RIYADH: The Saudi minister of investment will stress the kingdom’s position as a major global investment destination during his visit to the US, according to the Saudi Press Agency. Khalid Al-Falih will meet a group of the US officials on Wednesday to strengthen the existing strategic trade and investment partnership between the two countries, the agency … Read more
RIYADH: Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said users switching from gas to oil could account for the demand of 500,000-600,000 barrels/day, adding that the world was now waking up to the shortages in the energy sector, Arab News reported. Prince Abdulaziz said the potential switch depended on how severe winter weather would be and … Read more
ISLAMABAD: The talks on further progress on the proposed Preferential Trade Agreement (PTA) between Pakistan and Vietnam are likely to take place in the middle of November this year, a diplomat said. Vietnam’s Ambassador to Pakistan Nguyen Tien Phong said that the bilateral talks on the proposed PTA would be held under the framework of … Read more
WASHINGTON: Former US president Donald Trump on Wednesday announced plans to launch his own social network, in the latest push to reclaim his internet dominance after he was banned from Twitter and Facebook in the wake of the Capitol insurrection. The move is likely to further strengthen speculation that Trump is gearing up for another … Read more
FRANKFURT: This week’s Frankfurt book fair, the world’s oldest and largest, brings with it the first wave of pandemic novels. But are readers ready to relive coronavirus and lockdown life through fictional characters? Some of the best-known authors have pandemic tales on the way, with Jodi Picoult finding inspiration in a tourist stranded abroad, while Margaret … Read more
The global foreign direct investment flows were valued at $852 billion in the first half of 2021, Arab News quoted UN data, as saying. This reflected a partial-year growth of 78 per cent when compared to 2020. In the US, inflows were up by 90 per cent, driven by a surge in cross-border mergers and … Read more
RIYADH: Bitcoin hit a six-month high and was within striking distance of its all-time peak on Tuesday, as traders bet an anticipated listing of a futures-based US exchange-traded fund (ETF) could herald investment flows into cryptocurrencies, Arab News reported. Bitcoin has been known for its volatility for 13 years and has recently been trading fairly flat, but … Read more
CAIRO: Economic research firm Capital Economics expects the Saudi economy to grow 2.5 per cent this year and by an impressive 7.3 per cent in 2022, Arab News reported. When compared to the firm’s pre-pandemic estimates, the country’s GDP would be about 3 per cent higher by the end of 2023. William Jackson, Chief Emerging Market Economist … Read more
RIYADH: Saudi Arabia issued SR8.5 billion ($2.27 billion) in the domestic Sukuk for the month of October, Arab News quoted the National Debt Management Centre, as saying. The Islamic bonds were split into two tranches: SR3.905 billion due in 2029, and another of SR4.595 billion due in 2033.
RIYADH: Saudi Arabia’s National Fisheries Development Programme has launched a project to develop commercial algae technology and promote localisation of the algae industry in the kingdom, Arab News reported. The fisheries development programme comes under the purview of the Saudi Ministry of Environment, Water and Agriculture. Ali Al-Shaikhi, the CEO of the programme, said the project aims … Read more
WASHINGTON: A report from the Bank of America has warned reaching net zero will cost the global economy $5 trillion annually for the next 30 years, Arab News reported. On the eve of the UN’s COP26 environmental conference in Scotland this month, where countries who signed the 2015 Paris Agreement to reduce carbon emissions will review their … Read more
RIYADH: The Saudi-Moroccan Business Council has signed four memoranda of understanding to strengthen partnership in tourism, electricity, renewable energy, logistics and food sectors, Arab News reported. The council also revealed plans to launch the “Two Kingdom’s Forum and Exhibition” in Jeddah in the first quarter of 2022. Ali Al-Yami, head of the council, said a list of … Read more
ATHENS: Greece, Cyprus and Egypt have signed an electricity agreement that could include Egyptian solar power and potentially supply power to other European countries, Arab News reported. The protocol was signed during a meeting between Greek Prime Minister Kyriakos Mitsotakis and the presidents of Egypt, Abdel Fattah El-Sisi, and Cyprus, Nicos Anastasiades, in Athens. The deal concerns … Read more
RIYADH: Three Gulf countries are among the top 10 best places to live in the world for expats, with the UAE climbing 10 places to secure the 4th position, while Bahrain ranked 8th and Qatar took the 10th position, Arab News reported. Switzerland retained its position as the number one place expats rated to live, while Australia … Read more
