Author: Steven Sahiounie

The cost of September futures surged nearly 40% after reports of an upcoming strike at LNG facilities in Australia Natural gas prices in the EU hit their highest level since mid-June on Wednesday, according to data from the London Intercontinental Exchange (ICE). The cost of gas futures for September delivery at the TTF hub in the Netherlands surged to an intraday high of more than €43 ($47) per megawatt-hour in household terms, jumping nearly 40% from the previous close. Gas prices retreated later in the session but extended losses on Thursday. The contract was trading around €38 per megawatt-hour around…

NEW YORK/WASHINGTON: President Joe Biden on Wednesday signed an executive order that will prohibit some new US investment in China in sensitive technologies like computer chips and require government notification in other tech sectors.The long-awaited order authorizes the US Treasury secretary to prohibit or restrict US investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.The administration said the restrictions would apply to “narrow subsets” of the three areas but did not give specifics. The proposal is open for public input.The order is aimed at preventing American capital and expertise from helping…

The president’s statement comes as Washington seeks to counter China’s growing power and influence in the Indo-Pacific region US President Joe Biden claimed on Tuesday that Vietnam wants to “become a partner” of the US, and that he will visit the Asian nation in the near future. Biden may have spoken too soon, as the White House has refused to comment on his statement. “I’m going to be going to Vietnam shortly, because Vietnam wants to change our relationship and become a partner,” Biden said at an event in New Mexico, according to press pool reports. Relations between the US and Vietnam were…

SAO PAULO: A Saudi delegation headed by Investment Minister Khalid Al-Falih concluded a 10-day tour of Latin America on Wednesday with a visit to Panama, considered by analysts to be a major communications and logistics hub in the region. Accompanied by a number of Saudi officials, Al-Falih met in Panama City with Foreign Minister Janaina Tewaney Mencomo and Commerce and Industry Minister Federico Alfaro Boyd. They discussed cooperation opportunities regarding energy production, logistics, connectivity and real estate, as well as the potential establishment of Saudi companies in the Central American nation. Saudi Arabia and Panama formalized diplomatic relations in 2015.…

Germany has been hit hard by NATO’s proxy war against Russia in Ukraine, its economy sliding into a recession after being cut off from Russian energy, and business leaders fearing widespread deindustrialization. Berlin has nevertheless committed heavily to supporting Kiev, sending more weapons and cash than any other country besides the US. German support for Kiev in the ongoing proxy conflict with Russia could easily escalate into a wider European war, and needs to stop immediately, Bundestag lawmaker Steffen Kotre has said. “Arms deliveries are a mistake. This is not our conflict. We should stay away from all this, and…

RIYADH: Oil recouped early marginal losses on Thursday, climbing to multi-month peaks as the market weighed supply tightness concerns with fuel demand worries ahead of key US inflation data. Brent crude rose 26 cents, or 0.3 percent, to $87.81 a barrel by 9:27 a.m. Saudi time, hitting its highest since Jan. 23. West Texas Intermediate crude gained 25 cents, also 0.3 percent, to $84.65, a level last seen in November 2022. Oil prices have been buoyed by worries about supply tightness as tensions between Russia and Ukraine in the Black Sea region could threaten shipments of Russian oil, on top…

RIYADH: Dubai’s residential sector is on track to record its busiest year yet as the number of property transactions hit its highest half-yearly transactions ever, according to a new report. Released by global real estate service provider Savills, the report revealed that transactions surged 44 percent in the first half of 2023 compared to a year earlier to reach 57,700. The split was 46,100 apartments and 11,600 villas sold during the period, the report indicated. “Historically, the summer months in the UAE have been known to be slow as many residents travel during the school break,” said Swapnil Pillai, associate…

The January start date would likely interfere with the first major event in the former president’s electoral campaign US Special Counsel Jack Smith’s office has asked a Washington, DC court to begin the criminal trial of former president Donald Trump on January 2. Smith maintains that this will give Trump’s legal team enough time to prepare, while Trump insists that Smith is “deranged” and “trying to infringe” on his campaign. In a three-page filing submitted on Thursday, Smith’s office requested that jury selection begin on December 11, followed by the trial three weeks later. This proposed schedule “serves the public’s interest and the interests of…

The chiefs of staff will hold several more meetings to finalize the details, said the President of Côte d’Ivoire, Alassane Ouattara Leaders of member countries of the Economic Community of West African States (ECOWAS) have agreed to begin a military operation in Niger as soon as possible, the president of Cote d’Ivoire said on Thursday upon his return from the organization’s summit in Abuja, Nigeria. “Chiefs of staffs will hold a few more meetings to finalize the details, but there is consent among [ECOWAS] leaders to begin the operation as soon as possible,” Agence France-Presse quoted Alassane Ouattara as saying. Source: Tass

ISTANBUL: Turkey aims to lower soaring inflation permanently after a transitional period where prices remain high, Finance Minister Mehmet Simsek said on Thursday in an interview with the Yeni Safak newspaper. “Our goal is to bring down inflation permanently after a transitional period,” Simsek said. The sustained price pressure, driven by a drop in the lira currency and tax hikes, comes as President Tayyip Erdogan’s new finance minister Simsek and central bank chief orchestrate a policy U-turn, including interest rate hikes, that are expected to slow domestic demand. The monetary tightening — after years of aggressive rate cuts — is meant to cool inflation by mid-2024.…