oil in focus given the lines from saudi aramco. brent with gains of 0.5%. the saudis making this announcement when the geopolitics is very front and center. the next reaction from the u.s., which promised retaliation to those iran-linked to militias. currently $82 a barrel, closing on $83 for brent. i wanted to highlight bitcoin. you are closing in on five straight months of gains. the longest run since that pandemic fueled era of gains for the cryptocurrency. today looking at gains for the crypto of around 0.4%. the etf story with the likes of blackrock and fidelity has been consequential as our expectations of rate cut from the fed. euro-dollar up one point 08 ahead of that data with an eye on french gdp on the next 30 minutes. the benchmark 10-year's at 4.05, just two basis points lower, after yields came in about seven basis points yesterday on the back of that treasury news. just recapping that aramco news. align the last few minutes. they have been told by the ministry of energy in saudi arabia to keep their daily output at 12 million barrels a day. no

saudi aramco is to double its venture capital investments saudi arabia's oil company is to double itsture capital investments in a bid to diversify the economy welcome to world business report. we start in the world of technology — because the boss of us chip giant intel has warned of a "turbulent world" this year. pat gelsinger has been speaking to our economics editor faisal islam at the world economic forum in davos. he said the current disruption to red sea shipping is another reason they were right to invest billions building factories in the us and europe — rather than relying on asia. it's going to be a turbulent world, right? and obviously ukraine is still active, the israel situation, maybe broader implications in the middle east, obviously us—china tensions. you know, it's a turbulent world in that regard. i think most view the economy probably a little bit slower to start with, some acceleration as we go through the year. and our strategy is very much around building resilient supply chains so that we're better prepared to handle some of the turbulence that we think is at l

yvonne: saudi aramco dropping their expansion plans.talk about, the surprise resurgence of u.s. shale is something that surprised many in the market as far as production levels. that is the oil markets here. we will also look at what it means for growth. the imf has raised its forecast for global growth on a better expected expansion in the u.s. and fiscal stimulus in china. persistent risks from wars and inflation could change the latest outlook. >> we have 3.1% growth for 2024. that is the 0.2 percentage point increase compared to our october forecast. we see a lot of resilience in a number of economies in the u.s. and china. and in many large emerging-market economies. brazil, india, southeast asian economies. russia. all of that together is lifting the growth number for this year. behind us we see strong demand in some countries. private consumption, public consumption. we also see supply-side forces. we see the unwinding of remaining supply chain restrictions. we see energy prices coming down. we see strength in labor markets. >> i

saudi arabia's state oil company saudi aramco has announced it's doubling the value of its venture capitalider push by riyadh to diversify the economy of saudi arabia, which is dominated by oil. the cash will be deployed over the next four years with spending on sectors such as new energies, chemicals, transition materials and digital technologies. let's get more on this with our middle east business correspondent sameer hashmi. it is not massive if you compare it to sovereign fund which is the pif. in that sense they just want to make sure that they are creating separate verticals within the company that could generate revenue in the decades to come but for now they are very clear that oil demand is here to say, this is a salaried, and even opec and opec plus, the organisation that controls global supplies, believes that oil demand will remain high for the next two decades. interestingly if you look at what the iea has been saying, they say that oil demand will hit its speed by 2030, completely contrary to what opec plus and countries like saudi arabia had been saying. it will be interest

saudi aramco is to double its venture capital investments saudi arabia's oil company is to double itsworld business report. we start in the world of technology — because the boss of us chip giant intel has warned of a "turbulent world" this year.

