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  • Saudi Arabia ‘maturer guys’ in spat with U.S., energy minister says

    Saudi Arabia ‘maturer guys’ in spat with U.S., energy minister says

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    • OPEC+ oil output cut led to U.S., Saudi spat
    • Saudi Arabia and U.S. “solid allies” – minister
    • Big Wall St turnout at flagship Saudi investment summit

    RIYADH, Oct 25 (Reuters) – Saudi Arabia decided to be the “maturer guys” in a spat with the United States over oil supplies, the kingdom’s energy minister Prince Abdulaziz bin Salman said on Tuesday.

    The decision by the OPEC+ oil producer group led by Saudi Arabia this month to cut oil output targets unleashed a war of words between the White House and Riyadh ahead of the kingdom’s Future Investment Initiative (FII) forum, which drew top U.S. business executives.

    The two traditional allies’ relationship had already been strained by the Joe Biden administration’s stance on the 2018 murder of Saudi journalist Jamal Khashoggi and the Yemen war, as well as Riyadh’s growing ties with China and Russia.

    When asked at the FII forum how the energy relationship with the United States could be put back on track after the cuts and with the Dec. 5 deadline for the expected price-cap on Russian oil, the Saudi energy minister said: “I think we as Saudi Arabia decided to be the maturer guys and let the dice fall”.

    “We keep hearing you ‘are with us or against us’, is there any room for ‘we are with the people of Saudi Arabia’?”

    Saudi Investment Minister Khalid al-Falih said earlier that Riyadh and Washington will get over their “unwarranted” spat, highlighting long-standing corporate and institutional ties.

    “If you look at the relationship with the people side, the corporate side, the education system, you look at our institutions working together we are very close and we will get over this recent spat that I think was unwarranted,” he said.

    While noting that Saudi Arabia and the United States were “solid allies” in the long term, he highlighted the kingdom was “very strong” with Asian partners including China, which is the biggest importer of Saudi hydrocarbons.

    The OPEC+ cut has raised concerns in Washington about the possibility of higher gasoline prices ahead of the November U.S. midterm elections, with the Democrats trying to retain their control of the House of Representatives and the Senate.

    Biden pledged that “there will be consequences” for U.S. relations with Saudi Arabia after the OPEC+ move.

    Princess Reema bint Bandar Al Saud, the kingdom’s ambassador to Washington, said in a CNN interview that Saudi Arabia was not siding with Russia and engages with “everybody across the board”.

    [1/3] Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. REUTERS/ Ahmed Yosri

    “And by the way, it’s okay to disagree. We’ve disagreed in the past, and we’ve agreed in the past, but the important thing is recognizing the value of this relationship,” she said.

    She added that “a lot of people talk about reforming or reviewing the relationship” and said that was “a positive thing” as Saudi Arabia “is not the kingdom it was five years ago.”

    FULL ATTENDENCE AT FII

    Like previous years, the FII three-day forum that opened on Tuesday saw a big turnout from Wall Street, as well as other industries with strategic interests in Saudi Arabia, the world’s top oil exporter.

    JPMorgan Chase & Co Chief Executive Jamie Dimon, speaking at the gathering, voiced confidence that Saudi Arabia and the United States would safeguard their 75-year-old alliance.

    “I can’t imagine any allies agreeing on everything and not having problems – they’ll work it through,” Dimon said. “I’m comfortable that folks on both sides are working through and that these countries will remain allies going forward, and hopefully help the world develop and grow properly.”

    The FII is a showcase for the Saudi crown prince’s Vision 2030 development plan to wean the economy off oil by creating new industries that also generate jobs for millions of Saudis, and to lure foreign capital and talent.

    No Biden administration officials were visible at the forum on Tuesday. Jared Kushner, a former senior aide to then-President Donald Trump who enjoyed good ties with Prince Mohammed, was featured as a front-row speaker.

    The Saudi government invested $2 billion with a firm incorporated by Kushner after Trump left office.

    FII organisers said this year’s edition attracted 7,000 delegates compared with 4,000 last year.

