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☆ Major Gulf bourses drop on Fed's hawkish tone
▼ + stars: | 2023-02-23 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 23 (Reuters) - Major Gulf bourses closed lower on Thursday as investors remained cautious after the U.S. Federal Reserve's minutes from latest meeting reinforced a hawkish tone, although the Egyptian index bucked the trend. Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes. With steepest intraday decline since Jan. 17, the index witnessed losses in almost all sectors, led by financial and energy stocks. The gulf region's largest lender Qatar National Bank (QNBK.QA) declined 2.1% and Qatar Islamic Bank (QISB.QA) plunged 9.6%, the sharpest intraday slide since March 2020 as the stock traded ex-dividend. Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1.4%, snapping its previous session losses.

☆ Saudi bourse falls on Fed worries; Qatar gains
▼ + stars: | 2023-02-19 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

Feb 19 (Reuters) - Saudi Arabia's stock market closed lower on Sunday after U.S. economic data stoked fears the Federal Reserve will act more aggressively to curb inflation. Most Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the United Arab Emirates have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely, exposing the region to a direct impact from monetary tightening in the world's largest economy. The benchmark index (.TASI) in Saudi Arabia dropped 0.5%, dragged down by a 2.1% slide in Retal Urban Development Co (4322.SE) and a 0.9% decrease Al Rajhi Bank (1120.SE). In Qatar, the index (.QSI) bucked the trend to finish 0.7% higher, led by a 3.4% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA). ** Markets in Kuwait and Oman were closed for a holidayReporting by Ateeq Shariff in Bengaluru; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ US allies bordering Russia are buying up HIMARS, weapons that have devastated Putin's forces in Ukraine, and longer-range rockets and missiles for them
▼ + stars: | 2023-02-08 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

The US State Department has approved the sale of HIMARS launchers, missiles, and rockets to Poland. The country is among several other US allies bordering Russia that have sought to obtain this capability. The HIMARS has proven to be a highly effective weapon for Ukraine, which has used the system to devastate Russian forces on the battlefield. With this sale, Poland would become the latest eastern European country that borders Russia to secure the much-celebrated HIMARS. The State Department last year approved a sale of HIMARS to Estonia, which borders mainland Russia.

☆ The US's powerful Abrams tanks are heading to Ukraine, but generals disagree over how hard it'll be to use them on the battlefield
▼ + stars: | 2023-02-01 | by ( Sebastien Roblin | ) www.businessinsider.com time to read: +19 min

The US has pledged to send Abrams tanks to Ukraine, joining a bevy of Western-made tanks. Here comes the M1 Abrams for UkraineA M1A2 Abrams tank fires at a target during an exercise. The same day, word spread that US President Joe Biden would announce he was sending 31 M1 Abrams tanks to Ukraine. But Hertling disagreed that withholding the M1 Abrams was a "political decision" and didn't find the examples of non-US Abrams operators persuasive. M1 Abrams: training and sustainmentAn M1A2 Abrams drives into the woods during an exercise in Hohenfels, Germany.

That has rendered a community that experts estimate to be 7 million to 8 million people invisible, underrepresented and unnoticed. There's power in numbers, Berry said, and as it is now, much of the research on the American MENA community is anecdotal because of the lack of an identifier. "Small-business owners in the community would be able to take advantage of grants that we're not entitled to, because we're factored into the white category." 'It's like déjà vu'It isn't the first time the U.S. has concluded that a MENA category is necessary. It's a processThe recommendation for the OMB to adopt a MENA category is just that — a recommendation.

☆ Gulf economies to slow this year on sluggish oil demand - Reuters poll
▼ + stars: | 2023-01-24 | by ( Anant Chandak | ) www.reuters.com time to read: +2 min

Crude oil prices, a major driver for Gulf economies, are down more than a third from last year's highs and were expected to remain under pressure this year over fears of a recession in major economies sapping demand. Overall growth in the six GCC economies was forecast to average 3.3% and 2.8% this year and next respectively, the Jan. 9-23 poll showed, down from 4.2% and 3.3% in the previous poll. Among other Gulf countries - Qatar, Oman, and Bahrain - growth was expected at 2.4%-2.7% for 2023. Despite lower oil GDP growth, non-oil growth was expected to remain resilient in 2023, economists in the survey said. Analysts expected continued current account surpluses for the main Gulf economies, based on relatively high oil prices.

☆ Erdogan to Sweden: Don't expect Turkish support for NATO bid after Stockholm protest
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

ANKARA, Jan 23 (Reuters) - Sweden should not expect Turkey's support for its NATO membership after a protest near the Turkish embassy in Stockholm at the weekend including the burning of a copy of the Koran, President Tayyip Erdogan said on Monday. "Those who allow such blasphemy in front of our embassy (in Stockholm) can no longer expect our support for their NATO membership," Erdogan said in a speech after a cabinet meeting. "But Sweden will respect the agreement that exists between Sweden, Finland and Turkey regarding our NATO membership," he added. Sweden and Finland applied last year to join NATO following Russia's invasion of Ukraine but all 30 member states must approve their bids. Turkey had already summoned Sweden's ambassador about the incident, cancelled a planned visit by Swedish defence minister to Ankara and strongly condemned the event.