RIYADH: Saudi Arabia’s holding of US Treasury securities decreased by the end of August to $124.1 billion, the lowest since May 2020, Arab News quoted the latest data from the US government. The Saudi holdings in August were down by 3.1 per cent or $4 billion compared to the previous month. The holdings declined by 4.5 per … Read more
ISLAMABAD: Agriculture is likely to face severe impacts from climate change, reducing the amount of food to be grown at a time when more is needed than ever before, a government official said. Addressing the 25th session of the Near East Forestry and Range Commission (NEFRC), hosted virtually by Egypt, Federal Minister for National Food … Read more
BEIJING: The cooperation in digital infrastructure and IT under the China-Pakistan Economic Corridor (CPEC) will soon make some significant progress under the IT industry joint working group (JWG) established at the 10th CPEC Joint Cooperation Committee (JCC) meeting, said Du Zhenli, deputy director general of the China International Engineering Consulting Corporation. With rich labour resources, … Read more
LAHORE: The inclusion of Iran in ‘C category’ was adversely affecting flight operations and bilateral trade. Talking to Lahore Chamber of Commerce and Industry (LCCI) president Mian Nauman Kabir, senior vice president Mian Rehman Aziz Chan and vice president Haris Ateeq, Iranian Consul General Muhammad Raza Nazri said that there was no such restriction from … Read more
STOCKHOLM: Swedish car brand Volvo said on Monday it was planning its Stockholm stock exchange debut on October 28, targeting a market value of up to 200 billion kronor ($23.1 billion, 19.9 billion euros). The Swedish carmaker first announced its plans to go public in early October, while noting that China’s Geely would remain the … Read more
WASHINGTON: Output by US industries fell 1.3 per cent last month amid continued supply constraints hindering manufacturing, the Federal Reserve reported on Monday. Declines were apparent across multiple categories, but stark in the auto sector, with production of motor vehicles and parts falling 7.2 per cent “as shortages of semiconductors continued to hobble operations,” the … Read more
KUWAIT CITY: A fire broke out on Monday in Kuwait’s largest oil refinery, causing several injuries but no interruptions to site operations or petrol exports. Plumes of smoke rose above the Mina al-Ahmadi facility, located on the Gulf coast just opposite Iran, about 40 kilometres (25 miles) south of the capital Kuwait City, according to … Read more
KARACHI: Businessmen Group (BMG) chairman and former president of the Karachi Chamber of Commerce and Industry (KCCI) Zubair Motiwala has appealed to the government to subsidise the impact of the international oil prices, a statement said on Saturday. The increase in petroleum prices would not only affect the overall economic performance but would also intensify … Read more
LONDON: A key index tracking the prices of industrial metals, including aluminium, copper and zinc, has struck record heights as soaring energy prices reduces their production. The London Metal Exchange Index reached an all-time peak at 4,623.4 points. It represents a 35-per cent jump for the LME index since the start of the year, while … Read more
LONDON: A version of Banksy’s celebrated “Girl with Balloon”, set on two canvasses, sold at auction on Friday for £3.1 million ($4.3 million, 3.7 million euros), a day after another of the artist’s works fetched a record price. The 2005 diptych, which shows a small girl reaching for red heart-shaped balloon on a white background, … Read more
ISLAMABAD: The electricity tariff will be increased by Rs1.39 and because of depleting gas reserves, the government will impose a ban on the new gas connections for domestic consumers till the introduction of the new pricing mechanism for imported gas. Federal Minister for Energy Hammad Azhar said that this in a media briefing along with … Read more
LONDON: British Conservative MP David Amess has died after being stabbed at an event in his local constituency in southeast England, British media reported on Friday. Police did not name Amess but said: “A man has been arrested on [the] suspicion of murder after a man was stabbed in Leigh-on-Sea” and that the victim “later … Read more
KARACHI: The provincial revenue authority is making all-out efforts to resolve taxpayers’ issues on a priority basis, an official said on Friday. Speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI), Sindh Revenue Board (SRB) chairman Khalid Mehmood said the board has been making cautious efforts to ensure … Read more
KARACHI: The Pakistan stocks continued the bullish run, closing the week with a gain of 1.1 per cent, as easing political tensions and rallying global equities lifted the market sentiment, dealers said. Ahsan Mehanti at Arif Habib Corporation said that the bullish activity continued on surging global equities and Brent crude oil prices to over … Read more
