Asia-Pacific markets gain ahead of US inflation data
Asia-Pacific markets traded higher on Thursday, following gains on Wall Street that saw the S&P 500 and Dow Jones Industrial...
Economy
Riyadh leads Saudi Arabia’s date production with record sales
Riyadh, Saudi Arabia - Riyadh is currently hosting the third Seasonal Dates Exhibition, a major economic, social, and tourist event....
Economy
Business
American Airlines posts Q3 profit of US$483m
American Airlines third quarter revenues rose to $13.5 billion.
- American scored a 13 percent jump in revenues compared with the 2019 period on high ticket prices.
- US carriers have begun to prosper in 2022 as more governments pare back restrictions.
Business
High investments in H1 2022 for DEWA transmission substations
Dubai Electricity and Water Authority (DEWA) recorded substantial growth of 22 percent in investments allocated to transmission substations during the...
- From January this year to June 2022, DEWA commissioned a new 400 kV transmission substations.
- Now the total number of 400 kV transmission substations in Dubai has risen to 26.
Asia, Middle East up diesel exports to Europe in October
According to ship tracking data from Refinitiv, about 289,000 tonnes of gasoil will be loaded from South Korea and China...
- According to ship tracking data from Refinitiv, about 289,000 tonnes of gasoil will be loaded from South Korea and China to northwest Europe in October
- This month has seen a flurry of spot tenders from South Korea and Taiwan, two of Asia's largest fuel exporters
Business
Crypto scams give law enforcement agencies tough time
US federal agencies have often concentrated on headline-grabbing suspects like Heather Morgan, an amateur rapper nicknamed "Razzlekhan" who was charged...
- With Washington and Brussels focused on high-value targets, victims of low-level fraud are often left high and dry
- If decentralized crypto networks revolutionize finance, US politicians would no longer be able to project power in the way they do now with dollar
Economy
IEA says fossil fuel CO2 emissions rise marginally in 2022
The International Energy Agency has said that global carbon dioxide emissions from fossil fuel combustion will grow just one percent...
- The increase was far smaller than the two-billion-tonne jump the world experienced last year as countries turned to fossil fuels to power their Covid-19 recoveries
- The IEA analysis showed that solar photovoltaic and wind capacity grew by more than 700 terawatt-hours in 2022, the largest single year rise on record
Economy
Tunisian bakers strike over unpaid subsidies
Subsidies on basic goods are a highly sensitive political issue in Tunisia, where a public finance crisis has caused repeated...
- The national bakery owners' union said some 3,200 of their businesses had closed, representing 95 percent of the North African country's state-backed bread-makers
- The bakers are demanding payment of 14 months of overdue subsidies, adding up to around 250 million dinars (nearly $78 million)
Economy
Empty shelves as German supermarkets resist price hikes
With German inflation running at a record 10 percent, supermarket giants are pushing back against what they see as unreasonable...
- But retailers in Europe's top economy say they are protecting customers' purchasing power at a difficult time, and that price hikes of up to 30 percent in some cases are overblown.
- Edeka and Rewe, two of Germany's biggest supermarket chains, have stopped getting delivery of around 300 products from the Mars company, known for its Twix and Snickers bars.
Economy
Saudi crown prince unveils National Industrial Strategy
The strategy aims to diversify the kingdom's economy and increase GDP and non-oil exports by promoting industry and attracting investment.
- The strategy aims to diversify the kingdom's economy and increase GDP and non-oil exports by promoting industry and attracting investment
- The policy also intends to raise the number of factories in the kingdom from 10,640 at the moment to 36,000 by 2035
Economy
Biden to release 15m barrels from US oil reserves: official
The decision to make the biggest-ever dip into the emergency oil reserves -- usually kept for responding to situations such...
- New tranche of oil from the Strategic Petroleum Reserve will be "completing the 180 million barrel release authorized in the spring," in response to price hikes
- Major energy exporter Russia was hit with US and European sanctions soon after it invaded Ukraine in February, causing turmoil on markets
‘Close the windows’: Lebanon power plant sparks cancer fears
Thick black smoke sometimes billows from its red-and-white chimneys, leaving a grey haze in the air above the Zouk Mikael...
- A Greenpeace study found that the surrounding Jounieh area ranked fifth in the Arab world and 23rd globally for cities most contaminated by nitrogen dioxide
- The environmental group's 2018 study singled out the Zouk plant, built in the 1940s, as well as cars on a busy motorway and privately owned electricity generators
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Asia-Pacific markets gain ahead of US inflation data
Asia-Pacific markets traded higher on Thursday, following gains on Wall Street that saw the S&P 500 and Dow Jones Industrial...
Economy
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Sukoon Insurance sets up OIWSS
Business
Moody’s puts Israel’s credit ratings on review for downgrade
Moody's announced that it was putting a number of the Israeli government's credit ratings on review for a downgrade, including...
Tourism prowess makes Riyadh top World Expo choice
As Riyadh vies to host 2030 World Expo, the city offers a perfect blend of historical charm and modernity, spotlighting...
Economy
Tourism prowess makes Riyadh top World Expo choice
In its bid to boost tourism, the Saudi capital blends historical charm with modernity, spotlighting its rich heritage, architecture, cuisine,...
Economy
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Business
PIF announces pricing of inaugural $3.5bn global sukuk issue
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) on Thursday successfully priced its first dollar-denominated Shariah-compliant trust certificates (sukuk)....
- The issuance will be listed on the London Stock Exchange’s International Securities Market (ISM).
- The sukuk issuance was more than seven times oversubscribed, with orders exceeding $25 billion,
Business
Saudi Metrology Organization, Enterprise Singapore ink MoU on standardization
RIYADH, SAUDI ARABIA – The Saudi Standards, Metrology and Quality Organization (SASO) and Enterprise Singapore signed an MoU here, focusing...
- The pact encompasses cooperation and the exchange of best practices and experiences in metrology, calibration and safety of consumer products.
- The MoU includes provisions for training, capacity building and collaboration in the development of infrastructure for standards and quality.
Markets in retreat on growing fears of Middle East war
With Benjamin Netanyahu building up a huge force ahead of an expected land incursion into Gaza, Iran has warned of...
- The prospect of an all-out war pushed oil prices up Wednesday, though Washington's decision to suspend some sanctions on Venezuelan output tempered the gains
- Risk aversion among traders was increased by concerns the Federal Reserve would hike interest rates again, or at least keep them elevated for an extended period