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This was reversed in August as strong crude imports and steady domestic output outweighed the record refinery processing rates. This was up 19.6% from the same month in 2022 and also stronger than July's 14.87 million bpd. Crude imports were 12.43 million bpd in August, the third-highest daily rate on record and up 20.9% from July and 30.9% from August last year. Subtracting processing of 15.23 million bpd leaves a surplus of 1.32 million bpd that flowed into storage tanks. The question is how will China's refiners respond to the higher crude oil prices?

Persons: shouldn't, China doesn't, China's, refiners, Sam Holmes Organizations: National Bureau of Statistics, Brent, Saudi, Reuters, Thomson Locations: LAUNCESTON, Australia, China, OPEC, pare, Iran, Russia, Venezuela

☆ Most Gulf markets extend losses on profit-taking; Egypt gains
▼ + stars: | 2023-09-17 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

REUTERS/Hamad I Mohammed/File Photo Acquire Licensing RightsSept 17 (Reuters) - Most stock markets in the Gulf ended lower on Sunday as profit-taking continued, but the Egyptian index bucked the trend to trade at a record high. Saudi Arabia's benchmark index (.TASI) dropped 0.5%, weighed down by a 1.1% fall in Al Rajhi Bank (1120.SE) and a 1.7% decrease in Alinma Bank (1150.SE). In Qatar, the index (.QSI) extended losses for a third session. Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.6%, hitting its record high, led by a 5.5% rise in Beltone Financial Holding (BTFH.CA). Reporting by Ateeq Shariff in Bengaluru Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Hamad I Mohammed, ADES, Ateeq, Christina Fincher Organizations: Bahrain Bourse, U.S, REUTERS, Saudi, Al Rajhi Bank, Alinma Bank, Beltone Financial, UAE's Global Investment Holding, Eastern Co, Thomson Locations: Bahrain, Manama, Al Rajhi, Qatar, Eastern, Ateeq Shariff, Bengaluru

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSINGAPORE, Sept 15 (Reuters) - Oil prices rose on Friday and are set for a third weekly gain, as better-than-expected Chinese economic data and reports of record oil consumption bolstered the view that demand in the world's second-largest crude consumer will continue to surge. Brent crude futures rose 62 cents, or 0.7%, to $94.32 as of 0249 GMT, while the U.S. West Texas Intermediate crude (WTI) was up 71 cents, or 0.8%, at $90.87. China's industrial output and retail sales grew at a faster-than-expected rate in August, suggesting that the recovery of the world's second-largest economy from the COVID-19 pandemic is stabilising. The International Energy Agency said this week it expects Saudi Arabia's and Russia's extended oil output cuts to result in a market deficit through the fourth quarter.

Persons: Agustin Marcarian, Edward Moya, Brent, WTI, Sudarshan Varadhan, Christopher Cushing Organizations: REUTERS, Rights, Brent, U.S . West Texas, National, International Energy Agency, Saudi, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights SINGAPORE, U.S, OANDA, China, Russia, Saudi Arabia

☆ Oil prices rise to 10 month-high on China reserve ratio cut
▼ + stars: | 2023-09-15 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose to their highest level in 10 months on Friday, after China cut banks' cash reserve requirements to boost its economic recovery, and on expectations that major global interest rate hike cycles were nearing their end. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. No one is doubting the OPEC+ (oil-producing nations) decision at the end of last month will keep the oil market very tight in the fourth quarter," said analyst Edward Moya at OANDA. The International Energy Agency said this week it expects Saudi Arabia's and Russia's extended oil output cuts to result in a market deficit through the fourth quarter. Prices briefly pulled back on a bearish U.S. inventories report, but soon resumed their ascent as supply worries prevailed.

Persons: Brent, Tina Teng, Edward Moya Organizations: U.S . West Texas, CMC, International Energy Agency, Saudi Locations: China, U.S, OANDA

The behind-the-scenes details on the IPO pricing decision are based on interviews with three people familiar with the discussions. Together with other previously unreported deliberations, they shed new light on why SoftBank took a conservative approach in valuing Arm in the IPO. SoftBank, which had owned 75% of Arm, agreed to buy the remaining 25% from its $100 billion Vision Fund at a $64 billion valuation last month. Representatives for Arm, SoftBank, PIF, Mubadala and Raine either declined to comment or did not immediately respond to requests for comment. VISION FUND BOUNCEBACKThe Vision Fund returned to profitability in the latest quarter thanks to investors' excitement around artificial intelligence boosting the value of some of the startups in which it invested.

