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☆ Russia and Ukraine just turned much of the Black Sea into a dangerous no man's land
▼ + stars: | 2023-07-20 | by ( Jake Epstein | ) www.businessinsider.com time to read: +7 min

Russia and Ukraine have exchanged threats this week to ships sailing through the Black Sea. The Kremlin then went much further, warning it may attack any vessels it believes are bound for Ukraine, effectively turning the Black Sea into a no man's land. They added that Moscow even published a video claiming to have detected and detonated an alleged Ukrainian sea mine. "Our information indicates that Russia laid additional sea mines in the approaches to Ukrainian ports. Turkish-flagged bulker TQ Samsun, carrying grain under UN's Black Sea Grain Initiative, transits Bosphorus in Istanbul, Turkey July 18, 2023.

Persons: Biden, Adam Hodge, António Guterres, —, Matthew Miller, Lasalle, Mark Duncan, Washington didn't Organizations: Service, United Nations, AP, White, Security, REUTERS, Black Sea Initiative, UN, US State, US Naval Institute Locations: Russia, Ukraine, Moscow, Wall, Silicon, Kremlin, Odesa, Ukrainian, Kyiv, Crimea, Azov, Samsun, Istanbul, Turkey, Iran, Persian, Iraq, Hormuz, Kuwait, Soviet, Iraqi, American

☆ Chipotle signs first-ever franchise partner to open locations in the Middle East
▼ + stars: | 2023-07-18 | by ( Kate Rogers | ) www.cnbc.com time to read: +1 min

Chipotle announced Tuesday it has signed an agreement with Kuwait-based Alshaya Group, its first-ever franchise partner, to open locations in the Middle East next year. The Alshaya agreement marks the first time Chipotle has enlisted a local franchise retail operator as it moves into a new market. Chipotle CEO Brian Niccol told CNBC in an interview that the initial plan calls for two locations each in Dubai and Kuwait, with exact locations yet to be determined. "They've got great brands, great operations, great people programs, which just gave us confidence that they'd be able to execute the Chipotle proposition effectively in the Middle East," Niccol said. In evaluating the Middle East market, Niccol said it was important to partner up to ensure success in everything from real estate to hiring to supply chain.

Persons: Chipotle, Brian Niccol, Niccol, They've, they'd Organizations: Group, CNBC, Starbucks, Texas Locations: Chicago, United States, Kuwait, Canada, Europe, U.S, Dubai, Shack

☆ BlackRock’s Aramco embrace makes sense in a vacuum
▼ + stars: | 2023-07-18 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +4 min

The $109 billion asset manager run by Larry Fink said on Monday it would add Saudi Aramco (2222.SE) Chief Executive Amin Nasser to its 16-strong board. But judged through an investment lens the appointment makes sense. Nasser, who led Aramco through its 2019 initial public offering, will take the seat currently occupied by Bader Alsaad, a former managing director of the Kuwait Investment Authority. Follow @thereallsl on TwitterCONTEXT NEWSBlackRock on July 17 said Amin Nasser, chief executive of Saudi Aramco, would join its board as an independent director. “Amin’s distinguished career at Aramco, spanning more than four decades, gives him a unique perspective on many of the key issues facing our firm and our clients,” BlackRock Chief Executive Larry Fink said in a statement.

Persons: Larry Fink, Amin Nasser, Nasser, Bader Alsaad, Jamal Khashoggi, Randall Stephenson, Fink, Richard Blumenthal, T Rowe Price, Fink –, “ Amin’s, Peter Thal Larsen, Sharon Lam Organizations: YORK, Reuters, BlackRock, Aramco, Kuwait Investment Authority, of, Petroleum, Saudi, Golfers ’ Association, Global Energy, Exxon Mobil, Chevron, Shell, Thomson Locations: BlackRock, Saudi Aramco, Kuwait, Saudi Arabia, United States, U.S, Texas, Connecticut, Aramco

