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☆ Oil steady as demand woes from weak economic data offset by OPEC+ cuts
▼ + stars: | 2023-07-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

HOUSTON, July 10 (Reuters) - Oil prices were little changed on Monday in choppy trading as demand woes after weak economic data from top consumers the United States and China were offset by expected crude supply cuts from Saudi Arabia and Russia. "Oil traders may be cautious ahead of the U.S. CPI (Consumer Price Index) and China's slew of economic data later this week," CMC Markets analyst Tina Teng said of inflation data due on Wednesday. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. However, crude prices could rebound after producer group OPEC+ announced plans to reduce supply further, Teng added. Money managers stepped up net long positions in oil futures and options contracts in the latest weekly data.

Persons: Brent, Tina Teng, Loretta Mester, Teng, Ole Hansen, Hansen, Arathy Somasekhar, Noah Browning, Florence Tan, Emily Chow, Alexander Smith, David Goodman, Peter Graff Organizations: . West Texas, U.S . CPI, Consumer, CMC, U.S . Federal Reserve, Federal Reserve Bank, Cleveland, OPEC, International Energy Agency, Saxo Bank, Money, Thomson Locations: United States, China, Saudi Arabia, Russia, ., Saudi, WTI, Brent

☆ State Senator Roland Gutierrez Seeks to Unseat Ted Cruz, Widening Democratic Field
▼ + stars: | 2023-07-10 | by ( J. David Goodman | More About J. David Goodman | ) www.nytimes.com time to read: +1 min

Roland Gutierrez, a Democratic state senator who has been an outspoken gun-control proponent since last year’s massacre in Uvalde, Texas, announced on Monday that he would seek Senator Ted Cruz’s seat next year. Mr. Gutierrez, whose district stretches from San Antonio to the Rio Grande and includes Uvalde, is the second major Democratic politician to enter the race, most likely ensuring a high-profile primary contest among Texas Democrats. Representative Colin Allred, a second-term congressman from the Dallas area, declared his candidacy in May. Both candidates have entered the race vowing to focus their attacks on Mr. Cruz rather than on any Democratic rivals. He is a familiar face on cable news, commenting not only on the killings in Uvalde and the delayed police response but also on other mass shootings.

Persons: Roland Gutierrez, Ted Cruz’s, Gutierrez, Colin Allred, Cruz Organizations: Democratic, Texas Democrats, Texas Capitol Locations: Uvalde , Texas, San Antonio, Rio Grande, Dallas, Texas, Uvalde

☆ India raised questions over Foxconn-Vedanta chip incentive plan -source
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, July 10 (Reuters) - Taiwan's Foxconn pulled out of a semiconductor joint venture with Vedanta after India's government raised questions over its application for an incentive scheme for chip production, a source familiar with the matter said. Foxconn and Vedanta did not respond immediately to requests for comment. Reporting by Aditya Kalra in New Delhi and Munsif Vengattil in Bengaluru Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Foxconn, Vedanta, Aditya Kalra, David Goodman Organizations: Vedanta, Thomson Locations: BENGALURU, New Delhi, Bengaluru

☆ Telefonica sells controlling stake in Peruvian fibre optic network to KKR
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

MADRID, July 7 (Reuters) - Telefonica (TEF.MC) has sold a 54% stake in its fibre optic network in Peru to U.S. private equity fund KKR (KKR.N) and 10% to Entel's (ENTEL.SN) local business, the Spanish telecoms group said on Friday, adding that it will retain the remaining 36%. In many markets, the company has separated the infrastructure into different units to maximise the value of its disposed assets. The Spanish company did not disclose the value of the transaction but said the deal would cut its debt by 200 million euros ($217.8 million). The transaction valued 100% of the unit at about 550 million euros, including debt, according to a banking source close to the deal. The new company, Pangeaco, will combine the existing fibre optic network in Peru from Telefonica and Entel, KKR firm said in a separate statement.

Persons: Inti Landauro, Jacqueline Wong, David Goodman Organizations: Telefonica, KKR, Entel, Santander, Thomson Locations: MADRID, Peru, U.S, Spanish

☆ Shell warns of big drop in gas trading results
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

July 7 (Reuters) - Shell (SHEL.L), the world's biggest liquefied natural gas (LNG) trader, said on Friday second-quarter gas trading results were expected to come in "significantly lower" quarter-on-quarter, though in line with the previous two years' second quarters. Shell cited "seasonality and fewer optimisation opportunities" as reasons for its lower gas trading result. The company does not provide figures for its gas trading results or say what proportion of its business it accounts for. "Shell's trading update included a number of operational indicators which were broadly in line with our forecasts," said RBC equity analyst Biraj Borkhataria in a note. "Weaker trading across oil and gas which should be expected by the market given lower gas prices and the seasonality of Shell's LNG portfolio."

