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☆ Carlos Ghosn sues Nissan for $1 bln in Lebanon, legal document shows
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

A spokesperson for Nissan said the company will not be commenting on the matter. Ghosn, once a titan of the global car industry, was arrested in Japan in late 2018 and charged with financial misconduct. He denied the charge and said his detention was part of a plot by Nissan executives to block a merger. He escaped Japan hidden in a box aboard a private jet in December 2019, fleeing to Lebanon, his childhood home. After arriving in Lebanon Ghosn said he was escaping a "rigged" justice system in Japan and that he intended to clear his name.

Persons: Carlos Ghosn, Ghosn, Lebanon Ghosn, Maya Gebeily, Laila Bassam, Tom Perry, Daniel Leussink, Tala Ramadan, Kirsten Donovan, Louise Heavens, David Goodman Organizations: Nissan Motor, Nissan, Reuters, Thomson Locations: BEIRUT, Japan, Lebanon, Beirut

Companies NK Rosneft' PAO FollowJune 19 (Reuters) - Oil prices fell on Monday as questions over China's economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States. "(China's) economy is navigating through powerful headwinds," said PVM oil analyst Tamas Varga. In recent weeks global road traffic has been declining, said Jorge Leon, Rystad Energy's senior vice president, which may also point to slowing growth and drag on oil prices. Iran's crude exports and oil output have hit record highs in 2023 despite U.S. sanctions, according to consultants, shipping data and a source close to the matter, adding to global supply when other producers are limiting output. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia this month agreed on a new oil output deal and the group's biggest producer, Saudi Arabia, also pledged to make a deep cut to its output in July.

Persons: Brent, Tamas Varga, Jorge Leon, Rystad Energy's, Leon, Nia Williams, Ahmad Ghaddar, Katya Golubkova, Emily Chow, David Goodman, Kirsten Donovan Organizations: NK Rosneft, West Texas, of, Petroleum, Thomson Locations: United States, U.S, China, Europe, Russia, Saudi Arabia, British Columbia, London, Tokyo, Singapore

☆ Oil falls on China growth uncertainties
▼ + stars: | 2023-06-19 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Companies NK Rosneft' PAO FollowLONDON, June 19 (Reuters) - Oil prices fell on Monday as questions over China's economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States. Brent crude fell 17 cents, or 0.2%, to $76.44 a barrel by 0944 GMT while U.S. West Texas Intermediate (WTI) crude lost 31 cents, or 0.4%, to $71.47. "(China's) economy is navigating through powerful headwinds," said PVM oil analyst Tamas Varga. The oil and gas rig count, an early indicator of future output, fell by eight to 687 in the week to June 16 for the lowest total since April 2022. , , . Iran's crude exports and oil output have hit record highs in 2023 despite U.S. sanctions, according to consultants, shipping data and a source close to the matter, adding to global supply when other producers are limiting output.

Persons: Brent, Tamas Varga, Ahmad Ghaddar, Katya Golubkova, Emily Chow, David Goodman Organizations: NK Rosneft, West Texas, Reuters, of, Petroleum, Thomson Locations: United States, China, U.S, Russia, Saudi Arabia, Tokyo, Singapore

☆ Saudi budget carrier flynas signs deal for 30 Airbus jets -state TV
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: 1 min

DUBAI, June 19 (Reuters) - Saudi budget airline flynas has signed a 14 billion riyal ($3.73 billion) agreement with Airbus to buy 30 aircraft, Saudi state TV reported on Monday. ($1 = 3.7502 riyals)Reporting by Nayera Abdallah Writing by Clauda Tanios Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Nayera Abdallah, Clauda, David Goodman Organizations: flynas, Airbus, Saudi, Thomson Locations: DUBAI, Saudi

☆ Qatar and UAE embassies resume work on Monday -Qatar foreign ministry
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

