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Oil Updates – crude on track for first weekly rise in two months
Oil prices rose on Friday, on track to notch their first weekly rise in two months after benefiting from a bullish forecast from the International Energy Agency on oil demand for next year and a weaker dollar, according to Reuters.
Brent…
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Aramco turns to AI, big data to maximize profit, says top executive
Saudi oil giant Aramco is boosting its big data and artificial intelligence unit that links up its assets to help maximize profit, assisting on decisions from trading to acquisitions, a senior executive told Reuters.
“We have 70 people…
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Moody’s changes Lebanon outlook to stable from nil
Lebanon’s steep economic distress has led US-based Moody’s Investors Service to uphold its rating to “C” in light of its bondholders’ losses likely to exceed 65 percent.
According to Moody’s, the rating reflects the losses incurred due…
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Saudi ports grow in UN shipping index with expanded services and container handling
The introduction of new cargo services and significant progress in container handling has propelled the Saudi Ports Authority, also known as Mawani, to achieve its greatest improvement on the UN’s shipping index.
Mawani has garnered…
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Crown prince affirms government’s commitment to enhance economic growth
Saudi Arabia’s Crown Prince Mohammed bin Salman affirmed the government’s commitment to enhance economic growth through the expansion of government spending as reflected in budget 2024 on Wednesday, the Saudi Press Agency reported.
He…
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Saudi Arabia, IAEA discuss cooperation on development of nuclear energy
The International Atomic Energy Agency, the global overseer of the nuclear industry, says it is collaborating with Saudi Arabia to assist the Kingdom in developing its nuclear power production sector.
Given its key role in the regional…
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Global energy crisis sparked significant tax reductions in OECD countries: report
The escalating global energy crisis, exacerbated by Russia’s war against Ukraine and the surge in energy prices, has prompted the vast majority of Organization for Economic Cooperation and Development nations to reduce taxes, according to a…
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Global central banks maintain gold buying momentum in October: World Gold Council
Central banks worldwide amassed 42 tons of gold into their official reserves in October, continuing their acquisition of the precious metal, the latest data showed.
According to the World Gold Council, central banks witnessed a 41…
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CBUAE and Bank Indonesia ink deal to expand joint cooperation
The central banks of the UAE and Indonesia have inked a comprehensive deal which will intensify collaboration across key areas such as monetary and macro-prudential policy, financial stability, and payment systems.
The signed memorandum…
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Council of Ministers to approve Saudi general budget on Wednesday
Saudi Arabia’s Council of Ministers will hold a session on Wednesday to approve the Kingdom’s general budget for the new fiscal year, Saudi Press Agency reported on Tuesday.
A preliminary budget statement issued in October showed…
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