Bahrain

Major stock exchange in the Gulf were mixed in early trade on Tuesday on weakening oil even as stress intensified in the area and as financiers braced for thirdquarter incomes. Saudi Arabia's benchmark index dropped 0.1%, struck by a 0.9% fall in ACWA Power and a 0.6% fall in the nation's most significant loan provider, Saudi National Bank. Somewhere else, oil giant Saudi Aramco relieved 0.4%. Oil costs - a catalyst for the Gulf's financial markets - slid as much as $3 to a near two-week low throughout Asian trade on the back of a weaker demand outlook and after...

Gulf states are lobbying Washington to stop Israel from attacking Iran's oil sites since they are concerned their own oil facilities could come under fire from Tehran's proxies if the conflict intensifies, 3 Gulf sources informed Reuters. As part of their efforts to prevent being caught in the crossfire, Gulf states including Saudi Arabia, the United Arab Emirates and Qatar are likewise declining to let Israel fly over their airspace for any attack on Iran and have actually conveyed this to Washington, the 3 sources close to government circles stated. Israel has guaranteed Iran will pay for its missile attack...

Bahrain's economy expanded 1.3% in the 2nd quarter from a year earlier, the Ministry of Finance reported, pointing out initial data from the Info &&. eGovernment Authority. The Gulf state's non-oil gdp (GDP) grew. 2.8% in the period, contributing over 85% to general GDP, though. it was weighed by a decline of 6.7% in oil sector GDP from the. previous year period. This was mostly credited to lower production in Bahrain's. Abu Sa'afa field. Bahrain's GDP grew 3.3% year-on-year in Q1. The government projects GDP development of 3% in 2024, driven. primarily by non-oil sectors, as it accelerates efforts to....

Gulf states are pushing to stop a fullblown local war after Iran's. unmatched retaliatory strikes on Israel, sources in the. area said, fearing brand-new escalation could put them on front. lines of a blaze and ruin plans to improve the area. Saudi Arabia and the United Arab Emirates in specific may. be well put to triangulate in between Iran, Israel and the. United States after diplomatic advances over the last few years that. benefited all those nations. Allies of Washington, Gulf monarchies have actually looked for to. stabilise ties with Iran and Israel to fix longstanding. security issues and permit...

Turkey and the Gulf Cooperation Council (GCC) have actually signed a deal to launch negotiations for a Free Trade Agreement (FTA), Turkish Trade Minister Omer Bolat stated on Thursday, as Ankara steps up efforts to broaden financial ties with the region. After years of stress, Turkey introduced a diplomatic charm offensive in 2020 to repair ties with Gulf nations, particularly the United Arab Emirates (UAE) and Saudi Arabia. Ankara currently has a trade agreement, dubbed an extensive economic collaboration arrangement, with the UAE. Ever since, Ankara has actually signed deals worth billions with Gulf countries, including Qatar, with which it...

The United States export credit firm on Thursday will vote on whether to back a. $ 100 million loan for an oil and gas drilling project in. Bahrain, evaluating a U.S. climate pledge to stop backing jobs. that broaden using nonrenewable fuel sources. The board of directors at the United States Export-Import. Bank is anticipated to authorize the task after voting last month. to inform Congress about potentially supporting the growth of. an oil and gas field in the Middle Eastern nation with over 400. brand-new oil wells and 30 gas wells. The EXIM Bank's loan to Bapco Energies would...

Settlements between China and an Arab bloc for an open market agreement have stalled over concerns by Saudi Arabia that low-cost Chinese imports could undermine its aspirations to transform the kingdom into an commercial powerhouse, sources state. Saudi Arabia has backed renewed efforts over the past 2 years for the Gulf Cooperation Council (GCC), the Arab bloc which includes the kingdom, United Arab Emirates and Qatar, to name a few, to finally seal a long sought handle China. But five sources briefed on the negotiations stated the sides were at an impasse over Saudi bookings with a list of items...

Russia's Nornickel, the world's biggest manufacturer of palladium and a significant manufacturer of refined nickel, has actually raised its 2024 production guidance for all metals. The business stated on Monday that its full-year nickel production forecast was now at 196,000-204,000 metric heaps, up from 184,000-194,000 tons formerly. The brand-new target was still listed below the 209,000 heaps produced in 2023. The business stated it had produced 146,210 lots of nickel in the very first nine months of the year as the heater at its flagship Nadezhda smelter returned into operation after significant repair work in August. As an outcome, the...

