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☆ Many 'doubted the vision': Saudi investment minister touts 'green shoring' on path to diversification
▼ + stars: | 2024-09-08 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Saudi Minister of Investment Khalid al-Falih pushed back against skepticism over the country's economic diversification plan, as Riyadh touts "green shoring" investment opportunities to woo foreign financing. The Saudi minister on Saturday said that, eight years into manifesting Vision 2030, the kingdom is now "more committed, more determined" to the program and has already implemented or is about to complete 87% of its targets. The number of foreign investment licenses issued in Saudi Arabia nearly doubled in 2023, the IMF noted, with government data pointing to a 5.6% annual increase in net flows of foreign direct investment in the first quarter. Concerns have nevertheless lingered over the potential uncertainty and unpredictability of the kingdom's legal framework and its dispute resolution system for foreign investment. Al-Falih insisted that Saudi Arabia boasts predictability, as well as domestic political and economic stability.

Persons: Khalid, Falih, CNBC's Steve Sedgwick, Mohammed bin Salman's Organizations: International Monetary Fund, IMF Locations: Saudi, Riyadh, Cernobbio, Italy, U.S, Saudi Arabia

☆ Middle East wealth funds are scrambling to rescue their big bets on the future
▼ + stars: | 2024-08-08 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. A particular focus for these funds built on the back of petrodollars has been to build ownership and influence in the tech sector. FETHI BELAIDOver the past week, PIF and Mubadala have been busy figuring out what to do when their unbridled ambitions for tech companies face reality. Reports from the Financial Times and Bloomberg have shone a light on efforts being made by the sovereign wealth fund to boost returns in European startups in which it has invested billions of dollars. AdvertisementSeveral of these nascent tech companies, such as the insurance firm WeFox, have been bruised by shifting sentiment in the markets in recent years.

Persons: —, Abu Dhabi's Mubadala, SoftBank's, ByteDance, Prince Mohammed bin Salman, Peter Rawlinson, Lucid, John Keeble, Rawlinson, PIF, it's, Mubadala Organizations: Service, Saudi, Public Investment Fund, Business, PIF, Financial Times, Bloomberg Locations: Middle, petrodollars, Saudi, California

☆ Trump meeting with Netanyahu for first time since departing White House
▼ + stars: | 2024-07-26 | by ( Alayna Treene | Kylie Atwood | ) edition.cnn.com time to read: +8 min

CNN —Former President Donald Trump is meeting with Israeli Prime Minister Benjamin Netanyahu on Friday, the first such meeting between the two men since Trump left the White House more than three years ago. Trump, who often claims he was the most pro-Israel president in modern history, once touted his close, personal relationship with Netanyahu. Netanyahu called Trump the greatest friend Israel has ever had and heralded him for “unequivocally” standing by Israel during Trump’s tenure as commander in chief. In posting that engagement with Abbas, Trump was trying to “strike a balance” going into the meeting, Bahbah said, adding that he hopes Trump will come out of the Netanyahu meeting calling for an immediate and permanent ceasefire. “At the table, the most important question is asking the prime minister what he needs to win.

Persons: Donald Trump, Benjamin Netanyahu, Trump, Netanyahu, Joe Biden, Kamala Harris, Harris, ”, Abraham, Israel, Biden, “, ” Trump, Axios, Qasem Soleimani, Netanyahu “, —, Keith Kellogg, he’s, Bishara Bahbah, Mahmoud Abbas, Bibi Netanyahu, Abbas, Bahbah, Lee Zeldin, ” Zeldin, Viktor Orbán, David Cameron, Andrzej Duda, Taro Aso, Saudi Crown Prince Mohammed bin Salman, The Trump Organizations: CNN, Israeli, White, Trump’s, Democratic, Trump, Hamas, Israel, Fox News, Abraham Accords, Biden, Republican, Jewish Republican, Hungarian, British, Japanese, Saudi Crown Locations: Israel, Tel Aviv, Jerusalem, Middle East, North Africa, Trump, Gaza, Arizona, Mar, New York

