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☆ Israel flashes geopolitical warning at shaky time
▼ + stars: | 2023-10-09 | by ( George Hay | ) www.reuters.com time to read: +4 min

The Kingdom’s rulers have historically supported Palestinian rights and opposed Israel, while waging proxy wars against Iran. Indeed, one motivation of the Hamas attacks may have been to provoke an Israeli response that derails those negotiations. At a time when the global economy needs inflationary geopolitical risks to simmer down, more are flashing red. In response, Israeli air strikes hit housing blocks, tunnels, a mosque and homes of Hamas officials in Gaza, killing more than 400 people, Reuters reported. President Joe Biden said on Saturday that Israel had the right to defend itself and issued a warning to Iran and other countries hostile to Israel not to exploit the attacks.

Persons: Benjamin Netanyahu’s, Joe Biden, Netanyahu, Saudi Crown Prince Mohammed bin Salman, Biden, toughening, Israel, Benjamin Netanyahu, “, Brent, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Hamas, Iran, Saudi Crown, Sunday, Thomson Locations: Ukraine, United States, China, Israel, Gaza, Iran, Jerusalem, Tehran, Saudi Arabia, U.S, Saudi, Germany, Italy, Britain

The Hamas attack left at least 250 dead and 1,500 wounded in Israel. The attack only adds new complications as the Biden administration and Iran are locked in disputes over Tehran’s nuclear program. Biden administration officials have also been working on brokering a normalization of relations between Israel and Saudi Arabia, the most powerful and wealthy Arab state. Biden administration officials pushed back against the argument. Administration officials roundly rejected this, saying their efforts to help Palestinian civilians in Gaza and elsewhere do not involve money that Hamas can use or divert.

Persons: Joe Biden, Biden, Benjamin Netanyahu, “ unconscionable ”, ”, ” Biden, Obama, —, won’t, ” Netanyahu, Israel, Jonathan Schanzer, “, Netanyahu, Schanzer, Donald Trump, Ron DeSantis, Carolina Sen, Tim Scott, Matthew Miller, State Victoria Nuland, Barbara Leaf, Seung Min Kim, Jill Colvin, Thomas Beaumont Organizations: WASHINGTON, GOP, Hamas, Hezbollah, Biden, European, Middle East, White, Trump White, Foundation for Defense of Democracies, Republican, Israel ., Israel . Florida Gov, Department, Foreign Relations, Islamic, State Victoria, Republicans, Administration, Associated Press Locations: Israel, Jerusalem, Gaza, Iran, Saudi Arabia, Saudi, Egypt, Syria, Washington, Israel . Florida, Carolina, U.S, Islamic Republic, Lebanon, New York, Waterloo , Iowa

☆ Opinion: Hamas’ attack on Israel is an indisputable act of terrorism
▼ + stars: | 2023-10-07 | by ( Stuart Ross | Opinion Frida Ghitis | ) edition.cnn.com time to read: +8 min

As many knowledgeable people have pointed out, what Hamas has done is clearly an act of terrorism, no matter what your definition. In another video, geolocated by CNN to southern Israel, near Gaza, Hamas militants are seen taking Israelis captive. Both Iran, the principal sponsor of Hamas, and Hezbollah, another Iran-linked terrorist organization committed to Israel’s destruction, praised Hamas. As sure as night follows day, Israel will retaliate, and millions around the world will blame Israel – and the Jews – ignoring what happened this bloody Saturday. But there’s no denying that what happened on Saturday was an act of terrorism, one that deserves clear, unequivocal condemnation

