China, Canada retaliate to Trump tariff war as markets fall
Washington, United States -- Mounting trade wars between the United States and its largest economic partners deepened Tuesday as huge...Business Economy
Stocks mostly rise, oil falls as Trump fans Ukraine peace hopes
London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the...Business Economy
Burjeel Holdings H1 net profit $61m
Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.Burjeel Holding reported revenue of US$599 million, up 13.9 percent y-o-y during H1 2023.
The net profit was attributable to robust topline growth and significantly lower finance costs.
Eni, British Petroleum, Sonatrach say resuming operations in Libya
Crude oil is the main revenue source for Libya, which has been torn by more than a decade of stop-start...The NOC said in a press release it "received official notifications from the Italian company Eni and the British company British Petroleum regarding the lifting of force majeure
NOC had also been notified by Algeria’s Sonatrach that "exploration and fulfilment of contractual obligations in blocks 065 and 96/95 in the Ghadames Basin" had resumed
Central Bank of Egypt raises interest rate to 100 bps to combat inflation
Cairo, Egypt – In a surprising move, the Central Bank of Egypt (CBE) announced on Thursday that it has raised...The lending rate was increased to 20.25 percent, and the deposit rate to 19.25 percent
The decision marks the second interest rate hike in Egypt this year, following a 2 percent rise in late March
AI anxiety: workers fret over uncertain future
Legal assistants, programmers, accountants and financial advisors are among those professions feeling threatened by generative AI.Goldman Sachs analysts see generative AI impacting, if not eliminating, some 300 million jobs, according to a study published in March.
AI is bringing with it a level of apprehension matched by climate change and the Covid-19 pandemic, a therapist said.
Saudi Arabia posts budget deficit of US$1.41 billion in Q2 2023
RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of...Saudi Arabia, the world’s top oil exporter, recorded a budget surplus of almost $30 billion in 2022.
Total revenues in Q2 stood at US$84 billion, down 15 percent from the same period last year.
Saudi Arabia extends voluntary 1mbpd oil cut to September
Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to...Saudi Press Agency, quoting an official source from the Kingdom's Ministry of Energy, said the country's production for September 2023 will be approximately 9mpbd.
This cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024.
EIH buys stake in Gewan Holding
Acquisition aims to diversify and expand into several sectors.EIH has cultivated a diversified, innovative, and sustainable investment portfolio comprising over 30 companies across various sectors.
Gewan is a diversified holding company operating in various sectors, including real estate, general trading, hospitality, travel and tourism.
DUBAL, Oriental Copper ink MoU
JV will manufacture high-quality copper products in UAE.As per the agreement, DUBAL Holding will assist with local resources and be a co-investor.
Oriental Copper will contribute its extensive technical, operational, and market expertise.
Turkish inflation surges in July at 47.83 percent
The new figure comes as Turkey radically shifts its policies since the May election that includes an end to more...The official rate had been steadily dropping since reaching a more than two-decade high of 85 percent in October last year
The consumer prices skyrocketed by almost 9.5 percent on a month-on-month basis, according to the TUIK state statics agency
Kenya suspends Worldcoin crypto over privacy concerns
Users who registered with the Worldcoin cryptoproject in Kenya were offered 25 free Worldcoin tokens worth about 7,000 shillings ($45),...The Worldcoin Foundation said demand for a World ID in Kenya had been "overwhelming" and as a precaution, verification services had been "temporarily paused"
Kenya has been battling soaring inflation and a jobs crisis, particularly among the young, prompting many people to flock to register with Worldcoin in exchange for cash