DOHA, June 19 (Reuters) - Qatar and the United Arab Emirates' respective embassies reopened on Monday to resume work after the two Gulf states agreed to restore diplomatic ties, Qatar's foreign ministry said. The restoration of ties comes amid a broader regional push for reconciliation and more than two years after Arab states ended a boycott of Doha that had shattered the Western-allied Gulf Arab bloc. The Qatari ministry said in a statement that the two foreign ministers, Sheikh Mohammed bin Abdulrahman Al-Thani and Sheikh Abdullah bin Zayed, had held a phone call as the two embassies reopened on Monday. Reuters reported in April that the two Gulf states were in the process of restoring diplomatic relations. Reporting by Nayera Abdallah and Andrew Mills, writing by Aziz El Yaakoubi; Editing by David Goodman and Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Sheikh Mohammed bin Abdulrahman, Sheikh Abdullah bin Zayed, Nayera Abdallah, Andrew Mills, Aziz El Yaakoubi, David Goodman, Gareth Jones Organizations: DOHA, United Arab Emirates, Reuters, Doha, Thomson Locations: Qatar, Doha, Arab, Sheikh Mohammed bin Abdulrahman Al, Thani, Abu Dhabi, Saudi Arabia, UAE, Bahrain, Egypt, Islam, Iran, Riyadh, Cairo, Saudi, Yemen

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

LONDON, June 16 (Reuters) - Britain's ITV (ITV.L) is "actively exploring the possible acquisition" of production company All3Media, it said on Friday after Reuters reported the broadcaster's interest. One of Britain's leading independent production companies, All3Media is owned by Warner Bros Discovery (WBD.O) and Liberty Global (LBTYA.O). Sources told Reuters in a story released on Thursday that Warner Brothers could sell its All3Media holding while Liberty Global could retain a stake in a merged entity, which would comprise ITV Studios and All3Media. Speaking generally about its finances, ITV in March said that it had accessible funds of more than 1 billion pounds, comprising cash and undrawn debt facilities. In a potential deal, ITV would combine All3Media with the Studios business it has built to offset more volatile revenue from its advertising-dependent TV channels and new ITVX streaming service.

Persons: Kate Holton, William James, David Goodman Organizations: ITV, Reuters, Warner Bros Discovery, Liberty Global, Warner Brothers, ITV Studios, Thomson

SummarySummary Companies Shell to hold oil output steadyCompany to grow gas and LNG businessCapital spending reduced for 2024-25LONDON, June 14 (Reuters) - Shell (SHEL.L) will ramp up its dividend and share buybacks while keeping oil output steady into 2030, it said on Wednesday, as CEO Wael Sawan moved to regain investor confidence that wavered over its energy transition plan. Shell shares were up 1.5% at 1204 GMT, against a 1% rise for an index of European oil and gas companies (.SXEP). Reuters Graphics Reuters GraphicsOIL STEADYShell scrapped its previous target to cut oil output by 20% by 2030 after largely reaching the goal. It currently has a target to cut its 2030 emissions intensity, including from the combustion of the fuels it sells, by 20%. Shell also faces a Dutch court ruling ordering the company to drastically cut emissions.

Persons: Wael Sawan, Shell, Sawan, Biraj Borkhataria, Thilo, Bernard Looney, Ron Bousso, David Goodman, Jan Harvey Organizations: Shell, RBC, Reuters Graphics Reuters, Royal, REUTERS, BP, Lebanese, Thomson Locations: New York, Wesseling, Cologne, Germany, Bukom, Jurong, Singapore, Paris

SummarySummary Companies Shell to hold oil output steadyCompany to grow gas and LNG businessCapital spending reduced for 2024-25LONDON, June 14 (Reuters) - Shell (SHEL.L) will ramp up its dividend and share buybacks while keeping oil output steady into 2030 as part of CEO Wael Sawan's efforts to regain investor confidence that wavered over its energy transition plan. Reuters GraphicsOIL STEADYShell scrapped its previous target to cut oil output by 20% by 2030 after largely reaching the goal. Sawan, a 48-year-old Canadian-Lebanese national who previously headed Shell's oil, gas and renewables divisions, has in recent months scrapped several projects, including in offshore wind, hydrogen and biofuels, due to projections of weak returns. It currently has a target to cut its 2030 emissions intensity, including from the combustion of the fuels it sells, by 20%. Shell also faces a Dutch court ruling ordering the company to drastically cut emissions.

