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The UAE’s strategy, as described by officials familiar with the matter, represents one of the most significant changes in oil policy for a major petro-state in the Middle East. For years, the region’s oil-producing governments have said they are not afraid to find buyers of crude in the future. The United Arab Emirates, which holds some of the world’s largest untapped crude reserves, is breaking with this orthodoxy, according to people familiar with the strategy.
Investors, do you want your debt to be served net or gross?
With the economic recovery underway, the amount of corporate debt in the wake of the Covid-19 crisis is a crucial indicator for investors – if only they could agree on how to measure it.
Total corporate borrowing increased by a modest 1% in the first half of 2021, after hitting an all-time high of $ 13.5 trillion last year, according to data released by the investment firm on Wednesday. Janus Henderson. At first glance, it looks like the start of a typical period of deleveraging after a debt spree.
Rio Tinto Hires Former Unilever Compliance Officer for Senior Legal Position
Rio Tinto PLC has recruited a former Compliance Officer for Unilever PLC and Nestlé SA to serve as General Counsel, overseeing compliance matters for a company that has been at the center of high-stakes legal battles and reputation crises these last years.
Isabelle Deschamps, who is currently legal counsel to Dutch performance paints and coatings company Akzo Nobel NV, will join the Anglo-Australian mining company in October, Rio Tinto said on Wednesday.
Rising oil prices can only help Shell so much
The recovery in the price of oil has taken a boot off Royal Dutch Shell’s neck. The second boot of the energy transition remains firmly in place.
Europe’s largest oil major by market value on Wednesday reported strong second-quarter operating results and said it would boost shareholder returns. It will pay 20-30% of second quarter operating cash flow.
UK Fintech Wise Debuts Solid London Direct List
Shares of Wise PLC made their trading debut in London on Wednesday, as investors bet on the online money transfer service’s ability to win business from established banks.
The UK-based fintech, formerly known as TransferWise, closed its first day of trading with a market valuation of around £ 8.75bn, which equates to around $ 12bn. That compares to market expectations of $ 6 billion to $ 7 billion ahead of the scheduled public listing, according to a person familiar with the matter. Wise did not disclose a targeted evaluation. Wise closed at GBP 8.80 per share.
Bank stocks in Europe zoom higher, rewarding bargain hunters
European banks are among the best performing in the stock market, making the winners the investors who backed them when many would not touch them during the pandemic.
This year, the Euro Stoxx Banks Index is up 26% – compared to a 14% increase for the broader benchmark – and has recently regained all of the ground it lost during the pandemic. Some individual actions have done even better. Spain’s Banco de Sabadell SA, which has been hammered during the pandemic shutdowns, is up 60% in 2021, while French banking giant Societe Generale SA is up almost 50%.
Generation of Afghan professionals flee from advancing Taliban
The professional class of men and women of KABUL-Afghanistan, who are part of a generation that has come of age under the shield of the American army, assesses the danger of a rapid progression of the Taliban forces. Many are packing their bags.
Hasiba Ebrahimi is already gone. The 24-year-old actress, who portrayed the optimistic youth of modern Afghanistan, was raised, like many Afghans, as a refugee in Pakistan and later in Iran. She returned to Kabul in 2014 and has since become a star in the country’s new film industry.
Trump sues Facebook, Twitter and Google to restore social media accounts
Former President Donald Trump has sued Facebook, Twitter and Google, seeking to restore his online profile after being suspended from most social media platforms following the January 6 riots on the United States Capitol.
Mr Trump was the most high-profile plaintiff seeking class action status against tech companies, saying he was wrongly censored by them in violation of his First Amendment rights. The lawsuits were filed in U.S. District Court in Miami on Wednesday.
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Major events expected for Thursday
00: 01 / UK: Jun KPMG and REC UK report on jobs
4:30 a.m. / NED: June IPC
05: 45 / SWI: June Unemployment
06: 00 / END: May Foreign trade
06h00 / GER: May foreign trade
07: 00 / CZE: May Retail
07h00 / HUN: June IPC
8:30 am / UK: first quarter financial review
09h00 / MLT: May industrial production index
09: 00 / GRE: May Foreign Trade (provisional data)
09h00 / CRO: June PPI
10: 00 / FRA: Harmonized OECD unemployment rates for May
10: 00 / IRL: June IPC
16: 59 / POL: Polish decision on interest rates
11:01 p.m. / UK: June BRC-Sensormatic IQ Footfall Monitor
Every hour in GMT. Powered by Kantar Media and Dow Jones.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
July 08, 2021 00:18 ET (04:18 GMT)
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