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☆ Regional ministers to discuss Syria's return to Arab fold in Saudi Arabia
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] Flags are seen ahead of the Arab League Summit in Algiers, Algeria November 1, 2022. REUTERS/Ramzi BoudinaDOHA, April 11 (Reuters) - Saudi Arabia will host a meeting of regional foreign ministers on Friday to discuss Syria's return to the Arab League, a Qatari official said on Tuesday, adding that an "Arab consensus" plus a "change on the ground" would shift Qatar's position. The GCC includes Saudi Arabia, UAE, Bahrain, Oman, Qatar and Kuwait. Saudi Arabia plans to invite Syrian President Bashar al-Assad to the Arab League summit Riyadh is scheduled to host on May 19, sources have told Reuters. Assad's attendance would mark the most significant development in his rehabilitation within the Arab world since 2011, when Syria was suspended from the Arab League.

☆ Kuwaiti prime minister selects new cabinet - state news agency
▼ + stars: | 2023-04-09 | by ( ) www.reuters.com time to read: 1 min

April 9 (Reuters) - Kuwait's Prime Minister Sheikh Ahmad Nawaf al-Sabah has selected a new cabinet, state news agency KUNA reported on Sunday without giving further details. Sheikh Ahmad was re-appointed as prime minister by the crown prince in March, more than a month after the government resigned due to renewed friction with parliament. Reporting by Hatem Maher; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi provides $240 mln for Pakistan hydro-power dam
▼ + stars: | 2023-04-07 | by ( Asif Shahzad | ) www.reuters.com time to read: +2 min

ISLAMABAD, April 7 (Reuters) - Saudi Arabia will provide a $240 million loan to co-finance Pakistan's multi-purpose Mohmand dam project, a major hydro-power complex being built in northwest of the country, statements from both sides said on Friday. The project will "contribute to Pakistan's energy security, increase sustainable water supply for agriculture and human consumption and improve resilience to floods," Pakistan's economic affairs ministry said in a statement. Saudi state news agency issued the same statement in Arabic. "The Saudi Fund for Development (SFD) has signed a $240 million loan agreement," the statements said. Reporting by Asif Shahzad in Islamabad; Additional reporting by Claudia Tanios in Dubai; Editing by Jason Neely and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ These are the countries that will be 'most hit' if oil prices reach $100
▼ + stars: | 2023-04-06 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The Esso Fawley Oil Refinery, operated by Exxon Mobil, stands in Fawley, U.K., on Thursday, May 14, 2020. The surprise output cut by OPEC and its allies sent oil prices rallying — and analysts say major oil importers like India, Japan and South Korea will feel the most pain if prices hit $100 per barrel, as some have predicted. On Sunday, OPEC+ announced a production cut of 1.16 million barrels per day, in a move that oil markets were not expecting. "It's a tax on every oil importing economy," said Pavel Molchanov, managing director of private investment bank Raymond James. The voluntary cuts by countries in the oil cartel are set to start in May and last till the end of 2023.

☆ Oil prices surge 8% after OPEC's surprise output cuts; analysts warn of $100 per barrel
▼ + stars: | 2023-04-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices surged as much as 8% at the open after OPEC+ announced it was slashing output by 1.16 million barrels per day. The voluntary cuts will start from May to end 2023, Saudi Arabia announced, saying it was a "precautionary measure" targeted toward stabilizing the oil market. The move comes on the back of Russia's decision to trim oil production by 500,000 barrels per day until the end of 2023, according to the country's Deputy Prime Minister Alexander Novak. "OPEC+'s plan for a further production cut may push oil prices toward the $100 mark again, considering China's reopening and Russia's output cuts as a retaliation move against western sanctions," CMC Markets' analyst Tina Teng told CNBC.

☆ OPEC+ just made the Fed's job more complicated. Here's why they did it — and what could be next
▼ + stars: | 2023-04-03 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

The logo of the OPEC is pictured at the OPEC headquarters on October 4, 2022. In October last year, the oil cartel announced its decision to cut output by two million barrels per day. U.S. President Joe Biden's administration has repeatedly lambasted the OPEC+ group for its production cuts, citing the inflationary toll on households and flinging accusations of camaraderie with sanctions-struck Russia. One such technical council, the OPEC+ Joint Ministerial Monitoring Committee concluded on Monday with a statement that acknowledged the voluntary cuts, making no mention of a broader change in formal production policy. Referring to the voluntary cuts, the OPEC Secretariat said they represent "a precautionary measure aimed at supporting the stability of the oil market."