Persons: Shell, Biraj Borkhataria, Eva Mathews, Nora Buli, David Goodman, Mark Potter Organizations: Shell, RBC, Exxon, Thomson Locations: Norway, writedowns, Bengaluru, Shadia, London

☆ Shell warns of significant drop in gas trading results
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: 1 min

July 7 (Reuters) - Energy giant Shell (SHEL.L) expects second-quarter gas trading results to be "significantly lower" than in the previous quarter, it said on Friday. In an update ahead of second-quarter results on July 27, the world's biggest liquefied natural gas (LNG) trader also flagged $3 billion in writedowns for the quarter, primarily driven by a 1% increase in the discount rate used for impairment testing. It added that trading performance in its chemicals and products business was also expected be lower than in the first quarter, with the indicative refining margin forecast to drop to $9 a barrel from $15 a barrel. U.S. rival Exxon also guided for lower refining margins this week. Reporting by Eva Mathews in Bengaluru Additional reporting by Shadia Nasralla Editing by Krishna Chandra Eluri and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Eva Mathews, Shadia, Krishna Chandra Eluri, David Goodman Organizations: Energy, Shell, Exxon, Thomson Locations: writedowns, Bengaluru

☆ Oil steadies as market digests supply and demand outlook
▼ + stars: | 2023-07-06 | by ( Natalie Grover | ) www.reuters.com time to read: +1 min

LONDON, July 6 (Reuters) - Oil prices were little changed on Thursday as the market digested tighter crude supply alongside fears of global economic slowdown. Brent crude futures edged up 12 cents to $76.77 a barrel by 1143 GMT after a 0.5% gain the previous day. On the supply side, top oil exporters Saudi Arabia and Russia announced a fresh round of output cuts for August. The total cuts now stand at more than 5 million barrels per day (bpd), equating to 5% of global oil output. "The oil balance will likely tighten and so will financial conditions, judging by the Fed minutes released last night," said PVM analyst Tamas Varga.

Persons: Tamas Varga, Natalie Grover, Yuka Obayashi, David Goodman Organizations: Brent, . West Texas, Thomson Locations: Saudi Arabia, Russia, U.S, Europe, China, London, Tokyo, Singapore

☆ Airbus first-half deliveries up 6% to 316 jets -sources
▼ + stars: | 2023-07-06 | by ( Tim Hepher | ) www.reuters.com time to read: +1 min

PARIS, July 6 (Reuters) - Airbus (AIR.PA) deliveries increased by 6% in the first half of the year to reach 316 aircraft, industry sources said on Thursday. Airbus, which is targeting 720 deliveries for the year, declined to comment ahead of the publication of data on Friday. Airbus's first-half performance compares with industrial deliveries of 297 planes in the first six months of last year, before a negative adjustment of two units related to Russia. Based on tracking of test flights, Jefferies said in a report this week that underlying aircraft production remained soft compared with targeted rates but looked set to increase this summer. Airbus reports first-half results on July 26.

Persons: Airbus's, Christian Scherer, Jefferies, Tim Hepher, David Goodman Organizations: Airbus, Aerospace, Reuters, Thomson Locations: Russia

☆ Saudi Arabia hikes most August oil prices to Asia after supply cuts
▼ + stars: | 2023-07-06 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

Companies Saudi Arabian Oil Co FollowJuly 7 (Reuters) - Top oil exporter Saudi Arabia has raised the prices for most its crude oil to Asian customers in August for a second month, after its announcement of prolonging an extra output cut on top of a broader OPEC+ deal. Saudi Aramco hiked the official selling prices (OSP) for August-loading Arab Light to Asia by 20 cents a barrel from July to $3.20 a barrel over Oman/Dubai quotes, the state oil giant said in a statement. Saudi Arabia on Monday announced it would draw out its 1 million barrels-per-day (bpd) voluntary cut to oil production to August and left the door open to extend the trim further. The more expensive Saudi oil would further weigh on the thin refining margins in Asia and prompt refiners to seek alternatives from other Middle Eastern suppliers or from regions such as the U.S. and West Africa, considering the spread between Brent- and Dubai-pegged oil has narrowed. Meanwhile, the OSP to the United States was also raised by 10 cents in August from the prior month at $7.25 versus ASCI.

