/Provided as a service from the Saudi-US Trade Group, Washington, DC/
Gulf Stock Markets Recover from Lows: SAUDI GAZETTE
“Saudi Arabia’s stock benchmark Tadawul All Share Index ended flat Monday at 5,916.31 points, as bargain hunters picked up attractive stocks after two sessions of losses that dragged the index to a 23-week low, but global concerns still weighed on sentiment.” SAUDI BANKING STOCKS GAIN STRENGTH: “Most regional markets edged higher on Monday, clawing back losses from the previous day, after Libyan rebels took control of Tripoli, raising hopes the conflict in the oil exporter country may be drawing to a close,” reports Arab News.
“Declines in the price for crude oil are putting pressure on refiners in Saudi Arabia, a market report from a joint venture with Saudi Aramco suggests.” JPMORGAN SEES BRENT AVERAGING $115/BBL IN 2012: Reuters in Arab News reports, “JPMorgan lowered its Brent crude oil average price forecast by $9 a barrel to $115 for 2012, saying lower economic growth projections and resumption of Libyan oil exports will cap crude prices.” ‘SAUDI WILL ADJUST OIL OUTPUT AS NEEDED’: “Saudi Arabia, Opec’s leading oil producer, will adjust its oil export levels if needed as Libya resumes its own oil production, though the group expects Libya’s output recovery after Muammar Gaddafi’s reign will be slow and gradual,” according to Gulf Times.
Mourad Haroutunian | 8/23/11
Two Saudi Arabian suspected al-Qaeda militants turned themselves in to authorities, the Saudi Press Agency said, citing an unidentified Interior Ministry spokesman.
Yemen’s prime minister plans to become the first senior politician injured in a June assassination attempt on President Ali Abdullah Saleh to return home from Saudi Arabia, a government source said Tuesday.
“Saudi Arabia tops the list of the safest banks with hosting five out of top 10 safest banks in the Middle East, according to the rankings released by the Global Finance Magazine.”
Kingdom Job Outlook ‘Rosy’: SAUDI GAZETTE
“Over half of the employers in the Middle East and North Africa (MENA) region plan to hire new employees over the next three months, with a little over a quarter of the respondents (26 percent) in Saudi Arabia saying that they would “probably” be recruiting, while one third (33 percent) said that their organizations would “’definitely” be recruiting in the next few months.”
Saudi Petrochemical Exports to Asia Up 6.6%: AL BAWABA
“Saudi Arabia’s petrochemical exports to Asia increased 6.6 percent in the first half of 2011 over the same period last year. The rise, revealed in an official report, comes despite allegations of dumping — flooding a market with low-priced products to undercut local producers — from countries such as China, Turkey and Pakistan.”
P.K. Abdul Ghafour | 8/23/11
“Custodian of the Two Holy Mosques King Abdullah launched the national fundraising campaign for famine-hit Somalis by donating SR20 million. The telethon collected nearly SR100 million as of early Tuesday. The telethon has been extended to another day.”
After Tripoli, What Is A Petro-Ruler To Do? : FOREIGN POLICY
Steve LeVine | 8/22/11
“The apparently successful Libyan uprising leaves a tattered playbook for the petro-rulers of the Middle East, and forces leaders from the West and especially China to rethink anew their interactions with these stewards of the heart of the global economy.”
LIBYA: THE SCRAMBLE TO ACCESS LIBYA’S OIL BEGINS
The scramble is already on for Libya’s oil wealth even though the fight still rages on in Tripoli. “Western nations — especially the NATO countries that provided crucial air support to the rebels — want to make sure their companies are in prime position to pump the Libyan crude,” writes Clifford Krauss (New York Times).
LATEST NEWS ON LIBYA:
SAIF AL-ISLAM NOT CAPTURED BY OPPOSITION | AL JAZEERA
APPEARANCE BY GADDAFI’S SON TEMPERS REBEL HOPES OF VICTORY | WASHINGTON POST
EUROPE CALLS FOR GADDAFI TO STEP DOWN | WASHINGTON POST
LIBYAN REBEL COMMANDER FIGHTS FOR FREEDOM | WASHINGTON POST
IN LIBYA’S REBEL CAPITAL, CELEBRATION TURNS TO CONTEMPLATION OF FUTURE | CHRISTIAN SCIENCE MONITOR
OBAMA’S TIPPING POINT MODEL OF INTERVENTION | THE ATLANTIC
NEW LIBYA, WELCOMED IN MIDEAST, REJECTS NATO BASES | INFORMED COMMENT
ARAB SPRING: RENEWED HOPES FROM LIBYAN ADVANCES
“Fallout from the Libyan revolution blew across North Africa and the Middle East on Monday and boosted other popular uprisings in the region, most of which had seen their momentum stall since the exultant early days of the Arab Spring,” Craig Whitlock (Washington Post) reports.
SYRIA: PRESSURE BUILDS ON ASSAD
“Was Syrian President Bashar al-Assad one of the millions around the world who watched Libyan revolutionaries triumphantly stream into their capital Tripoli on Sunday night? Did the sudden collapse of most of the Libyan regime’s defenses in and around Tripoli cause Assad to feel a heightened sense of anxiety? It’s impossible to tell but the Twittersphere certainly drew parallels between the two regimes, with many jubilant commentators predicting that the young Syrian president would be the next Arab leader toppled by his people,” Rania Abouzeid (TIME) writes. DEATH TOLL AT 2,200, SAYS U.N.: “More than 2,200 people have been killed since the Syrian government’s crackdown on protesters began in March, says the UN high commissioner on human rights,” BBC reports.
LEBANON: ESCALATION IN SYRIA WILL HURT LEBANON
“A further escalation of the confrontation, now in its sixth month, between the Syrian government and opposition groups seeking democratic change in Syria, will spill over to Lebanon and put the country’s security and stability in jeopardy, political analysts warned Monday,” writes Hussein Dakroub (Daily Star).
GAZA: ARAB LEAGUE HOLDS EMERGENCY MEETING ON ISRAELI ATTACK
“The Arab League (AL) started an urgent meeting at the level of permanent delegates on Sunday to discuss measures aimed at stopping Israeli attack on the Gaza Strip,” Xinhua 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>