MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
mena9 hours ago
Caution returned to markets, with traders realising tough battles still lie ahead even after the last-minute deal struck by feuding Republican and Democrat lawmakers in the US Congress.
New York’s main contract, light sweet crude for delivery in February dropped 46 cents to $92.66 a barrel and Brent North Sea crude for February delivery shed 41 cents to $112.06.
“The market lost steam after the excessive buying of oil in reaction to the passing of the US fiscal cliff deal,” said Victor Shum, managing director of IHS Purvin and Gertz in Singapore.
“Some caution has returned to the market. After all, there are going to be more negotiations in the fiscal deal in the next two months,” he said.
Global financial markets soared Wednesday after the US Congress backed a stop-gap agreement that averted across-the-board tax hikes and automatic spending cuts which some had feared could tip the economy back into recession.
However, the US lawmakers only delayed the spending cuts for two months, meaning another debilitating stand-off is almost certain at the end of February.
Other feuds yet to be addressed include lifting the US debt ceiling and funding government operations.
“Between now and late February, the drama will shift towards two issues — the lifting of the federal debt ceiling and budget spending cuts,” DBS Bank said in a market commentary.
“In exchange for their support for increasing taxes on the wealthy, the Republicans would now want the Democrats to agree to spending cuts before agreeing to lifting the debt ceiling. This sets the stage for another drama.”
MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
mena9 hours ago
His visit to Cairo aimed to salvage stalled negotiations mediated by Egypt, Qatar and the United States to end the conflict
world9 hours ago
The group accused Israel, which has so far refused to comment, as US denies involvement
mena10 hours ago
Hundreds of pagers belonging to the armed group exploded in Lebanon on Tuesday, killed 12 people, including two children, and wounded up to 2,800 others
world10 hours ago
They view it as a pivotal move toward fostering inclusivity and diversity in corporate structures
uae10 hours ago
Israel has not yet commented on the explosions
europe10 hours ago
The meeting saw engaging discussions on Sinomach’s strategic initiatives and ongoing projects in the region
economy10 hours ago