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☆ Arab nations set to rehabilitate Syria’s pariah president in defiance of US
▼ + stars: | 2023-05-05 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +7 min

Officials and analysts have said that Syria’s re-admission into the Arab League, while symbolic, comes with the hope that it could pave the way for President Bashar Al Assad’s rehabilitation internationally, and potentially the removal of crippling sanctions against his regime. Arab states have argued that the status quo in Syria is untenable and has caused them a headache at home. Syria has over the past decade turned into a narco-state, exporting highly addictive amphetamines across the border to Jordan and to Saudi Arabia. It’s unclear if the US will stand in the way of Arab states’ efforts to bring Syria back into the regional fold. “The US will not impose a veto on their allies when it comes to normalization with Assad,” said Hellyer.

☆ Analysts warn regional banks stocks are in a 'negative feedback loop' and detached from fundamentals
▼ + stars: | 2023-05-04 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The latest drop for regional bank shares is causing some Wall Street analysts to back away from their recommendations on the stocks, even if they still believe in the underlying fundamentals for the companies. Other regional banks also sold off, including a 19% drop for Western Alliance. The deposit update was not enough to reassure all Wall Street analysts about the health of regional banks, and there is concern that the drops in the stocks could reignite deposit flight. Meanwhile, RBC Capital Markets' analyst Jon Arfstrom stuck with his outperform rating on PacWest, but said only investors with strong stomachs should stick around. Western Alliance Another bank stock that has taken heavy loses in recent weeks is Western Alliance .

☆ Iranian president in Damascus for first visit since Syrian war began
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

DAMASCUS, May 3 (Reuters) - Iranian President Ebrahim Raisi landed in Damascus on Wednesday for talks with his Syrian counterpart Bashar al-Assad, Syrian state media reported, in the first visit by an Iranian head of state since war broke out in Syria in 2011. Raisi's visit comes as Iran and regional rival Saudi Arabia rebuild ties after years of tensions. Syrian state media said "a number of agreements" would be signed during the two-day visit. An Israeli rocket strike on Damascus in February killed Iranian military experts and Tehran has used the flow of aid in the aftermath of the deadly Feb. earthquake to bring in arms. Assad has never publicly acknowledged that Iranian forces have operated on his behalf in Syria's civil war, saying Tehran has only military advisers on the ground.

☆ Saudi Arabia wants to be a bigger player in the Middle East — this time with diplomacy
▼ + stars: | 2023-05-03 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +7 min

“And that can only reflect well on the Kingdom.”This new diplomacy comes as Saudi Arabia prioritizes economic growth at home, which requires regional stability to succeed. Saudi efforts at revamping its image as a peace-broker may face credibility challenges, however, given its near decade-long combative foreign policy and the bad press it attracted. That group is party to the Sudan conflict that Saudi Arabia is trying to help end. Despite its controversial past, Saudi Arabia may still carry enough influence to bring quarreling parties to the negotiating table, analysts say. “Saudi (Arabia) does not pretend to be an impartial mediator but its voice carries weight with many parties in the region,” Shihabi said, adding that where it can, Saudi Arabia wants to use that influence to reduce tensions.

☆ Turkey general election 2023 guide: what you need to know
▼ + stars: | 2023-05-01 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +9 min

And even if Kilicdaroglu wins the election, some analysts say Erdogan may not hand over power to his successor without a struggle. Here’s what you need to know about the vote that could become a pivotal moment in Turkey’s modern history:How Turkey’s elections workTurkey holds elections every five years. Parliamentary elections take place at the same time as the presidential elections. Four candidates are running for this year’s presidential election. CHP Istanbul mayor candidate Ekrem Imamoglu then went on to win the election re-run, dealing a blow to Erdogan.

☆ Here's what's next for bank stocks after the failure of First Republic
▼ + stars: | 2023-05-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

First Republic's demise was the third regional bank failure since early March, when Silicon Valley Bank and Signature Bank folded within days of each other. There is cautious optimism on Wall Street that First Republic will be the last failure of this period. However, reports from other regional banks weren't nearly as dire, with many reporting that deposits had stabilized and were growing again. However, the failure of First Republic could cause some more turbulence, at least in the short-term, for both deposits and bank stocks. "We don't believe that regional banks are completely out of the woods," Wolfe Research chief investment strategist Chris Senyek said in a note to clients on Monday.