Persons: Frida Ghitis, Fatah, Khan Younis, Israel, they’re, Benjamin Netanyahu, Netanyahu, Benny Gantz, Joe Biden, Biden, Ursula von der Leyen, ”, Emmanuel Macron, “, Olaf Scholtz, Narendra Modi, Abraham, Israel – Organizations: CNN, Washington Post, Politics, Hamas, Frida Ghitis CNN, Muslim, Associated Press, Palestinian Health Ministry, EU, Dutch, Israel, UN Security Council, United, United Arab Emirates, Abraham Accords Locations: Iran, Gaza, Israel, Egypt, Sderot, Tel Aviv, Gaza City, ” Ukraine, Qatar, Saudi Arabia, United Arab

☆ Bust of slain commander forces cancellation of soccer match between Iranian and Saudi teams
▼ + stars: | 2023-10-03 | by ( Mostafa Salem | ) edition.cnn.com time to read: +4 min

The Quds Force is an elite unit that handles Iran’s overseas operations – and one designated as a terrorist organization by the US and Saudi Arabia. Riyadh severed ties with Tehran in 2016 after Iranian protesters stormed the Saudi embassy in the capital following the execution of a Shiite Muslim cleric in Saudi Arabia. The recent détente however brought hopes of long-lasting peace as Saudi Arabia redirects its resources toward economic development. Iranian and Saudi teams competed last month for the first time in seven years in Iran, where billboards in the streets welcomed the Saudi teams in English, Arabic and Farsi. Iranian soccer fans have also been seen wearing Saudi team jerseys after the kingdom’s clubs made high-profile purchases of international soccer stars.

Persons: Qasem Soleimani, Soleimani, Donald Trump, Ittihad, Tasnim, Morteza Salehi, Mohammad Reza Saket, –, Saudi Arabia’s Crown Prince Mohammed bin Salman, ” Organizations: UAE CNN —, Asian Champions League, Saudi, Sepahan FC, Jahan, Iranian Revolutionary Guards, Force, Quds Force, US, Al, Sepahan, Asian Football Confederation, AFC, Saudi Press Agency, AFP, Getty, CNN, Soccer, Saudi Arabia’s Crown, MBS Locations: Abu Dhabi, UAE, Saudi, Iran, United States, Al, Ittihad, Naghsh, Isfahan, Saudi Arabia, China, Tehran, Riyadh, AFP, Iranian

☆ Stock market minnows are grabbing most of the world’s IPOs
▼ + stars: | 2023-10-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

The US is still the biggest single IPO market. It is now the world’s fourth-biggest IPO market when measured by the value of deals, totaling $3.2 billion so far this year, according to data provider Dealogic. Further south, the year-to-date value of IPO deals on Turkey’s Borsa Istanbul has hit $2.3 billion, more than double the value of deals on the London Stock Exchange. Not a ‘pretty picture’The United Kingdom’s IPO market is in more profound trouble, and the loss of the Arm IPO to New York stung. Kerr attributes the decline in the UK’s IPO scene partly to Brexit but also to the growing strength of stock exchanges in emerging markets.

Persons: EY, ” George Chan, Chan, you’ve, they’re, ”, Hidroelectrica, Michael M, Kevin Gordon, Charles Schwab, ” Gordon, Germany’s, Samuel Kerr, Kerr Organizations: London CNN, Nasdaq, CNN, Center, United Arab, Bucharest Stock Exchange, Turkey’s Borsa, London Stock Exchange, Tech, IPOs, New York Stock Exchange, Getty, Federal Reserve, United, Wall, “ Companies Locations: Turkey, Romania, Indonesia, Malaysia, India, Hong Kong, United States, United Arab Emirates, China, Jakarta, Frankfurt, Paris, Romanian, Turkey’s Borsa Istanbul, Europe, New York, London

☆ The Zoom backgrounds that make you look more - or less - trustworthy, according to experts
▼ + stars: | 2023-09-28 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +3 min

That’s according to new research, which looks at how people’s choice of Zoom background could be helping or hindering them. And we found that the living room and novelty backgrounds were the worst,” he said. Not everyone has a home office but yet there’s something that still seems a little unserious [about a home or novelty background]. “We found that generally smiling makes you look more trustworthy and competent, no matter what the background,” he said. “Female faces were also rated as more trustworthy and more competent, regardless of the background they were using,” the researchers wrote.

