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Saudi Economy Ministry Signs MoU with Alfaisal University to Promote Economic Development

The signing of the agreement took place at the university's headquarters in Riyadh. SPA
The signing of the agreement took place at the university's headquarters in Riyadh. SPA
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Saudi Economy Ministry Signs MoU with Alfaisal University to Promote Economic Development

The signing of the agreement took place at the university's headquarters in Riyadh. SPA
The signing of the agreement took place at the university's headquarters in Riyadh. SPA

The Ministry of Economy and Planning and Alfaisal University signed a memorandum of understanding (MoU) to promote economic development and implement awareness programs and initiatives to serve the community, in line with achieving Saudi Vision 2030 goals.

The signing of the agreement took place at the university's headquarters in Riyadh.

The MoU was signed by Rakan bin Abdullah Al Alsheikh, Deputy Minister for Policies and Economic Planning at the Ministry of Economy and Planning, and princess Dr. Maha bint Meshari Al Saud, the Alfaisal University Vice President of External Relations and Advancement.

Under the MoU, the two parties will cooperate to promote economic development, activate academic research, implement awareness programs and initiatives to serve the community, as well as cooperate on various activities and events.

The MoU stipulates that the two sides cooperate to maximize the university’s economic return, form a network of joint opinion experts to provide feedback on various economic topics, and to exchange expertise in preparing and writing academic research and public policies in the field of economics.

The Ministry of Economy and Planning will provide consultations on the use of university resources such as student research, faculty members, and research laboratories on economic priority topics that support Saudi Vision 2030. It will offer facilities and cooperation in designing and formulating research project launch plans, and supervise a team of researchers from both sides, which will be assigned to prepare public policy studies and academic research for the Ministry.

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US Will Replenish Every Barrel of Oil It Releases from Strategic Petroleum Reserve, Energy Secretary Says

US Secretary of Energy Christopher Wright testifies during a US Senate Armed Services Committee hearing on Capitol Hill in Washington, DC, US, May 13, 2026. (Reuters)
US Secretary of Energy Christopher Wright testifies during a US Senate Armed Services Committee hearing on Capitol Hill in Washington, DC, US, May 13, 2026. (Reuters)
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US Will Replenish Every Barrel of Oil It Releases from Strategic Petroleum Reserve, Energy Secretary Says

US Secretary of Energy Christopher Wright testifies during a US Senate Armed Services Committee hearing on Capitol Hill in Washington, DC, US, May 13, 2026. (Reuters)
US Secretary of Energy Christopher Wright testifies during a US Senate Armed Services Committee hearing on Capitol Hill in Washington, DC, US, May 13, 2026. (Reuters)

The US will replenish every barrel of oil it releases from the Strategic Petroleum Reserve, Energy Secretary Chris Wright ‌said Friday ‌at an event in Sabine ‌Pass, ⁠Texas.

"We're releasing oil ⁠now, and for each barrel we're releasing, we're going to get at least 1.2 barrels of oil back into the reserve. We'll leave it fuller than when we started," he said.

The Trump administration wants to ‌do everything it ‌can to lower gasoline prices, Wright said.

"We ‌understand Americans today are paying higher ‌prices than they would like, higher prices than we would like to see, but it's simply essential to end Iran's ability to ‌get a nuclear bomb," he said.

"It's causing some short-term disruption. ⁠This ⁠will pass and gasoline prices will come right back down," he said.

Wright said that the US could "easily" double its natural gas exports without increasing the domestic price.

"There's just an enormous, simply astounding amount of natural gas," he said, noting that the country currently exports about 20% of the natural gas it produces.

Business

Trump Says Did Not Discuss Tariffs During Summit with Xi

Shipping containers are piled at the Port of Los Angeles, California, on May 9, 2026. (AFP)
Shipping containers are piled at the Port of Los Angeles, California, on May 9, 2026. (AFP)
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Trump Says Did Not Discuss Tariffs During Summit with Xi

Shipping containers are piled at the Port of Los Angeles, California, on May 9, 2026. (AFP)
Shipping containers are piled at the Port of Los Angeles, California, on May 9, 2026. (AFP)

US President Donald Trump said Friday he did not bring up the issue of tariffs during a landmark summit with Chinese counterpart Xi Jinping.

