BUSINESS

BUSINESS | G20 Finance Officials Poised To Recommend Extension Of Debt Freeze

RIYADH | SAUDI ARABIA – Finance Officials from the Group of 20 major economies are poised to recommend extending a freeze in official bilateral debt payments by the world’s poorest countries, according to a source briefed on a virtual G20 meeting taking place Saturday. Multiple sources said there was strong support for extending the Debt … Continue reading BUSINESS | G20 Finance Officials Poised To Recommend Extension Of Debt Freeze

BUSINESS | At G20, Germany Pledges 3 Billion Euros For Poor Countries

BERLIN  – Germany pledged 3 billion euros at a meeting of G20 finance ministers to help the world’s poorest countries, the finance ministry said on Saturday. The funds will be made available as long-term loans for the International Monetary Fund’s Poverty Reduction and Growth Trust (PGRT).

BUSINESS NEWS | Saudi Aramco Says Reorganizing Downstream Business To Support Growth

RIYADH | SAUDI ARABIA – State energy giant Saudi Aramco said on Tuesday that it will be reorganizing its downstream business to support its global growth strategy, aiming to complete it by the end of this year. The downstream model will be divided into four units: fuels including refining, trading, retail and lubes; chemicals; power; … Continue reading BUSINESS NEWS | Saudi Aramco Says Reorganizing Downstream Business To Support Growth

BREAKING NEWS | Trump, Saudi Crown Prince Discuss Economic Recovery From Coronavirus: White House

WASHINGTON – U.S. President Donald Trump and Saudi Arabian Crown Prince Mohammed bin Salman Bin Abdulaziz Al Saud discussed the fight against the coronavirus pandemic and ‘re-energizing global economies’ during a telephone call on Thursday, the White House said. The two leaders also discussed regional and bilateral issues and the prince ‘reaffirmed the strong United … Continue reading BREAKING NEWS | Trump, Saudi Crown Prince Discuss Economic Recovery From Coronavirus: White House

BUSINESS | Morgan Stanley CEO: Too Early To Consider Restarting Share Buybacks

NEW YORK  – Morgan Stanley’s Chief Executive Officer James Gorman told shareholders on Thursday that is to too early for him or anyone on the board of directors to consider reinstating the bank’s share buyback program. Morgan Stanley, along with JPMorgan Chase & Co, Bank of America and five others, voluntarily suspended their share repurchases … Continue reading BUSINESS | Morgan Stanley CEO: Too Early To Consider Restarting Share Buybacks

ECONOMY | Saudi Arabia Posts $29 Billion Deficit In Second Quarter As Oil Revenues Slump

RIYADH | SAUDI ARABIA – Saudi Arabia posted a deficit of 109.2 billion riyals ($29.12 billion) in the second quarter this year as low oil  prices hurt revenues, a finance ministry report published on Tuesday showed. The coronavirus crisis has hurt the non-oil sectors of the world’s largest oil exporter this year, adding to the … Continue reading ECONOMY | Saudi Arabia Posts $29 Billion Deficit In Second Quarter As Oil Revenues Slump

BUSINESS | Saudi Aramco Completes $69 Billion SABIC Stake Deal, Extends Schedule

RIYADH | SAUDI ARABIA – Saudi Aramco has completed its purchase of  a 70% stake in petrochemicals company Saudi Basic Industries for $69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices. The deal values Saudi Basic Industries Corp (SABIC) at 123.39 riyals ($32.90) per share, … Continue reading BUSINESS | Saudi Aramco Completes $69 Billion SABIC Stake Deal, Extends Schedule

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SPORTS NEWS | Saudi-Led Consortium Pulls Out Of Newcastle United Takeover Bid

RIYADH | SAUDI ARABIA – A consortium led by Saudi Arabia’s Investment Fund has withdrawn a proposed take – over of Newcastle United, the English Premier League football club. A statement from the investment group, which also included U.K. investor Amanda Staveley’s PCP Capital and the family business of British entrepreneur Reuben Brothers said the … Continue reading SPORTS NEWS | Saudi-Led Consortium Pulls Out Of Newcastle United Takeover Bid