Persons: Paddy Ross, bookcases, ”, “, …, ” Ross, Ross Organizations: CNN, United Kingdom’s Durham University, Durham University

☆ Gulf stocks mixed amid rate hike woes; Egypt outperforms
▼ + stars: | 2023-09-24 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +1 min

The Qatari benchmark stock index (.QSI) fell 0.3%, dragged down by almost all the sectors with financials leading the declines. Qatar National Bank (QNBK.QA), the Gulf's biggest lender, was down 0.7% while heavyweight Commercial Bank (COMB.QA) dropped 1.3%. Kuwait's premier market index (.BKP) fell 1.6%, its 7th consecutive session of losses, as most of its constituents were in negative territory. Outside the Gulf, Egypt's blue-chip index (.EGX30), closed up 0.6%, hitting an all-time high. Reporting by Shamsuddin Mohd in Bengaluru; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Shamsuddin, Emelia Sithole Organizations: Federal, Gulf Cooperation, greenback, Qatar National Bank, Commercial Bank, Chemical Industries, Misr Fertilizer, Stock, UAE bourse, Thomson Locations: Abu, Saudi Arabia, UAE, Bengaluru

☆ Saudi crown prince says normalization with Israel gets 'closer' every day
▼ + stars: | 2023-09-21 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +6 min

Abu Dhabi, UAE CNN —Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS) said that his country was moving “closer” each day toward reaching a normalization deal with Israel, the first time he has publicly acknowledged the process. We’re gonna see how it goes.”The Biden administration has for several months been in talks with Saudi Arabia on the matter, according to US officials. Saudi Arabia has been strengthening its ties with China as Washington’s rivalry with the Asian nation heats up. “We are the biggest buyer of American armored manufacturing,” he said, adding that Saudi Arabia is “critical” to US arms exports. Saudi Arabia is in the process of changing laws to make them “more realistic” for Saudis, he said.

Persons: UAE CNN — Saudi Arabia’s Crown Prince Mohammed bin Salman, ”, Biden, don’t, Benjamin Netanyahu, Netanyahu, Joe Biden, Fox News ’ Brett Baier, ” BRICS, BRICS, Jamal Khashoggi, Khashoggi Organizations: UAE CNN — Saudi Arabia’s Crown, Fox News, Saudi, MBS, ”, West Bank, Wednesday, CNN, Fox, White, America, CIA Locations: Abu Dhabi, UAE, Israel, Saudi, Saudi Arabia, Riyadh, ”, Iran, Tehran, China, Beijing, Gulf, America, Arabia, West, Russia, Istanbul

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

☆ Disney’s theme parks reveal shrunken treasure
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

Acquire Licensing RightsNEW YORK, Sept 20 (Reuters Breakingviews) - Bob Iger can’t get off the roller coaster. Walt Disney’s (DIS.N) chief executive plans to double the Magic Kingdom’s investment in theme parks and other experiences to $60 billion over the course of about 10 years. On the other, Disney’s dwindling cash and the increasing demands for it is cause for concern. One issue is that Disney’s free cash flow has plummeted. No wonder adding theme parks to the list is making shareholders skittish.

Persons: Bob Iger can’t, Walt Disney’s, Iger, Jennifer Saba, Bernie Sanders’s, Jeffrey Goldfarb, Sharon Lam Organizations: Writers Guild of America, Walt Disney Studios, Reuters, Disney, Comcast, Pearson’s, Thomson Locations: Burbank , California, U.S, Hulu