Persons: Dado Ruvic, Masayoshi Son, Raine Group, Son, SoftBank, Fund's, Abu Dhabi's Mubadala, Raine, Didi Global, Echo Wang, Anirban Sen, Greg Roumeliotis, Christopher Cushing Organizations: REUTERS, SoftBank, Wednesday, Arm Holdings, Nasdaq, Vision Fund, Investors, Saudi Arabia's Public Investment Fund, Vision, Reuters, Nvidia Corp, Thomson Locations: San Francisco, New York, Mubadala, China, United States

☆ Prepare for a major traffic accident in oil in 2024: top oil analyst Paul Sankey
▼ + stars: | 2023-09-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPrepare for a major traffic accident in oil in 2024: top oil analyst Paul SankeyOil analyst Paul Sankey joins 'Fast Money' to talk oil topping $90 per barrel, the impact of Saudi Arabia's oil cuts and what we could expect to see from the oil market this winter.

Persons: Paul Sankey Organizations: Paul Sankey Oil Locations: Saudi

☆ Oil prices are at 10-month highs. Here's what Cramer thinks it means for two energy stocks
▼ + stars: | 2023-09-13 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +6 min

The rise in oil prices largely boils down to a mismatch between supply and demand. The current backdrop may keep oil prices supported through the fall, according to the U.S. Energy Information Administration's short-term outlook published Tuesday . If higher oil prices – and by extension fuel prices – are sustained in the coming months, the investment implications may be somewhat mixed. For much of this year, the downward trend in oil prices contributed to lower year-over-year inflation readings . Shares of Pioneer "should be much higher," he said, noting the potential for more robust capital returns due to higher oil prices.

Persons: Jim Cramer, it's, Brent, Coterra, Eli Lilly, they'd, Jim, Jim Cramer's, Marli Miller Organizations: Natural Resources, Coterra Energy, West Texas, Brent, Nvidia, Organization for Petroleum Exporting, U.S . Energy, Saudi, U.S, Labor, Fed, Exxon Mobil, Club, CNBC, Universal, Getty Locations: U.S, Saudi Arabia, Russia, OPEC, Ukraine, Plains, Wyoming

The surprise deal, which would join the venerable PGA Tour and a rival Saudi-funded golf start-up, LIV, was announced in June. The Saudi sovereign wealth fund, called the Public Investment Fund, or PIF, is controlled by the Saudi government. The Saudi Embassy did not immediately respond to a request for comment on the subpoena, which names the Public Investment Fund's New York-based U.S. subsidiary, USSA International. This summer's announcement of the PGA-Saudi golf deal ended a legal battle between the two rivals. Blumenthal said available public records indicate the Saudi sovereign wealth fund has expanded its investments in the United States from $2 billion in 2018 to $35 billion now.

Persons: Sen, Richard Blumenthal's, al, LIV, ” Blumenthal, Blumenthal, “, ”, Crown Prince Mohammed bin Salman Organizations: WASHINGTON, Saudi, PGA, Connecticut, Senate, PGA Tour, Public Investment Fund, Public Investment, United, Saudi Embassy, USSA, Crown Locations: United States, Saudi, York, San Francisco, Saudi Arabia

Reliance Retail is India's largest retailer and is led by Asia's richest person Mukesh Ambani. Of that, QIA last month announced a $1 billion investment and KKR & Co (KKR.N) this week $250 million. Reliance sold a 10.09% stake in its retail unit in 2020, valuing it at 4.68 trillion rupees ($56.4 billion). When ADIA invested in Reliance Retail in 2020, it said it was part of its strategy of targeting market leading businesses in Asia linked to the region's consumption-driven growth. Reliance Retail reported a consolidated net profit of 91.81 billion rupees ($1.11 billion) for the financial year that ended in March 2023, on revenue of 2.6 trillion rupees.

