DIRS.INFO The most relevant business & tech news

☆ U.S.-led Iraq war ushered in years of chaos and conflict
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +4 min

[1/5] A general view of Tahrir square as demonstrators take part during the ongoing anti-government protests in Baghdad, Iraq November 5, 2019. Here is a look at some of the violence, including suicide bombings and beheadings, that has plagued Iraq, a major OPEC oil producer and key U.S. ally, since the 2003 war. * March 20, 2003 - U.S.-led forces invade Iraq from Kuwait to oust Saddam Hussein. * October 2004 - Al Qaeda leader in Iraq Abu Musab Al-Zarqawi starts waging bloody attacks designed to turn majority Shi’ite Muslims against minority Sunnis in a civil war. * January 2007 - Bush announces a new war strategy including a “surge” of U.S. troops into Iraq to combat the insurgency.

☆ Inside the germy, sneeze-filled meeting between Morgan Stanley's CEO and the Saudi crown prince at the onset of COVID-19
▼ + stars: | 2023-03-08 | by ( Liz Hoffman | ) www.businessinsider.com time to read: +8 min

James Gorman, CEO of Morgan Stanley, met with the Saudi crown prince at the onset of the pandemic. The young royal kept sneezing during the meeting — and Gorman's fear of a deadly pathogen began to grow. He was in the royal palace in Riyadh, Saudi Arabia, seated to the right of the country's crown prince, Mohammed bin Salman. Given their recent experience with a deadly virus, Gorman took the caution of his Kuwaiti hosts as a sign that the West was underestimating the dangers of this one. And now, as Gorman chatted with the controversial 34-year-old crown prince about ways Saudi Arabia could diversify its economy and reduce its reliance on oil, the young royal kept sneezing.

☆ The biggest problem with Russia's tanks in Ukraine is the way Moscow tried to use them
▼ + stars: | 2023-03-07 | by ( Alex Hollings | Sandboxx News | ) www.businessinsider.com time to read: +21 min

By September, the tally of lost and captured Russian tanks reached 1,000 — more than all the tanks in the British, French, German, and Finnish militaries combined. The first time these British tanks found a fight, only 25 of the 49 of them actually moved when ordered to commence the attack. Nonetheless, before the conflict was over, Churchill himself would decide tanks had, once again, run their course, declaring, "we have too much armor — tanks are finished." And that is the real lesson we can glean from the performance of Russian tanks in Ukraine over the past year. Maxim Shemetov/ReutersThis point becomes evident when you look at Russian tank losses recorded by the Oryx Blog between February and April 2022, when Russian tank losses were at their absolute worst.

The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. On Feb.5, the G7 and allies also implemented a price cap on Russian fuel sales. On Tuesday, the Kremlin said it did not recognize the price cap. A STABLE OIL MARKET? China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC's Al Ghais said, while global oil demand growth is expected to grow 2.3 million barrels per day in 2023.

☆ Russia works to ease visa regime for India, other countries - TASS
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - Russia is working on easing visa procedures for six countries, including India, Syria and Indonesia, the state TASS news agency cited Deputy Foreign Minister Evgeny Ivanov as saying on Sunday. "In addition to India (procedures simplification) ... is being worked out with Angola, Vietnam, Indonesia, Syria and Philippines," Ivanov said. Earlier, Ivanov said that Russia is also preparing intergovernmental agreements on visa-free trips with 11 countries, including Saudi Arabia, Barbados, Haiti, Zambia, Kuwait, Malaysia, Mexico and Trinidad, TASS reported. While the United States, Japan and the European Union condemned Russia's invasion and imposed sanctions, China and India have not done either. India kept a neutral stance, declining to blame Russia for the invasion while sharply boosting its purchases of Russian oil.

☆ No current plan for the UAE to leave OPEC oil alliance, sources say
▼ + stars: | 2023-03-06 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria. The United Arab Emirates does not intend to leave the influential OPEC oil alliance at this time, two senior officials with knowledge of the matter told CNBC, after a recent report signaled internal talks over such a departure. The UAE oil ministry and Adnoc, the state-owned oil company of the United Arab Emirates, did not immediately respond to CNBC requests for comment. On March 3, the Wall Street Journal reported that rising political disagreements between OPEC+ chair Saudi Arabia and the UAE have once more sparked questions over the latter's future in the producers' coalition. The front-month Nymex WTI contract was at $78.72 per barrel, lower by 96 cents per barrel from the previous settlement price.