LONDON, Sept 19 (Reuters) - Saudi Arabia’s oil minister denied the kingdom’s recent production cuts have been intended to boost prices, in remarks at the World Petroleum Congress in Calgary on Sept. 18. jacking up prices, it’s about making the decisions that are right when we have the data,” he said (“Saudi Arabia’s energy minister says oil cuts not about jacking up prices”, Financial Times, Sept. 18). Relative contributions from production cuts and faster economic growth are impossible to establish with any certainty. Even after the rise in crude prices, however, they remain moderate compared with periods of high prices in 2007-2008 and 2011-2014 once inflation is taken into account. Related columns:- Oil prices surge as stocks drain away from Cushing (Sept. 15, 2023)- Depleting U.S. crude stocks draw in hedge funds (Sept. 11, 2023)- Depleting U.S. crude inventories lift oil prices (Aug. 31, 2023)John Kemp is a Reuters market analyst.

Persons: “ It’s, ”, Prince Abdulaziz bin Salman, It’s, ‘, Brent, John Kemp, Jan Harvey Organizations: World Petroleum Congress, Financial, . Energy, Reuters, International Energy Agency, Thomson Locations: Saudi, Calgary, China, Europe, North America, Saudi Arabia, Russia, U.S, Cushing

☆ India entry into geopolitical storm will be costly
▼ + stars: | 2023-09-19 | by ( Una Galani | ) www.reuters.com time to read: +4 min

MUMBAI, Sept 19 (Reuters Breakingviews) - India may pay a price from getting caught in the eye of a geopolitical storm, but it may be a small one. New Delhi has dismissed as “absurd” Canada’s allegation of its involvement in the June murder in British Columbia of a Sikh separatist leader that India had branded a “terrorist”. A trade deal with India, now stalled, may have helped Ottawa pivot away from the People’s Republic a little bit faster. But India accounted for barely $6.5 billion, or less than 1% of Canada’s trade with the world in 2020. Canada also expelled India's top intelligence agent following the row, while India expelled a senior Canadian diplomat.

Persons: Sajjan Jindal’s, Joe Biden, Narendra Modi, Jamal Khashoggi, Crown Prince Mohammed bin Salman, –, Tesla, Hardeep Singh Nijjar, Justin Trudeau, Nijjar, “, Trudeau, Lisa Jucca, Streisand Neto Organizations: Reuters, Resources, Crown, Canada, Apple, U.S . National Security Council, Thomson Locations: MUMBAI, India, New Delhi, British Columbia, China, Ottawa, People’s Republic, American, Vancouver, Australia, Canada, United States, Delhi, Saudi Arabia, Saudi, Istanbul . U.S, Canadian

☆ Bear spotted at Disney World prompts closure of parts of Magic Kingdom
▼ + stars: | 2023-09-18 | by ( Natasha Chen | Marlon Sorto | ) edition.cnn.com time to read: +2 min

CNN —A bear that prompted partial closures at Walt Disney World’s Magic Kingdom on Monday was captured without incident and is being relocated, according to a news release from Florida Fish & Wildlife Conservation Commission. Nearly a dozen attractions were closed on Monday at the time authorities were trying to locate the bear at Magic Kingdom, according to the My Disney Experience app. WESHIt was not clear if the closures, or how many, were related to the bear sighting. CNN has reached out to Disney for more details about specific closures but has not heard back yet. There are three other major parks at the resort: EPCOT, Hollywood Studios and Animal Kingdom.

Persons: ” FWC, FWC, Sawyer, Craig Williams, Disney, “, Shawn Nottingham, Carlos Suarez, Melissa Alonso, Kate Conerly Organizations: CNN, Walt Disney World’s, Florida Fish & Wildlife Conservation Commission, Ocala National Forest, Disney, Walt Disney World Railroad, Liberty Square, Hall, Presidents, Haunted, Liberty, WESH, Hollywood Studios, Animal Locations: Ocala, Magic, Caribbean, Frontierland, EPCOT, Animal Kingdom

Known as a hard-liner, Raisi seemingly sought to strike a diplomatic tone. Raisi acknowledged that Iran and Russia have long had strong ties, including defense cooperation. But he denied sending weapons to Moscow since the war began. “If they have a document that Iran gave weapons or drones to the Russians after the war," he said, then they should produce it. Raisi has sought, without evidence, to portray the popular nationwide demonstrations as a Western plot.

