DHL to stop global shipments worth over $800 to US consumers
Washington, United States -- Global shipping giant DHL will "temporarily" suspend the shipping of parcels worth more than $800 from...
Business
Tariffs could lift Boeing and Airbus plane prices even higher
New York, United States -- Commercial plane prices, already lifted in recent years due to pandemic supply chain shocks, are...
Business
Business
Ministerial meet discusses formation of Saudi-Bulgaria committee
Riyadh, Saudi Arabia---Saudi Arabia and Bulgaria have discussed ways to boost bilateral cooperation and develop the economic sectors between the...
- The two sides discussed ways to boost bilateral cooperation and develop the economic sectors between the two countries at a ministerial meeting.
- Saudi imports from Bulgaria were $269.43 million during 2021, according to the UN COMTRADE database on international trade.
Insurers need to gear up for electric cars: Swiss Re
The market for the greener vehicles is expected to grow rapidly in response to consumers' worries about climate change, putting...
- Traditional vehicle insurance models are no longer enough to accurately capture the overall risk, a study by Swiss Re said
- Electric cars are quieter than internal-combustion vehicles, presenting a risk for pedestrians who don't hear them coming in noisy urban settings
Failed crypto giant FTX has salvaged $5 bn in assets
FTX, once the world's highest profile crypto exchange, collapsed spectacularly in November leaving nine million customers in the lurch and...
- FTX lawyer Andrew Dietderich said that the company was "well underway" on plans to sell other investments that had a book value of $4.6 billion
- FTX and its sister trading house Alameda Research went bankrupt in November, dissolving a virtual trading business that at one point had been valued by the market at $32 billion
Business
US operations and flights not affected by system outage: Etihad Airways
Abu Dahbi, UAE--Etihad Airways on Wednesday said its USÂ operations and flights are not affected by the system outage at the...
- The airline said it was monitoring the situation and would inform customers if there is a change in its operations
- U.S. flights were slowly resuming departures and a ground stop was lifted after the Federal Aviation Administration (FAA) scrambled to fix a system outage overnight
Business
World Security, Tansworld sign pact
The partnership will strengthen workforce in the UAE.
- The two companies will collaborate to create overseas employment opportunities by recruiting, training and developing skilled professionals in the Indian subcontinent
- Professionals who meet the standards of the UAE’s job market will be identified from this pool for suitable employment opportunities in the UAE
YEARBOOK 2023
Europe looks at GCC for LNG supplies amidst crisis
The year 2022 witnessed several deals involving Gulf nations and leading natural gas consumer countries that seek to secure their...
- The year 2022 witnessed several deals involving Gulf nations and leading natural gas consumer countries that seek to secure their LNG supplies in both near and distant future.
- In November-2022, Qatar and China signed one of the largest ever LNG deals inking a USD 60 Bn LNG supply deal for 27 years.
Economy
Saudi WEF delegation to highlight progress under Vision 2030
It aims to enhance global cooperation and design joint solutions to today’s geopolitical, social, economic, and human development challenges. Saudi’s...
- Prince Faisal bin Farhan Al Saud, Minister of Foreign Affairs of the Kingdom will head the Saudi delegation.
- During their participation at WEF23, the delegation will outline progress achieved under Saudi Vision 2030.
Business
Emirates NBD issues Dirham bond, first by UAE firm in 10 years
Dubai, UAE-- Emirates NBD has announced the successful pricing of its inaugural AED1 billion ($272 million) dirham-denominated bond, the first...
- The three-year bond saw strong demand, with the order book peaking at over AED1.65 billion.
- The issuance is the bank's first dirham-denominated bond since the Ministry of Finance created a medium-term yield curve.
Business
Dior and Louis Vuitton name new chief executives
Paris, France--French luxury group LVMH announced a leadership shuffle on Wednesday, naming new chief executives at major brands Christian Dior Couture...
- LVMH said in a statement that Delphine Arnault will become CEO of Dior perfume and fashion house
- Bernard Arnault said in a statement that his daughter's appointment is the "continuation of a career of excellence in fashion and leather goods"
Business
EU warns TikTok chief to respect data privacy laws
TiKTok chief executive Shou Zi Chew held official talks for the first time with EU vice presidents Margrethe Vestager and...
- TikTok has come under fierce Western scrutiny in recent months over concerns about how much access Beijing has to user data
- Last month, TikTok admitted that ByteDance staff accessed data from the app to track journalists in a bid to identify the source of leaks to the media
DHL to stop global shipments worth over $800 to US consumers
Washington, United States -- Global shipping giant DHL will "temporarily" suspend the shipping of parcels worth more than $800 from...
Business
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Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
Business
Maersk halts ships’ transit via Red Sea strait for 48 hours
COPENHAGEN, DENMARK - Shipping giant Maersk said on Sunday it was suspending the passage of vessels through a key Red Sea...
Geostrategy
Saudi AZM gets independent director
Omar bin Fahd Al-Sunaidi's term will extend until Jun 2026.
Business
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Business
GCC Commercial Arbitration Centre to use AI in its operations
Manama, Bahrain-- The GCC Commercial Arbitration Centre has started to harness AI techniques, according to its secretary general, Dr. Kamal...
- The initiative aligns with the prevailing trends of leveraging technologies in digital transformation and fostering development across diverse sectors
- Al Hamad said that around 92 percent of legal institutions and judicial bodies in the world plan to increase their use of AI in legislative and legal case analysis
Business
Bahrain kicks off roadshow in China to boost tourism sector
Manama, Bahrain--The Bahrain Tourism and Exhibitions Authority (BETA) began a roadshow in Shanghai and Guangzhou, China, involving prominent travel, tourism,...
- The roadshow n China looks to promote Bahrain as a prominent tourist destination in regional and global markets
- BETA tied up with the private sector to create distinctive tourism products that contribute to boosting the economy
Geostrategy
ACC holds workshop in Jordan on dangers of human trafficking
AMMAN, JORDAN - Amman Chamber of Commerce (ACC), in cooperation with Ministry of Justice and Jordan Judicial Council (JJC), organized...
- The workshop aims to introduce human trafficking crime in Jordanian law and global pacts and the measures taken at the national level to help victims.
- The workshop reflects the "important" role played by national institutions in combating human trafficking and raise awareness of its dangers.