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Saudi Candidate for WTO to Redevelop Mechanisms of Work Method

Saudi Arabia’s candidate to the post of Director-General of the World Trade Organization (WTO) Mohammed al-Tuwaijiri presented development and reform visions (Asharq Al-Awsat)
Saudi Arabia’s candidate to the post of Director-General of the World Trade Organization (WTO) Mohammed al-Tuwaijiri presented development and reform visions (Asharq Al-Awsat)
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Saudi Candidate for WTO to Redevelop Mechanisms of Work Method

Saudi Arabia’s candidate to the post of Director-General of the World Trade Organization (WTO) Mohammed al-Tuwaijiri presented development and reform visions (Asharq Al-Awsat)
Saudi Arabia’s candidate to the post of Director-General of the World Trade Organization (WTO) Mohammed al-Tuwaijiri presented development and reform visions (Asharq Al-Awsat)

The working program of Saudi Arabia’s candidate to the post of Director-General of the World Trade Organization (WTO) aims at redeveloping the international body’s mechanisms of the work method, said Saudi officials on Saturday.

Advisor at the Royal Court Mohammed bin Mazyad al-Tuwaijiri arrived in Geneva last week to take part in the meetings of the WTO general council, and he presented his vision and working program before the representatives of the WTO member states and answered their questions on Friday.

Governor of KSA’s General Authority for Foreign Trade Abdulrahman al-Harbi said Tuwaijiri has addressed the problems and challenges facing the organization.

“He discussed its main tasks of negotiations, dispute settlement, notifications, and transparency,” Harbi noted, indicating that these points affirm the candidate’s approach to redevelop the organization’s work mechanisms.

Commenting on the trade challenges among various countries, Harbi said the organization, with its mechanism and work methodology, lacks an analysis of root problems.

He pointed to Tuwaijiri’s call to bolster communication and political support by member states and proposal to hold the ministerial conference annually instead of every two years.

According to Harbi, this would enable progress to be made in the organization’s achievements and cooperation with other international bodies.

The Kingdom’s candidate tackled the most prominent topics in the WTO, Harbi stressed.

“These include the challenges facing developing and least developed countries, the negotiation mechanism and dispute settlement bodies, as well as the challenges caused by the imbalance in the organization's methodology of work.”

The program presented has focused on two main aspects. The first is resolving the current challenges by restructuring the organization’s work mechanism so that it can function normally. And the second is not to neglect some quick wins in some of the organization’s existing issues and negotiations.

Saudi Arabia’s Deputy Permanent Representative to the United Nations Dr. Khalid Manzalawi, for his part, said the Kingdom’s candidacy to preside the WTO comes in line with its efficiency in leading the world’s largest economies in its role as president of the G20 for 2020.

Tuwaijri holds an MBA with honors from King Saud University in business management.

He served in several important positions in the Kingdom, notably minister of economy and planning. He also served as a member of cabinet and a member of the economic and development affairs council from 2017 to 2020.

He also served as deputy minister of economy and planning, secretary-general of the financial committee at the Royal Court from 2016 to 2017. He was also vice president of the national development fun and president of the National Transformation Program. He also played a role in forming strategic partnerships in several countries.

Tuwaijri was also president of the National Privatization Program and is member of the board of Saudi Aramco and the Public Investment Fund. From 2007 to 2010, Tuwaijri was CEO of JP Morgan Saudi Arabia. He moved to HSBC, where he worked in various roles, including CEO of global banking and markets, regional head of service management, and group vice president and CEO of HSBC MENA and Turkey.

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Business

UK Inflation Holds Steady at 2.8% Ahead of Bank of England Decision

A shopper in a London supermarket (EPA)
A shopper in a London supermarket (EPA)
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UK Inflation Holds Steady at 2.8% Ahead of Bank of England Decision

A shopper in a London supermarket (EPA)
A shopper in a London supermarket (EPA)

British inflation unexpectedly held at 2.8% for May, unchanged from the 13-month low reached in April, official figures showed on Wednesday, a day before the Bank of England will announce its next interest rate decision.

