I want to thank King Salman for his extraordinary words, and the magnificent Kingdom of Saudi Arabia for hosting today’s summit. I am honored to be received by such gracious hosts. I have always heard about the splendor of your country and the kindness of your citizens, but words do not do justice to the grandeur of this remarkable place and the incredible hospitality you have shown us from the moment we arrived.
You also hosted me in the treasured home of King Abdulaziz, the founder of the Kingdom who united your great people. Working alongside another beloved leader—American President Franklin Roosevelt—King Abdulaziz began the enduring partnership between our two countries. King Salman: your father would be so proud to see that you are continuing his legacy—and just as he opened the first chapter in our partnership, today we begin a new chapter that will bring lasting benefits to our citizens.
Let me now also extend my deep and heartfelt gratitude to each and every one of the distinguished heads of state who made this journey here today. You greatly honor us with your presence, and I send the warmest regards from my country to yours. I know that our time together will bring many blessings to both your people and mine.
I stand before you as a representative of the American People, to deliver a message of friendship and hope. That is why I chose to make my first foreign visit a trip to the heart of the Muslim world, to the nation that serves as custodian of the two holiest sites in the Islamic Faith.
President Donald Trump said the U.S. can “totally” address North Korea’s nuclear threat unilaterally if China doesn’t cooperate to put pressure on that nation, according to the Financial Times.
“If China is not going to solve North Korea, we will. That is all I am telling you,” Trump said in an interview published on Sunday. When pressed about whether he could do it one-on-one without China’s help, the president said, “I don’t have to say any more. Totally.”
The comments come ahead of Trump’s planned summit with Chinese President Xi Jinping at the president’s Mar-a-Lago resort in Palm Beach, Florida. The North Korean threat is expected to take center stage at the April 6-7 talks. Trump said he’ll discuss North Korea and the scope for cooperation when he hosts the Chinese leader.
“China has great influence over North Korea,” Trump said in the interview. “And China will either decide to help us with North Korea, or they won’t.” Cooperation with the U.S. “will be very good for China,” he said. If they don’t cooperate, “it won’t be good for anyone.”
North Korea has been developing and testing its ballistic missile technology, and South Korean intelligence has warned that North Korea could conduct its sixth nuclear bomb test in the first week of April to “overshadow” the summit.
Trump declined to reveal how he’d pursue the subject, or whether he would begin the talks with the Chinese president by bringing up North Korea and then pivoting to trade with China. He suggested a change in strategy from the past, saying his predecessors telegraphed their actions such as military strikes in the Middle East.
An analysis by Pew Research Center, a Washington-based nonpartisan think tank, revealed that Islam will overtake Christianity as world’s most popular religion shortly after 2050.
In 2010, there were some 1.6 billion Muslims in the world, or about 23 of the global population, according to the report. In comparison, there were 2.2 billion Christians at the time, or about 31 percent of world population.
The report by Pew Research Center analyzed world religion demographics and revealed that the two religions will reach near parity in their membership by 2050. After that date, Islam will become the world’s number-one religion.
According to the report, the main reason for the shift is that Muslim families tend to have a greater number of children than Christian families. The report, published on the think tank’s website, does not elaborate whether more children are a result of poverty, cultural tradition or a feature of the faith.
The report also points out that Muslims are generally younger than Christians. As developed countries’ populations age, fears that native people in these countries will die out and be replaced by migrants from developing countries are evoked by some. According to the Pew report, by 2050, Muslims will make up about 10 percent of Europe.
After yesterday US officials reported that Iran conducted a nuclear ballistic missile test on Sunday, which some claimed would be another violation of the UN resolution and Obama’s nuclear deal, on Wednesday Iran’s defense minister admitted that the Islamic Republic had indeed tested a new missile, but added the test did not breach Tehran’s nuclear accord with world powers or a U.N. Security Council resolution endorsing the pact.
Iran has test-fired several ballistic missiles since the nuclear deal in 2015, but this is the first during U.S. President Donald Trump’s administration. Trump said in his election campaign that he would stop Iran’s missile program. Furthermore, the confirmed launch comes at a precarious time, with president Trump seemingly looking for excuses to scrap the Iran deal, which could potentially lead to the reestablishment of Iran sanctions and the halt of Iranian oil exports to global markets, taking away as much as 1 million barrels of daily supply.
The head of the International Atomic Energy Agency (IAEA) said Iran has shown commitment to its end of the nuclear deal struck last year while visiting Tehran December 18.
Iran has complained about the US extending a sanctions package for another decade. The US says these sanctions are unrelated to the deal; Iran disagrees.
“We are satisfied with the implementation of the [nuclear agreement] and hope that this process will continue,” IAEA Director General Yukiya Amano told the press in the Iranian capital, Reuters reports, citing the IRNA news agency.
