Chelsea and Fulham win penalty shootouts to reach English League Cup semifinals

Chelsea's Mykhailo Mudryk, left celebrates after scoring his side's first goal of the game during the English League Cup quarterfinal soccer match between Chelsea and Newcastle United at Stamford Bridge in London Tuesday. (AP)
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Updated 20 December 2023
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Chelsea and Fulham win penalty shootouts to reach English League Cup semifinals

  • Chelsea are languishing in 10th place in the Premier League despite having spent more than $1 billion on players in the last three transfer windows
  • Middlesbrough will be the big underdog in the semifinals as the only non-Premier League team remaining

LONDON: Chelsea’s faltering first season under Mauricio Pochettino could yet be saved by the English League Cup.

The London club reached the semifinals by beating Newcastle 4-2 in a penalty shootout on Tuesday, with the game only getting that far thanks to a goal by Chelsea winger Mykhailo Mudryk in the second minute of stoppage time that made it 1-1 at Stamford Bridge.

Newcastle right back Kieran Trippier was at fault for that goal and he was one of two visiting players to fail to score his penalty. Matt Ritchie was the other, as stand-in goalkeeper Đorđe Petrovic made the save to end the shootout.

Chelsea are languishing in 10th place in the Premier League despite having spent more than $1 billion on players in the last three transfer windows and having no European competitions to disrupt their schedule.

Pochettino is starting to come under some pressure for failing to get a group of talented players to gel so this cup run could be huge in gaining some momentum. The explosion of joy inside the stadium after the final penalty made it the best moment so far in his reign of less than six months.

Newcastle had been looking to get to the semifinals of the League Cup for the second straight season. Fulham have reached that stage for the first time in their 144-year history.

Fulham, another team from west London, also needed a penalty shootout to advance and this one lasted longer, with defender Tosin Adarabioyo eventually netting the clinching kick for a 7-6 win. Amadou Onana had a chance to win the shootout for Everton but had his attempt saved at 4-3.

The game finished 1-1 in regulation at Goodison Park, with Everton substitute Beto scoring in the 82nd to cancel out an own-goal by Michael Keane.

CHAMPIONSHIP TEAM ADVANCE

Middlesbrough will be the big underdog in the semifinals as the only non-Premier League team remaining.

The second-tier club beat Port Vale, who play in the third division, 3-0 thanks to goals by Jonny Howson, Morgan Rogers and Matt Crooks.

Middlesbrough, the 2004 champion now managed by former Manchester United and England midfielder Michael Carrick, haven’t had to play a Premier League team in the competition yet.

NKUNKU DEBUT

There was more good news for Chelsea, with Christopher Nkunku coming off the bench in the second half to finally make his competitive debut six months after signing from Leipzig.

The France striker sustained a serious knee injury in the offseason and only recently returned to training, with Pochettino careful not to push him into first-team action too quickly.

Nkunku converted one of Chelsea’s penalties in the shootout confidently in the top corner and looked lively in regulation time, too.

However, there was some concern with Argentina midfielder Enzo Fernandez walking off the field unaided midway through the first half. Pochettino said after the game that Fernandez asked to come off because he felt unwell.

SEMIFINAL DRAW

Liverpool host West Ham on Wednesday in the last quarterfinal match, after which the draw for the semifinals is made.

The final is at Wembley Stadium on Feb. 25.


Turkiye, Kuwait deals signal rise of ‘nonaligned axis’ in region

Updated 1 min 1 sec ago
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Turkiye, Kuwait deals signal rise of ‘nonaligned axis’ in region

  • Partnerships with Gulf countries ‘are win-win moves economically, politically’ for Ankara, analyst tells Arab News
  • Visit is significant as it is Sheikh Meshal’s first to a non-Arab country since taking office in December

ANKARA: Turkiye and Kuwait recently strengthened their bilateral relations by signing six cooperation agreements in the fields of defense, trade, energy, tourism, health and diplomacy during Kuwaiti Emir Sheikh Meshal Al-Ahmad Al-Sabah’s visit to Ankara, where he was received by Turkish President Recep Tayyip Erdogan in a grand state ceremony.

These agreements, including a protocol on defense procurement and a memorandum of understanding on strategic dialogue, followed discussions between the leaders and their delegations.

The visit is significant as it is Sheikh Meshal’s first to a non-Arab country since taking office in December, and coincides with the 60th anniversary of diplomatic relations between Turkiye and Kuwait.

