Saudi Arabia Seeks New IPOs to Attract Foreign Investors
Saudi Arabia aims to increase potential public offerings as it seeks to diversify its economy away from oil and develop its financial sector.
'We are doing almost 30% from last year,' said Mohammed Al-Rumaih, chief executive officer of the Saudi stock exchange in an interview with Bloomberg Television, referring to the increase in numbers.
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Saudi Arabia eyes Syria with new investment as Gaza remains in rubble
Gaza is in ruins while Syria's ruins are now going to receive substantial funds for reconstruction. Syria is getting a head start on the future. Syria's Foreign Minister Asaad al-Shaibani and Saudi counterpart, Prince Faisal bin Farhan bin Abdullah Al Saud, visited the Umayyad Mosque in Damascus. This was a symbolic moment. It illustrates the deep connection of Syria to its Islamic past and also the new present that is being formed. Saudi Arabia is the land of the Islamic holy sites and it has historically been a leader in the Islamic world. However, other Arab states contain important cities from the Islamic past. These include Baghdad in Iraq, Damascus in Syria and Cairo in Egypt. Syria has recently changed from being an ally of Iran and Hezbollah to being back in the Sunni Arab fold in the region. As such it is now close with Turkey, Qatar and Saudi Arabia. However, these countries may be working together to help Syria, but they also all want influence. As such the visit of the Saudi envoy was important. It also came a day before he was supposed to travel to the West Bank with other foreign ministers and envoys of Arab states. Israel reportedly prevented that visit. Saudi Arabia is focused on Syria. It was the Saudi Crown Prince Mohammed Bin Salman who got US President Donald Trump to meet the new Syrian president, Ahmed al-Shara'a in Damascus. This was key to lifting US sanctions. The new US envoy, Tom Barrack, was in Damascus recently to raise the American flag at the US ambassador's residence. This was symbolic. A new era is emerging. A new dawn. Syria's foreign minister said that Syria and Saudi Arabia are entering a strong phase of investment and economic cooperation. 'Saudi Arabia's Foreign Minister Prince Faisal bin Farhan said on Saturday that the Kingdom will offer with Qatar joint financial support to state employees in Syria,' reports said at Arab News. 'His statements came during a joint press conference with his Syrian counterpart Asaad Al-Shaibani in Damascus, who welcomed the foreign minister and his delegation on his arrival in the Syrian capital,' the report added. 'The Kingdom will provide, with Qatar, joint financial support to state employees in Syria,' Prince Faisal said. The countries will now hold talks to 'bolster aspects of cooperation in various fields.' SPA in Saudi Arabia added that the countries 'also expressed a strong desire to work in coordination with the international community and development partners to ensure sustainable, effective support through a comprehensive and unified vision.' There is a major contrast now between the Arab states moving to invest in Syria, and the continued fighting in Gaza. Gaza is in ruins, while Syria's ruins are now going to receive substantial funds for reconstruction. Syria is getting a head start on the future. Meanwhile, Israel may be more isolated in the region as countries flock to do business in Damascus.
Yahoo
2 hours ago
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Iran has amassed even more near weapons-grade uranium, UN watchdog says
VIENNA (AP) — Iran has further increased its stockpile of uranium enriched to near weapons-grade levels, a confidential report by the U.N. nuclear watchdog said Saturday. In a separate report, the agency called on Tehran to urgently change course and comply with its years-long probe. The report comes at a sensitive time, as the administration of U.S. President Donald Trump seeks to reach a deal with Tehran to limit its nuclear program. The two sides have held several rounds of talks, so far without agreement. The report by the Vienna-based International Atomic Energy Agency — which was seen by The Associated Press — says that as of May 17, Iran has amassed 408.6 kilograms (900.8 pounds) of uranium enriched up to 60%. That's an increase of 133.8 kilograms (294.9 pounds) — or almost 50% — since the IAEA's last report in February. The 60% enriched material is a short, technical step away from weapons-grade levels of 90%. A report in February put this stockpile level at 274.8 kilograms (605.8 pounds). What does the report say? The IAEA report raised a stern warning, saying that Iran is now 'the only non-nuclear-weapon state to produce such material" — something the agency said was of "serious concern.' Approximately 42 kilograms of 60% enriched uranium is theoretically enough to produce one atomic bomb, if enriched further to 90%, according to the watchdog. The IAEA report, a quarterly, also estimated that as of May 17, Iran's overall stockpile of enriched uranium — which includes uranium enriched to lower levels — stood at 9,247.6 kilograms (20,387.4 pounds). That's an increase of 953.2 kilograms (2,101.4 pounds) since February's report. Iran has maintained its nuclear program is for peaceful purposes only, but the IAEA chief, Rafael Mariano Grossi, has warned that Tehran has enough uranium enriched to near-weapons-grade levels to make 'several' nuclear bombs if it chose to do so. Iranian officials have increasingly suggested that Tehran could pursue an atomic bomb. U.S. intelligence agencies assess that Iran has yet to begin a weapons program, but has 'undertaken activities that better position it to produce a nuclear device, if it chooses to do so.' Iran is furious over the report Iran's Foreign Ministry and the Atomic Energy Organization of Iran said in a joint statement that the IAEA report was based on 'unreliable and differing information sources' and accused it of being biased, unprofessional and lacking crucial, updated information. 