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SoftBank’s Arm-twisting fails to convince
  + stars: | 2023-08-09 | by ( ) www.reuters.com   time to read: +2 min
Shareholders already had good reason to take that with a pinch of salt. The Japanese conglomerate’s 478 billion yen ($3.3 billion) net loss, which missed analysts’ estimates, included an increase in the carrying value of chip designer Arm, even though revenue dipped. That allowed the company’s Vision Fund to post a $1.1 billion profit, its first in six quarters. But investors in the Japanese group will be waiting a long time for SoftBank’s new campaign to pay off. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Masayoshi Son, Yoshimitsu Goto, , Navneet, Arm’s, Antony Currie, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, SoftBank, Fund, Vision Fund, Twitter, Siemens, Thomson
Italy’s bank tax may be anything but “one-off”
  + stars: | 2023-08-08 | by ( ) www.reuters.com   time to read: +2 min
Italy's Infrastructure Minister Matteo Salvini attends the upper house of parliament ahead of a confidence vote for the new government, in Rome, Italy, October 26, 2022. REUTERS/Guglielmo MangiapaneLONDON, Aug 8 (Reuters Breakingviews) - As summer surprises go, the one Matteo Salvini sprung on Italy’s banking sector on Monday evening was as unwelcome as they get. In a late-night press conference, Italy’s deputy prime minister announced a windfall levy on lenders’ profits to help pay for cheaper mortgages and income tax cuts. The government is looking to raise less than 3 billion euros from the tax, Reuters reported citing sources close to the matter. Shares in Italy’s two largest banks – Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI) – dropped more than 5% in morning trading.
Persons: Matteo Salvini, Guglielmo Mangiapane, , Siena, Francesco Guerrera, headwinds, Peter Thal Larsen, Streisand Neto Organizations: Italy's, REUTERS, Guglielmo Mangiapane LONDON, Reuters, Banco, Banca Monte dei, Twitter, Siemens, Thomson Locations: Rome, Italy, Spain, Hungary
Satellite reunion creates a bit of breathing space
  + stars: | 2023-08-08 | by ( ) www.reuters.com   time to read: +2 min
Dish Network Chairman Charlie Ergen speaks during Google's annual developers conference in San Francisco, California May 20, 2010. Dish Network Corp, the No. Some 15 years after the 70-year-old billionaire initially cleaved his satellite empire, he unveiled an all-stock deal Tuesday to reunite Dish Network (DISH.O), the $4.5 billion pay-TV operator, with the smaller EchoStar (SATS.O) infrastructure business. Dish shareholders, who will own 69% of the enlarged entity, are issuing stock at a rock-bottom price for the privilege. If nothing else, though, the modest 13% premium they’re offering to EchoStar shareholders buys some valuable time.
Persons: Charlie Ergen, It’s, Jeffrey Goldfarb, Peter Thal Larsen, Sharon Lam Organizations: Dish, Dish Network Corp, Sprint Nextel Corp, Reuters, Nasdaq, Twitter, Siemens, Thomson Locations: San Francisco , California
Abrdn’s turnaround is a work in progress
  + stars: | 2023-08-08 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Dado Ruvic/Illustration/File PhotoLONDON, Aug 8 (Reuters Breakingviews) - Abrdn’s (ABDN.L) machine is firing on two of its three cylinders. The latter two units are growing, but the stock-picking arm – once Abrdn’s core business – needs more attention. The 1.5 billion pound deal, which closed last year, boosted Abrdn’s exposure to the business of managing savings. Since some of that windfall will disappear when rates fall, Bird needs to speed up his turnaround of Abrdn’s core funds business. The 3.9 billion pound company’s turnaround has a long way to go.
Persons: Dado Ruvic, Stephen Bird, Hargreaves, Bird, Neil Unmack, Peter Thal Larsen, Oliver Taslic Organizations: REUTERS, Reuters, Interactive, Twitter, Siemens, Thomson
Saudi’s swelling fund has scope for foreign binge
  + stars: | 2023-08-07 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Aug 7 (Reuters Breakingviews) - Saudi Arabia’s big sovereign wealth fund is getting bigger. The Public Investment Fund’s assets under management swelled to 2.23 trillion riyals ($603 billion) in 2022 from 1.98 trillion riyals the year before. PIF’s international assets, which range from UK soccer club Newcastle United to struggling carmaker Lucid (LCID.O), shrank from 576 to 512 billion riyals. Still, PIF has big ambitions: it hopes to boost its total assets to a whopping 4 trillion riyals by 2025, of which 24% will be international. If so, its foreign assets could yet double to 960 billion riyals, according to Breakingviews calculations, making it a key player in global finance.