Persons: Singapore's GIC, Mukesh Ambani, QIA, ADIA, PIF, Marks, Spencer, Ambani, Sriram, Aditya Kalra, Yantoultra Ngui, Alexander Smith Organizations: Reliance, Asia's, Reuters, KKR, Co, Abu Dhabi Investment Authority, Saudi Arabia's Public Investment Fund, Reliance Industries, Reliance Retail, Unilever, Thomson Locations: MUMBAI, DELHI, DUBAI, Singapore, Abu Dhabi, Saudi Arabia, GIC, Asia

☆ Thai hospitality magnate is 'very optimistic' about Thailand's tourism recovery
▼ + stars: | 2023-09-13 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

© Marco Bottigelli | Moment | Getty ImagesThailand's tourism recovery is poised for recovery as diplomatic relations with Saudi Arabia normalize and Chinese tourists return, according to American-born hotel tycoon William Heinecke. "We've seen the recovery of all Saudi tourism into Thailand. Now there's two flights a day from Saudi direct to Thailand," Heinecke, who is chairman of Thai hospitality company Minor International, said on the sidelines of the Forbes Global CEO Conference in Singapore. Return of Chinese tourists? Additionally, Heinecke said he expects Thailand to benefit when Chinese tourism is back in full swing.

Persons: Marco Bottigelli, William Heinecke, We've, Heinecke, Prayut Chan, Mohammad bin Salman Organizations: Minor International, Forbes Global, Conference, Thai, Saudi Arabia's Crown, Minor, Emirates, Qatar Airways Locations: Thailand, Saudi Arabia, American, Saudi, Singapore, Eastern Europe, Russia, Ukraine, China

☆ US Senate issues subpoena to PIF subsidiary regarding PGA Tour deal
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

A view shows the logo of PGA Tour during the Canadian Open’s Championship Pro-Am after news was released of a new partnership between the PGA Tour and Saudi-backed LIV Golf circuit, at Oakdale Golf and Country Club in Toronto, Ontario, Canada June 7, 2023. REUTERS/Nick Lachance/File photo Acquire Licensing RightsSept 13 (Reuters) - The U.S. Senate has issued a subpoena to the Saudi Arabian Public Investment Fund's (PIF) U.S. subsidiary over its planned partnership with the PGA Tour, it said on Wednesday. The subpoena calls for the release of documents related to PIF's framework agreement with the PGA Tour and other investments throughout the United States, the U.S. Senate said in a news release. The announcement came ahead of Wednesday's hearing by the U.S. Senate Permanent Subcommittee on Investigations (PSI), which is expected to focus on PIF's investments and efforts to gain influence in the United States. "The Saudi's Public Investment Fund cannot have it both ways - if it wants to engage with the United States commercially, it must be subject to United States law and oversight," Senator Richard Blumenthal, chair of the PSI, said.

Persons: LIV, Nick Lachance, Richard Blumenthal, Blumenthal, Greg Norman, LIV Golf, Yasir al, Jamal Khashoggi, Frank Pingue, David Holmes Organizations: Tour, Canadian, PGA Tour, Oakdale, Country Club, REUTERS, U.S . Senate, Saudi Arabian Public Investment, PGA, Investigations, Public Investment, United, Senate, Saudi, LIV Golf, Washington Post, Thomson Locations: Saudi, Toronto , Ontario, Canada, United States, Washington, Saudi Arabia, Toronto

Senator Richard Blumenthal, D-CT, speaks during a Senate Judiciary Committee hearing on the January 6th insurrection, in the Hart Senate Office Building on Capitol Hill in Washington, DC, March 2, 2021. WASHINGTON — Bipartisan members of a Senate subcommittee on homeland security demanded transparency Wednesday from a Saudi Arabian investment fund at its second hearing on the controversial deal to merge PGA Tour and Saudi-backed LIV Golf. "Saudi Arabia's bid to buy professional golf in America is not just one investment in a vacuum," Sen. Richard Blumenthal, D-Conn., chairman of the Permanent Subcommittee on Investigations, said on Capitol Hill. Blumenthal announced that he had issued a subpoena on Wednesday to USSA International LLC, the PIF's wholly-owned U.S. subsidiary, for documents related to the PGA Tour-LIV Golf deal and other U.S. investments. A PGA Tour representative declined to comment.

