Emirates brings back tier miles on everyday spend as airlines sweeten loyalty schemes

Emirates brings back tier miles on everyday spend as airlines sweeten loyalty schemes
It comes as airline ramp up their loyalty scheme incentives globally to encourage passengers to return to the skies. (Shutterstock)
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Updated 01 June 2021

Emirates brings back tier miles on everyday spend as airlines sweeten loyalty schemes

Emirates brings back tier miles on everyday spend as airlines sweeten loyalty schemes
  • The new offer allows members of the loyalty program to still earn points even on the ground

DUBAI: Emirates Skywards, the loyalty program of Emirates and flydubai, is bringing back "tier miles "for members to earn points on everyday spending until the end of the year.
The offer allows Abu Dhabi Islamic Bank, Citibank, and Emirates NBD credit card holders to earn tier miles, on top of Skyward miles, on purchases such as online shopping, utility bill payments, and groceries.  
The new offer allows members of the loyalty program to still earn points even on the ground and comes as airline ramp up their loyalty scheme incentives globally to encourage passengers to return to the skies.
Members can also fast-track to the next tier status through the tier miles earned, the company added in a statement.
“We remain committed to always offering our loyal members greater value, choice and opportunities to earn and redeem miles on unmatched rewards and privileges,” said Nejib Ben Khedher, divisional senior vice president at Emirates Skywards.
The loyalty program has 1.9 million UAE-based members.


Oil at $85 as solid U.S. demand underpins sentiment

Oil at $85 as solid U.S. demand underpins sentiment
Updated 12 sec ago

Oil at $85 as solid U.S. demand underpins sentiment

Oil at $85 as solid U.S. demand underpins sentiment

TOKYO: Oil prices were mixed on Thursday, paring earlier gains, as some investors scooped up profits from the recent rally while solid demand in the United States and a switch to fuel oil from coal and gas amid surging prices underpinned market sentiment.
Brent crude futures fell 11 cents, or 0.1%, to $85.71 a barrel at 0355 GMT, reversing earlier gains that took the benchmark to the highest since October 2018. It rose 0.9% the previous day.
U.S. West Texas Intermediate (WTI) crude futures for December rose 5 cents, or 0.1%, to $83.47 a barrel. November WTI crude, which expired on Wednesday, settled up 91 cents, or 1.1%, after touching the highest since October 2014 earlier in the session.
"We saw some correction with Brent, but overall sentiment remained bullish as there have been no large increases in output by the United States or OPEC," said Satoru Yoshida, a commodity analyst with Rakuten Securities.
"Brent could reach $90 a barrel later this year as tightness in global oil markets will likely continue as U.S. decarbonisation efforts will cap output increases while demand will increase as more power companies switch fuel from coal and gas," he said.
Crude prices have risen as supply has tightened, with the Organization of the Petroleum Exporting Countries (OPEC) maintaining a slow increase in supply rather than intervening to add more barrels to the market.
Oil refiners are ramping up output to meet a synchronised uptick in demand across Asia, Europe and the United States, but plant maintenance and high natural gas prices are expected to constrain supply in the fourth quarter.
Oil markets hit multi-year highs earlier in the week also supported by a global coal and gas crunch, which has driven a switch to diesel and fuel oil for power generation.
Strong demand in the United States was confirmed by the latest weekly data.
U.S. crude stocks fell by 431,000 barrels in the week to Oct. 15 to 426.5 million barrels, compared with analysts' expectations in a Reuters poll for a 1.9 million-barrel rise, the U.S. Energy Information Administration (EIA) said on Wednesday. EIA/S
U.S. stocks at the Cushing, Oklahoma delivery hub hit their lowest level since October 2018, pointing to tightness in the market that may take some time to alleviate.
U.S. gasoline stocks fell by a more-than-expected 5.4 million barrels to 217.7 million barrels, the lowest since November 2019, the EIA said, while distillate stocks fell to levels not seen since April 2020.
"Crude oil inventories at Cushing have been drawing dramatically, supporting WTI flat price and structure, with the backwardation on the prompt end of the WTI curve strengthening above 50 cents," Citi Research said in a note, noting the trend comes despite the autumn maintenance season.
In a sign of market tightness, WTI futures contracts are currently in steep backwardation , where later-dated contracts trade are at a lower price than the current contract. Normally later months trade at a higher price, reflecting the costs of storing oil.
The steep backwardation encourages companies to sell oil immediately rather than keep it in storage.


Saudi Arabia doesn't want oil prices to cripple global economy, finance minister tells CNBC

Saudi Arabia doesn't want oil prices to cripple global economy, finance minister tells CNBC
Updated 21 min 36 sec ago

Saudi Arabia doesn't want oil prices to cripple global economy, finance minister tells CNBC

Saudi Arabia doesn't want oil prices to cripple global economy, finance minister tells CNBC

RIYADH: Saudi Arabia doesn't want high oil prices that will cripple global economy recovery, but the Kingdom has no say on what prices are as they are determined by the market, finance minister Mohammed Al Jadaan told CNBC in an interview.

"I think we need to see a price that is good for investors, good for producers so that they can continue investing because the world needs the energy, and does not actually impact negatively the world's recovery particularly in a time like this," he told the American TV channel.