'The Islamic Republic of Iran expresses its disappointment about the report, which was prepared by imposing pressure on the agency for political purposes, and expresses its obvious objection about its content,' the statement read. The statement reiterated that the country's Supreme Leader Ayatollah Ali Khamenei, who has final say on all state matters, issued a religious decree that nuclear weapons would not be part of the country's defense arsenal. However, Iran stressed that under international law, the country has a right to a peaceful nuclear program, including uranium enrichment. The statement said the uranium enrichment was under 'transparent' monitoring by the IAEA, which the IAEA denies. The statement also accused the IAEA of turning a blind eye toward the U.S.'s 2018 withdrawal from the nuclear deal. Omani Foreign Minister Badr al-Busaidi, who is mediating the U.S.-Iran talks was in Tehran on Saturday to present the latest U.S. proposal for ongoing talks, Foreign Minister Abbas Araghchi wrote on X. The talks seek to limit Iran's nuclear program in exchange for the lifting of some of the crushing economic sanctions the U.S. has imposed on the Islamic Republic, which have strained relations for almost 50 years. The fifth round of talks between the U.S. and Iran concluded in Rome last week with 'some but not conclusive progress,' al-Busaidi said at the time. Israel's swift reaction Israel said Saturday's report was a clear warning sign that "Iran is totally determined to complete its nuclear weapons program,' according to a statement from Prime Minister Benjamin Netanyahu's office. It said IAEA's report 'strongly reinforces what Israel has been saying for years — the purpose of Iran's nuclear program is not peaceful.' It also added that Iran's level of enrichment 'has no civilian justification whatsoever' and appealed on the international community to 'act now to stop Iran.' It is rare for Netanyahu to make statements on Saturday, the Jewish day of rest, underlying the urgency with which he sees the matter. Call for cooperation Grossi said Saturday that he 'reiterates his urgent call upon Iran to cooperate fully and effectively' with the IAEA's years long investigation into uranium traces discovered at several sites in Iran. The IAEA also circulated to member states on Saturday a second, 22-page confidential report, also seen by the AP, that Grossi was asked to produce following a resolution passed by the 35-member IAEA Board of Governors last November. In this so-called 'comprehensive report,' the IAEA said that Iran's cooperation with the agency has "been less than satisfactory' when it comes to uranium traces discovered by IAEA inspectors at several locations in Iran that Tehran has failed to declare as nuclear sites. Western officials suspect that the uranium traces discovered by the IAEA could provide evidence that Iran had a secret military nuclear program until 2003. One of the sites became known publicly in 2018 after Netanyahu revealed it at the United Nations and called it a clandestine nuclear warehouse hidden at a rug-cleaning plant. Iran denied this but in 2019 IAEA inspectors detected the presence of manmade uranium particles there. What is the IAEA inspecting in Iran? After initially blocking IAEA access, inspectors were able to collect samples in 2020 from two other locations where they also detected the presence of manmade uranium particles. The three locations became known as Turquzabad, Varamin and Marivan. A fourth undeclared location named as Lavisan-Shian is also part of the IAEA probe but IAEA inspectors never visited the site because it was razed and demolished by Iran after 2003. In Saturday's comprehensive report, the IAEA says the 'lack of answers and clarifications provided by Iran" to questions the watchdog had regarding Lavisan-Shian, Varamin and Marivan "has led the agency to conclude that these three locations, and other possible related locations, were part of an undeclared structured nuclear program carried out by Iran until the early 2000s and that some activities used undeclared nuclear material.' What's next? Saturday's comprehensive report could be a basis for possible further steps by European nations, leading to a potential escalation in tensions between Iran and the West. European countries could move to trigger snap-back sanctions against Iran that were lifted under the original 2015 nuclear deal ahead of October, when the deal formally expires. On Thursday, senior Iranian officials dismissed speculation about an imminent nuclear deal with the United States, emphasizing that any agreement must fully lift sanctions and allow the country's nuclear program to continue. The comments came a day after Trump said he has told Netanyahu to hold off on striking Iran to give the U.S. administration more time to push for a new deal with Tehran. Trump said Friday he still thinks a deal could be completed in the 'not too distant future.' ___ Associated Press writers Nasser Karimi in Tehran and Melanie Lidman in Dubai, United Arab Emirates, contributed to this report. ___ The Associated Press receives support for nuclear security coverage from the Carnegie Corporation of New York and Outrider Foundation. The AP is solely responsible for all content. ___ Additional AP coverage of the nuclear landscape: Stephanie Liechtenstein, The Associated Press
