Latest news with #SoniaCheema
Zawya
09-05-2025
- Business
- Zawya
Iraq's SOMO offers fuel oil term supplies for second-half of 2025, sources say
SINGAPORE - Iraq's state-owned marketer SOMO has offered a term contract to supply high-sulphur fuel oil between July and December 2025, according to industry sources. The fuel oil will be lifted from the Khor al-Zubair (KAZ) ship-to-ship transfer port, with a volume of about 142,500 metric tons per month. The tender will close on May 18, with a validity of up to 20 days. (Reporting by Jeslyn Lerh; Editing by Sonia Cheema)
Zawya
17-04-2025
- Business
- Zawya
UK's Wood Group extends deadline for Sidara's takeover offer
UK's Wood Group on Thursday said it has extended the deadline for a takeover offer by Dubai-based Sidara to May 15 from April 17. On Monday, the company received a proposal from Sidara comprising a takeover bid worth about 242 million pounds ($320.5 million) and up to $450 million in cash. Wood Group had said it would be "minded to recommend" a firm offer on such terms to its shareholders, if made. The British oilfield services and engineering firm rekindled talks for a potential takeover in February, after Sidara shelved its initial plans to buy the group last year, citing rising geopolitical risks and uncertainty in the financial market. This development marks the second extension Wood Group has granted to Sidara, with the first taking place in March. ($1 = 0.7552 pounds) (Reporting by Anandita Mehrotra in Bengaluru; Editing by Sonia Cheema)
Zawya
24-02-2025
- Business
- Zawya
Citi upgrades Indian stocks to 'overweight' on rate cut prospects, limited trade impact
Citigroup upgraded Indian stocks to "overweight" from "neutral" on Monday, citing improving consumer sentiment, further rate cuts, and limited U.S. trade exposure. India's "domestic-oriented economy" keeps it more shielded from increased exposure to the U.S. or China, the brokerage said, while keeping a "neutral" rating on broader emerging markets stocks. The Wall Street brokerage said it expects India's personal income tax rate cuts, announced earlier this month, to boost consumption. The government's plan to spend a record 11.21 trillion rupees ($129.54 billion) on infrastructure in the financial year that starts in April is also expected to aid economic growth and create more jobs, Citi said. It expects the Reserve Bank of India to continue its monetary policy easing cycle, expecting an additional 50 basis points of reductions this year, which could further lift local stocks. Citi previously forecast the benchmark Nifty 50 touching 26,000 levels by December, a 15% rise from Monday's close, and retained its projection for the benchmark MSCI EM equities index at 1,170 by end-2025, a 2% dip from its last close. Indian equities have been under selling pressure for most of February. The Nifty 50 has fallen in 15 of 17 trading sessions this month, losing more than 4%, on persistent foreign outflows, uncertainty about U.S. tariffs, and concerns over slowing domestic growth. On the Latam front, the brokerage lifted its rating on Chilean stocks to "overweight" from "neutral", citing potential growth in earnings-per-share. The brokerage lowered its rating on Saudi Arabia to "neutral" from "overweight" and reduced ASEAN equities to "underweight" from "neutral". (Reporting by Kanchana Chakravarty in Bengaluru; Editing by Sonia Cheema)
