Business Middle East

  • WASHINGTON, Sept 29- The chairman of the U.S. Senate Foreign Relations Committee said on Thursday he had tried to find a compromise before Congress' rare override of a presidential veto of a bill that allows relatives of Sept. 11 victims to sue Saudi Arabia. Corker said he and Senator Ben Cardin of Maryland, the committee's ranking Democrat, had tried to set up a...

  • TORONTO, Sept 29- Canada's main stock index rose on Wednesday to a nearly one-week high as energy stocks added to sharp gains from one day before on a surprise output cut agreement by OPEC. Suncor Energy Inc rose 1.9 percent to C $36.25 and Canadian Natural Resources Ltd advanced 1.6 percent to C $41.81. Oil prices edged higher even as investors questioned whether...

  • *Egypt's Orascom Construction rises on buy-back price. DUBAI, Sept 29- Saudi Arabia's stock market rebounded on Thursday on the back of petrochemical shares, which rallied in response to OPEC's deal to restrain oil output, but the bourse posted a big weekly loss because of government austerity measures. Petrochemical firms, their profit margins closely tied to...

  • Sept 29- Canada's SNC-Lavalin Group Inc cut its full-year adjusted profit forecast for its engineering and construction business due to commercial issues in two oil& gas projects in the Middle East. The company said it expected full-year adjusted profit for its core business to be C $1.30 to C $1.60 per share, lower than its previous forecast of C $1.50 to C $1.70.

  • Yergin: What the real deal with OPEC?

    I think this is an agreement to agree but questions remain, says Dan Yergin, IHS Markit vice chair, sharing his thoughts on OPEC's deal to limit oil production.

  • *Iraq told OPEC meeting to change new ceiling- source. *Iraq's Luaibi complains about OPEC output estimates. ALGIERS, Sept 29- For years, debates in the OPEC conference room were dominated by clashes between top producer Saudi Arabia and arch-rival Iran.

  • *Company hasn't paid installments since start of year- sources. DUBAI, Sept 29- Dubai- listed conglomerate Gulf General Investment Co is seeking to restructure loans linked to a 2.8 billion dirham debt plan which it agreed four years ago, banking sources told Reuters. More recently GGICO, 50 percent- owned by the Al Sari family from the emirate of Sharjah, requested...

  • DUBAI, United Arab Emirates— OPEC nations have agreed in theory that they need to reduce their production to help boost global oil prices during a meeting in Algeria, but a major disagreement between regional rivals Saudi Arabia and Iran still may derail any cut. What happened to oil prices and why can't OPEC agree to anything more binding? That fall largely came...

  • *Company struggling to recover after oil rout, Iraq conflict. LONDON, Sept 29- Tony Hayward, the former BP boss, is set to step down next year as chairman of Genel Energy, which he founded in 2011 and became the biggest oil and gas producer in Iraqi Kurdistan, three sources close to the company said. The 59- year-old, whose tenure at BP ended abruptly following the deadly...

  • OPEC 'paying the price' for oil abuse: Pro

    Saudi Arabia blinked, they thought they could wait everybody out, says John Kilduff, Again Capital Partner, sharing his thoughts on OPEC finally reaching a deal to limit output levels.

  • *India attacks on suspected militants in Pakistan hits shares. India's NSE hits one-mth low; Pakistan's 100- share index falls. MUMBAI/ ISLAMABAD, Sept 29- Share markets in India and Pakistan fell on Thursday after India said it had conducted "surgical strikes" on suspected militants preparing to infiltrate from Pakistan- ruled Kashmir, escalating tensions...

  • LONDON, Sept 29- Emerging stocks rose 0.6 percent on Thursday, led by energy-heavy Gulf and Russian bourses, though Saudi markets lagged and Indian assets sold off after New Delhi said it launched a strike on suspected militants based in Pakistan. The market was also rattled by a U.S. Congress vote to overturn a presidential veto of a law that would allow victims of...

  • OPEC reaches preliminary accord to curb oil production. OPEC nations reached a preliminary agreement to curb oil production for the first time since the global financial crisis eight years ago, in an effort to reduce a global glut of crude that has depressed oil prices for more than two years and weakened the economies of oil-producing nations.

  • OPEC deal a game-changer?

    Richard Mallinson, Energy Aspects, shares perspective on what a deal between OPEC members means for oil prices.

  • *Oil company shares lift global stocks after OPEC deal. *India stocks, rupee fall on strikes on militants in Pakistan- controlled Kashmir. LONDON, Sept 29- An agreement by OPEC members to curb output boosted oil company shares on Thursday, lifted the currencies of crude-producing countries, and drove yields on low-risk government debt higher.

  • *OPEC deal can shock emerging markets accustomed to low prices. SINGAPORE/ SEOUL, Sept 29- Oil buyers from China to India remained cautious as they await details of OPEC's agreement to cut production for the first time since 2008 in order to reduce a global oversupply of crude. The group will decide how much each country will produce at the next formal OPEC meeting...

  • *Riyadh preparing for big international bond issue. DUBAI, Sept 29- The Saudi riyal fell against the U.S. dollar in the forward foreign exchange market on Thursday after the U.S. Congress voted to allow relatives of victims of the Sept. 11 attacks to sue Saudi Arabia. But the decision by Congress was an unwelcome reminder of political and financial pressures on...

  • SINGAPORE/ SEOUL, Sept 29- Asian crude oil buyers remained cautious, eyeing details of an OPEC deal after the oil-producers group agreed for the first time since 2008 to reduce output in an oversupplied market. However, how much each country will produce is to be decided at the next formal OPEC meeting in November, when an invitation to join cuts could also be...

  • WASHINGTON, Sept 28- Congress on Wednesday overwhelmingly rejected President Barack Obama's veto of legislation allowing relatives of the victims of the Sept. 11 attacks to sue Saudi Arabia, the first veto override of his presidency, just four months before it ends. The House of Representatives voted 348-77 against the veto, hours after the Senate rejected it...

  • BERLIN, Sept 28- The United States on Wednesday began notifying lawmakers that it has approved $7 billion in long-stalled sales of Boeing Co fighter jets to Kuwait and Qatar, and more than $1 billion in Lockheed Martin Corp jets to Bahrain, sources familiar with the decision said. The sales had been pending for more than two years amid concerns raised by Israel,...