☆ Saudi Arabia, OPEC+ producers announce voluntary oil output cuts
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

DUBAI, April 2 (Reuters) - Saudi Arabia and other OPEC+ oil producers on Sunday announced voluntary cuts to their production, with Riyadh saying it would cut output by 500,000 barrels per day (bpd) from May until the end of 2023, state media reported. Russia's deputy prime minister also said Moscow would extend a voluntary cut of 500,000 bpd until the end of 2023. The United Arab Emirates, Kuwait, Iraq, Oman and Algeria said they would voluntarily cut output over the same time period. The UAE said it would cut production by 144,000 bpd, Kuwait announced a cut of 128,000 bpd while Iraq said it would cut output by 211,000 bpd and Oman announced a cut of 40,000 bpd. The Saudi energy ministry said in a statement that the kingdom's voluntary cut was a precautionary measure aimed at supporting the stability of the oil market.

Hong Kong/Atlanta/London CNN —Oil prices spiked Monday after OPEC+ producers unexpectedly announced that they would cut output. Brent crude, the global benchmark, jumped 5.31% to $84.13 a barrel, while WTI, the US benchmark, rose 5.48% to $79.83. With oil prices now rising, inflation could remain higher for longer, adding pressure to a hot-button issue for consumers around the world. Saudi Arabia now says it will cut oil production by another half a million barrels a day. “We’re focused on prices for American consumers, not barrels.”In October, OPEC+’s decision to cut production had already rankled the White House.

☆ OPEC oil output falls on Angola, Iraq outages - Reuters survey
▼ + stars: | 2023-03-31 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

The Organization of the Petroleum Exporting Countries (OPEC) has pumped 28.90 million barrels per day (bpd) this month, the survey found, down 70,000 bpd from February. OPEC+ lowered its output target by 2 million bpd, of which about 1.27 million bpd was to come from the 10 participating OPEC countries. With the declines in Angola and Iraq this month, compliance with the agreement increased to 173% of pledged cuts, according to the survey, against 169% in February. ANGOLA, IRAQThe largest drop of 100,000 bpd was in Angola due to a small export programme and field maintenance on the Dalia stream. Among countries with higher output, Nigerian production again posted OPEC's biggest increase in March, the survey found, bringing the country closer to a target to lift output to 1.6 million bpd this quarter.

President Joe Biden has said he will sign the measure if it passes both the Senate and House and reaches his desk. Supporters of repeal also said it recognized that Iraq is no longer an adversary but has become a U.S. security partner. The resolution also would repeal the Gulf War AUMF approved in 1991 after Saddam's Iraq invaded Kuwait. The Iraq AUMFs have been labeled "zombie" authorizations because they never expire but their original purpose no longer applies. In 1971, Congress voted to repeal the Gulf of Tonkin Resolution, which had provided authority for the Vietnam War.

Under the Constitution, Congress, not the president, has the right to declare war. But to allow a president to respond to a threat, the Senate and House of Representatives can pass an AUMF. Members of Congress are not - for now - targeting a third AUMF, which passed days after the Sept. 11, 2001, attacks. WILL THE REPEAL PASS THIS TIME? Congress has tried and failed to repeal AUMFs repeatedly over the past 10 years.

SINGAPORE, March 27 (Reuters) - Saudi Aramco's Jizan refinery is set to increase output of ultra-low sulphur diesel (ULSD) and reduce exports of vacuum gasoil (VGO) as it ramps up production in the second quarter, industry sources said. The refinery could produce up to 250,000 barrels per day (bpd) of ULSD, or 10-ppm gasoil, when it hits full capacity. This could boost Aramco's fuel exports to Europe, the sources said. A hydrocracker processes residual fuel and VGO to produce diesel and kerosene. This could end Jizan's residual fuel exports, with about 90,000 bpd of high-sulphur fuel oil and vacuum residues estimated to be fed into the power plant, said FGE.