☆ Japan and UAE agree innovation, climate change cooperation
▼ + stars: | 2023-07-17 | by ( Rachna Uppal | ) www.reuters.com time to read: +4 min

State news agency WAM also said the two leaders discussed a comprehensive strategic partnership between the UAE and Japan. Japan is actively developing greener and renewable energy technologies and aims to be carbon neutral by 2050. Kishida will also try to promote Japanese know-how as energy-producing countries have pledged to achieve a net zero transition, especially ahead of the COP28 climate summit to be held in Dubai in November. The GCC is a six-nation regional union that comprises Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. "The secure energy supply from the UAE has supported Japan's economic growth for many years," Kishida wrote in a piece published by UAE state news agency WAM on Sunday.

Persons: Mohamed bin Zayed Al Nahyan, Kishida, Ryan Carter, Fumio Kishida's, Sheikh Mohammed bin Zayed Al Nahyan, WAM, Saudi Crown Prince Mohammed bin Salman, Hikariko Ono, Rachna Uppal, Sakura Murakami, Andrew Mills, Aziz El Yaakoubi, Conor Humphries, David Evans, Alex Richardson, Jacqueline Wong Organizations: United Arab Emirates, United, UAE, United Arab, Japan, Qatar, Saudi Crown, Cooperation Council, GCC, Abu Dhabi National Oil Company, Thomson Locations: Japan, Qasr Al Watan, Abu Dhabi, United Arab, ABU DHABI, United Arab Emirates, UAE, State, Dubai, Saudi Arabia, Riyadh, Tokyo, Saudi, Qatar, Kuwait, Oman, Bahrain

☆ Kuwait is setting up a new sovereign fund
▼ + stars: | 2023-07-17 | 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 EmailKuwait is setting up a new sovereign fundKuwait is establishing a new sovereign fund in a bid to compete with its Gulf neighbors. CNBC's Dan Murphy reports.

Persons: CNBC's Dan Murphy Organizations: Kuwait Locations: Kuwait

☆ Kuwait to set up new sovereign fund to develop mega projects and local economy
▼ + stars: | 2023-07-16 | by ( Ahmed Hagagy | ) www.reuters.com time to read: +2 min

KUWAIT CITY, July 16 (Reuters) - Kuwait plans to establish a new sovereign fund to develop its local economy, spearhead mega projects, and attract funds from foreign investors and the private sector, according to a government plan seen by Reuters on Sunday. The government has tasked the Ministry of Finance and the Kuwait Investment Authority (KIA) with studying plans for the proposed fund, dubbed Ciyada, Arabic for sovereign, the document says. Ciyada Development Fund will be used to spearhead domestic investments, intended to fuel economic development and diversify Kuwait's economy, the document says. Ciyada would accelerate Kuwait's economic growth, promote transformation and progress in various fields of development, through strategic planning and implementation of major development projects, the document says. Abu Dhabi for instance in 2002 created Mubadala Development Co to diversify the emirate's economy and accelerate development.

Persons: Mubadala, Prince Mohammed Bin Salman's, Ahmed Hagagy, Hadeel Al Sayegh, David Holmes Organizations: KUWAIT CITY, Reuters, Sunday, Ministry of Finance, Kuwait Investment Authority, Ciyada, Kuwait Investment Office, Reserve Fund, Fund, Government, International Petroleum Investment Co, Mubadala, Saudi Arabia's Public Investment Fund, Thomson Locations: KUWAIT, Kuwait, Abu Dhabi

☆ The making of a fake war hero: An American who reinvented himself as a social-media soldier in Ukraine is accused of 'stolen valor'
▼ + stars: | 2023-07-16 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +21 min

Four foreign fighters and volunteers in Ukraine who knew Vasquez told Insider it was widely known he wasn't actually taking part in front-line fighting. A Pentagon representative, however, told Insider that Vasquez was never deployed to either of those places — or anywhere else. "I had to tell a million lies to get ahead," Vasquez told the Times. When Ashton-Cirillo took to Twitter to expose Vasquez, Huggett said she felt compelled to make a video to back her up. Huggett told Insider: "I'm tired, but I'm not sorry I exposed the lying scammer.