Persons: Wael Sawan's, Shell, Sawan, Ron Bousso, David Goodman, Jan Harvey Organizations: Shell, Reuters, Lebanese, Thomson Locations: New York, Bukom, Jurong, Singapore, Paris

☆ OPEC oil demand forecast holds steady as economic clouds gather
▼ + stars: | 2023-06-13 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

This was virtually unchanged from the 2.33 million bpd forecast last month. OPEC+, which comprises OPEC, Russia and other allies, has been taking more steps to support the oil market in 2023. Crude prices, however, have remained under pressure from concern over slowing economic growth and demand. Chinese oil demand is now expected to rise by 840,000 bpd, OPEC said, up from the 800,000 bpd forecast last month, adding to a recovery after strict COVID-19 containment measures were scrapped. OPEC left its 2023 global economic growth forecast at 2.6% and said momentum was slowing.

Persons: Alex Lawler, Jason Neely, David Goodman Organizations: OPEC, Organization of, Petroleum, Brent, Thomson Locations: Eastern Europe, Ukraine, OPEC, Russia, China, United States, Saudi Arabia

☆ UK energy company forecasts higher profit from retail business
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: 1 min

LONDON, June 13 (Reuters) - British Gas owner Centrica (CNA.L) expects its retail business to generate significantly higher first-half adjusted operating profit than in previous years, it said on Tuesday, citing reduced debt-related costs. UK energy regulator Ofgem's price cap provides an allowance to account for debt on energy bills that cannot be recovered by suppliers and is ultimately written off. In a statement ahead of its annual general meeting on Tuesday, the company said its performance over the first five months of the year has been strong overall. It expects its full-year group adjusted earnings per share to come near the top end of a predicted range between 16.5 and 24.7 pence per share. Reporting by Nina Chestney in London and Eva Mathews in Bengaluru Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Nina Chestney, Eva Mathews, David Goodman Organizations: British Gas, Thomson Locations: London, Bengaluru

The EPL was raised from its initial 25% rate to 35% in November, bringing the overall tax burden to 75%. With Friday's changes the windfall tax would fall away, reducing the tax burden to 40%, if average oil and gas prices fall to or below $71.40 a barrel for oil and 0.54 pounds ($0.6784) per therm for gas in two consecutive quarters. However, the government said independent price forecasts by the Office for Budget Responsibility suggest the price floor mechanism is unlikely to be triggered before the windfall tax’s planned end date in March 2028. UK North Sea oil and gas producers including TotalEnergies (TTEF.PA) and Harbour (HBR.L) have said the levy would result in them cutting investment in the basin. Reuters GraphicsBritain was a net exporter of oil as recently as the 2000s, but now depends on both oil and gas imports.

Persons: Sarah Young, Shadia Nasralla, William James, Kate Holton, David Goodman Organizations: Brent, OPEC, Iraq, Reuters Graphics Britain, Reuters Graphics Reuters, Thomson Locations: Ukraine, Britain

☆ Senators ask U.S. Justice Dept to probe Binance statements to Congress
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

Senator Elizabeth Warren (D-MA) attend a Senate Banking, Housing and Urban Affairs Committee hearing on Capitol Hill in Washington, U.S., April 18, 2023. REUTERS/Amanda Andrade-Rhoades/File PhotoWASHINGTON, June 8 (Reuters) - The U.S. Department of Justice should investigate whether cryptocurrency exchange Binance made false statements to Congress in a written response to lawmakers this year, two Democratic U.S. senators said in a letter released on Thursday. U.S. financial regulators this week cracked down on the crypto industry with legal action against Binance, the world's largest cryptocurrency exchange, and cryptocurrency platform Coinbase (COIN.O). Representatives for the Justice Department could not be immediately reached. Reporting by Susan Heavey and Manya Saini; editing by David Goodman and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Van Hollen, Elizabeth Warren, Amanda Andrade, Rhoades, Binance, Susan Heavey, Manya Saini, David Goodman, Jason Neely Organizations: U.S, Banking, Housing, Urban Affairs, Capitol, REUTERS, WASHINGTON, U.S . Department of Justice, Democratic U.S, Justice Department, SEC, Binance, Thomson Locations: Washington , U.S