☆ Kuwait re-appoints Sheikh Ahmad Nawaf al-Sabah as PM - state news agency
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +1 min

KUWAIT, March 5 (Reuters) - Kuwait's crown prince re-appointed Sheikh Ahmad Nawaf al-Sabah as prime minister and asked him to nominate a cabinet, state news agency KUNA reported on Sunday, more than a month after the government resigned due to renewed friction with parliament. Crown Prince Sheikh Meshal al-Ahmad al-Sabah, who has taken over most of the ruling emir's duties, moved last year to end feuding by naming Sheikh Ahmad as premier, dissolving parliament and calling early polls, in which opposition members made gains. Kuwait bans political parties but has given its legislature more influence than similar bodies in other Gulf monarchies. While Kuwait has strong fiscal and external balance sheets, frequent political bickering and institutional gridlock have hampered investment and reforms aimed at reducing its heavy reliance on oil revenues. Reporting by Mahmoud Mourad; Writing by Ghaida Ghantous; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

HOUSTON, March 3 (Reuters) - The chief executive of Saudi Arabian state oil company Aramco (2223.SE) will not attend an energy conference organized by S&P Global next week, the event's updated schedule showed. Amin Nasser, head of the world's largest oil company, had been listed as delivering a keynote address at CERAWeek, the largest gathering of high-profile oil executives and energy ministers. Nasser was one of the few high-level Saudi officials on this year's schedule and has been a regular presence at past CERAWeek conferences. The agenda for this year's event is dominated by major oil company executives and U.S. government officials, with fewer Middle East executives and officials. A record 7,000 people have signed up for the week-long event, which will includes discussions of fossil fuels, clean energy and advanced energy storage.

☆ Ericsson to Pay About $207 Million After DOJ Finds It Breached Deal
▼ + stars: | 2023-03-02 | by ( Richard Vanderford | ) www.wsj.com time to read: +3 min

Ericsson AB has agreed to pay $206.7 million in a foreign bribery settlement with the U.S. Justice Department, which found the telecommunications company had breached an earlier deal. Stockholm-based Ericsson will plead guilty to the original charges it faced following its breach of a 2019 deferred prosecution agreement, the Justice Department said Thursday. In a deferred prosecution agreement, prosecutors charge a company but agree that they will drop those charges after a period of time if the company abides by certain conditions. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. The failures prevented the Justice Department from bringing charges against certain individuals, it said.

☆ Analysis: Cash-strapped countries face IMF bailout delays as debt talks drag on
▼ + stars: | 2023-03-02 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +7 min

IMF funding is often the sole financial lifeline available to countries in a debt crunch, and key to unlocking other financing sources, with delays putting pressure on government finances, companies and populations. Though staff agreements can be reached without financing assurances, the IMF board needs them to approve the programme. Chinese Premier Li Keqiang said on Wednesday the country is willing to "constructively" participate in solving debt problems of relevant countries under a multilateral framework. But Beijing has always emphasised all creditors should follow the principle of "joint action, fair burden" in debt settlements. Adding another layer of complexity to these debt talks, the Common Framework doesn't lay out precise rules on how a debt restructuring with bilateral creditors should work.

☆ Ericsson pleads guilty in U.S. to federal bribery violations, agrees to pay $206 million penalty
▼ + stars: | 2023-03-02 | by ( Rohan Goswami | ) www.cnbc.com time to read: +4 min

Swedish telecommunications giant Ericsson agreed to pay a $206 million penalty and pleaded guilty to violating the anti-bribery provisions of the Foreign Corrupt Practices Act, or FCPA, U.S. prosecutors announced Thursday evening. Additionally, the company paid about $540 million to the Securities and Exchange Commission. The company also allegedly failed to disclose possible evidence of a similar scheme in Iraq. "Instead of honoring that commitment, Ericsson repeatedly failed to fully cooperate and failed to disclose evidence and allegations of misconduct in breach of the agreement." In a release, Ericsson said its own internal investigation "did not conclude that Ericsson made or was responsible for any payments to any terrorist organization."

☆ American POW freed from Russia said his captors were 'idiots' who had prisoners call an Alabama licensing office for help, report says
▼ + stars: | 2023-02-24 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +3 min

Drueke told The Daily Beast that his captors tortured and beat him, but were "idiots." He said they made him reach out to the "silliest levels of the US government," including an Alabama licensing office. "I think one they made Andy call was the head of LLC business licensing for Alabama," Drueke told The Daily Beast. The captors were attempting to spread panic in the US about the chance that Drueke and Huynh could be executed. "Sometimes they were just so smart and I was like 'Oh man they're going to kill me.'

☆ Pakistan set to increase interest rates in off-cycle review, say investors
▼ + stars: | 2023-02-23 | by ( Ariba Shahid | ) www.reuters.com time to read: +2 min

Market participants in a recent treasury bill auction are expecting at least a 200 basis points increase in the central bank's policy rate, which stands at 17%. The expected increase is based on the rates the Pakistan government set in the auction to raise the funds. The cut off rates for the three-month, six-month, and 12-month tenors jumped 195 bps, 206 bps, and 184 bps higher than the previous auction. While the government expects a deal with IMF soon, media reports say that the agency expects the policy rate to be increased. “Pakistan has two core inflation readings i.e., Urban (15.4% for Jan-23) and Rural (19.4%) and no national core number is released.

