Saudi International Petrochemical Company (Sipchem) blamed plant shutdowns as it reported a 13.3 per cent drop in third-quarter net profit on Tuesday that missed analysts' forecasts.
Sipchem made a profit of SR160.6 million ($
Saudi Arabia's Yanbu National Petrochemical Co. (Yansab) complex is likely to remain shut for maintenance until the end of next week, the company said late on Sunday.
The complex has been shut down since Oct. 23, due to a prob
Most Americans found little to cheer in the congressional deal to reopen the government and avoid a national default, and Republicans suffered the biggest political damage in the crisis, according to a Reuters/Ipsos poll released on Friday.
A picture spoke volumes about the United States' loss of global prestige and influence due to the shutdown of its government in a partisan standoff over the federal budget and debt.
Chinese President Xi Jin
The US Congress on Wednesday approved an 11th-hour deal to end a partial government shutdown and pull the world's biggest economy back from the brink of a historic debt default that could have threatened financial calamity.
A month of combat in the US Congress over government spending showed signs on Monday of giving way to a Senate deal to reopen shuttered federal agencies and prevent an economically damaging default on federal debt.
The news led to an
Brent futures fell slightly but held above $109 on Tuesday, as oil production in the Gulf of Mexico returned to normal and the US budget crisis continued to cloud the outlook for demand in the world's biggest oil consumer.
Gold nudged up in Asian trading on Monday as the near-week long US government shutdown raised fears Congress may struggle to raise the debt ceiling in time, burnishing bullion's safe-haven appeal.
Failure to raise the US borro
Brent futures edged down towards $109 a barrel on Monday as oil production resumed in the Gulf of Mexico after a tropical storm, while lingering concerns over the US government shutdown clouded the outlook for demand.
Washington entered the fifth day of a partial government shutdown on Saturday with no end in sight even as another, more serious conflict over raising the nation's borrowing authority started heating up.
The US House of Repres