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☆ China’s Xi gets a warm welcome from MBS in Riyadh
▼ + stars: | 2022-12-08 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +2 min

Saudi state TV showed a grand ceremony laid out for the Chinese leader, as bin Salman, the kingdom’s de facto ruler known as MBS, received him at Al-Yamamah Palace. Chinese and Saudi Arabian flags dotted the premises as members of the Saudi Royal Guard lined up with swords and played music. The two leaders smiled warmly and looked on for photographs, a contrast to the atmosphere of US President Joe Biden’s visit to Saudi Arabia earlier in the year. Xi landed in the capital Riyadh on Wednesday, where he was received by Saudi Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh Region, and Prince Faisal bin Farhan bin Abdullah, Minister of Foreign Affairs. Saudi Crown Prince Mohammed bin Salman fist bumps US President Joe Biden upon his arrival at Al Salman Palace, in Jeddah in July.

Dec 6 (Reuters) - A federal judge in Washington on Tuesday dismissed a lawsuit filed by the fiance of slain journalist Jamal Khashoggi against Saudi Arabian Crown Prince Mohammed bin Salman, citing President Biden's grant of immunity. U.S. District Judge John Bates suggested he was reluctant to throw out the lawsuit but had no choice given the Biden administration's decision. Biden was criticized for fist-bumping the crown prince on a visit to Saudi Arabia in July to discuss energy and security issues. The White House said Biden had told Prince Mohammed that he considered him responsible for Khashoggi's killing. He had traveled to the Saudi consulate in Istanbul to obtain papers he needed to marry Cengiz, a Turkish citizen.

☆ Xi Jinping: Saudi's MBS rolls out the red carpet for China's president, in a not too subtle message to Biden
▼ + stars: | 2022-12-07 | by ( Tamara Qiblawi | ) edition.cnn.com time to read: +9 min

Saudi leaders will infuse the trip with a dose of spectacle. The Saudi king – or his powerful Crown Prince, Mohammed bin Salman – may bestow the Chinese leader with some honors and medals. Saudi Crown Prince Mohammed bin Salman fist bumps US President Joe Biden upon his arrival at Al Salman Palace, in Jeddah, Saudi Arabia, on July 15. Today, the US consumes only a fraction of that Saudi oil, and China is Saudi Arabia’s biggest client and trading partner. Over the last year, Gulf Arab countries appear to have ramped up their independent-minded policy.

☆ Judge dismisses lawsuit over Khashoggi's murder after the Biden administration backed immunity for MBS
▼ + stars: | 2022-12-06 | by ( John Haltiwanger | Ashley Collman | ) www.businessinsider.com time to read: +5 min

A judge dismissed a suit against Mohammed bin Salman in connection to Jamal Khashoggi's death. The decision came just weeks after the Biden administration contended that the Saudi ruler, often referred to as "MBS," should be granted immunity. "Accordingly, the claims against bin Salman will be dismissed based on head-of-state-immunity," Bates added. A declassified intelligence report released by the Biden administration last year explicitly implicated MBS in Khashoggi's killing. On the campaign trail, Biden pledged to make the oil-rich kingdom a "pariah" over Khashoggi's murder.

☆ Analysis: Saudi prince seeks Mideast leadership, independence with Xi's visit
▼ + stars: | 2022-12-04 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +7 min

The Saudi government did not respond to requests for comment on Xi's visit and its agenda. It is China's top oil supplier, although fellow OPEC+ producer Russia has increased its Chinese market share with lower-priced fuel. The Chinese delegation is expected to sign dozens of agreements with Saudi Arabia and other Arab states covering energy, security and investments, diplomats have told Reuters. U.S. officials have declined to comment when asked about Saudi-China bilateral relations ahead of Xi's visit. "The relationships with China pale versus those with the United States in terms of both complexity and intimacy," he said.

☆ Why Saudi Arabia is hosting one of the world's biggest raves
▼ + stars: | 2022-11-30 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +14 min

The kingdom’s Soundstorm music festival, which began in 2019, is back again for its fourth year and will start on Thursday. “(It) is a particularly powerful example because it seeks to bring together young people and women from across Saudi Arabia and the world,” she said. By contrast, Las Vegas’ Electric Daisy Carnival, considered North America’s biggest dance music festival, had an attendance of over 400,000 this year. Last year, Human Rights Watch (HRW) said that performers should either “speak up” about Saudi Arabia’s human rights violations or not attend the festival at all. Some however argue that opening up countries to international norms and values can allow for better discussion on human rights shortcomings.