Persons: Richard Blumenthal, LIV Golf, Sen, Conn, Blumenthal, LIV, Benjamin Freeman, Joey Shea, LIV didn't Organizations: WASHINGTON, Saudi, Investigations, Capitol, USSA, PGA, Quincy Institute, Responsible, United, Human Rights Watch Locations: Hart, Washington , DC, Saudi Arabian, Saudi, America, Saudi Arabia, China, Russia, United States, United Arab Emirates

☆ New Mideast corridor would include trains to India, Delhi says
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

Saudi Arabia's Crown Prince Mohammed bin Salman inspects the honour guard during his ceremonial reception at the Rashtrapati Bhavan presidential palace in New Delhi, India, September 11, 2023. Asked about the proposals, Ausaf Sayeed, a secretary in the Foreign Ministry, spelled out that the corridor would include trains to India and not just links by port. Saudi Arabia is among the top exporters of petroleum to India. Sayeed said that new corridor will include ports, railways, better roads and also power, gas grids and optical fiber network. During their talks earlier in the day the Indian leader and the Saudi crown prince also discussed cooperation in space, semiconductors and collaboration in defence manufacturing as well.

Persons: Crown Prince Mohammed bin Salman, Stringer, Ausaf, Khalid Al Falih, Prince Mohammed bin Salman's, Sayeed, Shivam Patel, Krishn Kaushik, Ed Osmond, Angus MacSwan Organizations: Saudi, Crown, REUTERS, Foreign Ministry, European Union, United Arab, Initiative, Saudi Investment, Gulf Cooperation Council, Thomson Locations: New Delhi, India, DELHI, East, South Asia, Indian, Delhi, United States, Saudi Arabia, United Arab Emirates, Monday, Saudi

☆ Saudi Arabia is spending billions on sports, tech and everything in between for a post-oil world
▼ + stars: | 2023-09-10 | by ( Beatrice Nolan | Hasan Chowdhury | ) www.businessinsider.com time to read: +7 min

Saudi Arabia sparked international outrage in 2018 after Washington Post columnist Jamal Khashoggi was murdered at the Saudi consulate in Istanbul, and continues to face accusations of human rights violations. Despite this, little has been able to stop Saudi Arabia from exerting more and more influence on the global stage. GettyImages/Unsplash/NeomLike many countries, Saudi Arabia's economy suffered when the pandemic struck in 2020, but the only way has been up since then. Chris Trotman/LIV Golf via Getty ImagesBoth at home and far away, Saudi Arabia hasn't shied away from investing boatloads of cash. The total hit 32.2 million in May with a median age of 29, according to Saudi Arabia's General Authority for Statistics.

Persons: Prince Mohammed Bin Salman, Jamal Khashoggi, It's, Ahmed Jadallah, Saudi Arabia's, Sergio Garcia, Chris Trotman, LIV, Saudi Arabia hasn't, Yasir Al, Jasmin Merdan, Abdullah Al, Prince Abdulaziz bin Salman al, Saud, JOE KLAMAR Organizations: Service, Washington Post, Bank, IMF, REUTERS, Saudi Aramco, King, King Abdullah Economic City, Getty, Public Investment Fund, MBS, Newcastle United, LIV, PGA, Saudi, Reuters, Saudi Arabia's, Authority, Statistics, Gulf States Energy, United Arab Emirates, Arab League Locations: Saudi Arabia, Wall, Silicon, Gulf, Saudi, Istanbul, Gulf Kingdom, Ahmed Jadallah Saudi Arabia, King Abdullah, Jasmin Merdan Saudi's, Riyadh, Arab, Vienna, AFP, Kuwait, UAE, Qatar

☆ Japan PM Kishida spoke about Fukushima water release with G20 leaders
▼ + stars: | 2023-09-09 | by ( Katya Golubkova | ) www.reuters.com time to read: +3 min

Japanese Prime Minister Fumio Kishida attends Partnership for Global Infrastructure and Investment event on the day of the G20 summit in New Delhi, India, September 9, 2023. Japan started releasing treated radioactive water from the wrecked Fukushima nuclear power plant into the Pacific Ocean last month, and faced harsh criticism from China which immediately banned all seafood imports from Japan. Japan says the water release is safe, noting that the International Atomic Energy Agency (IAEA) has also concluded that the impact it would have on people and the environment was "negligible." "Prime Minister Kishida explained that the data monitored since last month's (water) discharge has been made public in a prompt and highly transparent manner. The Fukushima water release was among topics at Kishida's meetings with Turkish President Tayyip Erdogan, Dutch Prime Minister Mark Rutte, Australian Prime Minister Anthony Albanese and Indian Prime Minister Narendra Modi on the sidelines of the G20 summit, Japan foreign ministry said in separate statements.