☆ Protests in Stockholm, including Koran-burning, draw condemnation from Turkey
▼ + stars: | 2023-01-21 | by ( ) www.reuters.com time to read: +5 min

Permitting this anti-Islam act, which targets Muslims and insults our sacred values, under the guise of freedom of expression is completely unacceptable," the Turkish Foreign Ministry said. The Turkish ministry urged Sweden to take necessary actions against the perpetrators and invited all countries to take concrete steps against Islamophobia. Swedish Foreign Minister Tobias Billstrom said that Islamophobic provocations were appalling. "Saudi Arabia calls for spreading the values of dialogue, tolerance, and coexistence, and rejects hatred and extremism," the Saudi Foreign Ministry said in a statement. "We will continue our opposition to the Swedish NATO application," Thomas Pettersson, spokesperson for Alliance Against NATO and one of organizers of the demonstration, told Reuters.

☆ Fact Check-Photos do not show pigeons carrying illegal substances in New York
▼ + stars: | 2023-01-20 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

Social media posts spreading the false claim that the New York Police Department (NYPD) caught “a group of pigeons with backpacks carrying illicit substances” in January 2023 feature years-old photos of drug busts in other countries. In fact, reverse image searches show the photographs in the social media posts are years old and appear in reports about police drug busts outside of the United States. Reuters published the images in 2015, attributing them to the Costa Rica Ministry of Justice and Peace, (here). Photos of pigeons carrying illegal substances were not taken in New York in January 2023 but correspond to years-old drug busts featuring avian drug smuggling operations in Costa Rica and Kuwait. Read more about our work to fact-check social media posts here .

☆ Kuwait aims to build political cohesion with new amnesty for jailed critics
▼ + stars: | 2023-01-19 | by ( Ahmed Hagagy | ) www.reuters.com time to read: +3 min

KUWAIT, Jan 19 (Reuters) - Kuwait's emir has pardoned dozens of jailed critics under a new amnesty as the Gulf state builds on efforts to end domestic political feuding that has hampered fiscal reforms and as tensions surface between the new government and parliament. The amnesty decreed by Emir Sheikh Nawaf al-Ahmad al-Sabah, published in the Official Bulletin on Wednesday pardoned 34 Kuwaitis, most of them convicted for voicing public criticism. Kuwait bans political parties but has given its legislature more influence than similar bodies in other Gulf monarchies, and political stability in the U.S.-allied country has traditionally hinged on cooperation between the government and parliament. Opposition MP Mubarak Al-Hajraf, who has submitted a request to question the finance minister, in a Twitter post thanked the emir and the crown prince for the "generous amnesty". Reporting by Ahmed Hagagy Writing by Ghaida Ghantous Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

At least 15 U.S. oil refineries plan maintenance ranging from two to 11 weeks through May, tallies by Reuters and refining intelligence firm IIR Energy show. By mid-February, U.S. refiners will drop some 1.4 million barrels per day of processing capacity, double the five-year average, according to IIR. PBF Energy's (PBF.N) Toledo, Ohio, refinery remains largely offline from December, according to two people familiar with the matter. Heating oil margins are $58 per barrel, more than double the year-ago level. U.S. gasoline inventories are 226.8 million barrels, compared to 240.7 million at this time last year, while refinery capacity is 8% lower than before storm Elliott.

☆ Dubai continues to benefit from crisis and the Russia-Ukraine war, Damac chair says
▼ + stars: | 2023-01-17 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

DUBAI, United Arab Emirates — Dubai's property sector is going from strength to strength, as growth and reform in the oil-rich Arab Gulf states attract more foreign residents, companies and investors. The hike can be partly attributed to the geopolitical crisis, which has benefitted Dubai and the United Arab Emirates. "So Dubai continues to benefit today from the Russian-Ukrainian war, unfortunately." Dubai was already seeing its hottest real estate market in years within the early months of the war. Sales in the sector rose 45% year-on-year in April 2022 and 51% in May, according to the Dubai Land Department.

☆ Europe’s ban on Russian diesel could send pump prices even higher
▼ + stars: | 2023-01-17 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

That has included a ban on all Russian seaborne crude oil imports, which came into force in December. Russia is the bloc’s biggest supplier, making up 29% of its total diesel imports last year, data from Rystad Energy shows. “On diesel we see the opposite, where imports have picked up — almost a final dash before the finish line,” he added. But importing diesel from suppliers further afield, including the United States and Saudi Arabia, will push up freight costs, feeding into higher consumer prices, he said. But León said that the impact of the ban won’t be felt immediately in Europe because of the large amount of diesel in its stocks.

