News – 2012.06.05

Published: June 5, 2012

SUSRIS Daily News – Excerpts from International Media Reports</strong>
/Provided as a service from the Saudi-US Trade Group, Washington, DC/

 

Saudi Arabia unlikely to cut soon despite oil under USD 100

Oil’s fall below USD 100 per barrel is unlikely to trigger a swift supply cut from OPEC power Saudi Arabia which is pumping at its highest rate in decades because its budget can comfortably withstand a much lower price. Experts said that others in the Organization of the Petroleum Exporting …

Saudi Arabia: Rolling out petrochemicals projects

Saudi Arabia is accelerating efforts to take its industrialisation process to the next level, moving from the processing of feedstocks – particularly hydrocarbons – towards utilising the resulting petrochemical materials for the manufacture of finished products. Rising demand on both the …

High oil boosts Saudi spending

Strong oil prices have given a strong momentum to Saudi Arabia’s economy and this has boosted consumer spending in the Gulf kingdom to one of their highest levels, the country’s largest bank said on Tuesday. As a result, Saudi Arabia, the largest Arab economy has a very prosperous year ahead …

Sharpest rise in new orders for 11 months

Saudi Arabia’s nonoil private sector economy continued to expand at a robust pace last month, says new report from the Saudi British Bank (SABB) and HSBC. May saw new business placed at Saudi Arabian nonoil private sector firms increase at a marked and accelerated rate – the fastest in 11 …

CMA’s English handbooks cover vital issues

The Capital Market Authority (CMA) has provided its published investor awareness handbooks in English for investors to read on its website, as part of its efforts to educate current and potential future investors in the capital market. CMA published 15 handbooks that tackle various topics, …

Syria Bars 17 Western Diplomats

Syria’s Foreign Ministry said on Tuesday that more than a dozen Western ambassadors and envoys were no longer welcome in the country, a response to the coordinated expulsion last week of Syrian diplomats from the United States and 10 other nations….

Haram expansion to house 1.5m worshippers

Dr. Abdul Rahman Al-Sudais, head of the Presidency for the Two Holy Mosques, yesterday inspected the progress of work on the largest expansion of the Grand Mosque in Makkah and said the new facility would accommodate 1.5 million worshippers. He commended Custodian of the Two Holy Mosques King …

U.S. strike said to target al-Qaeda’s No. 2

U.S. missiles killed more than a dozen people in northwestern Pakistan early Monday in a strike that apparently was aimed at al-Qaeda’s No. 2 leader, the charismatic and influential jihadist known as Abu Yahya al-Libi, U.S. and Pakistani officials said. The terrorist commander’s fate …

Shoura asks customs to clear goods backlog fast

The Shoura Council advised the Department of Customs yesterday to find an effective mechanism to clear consignments of imported goods quicker to prevent consumers from paying over the odds. The members expressed their opinions on the performance of the department at the council’s 42nd ordinary …

Saudi banks leading record loans to support spend drive

Saudi Arabia’s banks have arranged the most loan syndications on record this year as they support the government’s $514bn spending plans and offset a decline in funding from Europe. Banks in the largest Arab economy were lead arrangers for $4.19bn of syndicated loans so far in 2012, 43% of the …

Falling Oil Prices Are No Mystery

Oil prices have fallen sharply in the past two months, with Brent crude sinking to $97 a barrel and West Texas Intermediate hitting $83. The explanation is simple: Since March, the world has been producing more oil than it’s consuming, according to data gathered by the Energy Intelligence …

Iraq’s well-timed oil boom: A concise guide

Iraq is still something of a mess, with deadly bombings and political infighting casting a cloud over the country’s future. But Iraq’s long-troubled oil industry is turning into a crucial success story. Production is booming — exceeding pre-war levels for the first time — and not a moment too …

Saudi Arabia set to phase in new domestic carriers

Saudi Arabia is to start phasing in new airlines into its domestic market and is considering building two new airports to cater to increased traffic, a senior official from the kingdom’s aviation authority said….

Saudi Aviation Flight Academy commences operations at Thumamah Airfield

The Saudi Aviation Flight Academy announces its’ relocation the temporary office facility in downtown Riyadh to Thumamah Airport. The new office location is within the compound of Saudi Aviation Club at the King Khalid National Park in Thumamah, Riyadh, and will serve as a temporary base of …

Secretary-General discusses regional developments with King of Saudi Arabia

Secretary-General Ban Ki-moon today met with Saudi Arabia’s King Abdullah Bin Abdulaziz Al-Saud, and the pair discussed a range of regional issues, according to Mr. Ban’s spokesperson. “The Secretary-General and the King discussed a wide range of regional developments, including Syria, Lebanon …

Drawing Lines for the Hai’a

Arab News carries an article reporting on an admonition given by Sheikh Abul Latif Al-Asheikh, President of the Commission for the Promotion of Virtue and Prevention of Vice, to its members. Calm down and focus on your jobs, not your personal preferences. Don’t abuse your power. He reminded …

TASI: 6/5/2012

A turning point in Lebanon

What then will the Lebanese discuss at the National Dialogue Conference and to what extent — if any — does Syria want this conference to succeed if it won’t have a final say on its outcome? The list of “high-priority topics” is long indeed. They have the hostages to deal with, the security …

How a US strike on Syria might look: cyberwar could play key role

“From the military option perspective, Syria has a much more robust surface-to-air missile defense network than did the Libyans,” says retired US Air Force Lt. Gen. Dave Deptula, a former war planner and the principal air attack planner for Operation Desert Storm, who adds that the Pentagon …

Iran nuclear talks succeed just by continuing

Which brings us to what is desirable and achievable in 2012. The best, realistic prognosis for these talks is that they deliver a partial enrichment freeze in return for partial sanctions relief. Short of that, the goal is more talks – improving mutual understanding for when there is greater …

In Saudi Arabia, a secret sports league caters to women and girls who want to play sports

Team sports are illegal for women in Saudi Arabia. But like their counterparts the world over, they’re just as eager to show their stuff on the pitch and the field. A new soccer league has emerged to serve those women, and hopefully fight a growing health problem as well….

Saudi, Kuwait, UAE lead Q1 GCC corporate earnings growth

Earnings of Saudi Arabian companies totalled $6.7 billion, an increase of 15 per cent YoY and 28 per cent QoQ. SABIC, which reported $1.9 billion in Q1 profits, saw its bottom-line decline by five per cent YoY due to softening of global petrochemical prices when compared to Q1 2011. Saudi Banks …

CIA Prepares Iraq Pullback

The Central Intelligence Agency is preparing to cut its presence in Iraq to less than half of wartime levels, according to U.S. officials familiar with the planning, a move that is largely a result of challenges the CIA faces operating in a country that no longer welcomes a major U.S. …

AFP: Saudi religious police chief blames agent over mall row

The head of the Saudi religious police has come out strongly against one of his men who ordered a woman to leave a mall because she was wearing nail polish, a local daily reported on Monday. ‘The world is manufacturing airplanes and we are still telling a woman ‘leave the mall because you’ve …

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/</pre&g/t;