☆ Iran's hardline parliament votes to dismiss industry minister
▼ + stars: | 2023-04-30 | by ( ) www.reuters.com time to read: 1 min

DUBAI, April 30 (Reuters) - Iran's parliament on Sunday voted to dismiss the country’s industry minister, the first member of hardline President Ebrahim Raisi's cabinet to be impeached since his election in 2020 amid growing economic resentment across the country. Parliamentarians, who voted to remove Industry, Mines and Trade Minister Reza Fatemi-Amin, accused him of failing to control "skyrocketing prices of automobiles and the rising costs of industrial production" and lambasted him for mismanagement. “162 of the 272 parliamentarians present voted to unseat the minister,” parliament speaker Mohammad Baqer Qalibaf said on a state television broadcast. Writing by Parisa Hafezi; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Even one American in Iraq is too many, Iran leader tells Iraqi president
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +1 min

[1/4] Iraqi President Abdul Latif Rashid and Iranian President Ebrahim Raisi attend a meeting, in Tehran, Iran April 29, 2023. Iran, which has strong ties with Iraq, opposes the U.S. military presence on its borders in Iraq and the Gulf, saying Western military intervention is the root of insecurity in the region. U.S. national security agencies are investigating after a leak of classified documents has suggested the United States spied on allies including Ukraine. "Even the presence of one American in Iraq is too much," Khamenei told Rashid, who was in Tehran with a delegation to boost ties between the two neighbours. The United States has some 2,500 troops in Iraq to help advise and assist local troops in combating Islamic State, which in 2014 seized territory in the country.

☆ Saudi Arabia, Iran to reopen embassies 'within days'
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

BEIRUT, April 28 (Reuters) - Saudi Arabia and Iran will reopen embassies in each other's capitals "within days," Iranian Foreign Minister Hossein Amirabdollahian said on Friday in a sign of warming relations after the two countries closed their missions seven years ago. "During the last phone call between the foreign ministers of Iran and Saudi Arabia on Eid al-Fitr, we agreed to work in the next coming days on the reopening of the Iranian and Saudi embassies in Tehran and Riyadh," Amirabdollahian said, according to an official Arabic translation. Their relationship started deteriorating in 2015 following the intervention of Saudi Arabia and the UAE in the Yemen war, after the Iran-aligned Houthi movement toppled the Saudi-backed government and seized control of the capital Sanaa. The Iranian foreign minister confirmed President Ebrahim Raisi would visit Syria in "the near future" without providing details. The visit would be the first by an Iranian president to Syrian President Bashar al-Assad since war broke out in Syria in 2011.

☆ Iran foreign minister says embassies in S.Arabia, Iran to open 'within days'
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

BEIRUT, April 28 (Reuters) - Saudi Arabia and Iran will open embassies in each other's capitals "within days," Iranian Foreign Minister Hossein Amirabdollahian said on Friday as the relationship between the two regional rivals warms up after years of hostility. The Iranian and Saudi embassies in the respective countries have been closed since 2016. Saudi Arabia accused Iran of providing weapons to the Houthis who attacked Saudi cities with armed drones and ballistic missiles. Iran and Saudi Arabia agreed last month to end their diplomatic raw and restore diplomatic missions under a deal brokered by China. The visit will be the first by an Iranian president to Syrian President Bashar al-Assad since war broke out in Syria in 2011.

☆ Iranian president to visit Syria next week
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

BEIRUT, April 28 (Reuters) - Iranian President Ebrahim Raisi will visit Damascus next week, a senior regional source close to the Syrian government told Reuters on Friday. The visit will be the first by an Iranian president to Syrian President Bashar al-Assad since war broke out in Syria in 2011. The senior regional source told Reuters that a warming of ties between Saudi Arabia and Iran, as well as a thaw in Arab states' isolation of Syria, had paved the way for the visit. This month, regional sources revealed that Iran had secretly brought weapons and other military equipment to Syria by disguising the transfers as part of the relief effort following the devastating February earthquakes in Syria and Turkey. Reporting by Laila Bassam, Writing by Maya Gebeily; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

CNN —Turkish President Recep Tayyip Erdogan largely canceled two days of campaigning as crucial elections loom after he fell ill during a live televised interview. His tweet included social media images, of which some suggested that Erdogan was critically ill in hospital having suffered a myocardial infarction. Erdogan, 69, is hoping to extend his power well into a third decade but it is far from a political certainty. Kilicdaroglu, who represents the six-party Nation Alliance opposition bloc, is the strongest contender to run against Erdogan in years. Kurds are the biggest minority in Turkey, making up between 15% and 20% of the population, according to Minority Rights Group International.