    After its inaugural launch in 2017, the forum was marred by a Western boycott over Khashoggi’s killing by Saudi agents. It recovered the next year, attracting leaders and businesses with strategic interests in Saudi Arabia, after which the pandemic hit the world.

    Reporting by Aziz El Yaakoubi, Hadeel Al Sayegh and Rachna Uppal in Riyadh and Nadine Awadalla, Maha El Dahan and Yousef Saba in Dubai; Writing by Ghaida Ghantous and Michael Geory; Editing by Louise Heavens, Mark Potter, Vinay Dwivedi, William Maclean

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  • Elon Musk says SpaceX will keep funding Starlink in Ukraine despite losing money

    Elon Musk says SpaceX will keep funding Starlink in Ukraine despite losing money

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    Oct 15 (Reuters) – Elon Musk said on Saturday his rocket company SpaceX would continue to fund its Starlink internet service in Ukraine, citing the need for “good deeds,” a day after he said it could no longer afford to do so.

    Musk tweeted: “the hell with it … even though starlink is still losing money & other companies are getting billions of taxpayer $, we’ll just keep funding ukraine govt for free”.

    Musk said on Friday that SpaceX could not indefinitely fund Starlink in Ukraine. The service has helped civilians and military stay online during the war with Russia.

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    Although it was not immediately clear whether Musk’s change of mind was genuine, he later appeared to indicate it was. When a Twitter user told Musk “No good deed goes unpunished”, he replied “Even so, we should still do good deeds”.

    The billionaire has been in online fights with Ukrainian officials over a peace plan he put forward which Ukraine says is too generous to Russia.

    He had made his Friday remarks about funding after a media report that SpaceX had asked the Pentagon to pay for the donations of Starlink.

    SpaceX did not respond to a request for comment. The Pentagon declined to comment.

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    Reporting by David Ljunggren, Matt Spetalnick and Caroline Stauffer; Editing by Sandra Maler

    Our Standards: The Thomson Reuters Trust Principles.

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  • Turkey summons Swedish envoy over ‘insulting content’ about Erdogan on TV -Anadolu

    Turkey summons Swedish envoy over ‘insulting content’ about Erdogan on TV -Anadolu

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    ISTANBUL, Oct 5 (Reuters) – NATO member Turkey summoned the Swedish ambassador over “insulting content” about President Tayyip Erdogan aired on Swedish public service television, Turkey’s state-owned Anadolu Agency said on Wednesday.

    Sweden and Finland applied for membership in NATO earlier this year following Russia’s invasion of Ukraine. So far 28 of the current 30 member states’ parliaments have approved the application, but Turkey has raised objections.

    Summoned to Turkey’s foreign ministry, Swedish Ambassador Staffan Herrstrom was told that the “impertinent and ugly expression and images” about Erdogan and Turkey were unacceptable, according to Anadolu.

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    The move came as a Swedish delegation was expected in Ankara to discuss details about the extradition of people Turkey regards as terrorists, which Ankara says is a condition to approve Sweden and Finland’s bids to join NATO.

    Swedish Prime Minister Magdalena Andersson played down the importance of the satirical TV show over which Ankara protested, and said she did not think it would harm Sweden’s chances to join NATO.

    “I think what is important for Turkey is, of course, that we live up to the agreement that we have made,” she told a news conference.

    The weekly TV satire “Swedish News”, which routinely makes fun of Swedish and international politicians, mocked Erdogan over alleged human rights abuses and ended the segment by shouting, “Long live democracy!”

    The comic news show has drawn criticism from foreign authorities in the past, with the Chinese embassy in Stockholm demanding an apology in 2018 for what it maintained was a racist portrayal of Chinese citizens.

    Swedish public service television is tax-funded but operates independently in day-to-day operations.

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    Reporting by Ali Kucukgocmen and Ece Toksabay in Istanbul, additional reporting by Anna Ringstrom and Johan Ahlander in Stockholm; Editing by Jonathan Spicer and Mark Heinrich

    Our Standards: The Thomson Reuters Trust Principles.

