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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.
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Egypt’s Petroleum Ministry launches digital platform for sector investments

RIYADH: Egypt’s petroleum sector is on track to prosper thanks to a new service that will make it easier for investors to spot opportunities in the country. Launched by the Ministry of Petroleum and Mineral Resources, the Upstream Gateway digital platform aims to market petroleum areas globally, according to a statement. It will also provide the geological data required by current and potential investors and promote bids in the North African country’s oil and gas exploration field.
Business

Sound Energy secures $237m financing for Moroccan gas project in the UK

RIYADH: A natural gas project in east Morocco will soon be completed thanks to a new finance push from the largest bank in the North African country. UK-based Sound Energy has received a conditional offer from Attijariwafa Bank to obtain funding amounting to 2.3 billion Moroccan dirhams ($237 million) for the Tendrara-based project’s second phase, according to a statement. The funding will be allocated for completing drilling, operating wells, and building a pipeline to transport natural gas to the state’s National Office of Electricity and Drinking Water.
Business

Q8 to Construct Rome’s First Hydrogen Refueling Station in Kuwait

RIYADH: Italy’s energy transition plans received a further boost as Kuwait Petroleum International, also known as Q8, laid the foundation for Rome’s first circular hydrogen refueling station in collaboration with Maire Group.
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Ukrainian high jumper Mahuchikh advocates excluding Russians from Paris Olympics 2024

LAUSANNE, Switzerland: Ukrainian high jumper Yaroslava Mahuchikh has said since the start of the war that all Russian and Belarusian athletes should be excluded from international events, including the 2024 Paris Olympics. Speaking on Wednesday a short distance from International Olympic Committee headquarters, Mahuchikh did not understand why opinions changed there after it had been pro-exclusion last year.
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“Saudi Arabia’s Sustainable Agricultural Challenge Aims to Boost Global Crop Yield”

RIYADH: Saudi Arabia has gathered momentum in its commitment to sustainability by identifying and supporting top innovators of climate-smart agriculture solutions.  Called the Smarter Climate Farmers Challenge, the initiative was launched by the Kingdom in partnership with Uplink, the open innovation platform of the World Economic Forum.  Saudi Minister of Economy and Planning Faisal Al-Ibrahim announced the challenge during the WEF’s 14th annual meeting of the New Champions in Tianjin, China. 
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. 
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Israeli strike on Nuseirat kills 31: Gaza officials

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GAZA STRIP, Palestinian Territories: A Gaza hospital said Sunday that an Israeli air strike targeting a house at a refugee camp in the center of the Palestinian territory killed at least 20 people. “We received 20 fatalities and several wounded after an Israeli air strike targeted a house belonging to the Hassan family in Al-Nuseirat refugee camp in central Gaza,” the Al-Aqsa Martyrs Hospital said in a statement. Witnesses said the strike occurred around 3:00 a.m. local time. The Israeli army said it was checking the report.

EPL Final Day Title Fight: Arsenal vs. Man City | TOME

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Taiwan boosts security for new president’s inauguration amid China threat

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Taipei defence ministry says it detected seven Chinese aircraft and as many naval vessels near Taiwan in past 24 hours.

Israeli strike on Nuseirat kills 31: Gaza officials

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GAZA STRIP, Palestinian Territories: A Gaza hospital said Sunday that an Israeli air strike targeting a house at a refugee camp in the center of the Palestinian territory killed at least 20 people. “We received 20 fatalities and several wounded after an Israeli air strike targeted a house belonging to the Hassan family in Al-Nuseirat refugee camp in central Gaza,” the Al-Aqsa Martyrs Hospital said in a statement. Witnesses said the strike occurred around 3:00 a.m. local time. The Israeli army said it was checking the report.

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Cambodia launches $36.6bn building drive, China and Japan vie for spoils

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Cambodian Prime Minister Hun Manet has unveiled a 174-project master plan that has attracted bids by rival powers.

Olympic Athletes’ Financial Hurdles | TOME

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Full-time training, travel to compete, medical and most other costs for these athletes are out of pocket.

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