CNN —The violence that has exploded in Sudan as the country’s two top generals grapple for power has unfolded at a terrifying, breakneck speed. Hemedti uses this discourse as a bloody shirt to maintain his influence and military forces for future use,” Fareid said. Marwan Ali/APFrom a subclan of the Mahariya Rizeigat tribe, nomadic people that herded camels in Darfur, Hemedti got his start as a commander of the Janjaweed. Unlike Sudan’s former dictator, Hemedti has not faced charges from the International Criminal Court. The general’s shared sense of impunity was underlined in October 2021, when they staged a coup, arresting Hamdok and his cabinet.

☆ What First Republic's results mean for the regional bank trade, according to Wall Street
▼ + stars: | 2023-04-25 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

First Republic 's quarterly update left investors with major questions about whether the bank can repair itself after massive withdrawals, but the regional bank troubles appear to now be limited to just a small corner of the industry, according to Wall Street analysts. The troubled regional lender reported its first-quarter results Monday, showing a 40.8% drop in deposits that was steeper than analyst estimates. The bank said deposits have stabilized in recent weeks and that it was taking steps to cut expenses and shrink its balance sheet, while also exploring strategic options. Results from regional banks over the last two weeks demonstrated the stickiness of the deposit customer base. ... We expect FRC to embrace a new approach and a different business model, as it adjusts to operating with a smaller balance sheet.

PinnedThe United States military airlifted embassy officials out of Khartoum, the capital of Sudan, amid continuing violence as rival military leaders battled for control of Africa’s third-largest country, President Biden said late on Saturday. (Mr. Godfrey — the first U.S. ambassador to Sudan in a quarter-century — arrived in the country about eight months ago.) They had lived in the same apartment buildings as some American diplomatic staff and arrived together at the embassy, he said. “I am proud of the extraordinary commitment of our embassy staff, who performed their duties with courage and professionalism and embodied America’s friendship and connection with the people of Sudan,” Mr. Biden said. Credit... Ebrahim Hamid/Agence France-Presse — Getty ImagesU.S. officials have said that about 16,000 American citizens were living in Sudan, many of them dual nationals.

☆ Israel PM cautions Saudi Arabia about Iran after China-brokered deal, urges greater U.S. presence
▼ + stars: | 2023-04-19 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +5 min

The China-brokered March 10 détente between long-term rivals Saudi Arabia and Iran has dealt a blow to Netanyahu's diplomatic crusade of pursuing Tehran's political isolation. I think that Saudi Arabia, the leadership there, has no illusions about who are their adversaries, and who are their friends." Before that, footage of Israeli forces beating worshippers in Jerusalem's al-Aqsa mosque during the Arabic holy month of Ramadan drew international condemnations, including from Saudi Arabia. "We'd like very much to have peace with Saudi Arabia. watch nowNarrowing down to just the potential of a relationship with Saudi Arabia, Netanyahu said, "I think the sky's the limit.

☆ Regional bank reports so far show deposits are stabilizing. What's next for the stocks
▼ + stars: | 2023-04-19 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The opening days of the first-quarter earnings season have spurred a sigh of relief among investors, especially when it comes to the regional banks whose future seemed seriously in doubt just a month ago. A quick glance at the early reports from the biggest regional banks show only modest deposit declines in the first quarter. One deposit drop that caught some analysts off-guard among the larger regional banks was a nearly $20 billion decline at US Bancorp , but the bank still has more than $500 billion in deposits. Longer term outlook However, the stabilized funding may not be enough for the regional bank stocks to catch up to their larger competitors, which are viewed as safer and have more diversified businesses. A potential recession could cause credit losses at regional banks in the coming months, and commercial real estate exposure is particularly concerning for investors.

☆ China is succeeding in the Middle East because it learned from watching the US fail there for 20 years
▼ + stars: | 2023-04-18 | by ( Natalie Armbruster | Defense Priorities | ) www.businessinsider.com time to read: +6 min

Conversely, China is clear-eyed about its interests in the Middle East and, more importantly, their limits. In fact, most of China's Belt and Road Initiative investments in the Middle East hinge on ensuring free trade in the Middle East and a steady energy supply, not security. As international scrutiny builds surrounding the Uyghur crisis, China is particularly keen on finding partners in the Middle East who will exchange silence for investment. With Saudi Arabia, which has its own skeletons in its closet, such a trade is tempting. Instead of resorting to undue threat inflation, the United States may benefit from a corrective course on its history in the Middle East thus far.

