ECONOMY

Markets Brief: US tariffs on France, OPEC+ cuts may deepen, Syrian pound falls

Facebook has begun testing a tool to allow users to move their images to other platforms in a bid to appease regulators. (File photo: AFP)

The US may implement 100 percent tariffs on a range of French imports in response to the country’s new digital tax policy, which Washington claims will hit American firms unfairly. Meanwhile, the institutional portion of Saudi Aramco’s initial public offering (IPO) is now more than twice oversubscribed with three days left for bids to come in. Sources state that OPEC+ is discussing deepening its oil cut program by at least 400,000 barrels per day as the group continues to try to support prices.

See below for headlines on these stories and more.

US may slap 100 percent tariffs on $2.4 billion of French imports

The US government announced that it may slap punitive duties of up to 100 percent on $2.4 billion in imports from France, ranging from wine and handbags to cheese. A date was not specified for the implementation of the tariffs.

Saudi Aramco IPO has received $38.4 billion in orders for institutional portion

The institutional portion of Saudi Aramco’s IPO on the Saudi Stock Exchange (Tadawul) has received 144.1 billion riyals ($38.4 billion) in orders, its financial advisers said in a joint statement on Monday. Bids for shares from institutional investors are now more than twice oversubscribed. The process concludes December 5.

Facebook has tested tools to allow users to move photos to Google and other rival digital firms

Facebook has begun testing a tool that will let users move their images more easily online to other competing online services, starting with Google Photos. The social media giant has been facing intensifying pressure from regulators to loosen its grip on its user’s data.

OPEC+ discussed deepening its oil cut program, according to sources

OPEC+, a group comprised of the Organization of the Petroleum Exporting Countries (OPEC) and its oil exporting allies, has been discussing deepening its oil cut program by at least 400,000 barrels per day, Reuters reported citing two sources. OPEC and non-members had agreed in 2017 to begin reducing their output.

Syrian pound hits record low

The Syrian pound has hit a record low as the country’s war continues and a financial and political crisis grips neighboring Lebanon, critically affecting the Syrian economy. The dollar was worth 920 Syrian pounds at some exchange shops on Monday in the capital, Damascus, a sharp drop from recent days.
 

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Last Update: Tuesday, 3 December 2019 KSA 11:09 - GMT 08:09
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