Boeing suspends 777X flight tests after part failure, its latest quality control issue
New York, United States - Boeing has suspended flight testing of its new 777X wide-body jet after identifying the failure of...Business
Oman, China bilateral trade grows by 8% to $15bn till May
The volume of bilateral trade between the Sultanate of Oman and the People’s Republic of China has increased 8% in...Business
UN conference adopts plan to reduce harmful chemicals
PARIS, FRANCE - A new roadmap to reduce the environmental risks from chemicals and waste was adopted at a United Nations...The plan sets out 28 concrete targets and guidelines for key sectors across the entire lifecycle of chemicals, from production to waste.
It calls for a transition to more sustainable chemical alternatives, responsible management of chemicals in industry, agriculture and healthcare.
ADB capital reforms unlock $100bn to support Asia and the Pacific region
MANILA, PHILIPPINES - The Asian Development Bank (ADB) approved capital management reforms that unlock US$100 billion in new funding capacity...The expansion of available funds will be further leveraged by mobilizing private and domestic capital required to tackle the climate crisis.
The reforms also create a Countercyclical Lending Buffer to support ADB developing member countries facing unexpected crises.
The many ways US government shutdown affects people
WASHINGTON, US - The United States is heading toward a government shutdown this weekend with no foreseeable way out of a...Sharp disagreements in the Republican Party has prevented passage of the bills needed to keep the government funded and open.
The credit ratings agency Moody's warned this week that a shutdown would be "credit negative" for US sovereign debt.
Crypto fund co-founder arrested, jailed in Singapore
According to the company's liquidator, Su Zhu was detained at Singapore's Changi airport while trying to leave the city-state. He...Kyle Davies, his co-founder, was also committed to four months in prison but "his whereabouts remain unknown"
The country's monetary authority had banned the pair "from conducting regulated investment activity for nine years each"
Saudi Fund for Development and Seychelles sign US$25m loan agreements
Riyadh, Saudi Arabia-- The Saudi Fund for Development (SFD) has signed two loan agreements with Seychelles to support the social...The SFD will contribute $25 million to support the social housing project in the Seychelles and the reconstruction of La Digue School project
The fund has so far implemented 700 development projects and programs in more than 90 countries with a value surpassing $18.7 billion
Greece and Saudi Arabia agree to link their power grids
Athens, Greece - Greece and Saudi Arabia announced their agreement to establish a jointly-owned company with the goal of connecting...The collaboration between Greece's Independent Power Transmission Operator and Saudi National Grid will result in each party holding a 50 percent stake
Besides this partnership with Saudi Arabia, Greece is also in the process of constructing an undersea cable to link its grid with Egypt
Huawei to invest $430m in Northern Africa over 5 years
Shanghai, China - Huawei has unveiled an ambitious five-year initiative that will see a total investment of $430 million dedicated...$200 million will be allocated to establish the region's first public cloud center, which will offer more than 200 cloud services
An additional $200 million will be used to support 200 local software partners and empower 1,300 channel partners
Qatar and Libya sign MoU to boost cooperation in civil aviation
Tripoli, Libya-- Qatar and Libya have signed a memorandum of understanding (MoU) to boost cooperation in the field of civil...The MoU is a component of joint efforts by the two countries to deepen bilateral relations in the aviation sector
It is also designed to enhance ways of cooperation in the field of security and safety, and exchanging experiences
UAE, KSA lead the way in Islamic fintech innovation
Islamic fintech assets will rise from 0.8% to more than 1 percent globally by 2025, driven by young Muslim demand...Islamic fintech assets will rise from 0.8% to more than 1 percent globally by 2025, driven by young Muslim demand and favorable regulations, predicts Moody's
Gulf's Shari'ah-compliant banks, led by Saudi Arabia at 83% market share, are expected to outpace traditional banks through 2024, with Bahrain following at 69%
DIB to buy stake in TOM Group
DIB felt Turkey is a great investment destination.DIB will acquire 20 percent shareholding across T.O.M. Group with an option to increase shareholding to 25 percent within 12 months.
DIB has long held the view that Turkey was an attractive investment destination for a financial services institution.
