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Iraq’s June oil revenues exceed $7 billion

RIYADH: The Iraqi Ministry of Oil announced on Saturday that oil export revenues during June exceeded $7 billion.    According to the State Organization for Marketing of Oil, the total exports of crude during June were nearly 100.06 million barrels, with revenues amounting to $7.11 billion.    SOMO data revealed that the total quantities of crude exported during June from oil fields in central and southern Iraq were 98.72 million barrels.     Oil exports from the Al-Qayyarah oil field in Nineveh governorate in northern Iraq were 1.03 million barrels.   
Business

UAE startups secure funding for Saudi Arabia expansion

CAIRO: Digital logistics platform Transportr has successfully concluded its eight-figure seed funding round with the participation of Ittihad Ventures Holding and Industrial Capital Group.   Established in 2020, the UAE-based company acts as a multimodal digital freight marketplace, connecting shippers and carriers across various industries to facilitate efficient, transparent, and cost-effective movement of goods.  The platform addresses concerns such as freight rates, manual processes, enhanced visibility, traceability and customer service. 
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Juventus signs US winger Weah on five-year contract

TURIN, Italy: US winger Tim Weah completed a transfer to Juventus on Saturday, fulfilling a dream his father once had of playing for the storied Italian club. The 23-year-old Weah, who is the son of former FIFA Player of the Year and current Liberian President George Weah, signed a five-year contract with Juventus on the day the transfer market opened in Italy.
Business

Crude Oil Stabilizes Amid Fuel Demand Worries and Weak China Data

RIYADH: Oil prices steadied on Thursday, a day after rising sharply on a bigger-than-expected fall in US inventories, as attention shifted back to rising interest rates denting global economic growth.  Brent crude futures was up 37 cents, or 0.50 percent, to $74.40 a barrel by 02:41 p.m. Saudi time, while US West Texas Intermediate crude futures rose 39 cents, or 0.56 percent, to $69.95 a barrel.
Business

EU proposes changes to payments sector to support fintech growth

LONDON: The EU has proposed making the payments sector more competitive, giving legal backing to a digital euro, and preserving the role of cash as fewer people use coins and notes, according to Reuters. The package of European Commission reforms seeks to further prise open a payments market long dominated by banks and US duo Visa and Mastercard, which are now being challenged by fintechs that offer rival services using data from customers’ bank accounts.
Business

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

Turkey to increase central bank’s foreign reserves to counter lira depreciation

RIYADH: Turkiye is intensifying efforts to boost foreign reserves in its central bank, the country’s finance minister has revealed. Writing on Twitter, Mehmet Simsek said the bank’s net international reserves rose to a record $8.5 billion last week. “The return to rational policies will continue gradually,” the minister wrote, adding: “We are accelerating our efforts to obtain additional foreign resources to our country in order to further strengthen the reserves.”
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Hamas Official: Israel Won’t Achieve Goals in Rafah

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GAZA STRIP, Palestinian Territories: A senior Hamas official told AFP on Thursday that Israel would fail to meet its stated goals of defeating the Palestinian militant group and freeing hostages by invading the southern Gaza city Rafah. “Even if (Israel) enters and invades Rafah, it will not achieve what it wants,” Ghazi Hamad said in an interview over the phone from Qatar, where a number of senior figures from Hamas’s political bureau are based.

Mahathir under anticorruption probe in Malaysia

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Malaysian Anti-Corruption Commission chief says former leader 'among those being investigated'.

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Shawarma Restaurant in Cairo Offers Taste of Home for Displaced Palestinians

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CAIRO: A Palestinian businessman displaced by the war in Gaza is bringing a taste of home for fellow refugees with a shawarma restaurant he has opened in Cairo. “The Restaurant of Rimal Neighborhood” offers shawarma, a Middle Eastern dish of thinly sliced meat, and other Palestinian and Arab dishes. “The name comes to eternalize Rimal, my neighborhood, and my homeland too,” said Basem Abu Al-Awn. “It is also to replace the restaurant I once had in Gaza. Two restaurants of mine, in addition to my house and the houses of my relatives, were destroyed,” he said.

Microsoft and Google Report Double-Digit Profit Growth, Boosting AI Case

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Tech giants' shares surge after stronger-than-expected earnings.

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Microsoft and Google Report Double-Digit Profit Growth, Boosting AI Case

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Tech giants' shares surge after stronger-than-expected earnings.

China concerned over EU raids on security equipment company

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Diplomatic mission condemns raids on Dutch and Polish offices of Chinese company Nuctech.

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