Persons: —, Ebrahim Raisi, Joe Biden, Raisi, “, ” Raisi, Bashar Assad, Israel, Mahsa, ” Organizations: Monday, General Assembly, United, United Arab Emirates Locations: Russia, Ukraine, United States, Iran, Qatar, Moscow, Saudi Arabia, United Arab, Persian, Tehran, Yemen

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

☆ UK government under pressure to take tougher line on China amid spying allegations
▼ + stars: | 2023-09-13 | by ( Luke Mcgee | ) edition.cnn.com time to read: +9 min

Sunak’s predecessor Liz Truss called for the government to formally designate China as a threat to the UK. Florence Lo/APUnder the radarBut back to the question at hand: should the events of the past few days affect the UK’s official policy? Despite the arrests, observers believe it is unlikely there will be a sea-change in the UK government’s policy on China. The allegations that China is spying on the UK, in the very heart of Britain’s democracy, is of course a very real concern. But it will not be a surprise to the government, which has baked it into British foreign policy.

Persons: Tom Tugendhat, Tugendhat, Rishi Sunak, Premier Li Qiang, ”, Sunak’s, Liz Truss, Iain Duncan Smith, UK’s, Oliver Dowden, James, Han Zheng, Florence Lo, —, Peter Ricketts, “, doesn’t, ” Ricketts, Christopher Furlong Organizations: London CNN, Sunday Times, Conservative, CNN, Premier, Embassy, Metropolitan Police, Conservative Party, of, People, parliament’s Intelligence, Security, British National Security, Getty, Russia, Diplomats Locations: China, Beijing, New Delhi, London, gossiping, Europe, Hong Kong, South China, Taiwan, Westminster

☆ Foreign reactions and offers of aid in response to Morocco earthquake
▼ + stars: | 2023-09-09 | by ( ) www.reuters.com time to read: +8 min

[1/6] A general view of damage in the historic city of Marrakech, following a powerful earthquake in Morocco, September 9. ****OFFERS OF FOREIGN AID AND SUPPORTALGERIAAlgeria, which broke off ties with Morocco two years ago, said it would open its air space for humanitarian and medical flights to Morocco. TURKEYThe Turkish Foreign Ministry said Ankara was ready to provide all kinds of support "to heal the wounds of the earthquake in Morocco". Valerie Pecresse, president of the Paris region, said on X it was offering 500,000 euros ($535,000)in aid for Morocco. -------------**** ASSISTANCE TO FOREIGN NATIONALSFRANCEThe French Foreign Ministry said its embassy in Morocco and the ministry in Paris have opened crisis centres "to respond to demands for information or help from our compatriots."

Persons: Abdelhak, Algeria's, Olaf Scholz, Antony Blinken, Valerie Pecresse, Benoit Payan, Jose Manuel Albares, Antonio Nogales, Eli Cohen, “, Israel's Magen David Adom, Magen David Adom, Kais Saied, Nawaf Al, Ahmad Al, Jaber, Marcel Ciolacu, NARENDRA MODI, VLADIMIR PUTIN, MOHAMMED VI, KRISTALINA GEORGIEVA, TAYYIP ERDOGAN, ANNALENA, EMMANUEL MACRON, FELIPE, Tomasz Janowski, Frances Kerry Organizations: REUTERS, Turkish Foreign Ministry, UNITED STATES Secretary, French Foreign Ministry, Morocco, Cote d'Azur, Orange, Spain's, Moroccan, ISRAEL, Crescent, Ministry of Health, Israel Defense Forces, INDIAN, IMF, Bank, MINISTRY, Facebook, Ministry of Foreign Affairs, Thomson Locations: Marrakech, Morocco, ALGERIA Algeria, Moroccan, TURKEY, Ankara, AFAD, Turkish, Turkey, GERMANY, New Delhi, Germany, United States, FRANCE, France, Paris, Marseille, Marseille's, Occitanie, Corsica, Provence, Alpes, Belgium, Poland, Romania, Slovakia, SPAIN, TUNISIA, Tunisian, KUWAIT, Jaber Al, Sabah, ROMANIA, TAIWAN, Algeria, Kingdom of Morocco, EMIRATES, German, Rabat