☆ Standard Chartered agrees to sell business in Jordan
▼ + stars: | 2023-03-26 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, March 26 (Reuters) - Standard Chartered (STAN.L) plans to sell its Jordanian business to Arab Jordan Investment Bank (AJIB) (AJIB.AM), the two parties said on Sunday, as the emerging markets-focused lender presses ahead with plans to exit seven markets in Africa and the Middle East. All Standard Chartered Bank employees in Jordan will be transferred to AJIB, it said an emailed statement. AJIB said the purchase falls within the Jordanian lender's strategy to grow its market share in the country, which continues to grow after it acquired HSBC's banking business in Jordan in 2014 and National Bank of Kuwait's banking business in Jordan in 2022. Standard Chartered in April 2022 said it plans to leave seven markets, consisting of Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe. Reporting by Hadeel Al Sayegh, Editing by Louise Heavens and Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

☆ Some US volunteers in Ukraine have become embroiled in infighting that has undermined the war effort, with one individual having lied about being a Marine: NYT
▼ + stars: | 2023-03-25 | by ( John L. Dorman | ) www.businessinsider.com time to read: +7 min

The squabbles have not only threatened the war effort, but have exposed deeply consequential lies. Some volunteers have left the war effort in Ukraine after questions arose about their backgrounds. Foreign Legion volunteers in Ukraine. And while Ukrainian officials estimated that there were possibly 20,000 Legion volunteers, that number was officially much smaller. Lackey told Legion members that he was a Marine and said that he had been an assistant manager at LongHorn Steakhouse.

☆ Ukraine is getting older US Abrams tanks, but Russia's Soviet-era tanks still won't be a match for them in battle
▼ + stars: | 2023-03-23 | by ( Chris Panella | ) www.businessinsider.com time to read: +7 min

Instead of newer Abrams, Ukraine will receive older M1A1 Abrams tanks. According to some early performance reports from the first Gulf War, America's M1A1 tanks were a formidable and invaluable asset on the battlefield. Performance reports make similar arguments, noting that the inclusion of the depleted uranium boosted a round's ability to penetrate heavy tank armor. Allan Tannenbaum/Getty ImagesIn the Gulf War, the M1A1 was very successful at moving around the battlefield. During the Gulf War, tank crews complained about sand getting into the air filtration systems, as well as constant refueling, which the updated versions and the A2 improved upon.

☆ Oil rises as banking fears ease for now
▼ + stars: | 2023-03-21 | by ( ) www.cnbc.com time to read: +2 min

Oil rose on Tuesday, extending a recovery from a 15-month low hit the previous day, as the rescue of Credit Suisse eased worries about global banking sector risks that could hit economic growth and fuel demand. "Banking jitters may have taken a breather yesterday but remain in play," said Stephen Brennock of oil broker PVM. A meeting of key ministers from OPEC+, which includes OPEC members plus Russia and other allies, is scheduled for April 3. OPEC+ sources told Reuters the drop in prices reflects banking fears, rather than a worsening supply and demand balance. Also coming into view is the latest U.S. oil inventory reports, which a Reuters survey expects to show lower crude and product inventories.

☆ Kuwait court reinstates previous parliament
▼ + stars: | 2023-03-19 | by ( Ahmed Hagagy | ) www.reuters.com time to read: +2 min

KUWAIT, March 19 (Reuters) - Kuwait's Constitutional Court on Sunday ruled that last September's parliamentary election, in which the opposition made gains, was void and that the previous assembly must be reinstated. Kuwait's crown prince last year dissolved parliament and called early polls in an effort to end prolonged domestic political feuding that has hindered fiscal reform. However, Justice Mohammad bin Naji on Sunday said the court had declared that dissolution of parliament as void and had annulled the early elections held in September. "The constitutional authority of the dissolved parliament shall be restored as of the date of this ruling," he told the court session attended by reporters. "Kuwait does not deserve such farces," MP Saleh Ashour said on Twitter after the court ruling.

WASHINGTON—Ukraine’s insatiable demand for artillery has for months outpaced Western forecasts, setting off a global hunt for more ammunition and forcing the U.S. to raid its stocks abroad to help Kyiv prepare for its counteroffensive later in the spring. With some U.S. allies unwilling or unable to supply enough ammunition for Ukraine, the U.S. military is pulling from its munition supplies in a number of locations, including in Israel, South Korea, Germany and Kuwait. These sites, known as prepositioned stocks, are where the U.S. stores everything from trucks to bandages to support American forces around the world.

☆ Iraqi ambush of Americans made a mockery of 'Mission Accomplished'
▼ + stars: | 2023-03-16 | by ( Michael Georgy | ) www.reuters.com time to read: +9 min

[1/5] FILE PHOTO: A U.S. soldier walks past Iraqi detainees standing behind a wired fence, at Abu Ghraib prison outside Baghdad, Iraq May 17, 2004. Arriving in the city an hour or so after the ambush on March 31, 2004, I was confronted by a crowd kicking the head of an incinerated body. I was taking notes, trying to make sense of the furore, when a boy, who was probably aged about nine, approached. HOTSPOTIn the two decades of turmoil since the invasion, Falluja repeatedly emerged as a hotspot. I saw an Iraqi douse one of the corpses with petrol, sending flames soaring into the air.