Persons: Fumio Kishida, Evelyn Hockstein, Kishida, Joe Biden, Rishi Sunak, Emmanuel Macron, Saudi Arabia's Mohammed bin Salman, Hikariko Ono, Ono, Li Qiang, Tayyip Erdogan, Mark Rutte, Anthony Albanese, Narendra Modi, Katya Golubkova, Chizu Organizations: Global Infrastructure, REUTERS, International Atomic Energy Agency, British, World Trade Organization, IAEA, Dutch, Australian, Indian, Thomson Locations: New Delhi, India, DELHI, Japan, China, Saudi, Indonesia

[1/3] A general view of the venue for the G20 summit in New Delhi, India, September 9, 2023. According to a draft of the summit declaration reviewed by Reuters, negotiators were unable to resolve disagreements over the wording on the war in Ukraine, leaving it to the leaders to reach a compromise if possible. According to another senior source in one of the G20 countries, the paragraph on the war on Ukraine had been agreed by Western countries and sent to Russia for its views. The official said Russia had the option to accept Western countries' views and give its dissent as part of the statement. The two-day summit is expected to be dominated by the West and its allies.

Persons: Amit Dave, Joe Biden, Biden, Sergei Lavrov, Creon Butler, Xi Jinping, Li Qiang, Russia's Vladimir Putin, Olaf Scholz, Emmanuel Macron, Rishi Sunak, Saudi Arabia's Mohammed Bin Salman, Japan's Fumio, Narendra Modi's, Manoj Kumar, Katya Golubkova, Krishn Kaushik, Raju Gopalakrishnan, Sanjeev Miglani, Jacqueline Wong Organizations: REUTERS, Bharat, Reuters, White, Foreign, West, British, Thomson Locations: New Delhi, India, DELHI, India's, Ukraine, Delhi, Russia, Western, EU, Saudi, China, Moscow

NEW DELHI (AP) — The Saudi crown prince once vilified by President Joe Biden has been elevated from a fist bump to a hearty handshake. Biden smiled and shook hands with the crown prince, who is often referred to by his initials MBS, as the announcement wrapped up. The cordial greeting was a sharp contrast to the last time Biden and the crown prince met, just over a year ago, in Jeddah, Saudi Arabia. During that encounter, Biden awkwardly greeted the crown prince with a fist bump, a moment roundly criticized by human rights activists, who were already upset at Biden's decision to meet with the Saudi leader. Biden refused to speak to Prince Mohammed at the start of his administration.

Persons: Joe Biden, Biden, Mohammed bin Salman, Narendra Mod, Bin Salman, Jamal Khashoggi, Fred Ryan, year's Biden, Prince Mohammed, ” Khashoggi Organizations: DELHI, Group, MBS, Indian, The Washington Post Locations: Saudi, New Delhi, India, East, Europe, Jeddah, Saudi Arabia, U.S, Ukraine

Indian Prime Minister Narendra Modi announced that the Leaders' Declaration had been adopted on the first day of the weekend G20 summit in New Delhi. "On the back of the hard work of all the teams, we have received consensus on the G20 Leaders Summit Declaration. British Prime Minister Rishi Sunak said the declaration had "very strong language about Russia's illegal war in Ukraine". The declaration also called for the implementation of the Black Sea initiative for the safe flow of grain, food and fertiliser from Ukraine and Russia. Despite the compromise over the Leaders' Declaration, the summit had been expected to be dominated by the West and its allies.

