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☆ Esports World Cup in Saudi Arabia, worth more than $60M, hopes to send ‘positive message’ to struggling industry
▼ + stars: | 2024-04-16 | by ( Ben Church | ) edition.cnn.com time to read: +4 min

CNN —Boasting the largest prize pool in esports history, this year’s inaugural 2024 Esports World Cup (EWC) could prove to be a pivotal moment for the industry. Clubs will be able to choose which games they participate in before the best performing team across the various championships will be crowned the ultimate Esports World Cup champion for the very first time. Ralf Reichert, CEO of the Esports World Cup Foundation, hopes this new competition in Saudi Arabia can be a game changer. “Setting the record for largest esports prize pool is a remarkable achievement, but what I’m most proud of is the positive message this sends to the wider esports and gaming community,” Reichert said in a statement. In 2023, Saudi launched ‘The National Gaming and Esports Strategy’ (NGES) which hopes to make the country the center of the competitive gaming world by 2030.

Persons: Ralf Reichert, ” Reichert, Saudi Arabia –, “, Prince Mohammed bin Salman, ” Organizations: CNN, Apex, EA Sports FC, of, League, Riot, New York Times, Saudi Arabia’s Public Investment Fund, Saudi, National Gaming, Saudi’s, New Global Sport Locations: Riyadh, Saudi Arabia, Saudi

☆ The best things to experience in Saudi Arabia according to the people who know it
▼ + stars: | 2024-01-26 | by ( Selina Julien | ) edition.cnn.com time to read: +10 min

CNN —Closed to tourists until recently, Saudi Arabia is still an unknown quantity for many would-be travelers. Omran is also hopeful visitors will explore destinations across Saudi Arabia. Saudi Tourism Authority“You can’t talk about islands in Saudi Arabia without talking about a new tourist favorite, but a treasured local one, Al Nawras Island,” Saudi professional boxer Ziyad Almaayouf tells CNN. “What I love most about Al Nawras Island, isn’t the island itself, but the waters surrounding it,” he adds. The resort on the Red Sea coast is often promoted as “the Maldives of Saudi Arabia,” offering water sports and cultural experiences.

Persons: Lojain Omran, Omran, ”, Al Balad, Mai Eldib, Hajj, ” Eldib, Jeddah’s, “ It’s, ” Al, Ziyad Almaayouf, ” Ziyad, Ziyad, “, Mishaal Ashemimry, Mishaal, Tamtam, Reem Altamimi, Al Zal, Ba’a, Hatem Alakeel, Authenticite, “ Diriyah, Umluj, ” Tasneem Organizations: CNN, Netflix’s, Saudi Tourism Authority, MISHAAL Aerospace, Abaca, Saudi Locations: Saudi Arabia, Saudi, Netflix’s UAE, Al Balad, Al, Jeddah, Mai, ” Al Nawras, Nawras, Al Nawras, California, “, Unaizah, Riyadh, ”, Souk Al Zal Souk Al Zal, USA Riyadh, Al Zal, Riyadh’s Al Dirah, Los Angeles, Maldives

☆ China’s largest oil supplier in 2023 was Russia
▼ + stars: | 2024-01-22 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Russia surpassed Saudi Arabia to become China’s largest oil supplier in 2023, according to the latest Chinese customs data. That helped Russia overtake Saudi Arabia as China’s largest crude oil supplier for the year. The Middle East country shipped 85.96 million metric tons of crude oil to China in 2023, down 2% from 2022. Russia now accounts for 19% of China’s oil imports, while Saudi Arabia makes up 15%. Russia became China’s largest oil supplier eight years ago, but it fell behind Saudi Arabia between 2019 and 2021, when the Gulf nation boosted its energy trade with Beijing.

Persons: ”, Vandana Hari, Hari, That’s, Xi Jinping, Mikhail Mishustin, ” Xi, Xi Organizations: Hong Kong CNN —, China’s, Administration, Customs, West, Vanda Insights, Saudi, Moscow, Russian, Xinhua Locations: Hong Kong, Hong Kong CNN — Russia, Saudi Arabia, Ukraine, China, Russia, Gulf, Beijing, Moscow, India, Singapore, Iraq, leapfrog, The, Saudi

☆ Opinion: A perfectly reasonable, highly unrealistic path to peace
▼ + stars: | 2023-12-01 | by ( Opinion Frida Ghitis | ) edition.cnn.com time to read: +10 min

Is there any way to bring an end to this war and open a path to lasting peace? There is a perfectly reasonable, though extremely difficult and perhaps unrealistic solution. It might have expected Arab countries having diplomatic relations with Israel to sever them. And yet, this could be a moment for Arab leaders to step in with an act of heroism. Allowing Hamas leaders to survive in exile, bringing the PA and perhaps the UAE to Gaza is hardly risk-free.