Eyup Ersoy, a visiting fellow in the Department of International Relations at the London School of Economics and Political Science, said that the progress in bilateral relations is bound to have an impact on regional politics.

“There is a recently revived Turkish interest in developing its relations with the states of the region which are keen to adopt a neutral position in the polarized regional geopolitics. Accordingly, there seems to be a cluster of countries in the Middle East that are trying to stay out of the entanglements of regional geopolitics,” he told Arab News.

“With the consolidation of Turkish-Kuwaiti relations, this nonaligned axis is expected to establish itself as a third alternative in the polarized region. In this regard, the signing of a strategic dialogue agreement signifies the commitment of the two states to align their regional policies.” 

According to Turkiye’s Ambassador to Kuwait, Tuba Nur Sonmez, who spoke to Kuwait’s state news agency KUNA, the visit included discussions on bilateral relations and regional issues such as the Israel-Hamas conflict.

Both countries aim to increase their trade volume to $1 billion from $688 million last year, with Turkish exports to Kuwait exceeding $583 million last year. In addition, Kuwait sealed a $367 million deal with Turkish drone manufacturer Baykar to buy TB2 armed drones in 2023.

According to Ersoy, the defense industry supply agreement signed during the visit indicates a mutual interest in advancing defense industry cooperation between the two states.

“The content of the actual transactions will be determined by the Kuwaiti leadership’s assessment of Kuwait’s defense industry needs and the extent to which Turkiye could supply relevant defense industry products,” he said.

However, Ersoy said that trade volume between the two countries is not high compared with their other trading partners. 

“For example, in 2022, Turkiye ranked 19th among Kuwait’s export destinations, while Kuwait ranked only 56th for Turkish exports,” he said.

“Therefore, both sides are keen to strengthen their trade relations, as indicated by the statement during the visit on the need to revitalize the Joint Economic Commission.

“In addition, Kuwait’s leadership is seeking to diversify its economy in line with its Vision 2035 strategy, as its revenues are almost entirely based on the export of hydrocarbons. Increased trade with Turkiye has the potential to contribute to this ambitious macroeconomic goal,” Ersoy said.

Kuwaiti direct investment flow in Turkiye, which stood at $2 billion last year, has also continued, reaching $1.5 billion so far this year.

“More Kuwaiti participation in the Turkish economy, especially through direct and portfolio investment, is imminent,” said Ersoy. 

Kuwait is also expected to take steps to reduce its trade imbalance with Turkiye, he added.

In the tourism sector, Istanbul broke a 10-year record last year with a surge of Gulf tourists visiting the city. Trabzon, Bodrum, and Izmir are other top destinations for Kuwaiti tourists visiting Turkiye during the summer.

However, Arab visitors have been the targets of sporadic attacks amid anti-Arab sentiment in Turkiye. Last year, a Kuwaiti tourist was attacked in the northern city of Trabzon. 

Betul Dogan Akkas, an assistant professor of international relations at Ankara University, said bilateral relations between Turkiye and Kuwait were based on mutual respect and trust, stemming from a historical and diplomatic legacy.

“There is capital in these relations to promote cooperation, especially in the economic sphere, including the defense industry,” she told Arab News.

“Kuwait is open to consolidating its trade, and for Ankara, partnerships with Gulf countries are win-win moves both economically and politically.

 “The key aspect in analyzing these relations is the current willingness of both sides to build long-term goals. So far, we have seen mostly reactionary or short-term economic and political moves,“ Dogan Akkas said.

“Now is the right time for relations to institutionalize diplomatic capital. This requires leadership support, and both parties have it, as the emir of Kuwait visited Turkiye as his first non-Arab trip.”

Dogan Akkas also believes that the level of success and structure of political decision-making are crucial to strengthening relations.

She said that Turkiye’s ambassador to Kuwait is using her position to “achieve a comprehensive and well-structured long-term goal.”

Another question about this visit is the significance of its timing.

Ersoy believes that the Turkish president’s recent visit to Iraq appears to have eased a source of tension in Gulf politics by demonstrating Ankara’s willingness to cultivate more constructive and cordial relations with a critical neighbor of Kuwait.

“Turkiye’s receptiveness to regional political dialogue and economic prosperity has shaped the Kuwaiti leadership’s assessments in strengthening Kuwait’s ties with Turkiye,” he said. 

Kuwait recently showed unease at being left out of the development road project linking Iraq to Turkiye and the Gulf states. During Erdogan’s recent visit to Iraq, Ankara secured the signing of a quadrilateral memorandum of understanding between Iraq, Qatar, the UAE, and Turkiye.

