Donald Trump bypasses Congress on Saudi, UAE arms sales | Financial Times:
The Trump administration has formally notified US lawmakers that it is invoking an emergency provision to go ahead with multibillion-dollar arms sales to Saudi Arabia and the United Arab Emirates without congressional approval.
The emergency provision, part of the Arms Export Control act, would allow the US to proceed with sales of planned precision bombs to those two countries, without fear of Congress blocking the measure.
However, the move is likely to inflame tensions between President Donald Trump and Congress, where members of both parties have criticised the president for not taking a harsher stance on Saudi Arabia in the wake of the killing of the journalist Jamal Khashoggi.
Friday, 24 May 2019
Oil rises more than 1% but sets biggest weekly loss of 2019 - Reuters
Oil rises more than 1% but sets biggest weekly loss of 2019 - Reuters:
Oil prices climbed more than 1% on Friday ahead of long U.S. and UK holiday weekends, but posted the biggest weekly drop of the year, pressured by rising inventories and worries about the global economy.
Brent crude rose 93 cents, or 1.4%, to settle at $68.69 a barrel, but the global benchmark notched a weekly decline of about 4.5%.
U.S. West Texas Intermediate crude rose 72 cents, or 1.2%, to end at $58.63 a barrel. It notched a weekly decline of about 6.4%, its steepest since December.
Oil prices climbed more than 1% on Friday ahead of long U.S. and UK holiday weekends, but posted the biggest weekly drop of the year, pressured by rising inventories and worries about the global economy.
Brent crude rose 93 cents, or 1.4%, to settle at $68.69 a barrel, but the global benchmark notched a weekly decline of about 4.5%.
U.S. West Texas Intermediate crude rose 72 cents, or 1.2%, to end at $58.63 a barrel. It notched a weekly decline of about 6.4%, its steepest since December.
Chinese group eyes $10bn industrial investment in #UAE | Financial Times
Chinese group eyes $10bn industrial investment in UAE | Financial Times:
A Chinese conglomerate is exploring a landmark $10bn industrial investment in the United Arab Emirates as the Gulf state seeks to become the leading Middle Eastern partner for China’s Belt and Road Initiative.
The UAE, which is trying to diversify its economy away from oil, is keen to become a hub on the “new Silk road” by promoting its infrastructure and strategic location as a natural fit for China’s drive to enhance trade with Europe and Africa via sea and land routes.
The East Hope Group conglomerate said it was working with Khalifa Industrial Zone Abu Dhabi, or Kizad, on a feasibility study for a three-phase, 15-year development at the port facility located near the UAE capital’s border with Dubai.
A Chinese conglomerate is exploring a landmark $10bn industrial investment in the United Arab Emirates as the Gulf state seeks to become the leading Middle Eastern partner for China’s Belt and Road Initiative.
The UAE, which is trying to diversify its economy away from oil, is keen to become a hub on the “new Silk road” by promoting its infrastructure and strategic location as a natural fit for China’s drive to enhance trade with Europe and Africa via sea and land routes.
The East Hope Group conglomerate said it was working with Khalifa Industrial Zone Abu Dhabi, or Kizad, on a feasibility study for a three-phase, 15-year development at the port facility located near the UAE capital’s border with Dubai.
Qatari sovereign wealth fund reveals stake in UK’s Sirius Minerals | Financial Times
Qatari sovereign wealth fund reveals stake in UK’s Sirius Minerals | Financial Times:
Qatar’s sovereign wealth fund has emerged as a shareholder in Sirius Minerals, the London-listed company building a giant fertiliser mine under a national park in North Yorkshire.
The Qatar Investment Authority owns 3.3 per cent of Sirius, according to a regulatory filing. Traders said the QIA had probably picked up its stake when the company issued $425m worth of new shares last month.
Sirius is trying to raise a total of $3.8bn so it can complete development of its Woodsmith mine and start mining a huge underground deposit of polyhalite, a type of fertiliser.
Qatar’s sovereign wealth fund has emerged as a shareholder in Sirius Minerals, the London-listed company building a giant fertiliser mine under a national park in North Yorkshire.
