Pakistan reviews progress on Reko Diq deal to avoid $9 billion penalty

  • KARACHI: Pakistan on Saturday reviewed progress on the implementation of agreed steps for the completion of Reko Diq deal to avoid a massive penalty of $9 billion imposed by the international arbitration court. Federal Minister for Finance and Revenue Ishaq Dar chaired a meeting of the apex co...
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Oil Updates — Crude slips; Russia not to supply oil and gas to countries supporting price cap

  • RIYADH: Oil declined on Thursday, hovering around two-month lows, as the Group of Seven nations’ proposed range for a price cap on Russian oil was higher than current trading levels, alleviating concerns over tight supply. A greater-than-expected build in US gasoline inventories and widening ...
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Oil Updates — Crude edges up; UK oil and gas sector faces $24 billion bill to plug old wells 

  • RIYADH: Oil rose on Tuesday after top exporter Saudi Arabia said that the Organization of Petroleum Exporting Countries, and its allies, known as OPEC+, was sticking with output cuts and could take further steps to balance the market, outweighing global recession worries and concern about China...
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Kuwait narrows its fiscal deficit for first time in 3 years

  • RIYADH: Kuwait brought its budget deficit down to 2.99 billion Kuwaiti dinars ($9.7 billion) in 2021/22, a 72.2 percent fall from the previous year as oil revenue boosted its exchequer, the finance ministry has announced.  Kuwai...
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Saudi Arabia ranks first among G20 countries in labor force growth rate 

  • RIYADH: As Saudi Arabia is undertaking massive economic diversification, the Kingdom has ranked first in the labor force growth rate among the Group of 20 countries during the period 2012 - 2021, according to a recent re...
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Oil Updates — Crude falls; Diamondback to buy Lario Permian; Biden asks Congress for $500m to modernize oil reserve

  • RIYADH: Oil prices extended declines on Thursday as concerns over geopolitical tensions eased, while rising numbers of COVID-19 cases in China added to demand worries for the world's largest crude importer.  Brent crude futures fell by $1.04, or 1.1 percent, to $91.82 a ba...
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Riyadh hotels’ RevPAR hits highest levels in over a decade

  • RIYADH: Riyadh’s hotel industry continues to register improved performance, with the occupancy and room tariffs in October hitting their highest levels for any month since March 2022, according to global hospitality data provider STR. The Saudi capital saw the occupancy level of city hotels r...
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HSBC Bank Oman to be dissolved as merger with Sohar International gets green light

  • Riyadh: A binding merger agreement between HSBC Bank Oman and Sohar International has been approved, the Muscat-based lenders disclosed in separate announcements on Wednesday. In regulatory announcements released to the Muscat Stock Exchange, the firms said following the agreement all as...
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How GE Aviation is creating a road map for the future of flight

  • Over the last year, GE Aviation has outlined what is one of the company’s most extensive technology development roadmaps in its more than 100-year history. Multiple ground and flight tests planned this decade will seek new, breakthrough technologies for use in next-generation commercial aircraf...
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Saudis are increasingly worried about their devices being hacked: Cisco

  • RIYADH: Ahead of the Global Cybersecurity Forum that will be held in Riyadh, Cisco has revealed the results of its recent consumers’ security survey in Saudi Arabia which shows that 73 percent of Saudis are worried about their connected devices being hacked or attacked. The study shows t...
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