Arab News' Ross Anderson recalls 9/11 from The Times newsroom in London

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Updated 13 September 2021

Arab News' Ross Anderson recalls 9/11 from The Times newsroom in London

Arab News' Ross Anderson recalls 9/11 from The Times newsroom in London

Veteran journalist Ross Anderson recalls covering 9/11 from the chaotic newsroom of The Times in London. Anderson, now the head of Arab News's print edition, describes the challenges faced by the media covering the seismic events.


16 more fintech firms enter Saudi market in Q3 of 2021

16 more fintech firms enter Saudi market in Q3 of 2021
Updated 4 min 56 sec ago

16 more fintech firms enter Saudi market in Q3 of 2021

16 more fintech firms enter Saudi market in Q3 of 2021

RIYADH: Saudi Arabia issued licenses to 16 fintech companies in the third quarter of 2021, Sabq quoted Saudi Central Bank governor as saying at an event on Monday.

Fahad Almubarak said 13 of those companies work in the field of payments and electronic wallets, and three firms are engaged in insurance and finance sector.

Saudi Arabia witnessed a 37 percent rise in the number of fintech firms entering the market and also recorded an increase in venture capital investments that exceeded SR680 million ($181 million).

Capital Market Authority chairman Mohammed Elkuwaiz said fintech companies develop technical ideas that challenge the current situation, which has an added value because it offers a product that did not exist before, Sabq paper reported.

Fintech in Saudi Arabia has competitive advantages over other countries, and 90 percent of transactions in the Saudi financial market are automated and have been conducted electronically for more than 10 years, Argaam reported.


Saudi Arabia calls OIC meeting on Afghanistan

Saudi Arabia calls OIC meeting on Afghanistan
Updated 11 min 7 sec ago

Saudi Arabia calls OIC meeting on Afghanistan

Saudi Arabia calls OIC meeting on Afghanistan

RIYADH: Saudi Arabia calls for an urgent OIC to discuss Afghanistan humanitarian situation.


Chinese developers to face $1.3bn of bond payments in December

Chinese developers to face $1.3bn of bond payments in December
Updated 19 min 24 sec ago

Chinese developers to face $1.3bn of bond payments in December

Chinese developers to face $1.3bn of bond payments in December

RIYADH: China’s developers face around $1.3 billion of bond payments in December, following a month of investors’ sentiment stabilising toward the property sector.

In November, the total bond payments was $2 billion, with no defaults reported, according to Bloomberg. 

Investors' scrutiny regarding principal and interest payments lingers as the cash crisis hits the real estate industry. 

China’s Evergrande group unit and Kaisa group’s grace periods are ending by mid-December on coupons of a total of $171 million. 


SMEs loans growth slows down in 3Q 2021

SMEs loans growth slows down in 3Q 2021
Updated 25 min 28 sec ago

SMEs loans growth slows down in 3Q 2021

SMEs loans growth slows down in 3Q 2021

RIYADH/MOSCOW: Annual growth in total credit provided to small and medium enterprises by Saudi banks slowed in the third quarter of 2021 to 12.9 percent from 25.3 percent in the previous quarter, the Saudi Central Bank report issued on Sunday showed.
Loans given to SMEs reached SR186.2 billion ($49.6 billion) in the third quarter of 2021 compared to SR165 billion in the same quarter a year ago.
A descending trend in quarterly growth rates has also been observed as the value of SME lending increased by just 0.8 percent in the third quarter of 2021, the lowest quarterly rate of growth recorded since the fourth quarter of 2019.
In addition, lending to SMEs from finance companies totaled SR14.2 billion in the third quarter of 2021 compared to SR13.5 billion in the previous quarter. It was also higher than last year’s SR10.8 billion in the same period.


