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☆ Why any M&A boom in banks will mirror shale oil in 2020 — all-stock offers and small premiums
▼ + stars: | 2023-06-27 | by ( Scott Schnipper | ) www.cnbc.com time to read: +2 min

Pioneer Natural bought Parsley Energy at an 8% premium. Devon Energy bought WPX Energy at a 3% premium. Bilson points to Yellen last week highlighting a likely decline in earnings when banks report second-quarter earnings next month. That's already reflected in plenty of well-known banks "now trading with mid-single digit forward EPS multiples" as they are suddenly forced to pay more for their deposits, Bilson wrote. There are other hurdles standing in the way of bank deals, Bank of America analysts led by Ebrahim Poonawala said Monday.

Persons: Janet Yellen, there'll, Don Bilson, Gordon Haskett, Bilson, Ebrahim Poonawala, dealmaking, Poonawala, — CNBC's Michael Bloom Organizations: Silicon Valley Bank, Signature Bank, First, Federal Reserve, Dominion, Chevron, Noble Energy, ConocoPhillips, Concho Resources, Energy, Devon Energy, WPX Energy, Yellen, Bank of America, Regulators, U.S . Department of Justice, Federal Trade Commission, MTM Locations: U.S, Wall, Silicon, Toronto, Concho

☆ Water wars: Afghanistan and Iran's deadly border flare-up spotlights scarcity crisis
▼ + stars: | 2023-06-19 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

Kajaki Hydroelectric Dam in Kajaki, Afghanistan in the Helmand province on June 4, 2018 in Kajaki, Afghanistan. Iranian and Afghan border guards clashed on May 27, exchanging heavy gunfire that killed two Iranian guards and one Taliban soldier and wounded several others. A dangerous borderThe 580-mile border between Afghanistan and Iran is porous and crawling with crime, predominantly coming from the Afghan side into Iran. "Iran's Afghan border has always been its most vulnerable," said Kamal Alam, a nonresident senior fellow at the Atlantic Council's South Asia Center. In the 1950s, Afghanistan built two major dams that limited the flow of water from the Helmand river into Iran.

Persons: Maplecroft, Wakil Kohsar, Soltvedt, Kamal Alam, Alam, Ryan Bohl, Rane, Ebrahim Raisi, Yamil Lage Organizations: Orbital, Copernicus Sentinel, Getty Images, CNBC, Taliban, Afp, Getty, Asia Center, East Locations: Kajaki, Afghanistan, Helmand, Getty Images Iran, Iran, Tehran, destabilization, East, North Africa, Afghan, Zaranj, Iran's, Khuzestan, Nimruz, Helmand Province, Sistan, Baluchistan, Havana, Cuba

French President Emmanuel Macron held a 90-minute call with Iranian President Ebrahim Raisi on June 10. Thousands of supportive rallies have been held around the world since her death September, although the nationwide unrest has subsided after Iranian security police clamped down on it. ABORTIVE PLOTNunez's letter put the July 1 NCRI rally in the context of the abortive plot led by Vienna-based Iranian diplomat Assadolah Assadi in October 2018 and three others. "Partner countries have in this regard recently mentioned many planned violent attacks, potentially targeting Iranian opposition figures." The letter said there was also an elevated risk of conflict between the NCRI and rival Iranian opposition groups at the rally, although there had been no incidents at past rallies.

Persons: Gonzalo Fuentes, Ban, Emmanuel Macron, Ebrahim Raisi, Laurent Nunez, Shahin Gobadi, Assadolah Assadi, Assadi, Nunez, John Irish, Mark Heinrich Our Organizations: REUTERS, Paris, Reuters, Council of Resistance, People's Mujahideen Organisation of Iran, Foreign Affairs, Thomson Locations: Paris, France, Iran PARIS, Iran, Tehran, Islamic Republic, IRAN, United States, Israel, Vienna, Belgium, Europe, Iranian, Paris , Washington, Saudi, Riyadh

☆ Saudi Arabia urges improved maritime security in Gulf as ties with Iran resume
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +2 min

June 17 (Reuters) - Saudi Arabia wants enhanced maritime security in the crucial Gulf region as part of its rapprochement with long-time rival Iran, Foreign Minister Prince Faisal bin Farhan said on Saturday. The kingdom broke ties with Iran in 2016 after protesters attacked the Saudi embassy in Tehran in retaliation for Riyadh's execution of a prominent Shiite cleric. Iran has recently been trying to mend its strained ties with several Gulf Arab states. Saudi Arabia's rapprochement with Iran has left Israel largely alone as it has sought to isolate Iran diplomatically. The United Arab Emirates, which was the first Gulf Arab country to sign a normalisation agreement with Israel in 2020, resumed formal relations with Iran last year.

