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  • Middle East oil producers brace for painful times as ‘war’ prices kick in

    The April-loading barrels of Saudi's Arab Light crude are now being supplied to Asian buyers at a discount of $3.10/b to the monthly average of Platts Dubai/DME Oman this month, representing a fall of $6/b in differentials from March. Based on prices so far this month, the OSP differential is worth a discount of almost 14% to oil benchmarks that are already lowest in nearly two decades, versus a premium of 8.4% in March.

  • Oil Price War Tests Saudi-Russian Investment Cooperation

    The PIF and RDIF formally began their partnership in July 2015, when the PIF committed to investing $10 billion across various sectors. By May 2017, the two sovereign wealth funds had created the Russia-Saudi Investment Fund with a reported $6 billion in committed capital. The joint fund prioritizes six sectors: food and agriculture, consumer goods and services, healthcare, pharmaceuticals, innovation and technology, and infrastructure.

  • Reuters stands by report on Iraq coronavirus cases | News | DW | 04.04.2020

    Reuters news agency has been fined and suspended from Iraq after reporting that the official numbers of confirmed COVID-19 cases in the country weren't accurate. They say they "will continue to report on Iraq."

  • The Perfect Storm: Coronavirus and Climate Change in the Middle East

    While the solutions to a public health disaster are very different to those of climate change and pollution, the pandemic is (yet another) illustration of the damage these environmental crises could inflict.

  • RSGT to invest in Bangladesh’s Largest Port

    "RSGT knows that this terminal is an integral part of Bangladesh's future and that's why they have decided to invest here," said a senior official of the shipping ministry, adding that the company has already signed a letter of intent a few months back.

  • Across parts of the Middle East, coronavirus compounds strain after years of war

    Amman, Jordan, saw the most extreme measures in the region so far, with a state of emergency declared on March 20, locking 10 million people in their homes completely. “We were given notice, a day or two in advance,” Nada Atieh, an American living in Amman, told PBS NewsHour. “I went to the grocery store to buy some groceries and it was packed. The lines were to the end of the store and there were no groceries on the shelves.”

  • World Bank to increase support to Middle East countries to fight coronavirus

    The lender’s initial Covid-19 response in Mena countries includes new projects and operational measures in Egypt, Lebanon, Morocco, Yemen, Djibouti and West Bank and Gaza.

  • U.A.E. Hires Adviser to Fix Top Middle East Remittance House

    UAE Exchange was founded by Shetty in 1980, becoming one of the largest remittance houses in the Middle East by mainly catering to Indian expatriate workers in the Gulf. It was eventually folded into Finablr, which also owns Travelex Holdings Ltd. and was listed on the London Stock Exchange less than a year ago.

  • Coronavirus: Ultra-Orthodox Israeli town of Bnei Brak under lockdown

    An ultra-Orthodox Jewish town with one of the highest rates of coronavirus cases in Israel has been placed under effective lockdown. Residents of Bnei Brak, just outside Tel Aviv, will only be allowed out in exceptional circumstances. Only some key workers will be allowed in. A senior health official said almost 40% of the town's 200,000 inhabitants probably had the virus.

  • Emergency Rate Cut Gives Way to Pause in Egypt to Dodge Outflows

    Egypt held interest rates steady on Thursday, counting on last month’s record cut being enough to support the economy without exposing its debt to an emerging market sell-off spurred by the coronavirus. The central bank maintained the deposit rate at 9.25% and the lending rate at 10.25%, according to a statement. Nine of 10 economists surveyed by Bloomberg had predicted a hold after authorities slashed 300 basis points at an emergency meeting on March 16.