 December

  Powell: Strong economy has not reached all Americans

  

  Bloomberg Federal Reserve Chairman Jerome Powell said that while the central bank has made progresstowards a “strong economy” with rising wages, many lower-income workers have been left behind. “The Federal Reserve’s mission is to promote a strong economy and sound financial system,” Powell said in remarks prepared for delivery in Washington. “I am glad to say we have made a …

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• 4 December

  Pakistan plans to curb central bank’s power to manage currency

  

  Bloomberg Pakistan’s government plans to make the central bank report any planned currency adjustments to a committee, a move seen to curb the regulator’s independence as the nation negotiates an International Monetary Fund bailout. The State Bank of Pakistan has weakened the rupee for the fifth time this year and raised the key interest rate — roiling the stock market. …

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• 4 December

  Danske has $2.7bn capital buffer: CEO

  

  Bloomberg Danske Bank A/S has built a capital buffer of as much as $2.7 billion to absorb potential fines as it deals with the fallout of its role in one of Europe’s worst ever money laundering scandals. Acting Chief Executive Officer Jesper Nielsen says the amount “significantly” exceeds what Denmark’s regulator has ordered Danske to hold in connection with the …

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