[1/2] Saudi Arabia Crown Prince and Prime Minister Mohammed bin Salman Al Saud arrives to attend the APEC Leader's Informal Dialogue with Guests during the APEC 2022 in Bangkok, Thailand, 18 November 2022. U.S. Secretary of State Antony Blinken said on Tuesday the immunity decision did not speak to a review of Washington's relationship with Saudi Arabia, which was ongoing. HISTORIC LOWSaudi ties with the United States and the wider West are still at a historic low point. When Saudi Arabia consequently took its security into its own hands with its war in Yemen, it saw Western criticism as hypocritical. Saudi Arabia would likely still prefer to have a U.S. security umbrella.

☆ Avoid stocks and make these 7 investments instead to improve your odds of enjoying a positive return in what may be a brutal 2023, according to PIMCO
▼ + stars: | 2022-11-20 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Here's how the firm says to invest in 2023 as interest rates peak and markets struggle. After one of the worst years ever for the classic 60-40 stock-bond portfolio, portfolio managers at Pacific Investment Management Company (PIMCO) have gone back to the drawing board. Higher interest rates will bring down corporate profits — not just inflation, Browne warned. "With interest rates higher amid a challenging macro environment, we see a compelling case for bond allocations and are cautious about higher-risk investments," Browne wrote. Countries that started hiking interest rates early, including those in emerging markets, will offer the best opportunities early in the downturn.

Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERSWASHINGTON, Nov 18 (Reuters) - The Biden administration ruled on Thursday that Saudi Arabian Crown Prince Mohammed bin Salman has immunity from a lawsuit over the murder of Jamal Khashoggi, drawing immediate condemnation from the slain journalist's former fiancee. In late September, Saudi King Salman named Prince Mohammed prime minister in a royal decree which a Saudi official said was in line with responsibilities that the crown prince was already exercising. FIST-BUMPBiden was criticized for fist-bumping the crown prince on a visit to Saudi Arabia in July to discuss energy and security issues. The White House said Biden had told Prince Mohammed that he considered him responsible for Khashoggi's killing. In a highly charged global atmosphere, the United States is keen to prevent its long-time ally from further distancing itself.

☆ U.S. moves to shield Saudi crown prince in killing of journalist Jamal Khashoggi
▼ + stars: | 2022-11-18 | by ( The Associated Press | ) www.nbcnews.com time to read: +6 min

The U.S. intelligence community concluded Saudi Arabia’s crown prince had approved the killing of the widely known and respected journalist, who had written critically of Prince Mohammed’s harsh ways of silencing of those he considered rivals or critics. The Biden administration statement Thursday noted visa restrictions and other penalties that it had meted out to lower-ranking Saudi officials in the death. Khashoggi’s fiancée, Hatice Cengiz, and DAWN sued the crown prince, his top aides and others in Washington federal court over their alleged roles in Khashoggi’s killing. Prince Mohammed serves as Saudi Arabia’s de facto ruler in the stead of his aged father, King Salman. The Saudi king in September also temporarily transferred his title of prime minister — a title normally held by the Saudi monarch — to Prince Mohammed.

☆ Khashoggi's fiancée says the slain journalist 'died again' after Biden argued for MBS to have immunity in lawsuit over the murder
▼ + stars: | 2022-11-18 | by ( Azmi Haroun | John Haltiwanger | ) www.businessinsider.com time to read: +5 min

The fiancée of Saudi journalist Jamal Khashoggi criticized the Biden administration on Thursday. argued that the Saudi Crown Prince deserves immunity, per international law. Hatice Cengiz said Khashoggi "died again" as a result of the US position on Prince Mohammed. "I'm not going to meet with MBS," Biden told reporters in June. Khashoggi's fiancée also criticized the meeting between Biden and MBS, sharing a tweet captioned, "What Jamal Khashoggi would tweet today."

☆ Saudi defense officials rented suites at Trump's DC hotel that cost $10,500 right before MBS visited White House
▼ + stars: | 2022-11-14 | by ( John Haltiwanger | ) www.businessinsider.com time to read: +5 min

Officials from six countries spent over $750k at Trump's DC hotel in 2017 and 2018, documents show. The officials stayed at Trump's hotel amid rocky periods in relations between their countries and the US. Saudi officials spent nearly $86k in March 2018. The Saudi officials spent nearly $86,000 from March 7 to March 18, including renting several $10,500 suites. Prince Mohammed, the de facto ruler of Saudi Arabia, was explicitly implicated in Khashoggi's killing by the US government.

