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Oil Prices Set to Rise on Optimistic China Demand

NEW YORK/SINGAPORE: Oil prices were set to snap a two-week losing streak despite trading marginally lower early on Friday, amid optimism about higher energy demand from top crude importer China and a weaker dollar, according to Reuters. Brent futures dipped 17 cents, or 0.2 percent, to $75.50 a barrel by 6:41 a.m. Saudi time, while US West Texas Intermediate crude dropped 16 cents, also 0.2 percent, to $70.46 a barrel. Both benchmarks surged about 3 percent during the prior session.
Business

SAMA reports 5.59% increase in Saudi Arabia’s M3 money supply to $700bn

RIYADH: Saudi Arabia’s M3 money supply has surged 5.59 percent to SR2.63 billion ($700 billion) in the week ending June 8, up from SR2.5 billion on Dec. 31, according to data released by the Saudi Central Bank, also known as SAMA. The M3 money supply — the broadest measure of liquidity in the monetary system — went up 0.83 percent to $2.61 billion in the week ending June 8 compared to the preceding week.  The SAMA data also revealed that the money supply in Saudi Arabia has been stable at SR2.6 billion in the past seven weeks.
Business

Saudi start-up wins Visa award for digital finance

RIYADH: A Riyadh start-up has won top prize in a Visa-sponsored competition that seeks to improve digital shopping. Amwal Tech, which was set up last year, came top in the Saudi heat of the Visa Everywhere Initiative, taking a SR150,000 ($40,000) prize for its all-in-one encrypted transaction and identity app that processes payments quickly and safely. Lamaa, a Saudi financial tech firm, was runner-up with prize money of SR100,000, and also won a separate “social impact award” with a SR50,000 prize. Monak, a “digital lifestyle” company, came third and won SR50,000.
Business

India and UAE aim for $100bn non-oil trade by 2030

RIYADH: India and the UAE have mutually agreed on Monday to double the target of non-oil trade to $100 billion from $48 billion by 2030, India’s Commerce and Industry Minister Piyush Goyal said. The goal to achieve this target was set in the first meeting of the Joint Committee of India-UAE Comprehensive Economic Partnership Agreement in New Delhi. Signed in 2022, the India-UAE CEPA is expected to increase the total value of bilateral trade in goods to over $100 billion and services to over $15 billion within five years. 
Business

Crude Oil Prices Drop 1% Prior to US Fed Rate Decision

RIYADH: Oil prices declined on Monday ahead of a US Federal Reserve meeting as investors tried to gauge the central bank’s appetite for further rate hikes, while concerns about China’s fuel demand growth and rising Russian crude supply weighed on the market.  Brent crude futures fell 89 cents, or 1.19 percent, to $73.90 a barrel by 9:23 a.m. Saudi time. US West Texas Intermediate crude was at $69.33 a barrel, also down 1.20 percent. 
Business

Saudi Arabia’s M3 Money Supply Increases by 4.7% Since December 31st

RIYADH: Saudi Arabia’s M3 money supply has surged 4.71 percent since December 2022, according to data released by the Saudi Central Bank, also known as SAMA. The M3 money supply — the broadest measure of liquidity in the monetary system — reached SR2.61 billion ($697 billion) in the week ending June 1, up from SR2.5 billion on Dec. 31. However, the money supply for the week ending June 1 dropped 0.29 percent compared to $2.62 billion in the week ending June 25.
Business

Saudi Arabia and UK Collaborate at London Forum to Celebrate Achievements and Discuss Future Vision

LONDON: Economic and trade relations between the UK and Saudi Arabia were further cemented in London this week as delegations from the two countries convened to mark the progress of the Kingdom’s Vision 2030 initiative and explore fresh avenues for collaboration. The UK Saudi Business, Trade and Partnership Forum, hosted at Mansion House in the heart of the City of London by the Saudi British Joint Business Council and the Saudi National Competitiveness Center, drew government officials, business leaders, and experts from both nations.
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Video shows Ukrainian downing of Russian bomber in Russia

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The Ukrainian military says it shot down a Russian Tu-22M3 long-range bomber over Russian territory. Russia denies this,

Emirates suspends check-in for connections, flydubai cancels Iran flights

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DUBAI: Dubai’s flagship airline Emirates is suspending check-in for all customers with onward connections through the city until 2359 GMT on Friday, three days after a record storm swept the United Arab Emirates. Emirates, one of the world’s biggest international airlines, said customers traveling to Dubai as their final destination may check-in and travel as usual.

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Idaho Argues Pregnant People Are Second-Class Citizens in Supreme Court

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The state says EMTALA, a law barring discrimination in emergency medical care, interferes with its abortion ban.

The post Idaho Goes to the Supreme Court to Argue That Pregnant People Are Second-Class Citizens appeared first on The Intercept.

US Media Reports US Had Advance Warning of Israel Attack on Iran

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DUBAI/WASHINGTON: Israeli missiles have hit a site in Iran, ABC News reported late on Thursday, citing a US official, while Iranian state media reported an explosion in the center of the country, days after Iran launched a retaliatory drone strike on Israel. Commercial flights began diverting their routes early Friday morning over western Iran without explanation as one semiofficial news agency in the Islamic Republic claimed there had been “explosions” heard over the city of Isfahan.

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Google Fires 28 Staff for Protesting Cloud Contract with Israel

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Tech giant says employees engaged in 'completely unacceptable behaviour' during sit-in at company offices.

Apple invests in Vietnam as Tim Cook visits Hanoi

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Apple CEO is expected to meet programmers, students and content creators during two-day visit.

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