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Globally, the number of coronavirus disease (COVID-19) cases moved past the 41 million mark, while cases grew exponentially in Europe. The US Food and Drug Administration (FDA) approved biopharmaceutical company Gilead’s antiviral drug remdesivir for the treatment of COVID-19. US first-time jobless numbers came in at 787,000 for the week ending Oct. 17, still hovering around
As the University moved the majority of its classes online for the semester with a few options for in-person lectures and labs, students faced the difficult decision of where to study for the semester. Some had already signed leases for the year and decided to come back to campus even if all their classes were...
(Bloomberg) -- A burst of debt deals in the Gulf has pushed issuance to a record in the region as borrowers rush to shore up their oil-dependent budgets before the U.S. presidential vote.Gulf Cooperation Council sovereigns and corporates have sold the equivalent of $102 billion in debt so far this year, already exceeding the highest full-year figure. On top of that, junk-rated Oman was in the market on Wednesday with a $2 billion sale in two parts, alongside offerings by Qatar Islamic Bank SAQ and the Investment Corporation of Dubai.“The last window of opportunity” before the presidential contest between Donald Trump and Joe Biden is galvanizing issuers, said Sergey Dergachev, a money manager at Union Investment Privatfonds GmbH in Frankfurt. A “worst case” could see a contested result or more social unrest, which would be “very bad for risk sentiment,” he said.For Saudi Arabia and the UAE, a Biden White House could see a cooling in relations, with greater scrutiny of human rights and a restoration of the diplomatic norms bypassed by Trump.The twin shock of the coronavirus and low oil prices this year have hit Gulf economies hard, sparking a wave of sales to capitalize on stimulus unleashed by central banks globally. Oman is one of the weaker members of the six-nation GCC and its budget deficit could reach 18% of gross domestic product this year, according to S&P Global Ratings estimates. The sultanate said it’s also in aid talks with Gulf neighbors, according to its bond prospectus.Read More: Oman Dangles Bailout Card to Win Over Investors for Bonds The GCC comprises Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Saudi Arabia’s sovereign sale contributed the most to the amount issued in 2020 for the fifth year in a row.On the corporate side, Dergachev predicts issues from Shuaa Capital PSC and Arab National Bank will be “very well-received” and expects “solid” sales from companies in the region in 2021. His fund participated in deals from companies including Saudi Electricity Co. and Masraf Al Rayan QSC.“For sovereigns, it is more about budget financing as pressure is high due to low oil prices,” as well as “exploiting the relative strength of GCC sovereigns versus many other emerging markets,” he said.(Updates total to include Oman sale)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
DUBAI: Oman’s return to the international bond market this week will be a test of its ability to convince investors that long-awaited fiscal reforms have started to put it on a sustainable financial footing. Oman, rated below investment grade by all the major credit agencies, announced on Monday plans to issue bonds with maturities of three, seven and 12 years, in what would
FederUnacoma, organisers of the EIMA International agricultural fair, have announced details of how they will enable international visitors to attend its main exhibition event, taking place 3-7 February 2020 in Bologna, even amidst Covid-19 restrictions. The announcement follows confirmation of the normal performance of trade exhibitions contained in the Italian Prime Ministerial Decree issued yesterdayRead More
Oman Air, the national air carrier of Oman, and international luxury fragrance house Amouage collaborated to recognize and honor Omani women on the occasion of Omani Women’s Day, celebrated every year on Oct. 17. Fifty Sindbad female members were welcomed at the Amouage Factory and Visitors’ Center for a ceremony to thank them for their loyalty to Oman Air. Sindbad is the
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PESHAWAR: The wife of a prisoner Muhammad Riaz had
Oman is considering replacing foreign workers with Omanis in government-run companies, the state news agency ONA reported on Wednesday. The labour minister discussed the plans, which include a programme to give leadership roles to Omani nationals, with the Oman Investment Authority (OIA) and the heads of government-run companies, ONA said.