DUBAI, United Arab Emirates (AP) — Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. The decision “is aimed at strengthening the precautionary measures taken by OPEC+ countries in order to maintain stability and balance of oil markets,” Novak said. There was no immediate reaction in Washington, though U.S. lawmakers have criticized OPEC, Saudi Arabia and Russia over their past production decisions. The Saudi reduction, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year. But Saudi Arabia also has to manage its relationship with Washington.

Persons: Joe Biden, Alexander Novak, ” Novak, Brent, Biden, Prince Mohammed bin Salman, Jamal Khashoggi, Prince Mohammed, Vladimir Putin Organizations: United Arab Emirates, Brent, Saudi Press Agency, OPEC, Energy Ministry, Benchmark Brent, AAA, Labor, Washington, Washington Post, U.S Locations: DUBAI, United Arab, Saudi Arabia, Russia, Riyadh, Moscow, Saudi, United States, Ukraine, Washington, U.S, China, Israel, America, Iran, India

☆ Oil prices surge after Saudi Arabia and Russia extend production cuts
▼ + stars: | 2023-09-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Oil prices hit a new high for the year so far after Saudi Arabia and Russia — the world’s biggest crude exporters — said they would extend output cuts by at least another three months. The moves by Saudi Arabia and Russia reinforce efforts by the alliance known as OPEC+ — which includes members of the Organization of the Petroleum Exporting Countries and other producers — to support oil prices by agreeing to deep and prolonged production cuts. Saudi Arabia needs Brent crude to trade at around $81 a barrel in order to balance its budget, according to the International Monetary Fund. Production cuts by OPEC+, which produces 40% of the world’s crude oil, have helped send oil prices higher in recent months, a development that could have repercussions for inflation and interest rates. “These impending increases in oil prices present a fresh challenge for central banks as they continue their diligent efforts to bring inflation levels back in line with their desired targets.”

Persons: —, Brent, Alexander Novak, Novak, “, ” Stephen Innes Organizations: London CNN, West Texas, Organization of, Petroleum, Saudi Ministry of Energy, International Monetary Fund, Russia’s, Reuters Locations: Saudi Arabia, Russia, OPEC, Saudi, Riyadh, Ukraine

London CNN —Britain’s second-biggest city effectively declared itself bankrupt on Tuesday, shutting down all nonessential spending after being issued with equal pay claims totaling up to £760 million ($956 million). Birmingham City Council, which provides services for more than one million people, filed a Section 114 notice on Tuesday, halting all spending except on essential services. The deficit arose due to difficulties paying between £650 million (around $816 million) and £760 million (around $954 million) in equal pay claims, the notice report says. The city now expects to have a deficit of £87 million ($109 million) for the 2023-24 financial year. Sharon Thompson, deputy leader of the council, told councilors on Tuesday it faces “longstanding issues, including the council’s historic equal pay liability concerns,” according to the United Kingdom’s PA Media news agency.

