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☆ Egypt leads 2022 gains, Saudi marks first annual loss in 7 years
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +3 min

Dec 29 (Reuters) - The Saudi Arabian stock market ended lower on Wednesday, marking its first annual loss in seven years, while the Egyptian bourse was the Middle East's best performer in 2022. Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 1.1% fall in Al Rajhi Bank (1120.SE). According to Wael Makarem, senior market strategist – MENA at Exness, stock markets have witnessed a difficult period in 2022 as inflation, rising interest rates and the war in Ukraine strongly impacted investor sentiment. The kingdom's largest lender, Saudi National Bank (1180.SE), finished 1.2% higher. Oil prices - a key catalyst for the Gulf's financial markets - surged 80% earlier this year before giving up most gains.

☆ These are 10 most popular fighter planes in service around the world
▼ + stars: | 2022-12-22 | by ( Miguel Ortiz | We Are The Mighty | ) www.businessinsider.com time to read: +9 min

Using data from Cirium, FlightGlobal published their 2023 World Air Forces directory detailing military aircraft fleets around the world, including the most popular fighter planes. These are the 10 most popular fighter planes in service around the world:Northrop F-5An F-5 Tiger II takes off at Naval Air Station Fallon in Nevada. Despite its age, the J-7 remains extremely popular with 444 in active service. 522 Typhoons are in active service, including with all of the original collaborating countries except France. 545 F-35s are in active service, with more on the way as existing orders are filled and additional orders are placed.

☆ Starbucks is trying to shut down 3 unlicensed Starbucks stores in Iraq that import the company's coffee and merchandise from surrounding countries
▼ + stars: | 2022-12-22 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +4 min

Starbucks filed a lawsuit in an attempt to shut down three unlicensed Starbucks stores in Iraq. Starbucks filed a lawsuit to shut down the unlicensed stores, but the case isn't moving forward because the owner of the unlicensed stores allegedly threatened Starbucks' lawyers, the Associated Press reported. Amin Makhsusi, the owner of the unlicensed Starbucks stores, allegedly told lawyers he has "ties to militias and powerful political figures," US officials and Iraqi legal sources told the AP. Makhsusi denied the threats, and told the AP he requested licenses from Starbucks' Middle East agent in Kuwait, but was denied. "I have friendly relations with everyone in Iraq, including the armed factions," Makhsusi told the AP.

DUBAI, Dec 21 (Reuters) - Iran's foreign minister said on Wednesday he spoke with his Saudi counterpart on the sidelines of a conference in Jordan the previous day, the highest-level encounter reported between officials from the rival states since they cut ties in 2016. The Middle East's leading Shi'ite and Sunni Muslim powers, Saudi Arabia and Iran have been on opposing sides of conflicts across the region including in Syria and Yemen. Iranian Foreign Minister Hossein Amirabdollahian, tweeting in Arabic, on Wednesday listed his Saudi counterpart, Prince Faisal bin Farhan Al Saud, as one of several foreign ministers with whom he had the chance to hold "friendly talks" on the sidelines of the Jordan conference. "My Saudi counterpart assured me of his country's willingness to continue the dialogue with Iran," Amirabdollahian wrote. The Saudi foreign ministry did not immediately respond to a request for comment.

☆ Explainer: What is the Patriot missile defense system?
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +4 min

[1/2] Patriot missile defence system is seen at Sliac Airport, in Sliac, near Zvolen, Slovakia, May 6, 2022. Here's what you need to know about the Patriot:WHAT IS THE PATRIOT SYSTEM? The Patriot, which stands for Phased Array Tracking Radar for Intercept on Target, is a theater-wide surface-to-air missile defense system built by Raytheon Technologies Corp (RTX.N) and considered one of the most advanced air defense systems in the U.S. arsenal. So far, the United States has provided a pair of National Advanced Surface-to-Air Missile Systems (NASAMS) to Ukraine. Russia has said the Patriot missile defense system would be a legitimate target for Russian strikes.

