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Saudi Arabia’s M3 Money Supply Increases by 4.74% Since December End

RIYADH: Saudi Arabia’s M3 money supply has surged 4.74 percent since December 2022, according to data released by the Saudi Central Bank, also known as SAMA. The M3 money supply, which is usually monitored as a broad measure of liquidity in the monetary system, reached SR2.61 billion ($696 billion) in the week ending May 11, rising from SR2.50 billion on Dec. 31. The former M3 money figure also reflects a 0.17 percent drop in the week ending May 11 to the week ending on May 4 when it stood at SR2.62 billion.
Business

Oil prices rise as US debt default risk diminishes

SINGAPORE: Oil prices rebounded on Friday from losses of more than 1 percent the previous day as investors turned cautiously optimistic over the fading risk of a US debt default, according to Reuters. Brent futures rose 59 cents, or 0.8 percent, to $76.45 a barrel by 7:20 a.m. Saudi time, while US West Texas Intermediate crude climbed 48 cents, or 0.7 percent, to $72.34.
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Dubai’s April Inflation Drops to 3.27%, Lowest in 13 Months

RIYADH: Dubai’s inflation slowed to its lowest level in 13 months in April to reach 3.27 percent, pulled back by decelerating transportation and food prices, the latest data from the emirate’s statistics authority showed.      This comes as Dubai’s Consumer Price Index dropped to its lowest level since February 2022, when inflation reached 2.65 percent.    The slowdown of price levels aligns with inflation trends across the Gulf Cooperation Council region, as well as that of the world.  
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US House passes debt bill, may face Biden veto

The Biden administration has called on House Speaker McCarthy to instead raise the debt ceiling 'without conditions'.
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Bed Bath & Beyond files for US bankruptcy

One of the original big box retailers, it has had years of dismal sales and losses and said it will close all stores.
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Communication Workers Union Leaders Accept Royal Mail Pay Offer

The CWU will recommend its members accept a deal to end the long-running dispute, Royal Mail's owner says.
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Medical Chiefs Urge Third Party to Facilitate Talks on Junior Doctors’ Strike

Academy of Medical Royal Colleges raises concerns over future impact on patients and NHS in England.
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Parties Blame Each Other for Damaged Dam near Khartoum | TOME

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KHAROUM: The Sudanese army and the paramilitary Rapid Support Forces blamed each other on Saturday for a strike that damaged a bridge over the Jebel Awlia dam south of Khartoum, the latest piece of key infrastructure to suffer in a seven-moth war. The extent of the damage to the dam was unclear, but severe damage to the dam threatened major flooding of the White Nile. In recent weeks, a bridge in the capital Khartoum and a crucial oil depot were damaged in strikes, for which the two forces also blamed each other.

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First police investigation of Supernova festival also found Israeli forces responsible for some deaths.

Parties Blame Each Other for Damaged Dam near Khartoum | TOME

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KHAROUM: The Sudanese army and the paramilitary Rapid Support Forces blamed each other on Saturday for a strike that damaged a bridge over the Jebel Awlia dam south of Khartoum, the latest piece of key infrastructure to suffer in a seven-moth war. The extent of the damage to the dam was unclear, but severe damage to the dam threatened major flooding of the White Nile. In recent weeks, a bridge in the capital Khartoum and a crucial oil depot were damaged in strikes, for which the two forces also blamed each other.

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