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Booming LNG Market Steps Out Of The Dark As Transparency Push Grows

17th July 2018

SINGAPORE, July 12 (Reuters) – Long dominated by deals struck in secret, the $230 billion liquefied natural gas industry is slowly seeing light as global traders push for more transparency in the booming market. Over the past two months, commodity price agency S&P Global Platts and Australia-headquartered LNG trading marketplace Global LNG Exchange (GLX) facilitated the first transparent physical trades in their platforms. It was the first time in nearly a decade since Platts kicked off its Asian LNG derivative price assessment that it disclosed trading parties of a physical trade on its platform. Pricing transparency is critical to boost...

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Oil Falls as Trade War Escalates

16th July 2018

Oil fell toward $73/bbl in New York after U.S. President Donald Trump escalated a trade war with China, heightening fears that global economic growth could be caught in the cross-fire. Futures dropped 1.2%, slipping in tandem with equities and metals, after the Trump administration unveiled a list of $200 billion in Chinese goods that could face 10% tariffs once public consultations end in August. Losses were deeper for Brent crude, the European benchmark, as Libya’s national oil company lifted supply restrictions after it regained control of key ports from a splinter faction. “We have the dynamic for a pull back,”...

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Saudi Arabia Pledges to Invest $10 billion in South Africa

16th July 2018

Saudi Arabia intends to invest as much as $10 billion in South Africa’s economy, with a focus on energy. The commitment was made during a state visit by South African President Cyril Ramaphosa to the Middle Eastern nation, his spokeswoman Khusela Diko said by phone on Thursday. Officials from Saudi Arabia will take part in an investment summit in October in South Africa when they are expected to give more detail about the planned spending, she said. Ramaphosa is seeking to revive a flagging economy after taking over from Jacob Zuma as the nation’s leader in February and has started...

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The digitisation of wholesale banking

16th July 2018

In the next five years, digital channels are expected to attract 30% of traditional corporate banking revenue As digitisation of the banking sector gathers momentum across the globe, many technological buzzwords like ICO, blockchain, cryptocurrency, machine learning, artificial intelligence, etc., have become popular in the Middle East as well, with UAE banks taking the lead in adopting and implementing world-class digital solutions. The UAE is ranked amongst the top countries in terms of mobile penetration and easy access to internet, which further enhances the country’s potential for embracing digital banking services. However, whenever we hear about digital banks or challenger...

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Oil and gas sector provides over 5,000 jobs for Omanis

16th July 2018

The drive is part of Omani government plans to provide jobs to nationals Muscat: The number of jobs that have been specified by Oman’s oil and gas sector (5,000 jobs) has been exceeded in certain jobs, a top official at the Ministry of Oil and Gas, said. The drive is part of Omani government plans to provide jobs to nationals. On October 3, the Council announced 25,000 jobs would be created for Omanis in both the private and public sectors starting from December. More than 33,000 Omani nationals have been hired in both public and private sectors so far, according...

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Southeast Asia’s growth could be the trade war’s next casualty

16th July 2018

SINGAPORE (July 16): For Southeast Asia’s biggest economies, 2018 wasn’t supposed to be like this. If a widening trade war wasn’t enough to contend with, a global wave of policy tightening, strong oil prices and domestic politics are also weighing on growth prospects for the region. Policy makers are rewriting economic strategies as volatility surges, in some cases putting greater emphasis on currency stability or even structural changes. “With trade war risks now materializing, this suggests stronger headwinds for exports,” said Tamara Henderson, an economist at Bloomberg Economics in Singapore. “Investment, already buffeted by tighter monetary policy, is also likely...

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Razer launches e-wallet app in Malaysia

9th July 2018

Razer yesterday made its debut in Malaysia by launching an e-wallet service targeting the millennial generation. The Singapore gaming company, co-founded by chief executive Tan Min-Liang, announced that the initiative is a partnership between Razer and Berjaya Corporation. Users can transfer funds via peer-to-peer cash transfers using Razer Pay. They can also transfer money from their Razer Pay e-wallet to their bank accounts. The e-wallet can be used for online transactions. Razer Pay was initially known as One2Pay, the e-wallet app launched by MOL last year. MOL was subsequently acquired by Razer in May this year. Razer said more than...

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Malaysia fights to rein in blaze at Tipco oil storage facility

9th July 2018

SINGAPORE (REUTERS) – Fire and rescue officials are battling to contain a blaze at three oil storage tanks of the Tipco Asphalt refinery in Malaysia’s southern town of Kemaman, media said on Friday (July 6). The fire, which began on Thursday, had spread to a third tank, the New Straits Times newspaper said on its website, adding that losses were expected to run into the millions of ringgit. Authorities expect to douse the fire in the first two tanks by Friday afternoon, Malaysian media quoted Assistant Commissioner Azlimin Mat Noor, an official of the fire and rescue department in the...

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Digital Finance Broadens Roles for Oil and Gas CFOs

9th July 2018

In the oil and gas industry, digital finance is transforming the kinds of services that finance has traditionally delivered to the business. While digital finance is helping companies unlock millions of dollars of value, it is also creating a cross-functional, collaborative workforce capable of generating new insights and improving decision-making throughout the enterprise. In the process, the role of finance in oil and gas is being redefined from recording and reporting results to guiding the course of the business. This evolution will only accelerate as newly emerging technology areas, including quantum computing and blockchain become more established. Our global study of Chief...

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Oil Mixed As Saudi Output Rises, Equities Rebound

9th July 2018

NEW YORK, July 6 (Reuters) – Oil was mixed on Friday as a Canadian supply outage supported U.S. crude prices, while an increase in production from OPEC’s biggest exporter Saudi Arabia pushed Brent lower. U.S. crude futures gained 86 cents, or 1.2 percent, to settle at $73.80 a barrel. Global benchmark Brent slipped 28 cents to settle at $77.11 a barrel. For the week, WTI futures lost about 0.5 percent after hitting a 3-1/2-year high on Tuesday, while Brent lost about 3 percent. U.S. crude was bullish after official data on Thursday showed inventories at Cushing, the delivery point for...

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