Prince Alwaleed, Murdoch discuss strategic alliance

Updated 05 February 2013

Prince Alwaleed, Murdoch discuss strategic alliance

Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC) and Rotana Group, met with James Murdoch, deputy chief operating officer, chairman and CEO of News Corporation International at The Savoy Hotel, during the prince's visit to London.
The meeting was also attended by Fahad Alsukait, CEO of Rotana Group and CEO of Alarab Channel that is owned by Prince Alwaleed, and Nahla Nasser Alanbar, private executive assistant to the prince, and top executives of News Corp.
Prince Alwaleed and James Murdoch discussed various issues related to Rotana, News Corp. and KHC. Also during the meeting, they discussed their strategic alliance and reaffirmed their support for Rotana. Prince Alwaleed has 7 percent (voting shares) through KHC in News Corp. and KHC, which is 95 percent owned by Prince Alwaleed, is the second largest shareholder in News Corp. after the Murdoch family. Moreover, News Corp. owns a 19 percent stake in Rotana.


Oil up on slowing pace of coronavirus, Venezuela sanctions

Updated 44 min 24 sec ago

Oil up on slowing pace of coronavirus, Venezuela sanctions

  • Financial analysts say epidemic is likely to deal a ‘short-term blow’ to global economy

LONDON: Benchmark Brent oil prices rose for a seventh consecutive day after demand worries eased with a slowing of new coronavirus cases in China and supply was curtailed by a US move to cut more Venezuelan crude from the market.

Brent was up 71 cents at $58.46 a barrel at 1510 GMT. The global benchmark has risen nearly 10 percent since falling last week to its lowest this year. US oil was up 53 cents at $52.58 a barrel.

“Those in doubt of the economic impact from the virus should take heed from Apple’s surprise sales warning ... Put simply, this is the surest sign yet of the coronavirus fallout on the global economy,” said PVM analysts in a note.

S&P Global Ratings said it expected coronavirus would deliver a “short-term blow” to economic growth in China in the first quarter, echoing findings by the International Energy Agency.

Official data showed new cases in China fell for a second straight day, although the World Health Organization said there was not enough data to know if the epidemic was being contained.

The oil market price structure is also showing signs that prompt demand for oil is picking up, as the front-month Brent futures market is moving deeper into backwardation, when near-term prices are higher than later-dated prices.

This week, oil prices were also buoyed by a US decision to blacklist a trading subsidiary of Russia’s Rosneft, which President Donald Trump’s administration said provided a financial lifeline to Venezuela’s government.

Hopes that the Organization of the Petroleum Exporting Countries (OPEC) and allied producers would deepen supply cuts also supported prices.

The grouping, known as OPEC+, has been withholding supply to support prices and meets next month to decide a response to the downturn in demand resulting from the coronavirus epidemic.

But in the US, which is not party to any supply cut agreements, oil production has been rising. US shale production is expected to rise to a record 9.2 million barrels a day next month, the Energy Information Administration said.