PayPal in $45bn bid for Pinterest: Reuters

PayPal in $45bn bid for Pinterest: Reuters
Updated 20 October 2021

PayPal in $45bn bid for Pinterest: Reuters

PayPal in $45bn bid for Pinterest: Reuters

NEW YORK: PayPal Holdings Inc. has offered to buy digital pinboard site Pinterest Inc. for $45 billion, people familiar with the matter said on Wednesday, a combination that could herald more tie-ups between financial technology and social media companies in e-commerce.

The deal talks come as internet shoppers increasingly buy items they see on social media, often following “influencers” on platforms such as Instagram and TikTok. Buying Pinterest would allow PayPal to capture more of that e-commerce growth and diversify its income though advertising revenue.

PayPal has offered $70 per share, mostly in stock, for Pinterest, one of the sources said. 

The online payments provider hopes to successfully negotiate and announce a deal by the time it reports quarterly earnings on Nov. 8, the source added.

The sources cautioned that no deal was certain and terms could change. They asked not to be identified because the matter is confidential.

PayPal and Pinterest did not respond to requests for comment. Bloomberg News first reported on the PayPal-Pinterest talks on Wednesday.

PayPal’s offer represents a 26 percent premium to Pinterest’s closing price of $55.58 on Tuesday. PayPal’s shares fell over 4 percent on the news, while Pinterest rose more than 14 percent to $63.51.


Oil rallies as US crude stocks decline in tight market: Energy market wrap

Oil rallies as US crude stocks decline in tight market: Energy market wrap
Updated 20 October 2021

Oil rallies as US crude stocks decline in tight market: Energy market wrap

Oil rallies as US crude stocks decline in tight market: Energy market wrap

RIYADH: Oil prices rose on Wednesday after US crude inventories at the nation’s largest storage site hit their lowest level in three years and nationwide fuel stocks fell sharply, a signal of rising demand.

Brent crude futures settled at $85.82 a barrel, a gain of 0.9 percent or 74 cents and the highest since October 2018.

November US West Texas Intermediate crude, which expires on Wednesday, settled at $83.87, up 91 cents, or 1.1 percent. The more active WTI contract for December settled up 98 cents to $83.42 a barrel.

Crude prices have risen as supply has tightened, with the Organization of the Petroleum Exporting Countries maintaining a slow increase in supply rather than intervening to add more barrels to the market, and as US demand has ramped up.

Globally, refiners have been boosting output thanks to high margins, one that can only be restrained by maintenance. US refining capacity use dropped in the most recent week, but analysts noted that supply may continue to tighten if US refiners also pick up processing again.

Emissions cut

Anglo-Australian miner Rio Tinto announced a $7.5 billion plan to reduce carbon emissions by 50 percent by 2030 and forward its target of 2025 for a 15 percent reduction in emissions from 2018 levels.

LNG deals

China has agreed to three huge liquefied natural gas deals with US exporter Venture Global LNG.

According to documents posted on the US department of energy website, the agreements with China’s state oil giant Sinopec include two 20-year deals for a combined 4 million tons of LNG per year.

Germany’s oil imports

German crude oil import volumes fell 7.1 percent from January to August and related lockdowns hit the industry, official data showed on Wednesday.

Oil volumes in Jan-Aug fell to 51.9 million tons from 55.8 million in the same months of 2020, statistics from the BAFA foreign trade office showed.

Forecast 

Crude oil prices could reach $100 per barrel in the first or second quarter of next year as global inventories are at their lowest level, the Iraqi oil minister said.


Sipchem records highest profits in its history, shares skyrocket

Sipchem records highest profits in its history, shares skyrocket
Updated 20 October 2021

Sipchem records highest profits in its history, shares skyrocket

Sipchem records highest profits in its history, shares skyrocket
  • The company posted a net profit of SR1.029 billion for the third quarter of 2021.
  • It also achieved a net profit after zakat and tax of about SR1.24 billion in the first half of 2021.

RIYADH: Shares of Sahara International Petrochemical Co. “Sipchem” on Wednesday hit the highest level since debut on the Saudi stock market. Share of the petrochemical company closed at SR46.95 ($12.2). 

Nearly 15.4 million shares were traded during the market session. The company posted a net profit of SR1.029 billion for the third quarter of 2021, the highest profit since its establishment. 

In a statement, the company attributed the reason for the rise in shares price to high selling prices of all the company’s products, which it said contributed to the increase in profit margins despite pressures from the rise in the prices of raw materials such as butane, ethanol, ethylene and propane.

On a quarterly basis, the company’s profits rose by about 24 percent, compared to the profits of the previous quarter, which amounted to SR829.9 million.

The company also achieved a net profit after zakat and tax of about SR1.24 billion in the first half of 2021, compared to losses of about SR151.8 million in the same period of 2020.

Sipchem CEO Abdullah Al-Saadoon told CNBC Arabia that he expected demand for the company’s products to remain strong in the fourth quarter of the year and the first three months of 2022.

Sipchem’s strong marketing plan helped buoy its third quarter earnings, he said. 

The company has  strong presence in the European and Asian markets, through Sipchem Europe and Sipchem Asia. It markets more than 70 percent of its products to end consumers.

Al-Saadoon said the company seeks to reduce its debt since the beginning of the year. It reduced its leverage by almost 12 percent to reach 40 percent of capital, he added.