Bitcoin’s price plunged nearly 10 per cent, as an escalating trade war and uncertainty over creation of a United States cryptocurrency reserve fund sent investors running from risk. After jumping on US President Donald Trump’s talk of creating a national cryptocurrency reserve, bitcoin and similar digital assets dove in the face of concerns it might […]
Austria’s OMV and Abu Dhabi’s ADNOC have struck a deal to combine their polyolefins business, creating a $60-billion major in the space, ADNOC said in a statement. The new company will be the fourth-largest polyolefins producer. The new company will also acquire Nova Chemicals for $13.4 billion to immediately boost its position in the chemicals and plastics […]
More than 44,000 new jobs are expected in Saudi Arabia after the Kingdom issued 1,346 industry licenses in 2024, an official report has revealed. The Ministry of Industry and Mineral Resources announced that the permits have also helped attract investments worth over SR50 billion ($13.3 billion), driving economic growth and diversification. The ministry added that […]
Refineries in India have turned to Nigeria for the supply of crude oil following a drop in imports from Russia. This came as the Dangote Petroleum Refinery in Lekki, Lagos, has successfully purchased its first shipment of one million barrels of Algeria’s high-quality light sweet Saharan Blend crude It was reports that India’s crude oil […]
The Federal Government has announced plans to secure a total investment of $122.2bn to diversify the country’s energy sources, reduce dependence on the national grid, and enhance the overall stability and sustainability of the nation’s energy infrastructure. The amount to be raised between 2024 and 2045, representing 21 years, is to ensure energy diversification from […]
Former Barclays boss Jes Staley will on Monday mount a high-profile appeal against his proposed ban from Britain’s finance industry, which will once again highlight his relationship with disgraced financier Jeffrey Epstein. Staley – also a former executive at JPMorgan, where Epstein was once a major private banking client – has been battling to clear […]
Honor on Sunday pledged $10 billion in artificial intelligence investments over the next five years and announced a deepening partnership with Google, as the Chinese smartphone maker looks to bolster its market share overseas. The investment plan, revealed at Mobile World Congress in Barcelona, is designed to reposition the firm from a smartphone player into […]
Saudi Arabia has launched the third round of its Sah savings product for 2025, offering a 4.98 percent return for March under the Ijarah sukuk structure. Issued by the Ministry of Finance and managed by the National Debt Management Center, Sah is the Kingdom’s first savings bond designed for individuals. It operates under the Ijarah […]
China has granted approval to 13 foreign-invested companies to begin operating in the country’s telecommunications sector on a pilot basis, as it steps up efforts to attract more foreign investment and revitalise its economy. The permits granted by the Ministry of Industry and Information Technology will allow the companies to offer value-added services in areas […]
Saudi bank loans surpassed the SR3 trillion ($801.6 billion) mark for the first time in January, registering a 14.66 percent year-on-year increase. According to figures from the Saudi Central Bank, also known as SAMA, this growth marks the fastest expansion since October 2022 and is primarily driven by a surge in business financing. Corporate loans […]