County Gulf Financial News

Ravi Handa is just 39 and already plain bored. His LinkedIn bio explains his status. “Sold my company, retired early, now bored. Reach out with interesting job opportunities. Will work for free/ESOPs". The founder of ‘Handa Ka Funda’, an edtech platform, reached out to various newspapers offering his crossword skills for free. Unfortunately for Handa, there are no takers, yet.

NEW DELHI : India and Saudi Arabia have begun discussions on trading in national currencies, officials from the ministry of external affairs said after a visit by Saudi Crown Prince Mohammed Bin Salman. The idea was currently in the “discussion stage", said Ausaf Sayeed, secretary in the ministry. “The Saudi side is aware that we have worked out similar arrangements with other countries in the region.

Indian Railway Finance Corporation’s market capitalization cross the Rs 1 lakh crore-mark for the first time ever since the company went public in 2021. Shares of the company were locked in the 10% upper circuit on Monday at Rs 84.80 on the National Stock Exchange. At the lifetime high of Rs 84.80, the stock more than trebled in value from its issue price of Rs 26. Year-to-date, the stock has risen a whopping 158%. The government’s increasing focus on boosting infrastructure spending in the country has played a major role in lifting railway and rail-related stocks on Dalal Street. In the Union Budget for 2023-24 (April-March), the government announced an outlay of Rs 2.40 lakh crore for Indian Railways, which is the highest capital outlay for railways and is 9x over FY14 allocation. The ongoing G20 Summit was nothing less than a shot in the arm as the government announced a shipping and rail transportation corridor linking countries across the Middle East, South Asia and Europe on the sidelines of the Summit in New Delhi over the weekend. The announcement of a new corridor will lead to a comprehensive rail and shipping connectivity network linking US, India, Saudi Arabia and Gulf and Arab states, and European Union. The plan aims to integrate railway routes and port linkages, spanning from India to Europe, traversing through the United Arab Emirates, Saudi Arabia, Jordan, and Israel. Not only IRFC, but all other rail-related stocks danced on Dalal Street on the back of this news. Shares of Rail Vikas Nigam rallied more than 9% while Titagarh Wagons rose 5%.

G20 summit gave another reason for multibagger railway stocks to fly off the charts and rally up to 15%. PSU rail stock IRCON International, which has already doubled investors' wealth in the last 6 months, rallied up to 15% on Monday to hit a fresh 52-week high at Rs 154.65.IRFC shares zoomed 10% to hit the upper circuit limit at a fresh high of Rs 84.76.

Sudip Bandyopadhyay, Group Chairman, Inditrade Capital, says “if somebody is willing to take a long-term bet, L&T definitely is a good buy. There may not be any miracles in the short term but if somebody is having, let us say, a two to three-year time horizon in mind, even at current level, L&T is a good buy. I will say the same thing for some of the other capital goods companies like Siemens and ABB. It is a secular positive cycle for capital goods companies.”It is a problem of plenty, I guess, within the industrial space, right? But let us start off with the pure play capital goods names, be it L&T, BHEL or even the smaller ones, what do you buy more and do you buy more at this juncture after the kind of spurt and run up that these stocks have seen?Well, I think, you know, it is a confluence of factors, which has kept these stocks moving. As far as L&T is concerned, we have been talking about the hydrocarbon opportunity, which is definitely there for L&T and that has started materialising. Look, with global oil prices moving up and almost hovering in the range between 75 and 90, I think a lot of opportunities are opening up in the Gulf and those hydrocarbon opportunities have started crystallising for L&T.

Belt and Road Initiative (BRI), which has pushed many countries into a debt trap besides losing control over their assets, leaders of India-US-Saudi Arabia-UAE-Europe-Japan on Saturday announced a mega joint infrastructure deal to connect Asia with Europe via ports and railroad. Prime Minister Narendra Modi launching the project said an India-West Asia-Europe connectivity corridor for economic integration would be launched soon. Modi made the announcement flanked by US President US Biden, Saudi Arabia Prime Minister Mohammed bin Salman, President of UAE, EU and key European leaders on the sidelines of the G20 Summit. «This corridor will show a sustainable way to the whole world,» the Prime Minister said. While the US President described it as a game-changer, Ursula von der Leyen, President, European Union said, «It will be the most direct connection between India, Middle East.

NOAA Ocean Exploration researchers found a mysterious ‘golden egg’ like object while diving on a seamount in the Gulf of Alaska, the federal organization shared a blog on its official website. Initially, NOAA referred to the still-unidentified object as a ‘yellow hat’ but now it calls it a ‘golden egg’ or ‘golden orb’.

