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☆ Middle East pivot to Asia is strategic this time
▼ + stars: | 2023-03-14 | by ( Una Galani | ) www.reuters.com time to read: +6 min

Xi Jinping has brokered a deal the United States would have found hard to secure, despite its traditional military influence in the Middle East. The Middle East has trained its financial sights on Asia before. At current rates of growth, emerging Asia will become the top trade partner for the Gulf countries by 2028, per Asia House, surpassing advanced economies. As U.S.-China relations continue to sour, the Asian financial centre is looking to the Middle East to find new foreign companies to trade in the territory. Delegations from the two Middle East countries held talks in Beijing between March 6 and 10, the statement added.

☆ Olam’s Saudi-Singapore IPO sign of shifting times
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Jan 11 (Reuters Breakingviews) - Signs of deepening ties between Asia and the oil-rich Gulf are coming thick and fast. A planned Saudi Arabia-Singapore dual listing this year for Olam Agri, a trader of grains and seeds, is the latest example. Corporate and financial moves underscore how the global pin-code, as Olam’s co-founder and Chief Executive Sunny Verghese puts it, is changing. Between population trends, the Russia-Ukraine war and polarising geopolitics, expect the Gulf and Asia to get cosier. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Saudi Arabia has suggested the United States asked it to wait a month before cutting oil production, defending a move heavily criticized by the White House as helping Russia's war in Ukraine. Bandar Al-Jaloud / AFP - Getty ImagesAs the de facto head of OPEC+, Saudi Arabia rejected that appeal, with the alliance instead announcing earlier this week it would be cutting global supply by 2 million barrels. John Kirby, National Security Council coordinator for strategic communications, said that Saudi Arabia was trying to "spin and deflect" on the issue. "Other OPEC nations communicated to us privately that they also disagreed with the Saudi decision, but felt coerced to support Saudi’s direction." Like many Western governments, Washington has long sought to balance reliance on Saudi Arabia, the world's second largest oil producer, with holding it to account on human rights.

☆ Sovereign debt greens yet net-zero pledges darken
▼ + stars: | 2022-10-13 | by ( George Hay | ) www.reuters.com time to read: +5 min

LONDON, Oct 13 (Reuters Breakingviews) - Governments are increasingly getting into green bonds. Nearly 40 sovereigns as well as other local public entities have issued green bonds in recent years. And they are also issuing green debt at increasingly longer tenors: in August the Monetary Authority of Singapore raised $2.4 billion via a 50-year green bond. Still, the boom in sovereign green bonds has not been accompanied by much progress towards net zero. The bonds’ proceeds will be earmarked for environmental investments, such as energy efficiency projects.

☆ Petrodollar rush may disappoint Western financiers
▼ + stars: | 2022-09-20 | by ( Liam Proud | ) www.reuters.com time to read: +6 min

Yet Western financiers hoping to share in the spoils of a 1970s-style petrodollar boom will be disappointed. In previous petrodollar booms, energy producers have recycled their windfalls into the Western financial system. These financial flows, known as petrodollar recycling, mean that the money Westerners spend on fuel eventually makes its way back into their economies through energy producers’ financial investments. Either way, it would mean that Westerners miss out on some of the spoils of the new petrodollar boom. A more muted petrodollar boom might not be such a bad thing after all.

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