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 »
Egypt calls Erdogan statements ‘ironic,’ accuses Turkey of sponsoring terrorism
:: Egypt’s foreign ministry spokesman, Ahmed Hafez, slammed Turkish President Recep Tayyip Erdogan’s statements at the UN General Assembly this week where he urged the UN to “handle the suspicious death of More »
Saudi Crown Prince: Attacks are test of int’l resolve against destructive acts
:: Saudi Arabia’s Crown Prince Mohammed bin Salman said on Wednesday that the attacks on Saudi Aramco oil facilities are a test of international resolve in the face of destructive acts that More »
Saudi Crown Prince says attacks on oil facilities are a ‘dangerous escalation’
:: Saudi Arabia’s Crown Prince Mohammed bin Salman said the recent attacks on Saudi Aramco facilities represented a “dangerous escalation not only toward the Kingdom but also the entire world.” The Crown More »
Category Archives: Economy
Sun sets on Angolan dream for Portuguese expats
When Portugal was suffering in the depths of the global financial crisis, Marina Pereira followed thousands of her compatriots and took a job in Angola as it rode the wave of an oil boom. But now the collapse in global
India looks to ease pain from cash crunch in budget
India’s government is expected to ramp up spending in its latest budget this week, seeking to ease the pain from a ban on high-value bank notes that slammed the brakes on the world’s fastest-growing major economy. Ahead of a series
Oracle denies claims linking recent layoffs to Trump
“As the global market for Oracle’s Solaris [operating system] shrinks, the company is now refocusing on cloud services to better adapt to changes,” Li Yingyan, the public relations manager at Oracle’s Beijing office, told the Global Times on Wednesday. Li’s
Davos 2017 kicks off with renewed focus
The World Economic Forum, which organizes the annual gathering of the global political and business elites in the Swiss ski resort of Davos, says the focus on economic growth, which has guided policymaking for decades, is no longer fit for
Oil experts cautiously optimistic over Saudi oil output cut
Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih’s announcement on Thursday that the Kingdom has reduced its oil output to its lowest levels in two years has created a wave of cautious optimism. The announcement, made at the
UAE’s ADNOC says fire at Ruwais oil refinery contained
Abu Dhabi’s state-owned national oil company ADNOC said on Wednesday it had contained a fire at the Takreer Ruwais refinery and that production and supply had not been affected. ADNOC had earlier said on its Twitter account that no casualties
Saudi Arabia to grant business visa within 24 hours
Saudi Arabia has adopted a new mechanism to grant business visas for foreign investors within 24 hours. Foreign Ministry official Usama Nugali confirmed the move to Arab News on Sunday. The new measure is aimed at allowing foreign investors to
Saudi budget to be announced today
Saudi Arabia will today unveil its annual budget statement, which is expected to outline a series of tough measures designed to put the Kingdom on the road to achieving financial balance by 2020. Subsidy cuts, rationalized spending and new fees
PM May seeks to soothe Brexit fears at business summit
Prime Minister Theresa May has promised to boost research investment as she sought to reassure business leaders nervous about the “cliff-edge scenario” of Britain leaving the European Union. May told a Confederation of British Industry (CBI) conference that her government
GCC and Russia ministers discuss ways to ensure oil market stability
GCC energy ministers and Russian Energy Minister Alexander Novak Sunday discussed the current developments in the oil market, including cooperation between the Gulf states and Russia in the energy sector to stabilize crude prices. The tone for the GCC-Russia energy
Saudi banks ‘among least susceptible to fraud worldwide’
The financial sector in the Kingdom is one of the least susceptible bodies to financial fraud worldwide, according to Talat Zaki Hafiz, secretary-general of the media and banking awareness committee of the Saudi banks, the apex banking body in the
KKIA Terminal 5 begins operations tonight
The Saudi Arabian Airlines (Saudia) has completed all preparations enabling it to manage all domestic flights at King Khaled International Airport (KKIA) in Riyadh at Terminal 5, starting midnight Sunday. The first departing flight, No. 1677 to Abha, will be
Hotels woo guests to book directly online with discounts
Hotels are getting more aggressive in their fight to get travelers to book reservations directly with them instead of through online travel agencies such as Expedia and Priceline. Hyatt Hotels Corp. on Monday became the latest chain to offer guests
Private firms launch job drive to recruit young Saudis
A number of private sector companies in collaboration with the public sector have launched a drive on Sunday with an aim to recruit young unemployed Saudis. The campaign titled “Employment Path” is spread over all regions of the Saudi Arabia
Saudi-Egyptian business forum mulls economy based on innovation
Participants in the Saudi-Egyptian Business Opportunities Forum stressed the importance of commercial ties between the business communities in the Kingdom and Egypt. They also emphasized the bilateral cooperation in boosting economic and trade relations between the two governments, Saudi Press
Turkish Feb current account deficit narrows on oil price drop
Turkey’s current account deficit, long regarded as a weak point in the economy, narrowed more than expected in February as lower oil prices reduced the country’s energy import bill. The deficit fell to $1.785 billion in February from $2.338 billion
Warren Buffett’s Berkshire Hathaway Q4 profit rises 32%
Warren Buffett’s Berkshire Hathaway Inc. said fourth-quarter profit rose 32 percent, helped by improved results in its insurance operations and higher gains from investments and derivatives. Net income rose to $5.48 billion, or $3,333 per Class A share, from $4.16
Osborne warns of deeper spending cuts in Britain
British Finance Minister George Osborne warned that he might cut public spending more deeply than he previously planned after the country’s economic growth fell short of the pace foreseen in his plans to wipe out the country’s budget deficit. Osborne,
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