Business

Oil Prices Rise on Saudi and Russian Production Cuts

Saudi Arabia said Monday that it would extend a cut in oil production of one million barrels a day that it announced in June through at least August, trying to push up what officials view as stubbornly weak oil prices. The Saudis were joined by Russia, whose deputy prime minister Alexander Novak said Moscow would

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Business

After LIV Golf, What Will Be the Next Saudi Sports Bet?

When the Saudi Arabian-backed LIV Golf series announced an agreement to join with the PGA Tour on Tuesday, it shocked deal makers across the sports world. “It’s been a mix of stunned and in disbelief,” Alex Michael, a managing director at the investment bank LionTree, told DealBook about the general reaction. Industry insiders quickly moved

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Business

What Is the Saudi Sovereign Wealth Fund?

Behind the head-spinning news this week that the PGA Tour wants to merge with a rival, the upstart Saudi-backed league called LIV Golf, was an entity with billions to spend to make it happen: Saudi Arabia’s sovereign wealth fund. Though the fund has long been a known presence in financial circles, the deal that stunned

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World

Warring Parties in Sudan to Hold Talks in Saudi Arabia

Representatives of two warring Sudanese generals are expected to meet in Saudi Arabia on Saturday to discuss terms of a cease-fire and mechanisms for allowing humanitarian aid into the country, U.S., Saudi and Sudanese officials said on Friday. The U.S. State Department and the Saudi foreign ministry have helped organize the meeting, which would take

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