Persons: Prince Faisal bin Farhan, Prince Faisal, Hossein Amirabdollahian, Ebrahim Raisi, Amirabdollahian, Hatem Maher, Aziz El Yaakoubi, Mark Heinrich, Louise Heavens, Mike Harrison Organizations: Foreign, United, United Arab Emirates, Israel, Thomson Locations: Saudi Arabia, Iran, China, Gulf, Yemen, Syria, Lebanon, Tehran, Saudi, Hormuz, United States, Israel, United Arab, Arab, Bahrain, Morocco, UAE, Cairo, Riyadh, Dubai

☆ Saudi foreign minister arrives in Tehran amid rapprochement -Iran TV
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

June 17 (Reuters) - Saudi Arabia's Foreign Minister Prince Faisal bin Farhan arrived in Iran on Saturday amid a rapprochement between the two Middle East arch-foes, Iranian state TV said. The kingdom broke ties with Iran in 2016 after protesters attacked the Saudi embassy in Tehran in retaliation for Riyadh's execution of a prominent Shiite cleric. Iran has recently been trying to mend its strained ties with several Gulf Arab states. Saudi Arabia’s rapprochement with Iran has left Israel largely alone as it has sought to isolate Iran diplomatically. The United Arab Emirates, which was the first Gulf Arab country to sign a normalisation agreement with Israel in 2020, resumed formal relations with Iran last year.

Persons: Prince Faisal bin Farhan, Bin Farhan, Ebrahim Raisi, Hossein Amirabdollahian, Mark Heinrich, Louise Heavens Organizations: Saudi Arabia's Foreign, United, United Arab Emirates, Israel, Thomson Locations: Saudi, Iran, Saudi Arabia, China, Yemen, Syria, Lebanon, Tehran, Israel, United Arab, Arab, Bahrain, Morocco, UAE

☆ Cuba, Iran presidents meet in Havana, vow to confront 'Yankee imperialism'
▼ + stars: | 2023-06-15 | by ( Nelson Acosta | ) www.reuters.com time to read: +3 min

HAVANA, June 15 (Reuters) - Iranian President Ebrahim Raisi met with Cuban counterpart Miguel Diaz-Canel on Thursday, his last stop on a three-nation Latin American tour aimed at shoring up support among Latin American allies saddled, like Iran, by U.S. sanctions. Raisi told reporters at a trade forum in Havana early on Thursday that Cuba and Iran would seek opportunities to work together in electricity generation, biotechnology, and mining, among other areas. "The conditions and circumstances in which Cuba and Iran find themselves today have many things in common," Raisi said in a conversation with Cuban president Miguel Diaz-Canel. Prior to arriving in Cuba, the Iranian president also met with Nicaragua´s Daniel Ortega in the Central American country. Raisi called his visit with Iran´s key Latin American allies a "turning point" in relations.

Persons: Ebrahim Raisi, Miguel Diaz, Canel, Raisi, Nicaragua ´, Daniel Ortega, Diaz, John Kirby, Kirby, We’re, Hurricane Ian, Fidel Castro ´, Donald Trump, Nelson Acosta, Dave Sherwood, Jonathan Oatis Organizations: Cuban, U.S, Central American, Yankee, White House, Communist, Thomson Locations: HAVANA, Iran, Havana, Cuba, Venezuela, Nicaragua, America, Iranian, Russia, China, Hurricane

☆ After Saudi Arabia, Iran may be patching up with its oldest Arab foe
▼ + stars: | 2023-06-14 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +8 min

The feud became the longest between Iran and an Arab country in modern times. Khamenei’s recent comments come as Saudi Arabia normalizes ties with Iran after nearly eight years of a diplomatic freeze. Apart from Saudi Arabia and Iran, Egypt has reconciled with both Turkey and Qatar, and the Arab League last month welcomed Syria back as a member after more than a decade of isolation. Weight of historical symbolismAs the years passed by, Egypt and Iran only grew apart, with little desire to reconcile from either party. Most Arab states continue to reject recognition of Israel.

