عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia, Russia to Set Up $1 Billion Energy Fund- Novak

Russian Energy Minister Alexander Novak speaks during a news conference of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia, July 24, 2017. REUTERS/Anton Vaganov
Russian Energy Minister Alexander Novak speaks during a news conference of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia, July 24, 2017. REUTERS/Anton Vaganov
TT
TT

Saudi Arabia, Russia to Set Up $1 Billion Energy Fund- Novak

Russian Energy Minister Alexander Novak speaks during a news conference of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia, July 24, 2017. REUTERS/Anton Vaganov
Russian Energy Minister Alexander Novak speaks during a news conference of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia, July 24, 2017. REUTERS/Anton Vaganov

Russian Energy Minister Alexander Novak said that Saudi Arabia and Russia will establish a new energy investment fund worth USD1 billion, noting that final touches would be put during the visit of Custodian of the Two Holy Mosques King Salman bin Abdulaziz to Moscow this week.

This step falls under both parties’ efforts to increase cooperation, given that they are among the biggest oil producers. “In principle, the talk revolves around earmarking $1bn just for energy projects and I as an energy minister am pleased by this because we are focusing on developing our cooperation not just within the framework of OPEC or even outside OPEC, but also developing cooperation in the fields of oil, gas, power and renewable energy,” Novak told the Dubai-based Al Arabiya news channel on Monday.

Russia and Saudi Arabia are leading efforts to trim global oil production by 1.8 million barrels of oil per day through a six-month agreement that ended in June and which was extended to the end of next March to help prop up oil prices and reduce the glut in the market.

Novak also said a number of Russian companies are exploring various aspects of cooperation with Saudi Arabia.

Gazprom Neft, the oil arm of Russian gas giant Gazprom, and other companies are expected to sign agreements with their Saudi counterparts, he added.

Russian energy companies are also exploring the possibility of working with Saudi Aramco, the world’s biggest oil producer, in the oil services field in the kingdom. Russian companies and in particular Rosneft, the country’s biggest oil producer, are also interested in oil trading cooperation.

Most Viewed

 
 
Business

Bitcoin Jumps Further on US Crypto Policy Hopes

FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
TT
TT

Bitcoin Jumps Further on US Crypto Policy Hopes

FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin surged Friday on optimism over US cryptocurrency legislation and the US Treasury's surprise move to buy back more of its own bonds, which fueled a shift to riskier assets.

The world's biggest cryptocurrency by market value climbed 6.9 percent to $77,675.94, after reaching its highest level since May, and is up more than 20 percent since Wednesday.

Friday was the third consecutive day in which bitcoin jumped more than five percent.

The sharp rise came after US President Donald Trump urged lawmakers on Wednesday to pass the Clarity Act, a bill to spur cryptocurrency use that has stalled in the Senate.

Bitcoin was also boosted by the US Treasury's bid to lower long-term borrowing costs by doubling its sovereign bond buybacks, a move that lifted investors' risk appetite, AFP reported.

The intervention came after the 30-year Treasury yield surged to levels last seen in 2007, just before the global financial crisis.

The prospect of lower yields makes safer investments less attractive, helping to drive demand for riskier assets such as cyptocurrencies.

"Renewed optimism around crypto progress in Washington helped light a fire under Bitcoin," said Bret Kenwell, US investment analyst at eToro.

"Falling Treasury yields and short liquidations added fuel to the rally," he said.

Business

Gold Climbs to Near Three-month Peak after US Treasury Move

FILE PHOTO: A salesman arranges gold bangles inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. REUTERS/Francis Mascarenhas/File Photo
FILE PHOTO: A salesman arranges gold bangles inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. REUTERS/Francis Mascarenhas/File Photo
TT
TT

Gold Climbs to Near Three-month Peak after US Treasury Move

FILE PHOTO: A salesman arranges gold bangles inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. REUTERS/Francis Mascarenhas/File Photo
FILE PHOTO: A salesman arranges gold bangles inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. REUTERS/Francis Mascarenhas/File Photo

Gold prices hit a near three-month high on Friday, poised for a third straight weekly gain, supported by a softer dollar and the US Treasury's bond buyback move.

Spot gold climbed 1% to $4,562.86 per ounce by 0752 GMT, hitting its highest since May 29 earlier in the session. Prices have climbed 4.2% so far this week. US gold futures rose ‌1.1% to $4,620.00.

"We've seen ‌the dollar weakening and that has supported ‌not just ⁠gold but all ⁠precious metals, along with a big change in yields," said Brian Lan, managing director of GoldSilver Central.

