Iran to Sign Friendship Agreement With Asean, Singapore Says - Bloomberg:
Iran will sign a cooperation treaty with Southeast Asia at an upcoming meeting that will also be attended by U.S. Secretary of State Michael Pompeo and North Korean officials, a Singaporean diplomat said.
Iranian Foreign Minister Mohammad Javad Zarif will sign the document at a gathering of Association of Southeast Asian Nations foreign ministers starting on July 30 in Singapore, Ong Keng Yong, the city-state’s non-resident ambassador to Iran, said in an interview. “The Asean countries welcome anyone who wants to sign onto the Treaty of Amity and Cooperation,” said Ong, a former Asean secretary general.
The Asean meeting comes two months after the Trump administration pulled the U.S. out of an international nuclear agreement with Iran, and moved to choke off the Islamic Republic’s oil exports. The U.S. is also trying to convince North Korea to abandon its nuclear program, with President Donald Trump and Kim Jong Un holding a unprecedented meeting in Singapore last month.
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Friday, 20 July 2018
Oil Posts Third Weekly Drop as Trump Issues New Trade Threats - Bloomberg
Oil Posts Third Weekly Drop as Trump Issues New Trade Threats - Bloomberg:
Oil posted a third weekly loss, as Saudi Arabia’s reassurances that it won’t flood the global crude market failed to offset a 4.2 percent price drop at the start of the week.
Futures pared gains in New York on Friday amid concern that escalating trade rows would undermine energy demand. President Donald Trump said that he’s “ready to go” with tariffs on $500 billion. He also accused China and the European Union of manipulating their currencies to keep interest rates low, causing the dollar to weaken.
Crude had risen earlier after Saudi Arabia, under pressure from Trump to lower prices by pumping more, said they will keep exports steady this month and reduce them by 100,000 barrels a day in August.
Oil posted a third weekly loss, as Saudi Arabia’s reassurances that it won’t flood the global crude market failed to offset a 4.2 percent price drop at the start of the week.
Futures pared gains in New York on Friday amid concern that escalating trade rows would undermine energy demand. President Donald Trump said that he’s “ready to go” with tariffs on $500 billion. He also accused China and the European Union of manipulating their currencies to keep interest rates low, causing the dollar to weaken.
Crude had risen earlier after Saudi Arabia, under pressure from Trump to lower prices by pumping more, said they will keep exports steady this month and reduce them by 100,000 barrels a day in August.
Dubai recipe for economic success looks stale as markets slump | Reuters
Dubai recipe for economic success looks stale as markets slump | Reuters:
In Dubai’s posh Jumeirah Beach Residence district, luxury apartment rents are down about 15 percent from a year ago - a sign, some fear, that the wealthy emirate’s recipe for economic success is getting stale.
For over two decades, Dubai prospered as one of the world’s most international cities, attracting people and capital from across the globe.
Nine years ago, it needed a $20 billion bailout from oil-rich Abu Dhabi to escape a debt crisis caused by collapsing property prices. Dubai’s economy roared back and has grown by a third since then, buoyed by foreign trade, tourism and its status as the main regional hub for business services.
In Dubai’s posh Jumeirah Beach Residence district, luxury apartment rents are down about 15 percent from a year ago - a sign, some fear, that the wealthy emirate’s recipe for economic success is getting stale.
For over two decades, Dubai prospered as one of the world’s most international cities, attracting people and capital from across the globe.
Nine years ago, it needed a $20 billion bailout from oil-rich Abu Dhabi to escape a debt crisis caused by collapsing property prices. Dubai’s economy roared back and has grown by a third since then, buoyed by foreign trade, tourism and its status as the main regional hub for business services.
Xi's visit to UAE highlights China's rising interest in Middle East | Reuters
Xi's visit to UAE highlights China's rising interest in Middle East | Reuters:
China and the United Arab Emirates signed a raft of financial, business and trade agreements on Friday during a visit by President Xi Jinping to the UAE, underscoring energy-hungry Beijing’s rapidly growing interest in the Middle East.
Xi made the first visit by a Chinese leader to the Gulf state in 29 years, meeting two of its most powerful leaders, Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai, and Sheikh Mohammed bin Zayed Al Nahyan, crown prince of Abu Dhabi.
They announced 13 agreements and memoranda of understanding, including approval for the first Chinese state-owned financial services firm to set up in Abu Dhabi Global Market, a financial center, while the Abu Dhabi National Oil Company and the China National Petroleum Corporation agreed to explore joint business opportunities.
China and the United Arab Emirates signed a raft of financial, business and trade agreements on Friday during a visit by President Xi Jinping to the UAE, underscoring energy-hungry Beijing’s rapidly growing interest in the Middle East.
Xi made the first visit by a Chinese leader to the Gulf state in 29 years, meeting two of its most powerful leaders, Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai, and Sheikh Mohammed bin Zayed Al Nahyan, crown prince of Abu Dhabi.
They announced 13 agreements and memoranda of understanding, including approval for the first Chinese state-owned financial services firm to set up in Abu Dhabi Global Market, a financial center, while the Abu Dhabi National Oil Company and the China National Petroleum Corporation agreed to explore joint business opportunities.