Persons: Princess Fawzia, Iran’s Crown Prince Mohammad Reza Pahlavi, Fawzia, King Farouk I –, –, Pahlavi, Ayatollah Ali Khamenei, Iran “, ”, Sultan Haitham Bin Tariq, Trita Parsi, ” Parsi, “, Abdel Fattah al, Oman's Sultan Haitham bin Tariq, Gamal Abdel Nasser, Shah, Anwar Sadat, King Farouk, Sadat, Khaled Islambouli, Hosni Mubarak, chargé d’affaires, Mubarak, Mohamed Mursi, Parsi, “ Israel, Abraham, Israel, won’t Organizations: CNN, Iran’s Crown, Iran’s, Media, Tehran, Carnegie Endowment, International Peace, Arab League, Quincy Institute, Oman News Agency, Reuters Analysts, Cairo Citadel, West, Israel, Abraham Accords Locations: Egypt, Iran, Tehran, Saudi Arabia, United States, ”, London, Cairo, Turkey, Qatar, Syria, West, Washington ,, Al, Rifa’I, Israel, Republic, Ater

☆ France warns Iran on drone deliveries to Russia
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 10 (Reuters) - French President Emmanuel Macron warned Iranian counterpart Ebrahim Raisi on Saturday about the consequences of delivering drones to Russia, Macron's office said on Saturday. In a phone call, Macron urged Iran to "immediately cease" the support it is giving Russia in the war against Ukraine. Macron also expressed concerns about the trajectory of the Iranian nuclear programme, the statement said. Britain, France, Germany, the United States and Ukraine say the supply of Iranian-made drones to Russia violates a 2015 U.N. Security Council resolution enshrining the Iran nuclear deal. Reporting by Michel Rose, Writing by Dominique Vidalon, Editing by Andrew Cawthorne and Clelia OzielOur Standards: The Thomson Reuters Trust Principles.

Persons: Emmanuel Macron, Ebrahim Raisi, Macron, Michel Rose, Dominique Vidalon, Andrew Cawthorne Organizations: Ukraine, Security, Thomson Locations: Russia, Iran, Britain, France, Germany, United States, Ukraine

☆ US stocks are in the firing line if China’s economy stalls further
▼ + stars: | 2023-06-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Recent data shows that China is also contending with worse-than-expected consumer spending, slowing manufacturing and weak home sales. What it means for markets: US-based companies doing business in China stand to lose if the economy continues on a downward trajectory. Qualcomm (QCOM), with a 67% exposure rate to China, issued disappointing forward guidance during earnings last month, citing China’s slow recovery. JD.com (JD), one of the largest Chinese companies trading in the United States, has fallen by nearly 36% this year. The air purifier market is poised to grow as climate change increases air pollution and exacerbates breathing difficulties.

Persons: That’s, China —, Capvision, China Nicholas Burns, ”, Goldman Sachs, Dow, JD.com, Morgan Stanley, Goldman, Ayaz Ebrahim, CARR, Johnson, Ivan Menezes, Diageo, Menezes ’, Menezes, King Charles III, Debra Crew, Johnnie Walker, Ivan, Javier Ferrán, “ Ivan Organizations: CNN Business, Bell, New York CNN, International Monetary Fund, Factories, Bain, Group, Micron Technology, Nasdaq, Apple, Intel, Starbucks, Nike, Bank of America, Las, Qualcomm, Nvidia, Wynn Resorts, WYNN, MGM Resorts, MGM, China . Companies, Dragon, Goldman Sachs Group, Nomura, Barclays, JPMorgan, Asia Pacific, Bloomberg, Google, Carrier Global, Johnson Controls, Economic Co, Diageo, India, Business, ”, Whisky Association, Northwestern University’s Kellogg School of Management Locations: New York, China, Washington, Beijing, United States, Hong Kong, Dragon China, Canada, Pune, India