Persons: James Vasquez, Vasquez, Tucker Carlson, Adam Kinzinger, wasn't, he'd, Tina Vasquez, Libkos Vasquez, Sarah Ashton, Huggett, James, Tim, I'm, Viktor Yatsunyk, Vasquez —, Ashton, Cirillo, James messaged, I've, Diego Herrera Carcedo, Wagner, Vasquez's, Peg Leg, that's, selflessly, Ripley's, hadn't, John, Twitter John, Da Vinci, Volodymyr Zelenskyy, Da, Malcolm Nance, Nance Organizations: Service, Twitter, Operation, Storm, Pentagon, New York National Guard, Army Reserve, The New York Times, Army, Times, New York Post, AP, Territorial Defense Force, Armed Forces of, Anadolu Agency, Getty, Wagner Group, UN, United Nations, Ukraine's Territorial Defense Forces, Armed Forces, Legion, Ripley's, New York Times, Da Vinci Wolves, Wolverines, Wolves, National Police, Security Service, MSNBC, Ukraine's International Locations: Ukraine, Wall, Silicon, Russia, Connecticut, Soledar, Kuwait, Iraq, Ukrainian, Bakhmut, Donetsk region, American, Armed Forces of Ukraine, Maidan, Geneva, Ashton, US

☆ Emirates has launched a new service that will let customers charter small private jets from Dubai
▼ + stars: | 2023-07-15 | by ( Taylor Rains | ) www.businessinsider.com time to read: +4 min

UAE-based Emirates has launched a new private jet arm using Embraer Phenom 100EV business planes. Emirates hopes its new strategy will lure in more high-paying customers as private aviation booms. The demand for private aviation continues to hold strong post-pandemic, particularly in the Middle East where business travel has rebounded quicker than in other regions. On Wednesday, the carrier introduced a brand new on-demand charter service that will ferry elite customers from Dubai to cities in the Gulf region using a fleet of Embraer Phenom 100EV twin-engine private jets. "While it would give operators such as us stiff competition, business travel trends in the UAE still lean towards larger groups of ten travelers or more," she continued.

Persons: —, Thomas Pallini, Jordan Organizations: Emirates, Embraer Phenom, Embraer, Dubai World, Dubai International, Emirates Executive, Emirates Flight Training, Airbus, Gulf Wings, Gulf News Locations: UAE, Dubai, Emirates, Kingdom of Saudi Arabia, Bahrain, Kuwait, Oman, DWC

☆ Mexico is the best country to live and work abroad, a survey of expats has found. Here's the top 10.
▼ + stars: | 2023-07-12 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Mexico is the most popular place to live and work abroad, a survey of more than 10,000 expats found. The survey also found that expats were most unhappy in Kuwait, Norway, and Turkey. The country has been popular with expats for some time, consistently ranking as one of the five most popular countries since the InterNations survey was first conducted in 2014. More than 10,000 expats spanning 171 nationalities and living across 172 countries and territories took part in the survey. Expats praised the country for having friendly locals and said it was easy to find housing.

Persons: InterNations, Expats, Radu Bercan, Lisa Marie David, NurPhoto, Malgorzata, Marielle, Inti, Toshio Kishiyama, Oleg Senkov Organizations: Service, Privacy, Buddha, Getty, Clair, Panama, Guell Locations: Mexico, Kuwait, Norway, Turkey, Wall, Silicon, Portugal, Lisbon, Bahrain Bahrain's, Philippines, Mayon, Costa Rica, Thailand Bangkok, Thailand, Taiwan, AFP, Malaysia George Town, Malaysia, Panama Panama City, Panama, Barcelona, Spain

☆ Iran at odds with allied Russia after Moscow backs UAE in island dispute
▼ + stars: | 2023-07-12 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Tehran summoned Russia's ambassador on Wednesday over a Moscow-endorsed statement on three Gulf islands disputed by Iran and the United Arab Emirates. The UAE joins fellow economic Middle East heavyweights Saudi Arabia, Oman, Bahrain, Kuwait and Qatar in the Gulf Cooperation Council. Following a ministerial meeting in Moscow on Monday, Russia and the GCC released a joint statement that urged a diplomatic solution to the territorial dispute. Iranian officials called on Russia to correct its position on the territorial row, according to the state-owned Islamic Republic News Agency. Moscow is not Iran's only key partner to wade into hot waters over the three Gulf islands dispute.