The Qatar Investment Authority owns 3.3 per cent of Sirius, according to a regulatory filing. Traders said the QIA had probably picked up its stake when the company issued $425m worth of new shares last month.
Sirius is trying to raise a total of $3.8bn so it can complete development of its Woodsmith mine and start mining a huge underground deposit of polyhalite, a type of fertiliser.
Trump Sparks Oil Rally With #Iran Spat, Then Rout With Trade War - Bloomberg
Trump Sparks Oil Rally With Iran Spat, Then Rout With Trade War - Bloomberg:
Just over a week ago, crude prices were surging as attacks on Saudi Arabia’s oil tankers and pipeline network spurred fears that the Middle East was on the brink of military confrontation.
In the past two days, however, oil has suffered its biggest losses this year as those concerns are shunted aside by another type of conflict: the escalating trade war between the U.S. and China.
At the heart of both price moves is the foreign and economic policy of Donald Trump. In the former case, political tensions are flaring as the U.S. president puts a diplomatic squeeze on Iran and presses its rivals in Riyadh to keep oil markets well-supplied. In the latter, it’s Trump’s trade battle with China that’s now weighing on the outlook for the world economy and oil demand.
Just over a week ago, crude prices were surging as attacks on Saudi Arabia’s oil tankers and pipeline network spurred fears that the Middle East was on the brink of military confrontation.
In the past two days, however, oil has suffered its biggest losses this year as those concerns are shunted aside by another type of conflict: the escalating trade war between the U.S. and China.
At the heart of both price moves is the foreign and economic policy of Donald Trump. In the former case, political tensions are flaring as the U.S. president puts a diplomatic squeeze on Iran and presses its rivals in Riyadh to keep oil markets well-supplied. In the latter, it’s Trump’s trade battle with China that’s now weighing on the outlook for the world economy and oil demand.
#SaudiArabia’s Ambitious Housing Goals Needs Empowered Women - Bloomberg
Saudi Arabia’s Ambitious Housing Goals Needs Empowered Women - Bloomberg:
A year ago, much of the conversation about women’s empowerment in Saudi Arabia centered on the government’s decision to let them drive. Other well-publicized reforms since then have opened up opportunities for women in the military and aviation, as well as access to previously proscribed or restricted spaces, like sports stadiums and music concerts.
But away from the headlines and photo-ops, Saudi women are also being empowered by gender-neutral policy changes. One example: the government’s aim to increase home ownership among citizens to 70% by 2030.
One essential requirement to reaching this goal is the growth of the mortgage industry, giving more young people—women as well as men—the opportunity to buy their first homes. Another is the acceleration of women’s employment: more working women will greatly expand the demand for mortgages among women looking to buy homes, either on their own or as part of dual-income families.
A year ago, much of the conversation about women’s empowerment in Saudi Arabia centered on the government’s decision to let them drive. Other well-publicized reforms since then have opened up opportunities for women in the military and aviation, as well as access to previously proscribed or restricted spaces, like sports stadiums and music concerts.
But away from the headlines and photo-ops, Saudi women are also being empowered by gender-neutral policy changes. One example: the government’s aim to increase home ownership among citizens to 70% by 2030.
One essential requirement to reaching this goal is the growth of the mortgage industry, giving more young people—women as well as men—the opportunity to buy their first homes. Another is the acceleration of women’s employment: more working women will greatly expand the demand for mortgages among women looking to buy homes, either on their own or as part of dual-income families.
Oil steady but set for 2019's biggest weekly loss - Reuters
Oil steady but set for 2019's biggest weekly loss - Reuters:
Oil prices were steady on Friday ahead of long U.S. and UK holiday weekends, but were on track for its biggest weekly drop of the year, pressured by rising inventories and concern over an economic slowdown.
Brent crude rose 12 cents to $67.88 a barrel by 11:57 a.m. ET (1557 GMT) but the global benchmark remained on course for a weekly decline of about 6%.
U.S. West Texas Intermediate crude was unchanged at$57.91 a barrel. The benchmark was on track for a weekly drop of nearly 8%, the biggest weekly decline since December.
Oil prices were steady on Friday ahead of long U.S. and UK holiday weekends, but were on track for its biggest weekly drop of the year, pressured by rising inventories and concern over an economic slowdown.