☆ Orsted to invest $68 bln in power capacity by 2030
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File PhotoOSLO, June 8 (Reuters) - Renewable energy group Orsted (ORSTED.CO) will invest 475 billion Danish crowns ($68.3 billion) to achieve a 2030 goal to install 50 gigawatts (GW) of power capacity, it said ahead of an investors' update later on Thursday. The Danish company said the plans were fully self-funded and it expected to exceed goals set in 2021 for earnings before interest, tax, depreciation and amortisation (EBITDA) as well as for return on capital employed (ROCE). "We're on track to outperform our previous EBITDA and ROCE targets for 2020-2027, confirming the significant value in our portfolio of renewable projects," Chief Executive Mads Nipper said in a statement. 1 offshore wind farm developer by gigawatt capacity, operates 15.5 GW of renewable energy assets. Capacity of 4.9 GW is under construction and projects representing another 10.6 GW have been awarded, it said.

Persons: Orsted, Phil Noble, Mads Nipper, Bernstein, Terje Solsvik, Essi Lehto, David Goodman, Barbara Lewis Organizations: REUTERS, Thomson Locations: Walney, Blackpool, Britain, OSLO, Danish

☆ Texas Will Place a Floating Barrier Between U.S. and Mexico
▼ + stars: | 2023-06-08 | by ( J. David Goodman | Edgar Sandoval | ) www.nytimes.com time to read: +1 min

The state of Texas will place a 1,000-foot floating barrier in the middle of the Rio Grande to prevent migrants from entering the United States, Gov. Greg Abbott said on Thursday, the latest in a series of escalating maneuvers by state leaders to address illegal crossings. Mr. Abbott said the barrier, a floating border wall made up of four-foot-wide buoys, would be first placed in the water off the city of Eagle Pass, an already heavily fortified section of the border that Texas officials have said is a prime location for migrant crossings. Though the floating barrier would cover only a small section of the 1,254-mile border in Texas, Mr. Abbott said the buoys could be moved to other hot spots and expanded in the future. “We can put mile after mile after mile of these buoys,” Mr. Abbott said at a news conference, flanked by photos showing what the barrier would look like once deployed on July 7.

Persons: Greg Abbott, Abbott, Mr Organizations: Gov Locations: Texas, Rio, United States, Eagle

☆ Oil prices rise as Saudi output cuts outweigh weak demand signals
▼ + stars: | 2023-06-07 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

U.S. crude stocks fell by about 450,000, according to data from the Energy Information Administration, compared with estimates for a 1 million build. Diesel inventories rose by 5.1 million barrels, while markets had estimated a build of 1.33 million. Gasoline inventories also rose more-than-expected at 2.8 million barrels, compared with estimates for a build of 880,000 barrels. Wednesday's data also showed that crude oil imports into China, the world's largest oil importer, rose to their third-highest monthly level in May as refiners built up inventories. A weaker greenback helps demand as oil becomes cheaper for foreign buyers.

Persons: Dennis Kissler, refiners, Morgan, Arathy Somasekhar, Ahmad Ghaddar, Yuka Obayashi, Muyu Xu, David Goodman, Mark Potter, Bernadette Baum, Sharon Singleton Organizations: Brent, U.S, West Texas, Saudi, OPEC, BOK Financial, Energy Information Administration, Federal, Organisation for Economic Cooperation, Development, Thomson Locations: HOUSTON, Saudi, China, Houston, London