However, the project, which will significantly boost regional transport, will be launched from Iraq’s Faw port, adjacent to Kuwait’s Mubarek port, whose delayed completion has been criticized in Kuwait.

But there was no mention of this unease during the visit to Ankara.

In addition, Ersoy said, national security imperatives appear to have contributed to the recent visit. 

“Kuwait’s neutrality in the regional struggle does not guarantee immunity from coercive diplomacy or punitive strategies in a militarized and highly volatile region,” he said.

“Therefore, exploring and building a security partnership with Turkiye appears prudent for the Kuwaiti leadership, which is another reason for the recent high-level visit.”

In this context, Dogan Akkas underlined the importance of the regionalizing their cooperation.

“If Kuwait and Turkiye take their cooperation to a regional or subregional level, as leaders in certain regional affairs, the political capital will be properly implemented,” she said.


Al Rajhi Bank launches $1bn in perpetual bonds, says document 

Updated 35 min 28 sec ago
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Al Rajhi Bank launches $1bn in perpetual bonds, says document 

RIYADH: Al Rajhi Bank, the world’s largest Islamic bank by assets and market capitalization, has launched $1 billion in Additional Tier 1 sustainable sukuk, or Islamic bonds, a document from one of the banks arranging the deal revealed on Thursday. 

The final yield for the debt transaction was set at 6.375 percent, tighter than the initial guidance of around 6.875 percent released in a document earlier in the day. The notes are perpetual in nature and can first be redeemed in May 2029. 

The deal received more than $3.5 billion in orders and allocation is expected to happen later in the day, the document showed. 

AT1 bonds, the riskiest debt instruments banks can issue, are designed to be perpetual in nature, but lenders can call them after a specified period.


Closing Bell: Saudi main index slips to close at 12,284 

Updated 43 min 48 sec ago
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Closing Bell: Saudi main index slips to close at 12,284 

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 175.70 points, or 1.41 percent, to close at 12,284.41.    

The total trading turnover of the benchmark index was SR7.31 billion ($1.94 billion) as 41 of the stocks advanced, while 184 retreated.  

On the other hand, the Kingdom’s parallel market Nomu rose 199.85 points, or 0.74 percent, to close at 27,086.44. This came as 20 of the stocks advanced, while as many as 45 retreated. 

Meanwhile, the MSCI Tadawul Index slipped 19.92 points, or 1.28 percent, to close at 1,537.54. 

The best-performing stock of the day was Al-Babtain Power and Telecommunication Co. The company’s share price surged 7.77 percent to SR45.75. 

Other top performers include Retal Urban Development Co. as well as Tanmiah Food Co. 

The worst performer was Gulf Union Alahlia Cooperative Insurance Co. whose share price dropped by 10 percent to SR22.68. 

Other worst performers were Allied Cooperative Insurance Group as well as Al-Etihad Cooperative Insurance Co. 

On the announcements front, Jamjoom Pharmaceuticals Factory Co. has announced its interim financial results for the period ending on March 31. 

According to a Tadawul statement, the company’s net profit hit SR102.9 million in the first quarter of 2024, reflecting a 22 percent surge when compared to the similar quarter last year. 

The increase was mainly driven by an increase in sales, which were slightly offset by the devaluation impact from the Egyptian pound. 

Moreover, the National Gas and Industrialization Co. also announced its interim financial results for the first three months of 2024. 

A bourse filing revealed that the firm’s net profit reached SR78.6 million by the period ending on March 31, up 7.6 percent in comparison to the corresponding period in 2023. 

The increase in net profits is primarily attributed to a surge in gross profit by SR9 million due to increased revenues, alongside a rise in investment and finance income by SR2 million. Additionally, there was an increase in other income by SR1 million, coupled with a decrease in zakat expense by SR2 million. 

Furthermore, Modern Mills for Food Products Co. also announced its interim financial results for the first quarter of the year. 

According to a Tadawul statement, the company’s net profits climbed 1.3 percent to reach SR64.9 billion in the first three months of 2024 compared to the same period a year earlier. 

This rise is mainly owed to revenue growth as well as improving efficiency. 

Additionally, Saudi Industrial Investment Group also announced its interim financial results for the period ending on March 31. 

A bourse filing revealed that the firm’s net profit stood at SR28 million at the end of the first quarter of 2024, compared to a net loss of SR242 million recorded in the same quarter a year ago. 