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  • Swiss National Bank monitoring Credit Suisse situation – Maechler

    Swiss National Bank monitoring Credit Suisse situation – Maechler

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    ZURICH, Oct 5 (Reuters) – The Swiss National Bank (SNB) is following the situation at Credit Suisse (CSGN.S) closely, SNB Governing Board member Andrea Maechler told Reuters on Wednesday.

    Switzerland’s second-biggest bank saw its shares slide by as much as 11.5% and its bonds hit record lows on Monday, before clawing back some of the losses, amid concerns about its ability to restructure its business without asking investors for more money. read more

    “We are monitoring the situation,” Maechler said on the sidelines of an event in Zurich. “They are working on a strategy due to come out at the end of October.”

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    The SNB has declined to comment in the past about Credit Suisse, which has said it has a strong capital base and liquidity. It is due to announce details of a restructuring plan along with third-quarter results on Oct. 27.

    In July, Credit Suisse announced its second strategy review in a year and replaced its chief executive, bringing in restructuring expert Ulrich Koerner to prune its investment banking arm and cut more than $1 billion in costs. read more

    The bank is considering measures to scale back its investment bank into a “capital-light, advisory-led” business, and is evaluating strategic options for the securitised products business, Credit Suisse has said.

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    Reporting by John Revill
    Editing by Michael Shields and Mark Potter

    Our Standards: The Thomson Reuters Trust Principles.

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  • Canadians clean up after Fiona sweeps homes out to sea; one dead

    Canadians clean up after Fiona sweeps homes out to sea; one dead

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    PORT AUX BASQUES, Newfoundland, Sept 25 (Reuters) – It will take several months for Canada to restore critical infrastructure after the powerful storm Fiona left an “unprecedented” trail of destruction, officials said on Sunday, as crews fanned out in five provinces to restore power and clean up fallen trees and debris.

    One 73-year-old woman died during the storm in Port aux Basques, one of the hardest hit towns on the southwest tip of Newfoundland with just over 4,000 residents, police said.

    “The woman was last seen inside (her) residence just moments before a wave struck the home, tearing away a portion of the basement,” police said earlier. The coast guard and local rescuers recovered her body from the ocean on Sunday afternoon, according to a statement.

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    Port aux Basques is “like a complete war zone,” said Brian Button, mayor of Port aux Basques. More than 20 homes were destroyed and more than 200 people need shelter. The cost of damages “is in the millions (of dollars) here now,” Button said in an interview.

    “We’re going to be months rebuilding. I think months is a conservative estimate for some of these people,” Rosalyn Roy, a resident of Port aux Basques, told the Canadian Broadcasting Corp.

    Fiona slammed into eastern Canada on Saturday, forcing evacuations as wind gusts reached up to 170 km per hour (106 miles per hour) and the storm surge swallowed up homes on the coastline.

    While the full scale of Fiona’s devastation is not immediately clear, the storm could prove to be one of Canada’s costliest natural disasters.

    Scientists have not yet determined whether climate change influenced Fiona, but in general the warming of the planet is making hurricanes wetter, windier and altogether more intense.

    Canada’s federal government is sending in the armed forces on Sunday to help clear fallen trees and debris, which will in turn open the way for crews to restore power, Emergency Preparedness Minister Bill Blair told Reuters.

    The province of Nova Scotia requested the troops and machinery to clear debris Saturday, “and we said yes, and so they’re being deployed today,” Blair said.

    On Sunday, Prince Edward Island (PEI) and Newfoundland and Labrador also requested federal support and troops are going to be sent, Blair said. About 100 troops are heading to each of the three provinces, Defense Minister Anita Anand told reporters.

    RCMP officers observe the destruction after the arrival of Hurricane Fiona in Port Aux Basques, Newfoundland, Canada September 25, 2022. REUTERS/John Morris

    The Canadian Hurricane Centre estimated that Fiona was the lowest-pressured storm to make landfall on record in Canada.

    In 2019, Dorian hit the region around Halifax, Nova Scotia, blowing down a construction crane and knocking out power. Fiona, on the other hand, appears to have caused major damage across at least five provinces.

    “The scale of what we’re dealing with, I think it’s unprecedented,” Blair said on Sunday.