☆ Egypt bans Dutch archaeology team from Saqqara due to museum’s ‘Afrocentric’ exhibition
▼ + stars: | 2023-06-07 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +4 min

CNN —A team of archaeologists from a Dutch museum has been banned from carrying out excavations in Egypt’s rich Saqqara necropolis, after the museum mounted an exhibition that drew condemnation from Egyptian authorities. He also confirmed that the journalist who wrote the NRC article had seen the email from the Egyptian authorities. Mostafa Waziri, secretary-general of the Supreme Council of Antiquities of Egypt, did not respond to CNN’s request for comment. Some commented with photos showing light-skinned ancient Egyptian drawings, next to ones with darker skin tones, which they say the museum is propagating. It recently criticized the Netflix docuseries “Queen Cleopatra,” which portrays the ruler of the Ptolemaic Kingdom of Egypt as a woman of color.

Persons: CNN —, Museum of Antiquities Wim Weijland, Oudheden, ” Weijland, Mostafa Waziri, Weijland, “, Nubia …, Miles Davis, Sun Ra, Rihanna, ”, Cleopatra Organizations: CNN, National Museum of Antiquities, Egyptian Antiquities Service, NRC, Leiden Turin Expedition, Museum of Antiquities, “, Supreme, of Antiquities of, Netflix Locations: Kemet, Egypt, Hip, Leiden, Saqqara, Leiden Turin, Cairo, of Antiquities of Egypt, Nubia, ” Nubia, Africa, Khartoum, Sudan, Nubian, Ptolemaic Kingdom

☆ Iran presents its first hypersonic ballistic missile, state media reports
▼ + stars: | 2023-06-06 | by ( Parisa Hafezi | ) www.reuters.com time to read: +2 min

DUBAI, June 6 (Reuters) - Iran presented what officials described as its first domestically-made hypersonic ballistic missile on Tuesday, the official IRNA news agency reported, an announcement likely to heighten Western concerns about Tehran's missile capabilities. "The precision-guided Fattah hypersonic missile has a range of 1,400 km and it is capable of penetrating all defence shields," Amirali Hajizadeh, the head of the Guards' aerospace force, was quoted as saying by Iranian state media. Last year, the Islamic Republic said it had built a hypersonic ballistic missile which can manoeuvre in and out of the atmosphere. "It can bypass the most advanced anti-ballistic missile systems of the United States and the Zionist regime, including Israel's Iron Dome," Iran's state TV said. Despite U.S. and European opposition, the Islamic Republic has said it will further develop its defensive missile programme.

Persons: Ebrahim Rahisi, Donald Trump's, Trump, Joe Biden's, Parisa, Andrew Heavens, Angus MacSwan, Christina Fincher Organizations: Revolutionary Guards Corps, Guards, Zionist, U.S, Trump reimposed, Dubai Newsroom, Thomson Locations: DUBAI, Iran, Republic, United States, Islamic Republic, Tehran, U.S, Israel

☆ Is Karim Benzema about to be the first of many soccer superstars to join Cristiano Ronaldo in Saudi Arabia?
▼ + stars: | 2023-06-05 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +2 min

CNN —French soccer player Karim Benzema has played his last game for Real Madrid and may soon be joining the great Cristiano Ronaldo in Saudi Arabia. Saudi’s state-run Ekhbariya news on Sunday reported that Benzema and the Saudi Al Ittihad club had reached an agreement on a two-season contract. The Frenchman could be the first of many established star names to join Ronaldo in the Saudi Pro League next season. In an interview with the Saudi Pro League, Ronaldo last week said that he was happy in Saudi Arabia and encouraged other players to join him. According to Saudi state-owned media, Ronaldo will earn an estimated $200 million a year, making him the world’s highest-paid soccer player.

