Saudi tourism sector employee number rises by 5.1 percent in second quarter
Riyadh, Saudi Arabia – The number of employees in tourism-related activities in Saudi Arabia increased by 5.1 percent in the...
Business
US stocks mostly rise ahead of expected rate cut, bitcoin hits new record
The Fed is widely expected to cut its key lending rate for a third straight time, reducing it by a...
Business
Business
ahlibank Q1 profit $21.84m
Muscat, Oman -- ahlibank of Oman has reported a profit of 8.4 million RO ($21.84 million) in the first quarter...
- The customer deposits grew by 7.3 percent, reaching RO 2.33 billion during the first quarter, compared to the same period in 2022.
- Loans, advances, and financing expanded by 5.6 percent to RO 2.57 billion, while the bank's operating income increased by 4.6 percent to RO 23.3 million.
Geostrategy
China-based networks sowing disinformation in West: Meta
The network's social media accounts -- which ranged from Facebook to YouTube, Telegram and Twitter -- pushed content focusing on...
- Meta said it had removed more than 100 Facebook pages, profiles and Instagram accounts linked to the network, accusing them of violating its policies.
- Russia has long been accused of operating "troll farms" in a bid to influence public opinion in the West, with China not having been regarded as advanced in that area.
GCC central banks align rates with US Fed Reserve
The regional apex banks -- including the CBUAE, SAMA, CBB, and QCB -- have raised rates by 25bps in response...
- The regional apex banks -- including the CBUAE, SAMA, CBB, and QCB -- have raised rates by 25bps in response to the US Fed's decision to increase its benchmark lending rate
- Saudi Arabia's SAMA has increased its Repo rate to 5.75% and Reverse Repo to 5.25%, while the CBUAE has raised its ODF from 4.90% to 5.15%, effective from May 4, 2023
Economy
US pick Ajay Banga confirmed as new World Bank president
Banga was the sole nominee for the top job. He will begin his new role on June 2. President Joe...
- Under an unwritten arrangement, a US citizen has historically held the presidency of the World Bank and a European has run the IMF.
- Despite unease over continued US grip over the presidency of the bank, the trend continues with Banga, who was born into a Sikh family in India and is a naturalized US citizen.
Business
Aldar Q1 sales hit $1.22bn
The company's expansion plans include the acquisition of Al Fahid Island.
- The company said its development revenue backlog also hit an all-time high of AED 18.8 billion, which "provides visibility over the next two to three years".
- It has also entered the Dubai real estate market through a joint venture with Dubai Holding, which will see the development of three new communities across 3.5 million sqm of land.
Business
Iraq eyes deal on Kurdistan oil exports to Turkey within weeks
Ankara stopped importing oil from Iraqi Kurdistan in March after the International Chamber of Commerce ruled the federal government in...
- Under the terms of an agreement, sales of Kurdish oil are to go through the Iraqi National Oil Company, and no longer exclusively through the authorities in Iraqi Kurdistan.
- Oil exports are a key source of revenue for both the federal and regional governments, and their management has long been a sensitive topic in relations.
Geostrategy
Iran arrests energy firm managers for backing workers’ strike
Tehran, Iran -- Iranian authorities have arrested managers at a major petrochemical company for backing a workers' strike over pay...
- The offshore South Pars field in the Gulf -- the world's largest known gas reserve, which Iran shares with Qatar -- employs some 40,000 workers.
- In April, an official in charge of the Islamic republic's oil and gas sector in Bushehr province said 4,000 of the workers on strike would be replaced.
Business
Lufthansa expects summer boom
The group's first quarter loss dipped to $515m from $644m a year ago.
- Revenues rose by 40 percent to seven billion euros for the period, as 22 million passengers boarded Lufthansa group's planes between January and March.
- Capacity had already grown to 75 percent of the pre-Covid level in 2019 and was up 30 percent from the previous year.
Press freedom under attack everywhere: UN, media
The rise of disinformation and hate speech threatens truth, while journalists continue to face harassment, intimidation, and imprisonment, highlight UN...
- Speaking ahead of World Press Freedom Day on Wednesday, UN Secretary-General Antonio Guterres issues a rallying cry for journalists and media worldwide
- "All our freedom depends on press freedom," he said in a video message, calling it the "foundation of democracy and justice" and the "lifeblood of human rights."
Business
Samsung bans use of ChatGPT for mobile, appliances staff
Seoul, South Korea -- Samsung Electronics is banning employees in its mobile and appliances division from using generative AI services such...
- Major financial firms, including Goldman Sachs, have banned or restricted employees' use of ChatGPT-like platforms in recent months.
- More than 60 percent of Samsung staff said in an internal survey there were security risks with using generative AI platforms with company devices.
Saudi tourism sector employee number rises by 5.1 percent in second quarter
Riyadh, Saudi Arabia – The number of employees in tourism-related activities in Saudi Arabia increased by 5.1 percent in the...
Business
Company News
Latest News
Turkey joins South Africa’s Israel ‘genocide’ case at ICJ
A Turkish parliamentary delegation accompanied by the Turkish ambassador to the Netherlands filed a "declaration of intervention" at the ICJ's...
Geostrategy
Bangaldesh Nobel winner Yunus ready to lead after Hasina flees
Dhaka, Bangladesh -- Bangladesh Nobel winner Muhammad Yunus said Tuesday he is ready to head a caretaker government, a day after...
Geostrategy
Abu Dhabi to host Loop CEE travel fair for first time in Middle East
Abu Dhabi, UAE -- The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) and Miral will host...
Business
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Geostrategy
Travellers rush to leave Lebanon amid spiking tensions
Several airlines including Lufthansa and Air France have delayed or suspended flights to Lebanon, and countries have issued urgent calls...
- Fears have spiked that months of cross-border violence could degenerate into all-out conflict between Hezbollah and Israel, who last fought a devastating war in the summer of 2006.
- Embassies have repeatedly urged their citizens to leave Lebanon while commercial flights are still available.
Geostrategy
Thousands bid farewell to Ismail Haniyeh in Qatari capital
Haniyeh was laid to rest in Lusail, north of the capital Doha, following funeral prayers at the Gulf emirate's largest mosque...
- "In this moment, I buried my soul under the dirt and I departed. I departed with all the pain of the world in my ribs," she captioned the video uploaded on X.
- Mourners earlier on Friday lined up inside Imam Muhammad bin Abdul Wahhab Mosque, where Haniyeh's casket, draped in a Palestinian flag, was briefly carried in.
Geostrategy
Iran, allies ready Israel response as funerals held for Haniyeh, Shukr
Hezbollah chief Hassan Nasrallah, addressing the funeral of the Lebanese group's top military commander, said Israel and "those who are...
- The international community has called for calm and a focus on securing a ceasefire in the Gaza Strip -- which Haniyeh had accused Israel of obstructing.
- The prime minister of key ceasefire broker Qatar said Haniyeh's killing had thrown the whole Gaza war mediation process into doubt.