Saudi Crown Prince, US Secretary of Defense discuss troop deployment

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 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 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 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 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

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’

Raghuram Rajan

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

Jeff Weiner

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

Jazeera Chairman Marwan Boodai

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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