Saudi Arabia Financial News

Investing.com — Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: Elon Musk claims WSJ report ‘utterly false’; VinFast posts impressive results; and EVs are taking over EU.

Saudi Arabia said on Monday it has decided to end light-touch oversight of its nuclear activities by the U.N. atomic watchdog and switch to full-blown safeguards, a change the agency has been demanding for years. Saudi Arabia has a nascent nuclear programme that it wants to expand to eventually include activities like proliferation-sensitive uranium enrichment.

Starting today, Mint’s Plain Facts section will bring out a monthly update on key global economic data to thread together the biggest developments that are worth paying attention to. The accompanying analysis and charts will explain how each story is creating ripples in the global markets, where it is headed in the coming weeks, and how it could possibly impact India. In September, rising oil prices, China’s economic slowdown, and a possible US government shutdown are leading the news.

strategic pact between America, Israel and Saudi Arabia. In a rare television interview on September 20th, Saudi Arabia’s crown prince and the country’s de facto ruler acknowledged with a smile that an agreement is on the cards. “Every day we get closer.

prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand. Brent crude futures climbed 48 cents, or 0.5%, to $93.75 a barrel by 0110 GMT after settling 3 cents lower on Friday. U.S. West Texas Intermediate crude futures extended gains for a second straight session, trading at $90.53 a barrel, up 50 cents, or 0.6%. «Crude oil prices have started the week on the front foot, as the market continues to digest Russia's temporary ban on diesel and gasoline exports, into an already tight market, offset with the Fed's hawkish message that rates will stay higher for longer,» IG Markets analyst Tony Sycamore said. Both contracts snapped a three-week winning streak to fall last week after a hawkish Federal Reserve stance rattled global financial sectors and raised oil demand concerns. Prices had rallied more than 10% in the previous three weeks on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year. Last week, Moscow temporarily banned gasoline and diesel exports to most countries in order to stabilise the domestic market, fanning concerns of low products supply especially for heating oil as the northern hemisphere heads into winter. In the United States, the number of operating oil rigs fell by eight to 507 last week, their lowest since February 2022, despite higher prices, a weekly report from Baker Hughes showed on Friday. Expectations of better economic data this week from China, the world's largest crude importer, also lifted sentiment.

Also Read: ‘Crude’ impact on economy: $10 rise in Brent widens India's CAD by 0.5%, say analysts as oil sizzles to 10-month high Oil prices are expected to trade higher and can touch above $95, but market analysts reckon that prices sustaining above $100 is questionable. ‘’Markets fear that this trend could spur more cooling in the US economy, potentially denting crude demand,'' said domestic brokerage firm Motilal Oswal. US fuel demand is also expected to cool in the coming months, with the end of the travel-heavy summer season.

Reliance Retail Ventures Ltd, the retail arm of Reliance Industries, has received the full subscription amount of Rs 2,069.50 crore from the global investment firm KKR and has allotted 1.71 crore equity shares. Following the share allotment, KKR's shareholding in Reliance Retail Ventures Ltd (RRVL) has increased to 1.42 per cent, from 1.17 per cent. «Reliance Retail Ventures Ltd today received the subscription amount of Rs 2,069.50 crore from Alyssum Asia Holdings II Pte.

Rising oil prices are, generally speaking, wonderful for companies that pump it out of the ground. But only up to a point. Crude near $100 a barrel might be an unattractive price for everyone involved.

Also Read: Jaishankar dismisses 'West as bad guy' narrative, sheds light on Global South's rising role in diplomacy EAM also noted that contemporary geopolitical considerations and rivalries are influencing fundamental needs in many countries, such as their ability to access affordable food, fertilizers, and energy. Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! "With each passing day, in fact, it has become clearer to us that today geopolitical calculations and geopolitical contests are impacting very basic requirements of many countries, including their affordable access to food, to fertilizers and to energy," Jaishankar said.

Also Read: Google Doodle celebrates Saudi Arabia National Day with a special illustration Meanwhile, her most notable legacy was founding the country’s first women's football team, the GFC (Gruppo Femminile Calcistico). This act undoubtedly broke down gender barriers during a time when official sports were mostly played by men.

India-Middle East-Europe Economic Corridor (IMEC) was launched with the promise of galvanising connectivity and trade through India, the Arabian Gulf and Europe, with an underlying goal of shifting geopolitics in the region, by countering China’s Belt and Road Initiative (BRI). The precise route map of the corridor will be figured out when the stakeholders meet in the next two months. But a Memorandum of Understanding (MoU) unveiled on the sidelines of the G20 leaders’ meeting shed light on its broader contours — a transit through India, the United Arab Emirates (UAE), Saudi Arabia, Jordan, Israel, and Europe.

Mies van der Rohe Barcelona chair, and iPhone 15 — put a value to them, a price that goes beyond the transactional. The Medicis in 15th century Florence bankrolled artists like Botticelli, Michelangelo and Leonardo — mind you, before they were Botticelli, Michelangelo, Leonardo.

Keeping Russians happy as elections approach or kicking Joe Biden between the legs over Ukraine?  Vladimir Putin reckons he can do both — if ​​oil prices cross $100 a barrel to limit any damage to the Russian economy from his chokes on supply.

Investing.com-- Oil prices rose slightly in Asian trade on Friday as growing expectations of tighter supplies helped markets look past concerns over rising interest rates, which had battered prices this week. 

A list with wonders like the Taj Mahal and the Pyramids of Egypt on it just grew longer. At a meeting of the Unesco World Heritage Committee in Riyadh, Saudi Arabia, member states have agreed to add World War I cemeteries and Rwanda’s genocide slopes to the list of World Heritage sites, apart from a torture centre in Argentina that’s now a memorial.

Drivers are starting to feel the pain at the pump again as oil moves closer to $100 a barrel. Supply cuts from Saudi Arabia and Russia could push global oil prices higher still. But China, the world’s top crude importer, will have a say too.

The Federal Reserve held its benchmark interest rate unchanged in a widely expected decision on Wednesday and struck a hawkish tone as the central bank’s ongoing battle against inflation appears to be far from over.

₹70 to over ₹100, it was a significant shock to households and businesses' balance sheets. The exorbitant cost of fuel has forced households to cut back on spending for other essential items. But, it appears that the government has not acknowledged the economic fallout and is maintaining the status quo.

US Federal Reserve also weighed on crude prices. Around 3 pm the November contract of Brent on the Intercontinental Exchange was trading at $92.60 a barrel, down 0.99% from its previous close. The November contract of West Texas Intermediate (WTI) fell to $88.79 a barrel, down 0.97% from its previous close.

₹83.13-83.18 to the US dollar. But this must be seen in a broader perspective. In 2022, the rupee saw an 11% slide, plunging from ₹74.21 to ₹82.61 by year's end – the most significant drop since 2013.

By Tim Kelly and Nobuhiro Kubo