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Syria Sends First SWIFT Message to New York Fed, Central Bank Governor Says

A view of the Syrian central bank in Damascus, Syria, January 12, 2025. (Reuters)
A view of the Syrian central bank in Damascus, Syria, January 12, 2025. (Reuters)
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Syria Sends First SWIFT Message to New York Fed, Central Bank Governor Says

A view of the Syrian central bank in Damascus, Syria, January 12, 2025. (Reuters)
A view of the Syrian central bank in Damascus, Syria, January 12, 2025. (Reuters)

The Syrian central bank on Thursday sent its first Swift message to the Federal Reserve Bank of New York, central bank Governor AbdulKader Husrieh told Reuters.

"We sent (a) greeting message to all our international correspondent banks. We started with the Federal Reserve," Husrieh said.

"We're telling them that ... we are back to the international financial system, and we are looking forward to long-term business relationships."

Syria needs to make transfers with Western financial institutions in order to bring in huge sums for reconstruction and to kick-start a war-ravaged economy.

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Business

Germany to Confiscate Property Seized in Lebanon Ex-central Bank Chief Probe

A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)
A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)
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Germany to Confiscate Property Seized in Lebanon Ex-central Bank Chief Probe

A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)
A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)

German prosecutors have applied to a court to confiscate some 35 million euros ($42 million) worth of property they had seized in a money laundering investigation into the former governor of Lebanon's central bank and other defendants.

Several European countries including France, Germany and Luxembourg have been investigating whether tens of millions of dollars of the funds allegedly embezzled from the central bank were laundered in Europe.

The investigation is linked to Forry Associates, a company controlled by the brother of former Lebanese central banker Riad Salameh. The brothers - who deny any wrongdoing - were accused of using Forry to divert $330 million in public funds through commissions.

"My lawyer will challenge the case and will prove that these investments are of my own funds," Salameh told Reuters when asked to comment.

The case is separate from an indictment in Lebanon of Salameh, who headed the Lebanese Central Bank for three decades, and two lawyers on charges including embezzlement of public funds, forgery and illicit enrichment.

The banker was detained for some 13 months over alleged financial crimes committed during his tenure and released after paying $14 million record bail. He remains in Lebanon, is subject to a travel ban and has denied any wrongdoing.

As part of an extensive money laundering investigation against the ex-governor and four other defendants which started in mid-2021, the properties in Munich and Hamburg and shares in a real estate company in Duesseldorf have been seized, the Munich prosecutors said in a statement.

They added that the total value was about 35 million euros.

"In January 2026, the Munich prosecutor's office applied to the Munich regional court for the confiscation of the seized real estate and company shares," said the prosecutors.

The prosecutors' office could not say what would happen to the assets if the court granted the confiscation.

The Munich prosecutor's office said in February 2024 it had seized three commercial properties in Munich and Hamburg with a total value of about 28 million euros, and shares worth about seven million euros in a Duesseldorf-based property company, as part of the case.

Lebanese authorities have said they want to reclaim the confiscated assets to help recapitalize state coffers drained in the lead-up to the country’s 2019 financial collapse.

The preliminary investigation has been provisionally suspended due to the unknown whereabouts of the suspects, said the prosecutors in their statement, adding there was a presumption of innocence until any decision was made.

Business

Oil Jumps on Trump's Iran Threat

A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman
A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman
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Oil Jumps on Trump's Iran Threat

A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman
A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman

Gold soared to a fresh record near $5,600 on Thursday and oil prices climbed after US President Donald Trump ramped up geopolitical tensions with threats of a military strike on Iran.

"With the Middle East tinder box looking set to ignite again, oil prices have moved sharply higher, lifting shares in listed energy giants," said Susannah Streeter, chief investment strategist at Wealth Club, AFP reported.

Stock markets mostly rose in Asia and Europe as investors also pored over company earnings and the US Federal Reserve's latest policy update.

Frankfurt slid almost one percent in midday deals, however, dragged down by German software giant SAP.

Its share price tumbled nearly 14 percent after the company warned it would see a slowdown in new cloud computing contracts this year after missing targets last year.

Gold hit a new record at $5,595.47 an ounce as investors rush to assets deemed safe, including silver, which reached its own record of $120.44 an ounce.