Persons: refiners, Muyu Xu, Brijesh Patel, David Goodman, David Evans, Alexander Smith Organizations: Saudi Arabian Oil, Saudi Aramco, Reuters, Saudi, Monday, Renaissance Energy, Thomson Locations: Saudi Arabia, OPEC, Saudi, Asia, Oman, Dubai, West Africa, Brent, Singapore, Europe, United States

U.S. West Texas Intermediate crude rose $2.15 from Monday's close, or 3.1%, to $71.91 a barrel by 11:36 a.m. EDT (1536 GMT). Brent crude futures rose 45 cents, or 0.5%, to $76.66 a barrel, after gaining $1.60 a barrel on Tuesday. "The July voluntary cuts and the extension into August should considerably tighten the oil market, but investors will stay on the sidelines until oil inventories will show substantial draws," said UBS analyst Giovanni Staunovo. The American Petroleum Association will report its weekly U.S. crude oil and products inventory report after 4:30 p.m. EDT (2030 GMT) on Wednesday. Morgan Stanley on Wednesday lowered its oil price forecasts, predicting a market surplus in the first half of 2024 with non-OPEC supply growing faster than demand next year.

Persons: Prince Abdulaziz bin Salman, Giovanni Staunovo, Staunovo, Morgan Stanley, Shariq Khan, Natalie Grover, Yuka Obayashi, Muyu Xu, David Goodman, Jan Harvey, David Gregorio Our Organizations: Brent's Tuesday, Brent, . West Texas, American Petroleum Association, U.S . Energy, Administration, U.S, Thomson Locations: Saudi Arabia, Russia, BENGALURU, Monday's, Algeria, Saudi, OPEC, China, Europe

☆ Brent crude steady as economic fears offset supply cuts
▼ + stars: | 2023-07-05 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

LONDON, July 5 (Reuters) - Brent crude oil prices were little changed on Wednesday as concern over the global economy countered supply cuts announced this week by top crude exporters Saudi Arabia and Russia. Recent surveys have shown a slump in global factory activity, reflecting sluggish demand in China and Europe. Russia and Algeria, meanwhile, are lowering their August output and export levels by 500,000 bpd and 20,000 bpd respectively. Seperately, Kazakhstan oil output on July 4 plunged by about a fifth from July 2 levels after widespread power outages. Kazakh crude accounts for about 1.7% of global oil production.

Persons: Brent, Tamas Varga, Prince Abdulaziz bin Salman, Morgan Stanley, Natalie Grover, Yuka Obayashi, Xu, David Goodman Organizations: Brent, . West Texas Intermediate, U.S, Thomson Locations: Saudi Arabia, Russia, ., Monday's, China, Europe, Algeria, Saudi, OPEC, Seperately, Kazakhstan, London, Tokyo, Singapore

☆ Romania's Hidroelectrica tops $10 billion valuation in 'historic' IPO
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

BUCHAREST, July 5 (Reuters) - Romanian energy producer Hidroelectrica's IPO has been priced at 104 lei ($22.87) per share, it said on Wednesday, implying a market capitalisation of $10.3 billion in what a government minister described as a "historic success." "We are happy to see the strong investor interest which has driven a successful outcome," said Chief Executive Bogdan Badea. The stock will start trading on July 12 on the Bucharest bourse. The government will retain its 80% holding in the country's largest energy producer, which has power capacity of 6.3 gigawatts from 182 hydroelectric plants. The performance of the shares once they start trading will be watched closely.

Persons: Bogdan Badea, Fondul Proprietatea, Franklin Templeton, Sebastian Burduja, Austria's Verbund, Luiza Ilie, Pablo Mayo, Alexandra Schwarz, David Goodman Organizations: Bucharest bourse, U.S, EU, Bucharest Stock Exchange, Romanian Energy, CAB Payments, Bankers, Vienna Stock Exchange, Pablo Mayo Cerqueiro, Thomson Locations: BUCHAREST, Romanian, Bucharest, London

☆ Iberdrola, Masdar to develop $1.5 billion Baltic wind farm, Expansion reports
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