Persons: Saudi Crown Prince Mohammed Bin Salman, PIF, Neil Unmack, headwinds, Lisa Jucca, Pranav Kiran Organizations: Reuters, Investment, Saudi, Saudi Crown, Newcastle United, Twitter, Adidas, InBev, Thomson Locations: Saudi, Riyadh, Saudi Aramco, Neom
Siemens Energy’s flop puts brakes on green race
  + stars: | 2023-08-07 | by ( ) www.reuters.com   time to read: +2 min
An offshore wind turbine of the Siemens Gamesa company is seen from the Telde coast on the island of Gran Canaria, Spain, May 2, 2022. REUTERS/Borja SuarezLONDON, Aug 7 (Reuters Breakingviews) - Siemens Energy’s (ENR1n.DE) growing wind woes will have wider repercussions. The $13 billion German group unveiled on Monday a 2.2 billion euro ($2.4 billion) charge because of quality issues linked to its troubled wind turbine unit Siemens Gamesa. A previous profit warning in June, also linked to malfunctioning turbines, erased a third of Siemens Energy’s stock market value. Bruch says he is now prioritising the profitability of Siemens Gamesa, implying a pause over plans to add more wind capacity.
Persons: Borja Suarez, Jefferies, Siemens Gamesa, Reuters Breakingviews, Christian Bruch, Bruch, Yawen Chen, headwinds, Lisa Jucca, Oliver Taslic Organizations: Siemens, Gran Canaria, REUTERS, Borja Suarez LONDON, Reuters, Siemens Energy, Investors, Siemens Gamesa, JPMorgan, Global, Twitter, Thomson Locations: Gran, Spain, Germany
“Our goal in Saudi Arabia is to develop a unified vision of the formula and to work out the possibilities of holding the future Global Peace Summit,” they said, referring to Ukraine’s peace plan. That summit produced no major headlines, nor a discernable drift to Ukraine’s prerequisite for peace that Russian troops exit Ukraine. Like the roads that led to Rome in its day, Saudi Arabia is increasingly at the confluence of competing global interests. In spring this year, Saudi Arabia and China announced a confidence-building peace plan with Iran to repair their hostile relationship. All of this of course is way outside the scope of the Jeddah peace summit and Russia’s unprovoked war of aggression in Ukraine.
Persons: Prince Mohammed bin Salman, , , Jake Sullivan, Biden, Xi, Putin, It’s, Volodymyr Zelensky’s Organizations: CNN, Saudi, MBS, Peace, National, CNN US State Department, Danes, NATO, African Union Locations: Jeddah, stewing, Ukraine, Russia ”, India, Saudi Arabia, Moscow, , Kyiv, Denmark, Rome, Yemen, China, Iran, Russia, Washington, Saudi, Gulf, Israel, Europe, Africa, St Petersburg, Ukrainian
Aston Martin flips from cash-guzzler to carmaker
  + stars: | 2023-08-01 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Aug 1 (Reuters Breakingviews) - Aston Martin Lagonda (AML.L) is making a painful transition from cash-guzzler to viable carmaker. A 216 million pound cash call on Monday brings its total capital raised since 2018 to just under 1.8 billion pounds. By this year, Aston Martin will have grown revenue by 13% per annum since 2019, according to Refinitiv data, thanks to new models like the DB12 and higher prices. Aston’s current enterprise value is just under 2 times forecast 2024 sales, a discount to Porsche, and far below Ferrari’s (RACE.MI) more than 8 times multiple. Yet Aston still needs to show it can make an electric vehicle, with the first due in 2025.
Persons: Aston Martin Lagonda, James Bond, Lawrence Stroll’s, Aston Martin, Aston, Neil Unmack, Steve Cohen, Liam Proud, Oliver Taslic Organizations: Reuters, Public Investment Fund, Porsche AG, Porsche, Twitter, Sequoia, Thomson Locations: Japan, India
Saudi Mbappé bid even less rational than it looks
  + stars: | 2023-07-25 | by ( Liam Proud | ) www.reuters.com   time to read: +4 min
Yet a possible outlay of 1 billion euros, including compensation, takes the country’s sporting tactics to surreal new heights. Added to the transfer fee, that takes the outlay to around 1 billion euros. Spain’s LaLiga generated about 900 million euros in international broadcast revenue in the 2020-2021 season, according to Deloitte. CBS Sports reported that Al Hilal was also offering Mbappé a total one-year compensation package worth 700 million euros. The Guardian reported that Mbappé’s one-year salary would be 200 million euros, rising to 700 million euros after including other commercial arrangements and proceeds from image rights.
