BUSINESS

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

G20 SAUDI ARABIA | G20 Health Ministers Acknowledge Health Systems’ Vulnerability To Pandemics: Statement

RIYADH| SAUDI ARABIA – Health ministers from the Group of 20 major economies discussed weaknesses in health systems that made the world vulnerable to the coronavirus outbreak and other pandemic, a statement said after a virtual meeting on Sunday. The Saudi G20 secretariat said that the ministers shared their national experiences, addressed necessary actions to … Continue reading G20 SAUDI ARABIA | G20 Health Ministers Acknowledge Health Systems’ Vulnerability To Pandemics: Statement

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

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 | 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

BUSINESS | Saudi Energy Minister Says Effective Global Oil Cuts Above 19 million bpd

BUCHAREST | ROMANIA  – Saudi Arabia’s energy minister said on Monday that effective global oil supply cuts would amount to around 19.5 million barrels per day, taking into account the reduction pact agreed by OPEC+, pledges by other G20 nations and oil purchases into reserve. OPEC and allies led by Russia, a group known as … Continue reading BUSINESS | Saudi Energy Minister Says Effective Global Oil Cuts Above 19 million bpd

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 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

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BUSINESS | Saudi FX Reserve Down Sharply In April To Back Wealth Fund Investments

RIYADH | SAUDI ARABIA – Saudi foreign reserves dropped sharply in April for a second consecutive month as the kingdom used tens of billions of dollars to back investments of its sovereign fund abroad while its economy is hit hard by the new coronavirus. Saudi Arabia, the world’s largest oil exporter, is suffering from historic … Continue reading BUSINESS | Saudi FX Reserve Down Sharply In April To Back Wealth Fund Investments

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 NEWS | Zoom Doubles Full-Year Revenue Forecast On Remote – Work Boost

NEW YORK | Zoom Video Communication Inc. nearly doubled its expectations for annual sales on Tuesday, riding on a surge in usage of its video conferencing platform due to coronavirus – driven lockdown measures globally. However, the latest quarterly reported shows the issue had little impact on its numbers. The company said it now had … Continue reading BUSINESS NEWS | Zoom Doubles Full-Year Revenue Forecast On Remote – Work Boost

BUSINESS | Twitter Names Ex-Google CFO Patrick Pichette Chairman

NEW YORK | Twitter Inc. said on Tuesday that it appointed Patrick Pichette, former chief financial officer at Google, as chairman, replacing Omid Kordestani. Pichette has been the lead independent director on Twitter’s board since the end of 2018, and his appointment as chairman coincide with the microblogging site’s escalating tensions with President Donald Trump. … Continue reading BUSINESS | Twitter Names Ex-Google CFO Patrick Pichette Chairman

BUSINESS | Malls, Private Businesses To Reopen In Dubai On Wednesday

DUBAI – Dubai will allow the full reopening of malls and private business starting on Wednesday, its media office said, in the latest easing of coronavirus restrictions, the emirate’s media office announced. ‘Shopping malls and private sector businesses in the emirate will fully operate at 100 percent from Wednesday’, the Dubai Media Office tweeted on … Continue reading BUSINESS | Malls, Private Businesses To Reopen In Dubai On Wednesday

BUSINESS NEWS | LVMH – Tiffany Deal Seen Au Uncertain: WWD

PARIS – French luxury goods group LVMH’s board called a meeting in Paris to discuss its $16.2 – billion offer for Tiffany & Co amid a deteriorating situation in the U.S. market, fashion trade publication WWD reported on Tuesday, citing sources. Tiffany did not immediately respond to a request for comment and LVMH declined comment.

OIL BUSINESS

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

NEWS ALERT | Saudi Cabinet Urges OPEC+ Countries To Further Reduce Production: SPA

RIYADH| SAUDI ARABIA – Saudi Arabia’s cabinet has urged OPEC+ countries to further reduce oil production rates to restore balance in global crude markets, state news agency (SPA) reported early on Wednesday. ‘The cabinet affirmed the Kingdom of Saudi Arabia’s endeavor to support the stability of global oil markets’, according to a statement. ‘The Kingdom … Continue reading NEWS ALERT | Saudi Cabinet Urges OPEC+ Countries To Further Reduce Production: SPA

BUSINESS NEWS | Saudi Aramco Profit Falls 25% But Dividend In Line With Planned Payout For Year

RIYADH|SAUDI ARABIA –  Saudi Aramco, the world’s top oil exporting company, on Tuesday reported a 25% fall in first-quarter net profit, missing analyst estimates, but its quarterly dividend was in line with a plan for a $75 billion payout for the year. Analysts has expected Aramco, which went public last year, to maintain payouts to … Continue reading BUSINESS NEWS | Saudi Aramco Profit Falls 25% But Dividend In Line With Planned Payout For Year

BUSINESS NEWS | Saudi’s Aramco Lowers Domestic Gasoline Princes

RIYADH | SAUDI ARABIA – Saudi Arabia’s Aramco said on Sunday it was lowering its domestic gasoline prices for May, with 91 grade and 95 grade falling to 0.67 riyals and 0.82 riyals per liter, respectively. The prices will effective from Monday, May 11, a company statement said.