MADRID, July 5 (Reuters) - Spanish utility Iberdrola (IBE.MC) has signed an exclusive deal with Abu Dhabi's Masdar to develop a 476 megawatt (MW) offshore wind farm in German waters in the Baltic Sea, Expansion newspaper reported on Wednesday, citing unidentified market sources. The Baltic Eagle wind farm being built off Germany's northeastern coast will have 50 wind turbines and is part of Iberdrola's strategy to sell advanced renewable projects to raise cash to help finance its 47 billion euro investment plan. Masdar, a renewable energy company owned by the United Arab Emirates' sovereign wealth fund Mubadala, could buy a stake of up to 49% in the project, Expansion said. The newspaper had previously reported that the top candidates jostling for the stake were Masdar, Swiss fund EIP and Australian asset manager Macquarie's green investment arm GIG. This would be the third agreement this year between Iberdrola and a large sovereign wealth fund, having previously agreed deals with Norway's Norges Bank Investment Management (NBIM) and Singapore's GIC.

Persons: Abu Dhabi's Masdar, Iberdrola, GIC, David Latona, David Goodman Organizations: United Arab Emirates, Baltic Eagle, Norway's Norges Bank Investment Management, Thomson Locations: MADRID, Baltic, Iberdrola

☆ Oil prices rise 2% as market weighs supply cuts against economic outlook
▼ + stars: | 2023-07-04 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

LONDON, July 4 (Reuters) - Oil prices climbed 2% on Tuesday as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook. The total cuts now stand at more than 5 million bpd, or 5% of global oil output. "Clearly, the Saudis are taking proactive and pre-emptive steps to stabilize the price of crude oil as well as see gains to reach $80 a barrel to sustain their domestic budgets," said Andrew Lipow, president of Houston-based Lipow Oil Associates. Even so, the market will wait to verify Russia's announced cuts, and concerns continue that high interest rates will weigh on global demand, Lipow said. Oil benchmarks settled about 1% down in the previous session, as a gloomy macroeconomic outlook served to erase early gains.

Persons: Tamas Varga, Andrew Lipow, Russia's, Lipow, Craig Erlam, Natalie Grover, Rod Nickel, Arathy Somasekhar, Trixie Yap, Mark Potter, Alexander Smith, David Goodman, Bill Berkrot Organizations: Brent, . West Texas, Houston, Lipow Oil Associates, Independence, International Energy Agency, Thomson Locations: Saudi Arabia, Russia, Algeria, OPEC, China, Europe, U.S, London, Winnipeg , Manitoba, Houston, Singapore

☆ Gazprom subsidiary files lawsuits against Deutsche Bank and Commerzbank
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, July 4 (Reuters) - RusKhimAlyans, a subsidiary of Russian gas giant Gazprom (GAZP.MM), has filed lawsuits seeking a total of 31 billion roubles ($348 million) from Deutsche Bank (DBKGn.DE) and Commerzbank (CBKG.DE), Russian court documents show. RusKhimAlyans, in which Gazprom has a 50% stake, is seeking more than 22 billion roubles from Deutsche Bank and over 8 billion roubles from Commerzbank, according to the documents filed at the Court of Arbitration of St Petersburg and the Leningrad Region. In 2021, Linde and Renaissance Heavy Industries signed an engineering, procurement and construction (EPC) contract with Gazprom and its partners for the Ust-Luga gas complex. Linde notified the customer in May and June 2022 that it had suspended work under the contract due to European Union sanctions imposed after Russia sent thousands of its troops into neighbouring Ukraine. ($1 = 89.0585 roubles)Reporting by Vladimir Soldatkin; Editing by David Goodman and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Linde, Vladimir Soldatkin, David Goodman, Emelia Organizations: Gazprom, Deutsche Bank, Linde, Renaissance Heavy Industries, Ust, Thomson Locations: MOSCOW, Commerzbank, Petersburg, Leningrad Region, Baltic, Ust, Luga, Russia, Ukraine

☆ Russia rejects bank compromise as Black Sea grain expiry looms
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +2 min

With 13 days remaining until expiry of the deal that has allowed Ukraine to export grain from its Black Sea ports despite Russia's invasion, Moscow said there had been no progress on any of its key demands, including the banking issue. She also rejected a U.N. attempt to create an alternative payment channel between Rosselkhozbank and U.S. bank JP Morgan (JPM.N). Russia says the severing of the bank's access to SWIFT is one of the obstacles facing its own exports of food and fertiliser, and that it cannot keep renewing the Black Sea deal unless those issues are addressed. The United Nations says the deal has so far allowed the export of more than 32 million metric tons of food from three Ukrainian Black Sea ports to 45 countries on three continents. Its foreign ministry said the Black Sea initiative had delivered Ukrainian grain to "well-fed" countries but failed to help those that needed it most in Africa, Asia and Latin America.