☆ Italy's Eni, Esso, other firms' offices searched in fuel pricing probe
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +1 min

MILAN, Jan 16 (Reuters) - Italy's antitrust authority said on Monday it had searched the offices of several oil companies, including Italy's Eni (ENI.MI) and Exxon Mobil Corp's (XOM.N) ESSO Italiana unit, over alleged fuel price violations. The authority, which carried out the inspections with the help of Italy's tax police, said it was probing irregularities concerning prices being charged at the pump which were higher than those advertised, as well as failures in advertising fuel prices. Eni, Esso, Italia Petroli, Kuwait Petroleum Italia and Tamoil allegedly failed to adopt appropriate measures "to prevent and counteract this unlawful conduct to the detriment of consumers", the competition watchdog said in a statement. Fuel prices have taken centre stage in Italy after Prime Minister Giorgia Meloni's executive dropped a costly reduction in excise duties introduced by the previous government when the price of petrol exceeded 2 euros per litre. Reporting by Cristina Carlevaro, Francesca Landini, editing by Federico Maccioni, Valentina Za and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's Eni, Esso offices raided in antitrust probe over fuel price breaches
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +1 min

MILAN, Jan 16 (Reuters) - Italy's antitrust authority said on Monday the offices of several oil companies, including Italy's Eni (ENI.MI) and Exxon Mobil Corp's (XOM.N) ESSO Italiana unit, have been searched over alleged fuel price violations. Eni, Esso, Italia Petroli, Kuwait Petroleum Italia and Tamoil allegedly failed to adopt appropriate measures "to prevent and counteract this unlawful conduct to the detriment of consumers," the competition watchdog said in a statement. Eni had no immediate comment, while the other companies involved were not immediately available for a comment. Fuel prices have taken centre stage in Italy after Prime Minister Giorgia Meloni's executive dropped a costly reduction in excise duties introduced by the previous government when the price of petrol exceeded 2 euros per litre. Reporting by Cristina Carlevaro, Francesca Landini, editing by Federico Maccioni and Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Europe rushes to stock up on diesel ahead of Russian ban
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +3 min

Buyers are rushing to fill European oil storage tanks with Russian diesel, with flows this month on track to hit a one-year high. FEB. 5 EU BANThe European Union banned seaborne Russian crude imports from Dec. 5 and will ban Russian oil products from Feb. 5, in a move aimed at depriving Moscow of revenue. The Group of Seven nations (G7), Australia and the 27 European Union countries also implemented on Dec. 5 a price cap on Russian crude. This allowed non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than $60. DIESEL PRICESSince Europe is heavily reliant on Russian diesel imports, the Feb. 5 ban is expected to support profit margins for the fuel, analysts say.

☆ Exclusive: Exxon prepares to start up $1.2 bln Texas oil refinery expansion - sources
▼ + stars: | 2023-01-13 | by ( Erwin Seba | ) www.reuters.com time to read: +4 min

Initial startup of a 250,000 barrels per day (bpd) crude distillation unit (CDU) at the 369,000 bpd refinery is expected by Jan. 31, the sources said, making the Beaumont refinery the second largest in the United States. SHALE OIL TO DIESELExxon had no immediate comment on the start up of the new processing unit, called the Beaumont Light Atmospheric Distillation Expansion (BLADE) project. BLADE, considered as early as 2014 and formally approved in 2019, was planned to process Exxon's crude oil pumped from the Permian shale field in West Texas and New Mexico. Operators at the Beaumont refinery this week were purging the new CDU of air in preparation to introduce its first crude, the people familiar with the matter said. POST-PANDEMIC MILESTONEExxon's Beaumont expansion marks a return to an era of steady refining capacity gains through processing tweaks and adding new equipment to existing plants.

☆ Google Cloud to support Kuwait's digitisation drive
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Jan 6 (Reuters) - Google Cloud (GOOGL.O) has formed a strategic alliance with the Kuwaiti government to support digitisation efforts across the country's public sector, the company said on Friday. Most Gulf states are investing significantly in digital technologies across the government sector to improve efficiency and make public services easier to access online, and as a way to diversify oil-dependent economies. Google Cloud did not provide a value for the agreement with the Kuwaiti government, but said it would encompass digitising government services, migrating and storing national data securely on the cloud and setting up a national digital skills programme. The company aims to invest in a cloud region in Kuwait, its third announced in the Middle East after Qatar and Saudi Arabia, and said it plans to open an office on the ground without specifying a timeframe. There is increasing competition for developing cloud services in the region among international players, with Chinese firms such as Huawei also vying for lucrative government contracts as part of Gulf national economic transformation plans.