Persons: Russia's, Reem, Abu Musa, Tehran's, Nasser Kanaani Organizations: United, United Arab Emirates, UAE, State, International Co, General Assembly, International Court of Justice, Gulf Cooperation, GCC, United Nations Charter, Saudi Press Agency, of Justice, Islamic, Islamic Republic News Agency, CNBC, Kyiv — Locations: Tehran, Moscow, Iran, United Arab, Abu Musa, Tunb, UAE, Britain, Saudi Arabia, Oman, Bahrain, Kuwait, Qatar, Gulf, Russia, Islamic Republic of Iran, Iranian, Ukraine, Russian, Syria, China, Beijing, United Arab Emirates

☆ Kuwait, Saudi Arabia have 'exclusive rights' in Durra gas field, Kuwait oil minister says
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

CAIRO, July 9 (Reuters) - Kuwait and Saudi Arabia have "exclusive rights" in the Durra gas field in the Arabian Gulf, Kuwait Oil Minister Saad Al Barrak said on Sunday, and he called on Iran to validate its claim to the field by demarcating its own maritime borders first. "Until this moment, this is an exclusive right of Kuwait and Saudi Arabia in the Durra field, and whoever has a claim must start demarcating the borders. "The other side has claims that are not based on a clear demarcation of the maritime borders," he added, referring to Iran. Al Barrak's comments echo those of Saudi Arabia, which said last week that the kingdom and Kuwait exclusively own natural wealth in the Gulf's maritime "Divided Area". Saudi Arabia also renewed its call to Iran to start negotiations with Riyadh and Kuwait on the demarcation of the eastern border of the area, Saudi state news agency SPA said.

Persons: Saad Al Barrak, Al Barrak, Al, Al Barrak's, Hatem Maher, Muhammad Al Gebaly, Hugh Lawson, Leslie Adler Organizations: Kuwait Oil, Saudi, Thomson Locations: CAIRO, Kuwait, Saudi Arabia, Arabian Gulf, Iran, Saudi, Riyadh

☆ Swedish embassy in Baghdad: Protesters break in after Stockholm Quran burning
▼ + stars: | 2023-06-29 | by ( Mostafa Salem | ) edition.cnn.com time to read: +2 min

CNN —Demonstrators breached the perimeter of the Swedish embassy in Baghdad Thursday, a day after a protester burned a copy of the Quran in Sweden. Videos circulating on social media showed some protesters climbing over a barricaded wall outside the embassy. Muslim countries and Islamic organizations had condemned the burning of the Quran in Stockholm. On Thursday, the United Arab Emirates summoned Sweden’s ambassador to Abu Dhabi to protest the Quran burning incident, the UAE’s state news agency WAM said. In January early this year Iraqi protesters clashed with security forces outside the Swedish embassy for a separate incident of Quran burning in Stockholm.

Persons: Muqtada, Sadr, Al Sadr, Momika, ” Al Sadr, it’s, Sweden’s, Abu, WAM Organizations: CNN, Embassy, Ministry for Foreign Affairs, AFP, of Islamic Cooperation, Arab League, Gulf Cooperation Council, United Arab Emirates Locations: Swedish, Baghdad, Sweden, Muqtada al, Iraqi, Stockholm, Stockholm –, Iraq, Iran, Kuwait, Morocco, Saudi Arabia, Abu Dhabi

☆ Iraq plants mangrove forest to fight climate disaster
▼ + stars: | 2023-06-29 | by ( Essam Al-Sudani | ) www.reuters.com time to read: +3 min

