Daily brief: Saudi sees deflation, DP World cleared in Djibouti terminal case
Here are the top seven business stories you should know to start your day.
Saudi Arabia sees first deflation in over a decade, may be short-lived
Consumer price deflation hit Saudi Arabia in January for the first time in over a decade, Central Department of Statistics data showed on Tuesday, but plans for increased state revenues mean prices are unlikely to continue falling for more than a few months. Prices fell 0.4 per cent from a year earlier last month, their first drop since the early 2000s, and decreased 0.2 per cent from December. (Click here to read more)
Iran to sign oil contract to sell Russia 100,000 bpd
Iran announced on Tuesday it will begin selling 100,000 barrels of oil a day to Russia within the next 15 days and receive payment half in cash and half in goods and services, the Iranian Students’ News Agency reported.
Verizon, Yahoo agree to lowered $4.48 billion deal following cyber attacks
Verizon Communications Inc has said it would buy Yahoo Inc’s core business for $4.48 billion, lowering its original offer by $350 million in the wake of last year’s two massive cyber attacks at the internet company.
IMF eyes Islamic finance stability, warns of hybrid risks
The International Monetary Fund plans to formally include Islamic finance into its surveillance framework, a nod to the fast-growing sector but noting risks posed by complex hybrid products that replicate conventional ones. (Click here to read more)
Saudi Aramco selects lead underwriters for $100 billion IPO -WSJ
Oil giant Saudi Aramco has selected JPMorgan Chase & Co, Morgan Stanley, and HSBC Holdings Plc as lead underwriters on the firm’s planned initial public share offering, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. (Click here to read more)
DP World cleared of misconduct over Djibouti terminal
The London Court of International Arbitration has cleared DP World, one of the world’s biggest port operators, of all charges of misconduct over a concession to operate a container terminal in Djibouti, Dubai’s government has said. (Click here to read more)
OPEC chief sees higher compliance with oil cut
OPEC and outside producers including Russia will boost compliance with agreed oil output curbs in a bid to clear a supply glut that has weighed on prices, the group’s secretary general Mohammad Barkindo has said. He also said he was “cautiously optimistic” on the outlook for the oil market, almost two months into the group’s supply cut deal with Russia and other producers. (Click here to read more)