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☆ How far does Gulf money go? An Abu Dhabi-backed newspaper buyout attempt is sparking panic in London
▼ + stars: | 2024-03-14 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Copies of The Daily Telegraph newspaper on a newsstand in a shop in London, UK, on March 12, 2024 (L), and UAE Vice President Sheikh Mansour bin Zayed al-Nahyan speaking at COP28 on Dec. 1, 2023. More than 100 members of Parliament have signed a letter opposing the buyout of major British newspaper the Telegraph and news magazine, The Spectator, by UAE government-backed investment fund RedBird IMI. Long a favorite of Britain's Conservative Party, ownership of the 168-year old daily is not just about profit, but about power. The deal would ultimately see the Telegraph, which is valued at a reported £600 million, come under full Emirati ownership. Lawmakers have been scrambling to introduce a new law that would enable Parliament to veto buyouts of news outlets by foreign governments.

Persons: Sheikh Mansour bin Zayed, Nahyan, Britain's, Long, Sheikh Mansour bin Zayed Al Nahyan, Barclay, Lucy Frazer Organizations: Daily Telegraph, UAE, COP28, United Arab Emirates, United Emirates, British, Telegraph, The, IMI, Britain's Conservative Party, Lloyds Bank, State for Culture, Media, Sport Locations: London, DUBAI, United Arab, Qatar, Saudi Arabia, UAE

☆ OPEC+ members extend oil output cuts to Q2
▼ + stars: | 2024-03-03 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +2 min

CNN —OPEC+ member nations have agreed to extend their voluntary cuts to crude oil production through the second quarter, the group announced Sunday. The move is a part of the group’s perpetual balancing act to stabilize oil prices by reducing supply. OPEC+, a coalition of the world’s top oil producing countries, had announced voluntary oil cuts of 2.2 million barrels per day in November. The Energy Information Administration reported last month oil refinery inputs, crude oil stock, and gasoline production were all increasing. Oil prices fell on the agency’s announcement US commercial crude oil inventory was sitting at 447.2 million barrels.

Persons: Brent, Goldman Sachs Organizations: CNN, OPEC, The United Emirates, AAA, Energy Information Administration, EIA Locations: OPEC, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman, United States

☆ Analysis: The 2023 stock rally is back on track
▼ + stars: | 2023-12-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The US stock market has rebounded from its months-long rut. Stocks finished out their best month of the year on Thursday, breaking a three-month streak of declines for all the major indexes. “The only way I see a rally continuing is if the bond market behaves itself,” said Richard Steinberg, chief market strategist at The Colony Group. While those stocks have remained at the top of Wall Street’s scoreboard, the recent rally has encompassed a wider range of stocks. Long-neglected pockets of the stock market, from beaten-down financials to small-caps to cyclical stocks, have climbed higher in recent weeks.

Persons: Stocks, ”, Richard Steinberg, “, Santa Claus, Ned Davis, Anna Cooban, Elisabeth Buchwald, Nelson Peltz, Nelson Peltz’s, Bob Iger, ” Trian, Trian, Trian’s, Morgan Stanley, James Gorman, Sky Jeremy Darroch, ” Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Nasdaq, Dow Jones, Treasury, The Colony, Wall Street, Ned Davis Research, Organization of, Petroleum, Saudi Press Agency, Ministry of Energy, Saudi, United Emirates, Reuters, Disney, Management, Peltz, Sky Locations: New York, Santa, OPEC, Saudi Arabia, Vienna, Russia, Iraq, United, Kuwait, Kazakhstan, Algeria, Oman, Brazil, Brazil’s

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