“Iran has been committed to its engagement so far and this is important,” he said. Amano was in Tehran to meet head of Iran’s Atomic Energy Organization Ali Akbar Salehi. After the White House said earlier this week that the sanctions bill would become law even without President Barack Obama’s signature, Iran requested a meeting of the Joint Comprehensive Plan of Action (JCPOA) commission to discuss the situation and ordered its scientists to start developing nuclear systems to power ships. Salehi presented the maritime nuclear propulsion project to Amano and said the country would provide more details on it in three months, according to the Islamic Republic News Agency (IRNA). The initial outline did include what is so far the most controversial issue of the project: the level of uranium-enrichment powering the ships will require.
Ten days ago, we reported that as a result of Obama’s vow to extend the Iran Sanctions Act for another 10 years, Iran threatened to retaliate, saying it violated last year’s deal with six major powers that curbed its nuclear program.
While US officials said the ISA’s renewal would not infringe on Obama’s landmark nuclear agreement (which may or may not be voided by Trump), and under which Iran agreed to limit its sensitive atomic activity in return for the lifting of international financial sanctions that harmed its oil-based economy, senior Iranian officials took odds with that view. Iran’s nuclear energy chief, Ali Akbar Salehi, who played a central role in reaching the nuclear deal, described the extension as a “clear violation” if implemented.
“We are closely monitoring developments,” state TV quoted Salehi as saying. “If they implement the ISA, Iran will take action accordingly.” Iran’s most powerful authority, the Supreme Leader Ayatollah Ali Khamenei, warned in November that an extension of U.S. sanction would be viewed in Tehran as a violation of the nuclear accord.
To be sure, that was merely jawboning by Iran, which has far less leverage and far more to lose if it antagonizes Washington and provokes the US into reimposing sanctions upon the Gulf nation, amounting to the tune of over 1 million barrels per day in foregone oil exports that would be taken offline, should the US impose similar sanctions as those which took the country’s crude export production largely offline in the 2013-2015 timeframe.
It is also the lesser of Iran’s worries: a far bigger concern is whether Trump will tear up Obama’s landmark nuclear agreement.
It’s probably nothing but… Saudi banking stocks have been halved in the last year and crashed to their lowest level since the March 2009 lows. Middle East stock markets began the week with a big downturn as China comes back from its Golden Week holiday…
Just when you thought it was safe to buy the f##king dip…
Stocks closed mixed to modestly lower Thursday as traders await Friday’s key jobs report and digest oil’s climb back above $50 per barrel and a continued drop in the British pound on Brexit fears.
The Dow Jones industrial average fell 12.53 points, or 0.1%,to 18,268.50, according to preliminary calculations. At one point the blue-chip index was down as much as 118 points. The Standard & Poor’s 500 stock index was up 1.04, or 0.05%, to 2160.77 and the Nasdaq composite fell 9.17, or 0.2%, to 5306.85.
Stocks rallied Wednesday, ending a two-day losing skid, enabling the Nasdaq to climb within 0.4% of a fresh record high and putting the Dow and S&P 500 within 2% of their August peaks.
Wall Street is in a holding pattern ahead of the release of the September jobs report Friday. Analysts are forecasting job gains of 170,000 to 175,000, following the creation of just 151,000 new jobs in August. A strong jobs report could give the Federal Reserve more reason to hike interest rates later this year for the first time in 2016. Low rates and borrowing costs have been a key driver of stock gains in the current bulll market, now well into its seventh year.
Rising long-term bond yields in the U.S. may also be weighing on stocks. The yield on the 10-year Treasury note jumped to 1.739%. Rates appear to be heading higher as odds of a late-year Fed rate hike remain firm.
A deal is better than no deal, but just how good is Opec’s first agreement to limit production since the financial crisis?
To recap: In Algiers on Wednesday, the world’s major producer nations agreed on their first co-ordinated effort to control supply since 2008 and sent oil prices duly soaring by 6 per cent.
Details, including country-specific targets, will be released on November 30 but analysts and Opec-watchers have already raised concerns about how the burden to cut production will be spread and the prospect of backsliding among Opec’s members.
Here’s a round-up of what they make of it all.
The Algiers meeting is something of a “false dawn” says Hamza Khan, head of commodities strategy at ING who says the cut is still a shadow of the 1.5m b/d cut agreed in 2008. It will also pose problems for some Opec’s dissenters – including Iran, Nigeria and Libya, he added:
Saudi Arabia could have shouldered the bulk of cuts, likely reducing output of heavier blends from the Wafra oil field.
But the kingdom’s new crown prince and oil minister have been vocal about the prospects of a Saudi Aramco IPO in 2017/18, and such discretionary cuts would hurt investor confidence in such a listing.
Russia at the moment does not appear to be part of the agreement and continues to pump at record levels.
Analysts at Morgan Stanley have also doused a good deal of cold water on the deal, claiming the intervention is “not as good as it sounds” with execution still posing a major problem.