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Business

Crude Oil Slides as UK Rate Hike Sparks Demand Concerns

RIYADH: Oil prices fell for a second straight session and were headed for a weekly decline of more than 3 percent on Friday, as a higher-than-expected interest rate hike in Britain and warnings about looming rate rises in the US ignited concerns over demand, according to Reuters. Brent futures slipped 51 cents, or 0.4 percent, to $73.76 a barrel, while US West Texas Intermediate crude futures were down 42 cents, or 0.6 percent, at $69.09 at 3:40 a.m. Saudi time. 
Business

FAO predicts global food import bill to reach $1.98tn by 2023

RIYADH: The global food import bill is forecast to reach a record high of $1.98 trillion in 2023, up 1.5 percent from 2022, due to a combination of factors including an increase in international prices and higher volumes, the latest UN report showed.    The Food and Agriculture Organization of the UN in its biannual report stated that the anticipated increase in the 2023 bills will happen due to an additional $18.4 billion stemming from higher international prices and $12.9 billion from higher volumes. 
News

US Lawmakers Aim to Stop State Bans on Foreign Property Purchases

A raft of states are looking to restrict property purchases by citizens of U.S. adversaries like China and Iran. Democrats in Washington are pushing back.

The post U.S. Lawmakers Seek to Preempt State-Level Bans on Foreigners Buying Property appeared first on The Intercept.

Business

Positive Non-Oil Outlook in UAE Despite Slight PMI Dip in May

RIYADH: The UAE’s non-oil private sector growth outlook remained positive in May, even as the seasonally adjusted S&P Global Purchasing Managers’ Index fell to 55.5 compared to 56.6 in April.   The S&P Global report noted that improved operating conditions drove business confidence to its strongest levels since October 2021.   According to the index, PMI readings above 50 show non-oil private sector growth, while those below 50 signal contraction.  
Business

Saudi Arabia partners with Brazilian firm to enhance food security

RIYADH: The Kingdom’s sovereign wealth fund-owned Saudi Agricultural and Livestock Investment Co. and South American firm Marfrig Global Foods SA have committed to buying shares in a potential new offering worth $900 million by BRF SA, Brazil’s biggest poultry producer.  BRF said in a bourse filing that SALIC offered to subscribe to 50 percent of the total offer or 500 million new shares.  Marfrig Global Foods SA, which owns 33 percent of BRF, pledged to buy the remaining 250 million shares, reported Reuters. 
Economy

China’s Economy Surpasses Expectations with 4.5% Growth

Latest economic data suggest world's second-largest economy is firmly on recovery path after end of pandemic curbs.
News

DA prosecuting Trump sues GOP’s Jim Jordan

DA Alvin Bragg accuses the House Judiciary Committee chair of a 'transparent campaign to intimidate and attack' him.
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UN condemns Iran crackdown on women without veils

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GENEVA: The United Nations said Friday that it was concerned by reports of new efforts to track and punish Iranian women, some as young as 15, who refuse to wear the headscarf required under the country’s Islamic law. The UN Human Rights Office also expressed alarm about a draft bill on “Supporting the Family by Promoting the Culture of Chastity and Hijab,” which would impose tougher sentences on women appearing in public without the hijab.

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UN condemns Iran crackdown on women without veils

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GENEVA: The United Nations said Friday that it was concerned by reports of new efforts to track and punish Iranian women, some as young as 15, who refuse to wear the headscarf required under the country’s Islamic law. The UN Human Rights Office also expressed alarm about a draft bill on “Supporting the Family by Promoting the Culture of Chastity and Hijab,” which would impose tougher sentences on women appearing in public without the hijab.

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