The Spanish government estimates that the EU grants and loans will on average add 2.6 percentage points to gross domestic product annually through 2031. Calvino said the EU soft loans would be channelled through state-linked investment vehicles so as not to inflate Spain's debt burden. In total, Spain is seeking to mobilise 160 billion euros. It has so far received 31 billion euros from the pandemic package, deploying around 22 billion, Calvino said. However, a recent study by consultants EY and the ESADE business school estimated that just 9.3 billion euros had reached the real economy.

☆ Here's what Citi's global energy expert Ed Morse has to say about oil markets, Russia, and the 'stunning change' that's washed over the American oil market.
▼ + stars: | 2022-12-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

Phil Rosen: What will energy markets look like in 2023, and what's your oil price forecast? How has Russia's role in energy markets changed since it invaded Ukraine? So we had companies — even before governments got involved — saying they were not going to import Russian oil and gas. How has the US's role changed in global energy markets this year? EM: Energy markets have been very concerned about it, but their concern is slowing.

☆ Citi's global commodities chief explains his oil price forecast for 2023 as sanctions choke Russia - and breaks down the 'stunning' state of America's oil industry
▼ + stars: | 2022-12-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

In an interview with Insider, Citi's Ed Morse said he expects Brent crude to finish 2023 around $76 a barrel. Next year, energy markets will see both a supply uptick and an easing of global demand, Morse said. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. In February 2023, Russia will face new sanctions on Russian refined fuels, such as diesel, which raises some concerns, Morse said, but worries are easing as other nations ramp up production. "The drop in revenue from natural gas exports being lost to Europe had no replacement whatsoever because there was no other place to sell the gas to, so revenue from gas exports plummeted," he said.

☆ Ericsson to Stay Under U.S. Compliance Monitor an Extra Year
▼ + stars: | 2022-12-14 | by ( Richard Vanderford | ) www.wsj.com time to read: +3 min

Ericsson AB will face an additional year’s scrutiny from a U.S.-mandated monitor appointed in connection with a bribery settlement the company reached in late 2019. The Stockholm-based telecommunications company said Wednesday it had agreed with the U.S. Justice Department and Securities and Exchange Commission to extend the term of its independent compliance monitor until June 2024. The Justice Department notified Ericsson last year that it had breached the agreement by failing to be sufficiently forthcoming with documents and information. Ericsson said it would use the additional time under monitorship to shore up its risk management and compliance frameworks. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance.

☆ Libyan oil production at 1.2 mln barrels per day, oil minister says
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: 1 min

KUWAIT, Dec 12 (Reuters) - Libya is producing about 1.2 million barrels per day of oil, oil minister Mohamed Oun told reporters on the sidelines of an OAPEC meeting on Monday. "We hope to return to 2010 levels, which was 1.6 million bpd, within two or three years," he added. He added that he hoped that Libya's decision to lift force majeure on oil and gas exploration, which was announced last week, would encourage foreign oil companies to return to the country. Reporting by Ahmed Hagagy, writing by Ahmad Ghaddar in Dubai; Editing by Kirsten Donovan and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ EU's Borrell: European Parliament corruption probe is "very worrisome"
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 12 (Reuters) - A Belgian investigation into alleged corruption at the European Parliament is "very worrisome", European Union foreign policy chief Josep Borrell said on Monday after raids and arrests linked to alleged money and gifts from Qatar. The European Parliament said at the weekend it had suspended the powers and duties of one of its vice presidents, Greek socialist Eva Kaili, in light of the Belgian investigation. "Certainly the news is very worrisome," Borrell told reporters as he arrived at a meeting of EU foreign ministers. "We are facing some events, some facts that certainly worries me as a former president of the European Parliament, also." The European Parliament was due to vote this week on a proposal to extend visa-free travel to the EU for Kuwait, Qatar, Oman and Ecuador.