Persons: Maria Zakharova, JP Morgan, SWIFT, Zakharova, Felix Light, Mark Trevelyan, David Goodman Organizations: Financial Times, European Union, Foreign Ministry, SWIFT, United Nations, Thomson Locations: Russia, Ukraine, Moscow, Rosselkhozbank, Africa, Asia, Latin America, Ethiopia, Yemen, Afghanistan, Sudan, Somalia

Brent crude futures settled down 1%, or 76 cents, at $74.65 a barrel while U.S. West Texas Intermediate crude settled down 1.2%, or 85 cents, to $69.79. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August, the state news agency said. "Oil is facing serious economic headwinds and the market is trying to make sense of what additional crude cuts mean in that context," said John Kilduff, partner at Again Capital LLC in New York. Russia, seeking to tighten global crude supplies and boost prices in concert with Saudi Arabia, will reduce oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd.

Persons: Brent, John Kilduff, Alexander Novak, Tamas Varga, Alex Lawler, Natalie Grover, Florence Tan, Emily Chow, Jason Neely, David Goodman, David Gregorio Our Organizations: West Texas, OPEC, Thomson Locations: Saudi Arabia, Russia, Europe, China, New York, Riyadh, Moscow, London, Singapore

SummarySummary Companies Saudi Arabia extends production cuts through AugustRussia to cuts August exports by 500,000 bpdGloomy factory activity last month in Europe, China limits gainsJuly 3 (Reuters) - Oil prices rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, prompting prices to bounce of early losses spurred by worries about a slowing global economy and possible U.S. interest-rate hikes. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August, the state news agency said. Brent crude futures were up 0.6%, or 43 cents, at $75.84 a barrel by 11:52 a.m. EDT (1652 GMT) U.S. West Texas Intermediate crude rose 0.6%, or 39 cents, to $71.03. Russia, seeking to tighten global crude supplies and boost prices in concert with Saudi Arabia, will reduce oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd.

Persons: Brent, John Kilduff, Alexander Novak, Tamas Varga, Alex Lawler, Natalie Grover, Florence Tan, Emily Chow, Jason Neely, David Goodman, David Gregorio Our Organizations: Brent, West Texas, OPEC, Thomson Locations: Saudi Arabia, Russia, Europe, China, U.S, New York, Riyadh, Moscow, London, Singapore

SummarySummary Companies Saudi Arabia extends production cuts through AugustRussia to cuts August exports by 500,000 bpdGloomy European PMI data limits gainsLONDON, July 3 (Reuters) - Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to U.S. interest rates. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August, the state news agency said. Russia, seeking to nudge up global oil prices in concert with Saudi Arabia, will reduce its oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said on Monday, further tightening global supplies. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd. Brent has dropped from $113 a barrel a year ago, sent lower by concerns of an economic slowdown and ample supplies from major producers.

Persons: Alexander Novak, Brent, Tamas Varga, Prices, Alex Lawler, Natalie Grover, Florence Tan, Emily Chow, Jason Neely, David Goodman Organizations: OPEC, . West Texas, Thomson Locations: Saudi Arabia, Russia, Riyadh, Moscow, China, Europe, London, Singapore

☆ EU weighs concession to Russian bank over Black Sea grain deal -FT
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - The European Union is considering a proposal for the Russian Agricultural Bank to set up a subsidiary to reconnect to the global financial network as a sop to Moscow, the Financial Times said on Monday. With the bank under sanctions, the move aims to safeguard the Black Sea grain deal that allows Ukraine to export food to global markets, the newspaper said. Russia last week said that it saw no reason to extend the grain deal beyond July 17 because the West had acted in an "outrageous" way over the agreement, though it assured poor countries that Russian grain exports would continue. Moscow's plan, proposed through U.N.-brokered talks, would let the bank unit handle payments related to grain exports, the paper said, citing unnamed sources. "On the one hand, any opportunities for agricultural exports are good.