☆ STMicroelectronics and Sanan plan silicon carbide venture in China
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 7 (Reuters) - Semiconductor supplier STMicroelectronics (STMPA.PA) and Sanan Optoelectronics (600703.SS) plan to set up a silicon carbide manufacturing joint venture in Chongqing, China, they said on Wednesday. The companies said the cost of the venture was expected to be about $3.2 billion, including capital expenditure of about $2.4 billion over the next five years. The venture will produce silicon carbide devices exclusively for STMicroelectronics which are used in electric cars and other industrial power and energy applications. "China is moving fast towards electrification in automotive and industrial and this is a market where ST is already well-established with many engaged customer programs. Reporting by Sudip Kar-Gupta; editing by David Goodman and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Sanan, Jean, Marc Chery, Sudip Kar, David Goodman, Jason Neely Organizations: Semiconductor, Thomson Locations: Chongqing, China

Prices rose on Monday after Saudi Arabia said over the weekend it would cut output to around 9 million barrels per day (bpd) in July from about 10 million bpd in May. A stronger dollar can weigh on oil demand by making the fuel more expensive for holders of other currencies. Higher interest rates boost borrowing costs, which can slow the economy and reduce oil demand. EIA also projected U.S. petroleum demand would rise from 20.3 million bpd in 2022 to 20.4 million bpd in 2023 and 20.7 million bpd in 2024. That compares with a record 20.8 million bpd in 2005, according to EIA data going back to 1973.

Persons: Brent, Edward Moya, Scott DiSavino, Rowena Edwards, Arathy, Trixie Yap, David Goodman, Matthew Lewis, Chizu Nomiyama, Richard Chang Organizations: EIA, Saudi, U.S, West Texas, Citi, U.S . Federal Reserve, Bank, Energy Information Administration, American Petroleum Institute, Thomson Locations: Saudi Arabia, Saudi, OPEC, China, U.S, Europe, New York, London, Houston, Singapore

☆ OpenAI chief executive does not plan to take company public
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, June 6 (Reuters) - Microsoft-backed OpenAI, the company behind ChatGPT, has no plans to go public any time soon, Chief Executive Sam Altman said at a conference in Abu Dhabi. "When we develop super intelligence, we are likely to make some decisions that most investors would look at very strangely," Altman said. "I don't want to be sued by ... public market, Wall Street etc, so no, not that interested," he replied to a question on whether he will take OpenAI public. OpenAI has so far raised $10 billion from Microsoft (MSFT.O) at a valuation of almost $30 billion as it invests more on building computing capacity. Reporting by Supantha Mukherjee in Stockholm Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Altman, Altman, OpenAI, Supantha Mukherjee, David Goodman Organizations: Microsoft, Thomson Locations: STOCKHOLM, Abu Dhabi, Stockholm

STOCKHOLM, June 6 (Reuters) - Microsoft-backed OpenAI, the company behind ChatGPT, has no plans to go public any time soon, Chief Executive Sam Altman said at a conference in Abu Dhabi. OpenAI has so far raised $10 billion from Microsoft (MSFT.O) at a valuation of almost $30 billion as it invests more on building computing capacity. "We did not threaten to leave the EU," Altman said on Tuesday. There's still more clarity we are waiting for on the EU AI Act, but we are very excited to operate in Europe." Many experts have cited a potential threat to jobs being replaced by AI including in sectors such as transport and logistics, office support and administration, production, services and retail.

Persons: Sam Altman, Altman, OpenAI, Thierry Breton, Margrethe Vestager, Supantha Mukherjee, David Goodman, Emelia Organizations: Microsoft, United Arab Emirates, EU, Thomson Locations: STOCKHOLM, Abu Dhabi, Qatar, India, South Korea, EU, Europe, Stockholm

☆ Oil rises on Saudi plan to deepen output cuts from July
▼ + stars: | 2023-06-05 | by ( Noah Browning | ) www.reuters.com time to read: +3 min

[1/2] General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Both contracts extended gains of more than 2% on Friday after the Saudi energy ministry said the kingdom's output would drop to 9 million bpd in July from about 10 million bpd in May. Consultancy Rystad Energy said the additional Saudi cut is likely to deepen the market deficit to more than 3 million bpd in July, which could push prices higher in the coming weeks. "The immediate market impact of this Saudi cut is likely lower, as drawing inventories takes time, and the market likely already put some meaningful probability on a cut today," the bank's analysts added. In contrast, the United Arab Emirates (UAE) was allowed to raise output targets by 200,000 bpd to 3.22 million bpd to reflect its larger production capacity.