Frank Williams, F1 pioneer who fought adversity to build dominant team

Frank Williams, F1 pioneer who fought adversity to build dominant team
Updated 14 min 7 sec ago

Frank Williams, F1 pioneer who fought adversity to build dominant team

Frank Williams, F1 pioneer who fought adversity to build dominant team
  • Williams’ dry wit and charm, indefatigable spirit and resilience served him well on his journey from being a trainee sales rep for Campbell’s soup to the pinnacle of F1
  • Frank Williams: ‘It’s been a great journey, one I’d love to do again if I was younger. I wouldn’t try and do anything different except try and avoid the accidents’

PARIS: Frank Williams was a colossus of Formula One, but lurking beneath all the success the British racing legend’s life was touched by tragedy.
Williams, who died on Sunday aged 79, was left a tetraplegic and confined to a wheelchair after a road accident in France in 1986.
The courage, energy and determination with which he dealt with this cruel roll of fate’s dice drew admiration from his family, friends, colleagues and the wider public.
With technical guru Patrick Head he created, from scratch, one of the greatest Formula One teams of all time.
Williams captured seven drivers’ titles, the last claimed by Canadian Jacques Villeneuve in 1997, while the team’s nine constructors’ crowns places Williams second only to mighty Ferrari.
His noted dry wit and charm, indefatigable spirit and resilience served him well on his journey from being a trainee sales rep for Campbell’s soup earning £10 a week, to the pinnacle of the high-octane world of F1.
Francis Owen Garbett Williams was born in South Shields in northeast England on April 16, 1942.
In his early days in motor racing, he had to conduct business from his local red telephone box when cash wasn’t flowing.
He established Frank Williams Racing Cars in 1966, competing in F3 and F2, and F1 with a borrowed chassis from 1969.
The death of his first driver Piers Courage, driving for Williams at the Dutch GP at Zandvoort in 1970, was said to have marked him for life.
The first all-Williams built F1 car had an inauspicious start, when with Henri Pescarolo at the wheel, it was destroyed in a crash in 1972.
With funding an ever-present problem and having lost control of his company he left, with Head, to set up the team that is still racing today, in 1977.
Clay Regazzoni drove a Cosworth-powered Williams to its first F1 success, fittingly at the British Grand Prix, in 1979.
Australian Alan Jones won the team’s first drivers’ title the following season. Williams also collected the constructors’ championship that year.
Keke Rosberg took the 1982 title, with five more captured in a golden period between 1987 and 1997, all after Williams’ ill-fated 1986 dash to catch a flight in France that led to the car crash.
“I was late for a plane I didn’t need to be late for, I got the French time mixed up with the English time,” he was to recall.
Williams lost control of the rental car, causing it to leave the highway and drop 2.4 meters into a field. Williams suffered a spinal fracture between the fourth and fifth vertebra after being pressed between his seat and the crushed roof.
Williams was consigned to spend the rest of his life in a wheelchair.
“But life has to go on,” he said. “I was able to continue in the business I was already in, but generally speaking it’s been a handicap in the true sense of the word.”
At the height of their powers, Ayrton Senna, who had won three titles with McLaren, came on board for the 1994 season, only to perish in a horrific high-speed crash at Imola.
Williams had a deep connection with the Brazilian great and was never able fully to come to terms with his death.
“Frank had a love affair with Ayrton,” his daughter Claire, who would later head the team, told The Sun newspaper in 2019.
“He got into his heart, got into his mind, and he always wanted to put him in his race car. Dad’s wish then came true, but it ended in the worst possible way.”
Not for the first time personal anguish failed to diminish Williams’ single-mindedness to succeed, with Damon Hill and Jacques Villeneuve capturing the 1996 and 1997 world championships. He was knighted in 1999 and became Sir Frank.
“It’s been a great journey, one I’d love to do again if I was younger. I wouldn’t try and do anything different except try and avoid the accidents,” Williams told the BBC in 2010.
His death comes after his family ended 43 years of involvement in the team in September 2020, following its sale to Dorilton Capital.
Former Formula One supremo Bernie Ecclestone told AFP shortly before the sale that the team had lost its raison d’etre when Williams stepped down from the board in 2012.
Both of them were among the co-founders of the Formula One Constructors’ Association in 1974.
“Dear old Frank had to work so hard to make sure the team competed and that happened,” he said.
“Frank was hands-on in the way he managed the team.
“He could get things done.”