The precious metals are being helped by a softer dollar, sparked by speculation that Trump is happy to see the world's reserve currency weaken despite the potential risk of pushing up US inflation.

An uneventful policy announcement by the Fed on Wednesday did little to inspire buying, though observers said traders were optimistic that US interest rates will come down as Trump prepares to name his pick as the next governor of the central bank.

Trump has meanwhile warned that Tehran needed to negotiate a deal over its nuclear programme, which the West believes is aimed at making an atomic bomb.

"Hopefully Iran will quickly 'Come to the Table' and negotiate a fair and equitable deal -- NO NUCLEAR WEAPONS -- one that is good for all parties. Time is running out, it is truly of the essence!" Trump wrote on his Truth Social platform.

"The next attack will be far worse! Don't make that happen again," he added, referring to US strikes against Iranian targets in June.

International benchmark Brent crude oil briefly topped $70 a barrel Thursday for the first time since September with a gain of more than two percent.

On stock markets, Meta jumped in after-hours trade after the US parent of Facebook and Instagram published quarterly earnings that topped expectations, as revenue grew along with investments in artificial intelligence.

South Korean tech giant Samsung Electronics posted record quarterly profits Thursday, riding massive market demand for the memory chips that power AI.

Ahead of the Wall Street open, US chemicals group Dow said it would slash 4,500 jobs and use artificial intelligence and automation to improve productivity and boost profitability by at least $2 billion.

- Key figures at around 1145 GMT -

Brent North Sea Crude: UP 2.2 percent at $6.03 per barrel

West Texas Intermediate: UP 2.6 percent at $64.88 per barrel

London - FTSE 100: UP 0.6 percent at 10,217.82 points

Paris - CAC 40: UP 0.5 percent at 8,110.53

Frankfurt - DAX: DOWN 0.9 percent at 24,597.26

Tokyo - Nikkei 225: FLAT at 53,375.60 (close)

Hong Kong - Hang Seng Index: UP 0.5 percent at 27,968.09 (close)

Shanghai - Composite: UP 0.2 percent at 4,157.98 (close)

New York - Dow: FLAT at 49,015.60 (close)

Euro/dollar: UP at $1.1952 from $1.1944 on Wednesday

Pound/dollar: UP at $1.3798 from $1.3797

Dollar/yen: UP at 153.49 yen from 153.38 yen

Euro/pound: UP at 86.62 pence from 86.56 pence

Business

Saudi Arabia Concludes Privatization Program

The Saudi capital (Reuters)
The Saudi capital (Reuters)
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Saudi Arabia Concludes Privatization Program

The Saudi capital (Reuters)
The Saudi capital (Reuters)

Saudi Arabia’s Council of Economic and Development Affairs (CEDA) has approved the conclusion of the Kingdom’s Privatization Program after its implementation and objectives were fully completed, in line with the roadmap established when the initiative was launched in 2018.

The decision was taken during a meeting held via videoconference on Wednesday, during which the council also reviewed key developments in the domestic and global economic landscape.

The council highlighted the strong competitive capabilities of the Saudi economy in confronting expected global shifts in 2026, noting that current financial indicators reflect an upward trajectory driven by robust growth in non-oil sectors, alongside the recovery of petroleum activities and the expansion of the national industrial base.

Launched in 2018, the Privatization Program aimed to support national economic growth, strengthen the role of the private sector, and identify government assets, services, and resources suitable for privatization across multiple sectors. The program sought to improve the quality and efficiency of public services while reducing their cost for individuals and businesses.

At the start of its virtual meeting, the council reviewed the monthly report submitted by the Ministry of Economy and Planning, which addressed recent developments in the global economy and growth prospects for 2026 amid ongoing challenges, as well as their potential impact on the national economy and its ability to adapt to global economic changes.

The report underscored the positive trend reflected in various economic and financial indicators, including GDP growth driven by continued expansion in non-oil activities, the recovery of oil-related sectors, rising industrial output, and stable inflation, supported by government measures to regulate real estate prices and maintain balance in the property market.

The conclusion of the Privatization Program marks a transition from a foundational phase to a new phase focused on implementation and maximizing impact. This shift will be guided by the National Privatization Strategy, which has reviewed targets, developed new opportunities, and established a comprehensive national framework for prioritizing initiatives across key sectors.