BASRA, Iraq, June 29 (Reuters) - As Aymen al-Rubaye plants mangrove seedlings in the sprawling tidal flats of southern Iraq, the black smoke rising over the skyline behind him shows the ecological damage that he is toiling to undo. Rubaye, an agricultural engineer, is working for a project started by Iraqi government bodies and a United Nations agency to grow up to 4 million mangrove trees in the Khor al-Zubair mudflats region, located near major oil fields. The tidal flats south of Basra are a baking landscape of water, salt, mud and hazy sky, riven by channels that Rubaye and his team navigate by boat. [1/5]Engineer Ayman Al-Rubaie, 47, plants mangrove trees in the wooded areas of the Shatt Al-Arab River, in Basra, Iraq June 21, 2023. Mangrove plants "can resist these harsh conditions we are passing through" without needing irrigation water, Rubaye said.

Persons: pats, Ayman Al, Essam, Rubaye, Ahmed Albaaj, Angus McDowall, Peter Graff Organizations: United, World Bank, REUTERS, United Arab Emirates, Thomson Locations: BASRA, Iraq, United Nations, Khor, Basra, . Southern Iraq, Kuwait, United Arab

Although only two people were expected to take part, the organisers said they would tear up and burn the Koran. Sweden sought NATO membership in the wake of Russia's invasion of Ukraine last year. But alliance member Ankara has held up the process, accusing Sweden of harbouring people it considers terrorists and demanding their extradition. While Swedish police have rejected several recent applications for anti-Koran demonstrations, courts have overruled those decisions, saying they infringed on freedom of speech. Prime Minister Ulf Kristersson said at a press conference on Wednesday he would not speculate about how the approved Koran burning could affect Sweden's NATO process.

Persons: Ulf Kristersson, Kristersson, Momika, Rasmus Paludan, Paludan, Louise Breusch Rasmussen, Marie Mannes, Johan Ahlander, Terje Solsvik, Peter Graff, Angus MacSwan Organizations: Police, NATO, Islam, Atlantic Treaty Organization, Swedish, Thomson Locations: STOCKHOLM, Stockholm, Turkey, Sweden, Ukraine, Ankara, Danish, Turkish, Saudi Arabia, Jordan, Kuwait, Copenhagen

☆ Inflation is finally cooling — but the Wagner Group's attempted mutiny in Russia may send it back up, analysts warn
▼ + stars: | 2023-06-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Oil prices spiked more than 1% on Sunday after the Wagner Group's attempted mutiny. Analysts say oil prices could continue to gain on the geopolitical risks in energy giant Russia. Following the aborted coup over the weekend, benchmark crude oil US West Texas Intermediate and Brent crude oil futures both jumped over 1% on Sunday. As of Monday, oil prices have come off — but analysts say oil futures could continue posting gains due to the geopolitical risk in energy giant Russia. Benchmark US WTI crude oil futures were up 0.2% at $69.29 a barrel at 1:29 a.m. EDT on Monday.

Persons: Wagner Group's, Rystad Energy's Jorge Leon, —, Vladimir Putin's, Jorge Leon, Leon, Paul Sheldon Organizations: Service, West Texas Intermediate, Brent, Rystad Energy, P, Commodity Locations: Russia, Kuwait, Ukraine, Kazakhstan, Azerbaijan

☆ Why GE plan to make fighter jet engines in India is a big deal
▼ + stars: | 2023-06-22 | by ( Yp Rajesh | ) www.reuters.com time to read: +4 min

GE says it has delivered more than 1,600 F414 engines and they have clocked more than 5 million flight hours. So far, 75 F404 engines have been delivered and another 99 worth $716 million are on order for Tejas Mark 1. Tejas Mark 2, still under development, is a more powerful jet and needs a bigger engine. The GE-HAL deal to co-produce F414 engines in India requires U.S. government and legislative approvals. Full scale production of F414 in India and Tejas Mark 2 is expected only early in the next decade.