Persons: Frida Ghitis, it’s, don’t, Israel’s, Israel, Benjamin Netanyahu, Netanyahu, Ahmad Gharabli, Iran —, Joe Biden’s, Abraham, ”, Israel — Organizations: CNN, Washington Post, Politics, Frida Ghitis CNN, Hamas, West Bank, Peacemakers, Abraham Accords, Trump, The New York Times, Israeli, Getty, US Navy, United Arab Emirates, UAE, Saudi, Palestinian Authority Locations: Israel, Gaza, Iran, Lebanon, Yemen, Syria, Palestinian, Tel Aviv, AFP, Druze, Bahrain, UAE, Saudi Arabia, Saudi, Tehran, Kippur, Egypt, Oslo

☆ Saudi’s Indian cricket play works for both sides: podcast
▼ + stars: | 2023-11-30 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Nov 30 (Reuters Breakingviews) - The kingdom is looking to invest as much as $5 bln in the Indian Premier League. In this Viewsroom podcast, Breakingviews columnists discuss what it means for the sport and how it sizes up against Riyadh’s growing global sporting ambitions. Listen to the podcastFollow @aimeedonnellan on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Thomas ShumOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Thomas Shum Organizations: Reuters, Indian Premier League, Thomson

☆ Mass visa cancellations at Saudi airport puts relations with Nigeria in spotlight
▼ + stars: | 2023-11-16 | by ( Nimi Princewill | ) edition.cnn.com time to read: +5 min

Abuja, Nigeria CNN —Diplomatic relations between Saudi Arabia and Nigeria have come under scrutiny after 177 Nigerians were refused entry to the country on Monday. The mass cancellation of visas occurred as Nigera’s President Bola Tinubu was still in Saudi Arabia after holding bilateral talks with the Saudi government. “There was a total lack of sensitivity (by Saudi officials) because the president (of Nigeria) was visiting that country,” Okhai said. Saudi Arabia is a popular pilgrimage destination for thousands of Nigerian Muslims. However, Monday’s deportation of Nigerian nationals is not the first time travelers have been refused entry to Saudi Arabia.

Persons: Bola Tinubu, It’s, ”, ” Victor Okhai, ” Okhai, Reno Omokiri, ” Omokri, Mohamed bin Zayed Al Nahyan Organizations: Nigeria CNN —, Air, country’s Ministry, Hajj, Saudi, Jeddah …, Africa Summit, Guinea Bissau, African Diaspora Foundation, CNN, United Arab Emirates, UAE, reoccurrence Locations: Abuja, Nigeria, Saudi Arabia, Jeddah, Mecca, Saudi, Guinea, Independence, Kingdom of Saudi Arabia

☆ Rory McIlroy resigns from PGA Tour policy board
▼ + stars: | 2023-11-15 | by ( Sammy Mncwabe | ) edition.cnn.com time to read: +2 min

CNN —Northern Irish golfer Rory McIlroy has resigned from his role as a player director on the PGA Tour policy board, the organization announced in a statement on Tuesday. “Citing personal and professional commitments, Rory McIlroy has notified the PGA Tour policy board that he is resigning his position as a player director,” a PGA Tour statement read. McIlroy served on the board for two years after spending the previous three years as a member of the player advisory council. “There has never been a better time to be a professional golfer,” he added. According to the “PGA TOUR Tournament Regulations, whenever the office of any player director becomes vacant due to resignation, the remaining player directors elect a successor to serve his unexpired term.”

