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Crude Oil Updates: Monthly Gain Expected as Supply Tightens

HOUSTON: Oil prices edged higher on Friday with Brent poised for its first monthly gain this year, as a big drawdown in US oil stocks outweighed concerns that fuel demand will be dented further by more interest rate hikes, according to Reuters. Brent crude futures for September delivery rose 16 cents or 0.2 percent to stand at $74.67 as of 7:05 a.m. Saudi time. The less-traded front month contract, which expires on Friday, was up 30 cents at $74.64. US West Texas Intermediate crude gained 8 cents or 0.1 percent to $69.95.
Business

TotalEnergies’ First Solar Power Plant in Saudi Arabia Fully Financed

RIYADH: Sustainable energy provision in Saudi Arabia is set to grow after French energy giant TotalEnergies achieved financial closure for its first solar power plant in the Kingdom.  According to a press statement, the 119 megawatts solar plant will be developed by a consortium of TotalEnergies, Japan’s Toyota Tsusho and Saudi Arabia’s Altaaqa Renewable Energy.  The group secured a power purchase agreement for the project with Riyadh-based Saudi Power Procurement Co. in an auction held between 2021 and 2022. 
Business

China’s industrial profits decline, worsening economic gloom

BEIJING: Annual profits at China’s industrial firms extended a double-digit decline in the first five months as softening demand squeezed margins, reinforcing hopes of more policy support to bolster a stuttering post-COVID economic recovery.  The 18.8 percent year-on-year slump in profits came on top of the 20.6 percent contraction in January-April, and added to evidence of an economy that was losing steam on many fronts in May including retail sales, exports and property investment as the youth jobless rate scaled a fresh high of 20.8 percent. 
sport

Yin Ruoning of China Wins Women’s PGA Championship

NEW YORK: China’s Yin Ruoning sank a 10-foot birdie putt on the final hole on Sunday to win the Women’s PGA Championship for her first major title. The 20-year-old from Shanghai fired a 4-under 67 to finish 72 holes at Baltusrol on 8-under 276 and defeat Japan’s Yuka Saso by one stroke. Yin took the $1.5 million top prize and became only the second woman from China to win a major title after Feng Shanshan, who captured the 2012 Women’s PGA crown.
Business

ACWA Power gets $100m credit from Chinese bank to expand operations

RIYADH: In an effort to boost its operations, Saudi energy firm ACWA Power secured $100 million in a revolving credit facility from China Construction Bank. Engaged in collaboration with the Chinese bank since 2016, ACWA Power signed the three-year revolver agreement to scale up its power generation and water desalination portfolio in the Middle East, Uzbekistan and Kazakhstan.
sport

Rafa Benitez named new coach of Celta Vigo

BARCELONA: Rafa Benitez will coach Celta Vigo on a three-year deal, the Spanish side said Friday. The former Liverpool, Chelsea and Real Madrid coach replaces Carlos Carvalhal, who left Celta earlier in June by mutual consent after helping the team survive relegation from La Liga. Celta, celebrating their centenary in the upcoming season, said they have reached an agreement with the 63-year-old coach, which will be signed in July.
Business

“World Defense Show Expands with More Participating Nations: CEO Announces”

RIYADH: Saudi Arabia’s World Defense Show is set to get bigger in its second edition with a substantial increase in the number of participating countries, according to a top executive. The General Authority for Military Industries recently announced that the second edition of WDS will be held in Riyadh from Feb. 4-8, 2024. Speaking at the Paris Air Show, WDS CEO Andrew Pearcey revealed that Bahrain, Oman, Denmark and Turkiye had joined the event, adding to its growing popularity.
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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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Boy was arrested at the scene after Bishop Mar Mari Emmanuel was attacked during a service in Sydney.

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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