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The Biden administration announced sanctions and visa bans on Friday targeting Saudi Arabian citizens over the 2018 killing of journalist Jamal Khashoggi , but stopped short of imposing sanctions on Crown Prince Mohammed bin Salman himself. U.S. President Joe Biden's actions in the first weeks of his administration appear aimed at fulfilling campaign promises to realign Saudi ties after critics accused his predecessor, Donald Trump, of giving the Arab ally and major oil producer a pass on gross human rights violations. A senior Biden administration official, speaking on condition of anonymity, said the approach aims to create a new launching-off point for ties with the kingdom without breaking a core relationship in the Middle East. Relations have been severely strained for years by the war in Yemen and the killing inside a Saudi consulate of Khashoggi, a U.S. resident who wrote columns for the Washington Post critical of the crown prince's policies. Importantly, the decisions ... » Learn More about U.S. imposes sanctions, visa bans on Saudis for journalist Khashoggi’s killing

Video Player Close RIYADH, Feb. 26 (Xinhua) -- The Saudi-led coalition involved in a war in Yemen intercepted on Saturday a bomb-laden drone launched by Houthi militia towards the kingdom's border city Khamis Mushait, the Saudi Press Agency reported. The coalition spokesperson Turki Al-Malki said that the acts of the Iran-backed militia "amount to war crimes." The coalition destroyed on Friday a missile launched from Saada governorate in Yemen towards Saudi southern region. On the same day, two Houthi drone attacks were foiled. He stressed that the coalition would implement all necessary operational procedures to safeguard civilians in accordance with the international law. The coalition will complete in March its sixth year of war in Yemen against Houthi militia in support of the government of the Yemeni President Abd-Rabbu Mansour Hadi. Enditem ... » Learn More about Saudi-led coalition intercepts bomb-laden drone towards border city

The proposed reorganisation plan by Reliance Industries Ltd to transfer its refining, marketing and petrochemical (oil-to-chemicals) businesses to a wholly-owned subsidiary is a step towards facilitating participation by strategic investors in the unit, Fitch Ratings said on Tuesday. The reorganisation of the business in Reliance O2C Limited (O2C) "will have a neutral impact on RIL's credit metrics and rating," it said in a statement. The transfer will be on a "slump sale basis", subject to attaining the requisite approvals. The consideration for the transfer will be in the form of long-term interest-bearing debt of $25 billion to be issued by O2C to RIL; RIL's external debt is proposed to remain with RIL only. "As RIL moves its oil refining, petrochemical and 51 per cent stake in a fuel retail subsidiary - among other businesses - to O2C, it will continue to hold businesses like textiles and upstream oil and gas, and will act as an incubator for new growth businesses," ... » Learn More about Reliance’s proposed business reorganisation credit neutral: Fitch

Billionaire Mukesh Ambani's Reliance Industries has announced the contours of carving out of its oil-to-chemicals (O2C) business into an independent unit with a USD 25 billion loan from the parent, as it looks to unlock value by selling stakes to global investors like Saudi Aramco. IMAGE: RIL chairman Mukesh Ambani. Photograph: ANI Photo. The reorganisation will enable the focused pursuit of opportunities across the O2C value chain, improve efficiencies through self-sustaining capital structure and a dedicated management team, and attract dedicated pools of investor capital, according to a company presentation filed with the stock exchanges. The O2C business unit holds Reliance's oil refinery and petrochemical assets and retail fuel business but not upstream oil and gas producing fields such as KG-D6 and textiles business. Once completed, Reliance Industries Ltd (RIL) -- the company founded by Dhirubhai Ambani in the late 1960s -- will house only the upstream oil and gas ... » Learn More about RIL to spin off oil-to-chemical biz into separate arm with $25bn loan