Persons: Rory McIlroy, ”, McIlroy, LIV, LIV Golf, ” McIlroy Organizations: CNN, Northern, PGA Tour, Tour, PGA, Public Investment Fund, Saudi Locations: Saudi, Dubai

☆ Saudi is wild card in Middle East’s new turmoil
▼ + stars: | 2023-10-18 | by ( George Hay | ) www.reuters.com time to read: +8 min

Saudi Crown Prince Mohammed bin Salman attends the 18th consultative meeting of the leaders of the GCC & the Gulf summit with the central Asian countries C5, in Jeddah, Saudi Arabia, July 19, 2023. Saudi Press Agency/Handout via REUTERS Acquire Licensing RightsLONDON, Oct 18 (Reuters Breakingviews) - Mohammed bin Salman is the wild card in the Middle East’s new conflict. Saudi Arabia also needs prices above $85 a barrel in order to balance its budget. Saudi Arabia also needs to consider the views of international investors, though. For now, Saudi Arabia can count on the support of global bankers and fund managers.

Persons: Prince Mohammed bin Salman, Mohammed bin Salman, Joe Biden, Benjamin Netanyahu, Israel’s, Biden, Netanyahu, International Energy Agency reckons, Jamal Khashoggi, nix, Larry Fink, JPMorgan’s, Jamie Dimon, Israel, Antony Blinken, Jordan, ” Blinken, ”, “, Hossein Amirabdollahian, Al Jazeera, Peter Thal Larsen, Oliver Taslic Organizations: GCC, Saudi Press Agency, Handout, REUTERS Acquire, Reuters, Hamas, Israel . U.S, MbS, United, Gaza, International Energy Agency, Reuters Graphics Reuters, Saudi, kingdom’s Public Investment Fund, U.S, PGA, Foreign Investment, Telefonica, STC, BlackRock’s, Future Investment, United States, Diplomats, don’t, Palestinian, Israeli, United Arab, Iran’s, Thomson Locations: Saudi, Jeddah, Saudi Arabia, Israel, Iran, Palestinian, Israel ., United States, Gaza, OPEC, Russia, Saudi Aramco, Riyadh, Palestine, United, Amman, Jordan, Bahrain, Qatar, United Arab Emirates, Egypt, Lebanon, America

☆ Dubai to start robotaxi trials next month in major autonomous push
▼ + stars: | 2023-09-27 | by ( Aimee Look | ) edition.cnn.com time to read: +3 min

Dubai hopes to become the first Middle Eastern city to introduce driverless taxis, Bahrozyan said. Autonomous taxis currently operate in several cities around the world, mostly in the US and China. Bahroyzyan said he foresees autonomous vehicles eventually making up the majority of the Middle East tourist hub’s taxi fleet. Selling and buying autonomous cars was also regulated. WeRide, a Chinese autonomous car technology company began trialing robotaxis in the UAE’s capital, Abu Dhabi, in 2022.

Persons: Ahmed Bahrozyan, Bahrozyan, ” Bahrozyan, “, Cruise, Bahroyzyan, GM’s Cruise, trialing, WeRide Organizations: UAE CNN —, General Motors, United Arab Emirates, Transport Authority, Cruise, CNN, RTA, ”, WeRide, Saudi Artificial Intelligence Company, Authority Locations: Abu Dhabi, UAE, UAE CNN — Dubai, robotaxis, Jumeirah, Dubai’s Roads, Dubai, Eastern, China, San Francisco, Dubai …, California, ” Dubai, robobuses, WeRide, Mecca

LONDON, Sept 21 (Reuters Breakingviews) - Barely a day goes by without an eye-catching story involving Saudi Arabia’s Public Investment Fund. A third of the fund consists of significant stakes in domestic companies like the $51 billion Saudi Telecom Company (7010.SE) and $53 billion Saudi National Bank (1180.SE). Reuters Graphics Reuters GraphicsThe PIF’s investment strategy is also racier than its more conservative peers. But the episode reinforces the impression that the PIF is a mix of venture capital, hedge fund and startup money. The most spectacular was probably handing $45 billion to SoftBank Group (9984.T) boss Masayoshi Son for his $100 billion first Vision Fund.