Persons: Narendra Modi, Joe Biden, Evan Vucci, Germany's Scholz, Modi, Olaf Scholz, Rishi Sunak, Sergei Lavrov, Subrahmanyam Jaishankar, India's, Biden, Xi Jinping, Li Qiang, Russia's Vladimir Putin, Scholz, Sunak, Emmanuel Macron, Saudi Arabia's Mohammed Bin Salman, Japan's Fumio, Jon, Manoj Kumar, Katya Golubkova, Krishn Kaushik, Mayank Bhardwaj, Michel Rose, Raju Gopalakrishnan, Sanjeev Miglani, Jacqueline Wong, Kim Coghill, Alexander Smith Organizations: Indian, REUTERS Acquire, British, Foreign, INDIA, India's sherpa, Bharat, African Union, West, United Arab, Thomson Locations: New Delhi, India, Ukraine, Russia, DELHI, Ukrainian, Moscow, CHINA, China, Brazil, South Africa, Indonesia, Saudi, U.S, Delhi, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, United Arab Emirates

☆ G20 welcomes African Union as permanent member at Delhi leaders' summit
▼ + stars: | 2023-09-09 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

Flags of participating countries are pictured inside the International media center at the venue of the G20 leaders' summit, days ahead of its commencement in New Delhi on September 7, 2023. Money Sharma | Afp | Getty ImagesNEW DELHI — The African Union became the second regional grouping to be admitted to the Group of 20 leading industrialized and developing nations as a full permanent member, Indian Prime Minister Narendra Modi announced Saturday at the start of the two-day G20 leaders' summit in Delhi. The widely-anticipated move underscores India's wide-ranging agenda to elevate the global multilateral forum's focus on the Global South in its presidency of the G20 this year. The 55-member bloc of African nations joins the European Union as only the second regional organization to become a permanent member of the G20. "It is in the spirit of together with all that India proposed permanent membership for the African Union in the G20."

Persons: Money Sharma, Narendra Modi, Modi, Azali Assoumani, Lula da Silva, Justin Trudeau, Emmanuel Macron, Germany's, Olaf Scholz, Fumio Kishida, Saudi Arabia's Crown Prince Mohammed bin Salman, Recep Tayyip Erdoğan, Joe Biden, Vladimir Putin, Xi Jinping, Sergey Lavrov, China Premier Li Qiang Organizations: International, Afp, Getty, African Union, Indian, European Union, International Monetary Fund, Global, U.S, Canadian, Saudi Arabia's Crown, Russian, China Premier Locations: New Delhi, Delhi, India, China, —, Japan, Ukraine

As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. But the secrecy with which STC (7010.SE) built its stake did catch some observers off guard, the person said. Telefonica said it was informed Tuesday about STC'S investment, after the companies had become more acquainted in recent months. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Nadia Calvino, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio, Ros Russell Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

☆ Saudi Arabia soccer spending ranks second in the world as it bids to become global powerhouse
▼ + stars: | 2023-09-08 | by ( Matthew Ward-Perkins | ) www.cnbc.com time to read: +4 min

watch nowThe Saudi Arabian soccer transfer window has slammed shut, marking the end of a historic summer of spending from clubs based in the Gulf state. Saudi clubs outspent four of the "big five" soccer leagues, the first time another league has outspent any members of the dominant European grouping since 2016. However, human rights groups and activists have criticized the high levels of soccer investment from Saudi Arabia and other countries in the Middle East, with accusations of "sportswashing" leveled at the country. The European Club Association, which represents 220 soccer clubs from across Europe, discussed the impact of Saudi Arabia's investment in the sport at its General Assembly this month. "We believe in ourselves … we have the best competition in the world, the biggest clubs in the world, the best players in the world.

Persons: Mohamed Salah, Hilal, spender, CNBC's David Faber, Yasir Al, Rumayyan, Glazer, Nasser Al, Khelaifi, Karim Benzema Organizations: Saudi Arabia's Pro League, English Premier League, Liverpool, country's Public Investment Fund, Chelsea FC outspent, Public Investment, Manchester United Saudi, Manchester United, Saudi, European Club Association, Assembly, Champions League, Afp, Getty Locations: Saudi, Gulf, Al, Ittihad, Ahli, Hilal, Saudi Arabia, Europe

[1/3] View of deserted roads ahead of the G20 summit in New Delhi, India, September 8, 2023. Nearly 130,000 police and paramilitary security personnel have been deployed across the city, mostly in the New Delhi district, with the air force providing cover from aerial threats. "While the entire country is a host, Delhi will bear maximum responsibility" for the G20 summit, Modi said. “The tourists coming to Delhi for G20 should look at our shops, buy something. Newspaper advertisements that the Delhi Police has been publishing every day with traffic advisories and route maps for the general public, say: “India is proud to host the 18th G-20 Summit”.