☆ The personal cybersecurity concierge is a new perk, and need, among the wealthy
▼ + stars: | 2024-07-26 | by ( Ellen Sheng | ) www.cnbc.com time to read: +4 min

Cybercriminals are increasingly targeting wealthy individuals, making cybersecurity concierges a new must-have for the rich and their families, including executives. While companies are spending heavily on cybersecurity, personal and home devices are generally less protected, making them easier to crack. And despite their sizeable assets and growing threat of cyberattacks, family offices and wealthy families don't think of themselves as targets because hackings are rarely publicized. JPMorgan Private Bank offers cybersecurity help to its ultra-high net worth clients, along with lifestyle and travel services. "I think one of the misconceptions is that — particularly for family offices — 'we're small and nobody notices us.'

Persons: Bill Roth, Jeff Bezos, Saudi Crown Prince Mohammed bin Salman, Lauren Sanchez, Bill Gates, Elon Musk, It's, Bobby Stover, Ernst & Young, They're, Anwar Visram, HardTarget, Ileana Van Der Linde, I've, Visram Organizations: Saudi Crown, Ernst &, JPMorgan, JPMorgan Private Bank, Asset, Wealth Management, CNBC Locations: WhatsApp, Tinder

☆ Equinox signs up for Neom, Saudi Arabia's futuristic desert city
▼ + stars: | 2024-07-26 | by ( Dan Latu | ) www.businessinsider.com time to read: +1 min

Equinox announced a resort in Neom, the desert project in Saudi Arabia. The resort will feature high-end restaurants, a floating bridge, and 450-meter pool. Equinox opened its first hotel in 2019 in New York City, where rooms can go for $900 per night. AdvertisementEquinox is joining Crown Prince Mohammed bin Salman of Saudi Arabia in dreaming of a desert paradise as the company announces plans for a resort in Neom, the kingdom's utopia project. The luxury accommodations promise to feature high-end restaurants, a pool the length of 9 Olympic-sized courses, a floating bridge suspended 40 meters above a lagoon, and, of course, a signature Equinox gym.

Persons: —, Crown Prince Mohammed bin Salman Organizations: Equinox, Service, Crown Prince Locations: Neom, Saudi Arabia, New York City

☆ Saudi Arabia's crown prince is probably not psyched that liberal ex-prosecutor Kamala Harris may be president: expert
▼ + stars: | 2024-07-23 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +1 min

Kamala Harris is the presumptive Democratic nominee after President Joe Biden exited the race. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Among them — Saudi Crown Prince Mohammed bin Salman, who one expert said would likely be wary of his presumed successor Kamala Harris. "A liberal presidential candidate like Kamala Harris, close to human rights activists will also be worrisome," said Mathew Burrows, a senior member of the research team at the Stimson Center think tank. This story is available exclusively to Business Insider subscribers.

Persons: Kamala Harris, Joe Biden, Harris, —, Joe Biden's, Prince Mohammed bin Salman, Mathew Burrows Organizations: Democratic, Service, Saudi, Stimson, Business Locations: Saudi Arabia

☆ Saudi Arabia's Neom dreams collide with financial reality as budgets reportedly face big cuts
▼ + stars: | 2024-07-12 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Saudi Arabia is reportedly getting ready to slash Neom's budget. Saudi Arabia has been struggling to justify the enormous cost of megaprojects such as Neom. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The kingdom is set to cut billions of dollars in spending on some of its Vision 2030 megaprojects amid rumors of spiraling costs, Bloomberg reported. Crown Prince Mohammed Bin Salman's Vision 2030 aims to transform Saudi Arabia both economically and politically by reducing its dependence on oil revenues and pivoting toward technology.