☆ Belgium charges four people in European Parliament corruption probe
▼ + stars: | 2022-12-11 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

Prosecutors searched 16 houses and seized 600,000 euros ($631,800) in Brussels on Friday as part of an investigation into money laundering and corruption. The European Parliament said at the weekend it had suspended the powers and duties of one of its vice presidents, Greek socialist Eva Kaili, in light of the Belgian investigation. Belgian Socialist party member Marc Tarabella confirmed it was his home and that a computer and mobile phone had been taken. "If it were confirmed that someone took money to try to influence the opinion of the European Parliament, it will really be one of the most dramatic stories of corruption in recent years," he added. The European Parliament is due to vote this week on a proposal to extend visa-free travel to the EU for Kuwait, Qatar, Oman and Ecuador.

☆ Cristiano Ronaldo leaves World Cup in tears as chances to win title are shattered by Morocco
▼ + stars: | 2022-12-10 | by ( Ben Morse | ) edition.cnn.com time to read: +1 min

CNN —Cristiano Ronaldo left the 2022 World Cup in tears as his chances to win the tournament for the first time in his career were shattered after his Portugal team was shocked 1-0 by Morocco in the quarterfinals on Saturday. It’s likely Ronaldo’s final appearance at a World Cup as he began Portugal’s round of 16 and quarterfinal games as a substitute after being benched by the team’s coach Fernando Santos. Ronaldo’s appearance was the 196th of his Portugal career equaling Bader Al-Mutawa of Kuwait for the most caps in men’s international football history. If it is to be Ronaldo’s final appearance at a World Cup, he has certainly made his mark on the tournament over the years. In his 22 games at the finals, Ronaldo scored eight goals and earlier in this year’s tournament, the 37-year-old became the first men’s player to score in five World Cups.

CNN —Eva Kaili, one of the European Parliament’s vice presidents, has been expelled by her political party in Greece amid a corruption probe. In a statement, the prosecutor said that for two years, Belgian federal police inspectors “suspected a country from the Persian Gulf of influencing economic and political decisions of the European parliament,” according to RTBF. The Belgian police suspect that the country transferred “consequential sums of money” or “important gifts” to significant actors within the European Parliament, according to RTBF. The federal prosecutor did not identify the vice president but said they were one of four individuals taken in for questioning. Bahrain, Iran, Iraq, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates all surround the Persian Gulf.

Leaders of Arab League states spanning the Gulf, Levant and Africa began arriving in Riyadh on Thursday when Xi received a lavish reception by Prince Mohammed and signed a China-Saudi partnership pact with King Salman, demonstrating deepening ties. Oil giant Saudi Arabia is a top supplier to China and the joint statement reaffirmed the importance of global market stability and energy collaboration, while striving to boost non-oil trade and enhance cooperation in peaceful nuclear power. Xi invited King Salman to visit China, Saudi state television reported. Diplomats said the Chinese delegation would sign agreements and memoranda of understanding with several states in addition to Saudi Arabia, which inked an MOU with Huawei on cloud computing and building high-tech complexes in Saudi cities. The Chinese tech giant has participated in building 5G networks in most Gulf states despite U.S. concerns over a possible security risk in using its technology.

"It is unlikely there will be any change to the policy," an OPEC+ source said. Talks begin on Saturday when OPEC ministers hold a virtual meeting at 1100 GMT. Some OPEC+ delegates and analysts are not ruling out a surprise at Sunday's meeting. JPMorgan, in a report this week, said OPEC+ was likely to hold the line at the meeting while leaving the door open to a cut of more than 500,000 bpd if demand deteriorates further. Reporting by Alex Lawler, Maha El Dahan, Ahmad Ghaddar and Rowena Edwards; Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ India's 2022 remittances on track for record $100 billion, says World Bank
▼ + stars: | 2022-12-01 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

Asia’s third largest economy is on track to receive more than $100 billion in yearly remittances in 2022, according to a World Bank report published Wednesday. India had received $89.4 billion in remittances in 2021, according to the World Bank, making it the top recipient globally last year. “Remittance flows to India were enhanced by the wage hikes and a strong labor market in the United States,” and other rich countries, the bank said. Apart from India, the other top recipient countries for remittances in 2022 are expected to be Mexico, China, and the Philippines. Globally, remittances to low and middle income nations are expected to grow an estimated 5% to $626 billion this year, it added.