The dollar headed for a weekly loss, making greenback-priced bullion more affordable for buyers overseas. US Treasury Secretary Scott Bessent said he may further increase the government's repurchases of Treasuries. This comes after the Treasury on Wednesday announced that ⁠it would double the size of buybacks on ‌longer-dated securities over the next quarter ‌to at least $4 billion per operation.

"Attention now turns to whether the ‌move can extend, with upcoming US data and Jackson Hole ‌Symposium (27-29 Aug) likely to shape the next leg in yields and the dollar," said Christopher Wong, precious metals strategist at OCBC. Meanwhile, two Federal Reserve officials expressed caution when asked how the Treasury Department's debt management ‌changes could affect the US central bank's monetary policy stance.

Traders are now pricing in a 67% ⁠chance that ⁠the Fed will keep rates unchanged next month and a 33% chance of a hike, according to the CME FedWatch Tool. Despite gold typically being seen as an inflation hedge, higher interest rates tend to diminish bullion's appeal due to its non-yielding characteristic. The recent rally in prices deterred retail buyers in India, while demand in top consumer China held steady. On the geopolitical front, Bessent said the United States will impose "the toughest sanctions in history" on Iran.

Spot silver gained 1.8% to $69.31 per ounce, platinum climbed 2.6% to $1,875.75, while palladium rose 1.7% to $1,356.59. All three metals were headed for weekly gains.

Business

Euro Zone Business Activity Growth Hits Highest Since November

PRODUCTION - 19 August 2026, North Rhine-Westphalia, Duisburg: A truck is being loaded with a forklift at the Duisport Port in Duisburg while a ship is at anchor. Photo: Bernd Thissen/dpa
PRODUCTION - 19 August 2026, North Rhine-Westphalia, Duisburg: A truck is being loaded with a forklift at the Duisport Port in Duisburg while a ship is at anchor. Photo: Bernd Thissen/dpa
TT
TT

Euro Zone Business Activity Growth Hits Highest Since November

PRODUCTION - 19 August 2026, North Rhine-Westphalia, Duisburg: A truck is being loaded with a forklift at the Duisport Port in Duisburg while a ship is at anchor. Photo: Bernd Thissen/dpa
PRODUCTION - 19 August 2026, North Rhine-Westphalia, Duisburg: A truck is being loaded with a forklift at the Duisport Port in Duisburg while a ship is at anchor. Photo: Bernd Thissen/dpa

Euro zone business activity has grown at its fastest pace this year in August, buoyed by stronger new orders — particularly in manufacturing — and a return to export growth, according to a survey which also showed easing price pressures.

That suggests the economy has remained resilient this quarter despite the Middle East conflict, after expanding 0.4% in the second quarter.

The S&P Global Flash Euro zone Composite PMI Output Index has risen to 52.1 this month from July's 52.0, its highest since November and above a Reuters poll expectation of 51.7. Readings above 50 indicate growth.

Final data have come out better than initial flash readings for the past five months.

New orders, a key gauge of demand, have risen at their fastest rate in 40 months, while ⁠export orders, including intra-euro ⁠zone trade, have increased for the first time since Russia invaded Ukraine in February 2022.

“The manufacturing sector is again the star performer ... with the services economy providing a supporting role, notching up another month of decent growth after the malaise seen in the second quarter," said Chris Williamson, chief business economist at S&P Global Market Intelligence.

"We are again seeing reports of precautionary stock building helping support ⁠the goods-producing sector amid the ongoing supply chain disruptions emanating out of the Middle East ... However, there are also encouraging signs of rising demand for AI-related tech goods and rising equipment demand thanks to higher defense spending, notably helping Germany in particular achieve increasingly impressive production gains."

The factory PMI has risen to a more than four-year high of 52.8 from 51.9, beating the poll estimate of 51.8. Output growth has hit its strongest level in 54 months.

Services activity has held steady after July's rebound, with the PMI unchanged at 51.7, defying forecasts for a slowdown.

Overall employment has risen for the first time this year ⁠as manufacturers resumed ⁠hiring after more than three years, while services employment has grown at the fastest pace in eight months.

Price pressures, although still high, have continued to ease, with input cost growth at its slowest in six months and output price inflation easing to a five-month low.

"However, with the flash PMI signaling solid third-quarter GDP growth, a return to hiring by companies for the first time this year, and inflation remaining elevated by historical standards, a hawkish bias is likely to be maintained and further imminent rate hikes cannot be ruled out," Williamson added.

The European Central Bank will deliver its second rate hike of this year next month, a Reuters poll showed last week.

Despite encouraging data, firms were less optimistic about the year-ahead outlook and sentiment remained lower than the series average.