Credit Suisse’s shares fell to a new all-time low for the fifth consecutive day on Wednesday, following news that its largest investor, Saudi National Bank, will be unable to acquire more equity stake in the Swiss bank due to regulatory restrictions. The bank’s share price tanked by almost 30 percent in the morning, recovering to…
Credit Suisse Stock Crashes to Record Low as Key Backer Says No More Money
March 15, 2023
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Saudi Aramco Reports Record Profit of $161.1 Billion in 2022
DUBAI—Saudi Arabian oil giant Aramco on Sunday reported a record annual net profit of $161.1 billion for 2022, up 46 percent from the previous year on higher energy prices, increased volumes sold, and improved margins for refined products. The profits, which are around triple that of Exxon’s $56 billion, follow similar reports in February from…
Ronaldo’s Saudi Switch Another Symbol of Chinese Decline
HONG KONG—Cristiano Ronaldo’s headline-grabbing arrival at Al Nassr on a bumper pay deal captured global attention last month, but in an alternate world the five-time Ballon D’or winner may well have been destined for a move further east. The Portuguese striker’s Saudi Arabia switch following the cancellation of his Manchester United contract has highlighted a…
Cristiano Ronaldo Joins Saudi Arabian Club Al Nassr Until 2025
Portugal captain Cristiano Ronaldo has joined Saudi Arabian club Al Nassr on a 2-1/2 year contract, the club announced on Friday, after leaving Manchester United to become a free agent. Ronaldo departed Old Trafford last month following an explosive television interview in which the 37-year-old forward said he felt betrayed by the club and did…
Saudi Foreign Minister: ‘All Bets Off’ If Iran Gets Nuclear Weapon
DUBAI—Saudi Arabia’s foreign minister said on Sunday that Iran’s Gulf Arab neighbours would act to shore up their security if Tehran were to obtain nuclear weapons. Indirect U.S.-Iranian talks to salvage a 2015 nuclear pact between global powers and the Iranian regime, which Washington exited in 2018, stalled in September. The U.N. nuclear chief has voiced…
World Hoped to Crucify Top Oil Supplier, Saudi Says
SHARM EL SHEIKH, Egypt—The world was hoping to crucify Saudi Arabia as a top oil exporter, its energy minister said on the sidelines of the COP27 summit in Egypt, adding the kingdom would be closely monitoring other countries’ energy policies. Setting out what he said were Saudi Arabia’s steps to produce cleaner energy and reduce…
Oil Giant Saudi Aramco Has $42.4 Billion Profit in 3rd Quarter
DUBAI, United Arab Emirates—Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, a 39 percent bumpbuoyed by the higher global energy prices that have filled the kingdom’s coffers but helped fuel inflation worldwide. The oil firm’s profits will help fund the kingdom’s Crown Prince Mohammed bin…
Saudi Arabia ‘Maturer Guys’ in Spat With US: Energy Minister
October 26, 2022
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RIYADH—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…
UAE Says OPEC+ Output Cut Was Correct Decision, No Politics Behind It
October 19, 2022
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ABU DHABI—The United Arab Emirates believes OPEC+ made the correct technical choice when it agreed to cut production targets and the unanimous decision had nothing to do with politics, energy minister Suhail al-Mazrouei said on Tuesday. His comments came after several members of the oil producers group endorsed the steep cut to output targets agreed…
US Reviewing ‘Response Options’ on Saudi Relations After OPEC+ Cuts, Blinken Says
LIMA—The United States is reviewing various options regarding its relationship with Saudi Arabia after Riyadh and other OPEC+ nations agreed this week to large cuts in oil production, Secretary of State Antony Blinken said on Thursday. “As for the relationship [with Riyadh] going forward, we’re reviewing a number of response options. We’re consulting closely with…
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