Sterling weakened a little against the US dollar after the data and investors slightly trimmed their expectations for a rate rise later this year.

Economists polled by Reuters had forecast a rise to 3.0% for May, as the US-Iran war kept British inflation almost a percentage point higher than the BoE had forecast in February.

Lower prices than in April for meat, ⁠vegetables and dairy products ⁠as well as domestic heating oil helped offset a jump in airfares and petrol, the Office for National Statistics said.

Inflation has been above the BoE's 2% target for most of the past five years.

In April, the BoE said it was likely to rise above 3.5% by the end of the year and potentially exceed 6% early next year under the most adverse of three scenarios.

However, ⁠financial markets this week have drawn comfort from an interim agreement between the US and Iran which promises to reopen the Strait of Hormuz, a major corridor for oil exports, and is due to be signed in Switzerland on Friday.

"Today's data strengthens the case for a continued cautious approach from the Bank of England," Yael Selfin, chief economist at KPMG, said.

"Underlying inflationary pressures have yet to show clear signs of strengthening, which is likely to underpin a majority decision within the Monetary Policy Committee to hold interest rates at Thursday's meeting," she said.

Economists polled by Reuters expect the BoE's Monetary Policy Committee to vote 7-2 to keep rates on hold at 3.75%.

While Governor Andrew Bailey says ⁠the BoE has ⁠time to wait to assess the impact of the conflict, some policymakers worry businesses will use it to raise prices more broadly, or that it could dent households' confidence in the BoE inflation target.

Britain has been more affected than most Western countries by the conflict due to its reliance on imported natural gas and manufacturers reported an 8.7% annual rise in their raw material costs for May, the biggest since February 2023.

Services price inflation - which the BoE views as a guide to underlying price pressures - rose to 3.7% in May from 3.2% in April, in line with economists' forecasts.

The rise in services inflation partly reflected a 10.3% monthly jump in airfares, which are volatile. High Easter prices were not captured in April 2026 data but were in 2025.

Core inflation, which excludes food, energy, alcohol and tobacco prices, rose slightly less than expected to 2.6% from 2.5%.

Business

Gold Steady as Investors Await Details of US-Iran Deal, Fed Verdict

People walk past a gold business shop at the Grand Bazaar in Istanbul, Türkiye, Tuesday, June 16, 2026. (AP)
People walk past a gold business shop at the Grand Bazaar in Istanbul, Türkiye, Tuesday, June 16, 2026. (AP)
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Gold Steady as Investors Await Details of US-Iran Deal, Fed Verdict

People walk past a gold business shop at the Grand Bazaar in Istanbul, Türkiye, Tuesday, June 16, 2026. (AP)
People walk past a gold business shop at the Grand Bazaar in Istanbul, Türkiye, Tuesday, June 16, 2026. (AP)

Gold prices were steady on Wednesday, near a one-week high, as investors awaited further details on the US-Iran agreement and the Federal Reserve's policy decision from Kevin Warsh's debut meeting as Chair.

Spot gold was flat at $4,331.29 per ounce, as of 0420 GMT. U.S. gold futures for August delivery was down 0.1% at $4,351.40.

Bullion touched an ‌over one-week ‌high of $4,370.82 on Monday.

Details of a US-Iran interim deal ‌to ⁠end the conflict ⁠are emerging, with President Donald Trump saying it would rule out a nuclear weapon for Tehran and a US official saying it would allow Iran to sell oil once signed.

Oil prices hovered near a three-month low on expectations of Iranian supply, easing inflation concerns.

"The rally (in gold) is losing some steam as all eyes turn to the ⁠monetary policy announcement from the Fed," said Ilya Spivak, ‌head of global macro at ‌Tastylive.

"This marks the first FOMC meeting to be chaired by Kevin Warsh and ‌traders still seem unsure about how he will reconcile a ‌hawkish record, rising inflation, and pressure from a White House demanding a dovish pivot," Spivak said.

Most Fed policymakers now feel they will need to keep US short-term borrowing costs on hold all year, projections due out later ‌in the day are expected to show, with a small number seen penciling in a rate ⁠hike to ⁠stop a spike in inflation from getting entrenched in the economy.