    “There is going to be… several months’ work in restoring some of the critical infrastructure – buildings and homes, rooftops that have been blown off community centers and schools,” he said.

    Hundreds of thousands of residents across Nova Scotia, PEI, Newfoundland, Quebec and New Brunswick remained without power on Sunday. Blair said hundreds of utility crews had already been deployed to restore power, including some from the United States.

    In Nova Scotia, police urged people to stop going for fast food because drive-thru lines “are blocking roadways, which is impeding recovery efforts” and the situation is prompting calls to police dispatchers “who are already handling very high call volumes”, according to a statement on Twitter.

    In PEI there were long lines at gas stations as many had to fill generators, and several communities were told to boil water before drinking because water purification systems were offline.

    Officials warned on Sunday that in some cases it would take weeks before essential services are fully restored.

    The storm also severely damaged fishing harbors in Atlantic Canada, which could hurt the country’s C$3.2 billion lobster industry, unless it is fully restored before the season kicks off in few weeks.

    “Those fishers have a very immediate need to be able to access their livelihood once the storm passes,” Dominic LeBlanc, minister of intergovernmental affairs of Canada, said on Saturday.

    ($1 = 1.3589 Canadian dollars)

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    Reporting John Morris in Stephenville; Additional reporting by Steve Scherer in Ottawa, Denny Thomas in Toronto, and Eric Martyn in Halifax; Writing by Steve Scherer; Editing by Daniel Wallis, Lisa Shumaker and Diane Craft

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  • Italy’s right wing, led by Meloni, wins election, exit polls say

    Italy’s right wing, led by Meloni, wins election, exit polls say

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    • Rightist bloc set for majority in both houses-exit polls
    • Meloni would be country’s first woman prime minister
    • Early vote follows collapse of Draghi government
    • Record low turnout casts shadow over result

    ROME, Sept 25 (Reuters) – A right-wing alliance led by Giorgia Meloni’s Brothers of Italy party was on course for a clear majority in the next parliament, giving the country its most right-wing government since World War Two.

    Meloni, as leader of the largest coalition party, was also likely to become Italy’s first woman prime minister.

    Meloni, 45, plays down her party’s post-fascist roots and portrays it as a mainstream conservative group. She has pledged to support Western policy on Ukraine and not take undue risks with the third largest economy in the euro zone.

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    However, the outcome is likely to ring alarm bells in European capitals and on financial markets, given the desire to preserve unity in confronting Russia and concerns over Italy’s daunting debt mountain.

    An exit poll for state broadcaster RAI said the bloc of conservative parties, that also includes Matteo Salvini’s League and Silvio Berlusconi’s Forza Italia party, won between 41% and 45%, enough to guarantee control of both houses of parliament.

    “Centre-right clearly ahead both in the lower house and the Senate! It’ll be a long night but even now I want to say thanks,” Salvini said on Twitter.

    Italy’s electoral law favours groups that manage to create pre-ballot pacts, giving them an outsized number of seats by comparison with their vote tally.

    RAI said the right-wing alliance would win between 227 and 257 of the 400 seats in the lower house of parliament, and 111-131 of the 200 Senate seats.

    Full results are expected by early Monday.

    Leader of Brothers of Italy Giorgia Meloni poses with her ballot at a polling station during the snap election in Rome, Italy September 25, 2022. REUTERS/Yara Nardi

    RECORD LOW TURNOUT

    The result caps a remarkable rise for Meloni, whose party won only 4% of the vote in the last national election in 2018, but this time around was forecast to emerge as Italy’s largest group on around 22-26%.

    But it was not a ringing endorsement, with provisional data pointing to turnout of just 64.1% against 74% four years ago — a record low number in a country that has historically enjoyed a high level of voter participation.

    Although heavy storms in the south appeared to have deterred many from voting there, participation fell across a swathe of northern and central cities, where the weather was calmer.

    Italy has a history of political instability and the next prime minister will lead the country’s 68th government since 1946 and face a host of problems, notably soaring energy costs and growing economic headwinds.