☆ Oil prices climb on big drop in U.S. crude stocks, Russia supply uncertainty
▼ + stars: | 2022-11-23 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose in early trade on Wednesday after industry data showed U.S. crude stockpiles fell more sharply than expected last week, highlighting supply tightness ahead of a looming European Union ban and G7 price cap on Russian oil. Uncertainty over how Russia will respond to plans by the Group of Seven (G7) nations to cap Russian oil prices further supported the market, analysts said. Buoying prices on Wednesday, U.S. crude inventories fell by about 4.8 million barrels for the week ended Nov. 18, data from the American Petroleum Institute showed, according to market sources. Analysts polled by Reuters on average had expected a 1.1 million barrel drawdown in crude inventories. However, on a bearish note, API data showed distillate stocks, which include heating oil and jet fuel, rose by about 1.1 million barrels compared with analysts' expectations for a drop of 600,000 barrels.

☆ Oil rises as Saudi comments outweigh recession concerns
▼ + stars: | 2022-11-22 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"Crude oil prices are trying to recover their losses," said Avatrade analyst Naeem Aslam. "That Saudi Arabia has denied there was any discussion about an increase in oil supply with OPEC and its allies has supported the market today." On Dec. 5. a European Union ban on Russian crude imports is set to start, as is a G7 plan that will allow shipping services providers to help to export Russian oil, but only at enforced low prices. Concerns over oil demand in the face of the U.S. Federal Reserve's interest rate hikes and China's strict COVID lockdown policies limited the upside. Additional reporting by Laura Sanicola and Isabel Kua Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ 5 men and 2 women were put to death in a rare mass execution in Kuwait
▼ + stars: | 2022-11-19 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +2 min

The Kuwait government hanged seven prisoners in the first mass execution in five years. Those killed included three Kuwaiti men, a Kuwaiti woman, a Syrian man, a Pakistani man, and an Ethiopian woman. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyThe Kuwait government put to death seven prisoners in the first mass execution in five years. The state-run news agency KUNA news has said that those killed include three Kuwaiti men, a Kuwaiti woman, a Syrian man, a Pakistani man, and an Ethiopian woman. The last mass execution happened in 2017 when seven prisoners — including a member of the Kuwaiti royal family — were hanged in the oil-rich state, AP reported at the time.

☆ Qatar 2022: World Cup fans acclimatise to desert accommodation -- in tents and portacabins
▼ + stars: | 2022-11-18 | by ( Ben Church | ) edition.cnn.com time to read: +6 min

Doha, Qatar CNN —As fans trickle into Qatar, they’re understandably in holiday mode as they look forward to the prospect of a desert World Cup. But where best to stay in a country that is geographically on a peninsula smaller than Connecticut and is the smallest World Cup host in history? Container living in the desert ... World Cup style. Some World Cup visitors, however, were less impressed with what was on offer. With just two days to go until the first match, the nation is putting the final touches to its preparations as it braces itself for a World Cup like no other.