☆ A court just ruled that CFPB's funding is unconstitutional, and that could be 'catastrophic' for mortgage markets
▼ + stars: | 2022-10-28 | by ( Stephanie Dhue | ) www.cnbc.com time to read: +6 min

Mortgage rules at riskIf the agency's legal authority is undermined, it could have a profound affect on home lending markets — an industry that's prone to disruption when laws are murky, especially as interest rates rise. That extended the potential damages to the Wall Street banks as well as mortgage investors Fannie Mae and Freddie Mac. Appeal likelyIf the Fifth Circuit decision is upheld, it could call into question those long-standing mortgage rules. "The loss of the CFPB mortgage regulations and the effect on the market would catastrophic," said Andreano. "Potential changes in how the CFPB are funded aren't likely to have an immediate effect on the mortgage market."

☆ Biden admin officials consider discouraging U.S. companies from expanding business ties with Saudi Arabia
▼ + stars: | 2022-10-18 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Carol-Lee-Circle-Byline-Template.Jpg | Carol E. Lee | ) www.nbcnews.com time to read: +8 min

WASHINGTON — Biden administration officials are considering trying to discourage American companies from expanding business ties with Saudi Arabia as part of a U.S. response to a recent Saudi-led push by oil-producing countries to cut global production, said three current and former U.S. officials familiar with the discussions. The Trump administration sent the treasury secretary to the conference, whereas last year the Biden administration sent Deputy Commerce Secretary Don Graves. “That’s going to be a key test, that OPEC meeting,” the senior administration official said. Early last year Riyadh announced that starting in 2024 only international companies with regional headquarters in Saudi Arabia could do business with the Saudi government. Before the OPEC+ decision this month, U.S. and Saudi officials spent hours discussing the future of oil prices, according to administration officials.

Saudi Arabia has suggested the United States asked it to wait a month before cutting oil production, defending a move heavily criticized by the White House as helping Russia's war in Ukraine. Bandar Al-Jaloud / AFP - Getty ImagesAs the de facto head of OPEC+, Saudi Arabia rejected that appeal, with the alliance instead announcing earlier this week it would be cutting global supply by 2 million barrels. John Kirby, National Security Council coordinator for strategic communications, said that Saudi Arabia was trying to "spin and deflect" on the issue. "Other OPEC nations communicated to us privately that they also disagreed with the Saudi decision, but felt coerced to support Saudi’s direction." Like many Western governments, Washington has long sought to balance reliance on Saudi Arabia, the world's second largest oil producer, with holding it to account on human rights.

Saudi Crown Prince Mohammed bin Salman receives U.S. President Joe Biden at Al Salman Palace upon his arrival in Jeddah, Saudi Arabia, July 15, 2022. Still, the U.S.-Saudi rift is widening as Saudi Crown Prince Mohammed bin Salman, widely known as MbS, flags his country's -- and his own -- importance on the world stage. "He has made a great effort since day 1 to signal to the U.S. that he wants excellent ties. Prince Mohammed, the kingdom's de facto ruler, is aware of Riyadh's oil market power and position as a counterweight to Iran, and may stand firm in the face of U.S. criticism. It says it faces a threat from Iran and its proxies, especially after 2019 attacks that temporarily hit Saudi oil output and shook energy markets.

☆ A top Senate Democrat threatens to block US cooperation with Saudi Arabia as MBS deepens ties with Putin
▼ + stars: | 2022-10-10 | by ( John Haltiwanger | ) www.businessinsider.com time to read: +4 min

Sen. Bob Menendez threatened to block cooperation with Saudi Arabia. Menendez went on to excoriate Saudi Arabia, OPEC's leading member, accusing it of helping "underwrite Putin's war through the OPEC+ cartel." The Kingdom of Saudi Arabia chose the latter in a terrible decision driven by economic self-interest," Menendez said. Relations between the US and Saudi Arabia have been on shaky ground for years, largely since the brutal 2018 murder of Jamal Khashoggi by agents of the Saudi government. On the campaign trail, President Joe Biden pledged to make Saudi Arabia a "pariah" over Khashoggi's murder.

