Silver price hits decades high as gold rush eases
Stock markets, meanwhile, were mixed as traders weighed a slew of issues: massive AI investments, corporate results, US interest rates,...
Business
China’s chip challenge: the race to match US tech
Beijing, China - China's push to develop top-end artificial intelligence microchips is gaining momentum, but analysts say it will struggle...
Economy
Business
Farmers turn to solar power in Syria’s former breadbasket
Al-Haddadiya, Syria - At his farm in Syria's northeast, Abdullah al-Mohammed adjusts a large solar panel, one of hundreds that have...
- Solar energy has offered a lifeline for the farmers amid drought and power shortages, but some warn the boom also has environmental costs in the once-fertile region
- "We are trying to revive our land," despite dwindling groundwater reserves, said Mohammed, 38, as he oriented the panel towards the sun near his cotton fields.
Business
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
The Kingdom's production in the coming months November and December will be approximately 9 million barrels per day, the country's...
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
- That decision riled the United States, which at the time accused Saudi Arabia, a security partner, of siding with Russia in the war in Ukraine.
Economy
UAE Vice President forms Board of Investment Corporation of Dubai
Dubai, UAE - Vice President and Prime Minister of the United Arab Emirates Sheikh Mohammed bin Rashid Al Maktoum has...
- The board will be chaired by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai
- Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, will serve as a Vice Chairman of the Board
Economy
Jordan takes measures to cut effect of global crises on food security
Amman, Jordan-- Jordan has taken measures to hedge against the impact of international crises on food security and lower its...
- The kingdom's agriculture minister said the measures directly contributed to improving the resilience and sustainability of food security in Jordan
- He noted that the kingdom, through a national strategy, established the food security council and launched an initiative to stop the wastage of food
Economy
Libya orders Brussels envoy detention on graft charges
Shortly after her dismissal by the internationally recognized government in Tripoli, Amel Jerary, whose detention was ordered by the country's...
- The government in western Libya had earlier announced Jerary's dismissal without giving an explanation
- The corruption scandal erupted after an audio recording attributed to Jerary was posted on social media
Business
Geopolitical changes derailed shift towards green energy, says IMF
Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to...
- IMF economists said trade disruptions could lower investment in renewable energy and electric vehicles by almost 30 percent till 2030
- It said further geopolitical fragmentation could lead to "turmoil" in the commodity markets, causing long-term economic losses
Market Report
Markets slump as US jobs data says labor market buoyant
The focus has been on US Treasury bond yields that have surged to levels not seen in over a decade,...
- Asian indices also ended mostly lower with Hong Kong leading the decline, falling nearly 2.7 percent as the market reopened after a holiday weekend
- Russia's currency meanwhile continued to weaken on signs the country's economy is facing slower growth and higher inflation as the Ukraine war drags on
Business
ADNOC, Fertiglobe to pilot cost-effective modular carbon capture technology
ABU DHABI, UAE – ADNOC and Fertiglobe on Tuesday announced the pilot deployment of the world’s first cost-effective modular CycloneCC...
- The CycloneCC technology is designed to improve the economics of point-source carbon capture within industrial facilities.
- Traditional point source carbon capture technology relies on feeding gas through large absorption and stripping towers.
Geostrategy
Jazan City for Primary and Downstream Industries exports first shipment to US
JAZAN, SAUDI ARABIA - The Jazan City for Primary and Downstream Industries has marked a significant milestone with the departure...
- The ship is laden with 37,000 tons of iron steel foundry product, representing the first-ever production of this commodity within the Kingdom.
- The city's port has extensive capabilities and advanced logistical transportation services, making it a hub for trade exchanges in Saudi Arabia.
Economy
Yemen economy tanks as peace talks make no headway, say NGOs
"While economic challenges are rife across the country, rising inflation and the deterioration of public services are making life unbearable,"...
- Power cuts in Aden can last 17 hours a day and more than 50 percent of households in government-held areas cannot meet basic food requirements.
- The World Food Program warned in August that more than four million Yemenis would receive less food assistance from the end of September.
Silver price hits decades high as gold rush eases
Stock markets, meanwhile, were mixed as traders weighed a slew of issues: massive AI investments, corporate results, US interest rates,...
Business
Company News
Latest News
OPEC+ expected to extend oil supply cuts to avoid drop in prices
Without a new agreement, the eight countries which have been making voluntary additional production cuts of 2.2 million barrels per...
Seoul stocks sink amid S. Korea drama as Asian markets struggle
South Korean stocks sank more than two percent Wednesday while the won rebounded from earlier losses after President Yoon Suk...
Non-oil sectors drive robust growth in GCC countries, says World Bank report
While developing countries paid a record US$1.4 trillion to service debts, the non-oil sectors in the GCC countries are fueling...
Economy
Most Read
How city governments can foster tech-sector growth without breaking the bank
City governments are usually equipped to promote their cities through websites, newsletters, communications, as well as hosting delegations visiting from...
- City governments are uniquely positioned to support startup ecosystems through a range of low-cost, high-impact methods
- The success of a startup ecosystem is built on the strength of connections that exist between the various organisations and people within it
Trump threatens 100% tariff on BRICS countries over currency plans
Washington, United States - President-elect Donald Trump on Monday threatened to impose a 100 percent tariff on the BRICS group nations...
- The statement comes after a BRICS summit held last month in Kazan, Russia, where the countries discussed boosting non-dollar transactions and strengthening local currencies
- The BRICS group has expanded significantly since its inception in 2009, and now includes countries such as Iran, Egypt and the United Arab Emirates
Car-centric Saudi to open first part of Riyadh Metro
Riyadh, Saudi Arabia - Saudi Arabia announced Wednesday it is ready to open the first part of the Riyadh Metro,...
- Services will be provided by 183 trains with 448 carriages manufactured by Siemens of Germany, Bombardier of Canada and Alstom of France
- The official Saudi Press Agency published a photograph of King Salman, who served as governor of Riyadh for nearly half a century, formally declaring that the project open