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☆ 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.

☆ U.S.-led Iraq war ushered in years of chaos and conflict
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +4 min

[1/5] A general view of Tahrir square as demonstrators take part during the ongoing anti-government protests in Baghdad, Iraq November 5, 2019. Here is a look at some of the violence, including suicide bombings and beheadings, that has plagued Iraq, a major OPEC oil producer and key U.S. ally, since the 2003 war. * March 20, 2003 - U.S.-led forces invade Iraq from Kuwait to oust Saddam Hussein. * October 2004 - Al Qaeda leader in Iraq Abu Musab Al-Zarqawi starts waging bloody attacks designed to turn majority Shi’ite Muslims against minority Sunnis in a civil war. * January 2007 - Bush announces a new war strategy including a “surge” of U.S. troops into Iraq to combat the insurgency.

☆ Inside the germy, sneeze-filled meeting between Morgan Stanley's CEO and the Saudi crown prince at the onset of COVID-19
▼ + stars: | 2023-03-08 | by ( Liz Hoffman | ) www.businessinsider.com time to read: +8 min

James Gorman, CEO of Morgan Stanley, met with the Saudi crown prince at the onset of the pandemic. The young royal kept sneezing during the meeting — and Gorman's fear of a deadly pathogen began to grow. He was in the royal palace in Riyadh, Saudi Arabia, seated to the right of the country's crown prince, Mohammed bin Salman. Given their recent experience with a deadly virus, Gorman took the caution of his Kuwaiti hosts as a sign that the West was underestimating the dangers of this one. And now, as Gorman chatted with the controversial 34-year-old crown prince about ways Saudi Arabia could diversify its economy and reduce its reliance on oil, the young royal kept sneezing.

The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. On Feb.5, the G7 and allies also implemented a price cap on Russian fuel sales. On Tuesday, the Kremlin said it did not recognize the price cap. A STABLE OIL MARKET? China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC's Al Ghais said, while global oil demand growth is expected to grow 2.3 million barrels per day in 2023.

☆ The biggest problem with Russia's tanks in Ukraine is the way Moscow tried to use them
▼ + stars: | 2023-03-07 | by ( Alex Hollings | Sandboxx News | ) www.businessinsider.com time to read: +21 min

By September, the tally of lost and captured Russian tanks reached 1,000 — more than all the tanks in the British, French, German, and Finnish militaries combined. The first time these British tanks found a fight, only 25 of the 49 of them actually moved when ordered to commence the attack. Nonetheless, before the conflict was over, Churchill himself would decide tanks had, once again, run their course, declaring, "we have too much armor — tanks are finished." And that is the real lesson we can glean from the performance of Russian tanks in Ukraine over the past year. Maxim Shemetov/ReutersThis point becomes evident when you look at Russian tank losses recorded by the Oryx Blog between February and April 2022, when Russian tank losses were at their absolute worst.

☆ Russia works to ease visa regime for India, other countries - TASS
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - Russia is working on easing visa procedures for six countries, including India, Syria and Indonesia, the state TASS news agency cited Deputy Foreign Minister Evgeny Ivanov as saying on Sunday. "In addition to India (procedures simplification) ... is being worked out with Angola, Vietnam, Indonesia, Syria and Philippines," Ivanov said. Earlier, Ivanov said that Russia is also preparing intergovernmental agreements on visa-free trips with 11 countries, including Saudi Arabia, Barbados, Haiti, Zambia, Kuwait, Malaysia, Mexico and Trinidad, TASS reported. While the United States, Japan and the European Union condemned Russia's invasion and imposed sanctions, China and India have not done either. India kept a neutral stance, declining to blame Russia for the invasion while sharply boosting its purchases of Russian oil.

☆ No current plan for the UAE to leave OPEC oil alliance, sources say
▼ + stars: | 2023-03-06 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria. The United Arab Emirates does not intend to leave the influential OPEC oil alliance at this time, two senior officials with knowledge of the matter told CNBC, after a recent report signaled internal talks over such a departure. The UAE oil ministry and Adnoc, the state-owned oil company of the United Arab Emirates, did not immediately respond to CNBC requests for comment. On March 3, the Wall Street Journal reported that rising political disagreements between OPEC+ chair Saudi Arabia and the UAE have once more sparked questions over the latter's future in the producers' coalition. The front-month Nymex WTI contract was at $78.72 per barrel, lower by 96 cents per barrel from the previous settlement price.

☆ Kuwait re-appoints Sheikh Ahmad Nawaf al-Sabah as PM - state news agency
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +1 min

KUWAIT, March 5 (Reuters) - Kuwait's crown prince re-appointed Sheikh Ahmad Nawaf al-Sabah as prime minister and asked him to nominate a cabinet, state news agency KUNA reported on Sunday, more than a month after the government resigned due to renewed friction with parliament. Crown Prince Sheikh Meshal al-Ahmad al-Sabah, who has taken over most of the ruling emir's duties, moved last year to end feuding by naming Sheikh Ahmad as premier, dissolving parliament and calling early polls, in which opposition members made gains. Kuwait bans political parties but has given its legislature more influence than similar bodies in other Gulf monarchies. While Kuwait has strong fiscal and external balance sheets, frequent political bickering and institutional gridlock have hampered investment and reforms aimed at reducing its heavy reliance on oil revenues. Reporting by Mahmoud Mourad; Writing by Ghaida Ghantous; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

