DIRS.INFO The most relevant business & tech news

☆ Russia's Putin and Iran's Raisi oversee railway deal signing
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: 1 min

MOSCOW, May 17 (Reuters) - Russian President Vladimir Putin and his Iranian counterpart Ebrahim Raisi on Wednesday oversaw, via video-link, the signing of a deal on financing and construction of an Iranian railway line to facilitate regional trade. The Rasht-Astara railway is seen as an important link in the broader international North–South Transport Corridor, connecting India, Iran, Russia, Azerbaijan and other countries via railways and sea. Reporting by Vladimir Soldatkin; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

Bank of America is jumping back on the Western Alliance Bancorp bandwagon. Analyst Ebrahim H. Poonawala resumed coverage on the bank with a buy rating. Bank of America dropped its rating on the stock as Western Alliance got caught up in the broader regional bank sell-off after the failure of Silicon Valley Bank and Signature Bank — which was then followed by the collapse of First Republic. Western Alliance shares have lost more than 58% over the past three months. WAL 3M mountain Western Alliance shares Poonawala noted that while Western Alliance "is not out of the woods yet," the bank's management has shown "remarkable execution thus far in navigating the post SVB turmoil."

☆ BoA's Ebrahim Poonawala expects stability to return to regional banking mid-term
▼ + stars: | 2023-05-16 | 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 EmailBoA's Ebrahim Poonawala expects stability to return to regional banking mid-termEbrahim Poonawala, BoA Securities banking analyst, joins 'Power Lunch' to discuss Bank of America resuming a buy rating on some regional banks.

But for the next two weeks, he may become the most important figure in Turkish politics, potentially deciding President Recep Tayyip Erdogan’s political fate. Preliminary results from the YSK showed Erdogan as having received 49.51% of the vote, while Kilicdaroglu had 44.88%. Ogan, the third candidate, received 5.17%, enough to swing the runoff vote in favor of either of the candidates. But his political career began with the far-right Nationalist Movement Party (MHP), where he spent six years before splitting with it, partly due to its growing closeness with Erdogan’s AK Party, according to Turkish media. Formerly in the opposition, the MHP joined the People Alliance that is led by Erdogan’s AK Party in this election.

☆ A change in Turkish leadership might not spell the end of ties with Russia
▼ + stars: | 2023-05-08 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +7 min

The strengthening ties between Erdogan and Putin have caused jitters in the West, with some watching the upcoming elections with anticipation of a possible Erdogan exit. That makes Russia among Turkey’s biggest trade partners. The European Union, as a bloc, however remains Turkey’s largest trade partner, with bilateral trade reaching around $219 billion, according to the European Commission. But while relations with the EU might improve if the opposition wins, the road may be longer and more challenging with the US, experts say. “When we mention Turkey’s relationship with the West… we sometimes take both ends of the Atlantic (as one),” Isci said.

CNN —The Arab League has re-admitted Syria after an 11-year absence, the organization said Sunday, following an extraordinary meeting at the Arab League’s headquarters in Cairo, Egypt. The Arab League is an organization of Middle Eastern and African countries and the Palestine Liberation Organization. Member states agreed during Sunday’s meeting to “resume the participation of the delegations of the government of the Syrian Arab Republic in the meetings of the Council of the League of Arab States,” according to an Arab League statement. The Arab League also stressed the need to take “practical and effective steps” to resolve the Syrian crisis, the statement added. Syrian President Bashar al-Assad could participate in the upcoming Arab League summit in Saudi Arabia if he is invited and if he wants to attend, Arab League Secretary General Ahmed Aboul Gheit told journalists Sunday.

☆ Arab nations set to rehabilitate Syria’s pariah president in defiance of US
▼ + stars: | 2023-05-05 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +7 min

Officials and analysts have said that Syria’s re-admission into the Arab League, while symbolic, comes with the hope that it could pave the way for President Bashar Al Assad’s rehabilitation internationally, and potentially the removal of crippling sanctions against his regime. Arab states have argued that the status quo in Syria is untenable and has caused them a headache at home. Syria has over the past decade turned into a narco-state, exporting highly addictive amphetamines across the border to Jordan and to Saudi Arabia. It’s unclear if the US will stand in the way of Arab states’ efforts to bring Syria back into the regional fold. “The US will not impose a veto on their allies when it comes to normalization with Assad,” said Hellyer.

