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Tag Archives: Saudi Arabia

Saudis to create more jobs, cut subsidies in reform plan

Saudi Arabia

DUBAI, United Arab Emirates (AP) — Saudi Arabia on Tuesday unveiled the details of the first phase of an economic overhaul aimed at reducing reliance on oil exports and preparing for the millions of young people who will be seeking jobs and affordable housing in the coming years. The National Transformation Plan (NTP) was approved by the Saudi Cabinet late ...

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Moody’s downgrades Saudi Arabia on lower oil prices

Saudi Arabia, oil prices

NEW YORK (AP) — Saudi Arabia’s credit rating has been downgraded by Moody’s because of the long and deep slump in oil prices. Moody’s Investors Service said Saturday that it also downgraded Gulf oil producers Bahrain and Oman. It left ratings unchanged for other Gulf states including Kuwait and Qatar. Saudi Arabia is the world’s largest oil exporter. Moody’s cut ...

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Saudi Arabia ousts longtime oil minister

DUBAI, United Arab Emirates (AP) — Saudi Arabia on Saturday announced the ouster of its longtime oil minister as part of a larger ongoing government shakeup. A royal decree announced that Ali al-Naimi has been replaced by former Health Minister and Saudi Aramco board chairman Khaled al-Falih. Al-Naimi has long been a pillar of Saudi oil policy, leading the Ministry ...

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Saudi Arabia outlines sweeping economic reform plans

Saudi Arabia outlines sweeping economic reform plans

RIYADH, Saudi Arabia (AP) — Saudi Arabia on Monday approved a long-awaited plan laying out reform priorities for the next decade and a half, setting in motion what is likely to be a period of significant economic change in the oil-rich kingdom. The project, which includes plans to float a stake in the world’s largest oil company and set up ...

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US stocks recover, oil prices drop after Doha meeting

US stocks recover, oil prices drop after Doha meeting

U.S. stocks moved higher in morning trading Monday, recovering from an early slump after major oil-producing nations failed to hammer out a deal over the weekend to cut oil production, sending oil prices lower. Consumer discretionary and financial companies were among the biggest gainers. KEEPING SCORE: The Dow Jones industrial average rose 45 points, or 0.3 percent, to 17,943 as ...

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Weak oil prices prompt Fitch to cut Saudi Arabia’s rating

LONDON (AP) — Saudi Arabia suffered another credit ratings downgrade on Tuesday after Fitch lowered its view on the oil-rich kingdom in light of the fall in energy prices. In a note, Fitch said it was reducing its rating on Saudi Arabia by one notch to AA- from AA and warned that another downgrade was more likely than an upward ...

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US stock indexes are edging lower in early trading

US stock indexes are edging lower in early trading

NEW YORK (AP) — Stock indexes were edging lower in early trading Monday as investors worked through several company announcements. Global markets were modestly higher. KEEPING SCORE: The Dow Jones industrial average slipped 48 points, or 0.3 percent, to 17,748 as of 10:55 a.m. Eastern. The Standard & Poor’s 500 index was down five points, or 0.3 percent, to 2,066 ...

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Kuwait to introduce corporate tax as low oil prices bite

Kuwait skyline. (Image: Khaleel Haidar via Flickr)

KUWAIT CITY (AP) — Kuwait’s government is proposing a 10 percent corporate tax on profits and the privatization of some publicly-run services and facilities to close a widening budget deficit brought on by a plunge in global oil prices. The Cabinet suggests services at Kuwait’s airport and some facilities owned by Kuwait Petroleum Company should be privatized. The proposals are ...

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Saudi oil minister says market should handle low prices

Saudi Arabia's Minister of Petroleum & Mineral Resources Ali Al-Naimi speaks at the annual IHS CERAWeek global energy conference Tuesday, Feb. 23, 2016, in Houston. (AP Photo/Pat Sullivan)

HOUSTON (AP) — Saudi Arabia’s oil minister says production cuts to boost oil prices won’t work, and that instead the market should be allowed to work even if that forces some operators out of business. Ali Al-Naimi said Tuesday that cutting production would mean low-cost producers like Saudi Arabia would be subsidizing higher-cost ones — an apparent reference to U.S. ...

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