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  • Turkey Names Fatih Karahan Central Bank Chief, Hafize Gaye Erkan Resigns

    Turkey’s central bank Governor Hafize Gaye Erkan abruptly resigned late Friday night, and President Recep Tayyip Erdogan quickly appointed Deputy Governor Fatih Karahan to replace her, signaling a continuation of the transition to more investor-friendly, orthodox economic policies that Erkan helped to spearhead. Karahan has been a member of the central bank’s rate-setting Monetary Policy Committee since July, and had previously worked at the New York Fed and as a principal economist at Amazon.com, according to his biography on the central bank website. Prior to the announcement, Bloomberg reported that he was being considered for the central bank’s top job. Erdogan’s decision was published in the Official Gazette at midnight.

  • US launches series of airstrikes in Iraq, Syria

    The U.S. military hit dozens of targets across Iraq and Syria on Friday and dozens more in Yemen on Saturday, targeting Iranian forces and Iran-backed militias. The strikes in Iraq and Syria were a direct reaction to an explosive drone attack Sunday that killed three American soldiers and wounded more than 40 others at a remote base in Jordan. Those targets included facilities for Iran’s elite Islamic Revolutionary Guards Corps Quds Force, as well as infrastructure for Iran-backed militias that operate collectively as the Islamic Resistance in Iraq.

  • Israel says it has struck more than 50 Hezbollah targets in Syria since Oct 7

    The Israeli military said on Saturday that since the outbreak of the Gaza war on Oct. 7 it had struck more than 50 targets in Syria linked to the Iranian-backed Lebanese movement Hezbollah. The remarks, in a briefing by chief military spokesperson Rear Admiral Daniel Hagari that mainly discussed efforts to beat back Hezbollah attacks launched in solidarity with Hamas, were a departure from Israel's usual reticence about Syria operations. "Everywhere Hezbollah is, we shall be. We will take action everywhere required in the Middle East," Hagari said.

  • Jabeur Backs Saudi Arabia After Criticism From Tennis Greats

    Tunisian tennis star Ons Jabeur on Saturday threw her support behind the potential staging of the WTA Finals in Saudi Arabia, urging critics to be "more informed" on the Kingdom's interest in the sport. Jabeur, a three-time Grand Slam finalist and former world number two, said she was impressed by the response of Princess Reema bint Bandar Al Saud, Saudi Arabia's ambassador to the United States, to criticism from Martina Navratilova and Chris Evert of the WTA's possible deal with the Kingdom.

  • A Shifting Tone on Palestinian Statehood

    The US, by far the most important country when it comes to swaying Israel, says it hasn’t shifted its official stance regarding an independent state in the West Bank and Gaza. But its calls for one to be created eventually are getting louder. For now, Israel isn’t listening as it continues with its campaign to destroy Hamas and ensure Oct. 7 is never repeated. But the pressure is mounting, including from its closest supporters.

  • US intends further strikes against Iran-backed groups, White House says

    The United States intends to launch further strikes at Iran-backed groups in the Middle East, the White House national security adviser said on Sunday, after hitting Tehran-aligned factions in Iraq, Syria and Yemen over the last two days. The United States and Britain unleashed attacks against 36 Houthi targets in Yemen, a day after the U.S. military hit Tehran-backed groups in Iraq and Syria in retaliation for a deadly attack on U.S. troops in Jordan.

  • OECD raises global growth outlook on US strength

    The global economy is on course to hold up better this year than expected only a few months ago as an improved outlook in the United States offsets euro zone weakness, the OECD said on Monday. World economic growth is expected to ease from 3.1% in 2023 to 2.9% this year, better than the 2.7% expected in November in the Organisation for Economic Cooperation and Development's last outlook. In an update of its forecasts for major economies, the Paris-based OECD left its 2025 global estimate unchanged at 3.0%, when growth is expected to be boosted by major central banks rate cuts as inflation pressures subside.

  • ExxonMobil’s CEO doesn’t care about his growth plans annoying Saudi Arabia

    “We expect to grow our volumes in 2024 to about 650,000 barrels per day, and then we’re going to continue that growth through to the targets that we’ve laid out in 2027 of about a million barrels a day,” CEO Darren Woods said on a call with investors.

  • Saudi Arabia’s non-oil business activity slows to 2-year low in Jan-PMI

    Non-oil business activity in Saudi Arabia grew at its weakest rate in two years last month, a survey showed on Monday, as a sharp slowdown in new order growth indicated weakening demand. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index stood at 55.4 in January, down from 57.5 in December, and the lowest reading since January 2022. The subindex for Output dropped to 58.1 last month, from 61.0 in December, and remained firmly in growth mode, but the pace of expansion in new orders dropped to 60.5 last month, from December's 68.3 reading, signalling a weakness in demand momentum.

  • Saudi GAMI Signs 11 Agreements with Global Military Defense Industry Companies

    Minister of Investment Eng. Khalid Bin Abdulaziz Al-Falih and Governor of the General Authority for Military Industries (GAMI) Eng. Ahmad Abdulaziz Al-Ohali witnessed on Monday the signing ceremonies of 11 cooperation agreements and several joint memoranda of understanding with various international companies specialized in military and defense industries. The ceremonies took place on the sidelines of the World Defense Show, which is being held in Riyadh from February 4 to 8. The agreements focus on building the capacity of vital fields. They entail, among others, transfer and localization of technology, establishment of local production lines, and training and developing national talent in these fields. These agreements and MoUs contribute to the strategic objectives of the Kingdom's military industries, such as localizing defense manufacturing, improving military readiness, enhancing industrial participation, and creating investment opportunities that support the Vision 2030 goal of localizing 50% of military equipment and services spending by 2030.