March, 2018

• 20 March

  Financial stocks largest gainers in Saudi market

  

  Reuters The region’s biggest market, Saudi Arabia, was up 0.2 percent with financial stocks among the largest gainers ahead of an expected decision by FTSE at the end of this month to include Riyadh in its secondary emerging market index. Al Rajhi Bank, the kingdom’s second largest bank by assets, rose 1.7 percent, while Saudi British Bank was up 2.3 …

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• 20 March

  As VIX surged again, traders bet on Credit Suisse leveraged note

  Bloomberg During the equity rout, investors were not only back to betting on volatility’s return, they were doing so using a leveraged security from the firm at the nexus of last month’s stock selloff. As a jump in the VIX spurred activity across volatility-related securities, the exchange-traded product that had the highest volume was the VelocityShares Daily 2x VIX Short …

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• 20 March

  Saudi fuel exports soar to record high

  

  Bloomberg Saudi Arabia’s exports of diesel and gasoline soared to a record in January, underscoring a big advantage the world’s largest oil exporter has over other producers who’re more dependent on shipments of lower-value crude. While the kingdom kept crude output below an OPEC-agreed cap, its shipments of diesel, gasoline and other fuels surged by 27 percent to a record …

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• 20 March

  India to raise natural gas price to highest in 2 years

  

  Bloomberg India is poised to lift its domestic natural gas price to the highest in at least two years, boosting earnings of producers like Oil and Natural Gas Corp., according to a survey of analysts and industry participants. The federal government will increase the price to $3.2 per million British thermal units for April to September, almost 11 percent more …

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• 20 March

  Oil rises to 2-week high as OPEC cuts weighed against US supplies

  

  Bloomberg Oil climbed to a two-week high as investors weighed record compliance to output curbs by OPEC and its allies against expanding US supplies and a broader selloff in risk assets. Futures in New York rose as much as 1.1 percent after dropping for the first time in four sessions. While US crude inventories are forecast to have grown by …

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• 20 March

  Supermarket casualties begin to pile up in Amazon-fuelled battle

  

  Bloomberg This is how the grocery industry lives now. Regional chains are filing for bankruptcy. European-born discounters are expanding, forcing competitors to keep their own prices low. And Kroger Co. and Walmart Inc., the two largest grocers in the US, are investing in technology and expanding delivery as they try to fend off an incursion by Amazon.com Inc. It’s a …

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• 20 March

  Pratt to ship spare engines for grounded IndiGo jets

  

  Bloomberg Pratt & Whitney will provide spare engines within 40 days to get all grounded Airbus SE A320neo aircraft at India’s IndiGo flying again, with the first delivery scheduled for Wednesday, people with direct knowledge of the matter said. The engine maker communicated its plan on Tuesday to the jet’s biggest customer, the people said, asking not to be identified …

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• 20 March

  Jewellery chain Claire’s files for bankruptcy

  

  Bloomberg Claire’s Stores, known for tween jewellery and ear piercing, has become the latest victim of the retail apocalypse. The company filed for bankruptcy on March 19 and said it reached an agreement with creditors including its private-equity backer, Apollo Global Management LLC, to restructure around $1.9 billion in debt. Its plan to survive rests on its reputation for trendy …

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• 20 March

  Airbus, Heathrow mark 10th anniv of first A380 flight to London

  

  Emirates Business Airbus and Heathrow airport are celebrating the 10th anniversary of A380 operations at the airport. They began on March 18, 2008 with the arrival of the first A380, a Singapore Airlines flight SQ308 from Singapore Changi airport making Heathrow one of the first to welcome Airbus’ iconic double decker. Heathrow is now the world’s busiest A380 airport by …

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• 19 March

  Petrofac wins AED2.13bn engineering contract in GCC

  LONDON / WAM UAE-based Petrofac, a leading service provider to the oil and gas production and processing industry, on Monday announced that it has signed a binding letter of intent, for a contract worth around $580 million (AED2.13 billion) with a GCC National Oil Company for the engineering, procurement and construction (EPC) of a major project. Specific details in relation …

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