Returning to Washington after making what he called "fantastic trade deals" with Beijing, Trump said on tariffs: "We didn't discuss those... It wasn't brought up."

The pair had been widely expected to discuss extending the one-year tariff truce reached during their last meeting in October in South Korea.

The truce brought a pause to a blistering trade war that had seen tariffs on many goods exceed 100 percent.

Conditions have shifted since.

The deal saw Washington maintain some tariffs over China's alleged role in global fentanyl supply chains and accusations of unfair practices.

But the US Supreme Court in February struck down many of Trump's duties, including those imposed over drug trafficking.

The White House quickly moved to impose a 10-percent global tariff using temporary powers, and opened investigations that could lead to more lasting duties.

The 10-percent global tariff has also been challenged in US courts.

Trump had arrived in Beijing earlier this week seeking to seal accords in sectors including agriculture, aviation and artificial intelligence.

After the first day wrapped, Trump said Xi had agreed to help open the Strait of Hormuz, as well as buy Boeing jets and American oil and soybeans.

But there have been no formal announcements, and the Chinese foreign ministry would not confirm or deny Trump's statements when asked on Friday afternoon.

Business

Britain's Pound, Stocks and Bonds Fall on Political Uncertainty, Global Inflation Angst

A view of 10 Downing Street in London, Britain, 14 May 2026. EPA/NEIL HALL
A view of 10 Downing Street in London, Britain, 14 May 2026. EPA/NEIL HALL
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Britain's Pound, Stocks and Bonds Fall on Political Uncertainty, Global Inflation Angst

A view of 10 Downing Street in London, Britain, 14 May 2026. EPA/NEIL HALL
A view of 10 Downing Street in London, Britain, 14 May 2026. EPA/NEIL HALL

British government bonds, stocks and sterling fell on Friday, as domestic political uncertainty clashed with global worries about an inflationary shock, leaving UK assets in the mire.

Sterling fell to a five-week low and is down almost 2% against the dollar this week, set for its biggest weekly drop since November 2024.

British Prime Minister Keir Starmer was in a battle to hold on to power after his health minister Wes Streeting resigned from government, while others positioned themselves to challenge his leadership, following disastrous local election results last week.

Markets are concerned that a ⁠new leader may ⁠be willing to loosen fiscal policy more, with British government borrowing costs up sharply again and UK bank stocks selling off on Friday.

Greater Manchester Mayor Andy Burnham has been offered a path for a possible leadership challenge after another Labour lawmaker said he would resign his parliamentary seat. If Burnham were to win the seat, he could then challenge for ⁠the party leadership.

"Market's fear is that Burnham would be more left leaning, and we could see further increase in deficits," Reuters quoted Jefferies economist Mohit Kumar as saying.

"Our base case is one of a managed exit for Starmer and Burnham likely becoming the next PM," he added.

The domestic political drama has coincided with another rise in energy prices on Friday and growing evidence that the economic damage from the Iran war is hurting.

US inflation data this week has shown consumers and factories are starting to see big increases in price pressures as a result of the war, which has ⁠pushed up the ⁠price of crude by over 50%.

The pound has tended to suffer against the dollar when tensions between Washington and Tehran flare or oil prices rise, given Britain's dependence on energy imports and the economy's sensitivity to higher fuel costs.

It was last down 0.3% on the day at $1.3364 after earlier touching $1.3335, its lowest level in over five weeks.

British bond yields jumped across the curve. The 10-year yield was last up almost 12 basis points (bps) at around 5.11%. Bond yields move inversely with prices.

Stocks also fell. The blue-chip FTSE 100 was last down 0.6%, while the more domestic-oriented FTSE 250 index of midcap stocks was down 1.1%.

UK banks were also down sharply, with Barclays and Lloyds down over 2% each.