The increase in net profit is attributed to SIIG’s higher share of profit from joint ventures, coupled with a reduction in zakat expenses. 


Remarks underscore a growing rift on Gaza war between the US and its strongest ally in the Middle East

Updated 50 min 49 sec ago
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Remarks underscore a growing rift on Gaza war between the US and its strongest ally in the Middle East

  • Biden’s comments represent his strongest public language to date in effort to deter Israeli assault on Rafah 
  • Remarks underscore a growing rift on Gaza war between the US and its strongest ally in the Middle East 

President Joe Biden on Wednesday publicly warned Israel for the first time that the US would stop supplying it weapons if Israeli forces make a major invasion of Rafah, a refugee-packed city in southern Gaza.

“I made it clear that if they go into Rafah ..., I’m not supplying the weapons that have been used historically to deal with Rafah, to deal with the cities – that deal with that problem,” Biden said in an interview with CNN.

Biden’s comments represent his strongest public language to date in his effort to deter an Israeli assault on Rafah while underscoring a growing rift between the US and its strongest ally in the Middle East.

Biden acknowledged US weapons have been used by Israel to kill civilians in Gaza, where Israel has mounted a seven-month-old offensive aimed at annihilating Hamas. Israel’s campaign has so far killed 34,789 Palestinians, mostly civilians, the Gaza Health Ministry said.

“Civilians have been killed in Gaza as a consequence of those bombs and other ways in which they go after population centers,” he said when asked about 2,000-pound bombs sent to Israel.

Israel this week attacked Rafah, where more than one million Palestinians have sought refuge, but Biden said he did not consider Israel’s strikes a full-scale invasion because they have not struck “population centers.”

A senior US official, speaking on condition of anonymity, said Washington had carefully reviewed the delivery of weapons that might be used in Rafah and as a result paused a shipment consisting of 1,800 2,000-pound (907-kg) bombs and 1,700 500-pound bombs.

The interview was released hours after Defense Secretary Lloyd J. Austin III acknowledged publicly Biden’s decision last week to hold up the delivery of thousands of heavy bombs was taken out of concern for Rafah, where Washington opposes a major Israeli invasion without civilian safeguards.

Israel’s campaign in Gaza was triggered by Hamas ‘ Oct. 7 attack on Israel. That killed about 1,200 people with about 250 others abducted, of whom 133 are believed to remain in captivity in Gaza, according to Israeli tallies.

Biden said the US would continue to provide defensive weapons to Israel, including for its Iron Dome air defense system.

“We’re going to continue to make sure Israel is secure in terms of Iron Dome and their ability to respond to attacks that came out of the Middle East recently,” he said. “But it’s, it’s just wrong. We’re not going to – we’re not going to supply the weapons and artillery shells.”


Saudi Fund for Development launches cancer hospital project in Mauritius

Updated 44 min 45 sec ago
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Saudi Fund for Development launches cancer hospital project in Mauritius

  • Project, built on a development loan of $25 million, was inaugurated by the fund’s CEO Sultan bin Abdulrahman Al-Marshad
  • Saudi Fund for Development has supported Mauritius since 1982 through projects and programs in vital industries

RIYADH: A hospital specializing in cancer care will be built in Mauritius as part of an ambitious healthcare plan by the Saudi Fund for Development.

The project, built on a development loan of $25 million, was inaugurated on Thursday by the fund’s CEO, Sultan bin Abdulrahman Al-Marshad, the Saudi Press Agency reported.

The ceremony was attended by the prime minister of Mauritius, Pravind Jugnauth; the country’s minister of health, Dr. Kailesh Kumar Singh; Saudi Ambassador to Mauritius Fayez bin Meshal Al-Tamyaat; and Mauritius’ ambassador to the Kingdom, Showkutally Soodhun.

The hospital is planned to cover 21,000 sq meters and will contain 220 medical beds.

According to the SPA, the fund aims to enhance the efficiency of the healthcare system in Mauritius, providing the highest standards of care and prevention of chronic diseases.

The hospital will also focus on the rehabilitation and development of healthcare services, as well as the care of cancer patients, with a goal of improving access to treatment.

It is part of the fund’s efforts to enhance the pillars of development in developing countries around the world.

The Saudi Fund for Development has supported Mauritius since 1982 through projects and programs in vital industries.

Through seven projects and programs in the country, the fund has delivered about $228 million in development loans, enhancing social and economic growth, and providing job opportunities.