    Initial market reaction is likely to be muted given that opinion polls had forecast the result accurately.

    “I don’t expect a big impact although it’s not necessarily the case that Italian assets will do particularly well tomorrow (Monday) given how the market is starting to treat Europe and countries with worrisome public finances and exposure to the crisis and Ukraine,” said Giuseppe Sersale, fund manager and strategist at Anthilia in Milan.

    Italy’s first autumn national election in over a century was triggered by party infighting that brought down Prime Minister Mario Draghi’s broad national unity government in July.

    The new, slimmed-down parliament will not meet until Oct. 13, at which point the head of state will summon party leaders and decide on the shape of the new government.

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    Additional reporting by Gavin Jones, Rodolfo Fabbri and Giselda Vagnoni in Rome, and Danilo Masoni in Milan
    Editing by Keith Weir

    Our Standards: The Thomson Reuters Trust Principles.

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  • Dow posts record closing high, stocks gain for 3rd week; dollar dips

    Dow posts record closing high, stocks gain for 3rd week; dollar dips

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    • S&P 500, Nasdaq end session lower
    • Evergrande averts default with surprise interest payment
    • U.S. 10-year yields lower

    NEW YORK, Oct 22 (Reuters) – The Dow Jones industrial average registered a record closing high on Friday and major equity indexes posted a third straight week of gains while the U.S. dollar slipped.

    On the day, MSCI’s broadest gauge of global shares (.MIWD00000PUS) was flat, and the S&P 500 (.SPX) and Nasdaq (.IXIC) ended lower.

    Stocks came under pressure after Federal Reserve Chair Jerome Powell said the U.S. central bank was “on track” to begin reducing its purchases of assets. read more

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    Intel’s stock (INTC.O)fell 11.7% and was among the biggest drags on the S&P 500. Late Thursday, Intel reported sales that missed expectations and pointed to shortages of chips holding back sales of its flagship processors. read more

    American Express Co’s stock (AXP.N) gained, boosting the Dow after the company beat profit estimates for the fourth straight quarter.

    Next week brings reports from several key mega-cap names including Amazon (AMZN.O). read more

    The dollar pared losses after Powell’s comments, but the dollar index was last down 0.10% at 93.64, and is off from a one-year high of 94.56 last week. read more

    “There’s a bit of a positioning unwind taking place. We’ve obviously seen a firmer dollar since the September” Fed meeting, said Mazen Issa, senior FX strategist at TD Securities in New York. “That also dovetails with the seasonal tendency for the dollar to soften into the end of the month.”

    Investors also digested news that China Evergrande Group (3333.HK) appeared to avert default with a source saying it made a last-minute bond coupon payment. read more

    The Dow Jones Industrial Average (.DJI) rose 73.94 points, or 0.21%, to 35,677.02, the S&P 500 (.SPX) lost 4.88 points, or 0.11%, to 4,544.9 and the Nasdaq Composite (.IXIC) dropped 125.50 points, or 0.82%, to 15,090.20.

    The pan-European STOXX 600 index (.STOXX) rose 0.46% and MSCI’s gauge of stocks across the globe shed 0.03%.

    The MSCI index posted gains for a third straight week along with the three major U.S. stock indexes.

    In the U.S. bond market, yields on longer-dated U.S. Treasuries slid.

    The yield on 10-year Treasury notes was down 1.6 basis points to 1.659% after rising to a five-month high of 1.7064% late Thursday.

    Oil rose and ended up for the week, near multi-year highs. Brent crude futures rose 92 cents to settle at $85.53 a barrel, and registered its seventh weekly gain. U.S. crude futures gained $1.26, to settle at $83.76, and rose for a ninth straight week. read more

    Spot gold was up 0.6% at $1,793.82 per ounce.

    Among cryptocurrencies, bitcoin last fell 2.21% to $60,841.96.

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    Additional reporting by Simon Jessop in London, and Karen Brettell, Sinead Carew and Herbert Lash in New York and Kevin Buckland in Tokyo
    Editing by Hugh Lawson Mark Potter and David Gregorio

    Our Standards: The Thomson Reuters Trust Principles.

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