White House stands by calls for OPEC+ to do more on oil prices: Reuters

White House stands by calls for OPEC+ to do more on oil prices: Reuters
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Updated 11 October 2021

White House stands by calls for OPEC+ to do more on oil prices: Reuters

White House stands by calls for OPEC+ to do more on oil prices: Reuters

WASHINGTON: The White House stands by its calls for oil-producing countries to "do more" to support the global economic recovery, an official said on Monday as crude prices hit multi-year peaks.

The administration official said they are closely monitoring the cost of oil and gasoline and are "using every tool at our disposal to address anti-competitive practices in U.S. and global energy markets to ensure reliable and stable energy markets." They have raised the concern at a senior level with several members of the OPEC+ alliance, according to the official.


Saudi PIF gains almost $3m from Tadawul Group’s market debut

Saudi PIF gains almost $3m from Tadawul Group’s market debut
Updated 14 sec ago

Saudi PIF gains almost $3m from Tadawul Group’s market debut

Saudi PIF gains almost $3m from Tadawul Group’s market debut

JEDDAH: Saudi Arabia’s Public Investment Fund achieved gains of SR1.1 billion ($2.9 million) after the strong market debut of the Saudi Tadawul Group.

Tadawul shares rose more than 14 percent during its first trading session following its initial public offering on Wednesday Dec. 8. 

The price reached SR119 ($31.7), fluctuating between an intraday high of SR127.6 and a low of SR115.4, according to a bourse filing.

PIF now owns 84 million shares of the company's 120 million shares, with the remaining 36 million shares offered for IPO, according to Al-Eqtisadiah paper.

The fund’s share in Tadawul Group is the seventh largest of its holdings in the Saudi Market, in terms of market value, and the second in terms of ownership percentage, Al Arabiya reported.


NEOM to build Cognitive City security system to defend against cyber attacks

NEOM to build Cognitive City security system to defend against cyber attacks
Updated 6 min 28 sec ago

NEOM to build Cognitive City security system to defend against cyber attacks

NEOM to build Cognitive City security system to defend against cyber attacks

RIYADH: NEOM signed an initial agreement on Thursday to build and trial the ‘Cognitive City’ quantum security system, a statement revealed.

NEOM has teamed up with Arqit Quantum, known as Arqit, to develop new software capable of defending cognitive cities against cyber attacks.

The new quantum system will be built and tested at NEOM during the first half of 2022, and it can also be exported to other cognitive cities around the world, the statement said.

“NEOM is without doubt leading the world in the development of cognitive communities, and therefore the perfect launch partner for this technology,” Executive Director of Emerging Technologies for NEOM Mansoor Hanif said.


Tighter state control eases China's producer inflation in November from 26-year high

Tighter state control eases China's producer inflation in November from 26-year high
Image: Shutterstock
Updated 53 min 59 sec ago

Tighter state control eases China's producer inflation in November from 26-year high

Tighter state control eases China's producer inflation in November from 26-year high
  • The jump in consumer prices was mainly driven by increasing food prices

Tighter government control triggered a slowdown in Chinese producer prices as they went up by an annual rate of 12.9 percent in November, easing from the previous month’s 26-year high of 13.5 percent, official data showed.

The loss of steam reflects the efficacy of the government’s policies of controlling commodity prices and supply shortfalls in the previous period. 

The world's second-largest economy has tried to adopt policies of supply and price stabilization to curb the rise in prices.

This would improve policymakers’ ability to boost the economy, Bloomberg reported.

On a monthly basis, producer prices didn’t experience any change in November compared to a 2.5 percent increase a month earlier.

Meanwhile, consumer prices went up by a yearly rate of 2.3 percent, up by 0.8 percent from a month earlier, to hit its highest level since August 2020. 

The inflationary pressures were attributable to last year’s low base effects.

The jump in consumer prices was mainly driven by increasing food prices, which went up by 1.6 percent, accelerating from the previous month’s drop. 

In particular, fresh vegetables prices surged by 30.6 percent while that of pork slumped by 32.7 percent.

In addition, annual core inflation rate, which excludes changes in volatile items such as food and energy, hit 1.2 percent in November dropping by 0.1 percent from October’s level.


Dubai-based organic nappy maker PureBorn raises $2m seed money 

Dubai-based organic nappy maker PureBorn raises $2m seed money 
Updated 09 December 2021

Dubai-based organic nappy maker PureBorn raises $2m seed money 

Dubai-based organic nappy maker PureBorn raises $2m seed money 
  • The female-led company will use the funds to expand internationally and further its product development

DUBAI: Dubai-based startup PureBorn, which produces eco-friendly baby products, has raised $2 million in its latest seed funding round. 

The female-led company will use the funds to expand internationally and further its product development, it said in a statement. 

“As a consumer goods, e-commerce business, and a female-owned and run SME (small and medium enterprise), we are thrilled to be paving the way in this exciting category,” PureBorn founder Hannah Curran said.


Celebrity shoutout platform Minly acquires Dubai’s Oulo to consolidate reach 

Celebrity shoutout platform Minly acquires Dubai’s Oulo to consolidate reach 
Updated 09 December 2021

Celebrity shoutout platform Minly acquires Dubai’s Oulo to consolidate reach 

Celebrity shoutout platform Minly acquires Dubai’s Oulo to consolidate reach 

DUBAI: Egyptian startup Minly is acquiring Dubai-based celebrity shoutout platform Oulo to combine services and reach for an undisclosed value. 

The platforms allow fans to connect with athletes, musicians, and other celebrities, and the merged business will combine the pair’s roster of celebrities across the Arab region. 

“Historically, the majority of pan-Arab celebrities were either Egyptian or Lebanese. Therefore, combining forces unlocks immense synergies as, together, we dominate the two most important sources of cultural content,” Kamal Nazha, Oula’s founder, said.

The acquisition follows Minly’s recent seed round where it raised $3.6 million off the back of a year of growth for the platform. It acquired 130,000 users and 1,000 celebrities in just over a year.

“Our mission is to become the number one creator economy platform in the region, and speed to market is critical to achieving this,” Minly chief Mohamed El-Shinnawy told Tech Crunch in an interview.