Persons: Trofimtseva, SWIFT, Jahnavi, Pavel Polityuk, Kim Coghill, Clarence Fernandez, David Goodman Organizations: European, Russian Agricultural Bank, Financial Times, EU, Thomson Locations: European Union, Moscow, Ukraine, Russia, U.N, Bengaluru

☆ UAE to set up investment ministry, PM says
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

DUBAI, July 3 (Reuters) - The United Arab Emirates (UAE) will set up a new federal ministry of investment to develop the Gulf state's investment strategy both globally and domestically as it contends with growing economic competition from neighbours. The Gulf states, largely dependent on hydrocarbons for revenue, all have plans underway to diversify their economies and sources of income. The ministry's aims would include stimulating the investment environment in the UAE and to make the UAE's legislation and procedures more competitive to attract global investment, Sheikh Mohammed said. The UAE will also set up a Financial Stability Council to monitor risks, and deal with financial crises to further its objectives of becoming a major global financial centre. Foreign direct investment into Saudi Arabia was about 30 billion riyals ($8 billion), based on data from the Saudi investment ministry.

Persons: Sheikh Mohammed bin Rashid al, Mohammed Hassan Al Suwaidi, Sheikh Mohammed said, Sheikh Mohammed, Rachna Uppal, Nayera Abdallah, David Goodman, Jane Merriman Organizations: United Arab Emirates, Twitter, Thomson Locations: DUBAI, UAE, Maktoum, Dubai, Saudi Arabia, Saudi

☆ Qatar leads most Gulf markets higher after Eid
▼ + stars: | 2023-07-02 | by ( Ateeq Shariff | ) www.reuters.com time to read: 1 min

July 2 (Reuters) - Most stock markets in the Gulf ended higher on Sunday as trading resumed after the Muslim Eid al-Adha holidays, with the Qatari index registering the strongest performance. Reporting by Ateeq Shariff in Bengaluru Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Ateeq, David Goodman Organizations: Thomson Locations: Ateeq Shariff, Bengaluru

☆ Magnitude 6.9 earthquake strikes Neiafu, Tonga
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: 1 min

July 2 (Reuters) - An earthquake of magnitude 6.9 struck the Neiafu region in Tonga on Sunday, the United States Geological Survey said. There was no tsunami danger for the US West Coast, British Columbia and Alaska, The US Tsunami Warning System said. The quake was at a depth of 247 km (153.48 miles), the USGS said. Reporting by Gursimran Kaur in Bengaluru Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Gursimran Kaur, David Goodman Organizations: Sunday, United States Geological Survey, US, Thomson Locations: Tonga, US West Coast , British Columbia, Alaska, Bengaluru

☆ Iran holds off sending ambassador to Sweden in protest over Koran incident
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +1 min

DUBAI, July 2 (Reuters) - Iran will refrain from sending a new ambassador to Sweden in protest over the burning of a Koran outside a mosque in Stockholm, Iranian Foreign Minister Hossein Amirabdollahian said on Sunday. A man tore up and burned a Koran outside Stockholm's central mosque on Wednesday, the first day of the Muslim Eid al Adha holidays. Swedish police charged the man who burned the holy book with agitation against an ethnic or national group. He did not specify how long Iran would refrain from sending an embassador to Sweden. While Swedish police have rejected several recent applications for anti-Koran demonstrations, courts have overruled those decisions, saying they infringed freedom of speech.

Persons: Hossein Amirabdollahian, Eid, Sweden's, Amirabdollahian, David Goodman Organizations: Iranian, Twitter, Swedish, Dubai, Thomson Locations: DUBAI, Iran, Sweden, Stockholm

☆ Muslim group says measures needed to prevent Koran desecration
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thaier Al-SudaniCAIRO, July 2 (Reuters) - An Islamic grouping of 57 states said on Sunday collective measures are needed to prevent acts of desecration to the Koran and international law should be used to stop religious hatred after the holy book was burned in a protest in Sweden. A man tore up and burned a Koran outside Stockholm's central mosque on Wednesday, the first day of the Muslim Eid al-Adha holidays. But after the burning, police charged the man who carried it out with agitation against an ethnic or national group. The incident has triggered large protests in Baghdad in front of the Swedish Embassy. Turkey in late January suspended talks with Sweden on its NATO application after a Danish far-right politician burned a copy of the Koran near the Turkish embassy in Stockholm.

Persons: Thaier, Sudani, Hissein Brahim Taha, Omar Abdel Razek, Adam Makary, Lisa Barrington, David Goodman, Alison Williams Organizations: REUTERS, of Islamic Cooperation, NATO, Swedish Embassy, Thomson Locations: Swedish, Stockholm, Baghdad, Iraq, Sudani CAIRO, Sweden, Saudi Arabia's Jeddah, Turkey, United States, Danish, Turkish

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