Saudi King and Crown Prince Condole Kuwait
In a heartfelt gesture of solidarity, Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman expressed their deepest condolences to the Emir of Kuwait on Monday following the passing of Sheikh More »
Putin and Abbas Discuss Gaza Crisis
Russian President Vladimir Putin is set to meet with Palestinian President Mahmoud Abbas on Tuesday during Abbas’ visit to Russia. Arriving on Monday, Abbas aims to discuss the ongoing Gaza conflict with More »
Saudi Arabia Voices Strong Support for Gaza Peace Initiatives
Saudi Arabia has firmly aligned itself with the recent joint statement made by President Joe Biden of the United States, President Abdel Fattah El-Sisi of Egypt, and Sheikh Tamim bin Hamad Al-Thani, More »
Saudi Crown Prince, US Secretary of Defense discuss troop deployment
:: Saudi Arabia’s Crown Prince Mohammed bin Salman received a phone call on Wednesday from the US Secretary of Defense during which they discussed ongoing arrangements to send US troops of a More »
Saudi Energy Minister confirms restoration of Kingdom’s gas production capacity
:: Saudi Arabia’s Minister of Energy confirmed on Wednesday the restoration of production capacity, affirming the Kingdom’s position as a reliable energy supplier in the global market. The energy minister, Prince Abdulaziz More »
Category Archives: Economy
KSA is among the healthiest of oil producing countries
Saudi Arabia is among the healthiest of the oil producing countries of the world, a top Riyadh-based economist asserted Saturday as reports said the Kingdom, Russia, Qatar and Venezuela will monitor the oil market following the recent agreement in Doha
Yahoo forms panel to explore strategic options
Yahoo Inc. said its board has formed a committee of independent directors to explore strategic alternatives, alongside its plan to revamp and spin off its Internet business. The move comes two days after Bloomberg reported activist investor Starboard Value LP
KSA, Russia agree to freeze oil output
Al-Naimi: Kingdom wants stable crude price Top global producers Saudi Arabia and Russia have agreed to freeze oil output in a bid to shore up prices after a 70 percent drop due to chronic oversupply. According to AFP, Petroleum and
China yuan surges after central bank chief’s comments
China’s yuan currency surged more than one percent against the dollar, its biggest rise in over a decade, after the central bank chief said there was no reason the beleaguered unit should fall further. The yuan stood at 6.4944 to
Nigeria seeks talks with Gulf producers
The mood inside the Organization of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout, Nigeria’s oil minister told Reuters. Oil
New models lift Renault profit despite Russia writedown
Renault’s full-year profit rose almost 50 percent in 2015 on strong sales of new models, though the French carmaker slashed the value of its stake in Lada-maker AvtoVAZ by 225 million euros amid a Russian car market slump. Renault shares
Lagarde set for second term as IMF chief
Christine Lagarde, the first woman to head the International Monetary Fund, became assured of a second term as managing director to steer it through a global economic slowdown. The executive board of the global crisis lender announced that there were
Oil tumbles close to 12-year lows
US crude oil prices were down as much as 4 percent on Thursday, approaching 12-year lows hit last month, weighed down by brimming US crude inventories and a Goldman Sachs forecast that prices would remain low and volatile until the
RBI chief: Indian banks need ‘deep surgery’
The head of India’s central bank has said the country’s lenders may need to perform “deep surgery” to sort out bad loans and clean up their balance sheets. Raghuram Rajan, Reserve Bank of India governor, who famously predicted the 2008
ECB to decide soon on fate of 500-euro banknotes
The European Central Bank will take a decision soon on whether to keep printing 500-euro banknotes, with the arguments for doing so becoming “less and less convincing,” a top-ranking official said. “We’re actively considering the question and will take a
KSA realizes importance of renewable energy
Petroleum and Mineral Resources Minister Ali Al-Naimi has underlined the importance of energy in the economic and social growth, saying that all peoples of the world have the right to have reliable stable energy sources. He also said that the
Gold surges to one-year high on fears of financial uncertainty
Gold surged nearly 4 percent on Thursday to its highest in a year as fears about financial instability, a lower dollar and US Treasury yields persuaded investors to seek refuge in the precious metal. Traders said financial instability fears were
Saudi Arabia, Venezuela focus on measures to stabilize oil prices
Saudi Arabia and Venezuela discussed on Sunday ways to stabilize the crude market. Petroleum and Mineral Resources Minister Ali Al-Naimi and Venezuelan Oil Minister Eulogio Del Pino discussed the latter’s recent talks with other crude producers and the results of
LinkedIn shares tumble on weak forecast for 2016
LinkedIn shares plunged as much as 28 percent in after-hours trading Thursday after the company reported better-than-expected results for the fourth quarter but provided a weak forecast for 2016. The professional networking service’s adjusted earnings and revenue beat Wall Street’s
Yahoo to narrow focus and cut 15 percent of jobs
Yahoo Inc said on Tuesday it would consider “strategic alternatives” for its core Internet business and cut about 15 percent of its workforce, even as it continues with its plan to revamp the business and spin it off. The announcement
Amazon plans to open up to 400 bookstores
Amazon plans to open up to 400 physical bookstores, an executive of a major U.S. mall operator said on Tuesday. Amazon dipped its toe into the waters of brick-and-mortar stores with the opening of a bookstore in its home city
Jazeera Airways eyes long-haul venture with foreign partner
Kuwaiti low-cost carrier Jazeera Airways could set up a long-haul service with a foreign partner as an alternative to buying a stake in national carrier Kuwait Airways, whose privatization has hit long delays. Jazeera Chairman Marwan Boodai said he would
Iraq inks $328 mn deal with GE to boost power production
Iraq has signed a $328 million deal with U.S. company General Electric that will boost power output during peak summer months, officials said Friday, although it falls far short of the country’s needs. The deal will make only a small
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