Persons: —, Prince Mohammed Bin Salman's Organizations: Bloomberg, Service, Business Locations: Saudi Arabia

☆ Esports World Cup: The new tournament in Saudi Arabia causing a big splash and division in the industry
▼ + stars: | 2024-07-06 | by ( Ben Church | ) edition.cnn.com time to read: +12 min

The Esports World Cup (EWC) – which began on July 3 – has brought together professional gamers, publishers and fans from across the world for an eight-week competitive gaming bonanza. To bring this on the similar scale as the largest traditional sports events and something that brings together the whole industry,” Reichert said. Discovery – CNN’s parent company – and the Esports World Cup Foundation agreed to a new partnership which includes Eurosport, CNN and other WBD platforms. “From my experience, there are a lot of people in [Saudi Arabia] that love their games, right to the top. “It’s probably unprecedented how quickly Saudi Arabia is moving ahead in its progression.

Persons: –, Ralf Reichert, ” Reichert, “, Gen.G, Mohammed Saad, Reichert, ”, Sam Mathews, It’s, it’s, Prince Mohammed bin Salman, sportswashing, SGG, Rod Breslau, “ It’s, ” Dana Ahmed, Manahel, Otaibi, Nick McGeehan, FairSquare, Mohamed bin Salman, Liquid’s, Steve Arhancet, Mathews Organizations: CNN, CNN Sport, Riot, New York Times, Adidas, Warner Bros, Eurosport, Anadolu, Getty, EWC, EWC Foundation, Saudi, MBS, Fox News, Investment Fund, Gaming, Amnesty, Fnatic, “ Locations: Saudi, Saudi Arabia, esports, “ Saudi Arabia, Breslau

☆ Saudi Arabia may be forced to reassess megaprojects like Neom
▼ + stars: | 2024-06-25 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

The Kingdom's Vision 2030 plans feature several massive construction projects, including the futuristic megacity Neom and an entertainment project on the outskirts of Riyadh. Amine Mati, an assistant director at the IMF and its mission chief for Saudi Arabia, told The FT that Saudi authorities were "recalibrating" to assess whether some spending should be delayed. In public, Saudi has largely been keen to insist that the megaprojects, especially Neom, are on track. Experts previously told BI that Saudi Arabia was struggling to attract the foreign investment needed for the development. Representatives for Neom did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

Persons: —, Mohammed Al, Jadaan, Prince Mohammed bin Salman, Neom Organizations: Service, Business, BBC, Saudi, IMF, FT, Public Investment Fund, CNBC Locations: Saudi Arabia, Riyadh

☆ Russia has seen two terror attacks in just three months. Here’s what we know
▼ + stars: | 2024-06-24 | by ( Kathleen Magramo | Jerome Taylor | ) edition.cnn.com time to read: +8 min

In Dagestan, Russian security forces fought an Islamist insurgency in the mountainous region in the 2000s that spilled over from neighboring Chechnya, though attacks have become rarer in recent years. Russian President Vladimir Putin attends a meeting with his election campaign confidants at the Kremlin in Moscow, Russia March 20, 2024. ISIS-K attack on music venueThe coordinated attacks in Dagestan come just weeks after Russia suffered its worst terror attack in decades. For a leader who has long promised security and stability to Russians, the major attack on Russian soil was another powerful blow. In the aftermath of the March attack, Putin called for Russia to remain united.

Persons: Vladimir Putin’s, Putin, Ramzan Kadyrov, Jill Dougherty, Vladimir Putin, confidants, Evgenia Novozhenina, Bashar al, Assad, Prince Mohammed bin Salman, Benjamin Netanyahu, ” Organizations: CNN, ISIS, Ukraine grinds, Russian Jewish Congress, Attackers, TASS, Russian Federation, Soviet, Hamas, Makhachkala Uytash Airport, Kremlin, Reuters, Saudi, Israeli, Central, Migrants, Kazakhstan — Locations: Russia, Russia’s, Dagestan, Moscow, Derbent, Makhachkala –, Makhachkala, Russian, Republic of Dagestan, Russia’s Caucasus, Caucasus, Soviet Union, Chechnya, –, Grozny, Ukraine, ”, Gaza, Israel, CNN Moscow, Reuters Russia, Iran, Soviet, Tajikistan, Uzbekistan, Kyrgyzstan, Turkmenistan, Kazakhstan