Persons: Francis Mascarenhas, Joe Biden, Olaf Scholz, Emmanuel Macron, Saudi Arabia's Mohammed Bin Salman, Japan's Fumio, Sanjeev Mehra, Narendra Modi, Modi, Yashowarthan, ”, Bhava ”, Krishn Kaushik, Joeseph Campbell, Mayank Bhardwaj, YP Rajesh, Raju Gopalakrishnan Organizations: REUTERS, India, U.S, Market Traders Association, Authorities, Delhi Police, New Delhi Municipal Corporation, Offices, YP, Thomson Locations: New Delhi, India, DELHI, Saudi, capital's, Connaught, Delhi, Taxis, Dariba Kalan

☆ G20 members struggle for consensus on Ukraine as India gears up for summit
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +4 min

[1/3] A model of G20 is pictured outside ITC Maurya hotel ahead of the G20 Summit in New Delhi, India, September 8, 2023. Chinese President Xi Jinping is skipping the meeting and sending Premier Li Qiang instead, while Russia's Vladimir Putin will also be absent. The most important thing that can be done to support global economic growth is for Russia to end its brutal war in Ukraine, she said. The IMF has forecast lower growth for most G20 nations this year than in 2022. It is difficult to predict whether leaders will reach a consensus on a declaration but EU will support efforts made by India for a final communique, Michel told reporters in New Delhi.

Persons: Amit Dave, Xi Jinping, Li Qiang, Russia's Vladimir Putin, Joe Biden, Olaf Scholz, Emmanuel Macron, Saudi Arabia's Mohammed Bin Salman, Japan's Fumio, Rishi Sunak, Narendra Modi, Janet Yellen, saidWashington, Yellen, Charles Michel, Michel, Nikunj Ohri, Manoj Kumar, Krishn Kaushik, Aftab Ahmed, YP Rajesh, Kim Coghill Organizations: REUTERS, West, U.S, Financial Times, Treasury, IMF, Reuters, YP, Thomson Locations: New Delhi, India, DELHI, Ukraine, Saudi, Russia, U.S, Moscow

☆ Why Saudi Arabia is spending hundreds of millions on soccer stars like Cristiano Ronaldo and Neymar
▼ + stars: | 2023-09-08 | by ( Anuz Thapa | ) www.cnbc.com time to read: +3 min

Soccer in Saudi Arabia has entered a new era — the era of having global superstars play on Saudi turf. "This is what we're doing by bringing household names like that to the Saudi league. Saudi Arabia's sovereign wealth fund, the Public Investment Fund, is the financial vehicle driving these high-priced transactions. "Saudi Pro League is the top men's professional soccer league in Saudi Arabia." Watch the video above to find out why Saudi Arabia is doubling down its investment in professional soccer and more.

Persons: Neymar, Ballon, Cristiano Ronaldo, Fahad Nazer, Prince Mohammed bin Salman, Stefan Szymanski, Simon Chadwick Organizations: Soccer, Pro League, Saudi, CNBC, Public Investment Fund, Saudi Pro League, University of Michigan, Newcastle United, Critics, Skema Business Locations: Saudi Arabia, Saudi, Saudi Embassy, U.S, Ittihad, Al, Hilal, Ahli

☆ Factbox: Who is attending the G20 summit in New Delhi?
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