☆ Analysts warn regional banks stocks are in a 'negative feedback loop' and detached from fundamentals
▼ + stars: | 2023-05-04 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The latest drop for regional bank shares is causing some Wall Street analysts to back away from their recommendations on the stocks, even if they still believe in the underlying fundamentals for the companies. Other regional banks also sold off, including a 19% drop for Western Alliance. The deposit update was not enough to reassure all Wall Street analysts about the health of regional banks, and there is concern that the drops in the stocks could reignite deposit flight. Meanwhile, RBC Capital Markets' analyst Jon Arfstrom stuck with his outperform rating on PacWest, but said only investors with strong stomachs should stick around. Western Alliance Another bank stock that has taken heavy loses in recent weeks is Western Alliance .

☆ Iranian president in Damascus for first visit since Syrian war began
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

DAMASCUS, May 3 (Reuters) - Iranian President Ebrahim Raisi landed in Damascus on Wednesday for talks with his Syrian counterpart Bashar al-Assad, Syrian state media reported, in the first visit by an Iranian head of state since war broke out in Syria in 2011. Raisi's visit comes as Iran and regional rival Saudi Arabia rebuild ties after years of tensions. Syrian state media said "a number of agreements" would be signed during the two-day visit. An Israeli rocket strike on Damascus in February killed Iranian military experts and Tehran has used the flow of aid in the aftermath of the deadly Feb. earthquake to bring in arms. Assad has never publicly acknowledged that Iranian forces have operated on his behalf in Syria's civil war, saying Tehran has only military advisers on the ground.

☆ Saudi Arabia wants to be a bigger player in the Middle East — this time with diplomacy
▼ + stars: | 2023-05-03 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +7 min

“And that can only reflect well on the Kingdom.”This new diplomacy comes as Saudi Arabia prioritizes economic growth at home, which requires regional stability to succeed. Saudi efforts at revamping its image as a peace-broker may face credibility challenges, however, given its near decade-long combative foreign policy and the bad press it attracted. That group is party to the Sudan conflict that Saudi Arabia is trying to help end. Despite its controversial past, Saudi Arabia may still carry enough influence to bring quarreling parties to the negotiating table, analysts say. “Saudi (Arabia) does not pretend to be an impartial mediator but its voice carries weight with many parties in the region,” Shihabi said, adding that where it can, Saudi Arabia wants to use that influence to reduce tensions.

☆ Here's what's next for bank stocks after the failure of First Republic
▼ + stars: | 2023-05-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

First Republic's demise was the third regional bank failure since early March, when Silicon Valley Bank and Signature Bank folded within days of each other. There is cautious optimism on Wall Street that First Republic will be the last failure of this period. However, reports from other regional banks weren't nearly as dire, with many reporting that deposits had stabilized and were growing again. However, the failure of First Republic could cause some more turbulence, at least in the short-term, for both deposits and bank stocks. "We don't believe that regional banks are completely out of the woods," Wolfe Research chief investment strategist Chris Senyek said in a note to clients on Monday.

☆ Turkey general election 2023 guide: what you need to know
▼ + stars: | 2023-05-01 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +9 min

And even if Kilicdaroglu wins the election, some analysts say Erdogan may not hand over power to his successor without a struggle. Here’s what you need to know about the vote that could become a pivotal moment in Turkey’s modern history:How Turkey’s elections workTurkey holds elections every five years. Parliamentary elections take place at the same time as the presidential elections. Four candidates are running for this year’s presidential election. CHP Istanbul mayor candidate Ekrem Imamoglu then went on to win the election re-run, dealing a blow to Erdogan.

☆ Iran's hardline parliament votes to dismiss industry minister
▼ + stars: | 2023-04-30 | by ( ) www.reuters.com time to read: 1 min

DUBAI, April 30 (Reuters) - Iran's parliament on Sunday voted to dismiss the country’s industry minister, the first member of hardline President Ebrahim Raisi's cabinet to be impeached since his election in 2020 amid growing economic resentment across the country. Parliamentarians, who voted to remove Industry, Mines and Trade Minister Reza Fatemi-Amin, accused him of failing to control "skyrocketing prices of automobiles and the rising costs of industrial production" and lambasted him for mismanagement. “162 of the 272 parliamentarians present voted to unseat the minister,” parliament speaker Mohammad Baqer Qalibaf said on a state television broadcast. Writing by Parisa Hafezi; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Even one American in Iraq is too many, Iran leader tells Iraqi president
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +1 min

[1/4] Iraqi President Abdul Latif Rashid and Iranian President Ebrahim Raisi attend a meeting, in Tehran, Iran April 29, 2023. Iran, which has strong ties with Iraq, opposes the U.S. military presence on its borders in Iraq and the Gulf, saying Western military intervention is the root of insecurity in the region. U.S. national security agencies are investigating after a leak of classified documents has suggested the United States spied on allies including Ukraine. "Even the presence of one American in Iraq is too much," Khamenei told Rashid, who was in Tehran with a delegation to boost ties between the two neighbours. The United States has some 2,500 troops in Iraq to help advise and assist local troops in combating Islamic State, which in 2014 seized territory in the country.

