Syria Central Bank Expects More Than $1 Billion to Establish New Bankshttps://english.aawsat.com/business/5323385-syria-central-bank-expects-more-1-billion-establish-new-banks
Syria Central Bank Expects More Than $1 Billion to Establish New Banks
President Ahmad al-Sharaa issued a decree appointing Nebras Mohammad Wahid Khayyata as first deputy governor of the Central Bank of Syria. (X)
Syria expects more than $1 billion in foreign capital to flow into the country to establish new banks, Central Bank Governor Mohammad Safwat Raslan said, as the bank seeks to encourage investment, protect customers’ rights and open secure money-transfer channels through official institutions.
Raslan told state news agency SANA on Sunday that licensing requirements already exist for both Islamic and conventional banks. Key criteria include applicants’ experience and reputation and the founders’ financial solvency, as well as a requirement for a strategic banking partner to hold at least a 10 percent stake in the new bank.
The timeframe for granting licenses depends on applicants submitting the required documents and meeting the stipulated conditions, he explained. The Central Bank is working to ensure that preliminary licenses are issued within three to four months of receiving all requirements.
Raslan dismissed concerns about financial risks, noting that the law allows foreign investors to retain 60 percent of their paid-in capital in foreign currency. Investors’ rights to profits and their transfer are also protected, he added, pointing to the removal of all restrictions on buying, selling or transferring foreign currency.
On regulatory risks, Raslan stressed that the Central Bank issues its regulatory and supervisory decisions in accordance with international risk and accounting standards, meaning investors should find no difference between standards applied in Syria and those in their home countries.
The Central Bank is also encouraging international money-transfer providers to enter the Syrian market through Syrian financial institutions to create secure transfer channels for Syrians and foreigners and protect their rights and interests.
Daily and monthly transfer limits will be determined by agreements between Syrian financial institutions and banks or service providers abroad, according to the official.
Separately, President Ahmad al-Sharaa issued Decree No. 176 of 2026 appointing Nebras Mohammad Wahid Khayyata as first deputy governor of the Central Bank of Syria. The decree also repealed any provisions conflicting with its terms.
Riyadh to Host Global Energy Leaders for Talks on Markets, Supplyhttps://english.aawsat.com/business/5323382-riyadh-host-global-energy-leaders-talks-markets-supply
Riyadh to Host Global Energy Leaders for Talks on Markets, Supply
The Saudi Energy Minister during the opening ceremony of the 24th World Petroleum Congress in Calgary, Canada, in 2023 (Reuters)
Saudi Arabia will bring together some of the world’s most influential energy leaders in Riyadh from Oct. 11-15 for high-level talks on energy security, oil and gas markets, investment and the technologies reshaping the global energy industry.
At the heart of Riyadh Energy Week will be the 25th WPC Energy Congress, hosted by Saudi Arabia for the first time in the event’s nearly 90-year history. Held under the theme “Pathways to an Energy Future for All,” the congress will feature more than 30 ministerial, strategic and leadership sessions spanning global energy markets, investment and financing, artificial intelligence, critical minerals, carbon management, natural gas and the future energy mix.
The congress will run from Oct. 11-15 at the Riyadh Front Exhibition & Conference Center, with its official opening ceremony on Oct. 12. Organizers expect more than 25,000 participants, including 100 ministers, 500 CEOs and around 800 speakers, as well as representatives from about 1,000 companies. The exhibition will cover more than 50,000 square meters.
Riyadh Energy Week will also include an International Energy Forum ministerial meeting, Clean Energy Ministerial and Mission Innovation events, along with other sessions bringing together governments, international organizations and companies from across the energy value chain.
The Saudi Energy Minister upon his arrival to participate in the World Petroleum Congress in Calgary, Canada in 2023 (Reuters)
Global Government and Industry Leaders
Saudi Energy Minister Prince Abdulaziz bin Salman will formally open the congress on Oct. 12 alongside WPC Energy President Pedro Miras.
The executive program will include Saudi Economy and Planning Minister Faisal Alibrahim and Investment Minister Fahad Abduljalil Al-Saif, as well as Egyptian Petroleum and Mineral Resources Minister Karim Badawi, OPEC Secretary General Haitham Al Ghais, World Energy Council Secretary General and CEO Angela Wilkinson and International Energy Forum Secretary General Jassim Al Shirawi.
Leading industry speakers include ExxonMobil Chairman and CEO Darren Woods, TotalEnergies Chairman and CEO Patrick Pouyanne, Shell CEO Wael Sawan, BP CEO Meg O’Neill, Baker Hughes Chairman and CEO Lorenzo Simonelli, Siemens Energy CEO Christian Bruch, SLB CEO Olivier Le Peuch and ConocoPhillips President and CEO Andy O’Brien.
Prominent energy-market analysts will also participate, including S&P Global Vice Chairman Daniel Yergin, RBC Capital Markets’ Helima Croft, Carlyle senior adviser Jeffrey Currie, Energy Aspects founder and Director of Market Intelligence Amrita Sen and Rapidan Energy Group founder and President Bob McNally.
Energy Security and Markets
Energy security and global oil and gas markets will be among the congress’s main themes, with ministerial sessions bringing together representatives of producing and consuming countries to discuss market developments and the future of supply.
The agenda extends beyond oil and gas, with discussions on forces reshaping the industry, including AI and digitalization, critical minerals, energy-project financing, carbon management and renewables.
AI and digital transformation will feature prominently, with companies including Aramco, Siemens Energy, SLB, Hitachi Energy, Microsoft and Samsung E&A discussing the impact of digital technologies on energy operations, productivity and efficiency.
