Wall Street ended higher on Tuesday trading session as energy stocks rallied helped by increasing crude prices. The US crude prices reached its new height in 2016.
Saudi Arabia
Delta Air Lines Strikes Deal With Riyadh Air to Operate Flights Between US and Saudi Arabia
Delta Air Lines and startup Riyadh Air have entered into a partnership to connect the US and Saudi Arabia with regularly operated flights.
Saudi Arabia Intends to Sell Aramco Shares for Billions in June: Report
Saudi Arabia might be selling Aramco shares for $10 billion as early as June. A picture taken on September 15, 2019 shows an Aramco oil facility near al-Khurj area, just south of the Saudi capital Riyadh.
Saudi Aramco Plans Higher Dividends and Investments to Propel Saudi Arabia Economy
Despite a 24.7% profit drop, Saudi Aramco reported increased dividends in 2023 and billions of investments to keep Saudi Arabia's economy afloat.
Saudi Arabia Makes Rare Move to Open its First Liquor Store in Over 70 Years Amid Liberalization Drive
Saudi Arabia has opened its first liquor store in over 70 years, marking a significant departure from its conservative traditions.
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Saudi Arabia just got a negative rating from Fitch, from AA to AA-. The downgrade is due to the oil-rich kingdom's decision to slash its average oil price assumptions from $35 to $45 a barrel for 2016 and 2017.
Minister Al Falih, head of Aramco, has expressed intention for investment in India’s oil industry. The intention has been revealed following its earlier decision for selling less than 5% stake of Aramco through IPO. All the moves have been analyzed as parts of Saudi bid to diversify its economy while reducing dependence on oil prices.
The Kingdom of Saudi Arabia is poised to sell bonds after it has secured syndicated loans. The government is already in talks with the banks and will host Euromoney Saudi Arabia Conference on May 3 to 4 to determine the future of KSA market.
Saudi Arabia's state-owned oil major Aramco will takeover Port Arthur Texas refinery in the US. Saudi Arabia will refine its oil shipped from Middle East at Port Arthur refinery and also sell it in the huge North American market.
Wall Street faced slight losses in the stock market on Monday as the drop in oil price burdened energy stocks. Investors are shying away from these energy stocks owing to the fall in crude prices.
Oil prices might have propelled above $40 a barrel level in the past week as Iran was expected to join other producers to freeze its oil output. However, Iran wants to help its ailing economy, regardless of the oversupply.
Citigroup has established a new asset management group to offer varied solutions and services to richest investors across the world. The new global asset management group will function within investment banking business and it'll bring several segments together.
Islamic Finance is catching up among non-Islamic markets also. Economists and finance experts say that Islamic Finance is the need of the hour for the global economy in the wake of sluggish markets and looming uncertainty. Islamic finance assets globally are expected to be $1.8 trillion by 2020.
Surpassing Russia, the Kingdom of Saudi Arabia (KSA) has regained its lost status as top oil exporter to China in January 2016. However, China's oil imports eased during the month, while Russia suffered major drop in its exports. As a result, Saudi's market share rose to 15.9 percent highest since June 2015.
