SUSRIS Daily News – Excerpts from International Media Reports
/Provided as a service from the Saudi-US Trade Group, Washington, DC/
Citigroup Saudi Deal Haunts Pandit: BLOOMBERG
Saudi businessman Ghazi Abbar, who claims in an affidavit he lost $383 million of his family’s fortune on investments with Citigroup Inc., was sold one of the transactions even though the bank questioned his ability to properly manage them, according to an internal memo. The memo, an exhibit in arbitration proceedings with the Financial Industry Regulatory Authority, warned that Abbar didn’t have the risk-management capability of the large hedge funds that were typical clients of the bank’s “hybrid” desk, which in 2006 was trying to persuade him to move his family’s money into complex derivative securities. Soured deals struck with wealthy clients are haunting Citigroup Chief Executive Officer Vikram Pandit.
Saudi Arabia’s Prince Turki al- Faisal, a former ambassador to the U.S. and head of intelligence, warned against an attack on Iran to halt its nuclear program, the Jordan Times reported.
GCC Fiscal Surplus May Double: EMIRATES 24|7
Nadim Kawach | 11/30/11
A surge of nearly 50 per cent in oil prices could double the combined fiscal surplus of Gulf hydrocarbon producers although most of them are believed to have been tempted by high income to boost expenditure.
Saudi Basic Industries (SABIC), the world’s largest chemical producer by market value, plans to set up resin and engineering plastic compound factories in India and China, its chief executive told local media on Tuesday.
Saudi Petrochem Market Expanding: SAUDI GAZETTE
Running until Dec. 1, some 500 companies from 19 countries are participating in the Saudi PP & PPSG. It is the largest and longest-running event in the region, drawing in exhibitors and visitors from across Europe, Asia, the Middle East and Africa.
Raytheon Company has received U.S. Congressional and State Department approvals on a $1.7 billion Direct Commercial Sales contract to upgrade the Kingdom of Saudi Arabia’s Patriot Air and Missile Defense System to the latest Configuration-3. The award, announced earlier this year, includes ground-system hardware, a full training package, support equipment upgrades and an interoperability capability to support potential coalition operations.
Saudis Account For 89.4% Of NCB Staff: ARAB NEWS
The National Commercial Bank said it had achieved a prominent position in the area of job Saudization with 89.4 percent.
Ali Al Naimi petroleum and mineral resources minister of Saudi Arabia has signed two more licenses to exploit limestone, a raw material used for cement production bringing the total number of such licenses to 23 which were given to 17 Saudi companies.
Saudi Writer Urges Punishment of Corrupt Officials: EMIRATES 24|7
A well-known Saudi writer launched a virulent attack on the Gulf Kingdom’s public sector, saying it is controlled by corrupt officials who are stealing state funds and urging measures to put them behind bars.
IRAN: BRITAIN DOWNGRADES RELATIONSHIP WITH IRAN
Britain said on Wednesday that it had closed its embassy in Tehran, withdrawn all its diplomats and ordered Iran to do the same within 48 hours at its own diplomatic mission in London in the worst rupture of relations in decades, the New York Times reports. NEW SANCTIONS ‘WONT DISRUPT OIL’ BECAUSE OF SAUDI, SENATOR SAYS: Saudi Arabia has expressed “great willingness” to boost oil production to ensure potential new US sanctions on Iran don’t disrupt global petroleum markets, a key US senator said Tuesday, AFP reports. SAT IMAGE CAPTURES EXTENSIVE DAMAGE TO BASE: A satellite image has captured apparently extensive damage from an explosion at a military base near Tehran earlier this month, BBC reports.
KUWAIT: YOUTHS TAKE WEALTHY KUWAIT INTO ARAB SPRING
Winds of change that swept the Arab world are finally blowing on oil-rich Kuwait as a concerted youth-led campaign has forced the government to resign amid further calls for wider reforms, AFP reports.
TURKEY: ECONOMIC SANCTIONS IMPOSED ON SYRIA
Turkey has announced a raft of economic and financial sanctions on Syria over its violent crackdown on protesters, BBC reports. WORLD POWERS LEAN: World pressure on the Syrian regime escalated Wednesday as Turkey announced tough economic sanctions and a leading U.N. body announced a Friday meeting on the human rights situation, CNN reports.
EGYPT: ELECTIONS DRAW BIG TURNOUT
Votes are being counted in Egypt after the second day of voting in the first parliamentary elections since President Hosni Mubarak was overthrown, BBC reports.
PAKISTAN: ARMY SAYS NATO ATTACK WAS ‘BLATANT AGGRESSION’
A senior Pakistani army official has said a NATO cross-border air attack that killed 24 soldiers was a deliberate, blatant act of aggression, hardening Pakistan’s stance on an incident that could hurt efforts to stabilize Afghanistan, Reuters reports.
IRAQ: BIDEN, MALIKI HAIL NEW PHASE AS LAST OF US TROOPS EXIT
Vice President Biden hailed what he described as a “new phase” in the relationship between America in Iraq on Wednesday at the launch of talks with the Iraqi government on ways to restructure ties between the two nations after U.S. troops have gone, the Washington Post reports.
/The daily news is provided as a service of the Saudi-US Trade Group, Washington, DC. Visit www.SUSTG.org for more information and to get a free email subscription to the News Review./</h4></div>