At least 14 Malaysians, 165 Indonesians, 68 Jordanians, 35 Pakistanis, 35 Tunisians, 11 Iranians and 98 Indians have died, according to authorities in each country. According to a CNN tally, this brings the latest official death toll for this year’s pilgrimage to at least 460. The death tolls are expected to rise much further, as Saudi Arabia and Egypt have yet to release official figures. The Bernama report did not specify if the dead were members of the country’s official Hajj delegation. The government is targeting 30 million pilgrims by 2030.

Persons: Mostafa Madbouly, Abdel Fattah el, Mecca Rafiq Maqbool, Mohd Na’im Mokhtar, ”, Arafat, Prophet Mohammed, King Salman bin Abdulaziz, Prince Mohammed bin Salman, Edward Szekeres, Handi Alkhshali, Aishwarya S Iyer Organizations: CNN, Jordanian Foreign Ministry, Crescent, Saudi, Reuters, Saudi Ministry of Health, Associated Press, AP Malaysia’s, Religious, News Agency, Hajj, India’s Ministry, External Affairs, Saudi General Authority, Statistics Locations: Mecca, Jordanian, Saudi Arabia, Egypt, Mina, Saudi

☆ Saudi Arabia looking to China for a lifeline for its futuristic city could mean trouble for the US
▼ + stars: | 2024-06-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at how Saudi Arabia is courting Chinese investors for help with its massive, futuristic city facing financial issues. NeomSaudi Arabia's dreams of a futuristic city are turning into a financial nightmare, and one of its solutions could spell trouble for the US. Since 2017, the Kingdom has touted big plans for the desert megacity Neom . AdvertisementThe city plans to heavily use renewable energy, a key area of focus for China as it digs itself out of its economic hole . But a soft real estate market and a trail of angry business partners and customers are threatening to thwart his big plans .

Persons: —, Prince Mohammed bin Salman's, Neom's, hasn't, Tom Porter, Prince, Aaron Weiner's, Weiner, Justin Sullivan, it's, they'd, Tyler Le, Giovanna Ventola, Michael Shvo, Shvo, Tesla, Jose Uribe, Sen, Bob Menendez, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Annie Smith, Amanda Yen Organizations: Service, UEFA, Business, Neom, US, International Monetary Fund, Bank of America, Apple, Apple Intelligence, OpenAI, Amazon, Bonnaroo Music, Arts Festival, Post Malone Locations: Saudi Arabia, Neom, Saudi, Kingdom, China, Gaza, New York, London

☆ Jared Kushner's post-White House deal-making included badly timed bet on Amazon aggregator
▼ + stars: | 2024-06-14 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +16 min

Kushner started Affinity in 2021, shortly after leaving his advisory role in the White House alongside his wife, Ivanka Trump. Neumann, who was ultimately ousted from WeWork by top SoftBank execs, introduced Kushner to Unybrands early the following year. Affinity's investment in Unybrands, which hasn't previously been reported, was one of the private equity firm's earliest deals. Following a continued slide, the company laid off roughly 10% of its staff in November 2022, according to people familiar with the matter. The House Oversight Committee launched an investigation into the investment in 2022, looking into whether Kushner's financial interests influenced Trump's foreign policy.

