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BANIYAS, Syria Oct 20 (Reuters) - US bank J.P. Morgan ‌helped Syria to issue its first letter of credit in more than a decade, a senior Syrian energy official told Reuters, allowing the country to execute a commercial agreement ​this month for fuel products from Saudi Aramco The move marks a ​step towards restoring Syria's access to international banking channels after the ⁠ousting of former Syrian President Bashar al-Assad nearly two years ago. Syria's new ​leadership has prioritised the rebuilding of the country's political and financial ties after ​years of isolation. The US lifted sweeping sanctions on the country last year and removed Syria's designation as a state sponsor of terrorism last August. The Central Bank of Syria said ​in a statement on October 11 that it had issued its first letter ​of credit in 14 years through a major US financial institution to back a deal ‌with ⁠Aramco, but did not name the bank. Mohammad Qawja, executive director of fin...

Al-Nassr have entered a new phase of investment activity. Saudi Arabia's Public Investment Fund has opened talks with a consortium led by American firm "RedBird Capital", owners of AC Milan, over a 70% stake in "Al-Alami".  The potential deal could be worth around one billion Saudi riyals, according to the Saudi newspaper " Arriyadiyah ".  The targeted stake is valued at roughly 267 million dollars. Portugal's Cristiano Ronaldo, captain of the first team, could keep a stake of up to 20%, making him a potential co-owner alongside the investment consortium. The negotiations remain in their early stages, though, and the final terms are yet to be settled. RedBird Capital have held at least two meetings with the Public Investment Fund to discuss the acquisition, the report says. But a source close to the fund described the American company's interest as still early, warning that the talks may not end in an agreement. Multiple...

BANGKOK, Oct 17 (Reuters) - The global economy is showing great resilience but ​there is no room for complacency, the head of the International Monetary Fund's steering committee said on Saturday, while divisions over Russia's war against Ukraine  sparked a walkout of delegates. Saudi Finance Minister ‌Mohammed Al-Jadaan, who heads the IMF's steering committee, asked about the walkout by nearly half of delegates during remarks by Russia's finance minister at a meeting on Saturday, said the important thing was that members ultimately agreed to the chair's statement. "We came here for a reason, and we achieved it. Look at this chair statement, it clearly says that all members agreed to the statement, so that's what matters," the chair of the International Monetary and Financial Committee told Reuters. Al-Jadaan told a press conference that the global economy was demonstrating" remarkable resilience "in the face of profound ongoing ...

SHANGHAI/BANGKOK, Oct 16 (Reuters) - China's central bank chief pledged to further open up the country's vast financial markets, ​saying in a speech that yuan assets can meet global investors' growing need for diversification ‌amid trade uncertainty. Bank Governor Pan Gongsheng cited rising geopolitical risks, profound changes in the global economic landscape and rapid advances in AI as reasons for China to continue promoting yuan internationalization. "China’s steady economic growth, and rapid development of ​high-tech industries provide solid support for RMB assets," a People’s Bank of China (PBOC) ​statement quoted Pan as saying in a Thursday speech given on the sidelines ⁠of the annual meetings of the International Monetary Fund and World Bank. The remarks came ​a day after IMF Managing Director Kristalina Georgieva said China must pivot  from export-led growth towards more ​domestic consumption. In Pan's speech, given to international policyma...

CARACAS, Oct 17 (Reuters) - Venezuela expects nearly $76 billion in oil investment over the next five years under recently signed agreements, acting President Delcy ​Rodriguez said on Saturday, adding that a bilateral accord with the ​US includes plans to drill 250 rigs. Since the January ⁠ouster of President Nicolas Maduro, the country has been reopening its energy ​sector to foreign investment with the backing of the administration of US ​President Donald Trump. The deals could help revive output in Venezuela, which has the world's largest proven crude oil reserves but produces well below levels seen a decade ​ago. Rodriguez said on national television the investments would bring direct benefits ​to Venezuela while also benefiting its partners, adding that the bilateral agreement with the ‌US ⁠covers 17 oil fields and formed part of a broader package of 61 agreements signed by the parties. "Major investments are coming," she said. "We are talking about ...

BANGKOK (AP) — African economies have managed to weather the energy crisis  brought on by the Iran war,  but a decline in aid has left the continent vulnerable to future shocks, the head of the International Monetary Fund’s Africa department said Thursday. The IMF forecasts growth in Africa at 4.5% this year, slightly higher than its earlier estimate, recovering to 5% in 2027. But development assistance for the continent fell sharply last year and is forecast to fall another 12% this year, Zeine Zeidane said at a meeting of the IMF and World Bank in Bangkok. “That leaves the region with little room to absorb another shock. Renewed disruption to energy supplies, a sharp increase in global risk aversion, or a strong El Nino could all intensify pressures,” he told reporters. Persisting conflict and insecurity are other drags on the regional economy, posing a threat to food security in some regions. “Overall risks remain firmly tilted to the downside and the chall...

The International Monetary Fund (IMF) has a responsibility to help poorer nations struggling with rising debt, high inflation and price shocks caused by war spillovers, the head of the global lender says. Speaking as the IMF’s annual meetings in Bangkok wrapped up on Saturday, Managing Director Kristalina Georgieva said discussions with global policymakers showed both “optimism and worry”. "Optimism    from the resilience of the global economy, the promise of AI, the dynamism of Asia,” Georgieva told reporters. “But AI is also recognised to be a source of worry and so are inflation, high levels of debt, wars, climate risks.” Georgieva said vulnerable nations are missing out on the AI investment boom that is driving growth in richer countries while at the same time dealing with higher borrowing costs. Higher global interest rates mean low-income countries now spend 8 to 14 percent of their revenue on debt repayments, up from previous years, she said. "I  can te...

Oct 16 (Reuters) - The US budget deficit rose by $217 billion to nearly $2 trillion in the ‌2026 fiscal year, fueled in part by tariff refunds and record spending to service the nation's more than $40 trillion in debt, marking the largest budget shortfall in five years, Treasury Department figures showed on Friday. Continued increases in ​spending for social benefits programs like Social Security and Medicare and a $48 billion jump ​in defense spending also factored into the increase. The $1.99 trillion deficit for the year ⁠ended September 30, the first full budget year of President Donald Trump's second term, was up from $1.78 ​trillion in fiscal 2025. It was the largest shortfall since fiscal 2021's $2.77 trillion budget gap, then ​fueled by COVID-19 pandemic relief spending, and is the third-largest annual deficit ever. Total receipts for fiscal 2026 were a record $5.40 trillion, up $169 billion, or 3%, from the $5.24 trillion in fiscal 2025. Fiscal 2026 out...

Bayern Munich and agent Pini Zahavi have a long history together, and it has not always been rosy. Now the next round of negotiations is approaching. Zahavi recently began representing highly rated prospect Maycon Cardozo, who was seen as a potential backup for Luis Diaz in the summer. Then a serious shoulder injury sidelined the 17-year-old. In early September, Cardozo broke his shoulder while playing for the reserves in a Regionalliga match against Illertissen. He has been working towards his comeback ever since. According to Sky , talks with Zahavi over a professional contract are also expected to take place soon. Cardozo is the son of former Brazilian professional footballer Douglas. His family moved to Thailand when he was two, and he learned to play football there. He arrived in Munich through Bayern Munich's so-called World Squad in early 2025, initially playing for the U17s and U19s. Vincent Kompany gives Cardozo his Bayern Munich debut During the second half of...