Huawei Technologies will immediately lose access to updates to the Android operating system, a source close the matter told Reuters.Technologyread more
Huawei claims it has developed its own operating system for smartphones and laptops for "extenuating circumstances."Technologyread more
Trump's threat, posted on Twitter, comes amid rising international tensions in the Middle East as the U.S. has dispatched a carrier strike group and bomber task force to the...Politicsread more
Prime Minister Narendra Modi and his Bharatiya Janata Party are set to form the new government again, exit polls from India's month-long parliamentary elections show. But past...Electionsread more
The latest crisis in the uneasy French-German relationship was accelerated by Trump's decision to stop Germany's comfortable and decades-old free-riding on trade and security...Europe Politicsread more
While some fans of the long-running "Game of Thrones" felt satisfied by the show's final bow, others were quick to express their displeasure with how events unfolded.Entertainmentread more
Stocks in Asia were mostly higher on Monday amid rising tensions between the U.S. and China.Asia Marketsread more
Current geopolitical tensions are making it harder and harder for oil-producing nations to make decisions that will help stabilize crude prices, Russian Energy Minister...Oilread more
Russian Energy Minister Alexander Novak said there were different options available for OPEC and its oil-producing allies in the second half of 2019, including a possible...Oilread more
The Australian Electoral Commission (AEC) on Monday said Morrison's coalition has won 76 seats in Australia's parliament, which is comprised of 151 elected lawmakers.Electionsread more
U.S. President Donald Trump said his tariffs on Chinese goods are causing companies to move production out of China to Vietnam and other countries in Asia, and added that any...World Politicsread more
Saudi Arabia is seeking a bank loan of between $6 billion and $8 billion, sources familiar with the matter told Reuters, in what would be the first significant foreign borrowing by the kingdom's government for over a decade.
Riyadh has asked lenders to submit proposals to extend it a five-year U.S. dollar loan of that size, with an option to increase it, the sources said, to help plug a record budget deficit caused by low oil prices.
The sources declined to be named because the matter is not public. Calls to the Saudi finance ministry and central bank seeking comment on Wednesday were not answered.
Last week, Reuters reported that Saudi Arabia had asked banks to discuss the idea of an international loan, but details such as the size and lifespan were not specified.
The kingdom's budget deficit reached nearly $100 billion last year. The government is currently bridging the gap by drawing down its massive store of foreign assets and issuing domestic bonds. But the assets will only last a few more years at their current rate of decline, while the bond issues have started to strain liquidity in the banking system.
London-based boutique advisory firm Verus Partners, set up by former Citigroup bankers Mark Aplin and Andrew Elliot, is advising the Saudi government on the loan, the sources said.
The firm has sent requests for proposals to a small group of banks on behalf of the Saudi Ministry of Finance, the sources said. They added that banks participating in the loan would have a better chance of being chosen to arrange an international bond issue that Saudi Arabia may conduct as soon as this year.
A spokesman for Verus Partners was not immediately available to comment.
Analysts say sovereign borrowing by the six wealthy Gulf Arab oil exporters could total $20 billion or more in 2016 - a big shift from years past, when the region had a surfeit of funds and was lending to the rest of the world.
All of the six states have either launched borrowing programs in response to low oil prices or are laying plans to do so. With money becoming scarcer at home, Gulf companies are also expected to borrow more from abroad.
In mid-February, Standard & Poor's cut Saudi Arabia's to A-minus. The world's other two major rating agencies still have much higher assessments of Riyadh, but last week Moody's Investors Service put Saudi Arabia on review for a possible downgrade.
Nevertheless, bankers said a sovereign loan from Saudi Arabia could attract considerable demand, given the kingdom's wealth; its net foreign assets still total nearly $600 billion, while its public debt levels that are among the world's lowest.
The pricing of the loan is likely to be benchmarked against international loans taken out by the governments of Qatar and Oman in the last few months, according to bankers.
Because of banks' concern about the Gulf region's ability to cope with an era of cheap oil, those two loans took considerable time to arrange and the pricing was raised during that period.
Oman's $1 billion loan was ultimately priced at 120 basis points over the London interbank offered rate (Libor), while Qatar's $5.5 billion loan was priced at 110 bps over, with both concluded in January.
"The indications are that a Saudi deal would have to price higher than that, as the world has changed significantly since those deals," one Middle East-based banker said, referring to the rating agencies' actions.
Follow CNBC International on and Facebook.