☆ Saddam Hussein fell. Then violence in Iraq spiralled
▼ + stars: | 2023-03-14 | by ( Ahmed Rasheed | ) www.reuters.com time to read: +7 min

[1/3] The site of a twin suicide bombing attack in a central market is seen in Baghdad, Iraq January 21, 2021. He took another risk in 1990-1991, when Saddam's forces invaded neighbour Kuwait, a move that turned Iraq into a pariah. A U.S.-led coalition hammered Iraqi forces and the United Nations imposed sanctions on Iraq for more than a decade. Amer went into hiding again. Amer said he is still determined to leave Iraq, two decades after U.S. troops and Iraqis pulled down a statue of Saddam Hussein in central Baghdad.

To compound the problem, British shoppers are themselves starting to spend more in the European Union, where they can also reclaim the value-added tax (VAT) charged on goods. OWN GOALBurberry BRBY.L, Britain's biggest luxury retail brand, warned last year that London was losing out to other European cities over the VAT rule. "That's why tax-free was so important for them, and now we are the only country in Europe that doesn't offer it." Cadogan, the main landlord in the west London districts of Chelsea and Knightsbridge, whose estate spans over 90 acres, also called on the government to act. He said he had not considered the VAT issue before, because he was generally spending his parents' money.

☆ Analysis: Russian sanctions shift oil price-making power to Asia from Europe
▼ + stars: | 2023-03-14 | by ( Alex Lawler | ) www.reuters.com time to read: +6 min

Western Sanctions have led Russia to sell more than twice as much crude to Asia in the year to January, according to Kpler data. Iran, under U.S. sanctions, has boosted exports to the highest in three years on some estimates, with China the biggest buyer. Hardeep Singh Puri, India's oil minister, said in early February the country will keep buying from Russia if prices "continue to be good". EUROPE LOSES SUPPLY SOURCEIndia was among those to have complained about the Asian premium they paid to the big exporters. "These normal sorts of patterns of Asian premium or discount don't really apply," he said.

☆ Factbox: Global firms with exposure to collapsed SVB
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +7 min

March 13 (Reuters) - Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis last week, sending shockwaves across global markets as billions of dollars belonging to companies and investors were left stranded. The collapse raised concerns that the end of decades-long era of cheap money would reveal cracks in the global financial system as climbing interest rates expose vulnerabilities in the economy. HSBC (HSBA.L) said on Monday it is acquiring the UK subsidiary of SVB for 1 pound, rescuing a key lender for technology start-ups in Britain. Below is a list of companies across the globe that have revealed their exposure to SVB:EUROPEAround 16 tech and life sciences companies in Europe have disclosed about $190 million in exposure to SVB in the UK and the United States. Moonpig adds that SVB UK is one of ten lenders that provide senior debt facilities to the group as part of a strong banking syndicateASIA-PACIFICNITRO SOFTWARE (NTO.AX)Australia's productivity software maker Nitro Software Ltd (NTO.AX) said it had about $12.18 million of its global cash reserves held on deposit at SVB.

☆ ‘Absolutely idiotic’. SVB insider says employees are angry with CEO
▼ + stars: | 2023-03-13 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

“That was absolutely idiotic,” the employee, who works on the asset management side of Silicon Valley Bank, told CNN in an interview. By the close of business that day, Silicon Valley Bank had a negative cash balance of about $958 million. “People are just shocked at how stupid the CEO is,” the Silicon Valley Bank insider said. “There should be no mistaking that Silicon Valley Bank’s collapse was a direct result of the Fed’s persistent and excessive interest rate hikes,” they wrote. Of course, Silicon Valley Bank had more than a year to prepare for both of those issues.

☆ Factbox: Which companies are affected by SVB collapse?
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +6 min

ROKU (ROKU.O)Streaming devices maker says it has about $487 million, or 26% of its cash and cash equivalents, held in deposits with SVB. CIRCLEUS cryptocurrency firm Circle says $3.3 billion of its $40 billion of USD Coin reserves are at SVB. BLOCKFIBankrupt crypto lender BlockFi Inc has roughly $227 million in unprotected funds at SVB, the Wall Street Journal reported on Friday. VIR BIOTECHNOLOGY (VIR.O)Biotech firm says it maintains operating accounts at SVB with about $220 million as of Friday. EUROPEAround 16 tech and life sciences companies in Europe have disclosed about $190 million in exposure to SVB in the UK and the United States.

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