After Russia invaded Ukraine, the West formed what looked like an overwhelming global coalition: 141 countries supported a United Nations measure demanding that Russia unconditionally withdraw. South Korea Indonesia Israel Thailand Japan Saudi Arabia Philippines Afghanistan CambodiaBy contrast, Russia seemed isolated. Eritrea “Russian actions are being distorted” North Korea Russia Belarus Syria Eritrea “Russian actions are being distorted” North Korea Russia Belarus SyriaBut the West never won over as much of the world as it initially seemed. But like many other African countries, South Africa appears careful to balance its growing ties with Russia against maintaining a relationship with the West. Others that provided Ukraine with military support have declined to impose economic sanctions on Russia.

☆ Major Gulf bourses drop on Fed's hawkish tone
▼ + stars: | 2023-02-23 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 23 (Reuters) - Major Gulf bourses closed lower on Thursday as investors remained cautious after the U.S. Federal Reserve's minutes from latest meeting reinforced a hawkish tone, although the Egyptian index bucked the trend. Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes. With steepest intraday decline since Jan. 17, the index witnessed losses in almost all sectors, led by financial and energy stocks. The gulf region's largest lender Qatar National Bank (QNBK.QA) declined 2.1% and Qatar Islamic Bank (QISB.QA) plunged 9.6%, the sharpest intraday slide since March 2020 as the stock traded ex-dividend. Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1.4%, snapping its previous session losses.

☆ Saudi bourse falls on Fed worries; Qatar gains
▼ + stars: | 2023-02-19 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

Feb 19 (Reuters) - Saudi Arabia's stock market closed lower on Sunday after U.S. economic data stoked fears the Federal Reserve will act more aggressively to curb inflation. Most Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the United Arab Emirates have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely, exposing the region to a direct impact from monetary tightening in the world's largest economy. The benchmark index (.TASI) in Saudi Arabia dropped 0.5%, dragged down by a 2.1% slide in Retal Urban Development Co (4322.SE) and a 0.9% decrease Al Rajhi Bank (1120.SE). In Qatar, the index (.QSI) bucked the trend to finish 0.7% higher, led by a 3.4% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA). ** Markets in Kuwait and Oman were closed for a holidayReporting by Ateeq Shariff in Bengaluru; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ US allies bordering Russia are buying up HIMARS, weapons that have devastated Putin's forces in Ukraine, and longer-range rockets and missiles for them
▼ + stars: | 2023-02-08 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

The US State Department has approved the sale of HIMARS launchers, missiles, and rockets to Poland. The country is among several other US allies bordering Russia that have sought to obtain this capability. The HIMARS has proven to be a highly effective weapon for Ukraine, which has used the system to devastate Russian forces on the battlefield. With this sale, Poland would become the latest eastern European country that borders Russia to secure the much-celebrated HIMARS. The State Department last year approved a sale of HIMARS to Estonia, which borders mainland Russia.

☆ The US's powerful Abrams tanks are heading to Ukraine, but generals disagree over how hard it'll be to use them on the battlefield
▼ + stars: | 2023-02-01 | by ( Sebastien Roblin | ) www.businessinsider.com time to read: +19 min

The US has pledged to send Abrams tanks to Ukraine, joining a bevy of Western-made tanks. Here comes the M1 Abrams for UkraineA M1A2 Abrams tank fires at a target during an exercise. The same day, word spread that US President Joe Biden would announce he was sending 31 M1 Abrams tanks to Ukraine. But Hertling disagreed that withholding the M1 Abrams was a "political decision" and didn't find the examples of non-US Abrams operators persuasive. M1 Abrams: training and sustainmentAn M1A2 Abrams drives into the woods during an exercise in Hohenfels, Germany.

That has rendered a community that experts estimate to be 7 million to 8 million people invisible, underrepresented and unnoticed. There's power in numbers, Berry said, and as it is now, much of the research on the American MENA community is anecdotal because of the lack of an identifier. "Small-business owners in the community would be able to take advantage of grants that we're not entitled to, because we're factored into the white category." 'It's like déjà vu'It isn't the first time the U.S. has concluded that a MENA category is necessary. It's a processThe recommendation for the OMB to adopt a MENA category is just that — a recommendation.