Persons: Karim Benzema, Cristiano Ronaldo, Benzema, Fabrizio Romano, “, Al, ”, ” Romano, Ballon, Carlo Ancelotti, ” Benzema, Frenchman, Ronaldo, Al Nassr, Lionel Messi –, –, Karim Djaziri Organizations: CNN, Real Madrid, Saudi Al, Sunday, Twitter, Saudi, Spanish, Ronaldo, Saudi Pro League Locations: French, Saudi Arabia, Saudi, Saudi Al Ittihad, Italian, Al Ittihad, Spain, Al Hilal

☆ Middle Eastern investors are pouring money into US media, sports, and entertainment — here are the 9 most active players and their key leaders
▼ + stars: | 2023-06-05 | by ( Lucia Moses | Claire Atkinson | ) www.businessinsider.com time to read: +10 min

Investors in Saudi Arabia, Qatar, and United Arab Emirates are pouring money into Western media and entertainment. Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment, and they're finding plenty of takers. The channels for money from Saudi Arabia and other parts of the Middle East are complex. Insider broke down the key entities — their owners, leaders, and high-profile investments and joint ventures — in the top three Middle Eastern nations pouring money into US entertainment and media. It describes itself as the largest media company in the Middle East and North Africa and runs one of the largest TV news channels, Al Arabiya.

Persons: Jamal Khashoggi's, Saudi Crown Prince Mohammed bin Salman, —, WME, Jimmy Finkelstein's, Abu Dhabi's, It's, Yasir Al, Rumayyan, Waleed bin Ibrahim Al Ibrahim, Sam Barnett, Peter Smith —, Christina Wayne, SRMG, Mohammed bin Salman, Alrashid, Johnny Depp, Jeanne du Barry, Sharon Stone, Bruno Mars, Luca Guadanigno, Vince McMahon's, Turki Al, Mohammed bin Abdulrahman bin Dayel, Mansoor bin Ebrahim Al, Mahmoud, Peter Chernin, Nasser Al, Germain, BeIN, Sheikha Al Mayassa bint Hamad, Khalifa Al, Vincent, Asghar Farhadi's Oscar, Nart Bouran, JAF, Jeff Zucker, Graydon Carter's, it's, Semafor, Sheikh Mansour bin Zayed Al Nahyan, Sheikh Mansour, Sultan Ahmed Al Jaber Organizations: United, Sovereign, Saudi, Washington Post, Saudi Crown, Endeavor, UFC, IMI, Abu Dhabi Media Investment Corporation, Public Investment Fund, Saudi Aramco, Newcastle United, English football, PGA, MBC, Shahid, Netflix, Vice Media, Variety, MBC Group's, Antenna Group, Cineflex Studios, NBCUniversal International, Amazon, AMC, Saudi Research, Media, Publicly, Red Sea, Cannes, Penske Media Corporation, Bloomberg Media, Vince McMahon's WWE, country's General Entertainment Authority, Development, Cultural Development Fund, George Washington University, American University . Qatar Qatar Investment, Qatar Investment Authority, Providence, BeIN Media, Paris Saint, Miramax, Paramount, Doha Film, Doha Film Institute, H.E, Hollywood Reporter, United Arab Emirates Abu, Investment Authority, UAE, Abu, Abu Dhabi Investment Authority, Hollywood, Dubai Studio, Dubai Media City, National Geographic, BBC News, International Media Investments International Media Investments, National, CNN, Sky News Arabia, Reuters, JAF Communications, Grid, RedBird Capital Partners, Punchbowl News, New York Times, Manchester City, The, Abu Dhabi National Oil Company Locations: Saudi Arabia, Qatar, United Arab Emirates, UAE, Saudi, East, North Africa, Al Arabiya, Netherlands, Greece, Dubai, Jeddah, SRMG, Riyadh, Doha, Europe, Americas, ViacomCBS, Qatari, Thani, Abu Dhabi

☆ Erdogan intent on taking back Istanbul after presidential victory
▼ + stars: | 2023-05-31 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +6 min

CNN —Turkish President Recep Tayyip Erdogan has stretched his rule into a third decade after Sunday’s presidential election victory. Are you ready to win both Uskudar (a large district in Istanbul) and Istanbul in the local elections in 2024? Then let’s not stop.”By winning back Istanbul, Erdogan means having it governed by a mayor from his Justice and Development (AK) Party. Before beginning his term as prime minister in 2003, Erdogan was himself mayor of Istanbul between 1994 and 1998. The opposition beat Erdogan by nearly three points in both Istanbul and Ankara in Sunday’s presidential runoff.