The discussions come as AI moves from experimental uses toward applications in operations, maintenance, data analysis and process optimization, while also driving increased demand for electricity and infrastructure to support expanding data centers.
A panel discussion at the 24th World Petroleum Congress in Calgary Canada in 2023
Saudi Arabia’s Economic and Energy Transformation
The congress will hold a ministerial session titled “Vision 2030: Economic Transformation and Global Competitiveness,” focusing on Saudi Arabia’s economic transformation and its growing role in the global energy system.
The agenda covers critical minerals and supply chains, carbon capture, utilization and storage, carbon markets, renewable energy and hydrogen, broadening the discussion from security of conventional fuel supplies to the technology, infrastructure and materials required for the future energy system.
The congress will also feature a technical program with more than 30 research and technical forums across five areas: primary energy supply, infrastructure, fuels and molecules, energy technologies and industry leadership.
Riyadh Energy Week will include specialized programs on the circular carbon economy, women in energy, young professionals, social responsibility, AI and digital transformation, as well as an Energy Hackathon and knowledge-sharing and networking events.
White House Releases List of Products US, China Could Tax Lesshttps://english.aawsat.com/business/5323347-white-house-releases-list-products-us-china-could-tax-less
White House Releases List of Products US, China Could Tax Less
The White House is photographed, Sunday, Sept. 27, 2026, in Washington. (AP Photo/Allison Robbert)
The White House released Sunday lists of products that could benefit from lower tariffs under an arrangement with China affecting $30 billion in goods in each direction, without specifying the rates or timetable.
US President Donald Trump and his Chinese counterpart Xi Jinping concluded a summit on Friday, with their talks covering matters including trade.
The United States and China will review the lists "with a view toward providing reduced tariff treatment to those goods in a reciprocal manner," according to the terms released by the White House.
The US could reduce tariffs on 77 categories of Chinese goods including fireworks, Christmas ornaments, household goods and sports equipment, AFP reported.
China's import list includes more than 1,600 categories of American goods, including meats, grains, dairy, coal and timber.
The White House announced on Friday an agreement on "recommendations" for more favorable tariff treatment for these "non-sensitive goods," following Xi's visit to Washington.
Beijing confirmed the agreement on Saturday.
China also agreed to import at least 10 million metric tons of coal from the US in 2027 and 2028, the White House said.
Xi and Trump agreed to a trade truce last year during a meeting in South Korea, after a tit-for-tat fight that saw tariffs soar over 100 percent at one point.
The pact was originally due to expire in November but both sides have agreed to extend it until January 10, according to US Treasury Secretary Scott Bessent.
Oil Prices Spike after Trump Rejects Iran Truce Offerhttps://english.aawsat.com/business/5323343-oil-prices-spike-after-trump-rejects-iran-truce-offer
Oil Prices Spike after Trump Rejects Iran Truce Offer
Oil rigs operate in a field on the shores of the Caspian Sea in Azerbaijan's capital, Baku (Reuters)
Oil prices spiked with bond yields Monday as Donald Trump's rejection of an Iranian offer of a seven-day truce stoked inflation concerns, while stocks were mixed as traders look ahead to the release of key US data.
Tehran last week set out a plan at the UN General Assembly for a halt in hostilities that would see the Strait of Hormuz reopened, which would ease a crippling supply crisis that has jacked up costs around the world, said AFP.
The waterway is key to the world's energy supply and is now central to the conflict between the US and Iran, particularly with Houthis seizing Yemen's entire Red Sea coast, including the Bab al-Mandab Strait, a vital shipping lane.
However, the US president told reporters outside the White House "I reject their proposal".
Still, he told Axios that he expects negotiations to resume.
"They want to make a deal, but it is not the deal that I want to make," he told the news platform. "It is what we would have maybe agreed to a year ago."
"They overplayed their hand," Trump added, in the interview published Sunday.
Citing sources familiar with the matter, Axios reported that indirect talks between Washington and Tehran could take place as early as Monday.
Iran was still standing by its conditions for reopening the Strait, including the release of frozen assets, the lifting of sanctions on its oil and an end to the US naval blockade.
Oil prices, which fell more than two percent Friday on news of the offer, bounced back at the start of the new week, with Brent back above $106 a barrel.
That stoked inflation concerns again, and weighed on stock markets.
Seoul shed more than two percent as it reopened after a long break, while Tokyo, Shanghai, Manila, Bangkok and Jakarta also dropped.
There were gains in Hong Kong, Sydney, Singapore and Wellington.
Bond yields climbed, with the average on a gauge of world bonds topping four percent last week for the first time since 2007, according to Bloomberg.
The rise in prices puts the focus back on the Federal Reserve ahead of its next policy meeting at the end of October, with CME's FedWatch tool putting the chances of a second successive interest rate hike at more than 65 percent.
Before that decision is made, investors will see the release of the bank's preferred gauge of inflation this week as well as a key jobs report that could play a vital role in policymakers' thinking.
"Middle East tensions have flared again after President Donald Trump rejected Iran's latest proposal to reopen the Strait of Hormuz," wrote Stephen Innes at Quintex Intel.
"Oil has pushed higher, Asian equities are softer, and suddenly the brief Friday reprieve in global fixed income looks more like an intermission than the end of the show."
Still, he added: "The market is still pricing some probability that everyone eventually finds their way back to the table, even if they continue to spend the next few weeks shouting across it first."
لم تشترك بعد
انشئ حساباً خاصاً بك لتحصل على أخبار مخصصة لك ولتتمتع بخاصية حفظ المقالات وتتلقى نشراتنا البريدية المتنوعة