Traders see a 59% chance of a US rate hike in December, down from about 70% last week before the US-Iran peace deal announcement, according to the CME FedWatch tool.

Gold tends to lose appeal when rates are high, as it does not yield interest.

"Over the longer term, structural support (for gold) is expected to persist, driven by ongoing Asian demand and continued central bank purchases as a hedge against geopolitical and policy risks," Westpac analysts wrote in a research note.

Spot silver fell 0.2% to $70.05 per ounce, platinum lost 0.7% to $1,792.05, and palladium was down 0.8% at $1,341.23.

Business

Oil Dips as Investors Weigh Deal on Iran War as Uncertainty Persists on Hormuz

A person prepares to pump gas at a Valero gas station on June 16, 2026 in Austin, Texas. (Getty Images via AFP)
A person prepares to pump gas at a Valero gas station on June 16, 2026 in Austin, Texas. (Getty Images via AFP)
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Oil Dips as Investors Weigh Deal on Iran War as Uncertainty Persists on Hormuz

A person prepares to pump gas at a Valero gas station on June 16, 2026 in Austin, Texas. (Getty Images via AFP)
A person prepares to pump gas at a Valero gas station on June 16, 2026 in Austin, Texas. (Getty Images via AFP)

Oil prices inched lower on Wednesday, extending the previous session's declines as investors assessed the US-Iran peace deal, though uncertainty over the full resumption of shipping through the Strait of Hormuz limited further falls.

Brent crude futures dipped 16 cents, or 0.2%, to $78.80 a barrel by 0340 GMT, while US West Texas Intermediate fell 25 cents, or 0.3%, to $75.80 a barrel.

Both benchmarks fell about 5% for a second straight session on Tuesday to stand at three-month lows, on hopes that a US-Iran deal would allow oil flows through the Strait.

"Markets are broadly stripping out ‌the embedded geopolitical risk ‌premium in oil prices," said Priyanka Sachdeva, senior market analyst at ‌Phillip ⁠Nova.

"That said, the ⁠path toward normalization remains far from straightforward. While political agreements may be progressing, physical tanker traffic through the Strait has yet to fully recover."

The deal would provide for the United States to lift its blockade of Iran's ports, while Tehran would allow oil tanker traffic through the Strait, effectively blocked since US and Israel strikes on February 28.

"Oil markets retreated on expectations the Strait of Hormuz would reopen following the peace agreement, but traders held off further ⁠selling pending details," said Hiroyuki Kikukawa, chief strategist of Nissan ‌Securities Investment.

WTI is likely to stay volatile in ‌a range of $10 above or below $80 a barrel, he added.

Before the closure, about a fifth of ‌global crude oil and liquefied natural gas supplies flowed through the Strait.

Details of ‌the interim peace deal began to emerge on Tuesday, with President Donald Trump saying it would rule out a nuclear weapon for Tehran and a US official saying it would allow Iran to sell oil upon signing.

The memorandum of understanding, not yet public, extends by another 60 days a ‌tenuous ceasefire agreed in April, so as to allow room for talks toward a permanent truce.

Still, industry officials say a ⁠full return to ⁠pre-war production and refining levels is likely to take weeks, months or even years.

Israel has distanced itself from both the April ceasefire and the latest US-Iran pact, fueling uncertainty about whether it will hold.

Israeli drone strikes targeted three vehicles in southern Lebanon on Tuesday, killing at least four and wounding others, Lebanon's National News Agency said, prompting a rare public rebuke from Trump.

China's crude oil throughput fell 9.1% in May on the year to its lowest in almost four years, data showed, also signaling that refiners were starting to draw on stockpiles amid the Iran war.

The American Petroleum Institute report showed US crude stocks fell 8.3 million barrels in the week ended June 12, the sources said.

It exceeded expectations for a draw of 4.6 million barrels, with official numbers due from the Energy Information Administration at 10:30 a.m. ET (1430 GMT) on Wednesday.