Persons: Jared Kushner, Alex Brandon, Kushner, Weeks, Ivanka Trump, Trump, Saudi Crown Prince Mohammed bin Salman, Jamal Khashoggi, WeWork, Adam Neumann, Neumann, Unybrands, hasn't, —, Catterton, Jason Somerville, Somerville, it's, didn't, headcount, Donald Trump, Gary Cohn, Crown Prince, Mohammed bin Salman, Jonathan Ernst, Crown Prince Mohammed bin Salman, Carolyn Maloney, Ron Wyden, Kushner didn't, Ulrich Kratz, Goldman Sachs, Kratz, Kushner's, Ian Brekke, Asad Naqvi, Bret Pearlman, Roger McNamee, Max Fink, Neumann's, Brekke, Naqvi, Pearlman, Fink, Shahar Azran, Eugen Miropolski, Robyn Laguette, Mark Goldfinger, Joe Biden, Lex, Jeff Bezos, Sam Altman, Ye, I've Organizations: U.S . Capitol, Capitol, Reuters, Affinity Partners, Companies, White House, Affinity, Saudi Crown, Unybrands, WeWork, CNBC, Amazon, BlackRock, Khosla Ventures, GW Partners, Saudi Arabia's Public Investment Fund, United Arab, Saudi Arabia's, Crown, Ritz Carlton Hotel, Saudi, Republicans, Crayhill Capital Management, Barclays, Goldman, Kushner, Investments II, Blackstone, Partners, Financial Services, CNBC it's, Israeli American Council, IAC, Getty, Kanye Locations: Washington, Amazon's, South Florida, Miami, Silicon Valley, Saudi, Saudi Arabia, Unybrands, United Arab Emirates, Qatar, Riyadh, Yemen, American, Austin , Texas, Gulf, Israel

☆ Saudi Arabia is seeking billions in Chinese investment for Neom. But it comes with a massive risk.
▼ + stars: | 2024-06-13 | by ( Tom Porter | ) www.businessinsider.com time to read: +7 min

Read previewAt a recent exhibition in Hong Kong, Saudi Arabia showcased its futuristic vision for its planned Neom megacity. It was part of Saudi Arabia's drive to secure billions in new investment for the project, which is the centerpiece of Saudi ruler Mohammed bin Salman's Vision 2030 strategy. China sees Saudi Arabia as not just a business opportunity but a way of undercutting the influence of its longtime Saudi ally, the US. AdvertisementIn April, Saudi Arabia's Public Investment Fund-subsidiary Alat signed a deal with Dahua Technology, one of China's most important surveillance technology firms. "The main risk today to Saudi Arabia's tech cooperation with China is the growing China-US tech war.

Persons: —, Mohammed bin Salman's, Xi Jinping, Mohammed bin Salman Al Saud, Yue Yuewei, Leonard Chan, Robert Mogielnicki, Abdullah Al, Crown Prince Mohammed, Alat, GREG BAKER, Camille Lons, Neom that's, Saudi Arabian Crown Prince Mohammed bin Salman, Saudi Arabia's, Biden Organizations: Service, Business, Saudi, Saudi Crown Prince, Getty, Hong Kong Innovative Technology Development Association, Gulf States Institute, Crown, Public Investment Fund, Dahua Technology, US, European Council, Foreign Relations, Saudi Arabian Crown, New York Times Locations: Hong Kong, Saudi Arabia, Saudi, Riyadh, Xinhua, China, Washington, Neom, Riyadh Tower, Beijing, Israel

☆ CNBC Daily Open: Far-right makes gains in EU elections
▼ + stars: | 2024-06-10 | by ( Abid Ali | ) www.cnbc.com time to read: +4 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Populist, far-right parties also won record support in this year's European Parliament elections, exit polls indicated late on Sunday. No way, MuskNorway's $1.7 trillion sovereign wealth fund, Tesla's eighth-largest shareholder, will vote against Elon Musk's $56 billion pay package. Despite a recent 2% drop in Aramco's stock and pressures on global oil prices, the offering attracted strong international demand.

