Frank Kane
Arab News
United Arab Emirates
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Past articles by Frank:
Lucid is ‘key step’ in PIF’s strategy after market debut
DUBAI: Saudi Arabia’s Public Investment Fund (PIF) has already made billions of dollars in profit on its investment in Lucid Motors, the California upmarket electric vehicle (EV) manufacturer, and could earn many billions more over the next five years. PIF announced its first investment of SR3.75 billion ($1 billion) in Lucid in September 2018. → Read More
REVIEW: In the Cullinan, Rolls-Royce has made a gem of a car
DUBAI: There is only one word to describe the Rolls-Royce Cullinan: Magnificent. In an era when car makers are all desperately dialing down their ambitions – smaller engines, hybrid variants, all-electric vehicles – the Cullinan comes out fighting for the enduring attractions of the internal combustion engine (ICE). You should grab a chance to drive one (or own one, if you are → Read More
Crunch talks to set oil output for rest of year
DUBAI: Oil prices held steady on Wednesday ahead of a crucial meeting of producers that could set the tone of the global crude market for the rest of the year. Brent crude traded just above $75 as ministers from the 23-strong OPEC+ alliance, led by Saudi Arabia and Russia, prepared for one of the most important meetings for many months. They will decide on Thursday whether to → Read More
UAE says 70 percent of population vaccinated against COVID-19
The UAE said that 70 percent of the country's population has been vaccinated against coronavirus (COVID-19). Developing... → Read More
Oil nudges $70 as hopes grow for global recovery
DUBAI: The price of crude oil is nudging $70 a barrel for only the second time in over a year as hopes grow of a resurgent global economy. Brent crude, the global benchmark, traded within a few decimal points of $70 on Wednesday on a raft of positive economic news, including the International Monetary Fund’s forecast that growth next year would hit 6 percent, the highest in four decades. → Read More
New oil price surge caps year of recovery since ‘Black Monday’
DUBAI: Oil prices resumed their surge on global markets on Tuesday as traders shrugged off the memory of “Black Monday” 2020, when some crude prices went into negative territory at the start of the pandemic recession. Brent crude, the global benchmark, went above $68 a barrel for the first time in over a year, while West Texas Intermediate, which approached minus-$40 at the → Read More
Brent crude oil price surges above $70 a barrel
HONG KONG: Brent crude oil surged more than two percent Monday following a missile attack on facilities owned by energy giant Aramco in Saudi Arabia, and on optimism about the demand outlook as the global economy recovers.A barrel of the black gold jumped 2.11 percent to $70.82 a barrel, the highest since May 2019. → Read More
The Saudi dividend: Oil price up 20 percent in a month
DUBAI: Oil prices rose nearly 20 percent in February as Saudi Arabia’s “surprise” voluntary cut of 1 million barrels took effect in an increasingly optimistic market for crude. Although Brent crude, the global benchmark, closed on the day slightly off its best level of $67, oil experts said the surge last month was the result of Saudi moves to keep excess oil off the market as → Read More
Saudization not to be forced on companies that move their HQs to the Kingdom: Investment Minister
DUBAI: Companies that choose to set up or relocate their headquarters in Saudi Arabia will not have Saudization forced on them, the Kingdom’s investment minister has told Arab News in the latest episode of Frankly Speaking, referring to the policy that requires companies to hire Saudi nationals on a quota basis. → Read More
‘Saudi surprise’ output cut fuels oil price surge past $60 a barrel
DUBAI: The price of crude oil rose above $60 a barrel on Monday for the first time in over a year, fueled by the “Saudi surprise” cut in output. Brent, the global benchmark, touched $60.20, up more than 15 percent since the start of the year. West Texas Intermediate, the US benchmark that briefly fell into negative territory last April, leapt above $57 a barrel, also a 12-month high. → Read More
Aramco could sell more shares to benefit PIF, Crown Prince tells FII
DUBAI: Saudi Aramco, the world’s biggest oil company, could launch a second offering of shares to follow the historic initial public offering of 2019, Crown Prince Mohammed bin Salman told the Future Investment Initiative (FII) gathering. “This will yield a cash flow transferred to the Pubic Investment Fund (PIF) to be reinvested domestically and internationally for the → Read More
The business case for Riyadh is a no-brainer
Which should business executives prioritize when making a strategic decision about office location: Potential for doing business or quality of lifestyle? It’s a tricky question, because as we all know a happy and contented executive, with a lifestyle that goes with the high-flying status, is going to be motivated and focused on his or her main task — doing business. → Read More
OPEC+ compromises on oil supply increase
Get the latest breaking news and headlines from the largest Arab News website. Get world news, sport news, business news, entertainment, lifestyle, video and photos. → Read More
Oil price jumps before crunch OPEC+ supply talks
DUBAI: The price of crude oil jumped on Monday as hopes rose that OPEC+ would strike a deal to curtail extra supply until well into next year. Energy ministers from the alliance of exporters led by Saudi Arabia and Russia meet on Tuesday to monitor markets and output levels, amid speculation that a production increase of 2 million barrels per day in January would be delayed → Read More
Saudi Aramco and China to bridge the climate gap
In the campaign to combat climate change, the biggest challenge is China. As the world’s most populous country and its biggest manufacturer, China’s indigenous energy resources are dominated by coal, the least environmentally friendly of the hydrocarbons. This all adds up to make China the world’s biggest polluter. If you reduce greenhouse gas emissions there, you take a big → Read More
Vaccine hope sends oil price soaring
DUBAI: Crude oil prices soared on Monday on the twin hopes of a vaccine against COVID-19 and concerted action by the OPEC+ alliance to keep a tight grip on oil supply. Brent crude, the global benchmark, jumped 9 percent to more than $43 a barrel and stock markets around the world leapt amid hopes of an end to global economic lockdowns. → Read More
G20 suspends poorer nations’ debt payments for 6 more months
DUBAI: Financial leaders of the world’s biggest economies claimed a “historic achievement” in reaching a framework to deal with heavily indebted poorer countries, which have been severely impacted by the coronavirus pandemic. The finance ministers and central bank governors of the G20 nations agreed at a virtual meeting organized by the Saudi presidency in Riyadh to extend → Read More
90% of young Saudis get their news via social media: Survey
DUBAI: Nine out of 10 young Saudis get their news from social media, a new survey has revealed. That represents a sharp rise in the number of young people in the Kingdom relying on platforms such as Twitter and WhatsApp, rather than more traditional news outlets. Four years ago, only 14 percent used social media as their main news source. → Read More
Elegance with a hint of jet fighter: The McLaren 2020 GT
DUBAI: I like the idea of Grand Tourers — GTs as they are known in the motor business. At their best, they combine the exhilaration of sports car driving with just a little bit more room and comfort, for when you are making the “grand tour” they are designed for. It is a segment of the luxury car market that British carmaker McLaren eyed warily for a while. Perhaps more than → Read More
China unlikely to come to world’s rescue this time
For all the self-congratulation of Western central bankers and economic policymakers when the world pulled out of the recession caused by the global financial crisis, it was China that really made the difference back then. The multibillion-dollar stimulus package put in place by Beijing not only got the Chinese economy going again, but also, as the fastest-growing economy, got → Read More