☆ A female cabin crew applicant says she was rejected from a job because she's 'dark-skinned,' report says
▼ + stars: | 2023-01-06 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

A cabin crew applicant to Kuwait Airways says she was rejected from a job because she's "dark-skinned." After being selected to work for Kuwait Airways, Maria was asked to send documentation including several photographs of herself. "I felt denigrated, discriminated against, like a commodity," told El Diario. Recruiters said they were checking for "scars, birthmarks or tattoos," a source told El Diario. Kuwait Airways did not immediately respond to Insider's request for comment.

☆ Female cabin crew applicants had to strip so recruiters could check for scars, birthmarks or tattoos, report says
▼ + stars: | 2023-01-04 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +4 min

Recruiters rejected women with glasses, moles or visible scars, Spain's El Diario reported. Three sources told El Diario that the interview process was uncomfortable from the start. Bianca, a 23-year-old flight attendant from Romania, told El Diario: "The first girl that went in came out crying." I was freaking out — but they weren't exaggerating," Bianca told El Diario. The recruiter told Bianca that she was checking for "scars, birthmarks, and tattoos."

☆ US Army general retires without 'reprimand or admonishment' after spat over Tucker Carlson segment about women in the military
▼ + stars: | 2023-01-03 | by ( Steve Beynon | ) www.businessinsider.com time to read: +8 min

"I retired honorably and without any reprimand or admonishment," Donahoe told Military.com in an interview. Military.com interviewed multiple women Donahoe frequently engaged with on Twitter, none of whom described his behavior as inappropriate. Multiple senior service officials and rank-and-file troops interviewed by Military.com blasted the Army's slow response, saying it suggested women serving at all is inherently political. "So let me be clear: I expect [Army] leaders to stand up for women — and all Soldiers — who are unduly attacked or disrespected." Related: 'The Army Gave a Hunting Permit to Radical Partisans': What a General's Bout with Fox Could Mean for Women

☆ 15 years after 'officially' retiring its first stealth jet, the US Air Force is looking for help to keep the F-117 flying for another decade
▼ + stars: | 2023-01-02 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

The B-21 is expected to arrive 40 years after the US's first stealth aircraft, the F-117 Nighthawk. The F-117 was officially retired in 2008, but the Air Force is still putting the stealth jet to use. The US Air Force is now making plans to keep some of its Nighthawks flying until at least 2034. The Air Force currently has about 45 F-117s, more than 10 of which have been approved for transfer to museums, Air Force spokeswoman Ann Stefanek told Insider. A woman dances on a US Air Force F-117 downed west of Belgrade on March 28, 1999.

☆ Gulf equities ring in new year on mixed note as oil, recession worries weigh
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

Jan 2 (Reuters) - Major Gulf stock markets were mixed on Monday, coming off gains in 2022 for most, as investors braced for the new year with worries about a potential recession, crude demand and the U.S. Fed hiking rates further. A Reuters poll showed on Friday that of 30 economists and analysts forecast Brent crude would average $89.37 a barrel in 2023, about 4.6% lower than the $93.65 consensus in a November survey. Abu Dhabi's index (.FTFADGI) added 0.3%, bolstered by a 1.6% increase in AD Ports Group (ADPORTS.AD) and a 2.4% hike in Multiply Group (MULTIPLY.AD). The benchmark was 2022's best performer among the other peers in Gulf Cooperation Council countries finishing the year with a more than 20% gain, after hitting an all-time high in early November in 2022. In Qatar, the benchmark (.QSI) was also up 0.3%, supported by its financial stocks but Saudi Arabia's benchmark index (.TASI) retreated 0.2% with Saudi National Bank (1180.SE) falling 0.8% and oil behemoth and index heavyweight Saudi Aramco (2222.SE) easing 0.5%.

☆ Vietnam's largest refinery's RFCC unit shut for troubleshooting
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: 1 min

HANOI, Dec 31 (Reuters) - Vietnam's largest refinery, Nghi Son Refinery and Petrochemical (NSRP), has shut a residual fluid catalytic cracking (RFCC) unit for "troubleshooting", two sources familiar with the matter said. "The issue was detected earlier this week and the refinery has been fixing it," one of the sources said, adding that "the unit is expected to resume normal operations soon." Calls to the refinery seeking comment were not immediately answered. The 200,000 barrels-per-day refinery is 35.1% owned by Japan's Idemitsu Kosan Co (5019.T), 35.1% by Kuwait Petroleum, 25.1% by Vietnam's state oil firm PetroVietnam and 4.7% by Mitsui Chemicals Inc (4183.T). Reporting by Khanh Vu in Hanoi and Trixie Yap in Singapore: Editing by Neil FullickOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam's largest refinery's RFCC unit shut for troubleshooting - sources
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: 1 min

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