HOUSTON, March 3 (Reuters) - The chief executive of Saudi Arabian state oil company Aramco (2223.SE) will not attend an energy conference organized by S&P Global next week, the event's updated schedule showed. Amin Nasser, head of the world's largest oil company, had been listed as delivering a keynote address at CERAWeek, the largest gathering of high-profile oil executives and energy ministers. Nasser was one of the few high-level Saudi officials on this year's schedule and has been a regular presence at past CERAWeek conferences. The agenda for this year's event is dominated by major oil company executives and U.S. government officials, with fewer Middle East executives and officials. A record 7,000 people have signed up for the week-long event, which will includes discussions of fossil fuels, clean energy and advanced energy storage.

☆ Ericsson to Pay About $207 Million After DOJ Finds It Breached Deal
▼ + stars: | 2023-03-02 | by ( Richard Vanderford | ) www.wsj.com time to read: +3 min

Ericsson AB has agreed to pay $206.7 million in a foreign bribery settlement with the U.S. Justice Department, which found the telecommunications company had breached an earlier deal. Stockholm-based Ericsson will plead guilty to the original charges it faced following its breach of a 2019 deferred prosecution agreement, the Justice Department said Thursday. In a deferred prosecution agreement, prosecutors charge a company but agree that they will drop those charges after a period of time if the company abides by certain conditions. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. The failures prevented the Justice Department from bringing charges against certain individuals, it said.

☆ Analysis: Cash-strapped countries face IMF bailout delays as debt talks drag on
▼ + stars: | 2023-03-02 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +7 min

IMF funding is often the sole financial lifeline available to countries in a debt crunch, and key to unlocking other financing sources, with delays putting pressure on government finances, companies and populations. Though staff agreements can be reached without financing assurances, the IMF board needs them to approve the programme. Chinese Premier Li Keqiang said on Wednesday the country is willing to "constructively" participate in solving debt problems of relevant countries under a multilateral framework. But Beijing has always emphasised all creditors should follow the principle of "joint action, fair burden" in debt settlements. Adding another layer of complexity to these debt talks, the Common Framework doesn't lay out precise rules on how a debt restructuring with bilateral creditors should work.

☆ Ericsson pleads guilty in U.S. to federal bribery violations, agrees to pay $206 million penalty
▼ + stars: | 2023-03-02 | by ( Rohan Goswami | ) www.cnbc.com time to read: +4 min

Swedish telecommunications giant Ericsson agreed to pay a $206 million penalty and pleaded guilty to violating the anti-bribery provisions of the Foreign Corrupt Practices Act, or FCPA, U.S. prosecutors announced Thursday evening. Additionally, the company paid about $540 million to the Securities and Exchange Commission. The company also allegedly failed to disclose possible evidence of a similar scheme in Iraq. "Instead of honoring that commitment, Ericsson repeatedly failed to fully cooperate and failed to disclose evidence and allegations of misconduct in breach of the agreement." In a release, Ericsson said its own internal investigation "did not conclude that Ericsson made or was responsible for any payments to any terrorist organization."

☆ American POW freed from Russia said his captors were 'idiots' who had prisoners call an Alabama licensing office for help, report says
▼ + stars: | 2023-02-24 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +3 min

Drueke told The Daily Beast that his captors tortured and beat him, but were "idiots." He said they made him reach out to the "silliest levels of the US government," including an Alabama licensing office. "I think one they made Andy call was the head of LLC business licensing for Alabama," Drueke told The Daily Beast. The captors were attempting to spread panic in the US about the chance that Drueke and Huynh could be executed. "Sometimes they were just so smart and I was like 'Oh man they're going to kill me.'

☆ Pakistan set to increase interest rates in off-cycle review, say investors
▼ + stars: | 2023-02-23 | by ( Ariba Shahid | ) www.reuters.com time to read: +2 min

Market participants in a recent treasury bill auction are expecting at least a 200 basis points increase in the central bank's policy rate, which stands at 17%. The expected increase is based on the rates the Pakistan government set in the auction to raise the funds. The cut off rates for the three-month, six-month, and 12-month tenors jumped 195 bps, 206 bps, and 184 bps higher than the previous auction. While the government expects a deal with IMF soon, media reports say that the agency expects the policy rate to be increased. “Pakistan has two core inflation readings i.e., Urban (15.4% for Jan-23) and Rural (19.4%) and no national core number is released.

After Russia invaded Ukraine, the West formed what looked like an overwhelming global coalition: 141 countries supported a United Nations measure demanding that Russia unconditionally withdraw. South Korea Indonesia Israel Thailand Japan Saudi Arabia Philippines Afghanistan CambodiaBy contrast, Russia seemed isolated. Eritrea “Russian actions are being distorted” North Korea Russia Belarus Syria Eritrea “Russian actions are being distorted” North Korea Russia Belarus SyriaBut the West never won over as much of the world as it initially seemed. But like many other African countries, South Africa appears careful to balance its growing ties with Russia against maintaining a relationship with the West. Others that provided Ukraine with military support have declined to impose economic sanctions on Russia.

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