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Oil edges up, but still set for worst first-half performance in 20 years

June 23, 2017 By Henning Gloystein SINGAPORE (Reuters) – Oil edged up on Friday, recovering some of the steep falls earlier in the week, but crude is still set for the worst first-half decline in two decades despite ongoing production cuts. Brent crude futures were at $45.39 per barrel at 0501 GMT, up 17 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.4 percent, at $42.91 per barrel. Oil prices have fallen about 20 percent this year despite…

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Argentina Business MSCIEF Nigeria Saudi Arabia 

China ‘A’ shares get MSCI nod, Argentina snubbed

June 21, 2017 By Dion Rabouin NEW YORK (Reuters) – U.S. index provider MSCI said on Tuesday it would add mainland Chinese stocks to one of its key benchmarks, but shocked many emerging market investors by failing to upgrade Argentina from the frontier market category where it has languished in recent years. MSCI also said it would consult investors about adding Saudi Arabia to the benchmark and that Nigeria would remain a frontier market, with the possibility of being downgraded to “standalone” status. The full inclusion of domestic Chinese stocks…

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bank Business Saudi Arabia Saudi Aramco spending 

Morgan Stanley CEO says Saudi Arabia could be ‘major opportunity’

June 14, 2017 By Olivia Oran (Reuters) – Morgan Stanley CEO James Gorman said Saudi Arabia could be a “major opportunity” for the firm as the country unveiled plans for oil giant Saudi Aramco’s $100 billion initial public offering and introduced a series of reforms to attract foreign capital in 2015. Gorman, speaking at the bank’s financials conference in New York, said he has personally been spending a significant amount of time in Saudi Arabia, as has President Colm Kelleher. In May, several U.S.-based bank CEOs including Gorman, JPMorgan Chase…

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ANZ Asia Economy OPEC Saudi Arabia Top News 

Oil edges up on Saudi pledge to make real supply cuts

June 13, 2017 By Henning Gloystein SINGAPORE (Reuters) – Oil prices edged up early on Tuesday, lifted by statements that OPEC-leader Saudi Arabia was making significant supply cuts to customers, although rising U.S. output meant that markets remain well supplied. Brent crude futures were at $48.42 per barrel at 0044 GMT, up 13 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.21 per barrel, also up 13 cents, or 0.3 percent. Saudi Arabia, the world’s top oil exporter, is leading an…

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Port bans choke Qatar’s commodity trade as gas supply worries grow

June 6, 2017 By Roslan Khasawneh and Oleg Vukmanovic SINGAPORE/LONDON (Reuters) – A campaign by leading Arab powers to isolate Qatar is disrupting trade in commodities from crude oil to metals and food, and deepening fears of a possible jolt to the global gas market, where the tiny Gulf state is a major player. Just a day after Saudi Arabia and its Arab allies severed transport links with Qatar over a diplomatic row, bans on Doha’s fleet using regional ports and anchorages threatened to halt some of its exports and…

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Asian stocks stumble, oil creeps up as markets ponder fallout of Mideast tension

June 6, 2017 By Nichola Saminather SINGAPORE (Reuters) – Asian stocks retreated on Tuesday after Wall Street’s stumble overnight, while oil inched up from the previous day losses as lower Libyan oil production assuaged concerns that the severing of ties with Qatar by other Arab states could impede a deal to cut crude output. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2 percent in early trade, pulling back from a two-year high hit on Monday. Japan’s Nikkei dropped 0.4 percent. South Korean markets were closed for a holiday….

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Goldman Sachs applies for Saudi equities trading license: sources

June 2, 2017 By Saeed Azhar DUBAI (Reuters) – Goldman Sachs has applied to Saudi Arabia’s capital markets regulator for a license to trade equities in the kingdom, two sources familiar with the move said, in the latest step by Western banks to expand operations in the country. Goldman has made the application to the Capital Market Authority (CMA) and a successful outcome could lead to a further expansion of its business in the kingdom, one of the sources said. Goldman has been operating in Saudi Arabia since 2009 as…

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OPEC extends oil output cut by nine months to fight glut

May 25, 2017 By Rania El Gamal, Ernest Scheyder and Alex Lawler VIENNA (Reuters) – OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018, OPEC delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years. The cuts are likely to be shared again by a dozen non-members led by top oil producer Russia, which reduced output in tandem with the Organization of the Petroleum Exporting Countries from January….

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Trump says concerns about Iran driving Israel, Arab states closer

May 22, 2017 By Steve Holland and Jeff Mason JERUSALEM (Reuters) – U.S. President Donald Trump said on Monday that shared concern about Iran was driving Israel and many Arab states closer and demanded that Tehran immediately cease military and financial backing of “terrorists and militias”. In stressing threats from Iran, Trump echoed a theme laid out during weekend meetings in Saudi Arabia with Muslim leaders from around the world, many wary of the Islamic Republic’s growing regional influence and financial muscle. Trump has vowed to do whatever necessary to…

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Trump to visit Israel in search of revived peace process

May 22, 2017 By Steve Holland and Jeff Mason RIYADH (Reuters) – After an exhausting two days in Saudi Arabia, U.S. President Donald Trump travels to Israel on Monday, attempting to revive the stalled Israeli-Palestinian peace process with visits to Jerusalem and the West Bank. Over two days, Trump is to meet separately with both Israeli Prime Minister Benjamin Netanyahu and Palestinian President Mahmoud Abbas and visit holy sites. On Monday in Jerusalem, he will pray at the Western Wall and visit the Church of the Holy Sepulchre. On his…

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