Iranian oil earlier this year, Al Jazeera reported. Notably, this strong move by the US resulted in severe tensions in the Gulf. «This is the first-ever criminal resolution involving a company that violated sanctions by facilitating the illicit sale and transport of Iranian oil and comes in concert with a successful seizure of over 980,000 barrels of contraband crude oil,» said the Justice Department in a statement, according to Al Jazeera. The department hailed the move for «successfully disrupting a multimillion-dollar shipment of crude oil,» by the Islamic Revolutionary Guard Corps (IRGC). The Islamic Revolutionary Guard Corps is designated as a «foreign terrorist organization» in the US. Following its seizure of the Iranian oil, Washington charged Tehran with arresting a number of foreign ships transiting the Gulf. Tehran was outraged when the Pentagon revealed in August that it was deploying tens of thousands more US soldiers to the area to «support deterrence efforts» and guard maritime lines, notably the Strait of Hormuz., according to Al Jazeera.Iran has argued that capturing Iranian property in international waters is equivalent to piracy, whereas the US regards stopping Iranian oil ships as law enforcement. «Acts of trespassing on tankers carrying Iranian oil are a clear example of piracy,» Iranian Ministry of Foreign Affairs spokesman Nasser Kanasaid last month, as per Al Jazeera. In August, the US Secretary of State Antony Blinken said that Washington would welcome any steps from Tehran for de-escalating the «growing nuclear threats». He, however, also clarified that the process of bringing back US citizens detained in Iran is a «completely different» matter.

DUBAI (Reuters) -The International Monetary Fund (IMF) projects Saudi Arabia to swing to a fiscal deficit of 1.2% of GDP in 2023, from a surplus of 2.5% in 2022, it said in its latest assessment report on Wednesday.

Investing.com — Has U.S. gasoline demand peaked for this time of year? Well, that’s what the Labor Day holiday supposedly says. 

Hurricane Idalia brought torrential rain and threats of flash flooding on Wednesday afternoon to southeast Georgia after slamming into Florida, where authorities feared a powerful storm surge may have inundated communities in the Big Bend region. Authorities in Florida were still trying to carry out damage assessments in the hardest-hit areas as water rescues of trapped residents were under way in southern Georgia. Video footage and photographs from the region showed ocean waters washing over highways and neighborhoods swamped by extensive flooding at midday.

By Paul Carsten

By Maria Alejandra Cardona and Marco Bello

A company has bid $5.6 million to lease federal waters off the Louisiana coast for wind energy generation

Brent crude edged up by 3 cents to $84.45 a barrel by 1332 GMT while U.S. West Texas Intermediate crude dipped 4 cents to $80.07. Hurricane Idalia strengthened on Tuesday as it headed towards Florida's Gulf Coast after skirting past Cuba. It is likely to cause power outages and could hit crude production.

By Marco Bello and Joseph Ax

NASA) has announced an annular solar eclipse in the United States that will be seen on October 14. It described the solar eclipse as a ‘ring of fire’ which will move from the US Oregon coast to the Gulf of Mexico. In a post on X, NASA wrote, "Save the date for a solar eclipse: On Oct.

Investing.com-- Oil prices fell slightly in early Asian trade on Tuesday as traders awaited a slew of economic readings from major oil importers this week, while focus also remained on potential supply disruptions from Tropical Storm Idalia.

India is launching a major outreach with key members of the Arab World through G20 to build momentum in strategic partnership and economic linkages. Besides Saudi Arabia, which is a G20 member, leaders of the UAE, Oman and Egypt are expected to attend the G20 Summit as invitees. All four are close strategic partners of India with the Egyptian President attending the Republic Day Parade as the chief guest this year and PM Narendra Modi visiting Cairo in June. Ties with Egypt have received fresh momentum since 2021 with regular defence exchanges.

Idalia formed Sunday in the Caribbean, buffeting southeastern Mexico with wind and rain, as forecasters predicted it will strengthen to a hurricane before reaching Florida later in the week. The storm, which is not forecast to make landfall in Mexico, will travel across the Gulf of Mexico before reaching northwest Florida, the US National Hurricane Center said. Idalia will create «increasing risk of life-threatening storm surge and hurricane-force winds along portions of the west coast of Florida and the Florida Panhandle beginning as early as Tuesday,» the NHC warned. «There is considerable spread in the model intensity guidance, ranging from minimal to major hurricane status before landfall on the northeast Gulf coast,» the NHC added. The NHC predicted Idalia will have made landfall in Florida by 7:00 am (1100 GMT) Wednesday, in an image showing the storm's likely path. At 0300 GMT Monday, Idalia was swirling in the Caribbean, headed northeast with maximum sustained winds of 60 miles (95 kilometers) per hour, the NHC said. Storm surge and hurricane watches have been issued for parts of Florida's coast and scattered flash flooding can be expected, the NHC said. Governor Ron DeSantis has declared a state of emergency in 33 counties in preparation for the storm's arrival. In the Mexican state of Quintana Roo, home to Cancun and other coastal tourist resorts, Idalia dumped rain and put a damper on one of the last weekends of summer vacations. Heavy rainfall is expected across parts of the eastern Yucatan in Mexico and western Cuba. A week ago, Hilary, which at one point rose to a Category 4 hurricane on the five-point Saffir-Simpson scale, hit the state of Baja California on Mexico's Pacific coast as a tropical storm,