Brent crude rose 12 cents to $67.88 a barrel by 11:57 a.m. ET (1557 GMT) but the global benchmark remained on course for a weekly decline of about 6%.
U.S. West Texas Intermediate crude was unchanged at$57.91 a barrel. The benchmark was on track for a weekly drop of nearly 8%, the biggest weekly decline since December.
Oil rises towards $69 but set for 2019's biggest weekly loss - Reuters
Oil rises towards $69 but set for 2019's biggest weekly loss - Reuters:
Oil rose towards $69 a barrel on Friday after two sessions of losses, but remained on track for its biggest weekly drop this year due to rising inventories and concerns about an economic slowdown.
U.S. crude inventories rose to hit the highest since July 2017, suggesting ample supplies in the world’s top consumer. [EIA/S] Meanwhile, worries that the U.S.-China trade is developing into a more entrenched dispute have also hit prices.
“Clearly, bargain hunters are back in town,” Naeem Aslam, chief market analyst at TF Global Markets, said of the bounce. “However, it is still set to record the worst week of the year and this is due to the increase in trade war tensions between the U.S. and China.”
Brent crude, the global benchmark, rose 98 cents to $68.74 a barrel at 1121 GMT but remained on course for a decline of nearly 5% this week. U.S. West Texas Intermediate crude added 75 cents at $58.66.
Oil rose towards $69 a barrel on Friday after two sessions of losses, but remained on track for its biggest weekly drop this year due to rising inventories and concerns about an economic slowdown.
U.S. crude inventories rose to hit the highest since July 2017, suggesting ample supplies in the world’s top consumer. [EIA/S] Meanwhile, worries that the U.S.-China trade is developing into a more entrenched dispute have also hit prices.
“Clearly, bargain hunters are back in town,” Naeem Aslam, chief market analyst at TF Global Markets, said of the bounce. “However, it is still set to record the worst week of the year and this is due to the increase in trade war tensions between the U.S. and China.”
Brent crude, the global benchmark, rose 98 cents to $68.74 a barrel at 1121 GMT but remained on course for a decline of nearly 5% this week. U.S. West Texas Intermediate crude added 75 cents at $58.66.
Trump Considers Emergency to Bypass Congress on #Saudi Arms Deal - Bloomberg
Trump Considers Emergency to Bypass Congress on Saudi Arms Deal - Bloomberg:
The Trump administration is considering using a rarely cited provision in the Arms Control Act to clear arms sales to Saudi Arabia over congressional opposition, according to a person familiar with the matter and U.S. lawmakers.
The provision allows President Donald Trump to circumvent the normal approval process by declaring that an emergency exists that requires the sales to go through immediately “in the national security interests of the United States.”
Trump’s first foreign visit as president was to Saudi Arabia and he considers the kingdom a crucial ally in his efforts to isolate Iran. Yet both Democrats and Republicans have urged the U.S. to hold the Saudis accountable for the killing last October of columnist Jamal Khashoggi and for their role in Yemen’s civil war.
The Trump administration is considering using a rarely cited provision in the Arms Control Act to clear arms sales to Saudi Arabia over congressional opposition, according to a person familiar with the matter and U.S. lawmakers.
The provision allows President Donald Trump to circumvent the normal approval process by declaring that an emergency exists that requires the sales to go through immediately “in the national security interests of the United States.”
Trump’s first foreign visit as president was to Saudi Arabia and he considers the kingdom a crucial ally in his efforts to isolate Iran. Yet both Democrats and Republicans have urged the U.S. to hold the Saudis accountable for the killing last October of columnist Jamal Khashoggi and for their role in Yemen’s civil war.
In the Mideast, the Enemy of My Enemy Can Still Be My Enemy - Bloomberg
In the Mideast, the Enemy of My Enemy Can Still Be My Enemy - Bloomberg:
In April 2008, Iran’s then-Foreign Minister Manouchehr Mottaki flew to Riyadh to meet with Saudi Arabia’s King Abdullah. It did not go well.
