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UAE’s ADNOC Distribution Signs Deal with India’s HPCL

RIYADH: In a bid to expand its lubricant and allied products business in India, UAE’s ADNOC Distribution has inked a deal with Hindustan Petroleum Corp. Ltd.   HPCL is one of the largest lubricant marketers and fuel retailing companies in India, and with this deal ADNOC Distribution aims to tap into Asia’s second-largest economy, which has an annual demand of 3 billion liters of lubricants.   The deal will also give ADNOC access to a vast network of over 28,000 retail stations in the country, news agency WAM reported.  
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. 
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. 
Business

PIF’s Jada to Boost Saudi Arabia’s Startup Scene

CAIRO: Saudi Arabia’s startup landscape has received a significant push after a subsidiary of the Kingdom’s Public Investment Fund committed to investing in several venture capital vehicles. PIF’s Jada Fund of Funds Co. plans to invest an undisclosed amount in Bahrain-based Investcorp’s $500 million Saudi pre-initial public offering growth fund. The investment vehicle is exclusively focused on supporting a diverse range of companies based in Saudi Arabia during their pre-IPO stage.
Business

“China’s May Industrial Output Up by 3.5%”

BEIJING: China’s economy stumbled in May with industrial output and retail sales growth missing forecasts, adding to expectations that Beijing will need to do more to shore up a shaky post-pandemic recovery. The economic rebound seen earlier this year has lost momentum in the second quarter, prompting China’s central bank to cut some key interest rates this week for the first time in nearly a year, with expectations of more to come.
Business

Saudi Q1 Economy Grows 3.8% on Non-Oil Activities Rise

RIYADH: Saudi Arabia’s real gross domestic product grew by 3.8 percent year over year in the first quarter of 2023, primarily driven by expansion in non-oil activities, according to a report released by the General Authority for Statistics.    The GASTAT report noted that the Kingdom’s non-oil activities expanded by 5.4 percent in the first three months of 2023 compared to the same period a year ago.    However, the Kingdom’s real GDP decreased by 1.4 percent in the first quarter of 2023 compared to the last quarter of the previous year. 
Business

“74% of Online Shoppers Favor Local E-commerce over Cross-border Platforms”

RIYADH: Saudi Arabia’s retail sector is eyeing significant growth on the back of its e-commerce market, as 74 percent of online shoppers in the Kingdom are expected to shift from global to local platforms. In its recent report, leading global management consulting firm Kearney and Saudi consulting company Mukatafa noted that local and hybrid players are making strong headway against their international counterparts from China, the Gulf Cooperation Council, Europe and the US.
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Pakistan Election: Imran Khan and PTI Surge Update | TOME

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And why the U.S. State Department is now in a difficult position on Pakistan.

The post Pakistan Election: Latest Updates on Imran Khan and PTI’s Surge appeared first on The Intercept.

Palestinian state key to Middle East security: Saudi FM

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MUNICH: Saudi Foreign Minister Prince Faisal bin Farhan on Saturday said the formation of a Palestinian state was “the only pathway” toward security and stability in the Middle East. Prince Faisal was speaking at the Munich Security Conference and added that Israel’s security and stability was also dependent on the establishment of a state of Palestine. He said the Kingdom’s focus was fully on securing a ceasefire in the Israel-Hamas war in Gaza.

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The Pentagon is covering up the real purpose of Tower 22: targeting the very Iran-backed militant groups that attacked last month.

The post “Logistics” Outpost in Jordan Where 3 U.S. Troops Died Is Secretly a Drone Base appeared first on The Intercept.

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