World Business

Singapore: Oil prices witnessed slight gains on Wednesday, extending the advances made in the previous session, supported by strong economic growth in the United States and concerns over potential supply disruptions from Venezuela and Russia. Brent crude futures rose by four cents, or 0.06 percent, to $62.42 per barrel, while US West Texas Intermediate crude increased by three cents, or 0.05 percent, to $58.41 per barrel. Oil prices climbed by more than two percent on Monday, with Brent crude posting its largest daily gain in two months, while West Texas Intermediate recorded its biggest rise since November 14. Oil prices also rose by more than 0.5 percent Tuesday. The Bureau of Economic Analysis at the US Department of Commerce said in its preliminary estimates of gross domestic product for the third quarter of the year, released yesterday, that the US economy grew at a faster pace than expected, driven by strong consumer spending.

Middle East Business

Belgrade: Serbia has agreed to extend a gas supply arrangement with Russia by three months, President Aleksandar Vucic (pictured) said yesterday, as it battles to secure a long-term deal. Serbia is heavily dependent on Russian gas but it has failed to secure a long-term contract since a three-year deal expired this summer, relying instead on rolling extensions -- with Vucic previously expressing frustration with the situation. “We have agreed to extend gas supplies for another three months, until March 31, so people can feel safe and sleep peacefully,” Vucic said, adding that Serbia would have enough electricity and gas for the coming winter. He previously said that if no agreement was reached by the end of the year, Serbia would begin talks on alternative supply sources. Despite being an EU membership candidate, Serbia maintains close ties with Russia and buys gas below market prices. According to Serbia’s gas company, Russia supplies about 6 million cubic metres per day at roughly 290 euros per 1,000 cubic metres, compared with a market price closer to 360 euros. Serbia also imports gas from Azerbaijan and produces domestically, but not enough to make up for a loss of Russian supply. Along with natural gas, Serbia is also grappling with US sanctions on the oil company Petroleum Industry of Serbia (NIS), due to its majority Russian ownership. The company operates the country’s only oil refinery and has not received a single drop of crude since the sanctions took effect on October 9, prompting the shutdown of the facility in late November. Talks have been under way on the sale of the Russian stake, which amounts to 56 percent, in order to meet the conditions for lifting the sanctions. Serbia, which says it is suffering heavy losses as a result of the sanctions, has set a mid-January deadline for the sale. After that, it has said it will appoint its own management at the company and offer a buyout. President Aleksandar Vucic has previously described Russia’s decision to stick to short-term gas arrangements rather than a new multi-year deal as an attempt to prevent Serbia from nationalising NIS.

Qatar Business

London: Qatar Investment Authority (QIA) has joined a group of investors in a deal to acquire the asset manager Janus Henderson Group and take it private. The all-cash transaction, led by Trian Fund Management and General Catalyst, values the New York-listed company at about $7.4bn. QIA and Hong Kong-based Sun Hung Kai Co. Limited are among the strategic investors participating in the deal. Janus Henderson, which is headquartered in London, manages around $484bn in assets and employs more than 2,000 people across 25 cities worldwide. QIA’s chief executive, Mohammed Saif Al Sowaidi, said the fund looked forward to working with its partners to support the next phase of growth for the company.