Mottaki was seeking better relations with his country’s chief regional rival. Instead he got a lecture from the king about Tehran’s interference in Palestinian affairs. But “these are Muslims,” Mottaki responded, according to U.S. diplomatic cables made public by WikiLeaks. “No, Arabs,” replied the king. “You as Persians have no business meddling in Arab affairs.” The king said Mottaki had one year to improve ties.
Abdullah didn’t wait that long to make his next move. Moments later he told a delegation of visiting U.S. officials that the Iranians couldn’t be trusted and implored them, in the words of a senior adviser, to “cut off the head of the snake” by attacking Iran’s nuclear facilities and hitting it with economic sanctions, according to the same classified U.S. diplomatic summary of the meeting, which was published in 2012. President Obama did nothing of the sort. And the Saudi royals would have to wait almost a decade until they got a more amenable American president. Indeed, Abdullah wouldn’t live to see the shift.
In April 2008, Iran’s then-Foreign Minister Manouchehr Mottaki flew to Riyadh to meet with Saudi Arabia’s King Abdullah. It did not go well.
Mottaki was seeking better relations with his country’s chief regional rival. Instead he got a lecture from the king about Tehran’s interference in Palestinian affairs. But “these are Muslims,” Mottaki responded, according to U.S. diplomatic cables made public by WikiLeaks. “No, Arabs,” replied the king. “You as Persians have no business meddling in Arab affairs.” The king said Mottaki had one year to improve ties.
Abdullah didn’t wait that long to make his next move. Moments later he told a delegation of visiting U.S. officials that the Iranians couldn’t be trusted and implored them, in the words of a senior adviser, to “cut off the head of the snake” by attacking Iran’s nuclear facilities and hitting it with economic sanctions, according to the same classified U.S. diplomatic summary of the meeting, which was published in 2012. President Obama did nothing of the sort. And the Saudi royals would have to wait almost a decade until they got a more amenable American president. Indeed, Abdullah wouldn’t live to see the shift.
#Oman trying to reduce U.S.-Iran tensions: foreign ministry tweet - Reuters
Oman trying to reduce U.S.-Iran tensions: foreign ministry tweet - Reuters:
Oman is trying “with other parties” to reduce tensions between the United States and Iran, the Omani Foreign Ministry tweeted on Friday.
The tweet cited Yousuf bin Alawi bin Abdullah, the sultanate’s minister responsible for foreign affairs, who met on Monday in Tehran with Iranian Foreign Minister Mohammad Javad Zarif.
“There is a danger that a war breaks out, hurting the whole world ... Both parties, the American and the Iranian, are aware of the danger,” the tweet cited the Omani minister as saying in an interview with an Arabic publication.
Oman is trying “with other parties” to reduce tensions between the United States and Iran, the Omani Foreign Ministry tweeted on Friday.
The tweet cited Yousuf bin Alawi bin Abdullah, the sultanate’s minister responsible for foreign affairs, who met on Monday in Tehran with Iranian Foreign Minister Mohammad Javad Zarif.
“There is a danger that a war breaks out, hurting the whole world ... Both parties, the American and the Iranian, are aware of the danger,” the tweet cited the Omani minister as saying in an interview with an Arabic publication.
Oil recovers 1%, but set for biggest weekly loss of 2019 - Reuters
Oil recovers 1%, but set for biggest weekly loss of 2019 - Reuters:
Oil prices recouped around 1% on Friday but were on track for their biggest weekly loss this year after swelling inventories and jitters over an economic slowdown led to big falls earlier in the week.
Brent crude futures were at $68.48 per barrel at 0654 GMT, up 72 cents, or 1.1%, from their last close, with prices underpinned by OPEC supply cuts and Middle East tensions.
U.S. West Texas Intermediate (WTI) crude futures were up 66 cents, or 1.1%, at $58.57 per barrel.
Oil prices recouped around 1% on Friday but were on track for their biggest weekly loss this year after swelling inventories and jitters over an economic slowdown led to big falls earlier in the week.
Brent crude futures were at $68.48 per barrel at 0654 GMT, up 72 cents, or 1.1%, from their last close, with prices underpinned by OPEC supply cuts and Middle East tensions.
U.S. West Texas Intermediate (WTI) crude futures were up 66 cents, or 1.1%, at $58.57 per barrel.
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