South African Rand Plunges on President Cyril Ramaphosa Farmgate Scandal Rumors

The South African rand fell over 4% against the dollar to around 17.95 before paring losses to the lowest since November 4th, after “farmgate” rumors spread that President Cyril Ramaphosa was considering resigning after a panel report found preliminary evidence, he may have committed serious misconduct. Ramaphosa was due to address the nation on Thursday, Ramaphosa’s spokesman Vincent Magwenya said: “An announcement is imminent. … I can’t confirm the date and time, we will advise.” in response to Reuters. Farmgate … Continue reading “South African Rand Plunges on President Cyril Ramaphosa Farmgate Scandal Rumors”

South Africa Raises Interest Rates 75bps to Tame Inflation

The South African Reserve Bank (SARB) increased its benchmark repo interest rate by another 75 bps to 7% at its November 2022 meeting, as widely expected. Prime is now at 10.5%. This was the 7th consecutive rate hike as the SARB tries to tame inflation expectations more firmly around the mid-point of the target band and achieve the inflation target in 2024. South Africa’s inflation rate unexpectedly rose to 7.6% in October from 7.5% in September. The decision was not … Continue reading “South Africa Raises Interest Rates 75bps to Tame Inflation”

Saudi Aramco Profit $US42.43 billion With Decline in Refining and Chemicals Margins

The Kingdom of Saudi Arabia controlled Saudi Aramco Oil reported on Monday third quarter earnings of $US42.43 billion down from the previous quarter’s record high. Profit was driven by higher crude-oil prices and volumes sold. Profits were up from up from $30.43 billion in the same period a year earlier. The result follows big oil rivals record profits. The UK’s BP, Netherland’s Shell, America’s ExxonMobil, the largest U.S. oil company, Chevron and Phillips 66 all crushed earnings on surging oil and gas … Continue reading “Saudi Aramco Profit $US42.43 billion With Decline in Refining and Chemicals Margins”

Sinopec Profit Soars to Record Despite China Oil Demand Near Two Low

China state-owned oil giant Sinopec (China Petroleum & Chemical Corp), the world’s biggest oil refiner by capacity, posted record first-half profits as higher global oil and gas prices outweighed a mixed market for fuel in China.  China’s oil demand fell to near a two-year low in July. The result follows strong first-half results came after fellow state-owned oil giants PetroChina Co. and Cnooc Ltd. profits. Sinopec is state owned by the Chinese Government Big oil rivals also delivered record profits. Saudi … Continue reading “Sinopec Profit Soars to Record Despite China Oil Demand Near Two Low”

PetroChina Profit Soars to Record Despite Fuel Sales Down 11.1% in China

China state-owned oil giant PetroChina posted record first-half profits as higher global oil and gas prices outweighed Crude oil throughput down 1.4% and fuel sales down 11.1% in China.  China’s oil demand fell to near a two-year low in July. The result follows strong first-half results came after fellow state-owned oil giant Cnooc Ltd. profits. Sinopec is state owned by the Chinese Government Big oil rivals also delivered record profits. Saudi Aramco Oil, The UK’s BP, Netherland’s Shell, America’s ExxonMobil, the largest … Continue reading “PetroChina Profit Soars to Record Despite Fuel Sales Down 11.1% in China”

Saudi Aramco Profit Soars 90pc to Record $US48.4 billion

The Kingdom of Saudi Arabia controlled Saudi Aramco Oil reported on Sunday record second quarter earnings of $US48.4 billion. The company estimate was $46.2 billion. Profits were up 90 per cent from $US25.5 billion a year earlier. The result follows big oil rivals record profits. The UK’s BP, Netherland’s Shell, America’s ExxonMobil, the largest U.S. oil company, Chevron, Phillips 66 and Occidental all crushed earnings on surging oil and gas prices. Oil prices have pulled back around 15% since suggesting these record profits … Continue reading “Saudi Aramco Profit Soars 90pc to Record $US48.4 billion”

Saudi Arabia Tadawul Stock Exchange to Launch Single Stock Futures

The Arab world’s biggest bourse, Saudi Arabia’s Tadawul exchange, plans to launch single stock futures on July 4 with the underlying stocks selected from the largest and most liquid publicly listed companies. The move is aimed to enable local and international investors to hedge and manage portfolio risks more effectively. The Kingdom is utilizing its resumed power in financial markets through high oil prices. Saudi authorities have introduced a raft of reforms to attract overseas share buyers and issuers as … Continue reading “Saudi Arabia Tadawul Stock Exchange to Launch Single Stock Futures”

Saudi Aramco Plans to Increase Capital Expenditures to $40-50 billion from $32 billion

The majority of major energy companies have been decreasing or keeping Capital Expenditure flat for a multitude of reasons, including ESG policy, politics, lack of access to credit. However Saudi Arabian Oil Co., aka Aramco, who just overtook Apple as the world’s biggest company, plans to increase this year’s capital expenditures to $40-50 billion from nearly $32 billion in 2021. Aramco also aims to reduce its global footprint as it moves to achieve net-zero greenhouse gas emissions across the portfolio … Continue reading “Saudi Aramco Plans to Increase Capital Expenditures to $40-50 billion from $32 billion”

South African Rand and Bonds Roiled By New Covid Variant Omicron

The new Covid-19 Variant WHO has named Omicron wrecked world markets Friday with South African markets understandably the epicenter. Early PCR test results showed that 90% of 1,100 new cases reported Wednesday in the South African province that includes Johannesburg were caused by the new variant. Many countries have closed their borders to South Africa as a result. Financial Markets Rocked by Omicron The South African rand this week sank 3.4%, increasing 2021 losses to 9.8%. South African 10-year yields … Continue reading “South African Rand and Bonds Roiled By New Covid Variant Omicron”

Omicron’s Unusual Genetic Profile and Speed of Spread Concern Scientists

The new B.1.1.529 variant now known as Omicron has scientists concerned for two primary reasons. The first is epidemiological and rand the speed it is spreading. The second is its highly unusual genetic profile with ‘an unprecedented sampling’ of mutations. There are other genetic changes that have not been seen before, whose significance is as yet unknown. WHO recognized the new Covid strain as a variant of concern Friday. omicron Omicron is the 15th letter of the Greek alphabet Omicron … Continue reading “Omicron’s Unusual Genetic Profile and Speed of Spread Concern Scientists”