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Saudi stocks dip on emerging market concerns

Share prices on the Saudi stock exchange dived on Wednesday after a panic selloff on concerns a downturn in emerging markets could hit the oil-rich Gulf kingdom. The Tadawul All-Shares Index (TASI) dipped 3.1 percent to a five-month low of 7,719.10 points, partly recovering early losses...

Saudi sovereign fund appoints ex-CEO of Dow Chemical as special adviser

Saudi Arabia’s sovereign fund has named Andrew Liveris, the former chairman and chief executive of Dow Chemical, as a special adviser, in its highest-profile appointment of any global manufacturing executive. Liveris will work closely with the Public Investment Fund on matters of strategic...

Saudi Arabia is no longer attractive country for Syrians

(EQTSAD)- The number of Syrians in Saudi Arabia is decreasing due to the strict measures and restrictions of the Kingdom over the residents, in addition to the large costs necessary to the renewal of residency annually, which exceeded SAR 12,000 per person (about $ 3,200). “The...

Aramco letdown causes Saudi equity sell-off

The Arab world’s biggest bourse is losing its appeal to foreigners just two months after it won inclusion in MSCI Inc.’s emerging-market index. That’s because the initial euphoria surrounding Crown Prince Mohammad bin Salman’s efforts to overhaul the nation’s economy has given way to...

No-let up in Turkey lira slide after Moody's downgrades

The Turkish lira showed no sign of recovery as it slid further against the US dollar on Wednesday, hours after Moody's downgraded its credit ratings on 20 Turkish financial institutions. The currency has been hit by concerns over monetary policy under President Recep Tayyip Erdogan but...

Automaker Tesla to remain a public company, CEO Musk says

Tesla CEO Elon Musk said Friday that the company would continue to be publicly traded, weeks after suggesting that he would take the pioneering electric carmaker private. Musk met Tesla's board of directors on Thursday "and let them know that I believe the better path is for Tesla to...

US-China trade war hits $100 billion in goods

From iconic Harley Davidson motorcycles and American bourbon to machinery and computer processors, the world's two largest economies have exchanged punitive tariffs that slice through a wide swath of key products. Starting Thursday at 12:01 am (0401 GMT), the US will charge 25 percent...

Aramco listing plan halted, oil giant disbands advisors - sources

Saudi Arabia has called off both the domestic and international stock listing of state oil giant Aramco, billed as the biggest such deal in history, four senior industry sources said on Wednesday. The financial advisors working on the proposed listing have been disbanded, as Saudi Arabia...

French oil giant Total officially quits US sanctions-hit Iran

French energy giant Total has officially quit its multi-billion-dollar gas project in Iran, Oil Minister Bijan Namdar Zanganeh said on Monday, following the reimposition of the first phase of US sanctions. "Total has officially left the agreement for the development of phase 11 of South...

Turkish lira firms despite US warning of more sanctions

The Turkish lira strengthened against the dollar Friday as investors weighed up a U.S warning that Turkey should expect more economic sanctions unless it hands over detained American pastor Andrew Brunson. The lira has lost a third of its value against the dollar this year as worsening...

Turkish lira rebounds after central bank measures

The Turkish lira rebounded Tuesday against dollar, a day after the central bank took a raft of measures in a bid to soothe the markets. The lira was at 6.49 to the dollar and 7.41 to the euro, well off the 7.24 to the dollar and 8.12 to the euro seen Monday. The unit has lost...

Turkey central bank ready to take 'all necessary measures' for stability

Turkey's central bank on Monday announced it was ready to take "all necessary measures" to ensure financial stability after the collapse of the lira, promising to provide banks with liquidity. "The central bank will closely monitor the market depth and price formations, and take all...

Turkey taking action to ease market concerns: Albayrak

Turkey has drafted an action plan and its institutions will start taking necessary steps Monday to ease financial markets’ concerns, Finance Minister Berat Albayrak said Sunday, after the lira plunged last week. In an interview with Hurriyet newspaper, Albayrak said a plan has been prepared...

New US tariffs against WTO rules: Turkish ministry

The new U.S. tariffs on Turkey are against the rules set by the World Trade Organization (WTO), the Trade Ministry said on Friday. "Turkey, as it determines and implements its own trade policy in compliance with the World Trade Organization, expects other member countries to comply with...

UAE plans oil pipeline from Ethiopia to Eritrea in latest Horn of Africa move

The United Arab Emirates plans to build an oil pipeline connecting Eritrea and Ethiopia, the latest sign of the Gulf state's increasing involvement in the Horn of Africa. The pipeline will run from Eritrea's port city of Assab to Ethiopia's capital Addis Ababa, an Ethiopian official said....

Iran lifts ban, allows exchange offices to resume working

Iran's Central Bank has allowed money exchange offices to resume work, ending a ban imposed in March amid the country's economic troubles. The bank's governor, Abdolnaser Hemmati, told state TV late Sunday that "money exchangers are allowed to sell and buy foreign currencies" once...

Canada: pro-Assad tycoon charged with violating sanctions continues to conduct business in Syria

(CBC)- A Halifax man who is the first person charged with violating Canada's economic sanctions against Syria is back in Damascus doing business there, CBC News has learned. Nader Kalai — a Syrian national with permanent residency in Canada — is known to be a close associate of...

Surviving Daesh, Iraq is grabbed by debt spiral

Already fragile and is largely dependent on oil revenues, Iraq’s economy has sustained a great damage after the rise of the Daesh terrorist group and simultaneous falling oil prices. As a result, Iraq’s debts have almost doubled for the past four years. With its...