Last decade 2100 scenarios LOW EMISSIONS By 2100, Basra would see almost six months of dangerous heat under the most likely scenario. MEDIUM EMISSIONS HIGH EMISSIONS Jan. July Jan. July Dec. Dec. Heat Index 80°F Caution 90°F Extreme Caution 103°F Danger 125°F Extreme Danger Basra Kuwait City Last decade 2100 scenarios Lower emissions Medium emissions Higher emissions Jan. July Jan. July Dec. Dec. Heat Index 80°F Caution 90°F Extreme Caution 103°F Danger 125°F Extreme Danger Basra Last decade 2100 emissions scenario LOW Medium HIGH Jan. July Dec. Kuwait City Last decade 2100 emissions scenario LOW Medium HIGH Jan. July Dec. Heat Index 80°F Caution 90°F Extreme Caution 103°F Danger 125°F Extreme Danger Basra Last decade 2100 emission scenarios Low Medium High Jan. July Dec. Kuwait City Last decade 2100 emission scenarios Low Medium High Jan. July Dec. Heat Index 80°F Caution 90°F Extreme Caution 103°F Danger 125°F Extreme Danger Kuwait City Basra Today, Basra experiences about 60 dangerously hot days per year. MEDIUM EMISSIONS HIGH EMISSIONS Jan. July Jan. July Dec. Dec. Heat Index 27°C Caution 32°C Extreme Caution 39°C Danger 52°C Extreme Danger Basra Kuwait City Last decade 2100 scenarios Lower emissions Medium emissions Higher emissions Jan. July Jan. July Dec. Dec. Heat Index 27°C Caution 32°C Extreme Caution 39°C Danger 52°C Extreme Danger Basra Last decade 2100 emissions scenario LOW Medium HIGH Jan. July Dec. Kuwait City Last decade 2100 emissions scenario LOW Medium HIGH Jan. July Dec. Heat Index 27°C Caution 32°C Extreme Caution 39°C Danger 52°C Extreme Danger Basra Last decade 2100 emissions scenario Low Medium High Jan. July Dec. Kuwait City Last decade 2100 emissions scenario Low Medium High Jan. July Dec. Heat Index 27°C Caution 32°C Extreme Caution 39°C Danger 52°C Extreme Danger Kuwait City Basra Today, Basra experiences about 60 dangerously hot days per year. Last decade 2100 scenarios LOW EMISSIONS By 2100, Basra would see almost six months of dangerous heat under the most likely scenario. MEDIUM EMISSIONS HIGH EMISSIONS Jan. July Jan. July Dec. Dec.

☆ Belgium captain Hazard keen to prove doubters wrong in Qatar
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - Eden Hazard believes he has a lot to offer Belgium at the World Cup and is confident he can prove his detractors wrong as the midfielder ruled out an imminent departure from Real Madrid. Hazard, going to the global showpiece tournament for the third time, is Belgium captain but has barely played for Real this season after falling out of favour under coach Carlo Ancelotti. This will be my third World Cup and I want to show that Belgium can still count on its captain and that I want to give everything (for the team). "I don't want to leave Real. Maybe things will look different (for me there) after the World Cup," Hazard said.

☆ ITA Airways to expand fleet with 39 new aircraft in 2023
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

ROME, Nov 11 (Reuters) - ITA Airways will next year refresh its fleet with 39 new aircraft, allowing it to serve more long-distance destinations, the state-owned successor to Alitalia said on Friday. ITA "has underwritten all the commitments for increasing the fleet in 2023, next year 39 new generation aircraft will enter into service" including nine wide-bodied Airbus A330-900, the company said in a statement. Older aircraft will discontinue service, ITA said, stating that the upgrade will mean a 73% increase in the ASK (available seat kilometre) metric, measuring passenger carrying capacity. By the end of 2023, ITA said it will have 96 planes, half of which will be new, including the single-aisle A321Neo. ITA was established in late 2020 from the ashes of bankrupt Alitalia, and has yet to turn a profit.

☆ Gulf Arab states can’t give up oil. But they can slash their emissions
▼ + stars: | 2022-11-11 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +15 min

Abu Dhabi CNN —As Western states try to wean themselves off their addiction to hydrocarbons, Gulf oil nations have been pushing back hard, warning that a hasty transition away from fossil fuels will be counterproductive. According to the World Bank, Qatar had the highest carbon emissions per capita as of 2019, followed by Kuwait, Bahrain, the United Arab Emirates and Saudi Arabia. So, investment in clean energy projects and renewables “makes very good business sense and PR sense for the Gulf,” he said. Gulf petro-states are warning against a quick transition away from hydrocarbons, with the UAE calling for a “mixed energy” approach that minimizes emissions without cutting hydrocarbons. Much of the hydrocarbons exported by Gulf states go to some of the world’s biggest consumers and polluters, including China and India.

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