Persons: Recep Tayyip Erdogan, Erdogan, ” Erdogan, Ekrem Imamoglu, Imamoglu, Kemal Kilicdaroglu, Berk, “ Imamoglu, ” Esen, you’ve, you’re, ” Imamoglu, ”, MetroPoll, Erdogan “, Soner Cagaptay, ” Cagaptay, Canan Kaftancioglu, Esen, “, Turkey ’ Organizations: CNN, Uskudar, ”, Istanbul, Development, Party, Welfare Party, AK Party –, Republican People’s Party, Sabanci University, “, Analysts, Electoral, Rights Watch, Washington Institute for Near East, Foreign Affairs, Union of Chambers, Commodity Exchanges, Erdogan’s Locations: Istanbul, Ottoman Empire, Turkish, Ankara, Sunday’s, CHP’s Istanbul, Izmir, Erdogan’s Istanbul, Turkey

☆ Factbox: What have OPEC+ producers said ahead of June oil policy meeting?
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +3 min

LONDON, May 30 (Reuters) - Mixed signals by major OPEC producers and their main allies have sparked volatility in oil prices ahead of an OPEC+ oil policy meeting set to take place this weekend. Russian Deputy Prime Minister Alexander Novak said on Thursday he expected no new steps from OPEC+ in Vienna, Russian media reported. Novak later added in a statement that OPEC+ would make a decision on what is best for the oil market. Three sources with knowledge of current Russian thinking told Reuters last week Russia is leaning towards leaving oil production volumes unchanged. IRANIranian President Ebrahim Raisi told the secretary general of OPEC on Saturday that he hopes oil producers can calm the market, calling for the unity of OPEC members, Iranian media reported.

☆ Erdogan survived the biggest test of his political career. What’s next?
▼ + stars: | 2023-05-29 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +7 min

Official results showed Erdogan winning with 52.1% of the vote, while opposition leader Kemal Kilicdaroglu emerged with 47.9%. Murat Somer, a political science professor at Koc University in Istanbul, expects a hardened approach by Erdogan towards the opposition and his critics. “[Erdogan is] likely to continue his unorthodox economic policies because these actually serve his interests,” Somer told CNN. Becky Anderson's full interview with Turkish President Erdogan 20:52 - Source: CNNKorhan Kocak, an assistant professor of political science at New York University Abu Dhabi in the United Arab Emirates, worries about Erdogan’s moves after the election. And Erdogan is the man that delivered that to them.”Cagaptay said that Erdogan’s foreign policy is unlikely to change.

☆ At least three killed in clash on Iran-Afghan border
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +2 min

DUBAI, May 27 (Reuters) - Two Iranian border guards and one Taliban fighter were killed after shooting broke out near a border post between Iran and Afghanistan, a Taliban spokesman and Iran's state media said on Saturday. "Today, in Nimroz province, Iranian border forces fired toward Afghanistan, which was met with a counter-reaction," spokesman for the Taliban-run interior ministry, Abdul Nafi Takor, said in a statement. He said one person had been killed on each side and several injured, though Iran's official IRNA news agency later said two Iranian border guards had been killed and two Iranian civilians injured. Following the clash, Iranian authorities closed the Milak – Zaranj border post, a major commercial crossing - and not the site of the clash - until further notice, IRNA said. Iran's border guards said in a statement they had "used their superior heavy fire to inflict casualties and serious damage", IRNA reported, without giving details.

☆ Cristiano Ronaldo’s ‘Sajdah’ goal celebration goes viral
▼ + stars: | 2023-05-26 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +2 min

His gesture went viral on social media, spurring a whirlpool of comments from fans across the region. “Cristiano Ronaldo’s joy with the third goal and his prostration to God in thankfulness,” tweeted Ali Alabdallah, a Saudi sports correspondent, to his 411,000 followers. Portuguese star player Cristiano Ronaldo takes a low bow after scoring a goal during the match between Al Nassr and Al-Shabab on May 23. The movement, which includes a bow to the ground and touching the grass with one’s forehead, is a celebratory gesture performed mostly by Muslim footballers. Ronaldo joined Saudi Arabia’s Al Nassr last year.

