Bloomberg Saudi Aramco shares surged after the oil producer’s initial public offering, valuing the company at a record $1.88 trillion in the culmination of a four-year effort by the kingdom to list its crown jewel. The stock jumped the daily 10% limit to 35.20 riyals when trading began at 10:30 am in Riyadh as Aramco board members, Saudi officials and …
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Bloomberg Chinese officials expect the US will delay a threatened tariff increase set for Sunday as both sides focus on de-escalating tensions by cutting import taxes currently in place rather than removing specific products from the target list, according to people familiar with the matter. Beijing sees removal of the December 15 threat enabling talks to continue on the unfinished …
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Bloomberg Saudi government institutions invested almost $2.3 billion into the initial public offering (IPO) of Saudi Aramco, a transaction that was intended to find new sources of funding for the kingdom’s economic diversification plan. The government sold two thirds of the shares offered in the company to institutional investors, of which 13.2% came from Saudi government institutions, according to a …
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Riyadh / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, arrived in Riyadh Tuesday afternoon to participate in the 40th Gulf Cooperation Council Summit, which kicked off under the chairmanship of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. Leaders and representatives …
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Bloomberg Oil fell from the highest close in almost 12 weeks as the effects of the US-China trade war countered Saudi Arabia’s surprise move to take additional crude barrels out of the market. Futures in New York slipped 1.1% after climbing 1.3% on December 6. The kingdom voluntarily pledged to pump 400,000 barrels a day less than mandated by Opec …
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Bloomberg India’s parliament is set to approve legislation preventing Muslim migrants from neighbouring countries from receiving citizenship — the next step in Prime Minister Narendra Modi’s hardline Hindu nationalist program and one that’s seen to go against the nation’s secular constitution. The controversial citizenship bill has sparked protests and fear around India, with lawyers working overtime to help millions at …
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Dubai / WAM During UAE 5G conference, the Telecommunications Regulatory Authority (TRA), and Huawei released the TRA and Huawei ‘5G and IoT Joint OpenLab’ in Dubai, aimed at boosting 5G and the Internet of Things (IoT), services throughout the UAE, promoting innovation and collaboration across markets with the intention of creating an open ecosystem that will further ICT development across …
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Bloomberg The European Union (EU) imposed five-year tariffs on biodiesel from Indonesia to counter alleged subsidies to producers in country, a move that could prompt the Indonesian government to retaliate. The EU duties on Indonesian exporters of this type of biofuel, which is made from vegetable oils and animal fats for use in diesel engines, range from 8% to 18%, …
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Bloomberg The unexpected drop in China’s exports in November shows one reason why the nation wants to agree on a phase one trade deal as US tariffs are hurting China’s exports at a time when global demand is already weak. Total exports in November dropped 1.1% from a year ago, and to the US they were down 23%, the customs …
Read More »RIYADH / WAM A UAE delegation led by Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance has participated in the G20 Finance Ministers’ and Central Bank Governors’ meeting in Riyadh, Saudi Arabia. This is the second meeting held in Riyadh after the G20 ‘Sherpa’ meeting, part of the 124 G20 meetings to take place during the Kingdom’s presidency …
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