Significant stock markets in the Gulf were combined in early trade on Thursday in the background of simmering geopolitical tensions in the region and ahead of a U.S. inflation report. Israel's armed force stated it had gotten rid of a Hezbollah member in Syria who passed on intelligence versus Israel in the Israeli-occupied Golan Heights, while Syrian media reported on Thursday that Israeli airstrikes struck targets in Syria. Israel has actually intensified its retaliation for the Hamas attack, sending soldiers into Lebanon and airstrikes into Iran, Yemen and Syria in the hunt for Iran-backed militants, raising fears of a. broader...

Major stock exchange in the Gulf increased in early trade on Monday amid expectations of a U.S. interest rate cut this week, with the Saudi index on course to acquire for a. 3rd session. The Fed's two-day financial policy meeting beginning on. Tuesday will take centre stage for the week. Expectations are. for the reserve bank to kick-start a relieving cycle, providing. space for local central banks to think about cutting rates. Markets are pricing in a 59% opportunity of a 50 basis points. ( bps) cut, with a 41% possibility of a 25 bps cut, CME FedWatch. tool revealed....

Significant stock exchange in the Gulf increased in early trade on Thursday after U.S. inflation data paved the method for a Federal Reserve rate cut next week, while traders waited for more financial data from the United States. The U.S. consumer price index increased 0.2% in August, but underlying inflation showed some stickiness, which might result in the Fed providing a smaller 25-basis-point cut at its upcoming conference. Fed policymakers will likely start long-awaited rate cuts next week as they look for to reduce the chance of an economic crisis even as stubborn underlying cost pressures put them off more...

Significant stock markets in the Gulf fell in early trade on Thursday due to increasing geopolitical stress in the region, while financiers await U.S. weekly unemployed claims information to evaluate the health of the labour market. In the Middle East, combating continued in the Gaza Strip between Israel and Hamas militants, without any indications yet of a. concrete development in ceasefire talks in Cairo. More than 40,500 Palestinians have been eliminated in the war,. according to Gaza's health ministry. The congested enclave has. been laid to squander. The majority of its 2.3 million individuals have actually been. displaced numerous times...

Significant stock exchange in the Gulf tumbled on Monday, tracking Asian shares lower on worries that the United States could be heading for recession, while concerns about a widening dispute in the region contributed to the worries. The U.S. joblessness rate jumped to near a three-year high of 4.3% in July amid a substantial downturn in hiring, heightening fears the labor market was deteriorating and potentially making the economy susceptible to a recession. The worryingly weak July payrolls report saw markets price in a 78% chance the Federal Reserve will not just cut rates in September, however ease by a...

Major stock exchange in the Gulf were combined in early trade on Thursday amidst tensions in the Middle East following the killing of Hamas leader Ismail Haniyeh in Iran, while expectations of rate cuts in the United States raised financier belief. Haniyeh's death came less than 24 hr after the most senior military leader of Lebanon-based Hezbollah was killed in an Israeli strike in Beirut. The killings fuelled concern that the 10-month-old war in Gaza between Israel and Hamas was turning into a wider Middle East dispute. Saudi Arabia's benchmark index eased 0.1%, with aluminium products producer Al Taiseer Group...

Significant stock markets in the Gulf were mixed in early trade on Wednesday as business incomes failed to cheer investors, while the Saudi index was on course to fall for a 3rd successive session. Saudi Arabia's benchmark index fell 0.2%, with Saudi National Bank, the nation's leading lender, losing 0.5%. The kingdom's financial growth will likely be one of the slowest amongst the Gulf Cooperation Council countries this year, according to a poll of economists who decreased development projections from three months ago due to prolonged oil output cuts. Economic experts said lower oil profits were likely to constrain investments...

Russia's Nornickel remains in talks with numerous Chinese battery business to develop a. plant collectively producing nickel product from Russian. semifinished products, three sources with understanding of the. matter said. CNGR Advanced Product and Brunp Recycling, a. subsidiary of Chinese battery giant CATL, are amongst. the companies approached by Nornickel. The metals giant remains in the midst of trying to move. significant quantities of production away from Russia to significant. consumer China, bidding to circumvent Western sanctions against. Moscow over its war with Ukraine. If the task advances, it would be the 3rd such significant. effort by Nornickel this year....

Russian metals huge Nornickel plans a joint task for building and construction of a platinum group metals (PGMs). refinery in Bahrain, a source knowledgeable about the matter told. on Thursday. Nornickel is the world's biggest manufacturer of palladium. and a significant manufacturer of platinum, representing 41% and 12% of. international mine output, respectively. Both metals are primarily used. in vehicle exhausts to neutralise hazardous engine emissions, and. platinum is likewise utilized in jewellery. The source did not supply the job's amount of time or. the refinery's production capability. King Hamad bin Isa Al Khalifa of Bahrain held talks with. Russian...