US weighs letting UAE buy over a million advanced Nvidia chips, Bloomberg News reports
The deal, which is still being negotiated and could change, would let the UAE import 500,000 of the most advanced chips on the market each year from now to 2027, the report said, citing people familiar with the matter.
While one-fifth would be set aside for the Abu Dhabi AI firm G42, the rest will go to U.S. companies building data centers in the Gulf nation, according to the report.
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OPEC+ may further accelerate oil output hikes on Saturday, sources say
LONDON :OPEC+ may make an increase in oil output for August at its meeting on Saturday that is larger than the 411,000 barrels per day (bpd) hikes it made for May, June and July, three sources familiar with OPEC+ talks told Reuters. Eight members of the group - Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria - are scheduled to meet online on Saturday to decide their oil output policy for August. OPEC+ made a radical change in policy this year when the eight members started to unwind their most recent output cut of 2.2 million bpd starting in April. They then accelerated the hikes in May, June and July to 411,000 bpd for each month, despite the extra supply weighing on crude prices. Earlier on Friday, other sources told Reuters the group was expected to agree to an increase of 411,000 bpd for August, which remains a possible outcome of Saturday's meeting. All sources declined to be identified by name due to the sensitivity of the matter. The acceleration of the output hikes came after some OPEC+ members, such as Kazakhstan, produced way over their targets, angering other members that were sticking more closely to agreed cuts. Kazakh output returned to growth last month and matched an all-time high, as the Chevron-led Tengiz field ramped up, a source familiar with the data told Reuters this week. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, is looking to expand its market share against the backdrop of growing supplies from other producers like the United States. The group pumps about half of the world's oil. As of their decision for July output, the OPEC+ eight have made or announced production increases of 1.37 million bpd. This is 62 per cent of the production cut of 2.2 million bpd that they are unwinding.
CNA
a day ago
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Tariffs, geopolitics drag on European IPOs, even as funds flow in
(Refiles to add the name Kramer to the legal firm in paragraph 19) By Charlie Conchie and Emma-Victoria Farr LONDON/FRANKFURT :Tariffs and Middle East turmoil are spooking European companies and the investors weighing their initial public offerings even as volatility subsides and money flows back into equity markets, advisers told Reuters. President Donald Trump's announcement of sweeping tariffs targeting imports from nearly all U.S. trading partners in April and his subsequent U-turn pause on the levies sent shockwaves through the global economy. But markets, including those in Europe, have since bounced back. The VIX, Wall Street's "fear gauge", has fallen around 67 per cent from a peak touched following Trump's tariff announcement. And fund inflows into European stocks reached their second-highest level this century earlier this year. Still, investors remain wary of new listings. Topping their list of concerns, according to seven IPO advisers interviewed by Reuters, are the potential impact of conflicts like the Israel-Iran war and uncertainty regarding newly listed companies' aftermarket performance. "There's still a bit of nervousness in the network and a hangover from issues around tariffs and the war in the Middle East," said Scott McCubbin, head of EY's UK and Ireland IPO practice. Some companies, meanwhile, are unwilling to accept lower valuations than they had hoped for, the advisers said. SHELVED LISTINGS German medical technology firm Brainlab postponed its IPO this week, citing "geopolitical uncertainties". Pharmaceutical company Stada delayed its debut in March, citing market volatility, while another German firm, car parts seller Autodoc did the same last month without giving a reason. Glencore-backed metals investor Cobalt Holdings, which was planning London's biggest IPO of 2025, meanwhile failed to secure enough investor interest, a person familiar with the matter told Reuters previously. Cobalt Holdings declined to comment. The recent run of shelved listings is making things harder for firms attempting to reopen the IPO market, one person close to the Brainlab IPO process said. Investors could not agree a price for the offering with Brainlab, the person and a second source said. Existing shareholders were dissatisfied with the makeup of the order book, said one of the sources, both of whom spoke on condition of anonymity because the process was private. A spokesperson for Brainlab said interest from investors was "very strong" but the conditions were not optimal for an IPO. While more funds have flowed into European equities this year from investors seeking to reduce their exposure to U.S. assets, that money is going into the stocks of large companies rather than IPOs, said one equity capital markets banker. Some of the reticence stems from cases like German perfume retailer Douglas, which saw its shares drop more than 12 per cent on its listing debut. It subsequently cut its guidance this year. The number of companies that went public across the EMEA region in the first six months of this year fell to 44 from 59 in the same period last year, according to Dealogic data. The amount raised also fell sharply, to around $5.5 billion from $14.1 billion. In such a challenging environment, Naveen Mittel, head of equity capital markets syndicate for EMEA at Citi, said companies planning an IPO have little margin for error. "You need to be clean in terms of setup and structure, evaluation of price, and there needs to be no question marks around it," he said. A POST-SUMMER IPO REBOUND? There have been some success stories this year. Hacksaw, a developer and distributor of online betting games, successfully listed on Nasdaq Stockholm in June. "It's hard to draw any firm conclusions from a few deals when others like Hacksaw, are still getting away," said Michael Jacobs, a partner at law firm Herbert Smith Freehills Kramer. "But it does feel like the IPO window needs a summer break to reset." Advisers are hoping an array of bigger deals may help open the market in the second half. That could include a return of Stada, and possible listings of prosthetic manufacturer Ottobock, Deutsche Boerse's research and technology unit ISS Stoxx, and classifieds business Swiss Marketplace Group. Stada is evaluating all options for the further ownership of the company including a possible IPO, it said. Swiss Marketplace Group said it had recently taken initial steps to achieve a "high level of IPO readiness", but its shareholders had not yet made a decision on the possible timing of a float. And Ottobock said it is continually reviewing options including an IPO, but no decision has been made. Deutsche Boerse said it was considering an IPO of ISS Stoxx, but could also buy out private equity investor General Atlantic from the company. No decision had yet been made, it added. Despite the bleak year-to-date numbers, the big picture for European IPOs - positive funds inflows and a calming of market volatility - looks good, one equity capital markets banker said.
