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Emirates Wins Laptop-Ban Exemption, Leaving Qatar Isolated Again

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  • Emirates Wins Laptop-Ban Exemption, Leaving Qatar Isolated Again

Emirates, the world’s biggest long-haul airline, said measures barring laptops from the cabins of aircraft departing its Dubai base for the U.S. have been lifted, leaving Qatar Airways as the only major carrier still affected by the ban.

The moratorium, imposed in March, was removed Wednesday following work with local authorities and regulators on implementing the “heightened security measures and protocols” required by the U.S. Department of Homeland Security, Emirates said in a statement.

Dubai becomes the third major hub to normalize access to personal devices on U.S.-bound flights. Istanbul, home base to Turkish Airlines, also declared itself free of the ban Wednesday after saying on Monday that that the restrictions would be dropped, while Etihad Airways hub Abu Dhabi secured exemption last Sunday, aided by the presence of a U.S. “pre-clearance” border post there.

The moves leave Qatar Air’s Doha hub isolated as the only significant global interchange still affected by the American curbs. The carrier, also under siege from travel and airspace bans opposed by neighboring Arab states over its government owner’s links to Iran, didn’t respond to requests for comment other than referring Bloomberg to a statement on the restrictions.

Demand Dip

Escaping the laptop ban is seen as vital for Mideast operators after the measures led some customers to switch to airlines where they could still use equipment also including tablet computers and games consoles. Emirates cut back operations to the U.S., where it serves 12 cities, in response to a dip in demand from the restrictions and temporary limitations on entry visas.

Other airports among the 10 affected by the U.S. ban are also moving toward a resolution, with Saudi Arabia Airlines saying Tuesday that it effects to be free of the curbs by July 19. Amman-based Royal Jordanian said it has also asked the U.S. Transportation Services Authority to approve its response to the new guidelines requiring stricter security scans and checks.

That leaves airports in Kuwait, Morocco and Egypt — as well as Qatar Air’s Doha hub — still struggling to throw off the restrictions. Smaller airports are likely to find it tougher to comply with the heightened security steps required by the U.S., since they lack both funds and access to the latest equipment.

While the removal of the electronics ban strips away one travel hurdle for carriers, the revival of U.S. restrictions on visas for citizens of six Muslim-majority countries could still mean fewer passengers on some flights. Demand in the Persian Gulf has also weakened as the low price of crude holds back oil-based economies.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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