Persons: Narendra, INDIA’S, Conor Humphries Organizations: General Electric, Hindustan Aeronautics, Indian Air Force, Indian, GE, U.S . Navy, HAL, Tejas, Aircraft, India's Air Force, New, YP Rajesh, Thomson Locations: DELHI, India, United States, U.S, Sweden, Australia, Kuwait, Brazil, South Korea, Indonesia, New Delhi, Washington, China, Pakistan, Russia, France, Israel

☆ The world’s best airlines for 2023, according to Skytrax
▼ + stars: | 2023-06-20 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +4 min

Now, for the fifth time in the accolades’ 23-year history, it’s been named best airline in the prestigious Skytrax World Airline Awards 2023. The Qatar flag carrier bossed it in business class, with wins for World’s Best Business Class, World’s Best Business Class Seat, World’s Best Business Class Lounge (the Al Mourjan lounge at Hamad International Airport), World’s Best Business Class Lounge Dining and Best Airline in the Middle East. Scoot was the World’s Best Long-Haul Low-Cost Airline and Volotea won out in the very competitive Best Low-Cost Airline in Europe category. Garuda Indonesia’s cabin staff were voted the world’s best, Cathay Pacific won World’s Best Inflight Entertainment and Bangkok Airways was once again the World’s Best Regional Airline. Delta Air Lines was named Best Airline in North America, with the Best Airline Staff Service for the region, while Sun Country Airlines was named Best Low-Cost Airline in North America title for the first time Alaska Airlines was North America’s Best Regional Airline.

Persons: it’s, ”, Edward Plaisted, Goh Choon Phong, –, Al, Scoot, Volotea Organizations: CNN, Singapore Airlines, Air and Space Museum, Paris Air, SIA, Qatar Airways –, Japan’s ANA All Nippon Airways, Emirates, Japan Airlines, Qatar, World’s, Hamad International Airport, ANA, World’s Best, Services, Kuwait Airways, AirAsia, Air Canada, Cathay Pacific, Entertainment, Bangkok Airways, . Delta Air Lines, Best Airline Staff Service, Sun Country Airlines, Alaska Airlines, Airlines, Qatar Airways, ANA All Nippon Airways, Turkish Airlines, Air, Cathay, Korean, Hainan Airlines, Int’l Air, Etihad Airways, Iberia, Fiji Airways, Qantas Airways, British Airways, Air New Zealand, Delta Air Lines, Garuda, Thai Airways, Transavia, Southwest Airlines, Vueling, Ryanair, Jetstar Airways, Friendly, Virgin Atlantic Locations: Singapore, Europe, North America, Air France, Garuda Indonesia, Transavia France

☆ Ronaldo gives Portugal late win on 200th international appearance
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

June 20 - Cristiano Ronaldo scored a stunning late goal as Portugal beat Iceland 1-0 on Tuesday to extend their perfect record in Euro 2024 qualifying Group J on an historic night for the forward who became the first player to make 200 international appearances. Ronaldo already held the record for most international appearances when he surpassed Kuwait’s Bader Al-Mutawa’s, who held the record of 196 matches, during Portugal's Euro 2024 qualifier against Liechtenstein in March. It was Ronaldo's 123rd goal for Portugal, extending his record as the all-time leading international goalscorer. The result left Portugal top with 12 points, two ahead of second-placed Slovakia, who won 1-0 away to Liechtenstein earlier on Tuesday. But Portugal responded after the break and gradually got into the game, with Ronaldo's goal securing the points.