Persons: Emmanuel Macron, Pen, CNBC's Karen Gilchrist, Dow, Stocks, Musk, Kitty's, Keith Gill, Gill, Prince Mohammed bin, Aramco's, Morgan Stanley, there's Organizations: CNBC, Populist, Nasdaq, Dow Jones, Treasury, Elon Musk's, GameStop, Saudi, Nvidia Locations: Europe, freefall, Saudi Arabia, Aramco, Saudi

☆ Saudi oil giant Aramco's shares rise after stock sale set to raise $11.2 billion
▼ + stars: | 2024-06-09 | by ( Katrina Bishop | ) www.cnbc.com time to read: +1 min

Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Shares of Saudi Arabia's Aramco rose on Sunday following a stock sale that's set to raise the state oil company around $11.2 billion. Shares were trading around 28.25 Saudi riyals ($7.53) on the Tadāwul Saudi stock exchange at 11:30 a.m. local time (4:30 a.m. ET), above the stock sale offer price of 27.25 Saudi riyals. Citing sources, Reuters reported that demand for the offering topped $65 billion, and Aramco placed over half of the sale with foreign investors.

Persons: Prince Mohammed bin Salman's, —, Ruxandra Iordache Organizations: Saudi Aramco, Saudi, Aramco, Reuters, CNBC, U.S . Federal Locations: Saudi, Saudi Arabia, Neom

☆ Saudi Aramco offers nearly $11.5 billion in new stock for sale
▼ + stars: | 2024-05-30 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Aramco will offer 1.545 billion shares in a price range between 26.70 and 29 Saudi riyals per share, according to a company filing. At the midpoint of that range, the sale would total nearly $11.5 billion. The sale represents a follow-on offering, after Aramco initially entered the public markets in 2019 and raised $29.4 billion in the world's largest ever initial public offering. Aramco lifted its base dividend for the fourth quarter to $20.3 billion, and boosted its performance-linked dividend to $10.8 billion. Saudi Arabia owns more than 82% of Aramco prior to the sale, the Wall Street Journal has reported.

Persons: Abdulaziz bin Salman, Prince Mohammed bin Salman, — CNBC's Spencer Kimball Organizations: Aramco, Plaza Conference, Saudi, Saudi Energy, Chevron, ExxonMobil, giga, Wall Street Locations: Dhahran, Saudi Arabia, Saudi Arabia's, Aramco, Riyadh, Saudi, Neom

☆ Aramco share sale planned for summer could net Saudi Arabia a welcome $10 billion amid its Neom project struggles
▼ + stars: | 2024-05-27 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Read previewSaudi Arabia looks set for a multibillion-dollar share sale in its state oil company, Saudi Aramco. AdvertisementThe government of Saudi Arabia remains the largest shareholder in Aramco, which is the world's largest oil company by market cap. AdvertisementThe kingdom has embarked on a number of "gigaprojects" as part of the 2030 plan, including its Neom megacity. But recent reports suggest Saudi Arabia has been seeking to borrow funds for the project, while also scaling back population estimates for The Line. In January, it said that its cash as of September had dropped to around $15 billion — the lowest level since December 2020, The Wall Street Journal reported.

Persons: —, Prince Mohammed bin Salman's Organizations: Service, Reuters, Business, Aramco, Saudi Aramco, Saudi, Public Investment Fund, Bloomberg, Street Journal Locations: Saudi Arabia, Saudi Aramco, Aramco, Saudi

☆ 7 quirky plans for Neom, from robot hotel clerks to swim lanes for commuters
▼ + stars: | 2024-05-22 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +5 min

Read previewSaudi Arabia has grand plans for its Neom megaproject. The city is part of Saudi Crown Prince Mohammed bin Salman's Vision 2030 project , which plans to revolutionize the country's oil-dependent economy for a post-fossil fuel future. Swim lanes for commutersThe megacity is also considering including swim lanes for commuters, according to a Neom "style catalog" seen by Bloomberg. Neom planners are reportedly considering including canals with swimmable water, which would allow residents to swim to work or school. A robot and AI networkNeom has grand plans to be the most high-tech city in the world.