BUSINESS NEWS | Saudi Arabia May Re-Route Tankers If U.S. Imposes Crude Import Ban: Sources

RIYADH | SAUDI ARABIA – Saudi Arabia is looking into re-routing millions of barrels of oil onboard tankers sailing to the United States if President Donald Trump decides to block imports of crude from the Kingdom, shipping and trade sources say. Some 40 million barrels of Saudi oil are on their way to the U.S. … Continue reading BUSINESS NEWS | Saudi Arabia May Re-Route Tankers If U.S. Imposes Crude Import Ban: Sources

BUSINESS NEWS | Gulf Markets Falls On Oil Slump, Saudi Riyal Down In Forwards Market

RIYADH | SAUDI ARABIA – Gulf stock markets fell on Tuesday and the Saudi currency dropped in the forwards market, after U.S. crude oil futures collapsed below $0 on a coronavirus – induced supply glut. The Saudi stock index. TASI dropped 1.5% at the market open with oil company Aramco down 1.7%. Shares in the … Continue reading BUSINESS NEWS | Gulf Markets Falls On Oil Slump, Saudi Riyal Down In Forwards Market

BUSINESS NEWS | Trump To Consider Halting Saudi Oil Imports, Says U.S. Has ‘Plenty’

WASHINGTON – President Donald Trump said on Monday that his administration was considering the possibility of stopping incoming Saudi Arabian crude oil shipments as a measure to support the battered domestic drilling industry. ‘Well, I’ll look at it’, Trump told reporters at a daily news conference after he was asked about requests by some Republican … Continue reading BUSINESS NEWS | Trump To Consider Halting Saudi Oil Imports, Says U.S. Has ‘Plenty’

BUSINESS NEWS | Saudi Aramco To Supply Full May Crude Volumes To Asian Refiners: Sources

RIYADH | SAUDI ARABIA – Saudi Arabia, the world’s largest oil exporter, has notified some refiners in Asia that it will supply full contractual volumes of crude in May three sources with direct knowledge of the matter said on Friday. This comes after the Organization of the Petroleum Exporting Countries and allies including Russia agreed … Continue reading BUSINESS NEWS | Saudi Aramco To Supply Full May Crude Volumes To Asian Refiners: Sources

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

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

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

NEWS | Rihanna Partners With Twitter CEO For $4.2M Donation To Domestic Violence Victims Amid Coronavirus Pandemic

Rihanna has teamed up with Twitter CEO Jack Dorsey to provide relief to domestic violence victims amid the coronavirus pandemic. The ‘Work’ singer’s Clara Lionel Foundation announced the partnership with the Social media executive on Twitter. ‘We’re joining forces with Twitter/Square CEO @ Jack today be co-funding $4.2 million grant to the @MayordFundLA to address … Continue reading NEWS | Rihanna Partners With Twitter CEO For $4.2M Donation To Domestic Violence Victims Amid Coronavirus Pandemic

BREAKING NEWS | Saudi King Approves Extension Of Curfew Until Further Notice: SPA

RIYADH | SAUDI ARABIA – Saudi Arabia’s King Salman approved an extension of the kingdom’s curfew until further notice due to the rate at which the coronavirus is currently spreading, the state news agency (SPA) reported early on Sunday. The Saudi King has previously ordered a curfew that took effect on March 23, from 7 … Continue reading BREAKING NEWS | Saudi King Approves Extension Of Curfew Until Further Notice: SPA

MENA BUSINESS

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 | Under Virus Pressure, Saudi Aramco May Cut Government Payout

RIYADH|SAUDI ARABIA – Saudi oil giant Aramco may cut its dividend to the Saudi government, but is likely to maintain payouts to minority shareholders as a plunge in crude prices shrinks first-quarter profits, analysts said. Saudi Arabian Oil Co., as the company is formally known, pledged an annual dividend of $75 billion for the first … Continue reading BUSINESS NEWS | Under Virus Pressure, Saudi Aramco May Cut Government Payout

BUSINESS NEWS | Saudi Arabia Suspending Cost Of Living Allowance, Raising VAT To Mitigate Economic Impact Of COVID-19

RIYADH | SAUDI ARABIA – Saudi Arabia will triple its value added tax  rate and suspended a cost of living for state employees, the kingdom’s finance minister said on Monday, seeking to shore up finances hit hard by low oil prices and a coronavirus – driven slowdown. ‘The cost of living allowance will be suspended … Continue reading BUSINESS NEWS | Saudi Arabia Suspending Cost Of Living Allowance, Raising VAT To Mitigate Economic Impact Of COVID-19

BUSINESS NEWS | Saudi Non-Oil Private Sector Contracts Again, Output Hits News Low: PMI