Persons: Al Hilal’s, Kylian, Germain, Declan Rice, Mbappé, Mbappé aren’t, Al Hilal, George Hay, Streisand Neto Organizations: Reuters, Paris Saint, Arsenal, Saudi Pro League, Guardian, Deloitte, English Premier League, Saudi, Newcastle United, Premier League, Economics, Regional, Qatar, Britons, Al, Financial Times, Bloomberg, CBS Sports, Thomson Locations: Kingdom of Saudi Arabia, Qatar, Paris, China, Saudi, France’s, Saudi Arabian, French
UK is in danger of becoming the Nigeria of wind
  + stars: | 2023-07-20 | by ( George Hay | ) www.reuters.com   time to read: +3 min
LONDON, July 20 (Reuters Breakingviews) - Britain is supposed to be the Saudi Arabia of wind power. Vattenfall’s decision on Thursday to halt the 1.4 gigawatt (GW) Norfolk Boreas project is just the latest sign that Britain’s most appropriate fossil-fuel comparator may not be the biggest and most efficient producer. Vattenfall, a state-held Swedish power company, has gone cool for reasons that are well-discussed in the wind sector. The obvious move for UK Prime Minister Rishi Sunak would be to allow developers to charge more for power, to make up for higher costs. Follow @gfhay on TwitterCONTEXT NEWSVattenfall is stopping the development of its 1.4 gigawatt (GW) Norfolk Boreas offshore wind project off the coast of Britain, the state-owned Swedish utility said on July 20.
Persons: Boris Johnson’s, Vattenfall, Rishi Sunak, Liam Proud, Oliver Taslic Organizations: Reuters, Siemens, UK, FTI, Norfolk, Thomson Locations: Britain, Saudi Arabia, United Kingdom, Riyadh, Norfolk Boreas, Swedish, Norfolk, Orsted, Nigeria
The $109 billion asset manager run by Larry Fink said on Monday it would add Saudi Aramco (2222.SE) Chief Executive Amin Nasser to its 16-strong board. But judged through an investment lens the appointment makes sense. Nasser, who led Aramco through its 2019 initial public offering, will take the seat currently occupied by Bader Alsaad, a former managing director of the Kuwait Investment Authority. Follow @thereallsl on TwitterCONTEXT NEWSBlackRock on July 17 said Amin Nasser, chief executive of Saudi Aramco, would join its board as an independent director. “Amin’s distinguished career at Aramco, spanning more than four decades, gives him a unique perspective on many of the key issues facing our firm and our clients,” BlackRock Chief Executive Larry Fink said in a statement.
Persons: Larry Fink, Amin Nasser, Nasser, Bader Alsaad, Jamal Khashoggi, Randall Stephenson, Fink, Richard Blumenthal, T Rowe Price, Fink –, “ Amin’s, Peter Thal Larsen, Sharon Lam Organizations: YORK, Reuters, BlackRock, Aramco, Kuwait Investment Authority, of, Petroleum, Saudi, Golfers ’ Association, Global Energy, Exxon Mobil, Chevron, Shell, Thomson Locations: BlackRock, Saudi Aramco, Kuwait, Saudi Arabia, United States, U.S, Texas, Connecticut, Aramco
Saudi golf shot plays through CFIUS hazards
  + stars: | 2023-07-14 | by ( Jennifer Saba | ) www.reuters.com   time to read: +8 min
U.S. congressional lawmakers scrutinized PGA Tour officials on Tuesday this week about the group’s tie-up with a rival golf tournament owned by Saudi Arabia. Enter the Saudis, who launched an upstart golf tournament last year, LIV Golf, that competed with the U.S.-based PGA Tour and its European counterpart DTP. There are worries that Saudi Arabia, a regime viewed as hostile to women and LGBTQ groups, would have significant sway over golf’s culture. LIV Golf is owned by Saudi Arabia Public Investment Fund. Former AT&T Chief Executive Randall Stephenson resigned from the PGA Tour policy board, the Washington Post reported on July 9.
