Oil Rises Near 5-Month High on Shrinking US Stockpiles
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13-15 AUgUST 2020 | 23-25 DHUL AL-HIJJAH 1441 HIJRI | VOLUME NO. 08 | ISSUE 18 /emiratesbusiness.ae @emi_business emirates-business.ae OP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0348 B r e n t Crude $45.17/bbl buLLION biden makes safe choice with Kamala Harris Abu Dhabi - ADX 4,359.58 EuRo 4.3228 CHF 4.0358 W T I C r u de $42.33 /bbl In choosing Senator of California, the Democratic presidential candidate’s campaign is acting as though it is comfortably ahead, GBP 4.8024 CAD 2.7820 N a t u r a l G as $2.10 /MMBtu Dubai - DFM 2,115.31 writes Ramesh PonnuRu PRECIOUS METALS BANKING PAGE 07 New york - NYA 12,961.45 EXCHANGE RATE Sri Lankan Rs 49.69 Gold $1,955.60/t oz troubled india shadow lenders show signs of revival Indian Rs 20.26 P h i l i p p i n e P eso 13.09 Gold-Dubai AED234.75/gm Buy for London - UKX 6,280.12 Bangladesh Taka 22.32 (AED) 27,381.24 The sound health of shadow banks is vital because they form backbone Pakistani Rs 44.82 Silver $26.11/t oz of Asian country’s economy in lending to a wide range of borrowers Thursday— Saturday Price UAE: AED 2 UAE delivers 25 tonnes of UNeSCO-liSted bUildiNg COllApSeS iN yeMeN’S SANAA medical aid to Lebanon The aid includes surgical masks, goggles, coveralls, N95 respirators, stretchers, thermometers and other items dubai / WAM The move to send The United Arab Emirates dis - medical aid to Lebanon patched more aid to Lebanon follows the directives of to help emergency relief efforts in Beirut. The move follows the HH Sheikh Mohammed directives of His Highness bin Rashid Al Maktoum, Sheikh Mohammed bin Rashid Vice President and Al Maktoum, Vice President Prime Minister of the and Prime Minister of the UAE had been prepositioned UAE and Ruler of Dubai and Ruler of Dubai. within International Human - Dubai’s International Hu - itarian City by the World manitarian City airlifted aid Health Organisation (WHO). health care workers treating material worth $1.4 million on Robert Blanchard from patients during pandemic. Re - an Emirates SkyCargo plane. WHO’s logistics hub in Dubai sponding to an emergency The aid included almost said, "Based on the needs iden - within an emergency, WHO is 25 metric tonnes of medical tified by our medical staff in grateful for support received supplies, personal protective Lebanon, we are dispatching from HH Sheikh Mohammed, equipment including surgical additional medical supplies government of UAE, Dubai’s masks, goggles, gowns, cover - that are critically needed to IHC and Emirates Sky Cargo to A Yemeni labourer removes the rubble before the start of the restoration work at the site of a Unesco-listed building after it collapsed alls, N95 respirators, stretch - treat those impacted by blast facilitate rapid response to the due to torrential rains in Sanaa, Yemen on Wednesday —DPA ers and thermometers, which and simultaneously protect people of Lebanon." CrUde markers are regaining ground amid expectations for a drop in US oil inventories ADIB’s first-half net profit reaches AED587.6 million dubai / WAM in H1 2019. Jawaan Awaidah Al Khaili, Oil rises near 5-month high Abu Dhabi Islamic Bank Chairman of ADIB, said: (ADIB) reported a net profit "This period demonstrated of AED587.6 million and the resilience of bank’s busi - AED 2.5 billion in net rev - nesses and dedication of our on shrinking US stockpiles enue for H1 2020. In a state - employees as we remained ment, the bank said net focused on delivering revenue for H1-2020 de - uninterrupted services to Oil battled its 200-day moving average for last week, with prices kept in check creased to AED2,556.6 mil - customers amidst a very amid uncertainty over trajectory of demand recovery from the pandemic lion from AED2,887.1 million challenging environment.” BlooMBErg n The American Oil climbed to near a five-month Petroleum Institute high after an industry report Emaar Properties posts pointed to a third straight reports inventories weekly drop in American crude drop by 4.01 million AED2 billion profit in H1 stockpiles. barrels last week Futures in New York rose past dubai / WAM $42 a barrel after losing 0.8% Tuesday. The American Petro - n India’s oil product Emaar Properties has revealed leum Institute reported invento - consumption was still H1 revenues of AED9 billion ries fell by 4.01 million barrels down 12% compared and over AED2 billion in net last week. profit, according to a state - The improving picture in the to a year earlier in July, ment by the real estate Dubai- US overshadowed lingering while Japan’s gasoline based giant on Wednesday . concerns about the coron - demand is showing