☆ Houthis try to reassure skeptics they won’t seek full control of Yemen, as Saudis eye exit
▼ + stars: | 2023-04-14 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +8 min

“If we were not looking for full control during the war, then we will not look for full control at any other time,” al-Houthi told CNN. It spiraled into a wider war in 2015 when a Saudi-led coalition intervened in an attempt to beat back the Houthis. A Saudi delegation arrived in Sanaa on Sunday for talks with the Houthis aimed at securing a permanent ceasefire. The Houthi leader told CNN he expected Saudi Arabia to ensure the departure of all foreign forces, including the UAE, from the country. “We are in agreement (with the Saudis) that we need all foreign forces to leave Yemen,” he said.

☆ Here's why the Fed cutting interest rates is a double-edged sword for commercial real estate
▼ + stars: | 2023-04-06 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Commercial real estate is widely seen as the next shoe to drop after the collapse of Silicon Valley Bank. A wave of CRE debt is coming due and will need to be refinanced at higher interest rates at a time when occupancy rates are low. Interest rate cuts from the Fed would provide some relief to the CRE space, but not if they come alongside a recession, according to Bank of America. Commercial real estate has been in a world of pain ever since the COVID-19 pandemic started. But could interest rate cuts from the Fed — which the market expects will happen in the second half of this year — help alleviate ongoing concerns in the commercial real estate market?

☆ Saudi Arabia and Iran met in China to start thawing their fierce rivalry — a striking victory for Xi and a potential humiliation for the US
▼ + stars: | 2023-04-06 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

Saudi Arabia and Iran's foreign ministers held a historic meeting in Beijing on Thursday. While China has maintained close ties with both countries, the US and Iran have not had diplomatic relations in decades. The meeting between Prince Faisal bin Farhan of Saudi Arabia and Hossein Amirabdollahian of Iran was the first of its kind since 2016. They also discussed visas, as well as a visit to Saudi Arabia by Iran's President Ebrahim Raisi, per The Guardian. CIA director William Burns was in Saudi Arabia this week to discuss mutual intelligence cooperation and counterterrorism, Al-Arabiya reported.

☆ Saudi money is flowing to US media and entertainment, from Live Nation to LIV Golf, 5 years after Jamal Khashoggi's murder: 'The ice has thawed'
▼ + stars: | 2023-04-03 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +20 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Insider identified some key people connecting Middle East investors with American companies. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Vince McMahon's WWE has a long-term partnership with the Kingdom of Saudi Arabia, with a major live WWE event there slated for May. Vince McMahon's WWE was one of the first US companies to create unique events in Saudi Arabia.

☆ Raisi says hijab is the law in Iran as unveiled women face 'yoghurt attack'
▼ + stars: | 2023-04-01 | by ( ) www.reuters.com time to read: +2 min

April 1 (Reuters) - President Ebrahim Raisi said on Saturday that the hijab was the law in Iran after a viral video showed a man throwing yoghurt at two unveiled women in a shop near a holy Shi'ite Muslim city. They were also the subject of arrest warrants for flouting Iran's strict female dress rules, state media reported. Videos of unveiled women resisting the morality police have flooded social media. Judiciary chief Gholamhossein Mohseni Ejei earlier threatened to prosecute "without mercy" women who appear in public unveiled, Iranian media reported. It urged citizens to confront unveiled women.

Russian President Vladimir Putin, wearing a blue suit, in a meeting with Iran’s President Ebrahim Raisi last summer. Russia is helping Iran gain advanced digital-surveillance capabilities as Tehran seeks deeper cooperation on cyberwarfare, people familiar with the matter said, adding another layer to a burgeoning military alliance that the U.S. sees as a threat. The potential for cyberwarfare collaboration comes after Iran has, according to U.S. and Iranian officials, sold Russia drones for use in Ukraine, agreed to provide short-range missiles to Moscow and shipped tank and artillery rounds to the battlefield. Tehran is seeking the cyber help along with what U.S. and Iranian officials have said are requests for dozens of elite Russian attack helicopters and jet fighters and aid with its long-range missile program.

☆ UBS could see big gains after forced Credit Suisse merger. Big U.S. banks may also be winners, analysts say
▼ + stars: | 2023-03-20 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

UBS ' acquisition of Credit Suisse could lead to big gains for the Swiss bank. UBS agreed to buy Credit Suisse for 3 billion Swiss francs, or around $3.2 billion, in a forced deal announced Sunday. As part of the deal, Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they hold. But Barclays analyst Amit Goel wasn't so sure, cutting his view on European banks to neutral from positive on Monday. Wells Fargo's Mike Mayo, meanwhile, sees opportunity for U.S. banks coming out of the UBS takeover of Credit Suisse.

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