GLOBAL ECONOMY

BUSINESS NEWS | Saudi Arabia Russia, U.S. Welcome Outcome Of OPEC+ Meeting: SPA

RIYADH | SAUDI ARABIA – Saudi Arabia’s King Salman, Russia’s president Vladimir Putin and his U.S. counterpart Donald Trump welcomed the outcome of OPEC+ meeting during a joint phone, Saudi state news agency SPA said on late Sunday. The three leaders expressed their comfort with the results of the efforts exerted to stabilize global oil … Continue reading BUSINESS NEWS | Saudi Arabia Russia, U.S. Welcome Outcome Of OPEC+ Meeting: SPA

BUSINESS NEWS | Saudi, Other Resist Mexican Plan To Make Small Oil Output Cuts – Sources

BUCHAREST | ROMANIA – Saudi Arabia and Other Oil Producers in the OPEC+ group pushed back on Friday on a Mexican plan to cut less than requested under plans for global supply curbs, two sources from the OPEC+ group said on Friday. One source said the dispute, which help up efforts to finalise the deal … Continue reading BUSINESS NEWS | Saudi, Other Resist Mexican Plan To Make Small Oil Output Cuts – Sources

BUSINESS NEWS | Saudi Energy Minister Calls For Affordable Energy Supply At G20 Meeting

RIYADH | SAUDI ARABIA – The Saudi energy minister gold a conference of the G20 group of the world’s largest economies on Friday that Ensuring affordable energy supply is key to facilitating a global economic recovery. ‘Having affordable, reliable, accessible energy supply is considered a necessity to enable basic services, including health care, and help … Continue reading BUSINESS NEWS | Saudi Energy Minister Calls For Affordable Energy Supply At G20 Meeting

BUSINES NEWS | OPEC+ Works On Two-Year Oil Cut Deal, Implemented Gradually: Sources

LONDON – OPEC and its allies, a group known as OPEC+, are discussing plans to cut oil production for at least two years with reductions implemented gradually, two OPEC+ sources said on Thursday. The group has previously said it wanted the United States, one the top three oil producers alongside Russia and Saudi Arabia, to … Continue reading BUSINES NEWS | OPEC+ Works On Two-Year Oil Cut Deal, Implemented Gradually: Sources

BUSINESS | Saudi Arabia Ready To Cut Up To 4 Million Bpd From Record April Output: Source

RIYADH | SAUDI ARABIA – Saudi Arabia is ready to cut up to 4 million barrels per day (bpd) of its production but only from its record output levels of 12.3 million pbd achieved in April, a source briefed on the kingdom’s oil policy said on Thursday. OPEC and other producers meet on Thursday to … Continue reading BUSINESS | Saudi Arabia Ready To Cut Up To 4 Million Bpd From Record April Output: Source

ECONOMY | Saudi Call For OPEC+ Meeting Is An Extension To Its Efforts To Achieve Market Balance

RIYADH | – Saudi  Arabia’s call for OPEC+ meeting is an extension to its previous efforts to achieve market balance and stability, the Saudi Cabinet said in a statement on Tuesday. ‘Saudi Arabia’s call for OPEC+ and a group of other countries to hold an urgent meeting, seeking to reach a fair agreement to restore … Continue reading ECONOMY | Saudi Call For OPEC+ Meeting Is An Extension To Its Efforts To Achieve Market Balance

BUSINESS | Trump To Give TikTok’s Chinese Owner 45 Days To Agree Sale – Sources

NEW YORK – President Donald Trump has agreed to give Chine’s ByteDance 45 days to negotiate a sale of popular short-video app TikTok to Microsoft Corp, three people familiar with the matter said on Saunday. U.S. Official said TikTok under its Chinese parent poses a national risk because of the personal data it handles. Trump … Continue reading BUSINESS | Trump To Give TikTok’s Chinese Owner 45 Days To Agree Sale – Sources

BUSINESS | Roll-Royce Plans $1.9 Billion Share Issue To Bolster Finances, Sources Say

