China says will fight to ‘bitter end’ if US pushes trade war
Pressure from Trump could motivate Beijing to strengthen the kinds of support for the economy seen last year -- interest...Economy
Asian stocks rise as Powell rate warning taken in stride
Equities rose in Asia on Wednesday as traders took in their stride a warning from Federal Reserve boss Jerome Powell...Economy
Oil majors still profitable even if 2022 super profits gone
From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in...Before it, the US giant ExxonMobil saw its second-quarter profits tumble 56 percent to $7.9 billion, while rival Chevron saw a similar fall to $6 billion.
Shell saw a 64 percent drop in net earnings to $3.1 billion, while TotalEnergies fared better with just a 28 percent slide to $4.1 billion.
Bupa Arabia H1 2023 net profit $149m
Rise was driven by a jump in insurance revenue.The corresponding figure in the same period last year - H1 2022- was US$79.8 million.
The company reported a jump of US$74.9 million YoY in insurance services results.
Jordan sees surge of investments to US$844.8m in first half of 2023
Amman, Jordan--Jordan’s economy has seen a 47.6 percent increase in investments in the first half of 2023, according to data...According to data, Jordan's aggregate investments amounted to $844.8 million in the first six months of the year, up from $571 million
The results come close on the heels of the government's initiative to set up a plan to lure new funding streams and boost current ones
Inma Holding profit tumbles
Its net profit fell 53.8% in H1 of 2023 to US$0.92m.Its earnings per share(EPS) declined to reach QR 0.059 as of 30th June 2023 versus EPS QR 0.128 for the same period in 2023
The company posted a 61.7% jump in net profit in 2022, reaching $2.69 million in comparison to a net profit of $1.67 million
UAE’s real estate market remains strong in the first half of 2023: CBRE
Dubai, UAE--The UAE's real estate market has recorded a strong performance across all sectors in the first half of the...According to the CBRE report, the sector has benefitted from an expansion in the country's non-oil economy
The report added that industrial and logistics sector has seen relatively strong levels of activity during the period
US equities up as major firms set to unveil economic reports
New York, US - Wall Street stocks edged higher early Monday ahead of major economic reports and earnings releases later in...US equities have continued to trend higher in July behind hopes that the Federal Reserve will soon relent on interest rate hikes
The broad-based S&P 500 added 0.3 percent at 4,593.56, while the tech-rich Nasdaq Composite Index advanced 0.4 percent to 14,370.18.
Federal Reserve open to alter interest rates, says official
Washington, US - A Federal Reserve official left open the possibility on Monday of pausing or stopping interest rate hikes at...To rein in surging costs of living, the Fed has lifted the benchmark lending rate rapidly since March 2022
While the full effect of policy will take time to ripple through the economy, inflation has cooled
Saudi Arabia real GDP grows 1.1 percent in Q2 2023
RIYADH, SAUDI ARABIA - The real GDP of Saudi Arabia grew by 1.1 percent in the second quarter of 2023,...According to the report, seasonally adjusted real GDP decreased by 0.1 percent in Q2 of 2023 compared to Q1 of 2023.
GASTAT carries out all statistical work, as well as the technical oversight of the statistical sector in Saudi Arabia.
UK to issue hundreds of new oil and gas drilling licenses in North Sea
The announcement has angered environmental groups and comes amid an internal debate within the ruling Conservative party on green policies...."Investment in the North Sea will continue to unlock new projects, protect jobs, reduce emissions and boost UK energy independence," PM Rishi Sunak's office said.
"The government is taking steps to slow the rapid decline in domestic production of oil and gas, which will secure our domestic energy supply," it said.
UAE oil giant ADNOC pledges to ‘accelerate’ zero-carbon plan
ADNOC "is accelerating its decarbonization plan to advance its net-zero ambition to 2045, compared to its previous target of 2050,"...ADNOC said it has "reduced its greenhouse gas emissions" by about 5m tons in 2022, mostly through the use of solar and nuclear energy, to power all of its onshore operations.
ADNOC CEO Sultan Al Jaber, who will head up COP28, has argued that fossil fuels will continue to play a key role, and that carbon capture technologies will contain emissions.