Yahoo
2 hours ago
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US Job Growth Is Seen Moderating on Shifting Trade Policy
(Bloomberg) -- The pace of US hiring probably slowed in May, with employers focusing on containing costs as households become a bit more guarded and businesses reconsidered investment plans against a backdrop of shifting trade policy. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania NYC Congestion Toll Brings In $216 Million in First Four Months The Economic Benefits of Paying Workers to Move Where the Wild Children's Museums Are Economists see payrolls rising by 125,000 after job growth in March and April exceeded projections, based on the median of a Bloomberg survey. That would leave the average over the past three months tracking a still-solid 162,000. The unemployment rate is seen holding at 4.2%. Employers seeking clarity around the White House's trade policy have instead been greeted with frequent adjustments to timelines and import duty schedules. President Donald Trump is deploying tariffs as a way to reverse imbalances, spark long-term investment in the US, and spur the domestic output of critical goods and materials. Meanwhile, economic activity has settled back, with confidence surveys hinting at more modest consumer spending in coming months. Auto sales figures from Ward's Intelligence on Tuesday are expected to show purchases eased in May for a second month. Concerned that revenue will suffer, companies are growing more conscious about cost-saving efforts that risk culminating in slower labor demand. The jobs figures on Friday will follow a Tuesday report on vacancies. The median projection calls for a decline in April to 7.1 million job openings, the fewest since the end of 2020. What Bloomberg Economics Says: 'Our preliminary forecast range for May nonfarm payrolls is 60k-130k, with the central tendency clustering around 90k – lower than the consensus of 130k at the time of writing. We think one sector — leisure and hospitality — accounted for most of the weakness, as subpar international tourism and a pullback in government travel led to a slump in demand. However, construction, and transportation and warehousing – two sectors that typically provide the next most-important seasonal job growth in May – are holding up.' —Anna Wong, Stuart Paul, Eliza Winger, Estelle Ou and Chris G. Collins. For full analysis, click here Federal Reserve officials are likely to take the labor market reports in stride as they too await clarity on how trade and tax policy will impact the economy and inflation. Investors will parse comments this coming week from Fed governors Lisa Cook and Adriana Kugler. Governor Christopher Waller also discusses the economic outlook on Sunday. The Fed will also issue its Beige Book on anecdotal economic conditions across the country. On Thursday, economists project government figures to show a narrowing of the US trade deficit in April after tariff front-running at the start of the year. An improvement in net exports is expected to drive a big rebound in second-quarter gross domestic product. For more, read Bloomberg Economics' full Week Ahead for the US The Bank of Canada's rate decision is a close call, with core inflation heating up even as economic growth stagnates due to the US trade war. After data on Friday showed a slight acceleration in annualized growth, traders in overnight swaps further trimmed the odds of a 25 basis-point cut to 15%. Earlier in the week, Prime Minister Mark Carney meets provincial premiers to discuss removing internal trade barriers, a crucial element of his plan to shore up the country's economy and offset the impacts of Trump's tariff assault. Elsewhere in a packed week, the OECD presents new forecasts, central banks from the euro zone to India are set to cut interest rates, and inflation numbers are released in multiple economies worldwide. Click here for what happened in the past week, and below is our wrap of what's coming up in the global economy. Asia Asia's economic calendar kicks off June with a slew of inflation, trade, and production numbers from powerhouses like Japan, India, and China. These will be key to assessing how economies are navigating cooling price pressures and shifting global demand. Inflation data take center stage, with Indonesia, the Philippines, South Korea, Thailand, and Taiwan all reporting consumer price indices through the week. China's schedule meanwhile shows Caixin's manufacturing index on Tuesday, and its services and composite PMIs on Thursday. Other trade and production numbers