Persons: Kylian Mbappé, It’s, Prince Mohammed bin Salman, Yasir Al, Abu Dhabi’s Mubadala, Rumayyan, Salman bin Abdulaziz, Masayoshi Son, SWFs, Taiwan’s Foxconn, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Saudi Arabia’s Public Investment Fund, Standard Chartered, Spanish telco Telefonica, Fund, Abu, Abu Dhabi Investment Authority, Global, Reuters Graphics Reuters, Saudi, Saudi Telecom Company, Saudi National Bank, Saudi Aramco, giga, Qatar Investment Authority, Singapore’s Temasek, Al, MbS, SoftBank Group, Vision, Credit Suisse, UBS, Saudi giga, Aramco, Investment, Thomson Locations: Spanish, Abu Dhabi, Riyadh, Saudi

Meanwhile, failed uprisings in Bahrain and eastern Saudi Arabia were followed by years-long crackdowns and a continuing civil war in Syria. “What we’re beginning to see in Saudi Arabia right now is the emergence of a new social contract. Saudi Arabia is the world’s biggest exporter of crude oil, and nearly two-thirds of its income still comes from selling fossil fuels. If Saudi Arabia can become a hub for major sporting events, then that’s a way of attracting interest to the country,” said Maguire. In response to previous criticism about Saudi Arabia’s purported “sportswashing,” the kingdom’s sports minister Prince Abdulaziz bin Turki Al-Faisal said: “People that don’t know Saudi Arabia, have never been to Saudi Arabia, go out and talk about it as if they’ve lived there for 30 years, 40 years.

Persons: Hilal, Kylian Mbappé, Germain, Neymar Jr, Ballon d’Or, Cristiano Ronaldo, Nassr, Patricia de Melo Moreira, it’s, Saudi Crown Prince Mohammed bin Salman –, Leon Neal, Ballon, Karim Benzema, Al Hilal, spender, –, Carlo Nohra, Jordan Henderson, Henderson, “, ’ ” Simon Chadwick, “ We’ve, ” Chadwick, King Salman bin Abdulaziz Al Saud, Al Nassr, Stringer, you’re, Kieran Maguire, they’re, Everybody’s, ” Maguire, Chadwick, Ronaldo, Maguire, … Mohammed bin Salman, ” James Dorsey, ”, Chadwick –, Mohammed bin Salman, Saudi Arabia’s, Prince Abdulaziz bin Turki Al, Faisal, don’t, they’ve, LIV Golf, Jimmy Dunne, LIV, Dunne, Aleksander Ceferin, Erling, Haaland, Jurgen Klopp, Michael Emenalo, Steven Gerrard, Nohra, ” “ They’ve Organizations: CNN, Saudi, Al, Paris Saint, PSG, Saudi Pro League, Ligue, Liga, Serie, Bundesliga, English Premier League, Deloitte, Investment Fund, AFP, Getty, SPL, Saudi Crown, Spanish, Arsenal, CNN Sport, English, Newcastle United, Liverpool, The Athletic, SKEMA Business School, Argentina, Zamalek, King Fahd Sports City, Anadolu Agency, Chelsea, Manchester United, Manchester City, Football, AFC Asian, FIFA, Greece, Royal Spanish Football Federation, Spanish Super, ”, Amnesty International, Amnesty, Middle East Soccer, Saudi Ministry, Sport, PGA Tour, European, UEFA, Premier League, Ettifaq Media, Reuters New Saudi Pro League, Major League Soccer, La Liga, Peterson Institute for International Economics, Russian Direct Investment Fund, Investigations, PGA Locations: Saudi Arabian, Brazil, Saudi, Ittihad, Al, Ahli, Real Madrid, England, France, Germany, Spain, Italy, Saudi Arabia, Liverpool, China, Qatar, Taif, Egypt, Spanish, East, North Africa, Libya, Yemen, Tunisia, Bahrain, Syria, “, ”, Europe, ” Liverpool

The surprise deal, which would join the venerable PGA Tour and a rival Saudi-funded golf start-up, LIV, was announced in June. The Saudi sovereign wealth fund, called the Public Investment Fund, or PIF, is controlled by the Saudi government. The Saudi Embassy did not immediately respond to a request for comment on the subpoena, which names the Public Investment Fund's New York-based U.S. subsidiary, USSA International. This summer's announcement of the PGA-Saudi golf deal ended a legal battle between the two rivals. Blumenthal said available public records indicate the Saudi sovereign wealth fund has expanded its investments in the United States from $2 billion in 2018 to $35 billion now.