Persons: State Condoleezza Rice, Darla Moore, Covid, LIV Golf, Phil Mickelson, Brooks Koepka, Yasir Al, Ed Herlihy, Wachtell, Lipton, Katz, hasn’t, Randall Stephenson, Jamal Khashoggi, , Richard Blumenthal, , Sherrod Brown, Maxine Waters, Janet Yellen, LIV Golf’s, Joe Biden hasn't, Saudi Arabian Crown Prince Mohammed bin Salman, Khashoggi, Uncle Sam, Refinitiv, China’s ByteDance, LIV, Stephenson, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Public Investment Fund, Augusta National Golf Club, State, U.S, PGA, LIV, Rosen, Breakingviews, Former AT, PGA Tour, Saudi, Department of Justice, Foreign Investment, U.S . Treasury, Saudi Arabian Crown, Walmart, Visa, Uber Technologies, Nation Entertainment, National Basketball League, Houston Rockets, People’s, NBA, backtrack, FIFA, Qatar, The Justice Department, Treasury, Committee, Homeland Security, Governmental Affairs, Saudi Arabia Public Investment Fund, T, Washington Post, Thomson Locations: Saudi Arabia, United States, American, U.S, South Carolina, Iran, China, Saudi, Hong Kong, People’s Republic, Beijing
Its draw is also in the departures from tradition. Without them, Aix would be another Salzburg instead of the most interesting opera festival in Europe — though at this point in Pierre Audi’s tenure as artistic director, “opera” is too limiting a label, with a slate over the past week of film, music theater, concerts and, yes, opera, including two new works, each of vastly different character. Many summer festivals exist primarily for the pleasure of music-making beyond the usual concert halls and theaters. In this edition, not everything succeeded artistically (or with audiences); some of what I saw was reckless, some of it offensive. In the pit, so to speak, was the Orchestre de Paris under the baton of its music director, Klaus Mäkelä.
Persons: Pierre Audi’s, , , Klaus Mäkelä Organizations: Ballets, Vitrolles, Orchestre de Paris Locations: Aix, Salzburg, Europe
CNN —On June 6, a shocking announcement was made by the PGA Tour sending reverberations around the golf world. On Monday, multiple news outlets started to circulate the framework agreement that had been quietly made by those groups. CNN has since obtained a copy of the framework agreement. The document was sent to Congress on Monday, according to a source with knowledge of the framework agreement. Lawmakers are inviting Monahan, Al-Rumayyan and LIV Golf CEO Greg Norman to testify at the hearing.
Persons: LIV, , ” PIF, Prince Mohammed bin Salman, “ NewCo, OWGR’s criterial, LIV Golf, Jay Monahan, Yasir Al, Keith Pelley, Monahan, Greg Norman, Patrick Cantlay, Rory McIlroy, Charley Hoffman, Peter Malnati, Webb Simpson Organizations: CNN, PGA, Public Investment Fund, LIV Golf, US Department of Justice, PGA Tour, Wall Street, Investigations, Rocket, , Management, TOUR’s Locations: Saudi, NewCo, Al, Detroit
London CNN —A Munich court has handed former Audi CEO Rupert Stadler a suspended jail sentence of one year and nine months for fraud in the 2015 diesel emissions scandal that rocked Volkswagen Group. Stadler is the first Volkswagen (VLKAF) board member to be sentenced in the affair, some four years after German prosecutors laid fraud charges against the executive. He entered a plea bargain with the court, confessing to his crimes in order to avoid spending time in jail. The affair also led German prosecutors to charge former Volkswagen CEO Martin Winterkorn with fraud in 2019. Stadler, who had worked for Volkswagen since 1990, agreed to pay the company €4.1 million ($4.5 million) following the same investigation.