☆ Buy this resilient regional bank trading at a 50% discount, Bank of America says
▼ + stars: | 2023-05-18 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

M & T Bank is well positioned for a downturn and is a bargain for investors looking to take advantage of its selloff this year, Bank of America said in a note Thursday. Regional banks have been slammed since the banking crisis began in March with the collapse of Silicon Valley Bank. While M & T Bank isn't immune to headwinds from worsening credit quality, rising fund costs and increased regulation, its management team is operating from a position of strength, Bank of America analyst Ebrahim Poonawala said. "In an industry where market share consolidation (organic or via M & A) is likely to continue, we view the bank as a relative winner," Poonawala said. Shares are trading at 7.7 times price-to-earnings for 2023 and 7.9 times for 2024, he pointed out.

☆ Russia's Putin and Iran's Raisi oversee railway deal signing
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: 1 min

MOSCOW, May 17 (Reuters) - Russian President Vladimir Putin and his Iranian counterpart Ebrahim Raisi on Wednesday oversaw, via video-link, the signing of a deal on financing and construction of an Iranian railway line to facilitate regional trade. The Rasht-Astara railway is seen as an important link in the broader international North–South Transport Corridor, connecting India, Iran, Russia, Azerbaijan and other countries via railways and sea. Reporting by Vladimir Soldatkin; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

Bank of America is jumping back on the Western Alliance Bancorp bandwagon. Analyst Ebrahim H. Poonawala resumed coverage on the bank with a buy rating. Bank of America dropped its rating on the stock as Western Alliance got caught up in the broader regional bank sell-off after the failure of Silicon Valley Bank and Signature Bank — which was then followed by the collapse of First Republic. Western Alliance shares have lost more than 58% over the past three months. WAL 3M mountain Western Alliance shares Poonawala noted that while Western Alliance "is not out of the woods yet," the bank's management has shown "remarkable execution thus far in navigating the post SVB turmoil."

☆ BoA's Ebrahim Poonawala expects stability to return to regional banking mid-term
▼ + stars: | 2023-05-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBoA's Ebrahim Poonawala expects stability to return to regional banking mid-termEbrahim Poonawala, BoA Securities banking analyst, joins 'Power Lunch' to discuss Bank of America resuming a buy rating on some regional banks.

But for the next two weeks, he may become the most important figure in Turkish politics, potentially deciding President Recep Tayyip Erdogan’s political fate. Preliminary results from the YSK showed Erdogan as having received 49.51% of the vote, while Kilicdaroglu had 44.88%. Ogan, the third candidate, received 5.17%, enough to swing the runoff vote in favor of either of the candidates. But his political career began with the far-right Nationalist Movement Party (MHP), where he spent six years before splitting with it, partly due to its growing closeness with Erdogan’s AK Party, according to Turkish media. Formerly in the opposition, the MHP joined the People Alliance that is led by Erdogan’s AK Party in this election.

☆ A change in Turkish leadership might not spell the end of ties with Russia
▼ + stars: | 2023-05-08 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +7 min

The strengthening ties between Erdogan and Putin have caused jitters in the West, with some watching the upcoming elections with anticipation of a possible Erdogan exit. That makes Russia among Turkey’s biggest trade partners. The European Union, as a bloc, however remains Turkey’s largest trade partner, with bilateral trade reaching around $219 billion, according to the European Commission. But while relations with the EU might improve if the opposition wins, the road may be longer and more challenging with the US, experts say. “When we mention Turkey’s relationship with the West… we sometimes take both ends of the Atlantic (as one),” Isci said.

CNN —The Arab League has re-admitted Syria after an 11-year absence, the organization said Sunday, following an extraordinary meeting at the Arab League’s headquarters in Cairo, Egypt. The Arab League is an organization of Middle Eastern and African countries and the Palestine Liberation Organization. Member states agreed during Sunday’s meeting to “resume the participation of the delegations of the government of the Syrian Arab Republic in the meetings of the Council of the League of Arab States,” according to an Arab League statement. The Arab League also stressed the need to take “practical and effective steps” to resolve the Syrian crisis, the statement added. Syrian President Bashar al-Assad could participate in the upcoming Arab League summit in Saudi Arabia if he is invited and if he wants to attend, Arab League Secretary General Ahmed Aboul Gheit told journalists Sunday.

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