☆ Iranian president to visit Syria next week
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

BEIRUT, April 28 (Reuters) - Iranian President Ebrahim Raisi will visit Damascus next week, a senior regional source close to the Syrian government told Reuters on Friday. The visit will be the first by an Iranian president to Syrian President Bashar al-Assad since war broke out in Syria in 2011. The senior regional source told Reuters that a warming of ties between Saudi Arabia and Iran, as well as a thaw in Arab states' isolation of Syria, had paved the way for the visit. This month, regional sources revealed that Iran had secretly brought weapons and other military equipment to Syria by disguising the transfers as part of the relief effort following the devastating February earthquakes in Syria and Turkey. Reporting by Laila Bassam, Writing by Maya Gebeily; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Arabia, Iran to reopen embassies 'within days'
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

BEIRUT, April 28 (Reuters) - Saudi Arabia and Iran will reopen embassies in each other's capitals "within days," Iranian Foreign Minister Hossein Amirabdollahian said on Friday in a sign of warming relations after the two countries closed their missions seven years ago. "During the last phone call between the foreign ministers of Iran and Saudi Arabia on Eid al-Fitr, we agreed to work in the next coming days on the reopening of the Iranian and Saudi embassies in Tehran and Riyadh," Amirabdollahian said, according to an official Arabic translation. Their relationship started deteriorating in 2015 following the intervention of Saudi Arabia and the UAE in the Yemen war, after the Iran-aligned Houthi movement toppled the Saudi-backed government and seized control of the capital Sanaa. The Iranian foreign minister confirmed President Ebrahim Raisi would visit Syria in "the near future" without providing details. The visit would be the first by an Iranian president to Syrian President Bashar al-Assad since war broke out in Syria in 2011.

☆ Iran foreign minister says embassies in S.Arabia, Iran to open 'within days'
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

BEIRUT, April 28 (Reuters) - Saudi Arabia and Iran will open embassies in each other's capitals "within days," Iranian Foreign Minister Hossein Amirabdollahian said on Friday as the relationship between the two regional rivals warms up after years of hostility. The Iranian and Saudi embassies in the respective countries have been closed since 2016. Saudi Arabia accused Iran of providing weapons to the Houthis who attacked Saudi cities with armed drones and ballistic missiles. Iran and Saudi Arabia agreed last month to end their diplomatic raw and restore diplomatic missions under a deal brokered by China. The visit will be the first by an Iranian president to Syrian President Bashar al-Assad since war broke out in Syria in 2011.

CNN —Turkish President Recep Tayyip Erdogan largely canceled two days of campaigning as crucial elections loom after he fell ill during a live televised interview. His tweet included social media images, of which some suggested that Erdogan was critically ill in hospital having suffered a myocardial infarction. Erdogan, 69, is hoping to extend his power well into a third decade but it is far from a political certainty. Kilicdaroglu, who represents the six-party Nation Alliance opposition bloc, is the strongest contender to run against Erdogan in years. Kurds are the biggest minority in Turkey, making up between 15% and 20% of the population, according to Minority Rights Group International.

CNN —The violence that has exploded in Sudan as the country’s two top generals grapple for power has unfolded at a terrifying, breakneck speed. Hemedti uses this discourse as a bloody shirt to maintain his influence and military forces for future use,” Fareid said. Marwan Ali/APFrom a subclan of the Mahariya Rizeigat tribe, nomadic people that herded camels in Darfur, Hemedti got his start as a commander of the Janjaweed. Unlike Sudan’s former dictator, Hemedti has not faced charges from the International Criminal Court. The general’s shared sense of impunity was underlined in October 2021, when they staged a coup, arresting Hamdok and his cabinet.

