High price of gold inspires new rush in California
El Dorado Hills, United States -- Matt James has collected gold nuggets for years from the hills and riverbeds of...
Business
Economy
Stocks diverge as oil hits 10-month high of above $95 per barrel
Brent North Sea crude oil traded above $95 per barrel Tuesday for the first time since November last year, supported...
- The Federal Reserve is seen keeping interest rates on hold Wednesday but is expected to be cautious over the outlook as crude pushes higher.
- In Asian trading, Hong Kong managed a gain while Shanghai was flat. In Europe, London and Paris were in the green while Frankfurt was lower.
Business
stc’s acquisition of Telefonica stake okayed
Spain's Securities Market Regulatory Authority cleared the deal.
- Morgan Stanley, which advises on the deal from the buyer's side, accumulated a little less than 3 percent of Telefonica’s capital during an unspecified period of time.
- Media reports said that stc announced recently it acquired a 9.9 percent stake in Telefonica for SAR 8.5 billion (2.1 billion euros).
Business
ZATCA, Korea Customs Service sign MoU to recognize AEO
Riyadh, Saudi Arabia -- Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) and Korea Customs Service have signed a memorandum...
- The move will accelerate the clearance of goods at customs points, enhance trade, and support their economies, SPA reported.
- ZATCA also showcased the “Clearance within Two Hours” initiative, which aims to unify the efforts of customs clearance authorities.
Business
Musk says X could charge all users ‘small monthly payment’
The tech tycoon has made multiple changes since taking over the site for $44 billion in October last year, when...
- During a talk with Musk on Monday, Israeli PM raised the question of online anti-Semitism, and how X could prevent the use of bots
- Musk replied that the company was moving to having a small monthly payment for use of the X system and it's the only way to combat vast armies of bots
Business
AD ports’ digital customs transactions increase by 37% in H1
Clearance of goods transactions increased by 35.8%.
- AD Customs reported a 20 percent growth in customs clearance request in free zones areas.
- It also recorded a growth of 6 percent in customs declaration during the first six months of 2023.
Israeli PM Netanyahu urges Musk to fight anti-Semitism
During their conversation, Netanyahu said I hope you find within the confines of the First Amendment, the ability to stop...
- The conversation, which was broadcast on Musk's X platform, came as the Tesla tycoon is mired in row with the Anti-Defamation League
- The main topic of the conversation between the Israeli Prime Minister and Elon Musk was the potential fallout from artificial intelligence
Business
Elon Musk refutes reports of Tesla-Saudi Arabia talks
The WSJ's report, released on Monday, cited anonymous sources stating that while talks between Tesla and Saudi Arabia were in...
- In a post on platform X, Musk labeled the WSJ's article as "utterly false," although he refrained from providing further details on the matter
- Musk's statement in August last year about this expansion led to widespread speculation regarding the locations of the upcoming facilities
Business
Airports Council International sets up first office in Riyadh
Riyadh, Saudi Arabia-- The Airports Council International (ACI) for Asia-Pacific and the Middle East has established its first office in...
- The office was inaugurated by the kingdom's Minister of Transport and Chairman of the Board of Directors of the General Authority of Civil Aviation, Saleh Al-Jasser
- He said that the opening also aligns with the strategy aimed at strengthening air connectivity with countries worldwide, reaching 250 international destinations
Business
Instacart to raise US$600m in IPO
The US grocery delivery start up set IPO price at $30 per share.
- The price valued San Francisco-based Instacart at around $10 billion -- down from $39 billion in 2021
- In the event of strong demand, the number of shares could climb to 25.3 million, raising $759 million for Instacart
Business
Spire Technologies secures banking license from Central Bank of Bahrain
Manama, Bahrain--Spire Technologies has obtained licenses from the Central Bank of Bahrain (CBB), authorizing it to operate as a fully...
- The banking fintech seeks to contribute to the growth of the digitally-led national financial ecosystem and widen its presence in the region
- It intends to provide users with full agency over business cashflows, offering a rich user experience as well as faster, secure payments
High price of gold inspires new rush in California
El Dorado Hills, United States -- Matt James has collected gold nuggets for years from the hills and riverbeds of...
Business
Company News
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Lloyds Group profit is $6.2bn
Business
Tesla reports drop in auto sales
The decline was in part due to a weak sales market in China.
Business
Google to delete incognito search data
The suit filed in June of 2020 sought US$5bn in damages.
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Economy
Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
- The number of licenced insurance companies in the UAE remained at 60, the CBUAE announced in its quarterly economic report.
- The insurance of persons and fund accumulation premiums decreased by 12.4 percent YoY.
Business
New shipping service in Saudi Arabia launched
RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) has announced the addition of the new shipping service 'NRS' by...
- The NRS shipping service will link Jeddah Islamic Port to Yanbu Commercial Port, Neom Port, Aqaba Port in Jordan, and Sokhna Port in Egypt.
- This will further establish the Kingdom's position as a global logistics hub that bridges three continents,
Business
Liberty Media buy MotoGP
Formula One owners paid US$4.5 billion for the deal.
- The acquisition is expected to be completed by the end of 2024 subject to clearances and approvals.
- MotoGP said Liberty Media would acquire "approximately 86 percent" stake from Spain-based owners Dorna.