LONDON – Rolls-Royce is planning a share issue to raise up to $1.9 billion to pug a capital shortfall as a slow recovery in demand for air travel threatens the aviation industry, four sources told Reuters. The British aerospace engineer is expected to pursue a rights issue with new shares offered to existing investors at … Continue reading BUSINESS | Roll-Royce Plans $1.9 Billion Share Issue To Bolster Finances, Sources Say

BUSINESS | Diane Von Furstenberg To Pay Laid Off Employees ‘In Full’

MILAN | ITALY – Iconic fashion designer Diane von Furstenberg wrote on Instagram that laid-off employees of her struggling company will be paid in full including severances. The statement was in response to a New York Times article that was written about the closing of her company’s clothing stores which laid off 60 percent of … Continue reading BUSINESS | Diane Von Furstenberg To Pay Laid Off Employees ‘In Full’

OIL BUSINESS

BUSINESS | Saudi Aramco Cuts July Crude Supplies To At Least Five Buyers In Asia: Sources

RIYADH | SAUDI ARABIA – World’s largest oil exporter Saudi Aramco has reduced the volume of July-loading crude that it will supply to at least five buyers in Asia, seven sources said on Monday. The cuts were mainly for medium and heavy grades and were seen at refineries in countries such as China, the sources … Continue reading BUSINESS | Saudi Aramco Cuts July Crude Supplies To At Least Five Buyers In Asia: Sources

BUSINESS | OPEC, Allies Coordinating To Hold Saturday Meeting: Saudi Arabia

RIYADH | SAUDI ARABIA – Saudi Arabia’s energy minister said on Friday that OPEC and its allies, a group known as OPEC+, were working to hold their oil output policy meeting on Saturday. ‘The conditions right now warrant hopefully successful meetings. Coordination is under way to hold OPEC and OPEC+ meetings tomorrow afternoon’, Prince Abdulaziz … Continue reading BUSINESS | OPEC, Allies Coordinating To Hold Saturday Meeting: Saudi Arabia

BUSINESS | OPEC+ May Meet This Week If Laggards Agree To Comply: Sources

LONDON – OPEC+oil producers could still hold a virtual ministerial meeting this week if Iraq and others that have not fully complied with current oil supply cuts agree to boost their adherence, three OPEC+ sources told Reuters on Thursday. The Organization of the Petroleum Exporting Countries and its allies led by Russia, a group known … Continue reading BUSINESS | OPEC+ May Meet This Week If Laggards Agree To Comply: Sources

BUSINESS NEWS | Russia Has No Objection To Earlier OPEC+ Meeting: Sources

LONDON – Russia has no objection to the next meeting of OPEC and its allies, known as OPEC+, being brought forward to June 4 from the following week, three OPEC+ sources familiar with the meeting’s preparations told Reuters on Sunday. Algeria, which currently holds the presidency of the Organization of Petroleum Exporting Countries (OPEC), has … Continue reading BUSINESS NEWS | Russia Has No Objection To Earlier OPEC+ Meeting: Sources

BUSINESS | Saudi Crown Prince Discusses Oil Markets Stability With Russian President On Phone

RIYADH | SAUDI ARABIA – Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, received a phone call from President Vladimir Putin of the Russian Federation. During the phone conversation, they discussed the efforts being exerted to stabilize the oil markets, the Saudi Press Agency, SPA, reported. … Continue reading BUSINESS | Saudi Crown Prince Discusses Oil Markets Stability With Russian President On Phone

BUSINESS | Kuwait, Saudi To Halt Oil Production From Joint Field: Al Rai Newspaper

RIYADH|SAUDI ARABIA – Kuwait and Saudi Arabia have agreed to halt oil production from the joint Al-Khafji field for one month, starting from June 1, Kuwait’s Al Rai newspaper reported on Saturday. There was no immediate comment from Kuwaiti officials. Saudi Arabia and Kuwait have agreed with other members of the OPEC+ group of oil … Continue reading BUSINESS | Kuwait, Saudi To Halt Oil Production From Joint Field: Al Rai Newspaper

CORONAVIRUS | Pope Says Coronavirus Vaccine Must Be Shared World Wide

MILAN | ITALY – Pope Francis called on Sunday for international scientific cooperation to discover a vaccine for the coronavirus and said any successful vaccine should be made available around the world. Francis, who has been delivering his Sunday address from the papal library instead of St.Peter’s Square because of the lockdown in Italy, thanked … Continue reading CORONAVIRUS | Pope Says Coronavirus Vaccine Must Be Shared World Wide

