RIYADH: The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have kept its output policy unchanged, as oil prices hit their highest in five months. The producers’ alliance made the decision during the 53rd meeting of the Joint Ministerial Monitoring Committee that took place via videoconference on Wednesday. The meeting … Read more
JEDDAH: Saudi Arabia’s Cabinet on Tuesday agreed that the state will bear the costs of relocation and change of status for displaced persons from neighboring countries who are granted permission to live in the Kingdom. Authorities will pay fees relating to residency, work permits, changes of employment and employer, service transfer fees, profession amendment fees, … Read more
WASHINGTON: IMF Managing Director Kristalina Georgieva warned on Thursday that central banks face growing political pressure to cut interest rates during a major election year but policymakers need to maintain their independence. Georgieva said in a blog posted on the IMF website that central banks with stronger independence scores are more successful in controlling inflation … Read more
TOKYO: The Bank of Japan ended eight years of negative interest rates and other remnants of its unorthodox policy on Tuesday, making a historic shift away from a focus of reflating growth with decades of massive monetary stimulus, according to Reuters. While the move was Japan’s first interest rate hike in 17 years, it still keeps … Read more
SINGAPORE: Oil prices rose on Wednesday on expectations of strong global demand, including in the world’s top consumer the United States, and as even somewhat sticky US inflation did not significantly alter expectations the Fed might start cutting rates soon, according to Reuters. Brent futures for May delivery rose 46 cents, or 0.6 percent, to $82.38 … Read more
TOKYO/NEW DELHI: – Oil prices extended last week’s losses on Monday on concern about slow demand in China, although lingering geopolitical risk surrounding the Middle East and Russia limited the decline, according to Reuters. Brent futures fell 55 cents, or 0.7 percent, to $81.53 a barrel at 7:05 a.m. Saudi time, while U.S. West Texas … Read more
RIYADH: The Qiddiya megaproject in Riyadh is set to build one of the world’s most innovative motorsport tracks in a bid to make the Kingdom a top global racing destination. The configurable Speed Park Track will be located in the center of Qiddiya City, the board of directors of the Qiddiya Investment Co. announced on … Read more
International investors, including from Saudi Arabia, eye lithium mining in Argentina SAO PAULO: Lithium mining has become a central element in several countries’ strategy to transition from fossil fuels to renewable energy. Saudi investors are aware of Argentina’s major role in this respect. Earlier this month, a delegation from the Saudi Energy Ministry visited the … Read more
RIYADH: Liquidity management in Jordan’s cash market is set to undergo a significant transformation as the country’s central bank introduces new tools for monetary policy. Aligned with Shariah laws, the Central Bank of Jordan has introduced these instruments in collaboration with Islamic banks operating within the country. The goal is to enhance the effectiveness and efficiency … Read more
Orland Park, IL: The mayor of Orland Park, a Chicago suburb, told Arab Americans who urged the village board on Monday to approve a ceasefire resolution for Gaza that they can “go to another country” if they do not like US government policy. “First and foremost I’m an American. I’m not a German American, I’m … Read more