☆ ByteDance might deserve its most-watched status
▼ + stars: | 2022-10-07 | by ( ) www.reuters.com time to read: +2 min

It’s a good show despite a stalled initial public offering plan, a global tech rout, and a politically difficult reception for its popular short-video streaming app. The company eked out an operating profit, too, in the first three months this year. ByteDance might be eating its rival’s lunch in more ways than one. (By Yawen Chen)Register now for FREE unlimited access to Reuters.com RegisterFollow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ China battery maker debut is weaker than it looks
▼ + stars: | 2022-10-06 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Oct 6 (Reuters Breakingviews) - Shares of China’s CALB (3931.HK), which makes lithium batteries for electric cars, debuted flat following its $1.3 billion initial public offering. After pricing at the bottom of the range, cornerstone investors ended up with half of CALB’s total offering. One of the company’s suppliers, Tianqi Lithium (002466.SZ), bought into the deal too, reciprocating CALB’s investment in its own Hong Kong listing back in July. (By Katrina Hamlin)Register now for FREE unlimited access to Reuters.com RegisterFollow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Credit Suisse’s wayward debt is a bet for the bold
▼ + stars: | 2022-10-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 6 (Reuters Breakingviews) - Credit Suisse’s (CSGN.S) debt derivatives are still sending spooky signals, even though its equity is not. Yet its credit default swaps (CDS), contracts used to speculate on a company defaulting on its debt, are still bizarrely elevated, despite the absence of any bad news. Five-year swaps were trading at roughly 360 basis points on Thursday, compared with around 200 basis points in mid-September, according to Refinitiv data. Credit Suisse’s one-year CDSs, meanwhile, were quoted at around 600 basis points on Thursday morning, according to one trader. Investors willing to bet that Credit Suisse can survive would make handsome gains.

☆ Mizuho’s fintech punt would overdo optimism
▼ + stars: | 2022-10-06 | by ( ) www.reuters.com time to read: +2 min

First, it values Rakuten Securities at an eye-popping 52 times earnings, based on annualised net profit for the six months to end of June. Listed rival Monex (8698.T) only trades at around 13 times earnings, despite sporting a 22% operating margin, better than Rakuten Securities’ 13%. Second, Mizuho’s largesse will benefit parent Rakuten, the Japanese word for optimism. Register now for FREE unlimited access to Reuters.com RegisterSure, Rakuten Securities has rarity value, not least for banks with less of an online presence. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Peloton races tough economic cycle
▼ + stars: | 2022-10-06 | by ( ) www.reuters.com time to read: +2 min

TORONTO, Oct 6 (Reuters Breakingviews) - Peloton Interactive (PTON.O) is pedaling as fast as it can. The maker of connected bikes plans to cut 500 more jobs, or about 12% of its workforce, according to the Wall Street Journal. And even though McCarthy has steadily trimmed the cash burn, free cash flow was a hefty negative $412 million in the three months to June 30. Peloton, whose market value has plummeted 90% in a year, is coming precariously close to the end of a wild ride. (By Sharon Lam)Register now for FREE unlimited access to Reuters.com RegisterFollow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist.

Average 30-year U.S. mortgage rates have hit 6.7%, the highest level since 2007, mortgage giant Freddie Mac reported Thursday. There remains a large dispersion in rates, Freddie Mac said, with some lenders having breached 7%, according to Mortgage News Daily, representing a 20-year high. This time last year, mortgage rates were at less than 3%. If bond yields continue to move higher, mortgage rates will, too, said Matt Graham, the founder and CEO of MBS Live mortgage data group. "We may already be looking at the ceiling levels for mortgage rates unless Treasuries manage to press significantly" higher, Graham said in an email.

☆ Mortgage refinancing drops to a 22-year low as interest rates surge even higher
▼ + stars: | 2022-09-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates drove even higher last week after the Federal Reserve signaled it would continue its aggressive action to cool inflation. They are now at a 22-year low because there are very few borrowers who can benefit from a refinance at today's higher rates. "Ongoing uncertainty about the impact of the Fed's reduction of its MBS and Treasury holdings is adding to the volatility in mortgage rates." Mortgage applications to purchase a home decreased 0.4% for the week and were 29% lower than the same week one year ago. Mortgage rates continued to surge higher this week, crossing 7% on the 30-year fixed to 7.08%, according to a separate survey by Mortgage News Daily.

☆ Saudi king names crown prince as prime minister
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Saudi Crown Prince Mohammed bin Salman meets with Greek Prime Minister Kyriakos Mitsotakis (not pictured) at the Maximos Mansion in Athens, Greece, July 26, 2022. REUTERS/Louiza VradiSept 27 (Reuters) - Saudi Arabia's King Salman bin Abdulaziznamed his son and heir Prince Mohammed bin Salman as the kingdom's prime minister and his second son Prince Khalid as defense minister, a royal decree said on Tuesday. The reshuffle kept another son, Prince Abdulaziz bin Salman, as energy minister, theroyal decree, carried by state news agency SPA, said. Foreign Minister Prince Faisal bin Farhan Al Saud, Finance Minister Mohammed al-Jadaan and Investment Minister Khalid al-Falih remained unchanged, the decree showed. Prince Khalid bin Salman, MbS's younger brother, previously served as deputy defense minister.

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