/Provided as a service from the Saudi-US Trade Group, Washington, DC/
Saudi Suggests ‘Squeezing’ Iran over Nuclear Ambitions: WALL STREET JOURNAL
Jay Solomon | 6/22/11
A leading member of Saudi Arabia’s royal family warned that Riyadh could seek to supplant Iran’s oil exports if the country doesn’t constrain its nuclear program, a move that could hobble Tehran’s finances. “In closed-door remarks earlier this month, Saudi Prince Turki al-Faisal also strongly implied that Riyadh would be forced to follow suit if Tehran pushed ahead to develop nuclear weapons and said Saudi Arabia is preparing to employ all of its economic, diplomatic and security assets to confront Tehran’s regional ambitions.”
Oil below $95 Shows Saudis Set Price over Iran: ARABIAN BUSINESS
Bloomberg | 6/22/11
“Saudi Arabia wants to show OPEC that it’s setting the price,” said John Sfakianakis, the chief economist in Riyadh at Banque Saudi Fransi, which says the country’s “breakeven” price for oil is $88 a barrel. “It has voiced its difference of opinion and calmed the market. They are nearing their fair price at the moment.” SAUDI ‘PROBABLY PRODUCING MORE OIL’: “Saudi Arabia, the world’s largest oil exporter, is probably boosting its output of the commodity, according to the International Energy Agency,” Bloomberg reports. MORE OIL TO JAPAN: “Saudi Arabia, the world’s top crude exporter, will supply additional supplies to one Japanese buyer on top of contractual volumes in July, an industry source familiar with the matter said on Wednesday,” Reuters reports.
“Hillary Clinton has lent her support to women in Saudi Arabia protesting against the ban on female drivers, her first public comments on an issue complicating relations between Washington and Riyadh.” WOMEN PRESS FOR SUBARUTO EXIT: “A group campaigning for an end to Saudi Arabia’s ban on driving by women called on Fuji Heavy Industries Ltd.’s Subaru cars unit to pull out of the kingdom until the prohibition is lifted,” Donna Abu-Nasr (Bloomberg) reports.
Saudi Assets Up By SR100bn: EMIRATES 24|7
Nadim Kawach | 6/22/11
“A surge in oil prices allied with higher output boosted Saudi Arabia’s foreign assets by more than SR100 billion in the first four months of 2011 to push them to a record high level, according to government data.”
Saudi Arabia Signs $1.7bn Defense Deal: ARAB NEWS
Roger Harrison | 6/21/11
“Saudi Arabia has placed a $1.7 billion direct commercial sales contract with Raytheon Company to upgrade the Kingdom’s Patriot Air and Missile Defense System to the latest Configuration-3. The award includes ground-system hardware, a full training package and support equipment upgrades.”
UAE Is Second Largest Energy Consumer in the Arab World: EMIRATES 24/7
“Saudi Arabia remained the top energy consumer in the region while Egypt receded to the third position after it was overtaken by the UAE, the second largest Arab economy, showed the report by the 10-nation Organization of Arab Petroleum Exporting Countries (OAPEC).”
“Saudi Electricity Company (SEC) signed on Wednesday a 12-year loan for $989.1 million with a group of international banks to finance an expansion in one of its projects, the firm said in a bourse statement.”
Youngsters Learning Ropes Of Finance: ARAB NEWS
Siraj Wahab | 6/21/11
“Smart investors may not be born, but the Capital Market Authority is banking that they can be created if they start learning the ins and outs of finance when they are young.”
Cabinet Ok’s Technical Investment Company: SAUDI GAZETTE
“The Cabinet approved Monday the launch of the Saudi Development and Technical Investment Company to give the country a boost in the application of research and programs from the Kingdom and abroad.”
Saudi Arabia has apologized to Indonesia for executing a maid without informing Jakarta, officials say.
Indonesian officials said the Saudi ambassador to Jakarta had promised that such incidents would not happen again.
U.S.: POLL – AMERICANS WHO FAVOR WITHDRAWING TROOPS QUICKLY AT ALL-TIME HIGH
Americans in record numbers favor withdrawing troops from Afghanistan “as quickly as possible,” according to a Pew Research Center survey released a day before President Obama is slated to announce the number of troops he’ll begin drawing down next month.
SYRIA: THOUSANDS TURN OUT FOR ASSAD
“Tens of thousands rallied in public squares Tuesday in support of President Bashar al-Assad, the latest government move to defuse an uprising that poses a grave challenge to his rule,” the NYT reports. ASSAD ‘FORCED CITIZENS TO ATTEND:’ “Syrian workers and students were forced to attend rallies in support of President Bashar al-Assad this week, a human rights campaigner from the country told CNN Wednesday,” CNN reports. REFORMISTS STILL UNDER ATTACK: “Pro-democracy protesters said they continued to be attacked in cities across Syria on Tuesday, a day after President Bashar Assad promised political reforms in a rare public speech. SPEECH BUYS TIME, NOT SURVIVAL: “While Mr. Assad acknowledged that Syria has experienced “difficult days” since his last speech two months ago, his framing of the crisis and his proposals for addressing it fell far short of opposition demands. Fresh protests immediately broke out in cities around the country,” Nicholas Blanford (CSM) writes.
YEMEN: 40 AL-QAEDA MILITANTS ESCAPE JAIL
“Security officials say at least 40 al-Qaida militants have escaped from a jail in southern Yemen,” the AP reports.
BAHRAIN: 8 ACTIVISTS HANDED LIFE SENTENCES
“A court in Bahrain on Wednesday convicted 21 prominent activists, most of them leaders of the majority Shiite community, of conspiring to overthrow the government during anti-government protests this year and sentenced them to long jail terms,” Lara El Gibaly and David Jolly (NYT) report.
EGYPT: ARAB SPRING NOT YET SECURED
“One man’s experiences in the months since the revolution in Egypt “are a product of powerful forces inside Egyptian society – and much of the region – that mean the promises of the Arab Spring are far from fulfilled. While the bloody crackdowns against democracy activists by Syria’s Bashar al-Assad and Libya’s Muammar Qaddafi are getting most of the attention, Egypt is struggling to shed the everyday kinds of intimidation and thugishness that dictators use to secure their rule,” Dan Murphy (CSM) writes.
AFGHANISTAN: OBAMA FACES POLITICAL TEST IN SPEECH
“President Obama will face a stiff political challenge Wednesday in presenting his plan for a gradual end to the U.S. military involvement in Afghanistan. His prime-time address must remind a skeptical electorate and a concerned Congress that the country’s longest war remains worth fighting — and funding — for several more years,” Karen De Young (Washington Post) reports.
LIBYA: CHINA MOVES CLOSER TO OPPOSITION
“China’s foreign minister met in Beijing with the leader of Libya’s rebel opposition on Wednesday and said in a statement afterward that the opposition was “an important dialogue partner,” the latest in a series of Chinese moves to improve ties to the opposition,” Keith Bradsher (NYT) reports. SENS KERRY, MCCAIN SUPPORT WAR, OFFER CONGRESSIONAL RESOLUTION: “Senators John F. Kerry and John McCain, seeking to defuse a contentious debate over funding for US military operations in Libya, proposed a resolution yesterday offering congressional support for President Obama’s policy in the North African country,” MSNBC via Boston Globe reports.
ISRAEL: WEST BANK BARRIER MOVED
“Four years after an Israeli high court initially ruled that the path of the barrier separating Israelis from Palestinians around the West Bank village of Bilin needed to be rerouted, the Israeli military Wednesday began to dismantle parts of the controversial fence,” CNN 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>