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
Leaders promise not to surprise markets with policy decisions
The heads of the world’s 20 largest economies pledged to use all of their policy tools to tackle uneven economic growth that falls short of expectations, according to a draft Group of 20 (G-20) communique seen by Reuters. As the
G-20 leaders pledge robust fight against patchy economy
The leaders of the world’s 20 largest economies have pledged to use all policy tools to address uneven economic growth that falls short of expectations, according to a draft Group of 20 (G20) communique seen by Reuters. As the G-20
Saudi Arabia to start privatizing airports next year
Saudi Arabia will begin privatizing its airports and related services in the first quarter of 2016, the country’s civil aviation authority said on Sunday. “The privatization program comes in line with the Kingdom’s plan to improve the productive efficiency of
Weak oil and Paris attacks hit Gulf stock markets
Weak oil prices and the attacks by gunmen and suicide bombers across Paris dragged down Gulf stock markets early on Sunday, with Dubai’s index dropping below technical support. Oil prices suffered their biggest weekly loss in eight months last week,
Euro zone economy cools as China slowdown hurts exports
Growth in the 19-nation euro zone slowed in the third quarter as low demand from China hurt Germany and applied a stiff handbrake on an already weak recovery in Europe. The disappointing data overrode news of the return to growth
Lufthansa promises return to normal flights today
Germany’s largest airline, Lufthansa, says it’s had to cancel another 941 flights affecting 110,000 passengers on the final day of a weeklong strike by flight attendants. But the carrier has promised a return to normal flight schedules on Saturday. The
Gold eyes fourth weekly loss
Gold fell back toward near six-year lows on Friday, staying on track for a fourth straight weekly loss, on expectations the Federal Reserve is set to raise US interest rates next month for the first time in nearly a decade.
Amazon plans to export delivery lessons from India to cut costs abroad
E-commerce giant Amazon.com is taking lessons learnt from its daily battles with India’s choked roads and cramped cities to some of its largest developed markets, exporting a model of cheaper deliveries and reduced warehousing costs. Online shopping is booming in
Malaysia Airlines may launch premium economy service
Malaysia Airlines (MAS) could introduce a premium economy option to attract long-haul business travelers as one part of a broader strategy to try to help it exit years of losses, its CEO said in an interview. The airline, which introduced
Record oil glut stands at 3 billion barrels
The world is awash with oil having built record stockpiles in recent months and slowing demand growth combined with resilient non-OPEC supply could worsen the glut well into next year, the International Energy Agency (IEA) said. “Stockpiles of oil at
Thumbs down for idea to curb free Net-based calls
Netizens across the Kingdom on Friday expressed concern over a possible ban on the use of free Internet calls saying millions of people around the world who use smartphone apps are dependent on the facility to keep in touch with
10,000 homes without title deeds get power
The Saudi Electricity Company (SEC) has provided power to more than 10,000 houses here without title deeds in line with royal orders. Sources at the SEC quoted by a local publication said there are plans to provide a further 60,000
Pizza Hut, KFC outlets closed
The Al-Matar branch municipality closed down a Pizza Hut restaurant in Al-Bawadi neighborhood in Jeddah after an inspection team found a number of health violations at the establishment. The closure comes as part of the municipality’s efforts to maintain the
Beijing vows support for Pakistan economic zone
Beijing will back Pakistan to ensure the security of a new special economic corridor providing access to the port of Gwadar that aims to create direct links between China and the Arabian Sea, a top Chinese general has pledged. Fan
Gold dips to near 6-year low
Gold extended earlier losses to hit its lowest level since early 2010 on Thursday, under pressure from expectations that the US Federal Reserve is on track to raise interest rates next month for the first time in nearly a decade.
Saudi Aramco, Hyundai Heavy Industries eye new opportunities
Saudi Aramco, the world’s leading integrated energy and chemicals company, and Hyundai Heavy Industries (HHI) Group signed a general memorandum of understanding (MoU) to jointly collaborate on business development opportunities in Saudi Arabia. Amin H. Nasser, president and CEO of
Lenovo reports Q2 loss following cuts
Chinese technology giant Lenovo said it saw a loss for the second quarter following a restructuring plan, despite stronger sales in its mobile business. However, the loss reported by the world’s biggest personal computer maker was narrower than analysts’ forecasts.
IMF: We can bank on Islamic finance for stability
The fast growing, Shariah-compliant Islamic finance industry has the potential to promote financial stability because of its risk-sharing and asset-backed features, International Monetary Fund Managing Director Christine Lagarde has said. “Islamic finance has, in principle, the potential to promote financial
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