actually when you consider ex- opec+ supply again, saudi aramco, the saudi state company, now reducinghip arab light price to asia to compensate for the fact that we are not only looking at surplus at the end of the year, but also march and february. as articulate a month where we see a bit of reduction in consumption, so this is a good time for them to do that. that said, it's a bigger reduction than expected by refiners and traders that bloomberg surveyed. the saudi's also cutting prices in february deliveries to northwest europe, the mediterranean and north america. so it's more widespread to all regions and not just at main customer in asia. if you check out the chart, you will see the two reasons why. that is the fact that global crude prices fell into 2023 for the first time since 2020. for the most part, the market appears to have shrugged off, at least so far, concerns over the israel hamas war, and even greater turmoil remains the risk and has been causing a bump up, at least what we saw in the past week. haidi: meanwhile, production at libya's largest oil field was suspended

to saudi arabia now where the state oil company saudi aramco has announced it's doubling the value of's part of a wider push by riyadh to diversify the economy of saudi arabia, which is dominated by oil. the cash will be deployed over the next four years with spending on sectors such as new energies, chemicals, transition materials and digital technologies. sameer hashmi explained the impact this could have on the oil sector. this is a plan which has been put in place to ensure that the company prepares for a post—oil future, which according to the saudis, is still many decades away. so they are not overtly worried about that, and if you look at the amount they have put in the capital venture, it is not massive if you compare it to, let's say, their sovereign fund which is the pif. in that sense, theyjust want to make sure that they are creating separate verticals within the company in aramco that could generate revenues in the decades to come, but for now, they are very clear that oil demand is here to stay. this is the saudis. and even 0pec and 0pec—plus, the organisation that contr

slb, schlumberger, slipping after saudi aramco said the saudi government is forcing it to cut productiont set back in 2020. less oil could leave oil service companies with idle equipment. slb rivals also falling on the news including halliburton and baker hughes. >>> whirlpool swirling lower after forecasting full-year sales and profit below wall street expect expectations. the stock down about 6.33%. the home appliance maker says disruptions in the red sea will affect its european supply chain. company also ad ad that slowing existing home -- added that slowing existing home sales have eaten into profits, but they expect that to ease a by the second half to the year. >>> one of the nation's top dating sites is work on a new -- working on a new weapon in the 2k5eu9ing wars, an a.i. wingman to help its customers make that love connection. we're going to tell you which stock we're talking about in just a moment. and, you know, enough movie ises have been made about the o.j. simpson murder trial. every single one of them features the character right there above o.j.'s head. the real life cr

. >>> as we head to break, check out some of the oil services names getting hit hard as saudi aramcok on its production goals. wow. >> announcer: "tech check" is sponsored by -- comcast business. powering possibilities. with comcast business... it is. is it possible to help keep our online platform safe from cyberthreats? absolutely. can we provide health care virtually anywhere? we can help with that. is it possible to use predictive monitoring to address operations issues? we can help with that, too. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly. (♪♪) business can happen virtually anywhere. (♪♪) but there's not

. >> saudi arabia considering plans to revive an offering in aramco as soon as next month. multibillion dollar is likely to rank amongst the biggest share cells in recent years according to bloomberg sources. the kingdom raise $30 billion in its aramco ipo. shares in fast fashion retailer h&m are lower after the company missed fourth-quarter profit estimates. and surprise the street with a new ceo. the company veteran will take over who saw the company lose a fifth of its value during her four-year tenure. for has been with the company for a decade and for the last four years was responsible for the h&m brand. nelson peltz has plans to fix disney's profitability with streaming and involves bundles. the firm will recommend the company seek to bundle its espn plus service with a larger player interested in sports such as netflix. they are seeking two seats on disney's board. that's your bloomberg brief. >> how any times have we said this, dr. the bond order. >> what is the successful model look like. field model before all this stuff. >> it drives me nuts sprayed up next on t