Persons: Cristiano Ronaldo, Ronaldo, Kuwait’s Bader Al, Mutawa’s, Willum Thor Willumsson, Goncalo Inacio, Victor Palsson, Hordur Magnusson, Fernando Kallas, Ken Ferris Organizations: Portugal, Iceland, Liechtenstein, 123rd, Thomson Locations: Iceland, Portugal, Slovakia, Liechtenstein

"Without strong international support, Sudan could quickly become a locus of lawlessness, radiating insecurity across the region," Guterres told a fundraising conference hosted by Germany, Saudi Arabia, Qatar, Egypt and the United Nations. "I appeal to you all today to provide funding to deliver lifesaving humanitarian aid and support to people living in the most difficult and dangerous conditions," Guterres said. Germany announced on Monday that it was pledging 200 million euros to Sudan and the region until 2024, the United States pledged $171 million, and Qatar pledged $50 million. Before the donor conference, a U.N. appeal for $2.57 billion for humanitarian support within Sudan this year was about 17% funded, a U.N. website showed. More than half of that came from the United States, with the European Commission in second place with about 10% of the total.

Persons: Saba Kareem, Antonio Guterres, Guterres, Volker Turk, Turk, Geneva Hassan Hamid Hassan, Filippo Grandi, Emma Farge, Gabrielle Tétrault, Farber, Khalid Abdelaziz, Aidan Lewis, Christina Fincher Organizations: Baghdad International, REUTERS, GENEVA, United Nations, United, Rapid Support Forces, European Commission, Thomson Locations: Sudan, Iraqi, Baghdad, Iraq, Khartoum, Darfur, Germany, Saudi Arabia, Qatar, Egypt, United States, Jeddah, West Darfur, Geneva, Kuwait, Dubai

☆ Kuwait forms cabinet with new oil minister, finance minister re-appointed
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +1 min

DUBAI, June 18 (Reuters) - Kuwait formed a new government on Sunday naming Saad Al Barrak as oil minister to replace Bader Al-Mulla and reappointing Finance Minister Manaf Abdulaziz Al Hajri. Sheikh Ahmad Nawaf Al-Ahmad Al-Sabah, who was re-appointed as prime minister last week, formed the new cabinet announced in a decree carried by the state news agency KUNA. The Gulf Arab state also named a new defence minister, Sheikh Ahmad Al-Fahad Al-Ahmed Al-Sabah. The outgoing government had resigned following parliamentary elections held earlier this month in the Gulf OPEC oil producer. Reporting By Andrew Mills and Ahmed Tolba; Writing by Andrew Mills; Editing by Andrew Heavens and David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Saad Al Barrak, Bader Al, Mulla, Manaf Abdulaziz Al Hajri, Sheikh Ahmad Nawaf Al, Ahmad Al, Sheikh Ahmad Al, Fahad Al, Ahmed Al, Andrew Mills, Ahmed Tolba, Andrew Heavens, David Evans Organizations: reappointing Finance, Thomson Locations: DUBAI, Kuwait, Sabah, Gulf OPEC

U.S. West Texas Intermediate (WTI) crude rose $1.16 to $71.78. Russian Energy Minister Nikolai Shulginov said it was "realistic" to reach oil prices of around $80 per barrel, Russian state news agencies reported. Capping oil price gains was the prospect of rising interest rates, which could slow economic growth. The Bank of England is set to raise interest rates by a quarter of a percentage point next week. Investors have been closely watching interest rates and commentary from Fed members.

Persons: Brent, Nikolai Shulginov, Shulginov, Baker Hughes, Phil Flynn, Stephanie Kelly, Alex Lawler, Sudarshan, David Goodman, Louise Heavens, David Evans, David Gregorio, Nick Macfie Organizations: bbl Bank of England, . West Texas, Oil, Kuwait Petroleum, Organization of, Petroleum, Russian Energy, Bank of England, European Central Bank, U.S . Federal, Price Futures, U.S . Commodity Futures Trading Commission, Thomson Locations: Russia, U.S, OPEC, Saudi Arabia, Russian, Iran

☆ Oil heads for weekly gain as supply cuts balance demand concerns
▼ + stars: | 2023-06-16 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

The Bank of England is set to raise interest rates by a quarter of a percentage point next week. Rising interest rates could slow economic growth and reduce oil demand. However, both oil benchmarks were heading for a small weekly gain after declines in the past two weeks. Oil gained about 3% on Thursday on hopes of increasing Chinese demand. China's refinery throughput rose in May to its second-highest total on record and Kuwait Petroleum Corp's CEO expects Chinese demand to keep climbing during the second half.

