Russia continues to pull ahead of its oil rivals including Saudi Arabia in China, the world’s biggest energy user.
The Asian nation’s imports of Russian crude jumped 61 per cent to a record 6.35 million tonnes in September from a year earlier, according to general administration of customs data. That helped Russia retain the top spot for the seventh straight month. Saudi Arabia, the world’s biggest crude exporter, supplied about 10 per cent more at 4.28 million tonnes, while retreating to the third-biggest. Angola was the second-biggest seller.
Russia is on a path to become the top supplier for the full year again, after last year surpassing the kingdom that has been a dominant supplier for years. Russian shipments during the first nine months were 45 million tonnes, the biggest volume among suppliers, data compiled by Bloomberg show. Angola shipped 39.9 million tonnes and Saudi 38.5 million tonnes.
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Russia is dominating amid heightened competition for major markets including China and India as Opec and other producers such as Russia implement output cuts to clear a glut and lift oil prices. The nations that are part of the deal will meet on November 30 in Vienna to discuss prolonging the curbs beyond March.
The Russian energy minister Alexander Novak said on Tuesday that compliance with a global output cut deal in the past nine months had been 102 per cent.
He said compliance by Opec countries had been 100 per cent and compliance by non-Opec countries 106 percent.
Speaking at a business forum in Moscow, Mr Novak said it was too early, however, to take a decision on whether the output deal should be extended beyond the end of March.
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Left Bank: Art, Passion and Rebirth of Paris 1940-1950
Agnes Poirer, Bloomsbury
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs: 2018 Jeep Grand Cherokee Trackhawk
Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)