Persons: Sen, Richard Blumenthal's, al, LIV, ” Blumenthal, Blumenthal, “, ”, Crown Prince Mohammed bin Salman Organizations: WASHINGTON, Saudi, PGA, Connecticut, Senate, PGA Tour, Public Investment Fund, Public Investment, United, Saudi Embassy, USSA, Crown Locations: United States, Saudi, York, San Francisco, Saudi Arabia

☆ UBS job cuts are tiny strike at Asia wealth fears
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

The logo of UBS Group is seen at an office building in Hong Kong, China March 20, 2023. The headcount reduction is tiny compared to the thousands it slashed in Europe but it hits on two regional wealth worries. Their risk-taking appetite has diminished as the end of cheap money fuels a shakeout in valuations. More significantly, the pruning of jobs in Hong Kong and Singapore hints at a muted outlook for banks that have thrived on handling assets of rich families. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Tyrone Siu, Una Galani, Katrina Hamlin Organizations: UBS Group, REUTERS, Tyrone, Rights, Reuters, UBS, Credit Suisse, X, Warner Bros Discovery, Thomson Locations: Hong Kong, China, Rights SINGAPORE, Swiss, Asia, Europe, Indonesia, Singapore

☆ UK wind fail is catalyst for belated subsidy rejig
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 8 (Reuters Breakingviews) - Britain’s shaky ambitions to be the “Saudi Arabia of wind” now stand at a blustery crossroads. Developers had been warning for months that the UK’s latest offshore wind auction, divulged on Friday, would receive no takers. Britain could just focus on solar and onshore wind, which respectively received 1.9 gigawatts and 1.5 GW in the latest overall 3.7 GW auction. A 2022 auction saw offshore wind constitute two-thirds of a much chunkier 10.8 GW of power awarded. The very real prospect of zero wind schemes ought to be the kick up the backside UK politicians need to make the terms more appealing.

Persons: George Hay, Aimee Donnellan, Oliver Taslic Organizations: Reuters, X, Warner Bros Discovery, Thomson Locations: Saudi Arabia, Britain

☆ Warner Bros Discovery re-bundles the bundle
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Sept 7 (Reuters Breakingviews) - Warner Bros Discovery (WBD.O) is taking bundling to the max. The $27 billion entertainment company wants to add live sports from the National Basketball Association and Major League Baseball to its streaming service, free for a limited time, according to Bloomberg. Boss David Zaslav said on Wednesday at a Goldman Sachs conference that CNN will be available too. Warner Bros unveiled its new streaming service Max, which includes HBO, in April. The industry is packed with competitors, and at $16 a month, Max is already one of the most expensive.

Persons: Boss David Zaslav, Goldman Sachs, Max, Walt Disney, Jennifer Saba, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Warner Bros Discovery, National Basketball Association, Major League Baseball, Bloomberg, Goldman, CNN, Warner Bros, HBO, Cable, Charter Communications, ESPN, X, Thomson

☆ Direct Line stays in ditch but now faces right way
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

Vehicles are seen on the M1 motorway in Milton Keynes following the outbreak of the coronavirus disease (COVID-19), Milton Keynes, Britain May 11, 2020. REUTERS/Andrew Boyers Acquire Licensing RightsLONDON, Sept 7 (Reuters Breakingviews) - Direct Line (DLGD.L) is still in the ditch. The good news is that the company is at least now facing the right way. Direct Line’s scope to actually exit its ditch hinges on customers swallowing the price rises it’s belatedly pushing through. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Milton Keynes, Andrew Boyers, Adam Winslow, George Hay, Hong Kong, Neil Unmack, Streisand Neto Organizations: REUTERS, Reuters, RSA, X, Hong, Thomson Locations: Milton Keynes, Britain

☆ GameStop’s success doesn’t belong in a meme
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Sept 7 (Reuters Breakingviews) - Meme-stock success might look more whimper than bang. GameStop (GME.N), the poster-child for pandemic-era retail-trader enthusiasm, reported second-quarter results on Wednesday that showed losses narrowing and positive, if miniscule, adjusted EBITDA. It’s an improvement on the path to sustainability, especially compared to other retail darlings like bankrupt Bed Bath & Beyond. Hardware sales fell 18% from the prior quarter, as the after-effects of supply shortages fade. GameStop’s share price may still be well above 2019 levels, but its ambitions are as low as ever.