Persons: Ole Hansen, Alex Lawler, Sudarshan Varadhan, Stephanie Kelly, David Goodman Organizations: Bank of England, European Central Bank, U.S . Federal, Saxo Bank, Brent, West Texas, Oil, Kuwait Petroleum, Organization of, Petroleum, Thomson Locations: Bank, OPEC, Brent, Saudi Arabia

Data on Thursday showed China's oil refinery throughput rose 15.4% in May from a year earlier, hitting its second-highest total on record. In the United States, data released on Thursday showed retail sales unexpectedly rose in May, along with higher-than-expected jobless claims last week. A weaker dollar makes oil cheaper for holders of other currencies, which could boost demand. Still, a weak economic outlook looms over market sentiment, as China's industrial output and retail sales growth in May missed forecasts. Higher interest rates ultimately increase borrowing costs for consumers, which could slow economic growth and reduce oil demand.

Persons: Edward Moya, OANDA, Stephanie Kelly, Leslie Adler, Jamie Freed Organizations: Brent, U.S, West Texas, Kuwait Petroleum, Organization of, Petroleum, European Central Bank, U.S . Federal Reserve, Thomson Locations: China, Kuwait, United States, Saudi Arabia, New York, Singapore

☆ Oil up on strong China refinery data
▼ + stars: | 2023-06-15 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

Companies United States of America FollowLONDON, June 15 (Reuters) - Oil prices rose on Thursday after a plunge the previous day, as data showed a jump in refinery runs in top crude importer China though a weak economic backdrop capped gains. The market saw support after data on Thursday showed China's oil refinery throughput in May rising 15.4% from a year earlier, hitting its second highest total on record. Also capping price gains were fears that higher interest rates would slow economies in the United States and Europe, and lower oil demand. Analysts, however, expect oil prices to see support later in the year as voluntary cuts by OPEC+ countries implemented in May, and from Saudi Arabia in July, coincide with robust demand. "Once these deficits become visible in on-land oil inventories, we expect oil prices to trend higher," the bank said in a note on Thursday.

Persons: Rowena Edwards, Jeslyn Lerh, Emelia Sithole, Jason Neely Organizations: Brent, . West Texas, Kuwait Petroleum, U.S . Federal Reserve, European Central Bank, Bank of England, UBS, Thomson Locations: States, America, China, Kuwait, United States, Europe, Saudi Arabia, London, Singapore, Houston

[1/3] Cast member Hailee Steinfeld attends the premiere for Spider-Man: Across the Spider-Verse in Los Angeles, California, U.S., May 30, 2023. The UAE Media Council on Monday said on Twitter it "will not allow the circulation or publication of content contrary to the values and principles of the UAE and the standards of media content in force in the country." Several cinema customer service lines did not say why the film was not listed and government bodies in the UAE, Saudi Arabia and Qatar did not immediately respond to requests for comment. In June 2022 the UAE banned Walt Disney-Pixar's animated feature film "Lightyear" from screening because it features characters in a same-sex relationship. The youth and culture ministry said it "violated the nation's media content standard".

Persons: Hailee Steinfeld, Mario Anzuoni, Vox, Majid Al Futtaim, Majid Al Futaim, Gwen Stacy, Abdullah Al, Sami, Walt Disney, Yousef Saba, Lisa Barrington, Andrew Mills, Nafisa Eltahir, Mohammed Benmansour, William Maclean Organizations: REUTERS, United, Vox Cinemas, Vox, Novo, Reel, Reuters, UAE Media, Walt, Thomson Locations: Los Angeles , California, U.S, DUBAI, United Arab Emirates, United States, Gulf, UAE, Saudi Arabia, Qatar, Kuwait, Oman, Bahrain, Saudi, Riyadh, Dubai, Doha, Nafisa, Cairo

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