Persons: London CNN —, Rupert Stadler, Stadler, Audi’s, Wolfgang Hatz, Giovanni Pamio, Hatz, Pamio, Martin Winterkorn, Winterkorn, , , Organizations: London CNN, Audi, Volkswagen Group, , Volkswagen, VW, Porsche, “ Audi Locations: Munich, Berlin
Aston Martin pulls out of slow lane in EV race
  + stars: | 2023-06-26 | by ( ) www.reuters.com   time to read: +2 min
LONDON, June 26 (Reuters Breakingviews) - Aston Martin Lagonda’s (AML.L) route to viability is a brain-teaser worthy of Q, James Bond’s quartermaster famous for turning everyday objects into whizzy tools. The 2.6 billion pound carmaker’s latest deal with $11 billion Lucid (LCID.O) shows the marque made famous by the fictional spy is, however, making progress. The deal with Lucid – majority-owned by the PIF, handily enough – will make Aston’s ambition to roll out its first electric vehicle by 2025 more credible. The deal sent Aston shares up over 9% in early Monday trading. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Aston Martin Lagonda’s, Q, James Bond’s, Aston, Lawrence, , Mercedes, Neil Unmack, George Hay, Oliver Taslic Organizations: Reuters, Jefferies, Public Investment Fund, Porsche, Mercedes, Benz, U.S, Aston, Twitter, Canada, Siemens, Telecom Italia, Vivendi, Thomson
CNN —Saudi Arabia has been in the headlines a lot lately – this time for trying to find its place in the sporting world. The kingdom’s golfing coup is perhaps the crowning sporting achievement so far of heir apparent Crown Prince Mohammed Bin Salman (MBS). Regional outlierBy the time King Salman came along, the 21st century was passing Saudi Arabia by. Saudi Arabia has led efforts to bring Syria in from the cold and tried to mediate in conflicts such as those in Sudan and even Ukraine. On oil, he has made Saudi Arabia a bolder player.
Persons: LIV Golf, Cristiano Ronaldo, Ballon d’Or, Karim Benzema, Jamal Khashoggi, Prince Mohammed Bin Salman, King Salman’s, King Salman, LIV, Liberalizations, Al Hathloul, can’t, Xi Jinping, Vladimir Putin, Bashar al, Assad, Yemen’s, Putin, Xi Organizations: CNN, golf’s, Dubai, Saudi Pro League, France, Washington Post, Formula, MBS, Ritz, Saudi, Washington Locations: Saudi Arabia, Saudi, Portuguese, Istanbul, Riyadh, Mecca, Dubai, Moscow, Beijing, Ukraine, Syria, Sudan, Turkey, Syrian, Iran, Asia, Iraq, Afghanistan, Israel, Jeddah
The Saudi Public Investment Fund is a government-controlled fund that has $650 billion in assets under management, according to its most recent filing. A state-owned investment fund like the PIF is not unique. Critics of LIV Golf accused the Saudis of backing the new tour as a form of “sportswashing” its reputation. For example it’s not clear exactly how much it invested to start up LIV Golf. CNN has not been able to confirm that report, but what is known is that LIV Golf tournaments have been held on Trump Organization properties.
Persons: petro, LIV Golf, LIV, Yasir Al, Rumayyan, Cristiano Ronaldo, Karim Benzema, , Elon Musk, Jared Kushner, Donald Trump’s, Kushner, Mohammed bin Salman, Bin Salman, Jamal Khashoggi, – CNN’s Coy Wire, Jack Bantock, Steve Almasy Organizations: New, New York CNN, Saudi, Saudi Public Investment Fund, Sovereign Wealth Fund, PGA, Soccer, Saudi Aramco, Newcastle United, Saudi Pro League, CNBC, Electronic Arts, EA, Activision Blizzard, Ticketmaster, Carnival Corp, Twitter, Washington Post, CNN, Trump Organization, US State Department, Congress Locations: New York, Europe, Saudi, English, Al, Saudi Arabia, al Qaeda
CNN —French soccer player Karim Benzema has played his last game for Real Madrid and may soon be joining the great Cristiano Ronaldo in Saudi Arabia. Saudi’s state-run Ekhbariya news on Sunday reported that Benzema and the Saudi Al Ittihad club had reached an agreement on a two-season contract. The Frenchman could be the first of many established star names to join Ronaldo in the Saudi Pro League next season. In an interview with the Saudi Pro League, Ronaldo last week said that he was happy in Saudi Arabia and encouraged other players to join him. According to Saudi state-owned media, Ronaldo will earn an estimated $200 million a year, making him the world’s highest-paid soccer player.