Persons: London CNN —, Sharon Thompson, Thompson, Birmingham “, ”, “, Rishi Sunak, John Cotton Organizations: London CNN, Birmingham City Council, United Kingdom’s, Media, Conservative Party, UK, BBC, Commonwealth Games, Commonwealth Locations: Birmingham, ” “, England

☆ A Crackdown on Free Speech in One of the Freer Corners of the Mideast
▼ + stars: | 2023-09-02 | by ( Aaron Boxerman | ) www.nytimes.com time to read: +1 min

The lavish wedding of Jordan’s crown prince this spring was breathlessly anticipated for months in the kingdom’s state media, and when it arrived, it did not disappoint. After days of public festivities, celebrities and royalty decked out in designer clothing swanned about an opulent palace. Then in July, the Jordanian authorities blocked AlHudood — Arabic for “The Boundaries” — making it the latest casualty in an escalating clampdown on free speech. But for a decade, the site had carefully navigated the red lines of what could and could not be published in the kingdom. Isam Uraiqat, the founder of AlHudood who now lives in London, said the ostentatious display of wealth in a country with widespread poverty made it an irresistible target for satire.

Persons: Jordan’s, yank, Isam Uraiqat, AlHudood Locations: London

Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Saudi Aramco did not immediately respond to a Reuters' request for comment. The company completed the world’s largest initial public offering in late 2019, raising $25.6 billion and later selling more shares to raise the total to $29.4 billion. Saudi Arabia had planned in addition to sell Aramco shares worth up to $50 billion last year, but decided market conditions were unfavourable, the Journal said. It reported a 38% decline in second quarter profit to 112.81 billion riyals from the year earlier period.

Persons: Dado Ruvic, Saudi Arabia’s Crown Prince Mohammed bin Salman, Prince Mohammed, Urvi, Louise Heavens, Barbara Lewis Organizations: Saudi Aramco, REUTERS, Wall Street, Aramco, Saudi, Saudi Arabia’s Crown, Public Investment Fund, Investment Initiative, Thomson Locations: Saudi, Riyadh bourse, Riyadh, Saudi Arabia, Bengaluru

☆ StanChart to sell jet leasing arm to Saudi wealth fund unit for $3.6 bln
▼ + stars: | 2023-08-28 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. Riyadh-headquartered AviLease, also known as Aircraft Leasing Co, is a jet lessor owned by Saudi Arabia's sovereign wealth fund. StanChart said in January it was exploring options for its global aviation finance business. Dublin-based Standard Chartered Aviation Finance owns and manages more than 120 aircraft and offers services including jet fuel hedging, debt financing and remarketing of unneeded planes. PIF is setting up startup carrier Riyadh Air to predominantly serve the kingdom’s capital, which has ambitions to become a global business hub.

Persons: Peter Nicholls, StanChart, Simon Cooper, Airfinance, Fahad Al, Saif, AviLease, Rishav Chatterjee, Shounak Dasgupta, Mark Potter Organizations: Chartered, REUTERS, Aircraft Leasing Co, Chartered Aviation Finance, Aviation Finance, Corporate, Institutional Banking, Standard Chartered, Saudi Public Investment Fund, Riyadh Air, Thomson Locations: London, Britain, Saudi Arabia, Riyadh, Saudi, Dublin, Europe, Bengaluru

☆ Why inflation makes Britain’s debt the costliest among rich economies
▼ + stars: | 2023-08-22 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

Interest payable on UK central government debt hoovered up £7.7 billion ($9.8 billion) last month alone, hitting a record for July, the Office for National Statistics said Tuesday. That’s double the share in Italy, whose dependence on inflation-linked debt comes second only to that of the UK among advanced economies, according to Fitch Ratings. According to Fitch, Britain now spends more to service its debt than any other developed economy, as a percentage of government revenue. In a statement Tuesday, Hunt said: “As inflation slows, it’s vital that we don’t alter our course and continue to act responsibly with the public finances. Only by sticking to our plan will we halve inflation, grow the economy and reduce debt.”

Persons: That’s, ”, Ellie Henderson, Fitch, ” Ruth Gregory, Jeremy Hunt “, Gregory, Hunt Organizations: London CNN, National Statistics, United, Fitch, “, Investec, AAA, Capital Economics, CNN, Conservative Locations: Ukraine, United States, Italy, Fitch, Britain, London

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