Asia stocks mostly down after Wall St. losses
The "Santa Claus rally" got off to a good start but US stocks then fell across the board on Friday,...
Asian markets retreat as China pledges fail to spark excitement
Asian markets fell Friday as China's latest vows to boost the beleaguered economy failed to stir much excitement, while traders...
Business
ADX records 16.9% surge in FADX 15 during first three quarters of 2022
The traded values (short and long trades) on the exchange reached $177 billion compared with $134 billion during the same...
- The traded values reached $177 billion compared with $134 billion during the same period last year
- The growth was driven by a rising number of institutional and individual investors on the exchange
Geostrategy
Saudi energy minister holds talks with counterparts in India
Prince Abdulaziz is also the Chairman of the Ministerial Committee for Economy and Investment in the Saudi-Indian Strategic Partnership Council.
- Prince Abdulaziz is also the Chairman of the Ministerial Committee for Economy and Investment in the Saudi-Indian Strategic Partnership Council
- Saudi minister said the visit will further enhance the strategic partnership between the two countries and enable them to explore further opportunities for cooperation
Geostrategy
Spain says new gas pipeline may take 7 years to build
A planned underwater energy pipeline linking Barcelona in Spain and Marseille in France could take up to seven years to...
- France, Spain and Portugal announced that they had agreed to build the maritime pipeline.
- The underwater pipeline - dubbed BarMar - would initially be used for natural gas but, over time, more and more for hydrogen.
Business
Reliance Q2 net profit at $1.65bn
RIL's core oil-refining business hit overall profits.
- Revenues from operations increased 33.7 percent on-year to US$28.19 billion helped by strong contributions from Reliance's newer consumer-facing businesses.
- Additional excise duties cost Reliance US$488 million (40.4 billion rupees) in the quarter, the company said,
Business
Credit Suisse sells 8.6% stake in Allfunds
Bank raised US$325m from its stake sale of Spanish firm.
- Credit Suisse acquired the minority stake in 2020 after selling its business-to-business investment fund platform, InvestLab, to Allfunds.
- The bank was rocked last year by the collapse of the British financial firm Greensill.
Business
Dlala Holding to resume trading
The authorized capital of the company is US$78 million.
- The QSE announced after completing the process of reducing the company's issued capital from 284.16 million shares to 190.387 million shares.
- Dlala Holding Company was established and listed on Qatar Stock Exchange in 2005.
Economy
Thousands join Hungary teacher rebellion over ‘humiliating’ pay
With supermarket cashiers paid more than most teachers, thousands have joined the protests since the beginning of September, with human...
- Hungary is already in the grip of a chronic teacher shortage, with few young people joining the profession and 40 percent of teachers aged over 50.
- According to the EU, the centralised management of schools also leaves school directors with limited autonomy to improve teaching quality, further eroding morale.
Market Report
Pound sinks against dollar on UK political uncertainty
The British pound sank against the dollar on political uncertainty after the resignation of UK Prime Minister Liz Truss, while...
- The dollar strengthened also on expectations that the US Federal Reserve would press ahead with its program of bumper interest rate hikes.
- Traders were girding for another possible intervention by Tokyo after the dollar went above 150 yen.
Business
UAE-UK Business Council to promote trade, investment
The UAE-UK Business Council hosted its 20th Plenary Meeting in Abu Dhabi, co-chaired by Ahmed Al Sayegh, Minister of State,...
- A new project on opportunities for UK-UAE collaboration on the decarbonization of the built environment was also announced.
- The Business Council announced it will support the Cherie Blair Foundation for Women.
Geostrategy
Shortest-serving PM in history leaves scars on the economy
The crisis-hit PM, elected Conservative leader just six weeks ago on a tax-slashing platform, announced her resignation Thursday. Her budget,...
- The measures triggered a loss of confidence on markets, sparking the downfall of the 47-year-old Oxford-born politician
- Investors also felt the budget splurge was in opposition to the BoE's recent interest rate hikes which sought to bring down runaway inflation
Asia stocks mostly down after Wall St. losses
The "Santa Claus rally" got off to a good start but US stocks then fell across the board on Friday,...
Company News
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stc Group begins work in Europe
Business
Iran, Russia to invest $38bn in developing INSTC
TEHRAN, IRAN – The Iranian head of Solyanka Port in Russia said that the International North-South Transport Corridor (INSTC) is a...
Geostrategy
Air passengers with disabilities need special assistance
"However, the actual needs of the traveler might differ. They might simply need help navigating crowded airports, have difficulty with...
Economy
GFH Capital mulls listing on Saudi market, says CEO
RIYADH, SAUDI ARABIA - GFH Capital is considering the offering of its unit in Saudi Arabia on the Tadawul. GFH...
Business
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Economy
UAE president discusses climate financing with World Bank chief
Abu Dhabi, UAE – The UAE president Sheikh Mohamed bin Zayed Al Nahyan Thursday discussed climate financing with the President of...
- The meeting also discussed global economic conditions, and the contributions of the World Bank in supporting regional and global development
- The UAE president highlighted the upcoming UN Climate Change Conference (COP28), which his country will host later this year
Economy
FII7 sees $17.9 billion in investments, summit on AI
Riyadh, Saudi Arabia – The three day 7th edition of the Future Investment Initiative (FII7) which ended on October 24...
- During a session, Goldman Sachs Economics forecasted that global investment in AI could reach $200 billion by 2025
- The event saw the partnership between the PIF and Pirelli, with plans to establish a tire manufacturing facility in Saudi Arabia
Business
Saudi Arabia’s Ministry of Investment inks 3 MoUs at FII7
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology,...
- The MoUs related to the biotechnology and pharmaceutical sectors aim to explore, develop, manufacture and market a range of potential new medicines.
- The MoU of the financial services sector aims to provide an opportunity for investors to invest directly in key projects in line with the Saudi Vision 2030.