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Press Releases

Saudi Arabia-Iran tensions ignite OPEC worries

Longstanding tensions between rivals Saudi Arabia and Iran will hold OPEC back from an oil production freeze as the oil group meets in Algeria, analysts said.


MIDEAST STOCKS-Saudi tumbles on government austerity steps

*Kuwait banks gain after cbank says financial system stable. DUBAI, Sept 27- Saudi Arabia's stock index slumped 3.8 percent on Tuesday after the government said it would cut ministers' salaries by 20 percent and scale back financial bonuses and perks for public sector workers under an austerity drive. NCB Capital estimated allowances accounted for about a...

Source: Reuters

EMERGING MARKETS-Mexican peso leads emerging markets higher on U.S. presidential debate

LONDON, Sept 27- Emerging stocks firmed 0.6 percent on Tuesday and Mexico's peso, a bellwether of emerging market sentiment on U.S. elections, led currency gains with a 2 percent jump as investors cheered the outcome of the first presidential debate. While opinion polls show the two candidates neck-and-neck, a CNN viewer poll after the debate showed 62 percent...

Source: Reuters

MIDEAST STOCKS-Saudi banks rally on central bank monetary action

*CIB top gainer in Egypt, but overall market volumes low. DUBAI, Sept 26- Saudi banking shares rallied on Monday after the central bank said it would deposit about 20 billion riyals at commercial lenders and introduce two new money market instruments to fight a surge in market interest rates caused by low oil prices. Blue-chip lenders Samba Financial Group and...

Source: Reuters

Apple in talks with luxury carmaker McLaren

Apple has approached McLaren Technology Group about a potential acquisition, signaling that the iPhone maker wants to transform the car industry.

Source: Financial Times

MIDEAST STOCKS-Saudi up but volume dwindles, profit-taking hits Qatar

*Qatar hit by profit-taking from rally on FTSE. DUBAI, Sept 8- Petrochemical shares supported Saudi Arabia's stock index on Thursday, benefiting from a bounce-back in crude oil prices, while Qatar underperformed as investors sold shares which had risen over the past month. "Investors are taking note of the slight improvement in oil prices and the fact that...

Source: Reuters

Arab banks' ties to foreign banks under pressure, survey finds

"The inability of banks in some Arab countries to enter into correspondent relationships with foreign banks could have a deleterious impact on trade and remittances and ultimately on real economic activity," the Arab Monetary Fund said in the study. Senior officials in the Gulf, including the central bank governors of the United Arab Emirates and Bahrain, have...

Source: Reuters

Cash crunch at Saudi firm casts shadow over Lebanon's Hariris

*Saudi priorities seen shifting away from Lebanon. The troubles at Saudi Oger have led to a cash crunch and layoffs in Lebanon's Future Movement, the political party built with Saudi backing by the late statesman Rafik al-Hariri and now led by his son, Saad. The party's woes have led many analysts in Lebanon to ask whether Riyadh may be cutting its losses in a...

Source: Reuters

EXCLUSIVE-U.S. set to approve sales of Boeing fighters to Qatar, Kuwait -sources

DOHA/ BERLIN, Sept 1- The United States is poised to sell $7 billion worth of Boeing Co fighter jets to Qatar and Kuwait after years of delays, and it may start notifying U.S. lawmakers as early as next week, four U.S.- and Gulf-based sources familiar with the matter told Reuters. The sales had stalled amid concerns raised by Israel, Washington's closest Middle East...

Source: Reuters

Budget carrier FlyDubai narrows loss in first half of 2016

DUBAI, United Arab Emirates— Mideast budget airline FlyDubai says its losses narrowed in the first half of the year as it flew more passengers and spent less on fuel. The Dubai government-backed airline said on Thursday it lost the equivalent of $24.5 million in the first half of 2016, compared with a loss of $40.1 million during the same period a year earlier.

Source: The Associated Press