SPORTS | Gigi Hadid and Serena Williams Will Play In A Virtual Charity Tennis Match This Weekend

The tournament, organized by IMG, will see tennis champions facing off in the Nitendo Switch video game against models, athletes, and celebrities as Mario characters. In addition to Hadid versus Williams, the competition will also feture Haily Bieber and Naomi Osaka; Karlie Kloss and Maria Sharapova and more. Gameplay will begin at 4 p.m. EDT … Continue reading SPORTS | Gigi Hadid and Serena Williams Will Play In A Virtual Charity Tennis Match This Weekend

G20| Saudi G20 Presidency Urges More Donation To fund Pandemic Response

RIYADH | SAUDI ARABIA – The Saudi presidency of the Group of 20 major economies on Thursday called for further immediate donations to fund the emergency response to the coronavirus pandemic and develop needed vaccines. The G20 secretariat said $1.9 billion had been donated by countries, philanthropic organizations and the private sectors toward an $8 … Continue reading G20| Saudi G20 Presidency Urges More Donation To fund Pandemic Response

GLOBAL FIGHT AGAINST COVID-19 | Saudi Arabia Sets Up $10 Million Esports Charity Tournament For Gamers

RIYADH | SAUDI ARABIA –  Saudi Arabia has set up a new charity esports event to raise money to fight the coronavirus pandemic with a $10 million prize fund. Gamers will be able to compete for their chance to decide where the prize money goes in the tournament, known as Gamers Without Borders by Saudi, … Continue reading GLOBAL FIGHT AGAINST COVID-19 | Saudi Arabia Sets Up $10 Million Esports Charity Tournament For Gamers

G20 | Saudi Arabia Pledges $500 Million To Global Fight Against Coronavirus

RIYADH | SAUDI ARABIA – Saudi Arabia, as the holder of the G20 Presidency, has pledged $500 million to international organizations to support global efforts in combatting the COVID-19 pandemic. ‘The pledge will support emergency and preparedness response, developing and deploying new diagnostics, therapeutics and vaccines, fulfilling unmet needs for international surveillance and coordination, and … Continue reading G20 | Saudi Arabia Pledges $500 Million To Global Fight Against Coronavirus

SPORT | Nadal, Murray Confirmed In Virtual Tennis Event

BUCHAREST | ROMANIA – Rafael Nadal and Andy Murray are among 12 players confirmed to play in the virtual Madrid Open tennis tournament this month. David Goffin, John Isner, Karen Khachanov, Eugenie Bouchard, Kristina Mladenovic and Kiki Bertens will also participate from their homes in the April 27 – 30  online competition that is expected … Continue reading SPORT | Nadal, Murray Confirmed In Virtual Tennis Event

MENA BUSINESS

ECONOMY | Saudi Arabia To Widen Scope Of Privatisation, Finance Minister Says

RIYADH | SAUDI ARABIA – Saudi Arabia will look to sell assets in sectors that were not previously considered for privatization, such as healthcare and education, the country’s finance minister said on Wednesday. Speaking at a Bloomberg event, Mohammed al-Jadaan said privatisations will likely generate north of $50 billion in the next four to five … Continue reading ECONOMY | Saudi Arabia To Widen Scope Of Privatisation, Finance Minister Says

ECONOMY | Saudi Wealth Fund PIF Has Ample Liquidity: Finance Minister

RIYADH | SAUDI ARABIA – Saudi Arabia’s finance minister said on Wednesday that the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF) has ample liquidity in the local market. He added that the PIF would allot via secondary offerings part of their local holdings to make sure they ‘recycle mature investments’ and invest in … Continue reading ECONOMY | Saudi Wealth Fund PIF Has Ample Liquidity: Finance Minister

ECONOMY | Gulf Economies Seen Shrinking Sharply In 2020, To Pick Up In 2021: Reuters Poll

