No peak oil demand ‘on the horizon’, phaseout a ‘fantasy’: OPEC
Paris, France - OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would...Business
Countries where the X social network is banned and why
Paris, France - With its ban of X, which went into effect on Saturday, Brazil joins a small club of countries...Business
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...This translates to a non-oil economy valued at US$$453 billion (SAR1.7 trillion) at constant prices.
Non-oil economy is valued at $$453 billion at constant prices, fueled by growth in investment, consumer spending and exports.
Vodafone sells Italian unit to Swisscom
British telecoms giant sold the business for US$8.7 billion.Vodafone has been on a cost-cutting campaign that has included layoffs and the offloading of divisions abroad
Its CEO said the deal with Swisscom marked the "third and final step in the reshaping of our European operations"
Nissan, Honda in tie-up for EVs
The alliance will take on China's dominant EV makers.The MoU could include cooperation on a common EV powertrain and joint procurement of batteries and other components
The firms announced a joint news conference at 3:30 pm (0630 GMT) in Tokyo without giving further details at this point in time
Dubai receives 1.77m international tourists in January this year
Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in...Tourists from Western Europe ranked first with 327,000 visiting the emirate in January
Some 311,000 travelers from the GCC countries visited Dubai in the same month
Sweden’s gaming group Embracer divests Russian assets
Stockholm, Sweden - Swedish gaming group Embracer, which owns the Borderlands franchise and the Tomb Raider license, announced on Thursday that...Beacon Interactive, which is controlled by Saber Interactive co-founder Matthew Karch, will pay $247 million for the unit, according to Embracer.
Embracer said the divested assets included "38 ongoing game development projects," amounting to a book value of 2.3 billion kronor ($225 million).
Saudi inflation rises to 1.8% in February
RIYADH, SAUDI ARABIA – Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General...The cost-of-living index for February rose to 110.64 points, according to the base year 2018, from 108.67 points in the same month a year earlier.
Inflation is measured by the percentage change in the cost of living between the current period and the corresponding period of the previous year.
Former US treasury secretary says preparing buyout of TikTok
Washington, US - Former US Treasury Secretary Steven Mnuchin on Thursday said he is putting together a team of investors to...Mnuchin, former US Treasury Secretary, said that TikTok was "a great business and I’m going to put together a group to buy" the embattled app.
"This should be owned by US businesses. There’s no way that the Chinese would ever let a US company own something like this in China," Mnuchin said.
Ajman records real estate transactions worth US$195m in February
AJMAN, UAE – Director-General of Ajman’s Department of Land and Real Estate Regulation Eng. Omar bin Omair Al Muhairi said...A total of 129 real estate valuation transactions took place in the emirate in February.
There was a rise of 44.7 percent in commercial property value in February compared to January.
AstraZeneca to buy Amolyt for $1bn
It will pay $800 million upfront for the Lyon-based company.The London-listed group added that the transaction would bolster its rare diseases division Alexion.
AstraZeneca's share price was up 0.1 percent in early morning London trading following the news.
Brighter US economic outlook fuels global oil demand growth forecast
Rising fuel needs of ships rerouted away from the Red Sea also to increase demand, the International Energy Agency said....The IEA said world oil demand growth is now forecast to increase by 1.3 million barrels per day (bpd) this year, 110,000 bpd higher than in its previous monthly market report.
Global demand is also driven by the "comparatively buoyant economy" of the US where oil consumption is gaining momentum on rising petrochemical operations, it said.