Persons: Karim Benzema, Cristiano Ronaldo, Benzema, Fabrizio Romano, , Al, , ” Romano, Ballon, Carlo Ancelotti, ” Benzema, Frenchman, Ronaldo, Al Nassr, Lionel Messi –, , Karim Djaziri Organizations: CNN, Real Madrid, Saudi Al, Sunday, Twitter, Saudi, Spanish, Ronaldo, Saudi Pro League Locations: French, Saudi Arabia, Saudi, Saudi Al Ittihad, Italian, Al Ittihad, Spain, Al Hilal
Saudi Arabia says LGBTQ visitors are now welcome
  + stars: | 2023-05-04 | by ( Julia Buckley | ) edition.cnn.com   time to read: +8 min
CNN —As Saudi Arabia continues its drive to attract tourists, authorities in the country appear to be reaching out to a particularly lucrative section of the market: LGBTQ travelers. “Everyone is welcome to visit Saudi Arabia and visitors are not asked to disclose such personal details,” is the website’s response to the question on its FAQ page: “Are LGBT visitors welcome to visit Saudi Arabia?”It is not known exactly when the website was updated. Same-sex sexual activity is an offense in Saudi Arabia, according to Human Rights Watch. LGBTQ+ travelers are a lucrative market, according to Darren Burn, CEO of Out Of Office, a luxury travel planning service for the community, and of Travel Gay, the world’s largest LGBTQ+ travel platform. Human rights researcher Nora Noralla told CNN that the kingdom is following Qatar and Dubai in its bid to attract LGBTQ+ travelers.
“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.
Saudi $5 bln gaming play only works on some levels
  + stars: | 2023-04-06 | by ( ) www.reuters.com   time to read: +2 min
LONDON, April 6 (Reuters Breakingviews) - Saudi Arabia is defriending read more Uncle Sam on oil, while deploying its video-game war chest in his backyard. Savvy Games, owned by the country’s Public Investment Fund, announced on Wednesday that it was buying U.S. mobile games specialist Scopely for $4.9 billion. Though privately held Scopely doesn’t disclose its financials, Savvy looks to be getting a good price. Less clear is how Scopely contributes to Saudi’s aims of becoming the “ultimate global hub” for gaming and pivoting its economy away from fossil fuels. If Saudi wants to create jobs from the rapid growth of domestic game consumption, it needs to turn its games M&A into gaming boots on the ground.
The de facto leader of the world’s main oil producer club sent crude prices spiking on Monday after proposing a further cut to crude production. Bank collapses on both sides of the Atlantic sent oil prices down by 15% to $73 a barrel in March. More importantly, while a Chinese post-Covid demand recovery should boost oil prices, it’s not totally clear by how much. Unlike Europe and the U.S., Chinese oil consumption is more led by industry than travel, and the former has yet to properly pick up. The U.S. administration said on April 2 the surprise oil output cuts were not “advisable”.
The de facto leader of the world’s main oil producer club sent crude prices spiking on Monday after proposing a further cut to crude production. Bank collapses on both sides of the Atlantic sent oil prices down by 15% to $73 a barrel in March. More importantly, while a Chinese post-Covid demand recovery should boost oil prices, it’s not totally clear by how much. Unlike Europe and the U.S., Chinese oil consumption is more led by industry than travel, and the former has yet to properly pick up. The U.S. administration said on April 2 the surprise oil output cuts were not “advisable”.
Jeddah, Saudi Arabia CNN —In the distant past, Muslim pilgrims came to the holy city of Mecca on foot. Haramain means “two sanctuaries” in Arabic, named for the holy cities of Mecca and Medina that sit on the line’s opposite ends. Business class passengers on the train can watch seat-back TVs. Even on a short journey like the one from Jeddah to KAEC, business class passengers are entitled to a full meal service. When it comes to high-speed railway, it seems as though the Haramain line is only the beginning in Saudi Arabia.
Persons: Tawfiq Al Rabiah, ” Al Rabiah, King Abdullah, King, Saudi riyals, Lilit Marcus, Foster, they’re, KAEC, isn’t, it’s, Umrah, Khalid al, Falih Organizations: CNN, Saudi Arabia CNN —, King Abdulaziz International Airport, King Abdullah Economic, King Abdullah Economic City, Saudi, CNN Station, Foster + Partners, du Nord, Getty, Saudi Gazette, Bandar, Saudi Railway Polytechnic, Saudi Arabia’s Investment Locations: Jeddah, Saudi Arabia, Mecca, Hajj, Medina, Jeddah’s, Jeddah Al, New York, Paris, du, Sulimaniyah, Bandar Aldandani, AFP, KAEC, umrah, Islam, Riyadh
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