RIYADH | SAUDI ARABIA – – Saudi Arabia’s non-oil private sector shrank for the second consecutive month in April and its output hit a record low as lockdowns and business closures to tackle the new coronavirus hammered the economy, a survey showed on Tuesday. The seasonally adjusted HIS Markit Saudi Arabia Purchasing Managers’ Index (PMI) … Continue reading BUSINESS NEWS | Saudi Non-Oil Private Sector Contracts Again, Output Hits News Low: PMI

BUSINESS | Organisers Cancel Arabian Travel Market 2020 In Dubai Over Global Covid-19 Pandemic

ABU DHABI – This year’s edition of Arabian Travel Market (ATM) has been cancelled as a result of the coronavirus pandemic. Organisers Reed Travel Exhibitions had previously postponed the event, which was due to start today at Dubai World Trade Centre, and rescheduled it to run from June 28 to July 1. However, ATM has … Continue reading BUSINESS | Organisers Cancel Arabian Travel Market 2020 In Dubai Over Global Covid-19 Pandemic

BREAKING NEWS|Saudi King Earmarks $2.4 Billion To Pay Private – Sector Workers: State News Agency

RIYADH | SAUDI ARABIA –  Saudi Arabia’s King Salman has ordered up to 9 billion riyals ($2.4 billion) to be disbursed to pay part of the wages of private-sector workers to deter companies from laying off staff, the state-run Saudi Press Agency reported on Friday. The latest measure to tackle the fallout from the coronavirus … Continue reading BREAKING NEWS|Saudi King Earmarks $2.4 Billion To Pay Private – Sector Workers: State News Agency

BUSINESS | Saudi Says No Talks With Russia Over More OPEC+ countries or joint pact

RIYADH | SAUDI ARABIA – A Saudi Arabia energy ministry official said on Friday there had been no contact between the Saudi and Russian energy ministers over any increase in the number of OPEC+  countries, nor any discussion of a joint agreement to balance oil markets. The comments come after a senior Russian official said … Continue reading BUSINESS | Saudi Says No Talks With Russia Over More OPEC+ countries or joint pact

ECONOMY & BUSINESS | Saudi Arabia Implements Urgent Measures To Mitigate Impact Of Coronavirus On Economy

RIYADH | SAUDI ARABIA – The Saudi government is moving decisively to address the unprecedented effects and consequences of the COVID-19 , Saudi Minister of Finance, Acting Minister of Economy and Planning, Mohammed bin Abdullah Al-Jadaan, has said. “The Kingdom is taking immediate measures to ensure the safety of its citizens and residents, and to … Continue reading ECONOMY & BUSINESS | Saudi Arabia Implements Urgent Measures To Mitigate Impact Of Coronavirus On Economy

BUSINESS | Saudi Arabia To Cut 5% Of 2020 Budget To Flight Effects Of Coronavirus Pandemic

RIYADH – Saudi Arabia is to cut SAR50 billion ($13.32 billion) from this year’s budget in light of the negative impact of the coronavirus pandemic on public finances in the Kingdom. The cut is worth less than percent of the 2020 budget and will be in areas that have the least social and economic impact, … Continue reading BUSINESS | Saudi Arabia To Cut 5% Of 2020 Budget To Flight Effects Of Coronavirus Pandemic

BREAKING NEWS | Saudi Central Bank To Intervene If Liquidity Affected – Governor To Al Arabiya

RIYADH – Saudi Arabia’s central bank will intervene to support the kingdom’s economy ifliquidity is tight or credit is affected, its governor told state-owned Al Arabiya TV on Sunday, reiterating the commitment to the riyal’s peg to the dollar. “The challenges are the coronavirus and the lower oil price globally, but we are monitoring liquidity … Continue reading BREAKING NEWS | Saudi Central Bank To Intervene If Liquidity Affected – Governor To Al Arabiya

BUSINESS | Saudi Aramco To Cut Capital Spending In 2020, Posts Drop 2019 Profit

RIYADH  – Saudi Aramco (2222.SE) on Sunday said it plans to cut capital spending in the wake of the coronavirus outbreak, as it posted a 21% decline in 2019 net profit due to a drop in oil prices and production, its first earnings announcement as a listed company. The world’s most profitable company and by … Continue reading BUSINESS | Saudi Aramco To Cut Capital Spending In 2020, Posts Drop 2019 Profit

BUSINESS | UAE Joins Saudi In Opening Oil Taps As Row With Russia Slams Crude Prices

DUBAI (Reuters) – The United Arab Emirates followed Saudi Arabia on Wednesday in promising to raise oil output to a record high in April, as the two OPEC producers raised the stakes in a standoff with Russia that has hammered global crude prices. The extra oil the two Gulf allies plan to add is equivalent … Continue reading BUSINESS | UAE Joins Saudi In Opening Oil Taps As Row With Russia Slams Crude Prices