dominate the week too. South Korea, a closely watched proxy for global demand, posts trade figures for May on Sunday. Vietnam will release its manufacturing PMI Monday, offering a read on how factories there are faring amid US-led tariff uncertainty. Elsewhere, Australia will report first-quarter gross domestic product on Wednesday, offering a clearer view of the economy's performance at the start of the year. That will be followed by trade data and household spending figures the next day. On Friday, the Philippines is scheduled to post its unemployment rate, with analysts looking for signs of labor market resilience. India will also be in focus on Friday, with the Reserve Bank expected to deliver a rate cut as inflation cools and growth risks mount. For more, read Bloomberg Economics' full Week Ahead for Asia Europe, Middle East, Africa The European Central Bank is almost certain to lower borrowing costs on Tuesday for an eighth time. Investors are likely to focus on clues about further moves, and similarly on forecasts that President Christine Lagarde will present that will feature varying scenarios to account for the uncertain trade backdrop. Informing officials this week will be a flurry of data in the euro zone. Inflation is anticipated to hit 2% for the first time in seven months in a release on Tuesday after reports showing weakening in the region's four biggest economies. Compensation per employee, offering a full picture of wage growth, is due on Friday, too late for the ECB decision. Multiple reports on manufacturing will include industrial production in Spain, Germany and France, and trade and factory orders too. In the UK, the focus will be on Bank of England appearances, most importantly testimony by Governor Andrew Bailey and three colleagues to Parliament on Tuesday. Swiss inflation on Tuesday is forecast to show the first negative reading in four years. Consumer-price data are also due in Sweden, while Riksbank Governor Erik Thedeen is scheduled to speak on Monday and testify to lawmakers along with colleagues the following day. Bulgaria will be in the spotlight on Wednesday, when the ECB and European Commission publish convergence reports on its readiness to adopt the euro. The same day, Brussels officials may scold neighboring Romania for its failure to deliver a fiscal plan to narrow the bloc's widest budget deficit. Nearby, data from Turkey on Tuesday are expected to show inflation slowed to 36% in May. The same day, South Africa may reveal that its economy stagnated in the first quarter as sectors including manufacturing and mining contracted. And on Friday, Mauritius' Prime Minister and Finance Minister Navinchandra Ramgoolam will deliver an annual budget. The new government faces a budget deficit nearing 10%, almost triple what had been forecast. For more, read Bloomberg Economics' full Week Ahead for EMEA Aside from the ECB, a handful of other central bank decisions are due: On Tuesday, Lesotho, whose currency is pegged to the rand, may follow neighboring South Africa and lower its key rate by 25 basis points to 7%. Poland's central bank is widely expected to keep borrowing costs on hold the next day. Ukraine's decision is on Thursday. Officials already halted a series of hikes in April, expecting inflation to ease. And on Friday, the Bank of Russia will consider whether to cut its rate — currently at a record high of 21% — amid increased calls for monetary easing and signs the economy is starting to cool. Latin America Consumer price data for Peru's megacity capital posted June 1 should show that inflation in Lima accelerated for a second month in May, though it isn't expected to have breached the 2% mid-point of the central bank's target range. Peru boasts the lowest inflation among its peers in Latin America, and central bank chief Julio Velarde has said it will remain within target for the foreseeable future. In Brazil, President Luiz Inacio Lula da Silva has made revamping the country's industry a priority, and output figures have run above the long-term trend since his return to office in 2023. Against an average year-on-year rise of 0.7% overall since January 2003, industrial output under Lula 2.0 is running a percentage point higher at 1.7%, though half the 3.4% pace seen during the two terms of Lula 1.0 in 2003-2010. The early consensus for the April data sees a small monthly rise and slowing in the annual pace from March's 3.1% reading. Five purchasing manager indexes for May are due, with data through April showing a mixed but weakening picture in Brazil, mild expansion in Colombia and pronounced contraction in Mexico. Chile's economy beat expectations in the three months through March, and this week's April GDP-proxy data may point to some acceleration toward mid-year. Consumer prices may have ticked lower in May after cooling more than expected to 4.5% in April. For more, read Bloomberg Economics' full Week Ahead for Latin America --With assistance from Swati Pandey, Laura Dhillon Kane, Monique Vanek, Robert Jameson, Mark Evans, Beril Akman, Kamlesh Bhuckory and Greg Sullivan. YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce AI Is Helping Executives Tackle the Dreaded Post-Vacation Inbox How Coach Handbags Became a Gen Z Status Symbol Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? ©2025 Bloomberg L.P.