Persons: —, It's, Prince Mohammed bin Salman's, Jan Paterson, Neom's, Neom, Nadhmi Al, Nasr, Wayne Borg, Paul Marshall Organizations: Service, Business, Planners, Bloomberg, Wired, BBC Locations: Saudi Arabia, Saudi, Neom, Aqaba, Treyam, Neom's

☆ Oil prices fall on fear of high U.S. interest rates depressing demand
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: +2 min

Oil storage drums stacked in the Keihin industrial area of Kawasaki, Kanagawa Prefecture, Japan, on Monday, April 15, 2024. Oil prices fell in early Asian trade on Tuesday, with investors anticipating higher-for-longer U.S. inflation and interest rates will depress consumer and industrial demand. "Fears of weaker demand led to selling as the prospect of Fed rate cut became more distant," said analyst Toshitaka Tazawa at Fujitomi Securities. Lower interest rates reduce borrowing costs, freeing up funds which could boost economic growth and demand for oil. OPEC+ could extend some voluntary output cuts if demand fails to pick up, people with knowledge of the matter previously told Reuters.

Persons: Toshitaka Tazawa, Philip Jefferson, Michael Barr, Raphael Bostic, Ebrahim Raisi, Ayatollah Ali Khamenei, Mohammed Bin Salman, Fujitomi's Tazawa Organizations: Brent, . West Texas, Federal, Fujitomi Securities, Atlanta Fed, Reuters, Saudi Arabia's Crown, Iranian, Investors, Organization of, Petroleum Locations: Kawasaki, Kanagawa Prefecture, Japan, Saudi, OPEC

☆ Saudi king to be treated for lung inflammation, state news agency says
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +2 min

Photo: Oliver Weiken/dpa (Photo by Oliver Weiken/picture alliance via Getty Images)Saudi King Salman will undergo treatment at Al Salam Palace in Jeddah for a lung inflammation, the state news agency said on Sunday, hours after he underwent medical tests. Citing the royal court, the state news agency said the 88-year-old king would be treated with antibiotics until the inflammation subsides. Earlier on Sunday, King Salman underwent medical tests at the royal clinics at Al Salam Palace due to "high temperature and joint pain", the Saudi state news agency said. King Salman, the custodian of Islam's holiest sites, became ruler of the world's top oil exporter in 2015 after spending more than 2-1/2 years as the crown prince and deputy premier. Saudi Arabia's embassy in Japan did not immediately respond to a request for comment about the crown prince's cancelled trip.

Persons: Abdel Fattah el, Saudi King Salman bin Abdulaziz Al Saud, Jean, Claude Juncker, Oliver Weiken, Saudi King Salman, King, Prince Mohammed bin Salman, Yoshimasa Hayashi, King Salman of, Prince Mohammed's, Hayashi, King Salman, Jake Sullivan, Emperor Naruhito, Fumio Kishida Organizations: Arab League, European Union, of Arab, Getty Images, Al Salam, Saudi, Al, U.S . National Locations: Egypt, Sharm El, Saudi King, Sharm, Saudi, Jeddah, Japan, Saudi Arabia, King Salman of Saudi Arabia, Tokyo, Washington, Riyadh, Saudi Arabia's

☆ Brent oil gains after Iran's President dies, Saudi flags issue with King's health
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +3 min

Brent crude futures extended gains on Monday, inching up amid political uncertainty in major producing countries after Iran's president died in a helicopter crash and the Saudi crown prince cancelled a Japan trip, citing health issues with the king. Brent gained 10 cents, or 0.1%, to $84.08 a barrel by 0454GMT, after rising to $84.30 earlier, its highest since May 10. He added that WTI prices may rebound further toward $83.50 after rising above the 200-day moving average of $80.02. Despite the volatility in the region, oil prices moved only slightly. "Continuity in Saudi strategy is expected regardless of this health issue," he added.

