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
ECB policymakers divided over China risks
Policymakers at the European Central Bank disagreed at their last meeting over how big a threat turmoil in China and other emerging markets pose to Europe’s modest economic recovery. The result of the Dec. 3 debate, for which a written
Bank of England unruffled by oil slump and share price slide
The Bank of England said it expects only a slight drag on inflation from the renewed plunge in global oil prices as policymakers voted overwhelmingly again on Thursday to keep interest rates at a record low. The Bank also said
Oil prices drop as US crude inventories rise
Oil prices fell on Wednesday after a rise in weekly US crude inventories fed into bearish sentiment about the deepening global supply glut that has brought oil prices close to 12-year lows. Brent crude, the global benchmark, was down 37
KSA-China discuss cooperation in atomic, renewable energy
Delegates from the Kingdom and China, who were in the capital, held wide-ranging talks on Wednesday. The Kingdom sought cooperation in atomic and renewable energy in a strong bid to speed up work on its alternative energy program in order
Jet Airways rolls out special fares to mark India’s ‘Republic Day’
Jet Airways, India’s premier international airline, announced Wednesday a special five-day sale offer allowing guests from the Gulf to enjoy a flat 10% discount on base fares, applicable on all flights booked on jetairways.com for travel to India and countries
LuLu opens its 6th hypermarket in Saudi Arabia
Marching ahead with its aggressive expansion in the Saudi market, Middle East’s retail major LuLu Hypermarkets has opened its latest outlet in Dammam, making it its sixth outlet in the Kingdom and 121st in the GCC. The latest hypermarket was
Flynas introduces direct flights to Khartoum
Saudi national carrier flynas has launched direct services from Dammam to the Sudanese capital Khartoum, describing it as a strategic move to continue growing the carrier’s footprint in the wider Middle East region. The inaugural flight XY420 took off on
GM unveils Bolt electric car in Las Vegas
General Motors unveiled the production version of its Chevrolet Bolt electric car, on which the US auto giant is pinning its hopes for the emerging segment. The Bolt aims to appeal to consumers looking at a more affordable price tag
Saudia to hike fares
Saudi Arabian Airlines (Saudia) plans to hike airfares to help meet the costs of expanding its fleet, provide training for staff and improve services. This is according to Saleh Al-Jasser, director general of Saudia, who said that tickets have
Yahoo looking to slash 10 percent or more of its work force: Report
Yahoo Inc. is working on a plan to cut its workforce by at least 10 percent and it could start the process as early as this month, Business Insider reported, citing sources. “We are not confirming this rumor or commenting
Apple stock slumps amid iPhone sales worries
Apple fans keep buying iPhones, but Wall Street keeps worrying the company won’t be able to match last year’s blistering sales pace. Shares in the world’s most valuable company have fallen more than 15 percent over the last month, amid
Global economy to accelerate modestly to 2.9%: World Bank
Weak growth among major emerging markets will weigh on global growth in 2016, but economic activity should still pick up modestly to a 2.9 percent pace, from 2.4 percent growth in 2015, as advanced economies gain speed, according to the
Kingdom’s nonoil private sector expansion cools at end of 2015
Saudi Arabia’s nonoil private sector suffered a loss of growth momentum at the end of 2015, with business conditions improving at the weakest pace in the survey’s history. Weighing on the sector were slower expansions in output, new orders and
Gold hits 9-week high; climbs above $1,100
Gold climbed above $1,100 an ounce for the first time in nine weeks on Thursday as the dollar fell and investors channelled money into safer assets after worries about the Chinese economy hit global stocks. European shares fell sharply after
Key Karachi share index edges down
Pakistan shares ended marginally lower for the third trading session on Wednesday, dealers said. The benchmark 100-share index at the Karachi Stock Exchange closed down 0.05 percent, or 15.21 points, at 32,968.26. “Market remained lackluster as major index heavyweight sectors
US private payrolls rise; trade deficit narrows
US private companies added workers at a brisk clip in December, pointing to underlying strength in the economy despite signs that growth slowed sharply in the fourth quarter. Other data on Wednesday showed the US trade deficit narrowed in November
LuLu moves ahead with Bahrain expansion plans
Middle East retail major LuLu Group, which is on a vast expansion mode, opened its 5th Hypermarket in Bahrain at Juffair. Shaikh Khaled bin Abdulla Al-Khalifa, deputy prime minister of Bahrain, opened the 120th LuLu Hypermarket of the group. The
Trump to scrap $1 bln in UK investments if barred from Britain
Donald Trump will scrap $1 billion of planned investments in Britain if he is banned from entering the country, a spokesman for the U.S. politician’s business empire said on Wednesday. British lawmakers are expected to debate whether the U.S. Republican
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