Mohamed Alabbar, Founder Our performance avirus’s impact on demand. renewed signs of of Emaar, said: "Our perform - in H1 2020 has India’s oil product consumption ance in the first half of 2020 demonstrated our was still down 12% compared weakening has demonstrated our funda - fundamental ability to to a year earlier in July, as the The Energy Information Administration revised down its production forecast for this year mental ability to retain nation continues to grapple but Opec own forecasts suggest American producers are ramping up output had sought to take less Arab Extra strength and act with agility retain strength and act with the virus, while Japan’s Light crude with more affordable and speed in the face of the with agility and speed gasoline demand is showing formation Administration (EIA) nock, analyst at PVM Oil Associ - alternatives available, including challenges presented by Covid- in face of challenges renewed signs of weakening. revised down its production fore - ates Ltd. “Market players are crude from the Permian. 19. Emaar’s performance is a Oil has battled its 200-day mov - cast for this year but the Organi - cheering the easing US oil glut American crude production testament to the products presented by Covid-19 ing average for the last week, with sation of Petroleum Exporting but the upside will be capped by will be 11.26 million barrels a we introduce and the people Mohamed Alabbar, prices kept in check amid ongoing Countries own forecasts suggest nagging fiscal uncertainty in day this year, the EIA forecast, behind these innovations. Founder of Emaar uncertainty over the trajectory of American producers are ramping Washington.” down from July’s 11.63 million "Each year we set the bar the demand recovery from the up output. Saudi Arabia will grant the oil estimate. Gasoline and distil - higher, raising the expectations In the meantime, Emaar pandemic. At the same time, “Both crude markers are re - supply asked for by refiners next lates stockpiles also fell last across all our businesses to en - Development, said revenue Opec+ is adding barrels back to gaining ground amid expecta - month, while also accommodat - week, the API said, while inven - sure every Emaar touchpoint stood at AED4.818 billion in the market, though the US picture tions for a drop in US oil ing some requests for reduced tories at the Cushing storage is met with the same standard H1, with half-yearly net profit is more uncertain. The Energy In - inventories,” said Stephen Bren - volumes of its lighter grade. Some hub rose by 1.1 million barrels. of excellence," he added. of AED1.036 billion. ‘Watania’ net FTA issues guide for profit rises by Development projects reshape e-commerce sector 136% in H1 future of Sharjah’s eastern region abu dhabi / WAM EMirAtEs BusinEss The area is awaiting the construction of the two 5-stars hotels, The Federal Tax Authority Watania’s net profit jumps to (FTA) clarified via a guide that AED16.6 million during the one close to Khor Fakkan Beach and region’s first water park Value Added Tax (VAT) is ap - first six months of 2020 from Sharjah / WAM plied on e-commerce services AED7 million as compared to HH Dr Sheikh Sultan bin (also known as "electronic the same period last year – a The Eastern Region of the emi - Muhammed Al Qasimi, commerce", sometimes re - growth of 136%, declared Dr rate of Sharjah, which includes ferred to as the "digital econ - Ali Saeed Bin Harmal Al Dha - Kalba, Khor Fakkan and Dibba Supreme Council Member and Ruler of Sharjah, has omy") upon their actual use The FTA guide outlines heri, Chairman of the Board Al Hisn, is witnessing the imple - or enjoyment in the UAE. of National Takaful Company. mentation of various develop - personally overseen tax treatment of supply Users should note that al - The lockdown imposed on ment projects related to roads, the planning of the of electronic services, though many of the general account of the pandemic saw infrastructure, tourism, her - eastern region’s future rules of VAT apply to e-com - such as services that significant reduction in road itage, environmentally-friendly and is tracking its progress merce, there are several spe - are provided directly accidents and general ill - hotels and resorts that will cial rules that apply nesses. This had a positive shape the future of the region. specifically to e-commerce over the internet, impact on Company’s Motor HH Dr Sheikh Sultan bin transactions. an electronic network, and Medical insurance port - Muhammed Al Qasimi, Supreme Kalba Ring Road, and Dibba Al fisher Lodge in Kalba. The guide outlines the tax or an electronic market folio. The overall loss ratio Council Member and Ruler of Hisn Road.