☆ Gulf economies to slow this year on sluggish oil demand - Reuters poll
▼ + stars: | 2023-01-24 | by ( Anant Chandak | ) www.reuters.com time to read: +2 min

Crude oil prices, a major driver for Gulf economies, are down more than a third from last year's highs and were expected to remain under pressure this year over fears of a recession in major economies sapping demand. Overall growth in the six GCC economies was forecast to average 3.3% and 2.8% this year and next respectively, the Jan. 9-23 poll showed, down from 4.2% and 3.3% in the previous poll. Among other Gulf countries - Qatar, Oman, and Bahrain - growth was expected at 2.4%-2.7% for 2023. Despite lower oil GDP growth, non-oil growth was expected to remain resilient in 2023, economists in the survey said. Analysts expected continued current account surpluses for the main Gulf economies, based on relatively high oil prices.

☆ Erdogan to Sweden: Don't expect Turkish support for NATO bid after Stockholm protest
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

ANKARA, Jan 23 (Reuters) - Sweden should not expect Turkey's support for its NATO membership after a protest near the Turkish embassy in Stockholm at the weekend including the burning of a copy of the Koran, President Tayyip Erdogan said on Monday. "Those who allow such blasphemy in front of our embassy (in Stockholm) can no longer expect our support for their NATO membership," Erdogan said in a speech after a cabinet meeting. "But Sweden will respect the agreement that exists between Sweden, Finland and Turkey regarding our NATO membership," he added. Sweden and Finland applied last year to join NATO following Russia's invasion of Ukraine but all 30 member states must approve their bids. Turkey had already summoned Sweden's ambassador about the incident, cancelled a planned visit by Swedish defence minister to Ankara and strongly condemned the event.

☆ Protests in Stockholm, including Koran-burning, draw condemnation from Turkey
▼ + stars: | 2023-01-21 | by ( ) www.reuters.com time to read: +5 min

Permitting this anti-Islam act, which targets Muslims and insults our sacred values, under the guise of freedom of expression is completely unacceptable," the Turkish Foreign Ministry said. The Turkish ministry urged Sweden to take necessary actions against the perpetrators and invited all countries to take concrete steps against Islamophobia. Swedish Foreign Minister Tobias Billstrom said that Islamophobic provocations were appalling. "Saudi Arabia calls for spreading the values of dialogue, tolerance, and coexistence, and rejects hatred and extremism," the Saudi Foreign Ministry said in a statement. "We will continue our opposition to the Swedish NATO application," Thomas Pettersson, spokesperson for Alliance Against NATO and one of organizers of the demonstration, told Reuters.

☆ Fact Check-Photos do not show pigeons carrying illegal substances in New York
▼ + stars: | 2023-01-20 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

Social media posts spreading the false claim that the New York Police Department (NYPD) caught “a group of pigeons with backpacks carrying illicit substances” in January 2023 feature years-old photos of drug busts in other countries. In fact, reverse image searches show the photographs in the social media posts are years old and appear in reports about police drug busts outside of the United States. Reuters published the images in 2015, attributing them to the Costa Rica Ministry of Justice and Peace, (here). Photos of pigeons carrying illegal substances were not taken in New York in January 2023 but correspond to years-old drug busts featuring avian drug smuggling operations in Costa Rica and Kuwait. Read more about our work to fact-check social media posts here .

☆ Kuwait aims to build political cohesion with new amnesty for jailed critics
▼ + stars: | 2023-01-19 | by ( Ahmed Hagagy | ) www.reuters.com time to read: +3 min

KUWAIT, Jan 19 (Reuters) - Kuwait's emir has pardoned dozens of jailed critics under a new amnesty as the Gulf state builds on efforts to end domestic political feuding that has hampered fiscal reforms and as tensions surface between the new government and parliament. The amnesty decreed by Emir Sheikh Nawaf al-Ahmad al-Sabah, published in the Official Bulletin on Wednesday pardoned 34 Kuwaitis, most of them convicted for voicing public criticism. Kuwait bans political parties but has given its legislature more influence than similar bodies in other Gulf monarchies, and political stability in the U.S.-allied country has traditionally hinged on cooperation between the government and parliament. Opposition MP Mubarak Al-Hajraf, who has submitted a request to question the finance minister, in a Twitter post thanked the emir and the crown prince for the "generous amnesty". Reporting by Ahmed Hagagy Writing by Ghaida Ghantous Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

At least 15 U.S. oil refineries plan maintenance ranging from two to 11 weeks through May, tallies by Reuters and refining intelligence firm IIR Energy show. By mid-February, U.S. refiners will drop some 1.4 million barrels per day of processing capacity, double the five-year average, according to IIR. PBF Energy's (PBF.N) Toledo, Ohio, refinery remains largely offline from December, according to two people familiar with the matter. Heating oil margins are $58 per barrel, more than double the year-ago level. U.S. gasoline inventories are 226.8 million barrels, compared to 240.7 million at this time last year, while refinery capacity is 8% lower than before storm Elliott.

Search resuls for: "KUWAIT"

25 mentions found