SYDNEY: Hong Kong’s Cathay Pacific Airways Ltd. said on Wednesday it would slash 5,900 jobs and end its regional Cathay Dragon brand, joining peers in cutting costs as it grapples with a plunge in demand due to the coronavirus pandemic. The airline would also seek changes in conditions in its contracts with cabin crew and pilots as part of a restructuring that would cost
BEIJING: New home prices in China grew at their slowest pace in over four and a half years as tightening measures in some big cities helped cool the property market despite a broader economic recovery. New home prices in China also grew at a slightly slower monthly pace in September, official data showed, while the number of cities reporting monthly price increases for new
___ AP-NORC/SAP poll: 1 in 4 US workers have weighed quitting NEW YORK (AP) — The coronavirus pandemic has put millions of Americans out of work. But many of those still working are fearful, distressed and stretched thin. A quarter have even considered quitting their jobs as worries related to the pandemic weigh on them, according to a new poll by The Associated Press-NORC Center for Public Affairs Research. About 7 in 10 workers cited juggling their jobs and other responsibilities as a source of stress. Fears of contracting the virus also was a top concern for those working outside the home. The good news is that employers are responding. The poll finds 57% of workers saying their workplaces are doing “about the right amount” to respond to the pandemic, and 24% say they are “going above and beyond.” ___ ConocoPhillips buying Concho in $9.7B all-stock deal NEW YORK (AP) — ConocoPhillips is buying shale producer Concho Resources in an all-stock deal valued at $9.7 billion. That gives the companies a major presence in the Permian Basin, the top-producing oil field in the U.S. The combined company, if approved, would be among the largest U.S. oil producers, with production of more than 1.5 million barrels of oil equivalent per day. The deal comes as many oil producers are struggling to make ends meet. Oil prices have remained low for months. The deal, which is expected to close in the first quarter of next year, could help the companies save $500 million annually. ___ Pandemic air travel milestone; 1 million passengers screened SILVER SPRING, Md. (AP) — The number of passengers screened for flights in the U.S. topped one million in a day for the first time since the coronavirus pandemic outbreak last March, but it’s still about 60% fewer air travelers...
The coronavirus pandemic has pushed nearly all Mideast nations into the throes of an economic recession this year, yet some rebound is expected as all but two — Lebanon and Oman — are anticipated to see some level of economic growth next year, according to a report published Monday by the International Monetary Fund.
(Bloomberg) -- Oman will need further measures to keep its budget deficit in check, the Finance Ministry said, after the Gulf nation tapped the international debt market with a $2 billion bond sale.The shortfall may average 16% of gross domestic product over the next five years, or 5 billion rials ($13 billion) annually in 2021-2025, according to a document. S&P Global Ratings has previously estimated that the budget deficit could hit 18% this year.Oman’s newly-issued debt declined on its first day, with the notes trading 1.5%-2.5% below their face value, according to Sergey Dergachev, a money manager at Union Investment Privatfonds GmbH in Frankfurt.Public debt could soar to 130% of GDP in 2025, the Finance Ministry said. Total government debt is estimated to be at 78.3% of GDP this year, rising to 85.8% in 2021, according to the International Monetary Fund.Oman has been hammered by the coronavirus pandemic as well as lower crude prices, and has raised the possibility of assistance from its Gulf neighbors. The country is rated junk by all three agencies.The government was facing increasing pressure to borrow abroad as a widening fiscal shortfall leaves the sovereign underfunded by about 1.3 billion rials to 1.4 billion rials, according to Morgan Stanley.Read: Oman Dangles Bailout Card to Win Over Investors for BondsOman has taken measures such as reducing spending and plans to impose a 5% value-added tax from next year. It plans to implement developmental projects valued at 371 million rials as part of the effort to redirect resources toward “national priorities,” state-run Oman News Agency reported.Sultan Haitham Bin Tariq Al Said has also asked officials to set up a system to protect individuals and families most vulnerable to the nation’s budget plan.(Updates with bond performance in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Houston, 10/21/2020 / 12:20, EST/EDT - EQS Newswire - National Energy Services Reunited Corp. (Nasdaq)MUSCAT, OMAN / ACCESSWIRE / October 21, 2020 / National Energy Services Reunited Corp. ("NESR" or the "Company") (NASDAQ:NESR) (NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") and Asia Pacific regions, today reported multiple extensions and awards to Gulf Energy SAOC ("GES") in the Sultanate of Oman by Petroleum Development of Oman ("PDO") valued at over $1 billion. With these awards, NESR has cemented its position in Oman for the foreseeable future and has opened new growth avenues to expand its product lines over the next decade in the Sultanate of Oman and in the MENA region.These contract extensions include Cementing, Coil Tubing and Stimulation, Fishing and Milling, and Downhole Tools contracts for a period up to nine years, including a main term of five years with two possible extensions of two years each, with contracts expiring between 2030 and 2032. In addition, a new contract for Directional Drilling and Turbine Drilling was also awarded for a term of up to six years.Raoul Restucci, Managing Director, PDO, commented: "I am pleased to see local companies, such as Gulf Energy, come of age due to PDO's localization efforts and In-Country Value Strategy, which while delivering world class technology advances for the upstream sector also ensures creation of jobs, training and learning opportunities for Omanis and enhancements in the domestic supply chain and manufacturing. Companies such as Gulf Energy are leading the change in transforming the upstream sector in Oman as well as the region, and