Persons: hasn’t, Ryan Cohen, Jonathan Guilford, Hong Kong, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, GameStop, X, Hong, Thomson Locations: Grapevine , Texas

☆ Saudi’s sweetened oil lollipop betrays its nerves
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 6 (Reuters Breakingviews) - Prince Abdulaziz bin Salman thinks he needs to sweeten his oil lollipop. The Saudi energy minister has announced that the world’s top oil exporter will extend its 1 million barrels a day production cuts for another three months until the end of this year. On the surface, global trends are helpful for oil, reducing the need for extended OPEC+ cuts. Besides uncertainties over the effectiveness of China’s latest property measures, one surprise has been the strength of Iranian supplies, which are set to rise by 1 million barrels this year to 3.5 million barrels per day by late September. Moreover, Washington may not sit idly by if higher oil prices sabotage the Federal Reserve’s inflation target and damage the economy.

Persons: Prince Abdulaziz bin Salman, Brent, Yawen Chen, Hong Kong, Neil Unmack, Streisand Neto Organizations: Reuters, Organization of, Petroleum, X, Hong, Thomson Locations: Saudi, Russia, U.S, China, Washington

☆ Saudi binge is fiscal free kick for European clubs
▼ + stars: | 2023-08-18 | by ( Streisand Neto | ) www.reuters.com time to read: +3 min

The Saudi binge may help European teams raise funds and meet tough new financial rules. The Roshn Saudi League is a top scorer in the football transfer market. UEFA, the governing body for European football, has introduced new rules limiting clubs’ spending on wages, transfers and agent fees to 70% of revenue. European clubs should take the money before the referee's whistle blows. Saudi clubs have spent over 550 million euros buying players from European clubs in the 2023/2024 transfer season, according to Transfermarkt.

Persons: Al Hilal's, Neymar, Fahd bin Saad Al, Neymar da Silva Santos Júnior, Germain, Rúben Neves, Prince Mohammed bin Salman, Len Blavatnik, China’s, Oscar, Marouane, Hilal, Cristiano Ronaldo, Karim Benzema, Neil Unmack, Thomas Shum, Pranav Kiran Organizations: Soccer, Al, Saudi Pro League, REUTERS Acquire, Reuters, Paris Saint, Saudi, Saudi Public Investment Fund, Britain’s Premier League, Premier League, Deloitte’s Sports Business, UEFA, Deloitte, Reuters Graphics Reuters, Bloomberg, BBC, Thomson Locations: Al Hilal, Paris, France, Saudi, Hilal, Saudi League, Al, Ittihad, Saudi Arabia, Riyadh, Kingdom, Saudi Arabian

☆ SoftBank’s Arm-twisting fails to convince
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

Shareholders already had good reason to take that with a pinch of salt. The Japanese conglomerate’s 478 billion yen ($3.3 billion) net loss, which missed analysts’ estimates, included an increase in the carrying value of chip designer Arm, even though revenue dipped. That allowed the company’s Vision Fund to post a $1.1 billion profit, its first in six quarters. But investors in the Japanese group will be waiting a long time for SoftBank’s new campaign to pay off. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Masayoshi Son, Yoshimitsu Goto, ’, Navneet, Arm’s, Antony Currie, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, SoftBank, Fund, Vision Fund, Twitter, Siemens, Thomson

☆ Abrdn’s turnaround is a work in progress
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoLONDON, Aug 8 (Reuters Breakingviews) - Abrdn’s (ABDN.L) machine is firing on two of its three cylinders. The latter two units are growing, but the stock-picking arm – once Abrdn’s core business – needs more attention. The 1.5 billion pound deal, which closed last year, boosted Abrdn’s exposure to the business of managing savings. Since some of that windfall will disappear when rates fall, Bird needs to speed up his turnaround of Abrdn’s core funds business. The 3.9 billion pound company’s turnaround has a long way to go.