Persons: Brent, Ebrahim Raisi, Saudi Arabian Crown Prince Mohammed bin Salman, King Salman, Yoshimasa Hayashi, Tony Sycamore, Sycamore, Warren Patterson, Patterson, Saul Kavonic, Prince Mohammed Bin Salman's Organizations: Brent, . West Texas, Saudi, Saudi Arabian Crown, Iranian, IG, ING, The, of, Petroleum, Petroleum Reserve Locations: Fort Stockton , Texas, Saudi, Japan, East Azerbaijan, Saudi Arabian, China, U.S, United States, Washington

☆ Top U.S. Official Visits Israel as Allies Urge Limits on Rafah Incursion
▼ + stars: | 2024-05-19 | by ( Matthew Mpoke Bigg | ) www.nytimes.com time to read: +4 min

The United States has repeatedly called on Israel not to launch a full-scale invasion of Rafah, the southernmost city in Gaza. Earlier this month, President Biden said in an interview with CNN that the United States would not supply weapons for a major Israeli offensive in Rafah. Hamas said its fighters had fired on Israeli troops in eastern Rafah and close to the Rafah border crossing with Egypt. In the interim, tensions between the United States and Israel over the Rafah invasion and Israel’s conduct of the war have escalated. Mr. Sullivan is expected to try to advance the deal in his meeting with the Israeli leader.

Persons: Jake Sullivan, Benjamin Netanyahu, John Kirby, Sullivan, Netanyahu, Elizabeth Frantz, Biden, Lloyd Austin, Antony J, Blinken, Crown Prince Mohammed bin Salman, Prince Mohammed, Vivian Nereim Organizations: U.S, Sunday, United, White House, Washington . Credit, Reuters, CNN, Crown, Saudi Press Agency Locations: United States, Israel, Rafah, Gaza, Washington ., Egypt, Qatar, Saudi Arabia, Palestinian, U.S, Saudi

☆ Israel-Hamas War in Gaza: Latest Updates
▼ + stars: | 2024-05-19 | by ( Matt Surman | ) www.nytimes.com time to read: +3 min

The United States has repeatedly called on Israel not to launch a full-scale invasion of Rafah, the southernmost city in Gaza. Credit... Elizabeth Frantz/Reuters Mr. Sullivan is expected to stress the need for a targeted approach to fighting Hamas in Gaza and to emphasize American opposition to a full-scale attack on Rafah. Mr. Sullivan traveled to Saudi Arabia on Saturday, a visit that had been slated for April originally but was delayed after the U.S. official cracked a rib. In the interim, tensions between the United States and Israel over the Rafah invasion and Israel’s conduct of the war have escalated. Mr. Sullivan is expected to try to advance the deal in his meeting with the Israeli leader.

Persons: Jake Sullivan, Benjamin Netanyahu, John Kirby, Sullivan, Netanyahu, Elizabeth Frantz, Biden, Lloyd Austin, Antony J, Blinken, Crown Prince Mohammed bin Salman Organizations: U.S, Sunday, United, White House, Washington . Credit, Reuters, CNN, Senate, Crown Locations: United States, Israel, Rafah, Gaza, Washington ., Egypt, Qatar, Saudi Arabia, Palestinian, U.S, Saudi

☆ Israel Resists Grand Bargain as U.S. and Saudis Work on Security Pact
▼ + stars: | 2024-05-17 | by ( Edward Wong | Vivian Nereim | ) www.nytimes.com time to read: +1 min

Two years into President Biden’s term, his aides began negotiating with Saudi leaders to have the kingdom establish diplomatic relations with Israel. But when the Israel-Hamas war began last October, the talks withered. American and Saudi officials have tried to revive prospects for a deal by demanding more from Israel — a cease-fire in Gaza and irreversible steps toward the founding of a Palestinian nation. Now those officials say they are close to a final agreement on the main elements of what the Saudis want from the deal: a U.S.-Saudi mutual defense pact and cooperation on a civilian nuclear program in the kingdom. And Jake Sullivan, the White House national security adviser, is expected to follow up when he goes to Saudi Arabia and Israel this weekend.

Persons: Biden’s, Israel —, Antony J, Blinken, Prince Mohammed bin Salman, Jake Sullivan Organizations: Saudi, Hamas, State Department, White House Locations: Israel, Gaza, Palestinian, U.S, Saudi, Riyadh, Saudi Arabia

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