Persons: Ahmed Jadallah, Brent, WTI, keener, Suvro Sarkar, Bjarne Schieldrop, Goldman Sachs, Noah Browning, Florence Tan, Emily Chow, David Goodman Organizations: REUTERS, Saudi, Brent, . West Texas, Saudi Arabia's, Organization of, Petroleum, DBS Bank, OPEC, Rystad Energy, United Arab Emirates, Thomson Locations: Saudi, Saudi Arabia, OPEC, Arabia, Russia, Nigeria, Angola, UAE

Brent crude futures rose $2.25, or 3.1%, to $74.85 a barrel by 11:50 a.m. EDT (1550 GMT) . U.S. Federal Reserve officials on Wednesday suggested interest rates could be steady this month and the House passed a bill suspending the government's debt ceiling, improving chances of averting a disastrous default. "The successful debt ceiling negotiations clears that minefield, but the overall demand outlook is still murky - the trucking space is doing poorly, for example," CFRA Research analyst Stewart Glickman said. The oil market is focusing on the June 4 meeting of OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, which will discuss whether to cut oil production further. U.S. crude oil stockpiles rose unexpectedly last week, as imports jumped and strategic reserves dropped to their lowest since Sept. 1983, according to data from the Energy Information Administration.

Persons: Stewart Glickman, Peter McNally, Robert Yawger, Alex Lawler, Rowena Edwards, Arathy Somasekhar, Andrew Hayley, David Goodman, Kirsten Donovan, David Gregorio Our Organizations: Brent, . West Texas, U.S . Federal, Organization of, Petroleum, Reuters, Energy Information Administration, Thomson Locations: China, BENGALURU, Russia, Reuters OPEC, U.S, OPEC, London, Houston, Beijing

U.S. Federal Reserve officials on Wednesday suggested interest rates could be kept on hold this month and the U.S. House of Representatives passed a bill suspending the government's debt ceiling, improving the chance of averting a disastrous default. "Oil markets may have been oversold in the last two trading days," said CMC Markets analyst Tina Teng. "Sentiment rebounded amid the debt bill's passage in the House and (the) Fed's rate hike pause signal." Mixed demand indications from China, the world's biggest oil importer, have nonetheless weighed on the market, as has industry data showing a rise in U.S. crude inventories. Market sources citing American Petroleum Institute (API) figures on Wednesday said that U.S. crude inventories rose by about 5.2 million barrels last week.

Persons: Tina Teng, Tamas Varga, Alex Lawler, Rowena Edwards, Arathy Somasekhar, Andrew Hayley, David Goodman Organizations: Representatives U.S, U.S . Federal, U.S . House, Brent, West Texas, American Petroleum Institute, of, Petroleum, Reuters, Thomson Locations: China, OPEC, Russia, London, Houston, Beijing

☆ Saudi Arabia's PIF to acquire 30% of supermarket chain Tamimi Markets
▼ + stars: | 2023-06-01 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, June 1 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) plans to acquire a 30% stake in local supermarket chain Tamimi Markets Company, the kingdom's sovereign wealth fund said on Thursday. PIF, which has more than $620 billion in assets under management, said it signed a share subscription agreement to invest in Tamimi Markets. It said the transaction, which will involve a capital increase and subscription for new shares, aligns with the fund's strategy to enable the private sector and create Saudi national champions. "This investment aims to enable Tamimi Markets to realise its full potential, transforming it from one of the leading national grocery chains to a major regional chain," PIF said in an emailed statement. Reporting by Hadeel Al Sayegh; editing by David Goodman and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: PIF, Hadeel Al Sayegh, David Goodman, Jason Neely Organizations: Saudi, Public Investment Fund, Tamimi Markets Company, Thomson Locations: DUBAI

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