DUBAI – Economic activity in the Gulf will contract sharply this year before recovering in 2021, hit by the double shock of the coronavirus pandemic and an oil price crash, a quarterly Reuters poll showed on Tuesday. Analysts in the July 7-20 poll see a deep economic contraction in the hydrocarbon – producing region this … Continue reading ECONOMY | Gulf Economies Seen Shrinking Sharply In 2020, To Pick Up In 2021: Reuters Poll

BUSINESS |Saudi Real Estate Refinance Co Sign 3 Billion Riyals Deal With Pension Agency

RIYADH | SAUDI ARABIA – Saudi Real Estate Refinance Co (SRC), the Saudi equivalent of U.S. mortgage  finance business Fannie Mae, said on Sunday it has agreed to buy a mortgage portfolio worth over 3  billion riyals ($799.8 million) from the Saudi Public Pension Agency (PPA). ‘The deal provides liquidity to the real estate financing … Continue reading BUSINESS |Saudi Real Estate Refinance Co Sign 3 Billion Riyals Deal With Pension Agency

BUSINESS NEWS | IMF Did Not Recommend Saudi Arabia VAT Tripling, Official Says

The International Monetary Fund did not recommend the decision taken by Saudi Arabia to triple value-added tax this month, an official said, cautioning against increasing consumption taxes in the Middle East amid the coronavirus – driven downturn. Saudi Arabia tripled VAT this month to 15% as it seeks to bolster state finances badly hurt by … Continue reading BUSINESS NEWS | IMF Did Not Recommend Saudi Arabia VAT Tripling, Official Says

BUSINESS NEWS | Saudi Unemployment Falls In First Quarter, But Before Coronavirus Impact

RIYADH | SAUDI ARABIA – Unemployment among citizens in the first quarter fell below 12% for the first time in four years, official figures released on Tuesday showed, but they did not capture the impact of the coronavirus crisis. Unemployment fell to 11.8%  from 12% the previous quarter, the General Authority for Statistics said. ‘Data … Continue reading BUSINESS NEWS | Saudi Unemployment Falls In First Quarter, But Before Coronavirus Impact

BUSINESS NEWS | Saudi Non – Oil Private Sector Shrinks Again In June – PMI

RIYADH | SAUDI ARABIA – Saudi Arabia’s non – oil private sector shrank for the fourth straight month in June as measures to contain the spread of the new coronavirus continued to hit consumer demand, a survey on Sunday. The seasonally adjusted HIS Markit Saudi Arabia Purchasing Managers’ Index (PMI) fell to 47.7 in June … Continue reading BUSINESS NEWS | Saudi Non – Oil Private Sector Shrinks Again In June – PMI

BUSINESS NEWS | Saudi Public Sector Employees Will Return To Work Starting May 31

RIYADH | SAUDI ARABIA – Saudi public sector employees will start returning to work gradually as of Sunday May 31, after more than two months of suspension amid strict measures to help curb the novel coronavirus outbreak. Public sector workers will eventually resume work as normal as of June 14, Minister of Human Resources Ahmed … Continue reading BUSINESS NEWS | Saudi Public Sector Employees Will Return To Work Starting May 31

BUSINESS | Saudi Arabia Buys $7.7 Billion Shares In World’s Best Known Companies

RIYADH | SAUDI ARABIA – Saudi Arabia’s sovereign wealth fund has gone bargain hunting during the current economic turmoil, snapping up about $7.7 billion worth of shares in some of the best known companies in the world. The $300 billion Public Investment Fund bought stakes in global corporate leaders such as Boeing, Facebook, Disney, Marriott … Continue reading BUSINESS | Saudi Arabia Buys $7.7 Billion Shares In World’s Best Known Companies

BUSINESS NEWS | Saudi Aramco Says Acquisition of SABIC Stake On Track To Close In Second Quarter

RIYADH|SAUDI ARABIA – Saudi Aramco said on Tuesday its planned acquisition of a 70% equity stake in petrochemical marker SABIC from the Public Investment Fund (PIF), the kingdom’s wealth fund, is on track to close in the second quarter. The statement by the state oil giant was made in response to a Reuters story published … Continue reading BUSINESS NEWS | Saudi Aramco Says Acquisition of SABIC Stake On Track To Close In Second Quarter