saudi aramco, the saudi state owned company is now reducing its arab light price to asia by two dollarsarrel. it's bigger than what survey ors had indicated. the saudi's are cutting oil prices for february delivery to northwest europe, the mediterranean and north america. this has a lot, again, to do with the thesis of oversupply of oil, a little bit coming from the u.s. and ex-cartel producers producing a lot of oil. for the most part, the market appears to have so far, shrugged off concern over the israel-hamas war and the deepening mideast turmoil. check out the charts for both wti crude and brent crude. you will see that decline for the year. we have not seen a pullback in pricing a couple of years even though greater turmoil does remain a risk. we have seen that risk play out in the past week. haidi: meanwhile, production at libya's largest oil field was suspended on sunday. su: over the weekend. libya's national oil corporation declaring force majeure, an act of god clause that companies will invoke when they are unable to contractually meet their obligations or unable to deliver

you got saudi aramco producing its flagship price, a bigger reduction than expected.ts are not confined to biggest customers. we see saturday's cuts. we are seeing opec oil from the u.s. and also russia exceeding expectations. this has been a bearish factor along with concerns coming out of china and economic headwinds. if you look at the charts you are seeing 2023 assad oil prices decline. we have not seen them since 2020. the market shrugged off concerns over the israel hamas war and middle east turmoil, even though there was a bump up last week and it continues to be risk. . yvonne: production at libya's oilfield was suspended. how long may this last. su: the national oil company is negotiating with protesters that shut down the largest oilfield last week. libya declared the active -- act of god clause that tells its customers it will not be able to deliver on demands for oil and libya's largest field being shut down has an impact. libya has a member of opec, they produced 1.2 billion barrels last year. so there is turmoil in the middle east and elsewhere. it is ha

saudi arabia. this with aramco announcing they will be shelving plans to increase crude production capacity from 12illion barrels per day to 13 million barrels per day. the move comes a few months after the world's biggest oil producer said it was progresses well with the multibillion dollar project to boost capacity. it will raise questions over the global oil demand outlook. interesting from aramco. they decided to suspend increased production in their oil production plan is a signal to markets. we don't have a full color on what prompted them to make the decision. it may have something to do with the expectation of how demand will pan out in the coming year. park that thought for now. >>> in terms of spanish banks, we spoke of bbva. the bank is soaring up 3.5% in trading after reporting fourth quarter net profit of 2 billion euro and 30% jump from the year before and above expectations. the spanish lender announced a 781 million euro buyback and it is on track to achieve the 2021-2024 goals. we spoke to the chair who said overall growth will moderate and highlighting the performance in tu turkey

saudi arabian facilities. we remember couple years ago when they launched missiles against some of the aramco sites. so this has been going on for ten years. or more, just within the last couple of months, there's a peace negotiation going on and saudi arabia, one of the reasons they have linked with israel over the last couple months is to try to get some of the technology to counter the houthis. so yeah, this has been going on for a long time. and the houthis are not a rag tag bunch of people. this is not just a terrorist organization. this is an organization that represents part of the state of yemen. >> and might we see more strikes then, if that's the case? >> i think it's going to depend on what the houthis do next. now they launched another missile yesterday or i guess this morning. and it was countered immediately. but when you're talking about what they have done over the last couple of weeks where they have launched multiple strikes first against israel and we were helping to defend israel, but then it was against shipping and trying to cut -- shut down the economic lanes of the red sea and

deployed their patriot systems in saudi arabia so that they could attack yemenis should stand up and resist and impose their own will and power on yemenis, well, by hitting aramco, that is dignity and dignity. america went to the wind , which means this is what we are witnessing today and they are supporters of israel , there is no doubt about it. the yemenis have declared from the beginning that as long as the conflict in gaza continues, as long as there is a war, we will continue to defend the yemenis , we will continue to defend the oppressed people of palestine and gaza, and this is the beginning of unity. the field that has taken place, yemen is present here as one of the members of the axis of resistance. we have seen since november 28 that yemen has declared in the red sea that this area belongs to us. we beat them and the first time if i'm not mistaken, the galaxy leader ship was targeted by america and entered the field from the second day of al-aqsa war. al-aqsa storm and the attack that israel is carrying out on behalf of america is the story of the second part of the war, that is, americans were also present in the war between saudi arabia and the y