CNA
a day ago
- CNA
Analysis:Tariffs, geopolitics drag on European IPOs, even as funds flow in
LONDON/FRANKFURT :Tariffs and Middle East turmoil are spooking European companies and the investors weighing their initial public offerings even as volatility subsides and money flows back into equity markets, advisers told Reuters. President Donald Trump's announcement of sweeping tariffs targeting imports from nearly all U.S. trading partners in April and his subsequent U-turn pause on the levies sent shockwaves through the global economy. But markets, including those in Europe, have since bounced back. The VIX, Wall Street's "fear gauge", has fallen around 67 per cent from a peak touched following Trump's tariff announcement. And fund inflows into European stocks reached their second-highest level this century earlier this year. Still, investors remain wary of new listings. Topping their list of concerns, according to seven IPO advisers interviewed by Reuters, are the potential impact of conflicts like the Israel-Iran war and uncertainty regarding newly listed companies' aftermarket performance. "There's still a bit of nervousness in the network and a hangover from issues around tariffs and the war in the Middle East," said Scott McCubbin, head of EY's UK and Ireland IPO practice. Some companies, meanwhile, are unwilling to accept lower valuations than they had hoped for, the advisers said. SHELVED LISTINGS German medical technology firm Brainlab postponed its IPO this week, citing "geopolitical uncertainties". Pharmaceutical company Stada delayed its debut in March, citing market volatility, while another German firm, car parts seller Autodoc did the same last month without giving a reason. Glencore-backed metals investor Cobalt Holdings, which was planning London's biggest IPO of 2025, meanwhile failed to secure enough investor interest, a person familiar with the matter told Reuters previously. Cobalt Holdings declined to comment. The recent run of shelved listings is making things harder for firms attempting to reopen the IPO market, one person close to the Brainlab IPO process said. Investors could not agree a price for the offering with Brainlab, the person and a second source said. Existing shareholders were dissatisfied with the makeup of the order book, said one of the sources, both of whom spoke on condition of anonymity because the process was private. A spokesperson for Brainlab said interest from investors was "very strong" but the conditions were not optimal for an IPO. While more funds have flowed into European equities this year from investors seeking to reduce their exposure to U.S. assets, that money is going into the stocks of large companies rather than IPOs, said one equity capital markets banker. Some of the reticence stems from cases like German perfume retailer Douglas, which saw its shares drop more than 12 per cent on its listing debut. It subsequently cut its guidance this year. The number of companies that went public across the EMEA region in the first six months of this year fell to 44 from 59 in the same period last year, according to Dealogic data. The amount raised also fell sharply, to around $5.5 billion from $14.1 billion. In such a challenging environment, Naveen Mittel, head of equity capital markets syndicate for EMEA at Citi, said companies planning an IPO have little margin for error. "You need to be clean in terms of setup and structure, evaluation of price, and there needs to be no question marks around it," he said. A POST-SUMMER IPO REBOUND? There have been some success stories this year. Hacksaw, a developer and distributor of online betting games, successfully listed on Nasdaq Stockholm in June. "It's hard to draw any firm conclusions from a few deals when others like Hacksaw, are still getting away," said Michael Jacobs, a partner at law firm Herbert Smith Freehills. "But it does feel like the IPO window needs a summer break to reset." Advisers are hoping an array of bigger deals may help open the market in the second half. That could include a return of Stada, and possible listings of prosthetic manufacturer Ottobock, Deutsche Boerse's research and technology unit ISS Stoxx, and classifieds business Swiss Marketplace Group. Stada is evaluating all options for the further ownership of the company including a possible IPO, it said. Swiss Marketplace Group said it had recently taken initial steps to achieve a "high level of IPO readiness", but its shareholders had not yet made a decision on the possible timing of a float. And Ottobock said it is continually reviewing options including an IPO, but no decision has been made. Deutsche Boerse said it was considering an IPO of ISS Stoxx, but could also buy out private equity investor General Atlantic from the company. No decision had yet been made, it added. Despite the bleak year-to-date numbers, the big picture for European IPOs - positive funds inflows and a calming of market volatility - looks good, one equity capital markets banker said.