I wish them the best for the future."Salman Al Maimani, PDO Wells Contract Manager, commented "PDO has always encouraged and supported local companies to take on ever larger work scopes and expects market leading delivery and technologies within a competitive framework. We also believe that to create a successful business we need to provide the local companies enough runway so that they can build a sustainable enterprise around a stable framework. Hence, we are very pleased to see the progress GES has made up to this point, and these contract extensions and awards are in line with our strategy to reward the best performers who show the potential to further contribute to PDO's In-Country Value objectives. I wish GES the best for the future and hope they continue to contribute to PDO's and Oman's success in the coming years."Mr. Sultan Al-Ghafri, Gulf Energy Vice President commented: "We would like to thank the Ministry of Oil and Gas and PDO for their continued faith and confidence in our capabilities as well as the differentiated level of service which GES has delivered over the years. The last fifteen years have seen GES, a local Omani company, grow from a startup to one of the largest oilfield service providers in Oman and the region. These awards and extensions allow GES to further grow and contribute to the Oman E&P Industry and get to the next level. GES has invested heavily in both building manufacturing and operating facilities and these awards allow us to build on this base to bring cutting edge technologies for the benefit of our customers in Oman and train and deploy Omani Nationals as we have done in the past.""We are very pleased to further consolidate our presence in the Sultanate of Oman, one of our key foundational countries and where NESR has longstanding history and deep roots. I am deeply thankful to the Ministry of Oil and Gas and PDO as these awards validate and recognize the alignment and understanding we have had with the larger goals of In-Country Value creation in Oman. Beyond the monetary value, which is significant for these awards, the almost decade-long scope provides the business with the stability that allows us to invest heavily in recruiting and training Omani engineers and field personnel. The Omani talent has provided support to all our operations across the globe, and with this award we are able to intensify our efforts to place more Omani internationally. This is NESR's ESG strategy in action, with direct bearing on the sustainability of our business as well as social contributions to the countries where we operate," said Sherif Foda, Chairman of the Board and CEO of NESR. Mr. Foda added, "Additionally, the new drilling scope gives us a very good platform to build on for the next phase of growth and increase the technology intensity in our portfolio, and we look forward to delivering top quality service to PDO and our other customers in Oman."About National Energy Services Reunited Corp.Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 5,000 employees, representing more than 60 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.Forward-Looking StatementsThis communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, statements regarding the benefits resulting from the Company's recent business combination transaction, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, and the assumptions underlying or relating to any such statement.The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: the ability to recognize the anticipated benefits of the Company's recent business combination transaction, which may be affected by, among other things, the price of oil, natural gas, natural gas liquids, competition, the Company's ability to integrate the businesses acquired and the ability of the combined business to grow and manage growth profitably; integration costs related to the Company's recent business combination; estimates of the Company's future revenue, expenses, capital requirements and the Company's need for financing; the risk of legal complaints and proceedings and government investigations; the Company's financial performance; success in retaining or recruiting, or changes required in, the Company's officers, key employees or directors; current and future government regulations; developments relating to the Company's competitors; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic and market conditions, political disturbances, war, terrorist acts, international currency fluctuations, business and/or competitive factors; and other risks and uncertainties set forth in the Company's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (the "SEC").You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.For inquiries regarding NESR, please contact:Christopher Boone or Dhiraj DudejaNational Energy Services Reunited Corp.email@example.comSOURCE: National Energy Services Reunited Corp. via EQS Newswire10/21/2020 EQS Newswire / EQS Group AG
MUSCAT: Oman's labor minister discussed plans for replacing foreign workers with Omani workers in government-run companies on Wednesday, state news agency ONA said. The minister discussed the plans, which include a program to give leadership roles to Omani nationals, with the Oman Investment Authority (OIA) and the heads of government-run companies.
The Omani Ministry of Health announced on Tuesday that the total number of registered cases of the Coronavirus (Covid-19) in the country has reached 111033.
The ministry said in a statement carried by Oman News Agency (ONA) that the total death toll from the disease reached 1122, while the number of people recovering from it reached 96949, b
DUBAI: More than half the global workforce fears being made redundant in the next 12 months, according to a World Economic Forum-Ipsos survey. The study, released on the eve of the World Economic Forum’s (WEF) Jobs Reset Summit, questioned 12,000 adults in 27 countries about employment prospects during the ongoing coronavirus disease (COVID-19) pandemic.
GlobalMarkets has announced Saudi Arabia as the “Best Sovereign Public Debt Office” in the Middle East and North Africa. Additionally, the Kingdom won the “Most Impressive Middle East Sovereign Issuer Award” and “Most Impressive Emerging Market Issuer Award” at the 2020 Global Capital Bond Awards for the year 2020.