Aramco's potential SABIC deal to impact IPO timing: CEO on Arabiya TV | Reuters
Aramco's potential SABIC deal to impact IPO timing: CEO on Arabiya TV | Reuters:
Saudi Aramco’s IPO-ARMO.SE potential acquisition of a stake in Saudi petrochemicals maker SABIC 2010.SE would affect the time frame of its own planned initial public offering, Aramco’s chief executive Amin Nasser said in a television interview on Friday.
Saudi-owned Al Arabiya television cited Nasser as saying that buying a stake in a petrochemicals company would make the state oil giant less vulnerable to price volatility.
Aramco said on Thursday it is looking to buy a strategic stake in SABIC, a move that could boost the state oil giant’s market valuation ahead of a planned IPO.
Saudi Aramco’s IPO-ARMO.SE potential acquisition of a stake in Saudi petrochemicals maker SABIC 2010.SE would affect the time frame of its own planned initial public offering, Aramco’s chief executive Amin Nasser said in a television interview on Friday.
Saudi-owned Al Arabiya television cited Nasser as saying that buying a stake in a petrochemicals company would make the state oil giant less vulnerable to price volatility.
Aramco said on Thursday it is looking to buy a strategic stake in SABIC, a move that could boost the state oil giant’s market valuation ahead of a planned IPO.
Oil strengthens as dollar slips to four-day low | Reuters
Oil strengthens as dollar slips to four-day low | Reuters:
Oil prices rose on Friday as a weakening dollar and lower expected August crude exports from Saudi Arabia supported the market, offsetting concerns about U.S.-China trade tensions and supply increases.
U.S. crude strengthened late in the session as the U.S. dollar index slipped to a four-day low, on reports that U.S. President Donald Trump worries that the Federal Reserve will raise rates twice this year.
“The dollar was a one-way ticket for the last couple of weeks and basically reversed directions, giving us some strong support,” said Phil Flynn, analyst at Price Futures Group.
Oil prices rose on Friday as a weakening dollar and lower expected August crude exports from Saudi Arabia supported the market, offsetting concerns about U.S.-China trade tensions and supply increases.
U.S. crude strengthened late in the session as the U.S. dollar index slipped to a four-day low, on reports that U.S. President Donald Trump worries that the Federal Reserve will raise rates twice this year.
“The dollar was a one-way ticket for the last couple of weeks and basically reversed directions, giving us some strong support,” said Phil Flynn, analyst at Price Futures Group.
World’s Richest Country Looks for Soccer Love - Bloomberg
World’s Richest Country Looks for Soccer Love - Bloomberg:
If the World Cup just helped burnish Russia’s international standing, now it’s the turn of Qatar to try and benefit from the enduring relationship between sport and politics.
Soccer fans returned home this week after a month of sporting drama that culminated in the highest-scoring World Cup final since 1966. Off the field, few fans will take home memories of the oppression associated with President Vladimir Putin’s leadership. Instead, there was peaceful hospitality and slick organization. U.S. President Donald Trump congratulated Putin on a “really great” tournament when the two met in Helsinki on Monday.
Next up is Qatar in 2022, and the richest country on the planet could do with exercising some similar soft power.
If the World Cup just helped burnish Russia’s international standing, now it’s the turn of Qatar to try and benefit from the enduring relationship between sport and politics.
Soccer fans returned home this week after a month of sporting drama that culminated in the highest-scoring World Cup final since 1966. Off the field, few fans will take home memories of the oppression associated with President Vladimir Putin’s leadership. Instead, there was peaceful hospitality and slick organization. U.S. President Donald Trump congratulated Putin on a “really great” tournament when the two met in Helsinki on Monday.
Next up is Qatar in 2022, and the richest country on the planet could do with exercising some similar soft power.
Oil Extends Gain Near $70 as Saudis Vow Not to Oversupply Market - Bloomberg
Oil Extends Gain Near $70 as Saudis Vow Not to Oversupply Market - Bloomberg:
Oil extended gains near $70 a barrel in New York, paring a third weekly loss, after Saudi Arabia said it will not flood the market with crude.
West Texas Intermediate futures rose 0.4 percent, bringing this week’s decline to 1.8 percent. OPEC’s de facto leader Saudi Arabia, under pressure from U.S. President Donald Trump to pump more and ease prices, said it will keep exports steady this month and reduce it by 100,000 barrels a day in August.
“It seems the Saudis were concerned about the abrupt shift in the market sentiment from bullish to bearish, and they wanted to draw a line in the sand around current levels,” said Giovanni Staunovo, an analyst at UBS Group AG in Zurich.
Oil extended gains near $70 a barrel in New York, paring a third weekly loss, after Saudi Arabia said it will not flood the market with crude.
West Texas Intermediate futures rose 0.4 percent, bringing this week’s decline to 1.8 percent. OPEC’s de facto leader Saudi Arabia, under pressure from U.S. President Donald Trump to pump more and ease prices, said it will keep exports steady this month and reduce it by 100,000 barrels a day in August.
“It seems the Saudis were concerned about the abrupt shift in the market sentiment from bullish to bearish, and they wanted to draw a line in the sand around current levels,” said Giovanni Staunovo, an analyst at UBS Group AG in Zurich.