Regional News

  Reuters OPEC’s Secretary-General has confidence in the commitment of oil producers who agreed to an output cut deal last month to ease a global glut that has depressed crude prices and hurt exporting countries’ revenues. Under the accord, the Organization of the Petroleum Exporting Countries and Russia and other non-members of the producer group will curtail oil output by …

    Bloomberg The future of internet in Israel may depend on allowing a reorganization of Bezeq Israeli Telecommunication Corp., despite concerns the move could undermine years of efforts to make the local market more competitive. “If we don’t move ahead with a national fiber-optic infrastructure, Israel’s internet will get stuck in another two or three years,” Regional Cooperation Minister …

  Reuters Resources for the state fund intended to cover Algeria’s budget deficits had declined by 59.5 percent at the end of 2016 from the previous year because of falling oil prices, Finance Minister Hadji Baba Ammi said. State finances were already under pressure in Algeria, where the government had forecast foreign exchange reserves would reach $114 billion by the …

  Bloomberg Egypt’s urban consumer prices rose the fastest in at least six years in December, fueled in part by a 28.3 percent increase in food costs following the central bank’s decision to abandon currency controls two months ago. Annual urban inflation accelerated to 23.3 percent in December, while the monthly rate quickened to 3.1 percent, according to the state-run …

  Reuters A special Saudi Arabia committee has found a number of individuals guilty of providing insider information and insider trading in shares of telecoms operator Mobily, leaving them facing potential jail terms of between one and two years, the kingdom’s Capital Market Authority (CMA) said. The findings of Saudi Arabia’s Committee for the Resolution of Securities Disputes (CRSD) are …

  Bloomberg Investment Holding Group, which plans to sell shares on the Qatar Stock Exchange through an offering that opens next week, is seeking acquisitions that will lift earnings even if sales continue to decline. The company will either borrow or issue additional stock to buy new businesses because all of the proceeds from the initial public offering is going …

  Bloomberg Jerusalem-based maker of chips and software for driverless cars Mobileye NV jumped most in 6 months after announcing strategic partnership with HERE, mapping consortium forged by German automakers. Shares of Mobileye rose 9.8 percent to $38.44 in New York, the most since June 30. The stock is still down 9.1 percent this year. Automakers and technology companies are …

  Bloomberg Energy companies in the Middle East reduced their borrowing by 26 percent in 2016 as an increase in oil prices late in the year provided revenue needed for exploration and production. Bonds and loans issued by energy producers in the six-nation Gulf Cooperation Council declined 26 percent to $17.5 billion from a record $23.7 billion in 2015, data …

  Bloomberg Iran qualified 29 international oil companies to bid in upcoming tenders for crude and natural gas development projects as the Persian Gulf state seeks investment in energy. China National Petroleum Corp., Royal Dutch Shell Plc and Total SA are among the companies that will be invited to bid in tenders, according to a list published on the website …

    MUSCAT/ Reuters Oman’s government released a 2017 budget plan on Sunday that projected a smaller deficit but included fresh austerity steps and tight curbs on spending because of low oil prices, which are hurting state revenues. Government spending this year is projected to total 11.7 billion rials ($30.4 billion) and revenues 8.7 billion rials, which would result in …