☆ What First Republic's results mean for the regional bank trade, according to Wall Street
▼ + stars: | 2023-04-25 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

First Republic 's quarterly update left investors with major questions about whether the bank can repair itself after massive withdrawals, but the regional bank troubles appear to now be limited to just a small corner of the industry, according to Wall Street analysts. The troubled regional lender reported its first-quarter results Monday, showing a 40.8% drop in deposits that was steeper than analyst estimates. The bank said deposits have stabilized in recent weeks and that it was taking steps to cut expenses and shrink its balance sheet, while also exploring strategic options. Results from regional banks over the last two weeks demonstrated the stickiness of the deposit customer base. ... We expect FRC to embrace a new approach and a different business model, as it adjusts to operating with a smaller balance sheet.

PinnedThe United States military airlifted embassy officials out of Khartoum, the capital of Sudan, amid continuing violence as rival military leaders battled for control of Africa’s third-largest country, President Biden said late on Saturday. (Mr. Godfrey — the first U.S. ambassador to Sudan in a quarter-century — arrived in the country about eight months ago.) They had lived in the same apartment buildings as some American diplomatic staff and arrived together at the embassy, he said. “I am proud of the extraordinary commitment of our embassy staff, who performed their duties with courage and professionalism and embodied America’s friendship and connection with the people of Sudan,” Mr. Biden said. Credit... Ebrahim Hamid/Agence France-Presse — Getty ImagesU.S. officials have said that about 16,000 American citizens were living in Sudan, many of them dual nationals.

☆ Regional bank reports so far show deposits are stabilizing. What's next for the stocks
▼ + stars: | 2023-04-19 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The opening days of the first-quarter earnings season have spurred a sigh of relief among investors, especially when it comes to the regional banks whose future seemed seriously in doubt just a month ago. A quick glance at the early reports from the biggest regional banks show only modest deposit declines in the first quarter. One deposit drop that caught some analysts off-guard among the larger regional banks was a nearly $20 billion decline at US Bancorp , but the bank still has more than $500 billion in deposits. Longer term outlook However, the stabilized funding may not be enough for the regional bank stocks to catch up to their larger competitors, which are viewed as safer and have more diversified businesses. A potential recession could cause credit losses at regional banks in the coming months, and commercial real estate exposure is particularly concerning for investors.

☆ Israel PM cautions Saudi Arabia about Iran after China-brokered deal, urges greater U.S. presence
▼ + stars: | 2023-04-19 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +5 min

The China-brokered March 10 détente between long-term rivals Saudi Arabia and Iran has dealt a blow to Netanyahu's diplomatic crusade of pursuing Tehran's political isolation. I think that Saudi Arabia, the leadership there, has no illusions about who are their adversaries, and who are their friends." Before that, footage of Israeli forces beating worshippers in Jerusalem's al-Aqsa mosque during the Arabic holy month of Ramadan drew international condemnations, including from Saudi Arabia. "We'd like very much to have peace with Saudi Arabia. watch nowNarrowing down to just the potential of a relationship with Saudi Arabia, Netanyahu said, "I think the sky's the limit.

☆ China is succeeding in the Middle East because it learned from watching the US fail there for 20 years
▼ + stars: | 2023-04-18 | by ( Natalie Armbruster | Defense Priorities | ) www.businessinsider.com time to read: +6 min

Conversely, China is clear-eyed about its interests in the Middle East and, more importantly, their limits. In fact, most of China's Belt and Road Initiative investments in the Middle East hinge on ensuring free trade in the Middle East and a steady energy supply, not security. As international scrutiny builds surrounding the Uyghur crisis, China is particularly keen on finding partners in the Middle East who will exchange silence for investment. With Saudi Arabia, which has its own skeletons in its closet, such a trade is tempting. Instead of resorting to undue threat inflation, the United States may benefit from a corrective course on its history in the Middle East thus far.

☆ Houthis try to reassure skeptics they won’t seek full control of Yemen, as Saudis eye exit
▼ + stars: | 2023-04-14 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +8 min

“If we were not looking for full control during the war, then we will not look for full control at any other time,” al-Houthi told CNN. It spiraled into a wider war in 2015 when a Saudi-led coalition intervened in an attempt to beat back the Houthis. A Saudi delegation arrived in Sanaa on Sunday for talks with the Houthis aimed at securing a permanent ceasefire. The Houthi leader told CNN he expected Saudi Arabia to ensure the departure of all foreign forces, including the UAE, from the country. “We are in agreement (with the Saudis) that we need all foreign forces to leave Yemen,” he said.

Search resuls for: "Ebrahim"

25 mentions found