People stand infront of Nataraja, a statue of Hindu lord Shiva as the cosmic dancer, installed next to 'Bharat Mandapam', the main venue of the G20 Summit, in New Delhi, India, September 7, 2023. REUTERS/Altaf Hussain Acquire Licensing RightsNEW DELHI, Sept 8 (Reuters) - Leaders from the Group of 20 (G20) major economies kick off an annual summit meeting on Saturday to coordinate policy on food security, debt problems of vulnerable countries and climate action. Here is a list of those attending and some key leaders who are skipping the meeting in the Indian capital, New Delhi. G20 LEADERS:ARGENTINA'S PRESIDENT ALBERTO FERNANDEZ AUSTRALIAN PRIME MINISTER ANTHONY ALBANESE BRAZIL'S PRESIDENT LUIZ INACIO LULA DA SILVABRITISH PRIME MINISTER RISHI SUNAK CANADIAN PRIME MINISTER JUSTIN TRUDEAU FRENCH PRESIDENT EMMANUEL MACRON GERMAN CHANCELLOR OLAF SCHOLZINDIAN PRIME MINISTER NARENDRA MODI INDONESIAN PRESIDENT JOKO WIDODOITALIAN PRIME MINISTER GIORGIA MELONIJAPANESE PRIME MINISTER FUMIO KISHIDA SAUDI ARABIA'S CROWN PRINCE MOHAMMED BIN SALMANSOUTH AFRICAN PRESIDENT CYRIL RAMAPHOSA SOUTH KOREAN PRESIDENT YOON SUK-YEOLTURKISH PRESIDENT TAYYIP ERDOGAN U.S. PRESIDENT JOE BIDENEUROPEAN UNION: PRESIDENT OF THE EUROPEAN COMMISSION URSULA VON DER LEYEN AND PRESIDENT OF THE EUROPEAN COUNCIL, CHARLES MICHELSPECIAL INVITEES:BANGLADESH PRIME MINISTER SHEIKH HASINAEGYPT PRESIDENT ABDEL FATTAH AL-SISIMAURITUIUS PRIME MINISTER PRAVIND KUMAR JUGNAUTHNETHERLANDS PRIME MINISTER MARK RUTTE NIGERIA'S PRESIDENT BOLA TINUBU OMAN'S SULTAN HAITHAM BIN TARIK AL-SAID SINGAPORE PRIME MINISTER LEE HSIEN LOONG UAE PRESIDENT SHEIKH MOHAMMED BIN ZAYEDOTHERS ATTENDINGU.S. Treasury Secretary Janet YellenThe heads of the United Nations, the International Monetary Fund, the World Bank, the World Health Organisation, the World Trade Organisation, the International Labour Organisation, the Financial Stability Board and the Organisation for Economic Cooperation and Development. NOTABLE MISSING GUESTSCHINESE PRESIDENT XI JINPING (represented by Prime Minister Li Qiang)MEXICAN PRESIDENT ANDRES MANUEL LOPEZ OBRADORRUSSIAN PRESIDENT VLADIMIR PUTIN (represented by Foreign Minister Sergei Lavrov)Sources: Reuters, officials, state media and domestic mediaCompiled by Aftab Ahmed and Shivangi Acharya; Editing by Sanjeev Miglani and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Shiva, Bharat Mandapam, Altaf Hussain, ALBERTO FERNANDEZ, ANTHONY ALBANESE, LUIZ INACIO LULA DA SILVA, JUSTIN TRUDEAU, EMMANUEL MACRON, OLAF SCHOLZ INDIAN, NARENDRA MODI, JOKO, GIORGIA, FUMIO KISHIDA, FUMIO KISHIDA SAUDI ARABIA'S CROWN PRINCE MOHAMMED BIN SALMAN, CYRIL RAMAPHOSA, YOON SUK, TAYYIP ERDOGAN, JOE BIDEN, URSULA VON DER, CHARLES MICHEL SPECIAL, SHEIKH HASINA, ABDEL FATTAH, PRAVIND KUMAR, MARK RUTTE, BOLA TINUBU, HAITHAM BIN TARIK, LEE HSIEN LOONG, SHEIKH MOHAMMED BIN ZAYED, Janet Yellen, XI JINPING, Li Qiang, ANDRES MANUEL LOPEZ, VLADIMIR PUTIN, Sergei Lavrov, Aftab Ahmed, Shivangi, Sanjeev Miglani, Raju Gopalakrishnan Organizations: REUTERS, LUIZ INACIO LULA DA SILVA BRITISH, FUMIO KISHIDA SAUDI ARABIA'S CROWN, CYRIL RAMAPHOSA SOUTH, TAYYIP ERDOGAN U.S, OF, EUROPEAN, CHARLES MICHEL SPECIAL INVITEES, ABDEL FATTAH AL, Treasury, United Nations, International Monetary Fund, World Bank, World Health Organisation, World Trade Organisation, International Labour Organisation, Organisation for Economic Cooperation, Development, Foreign, Thomson Locations: New Delhi, India, DELHI, BANGLADESH, SHEIKH HASINA EGYPT, NETHERLANDS, SINGAPORE, LEE HSIEN LOONG UAE, MEXICAN, RUSSIAN

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