Persons: Dado Ruvic, Stephen Bird, Hargreaves, Bird, Neil Unmack, Peter Thal Larsen, Oliver Taslic Organizations: REUTERS, Reuters, Interactive, Twitter, Siemens, Thomson

☆ Satellite reunion creates a bit of breathing space
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Dish Network Chairman Charlie Ergen speaks during Google's annual developers conference in San Francisco, California May 20, 2010. Dish Network Corp, the No. Some 15 years after the 70-year-old billionaire initially cleaved his satellite empire, he unveiled an all-stock deal Tuesday to reunite Dish Network (DISH.O), the $4.5 billion pay-TV operator, with the smaller EchoStar (SATS.O) infrastructure business. Dish shareholders, who will own 69% of the enlarged entity, are issuing stock at a rock-bottom price for the privilege. If nothing else, though, the modest 13% premium they’re offering to EchoStar shareholders buys some valuable time.

Persons: Charlie Ergen, It’s, Jeffrey Goldfarb, Peter Thal Larsen, Sharon Lam Organizations: Dish, Dish Network Corp, Sprint Nextel Corp, Reuters, Nasdaq, Twitter, Siemens, Thomson Locations: San Francisco , California

☆ Italy’s bank tax may be anything but “one-off”
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Italy's Infrastructure Minister Matteo Salvini attends the upper house of parliament ahead of a confidence vote for the new government, in Rome, Italy, October 26, 2022. REUTERS/Guglielmo MangiapaneLONDON, Aug 8 (Reuters Breakingviews) - As summer surprises go, the one Matteo Salvini sprung on Italy’s banking sector on Monday evening was as unwelcome as they get. In a late-night press conference, Italy’s deputy prime minister announced a windfall levy on lenders’ profits to help pay for cheaper mortgages and income tax cuts. The government is looking to raise less than 3 billion euros from the tax, Reuters reported citing sources close to the matter. Shares in Italy’s two largest banks – Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI) – dropped more than 5% in morning trading.

Persons: Matteo Salvini, Guglielmo Mangiapane, –, Siena, Francesco Guerrera, headwinds, Peter Thal Larsen, Streisand Neto Organizations: Italy's, REUTERS, Guglielmo Mangiapane LONDON, Reuters, Banco, Banca Monte dei, Twitter, Siemens, Thomson Locations: Rome, Italy, Spain, Hungary

☆ Saudi’s swelling fund has scope for foreign binge
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 7 (Reuters Breakingviews) - Saudi Arabia’s big sovereign wealth fund is getting bigger. The Public Investment Fund’s assets under management swelled to 2.23 trillion riyals ($603 billion) in 2022 from 1.98 trillion riyals the year before. PIF’s international assets, which range from UK soccer club Newcastle United to struggling carmaker Lucid (LCID.O), shrank from 576 to 512 billion riyals. Still, PIF has big ambitions: it hopes to boost its total assets to a whopping 4 trillion riyals by 2025, of which 24% will be international. If so, its foreign assets could yet double to 960 billion riyals, according to Breakingviews calculations, making it a key player in global finance.

Persons: Saudi Crown Prince Mohammed Bin Salman, PIF, Neil Unmack, headwinds, Lisa Jucca, Pranav Kiran Organizations: Reuters, Investment, Saudi, Saudi Crown, Newcastle United, Twitter, Adidas, InBev, Thomson Locations: Saudi, Riyadh, Saudi Aramco, Neom

☆ Siemens Energy’s flop puts brakes on green race
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

An offshore wind turbine of the Siemens Gamesa company is seen from the Telde coast on the island of Gran Canaria, Spain, May 2, 2022. REUTERS/Borja SuarezLONDON, Aug 7 (Reuters Breakingviews) - Siemens Energy’s (ENR1n.DE) growing wind woes will have wider repercussions. The $13 billion German group unveiled on Monday a 2.2 billion euro ($2.4 billion) charge because of quality issues linked to its troubled wind turbine unit Siemens Gamesa. A previous profit warning in June, also linked to malfunctioning turbines, erased a third of Siemens Energy’s stock market value. Bruch says he is now prioritising the profitability of Siemens Gamesa, implying a pause over plans to add more wind capacity.

Persons: Borja Suarez, Jefferies, Siemens Gamesa, Reuters Breakingviews, Christian Bruch, Bruch, Yawen Chen, headwinds, Lisa Jucca, Oliver Taslic Organizations: Siemens, Gran Canaria, REUTERS, Borja Suarez LONDON, Reuters, Siemens Energy, Investors, Siemens Gamesa, JPMorgan, Global, Twitter, Thomson Locations: Gran, Spain, Germany

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