Author: Steven Sahiounie

RIYADH: Saudi Arabia’s private sector has seen a 45 percent increase in average wages over the past five years, driven by the growth and economic reforms initiated under the Kingdom’s Vision 2030 programs according to a report from the National Labor Observatory. The data reveals that average wage in the private sector surged from SR6,600 ($1,759) in 2018 to SR9,600 in 2023. This growth is also attributed to the government support provided to the private sector during the COVID-19 pandemic, as well as the competitiveness and efficiency of the Saudi labor market. According to the report, people receiving wages of over SR20,000 increased 139…

RIYADH: China’s economy took a massive hit in August after registering a capital outflow of $49 billion, straining the yuan and its growth prospects. Despite an uptick in inflows, the country witnessed the largest amount of money leaving its coffers since December 2015, mainly caused by $29 billion in securities investments in August, according to Bloomberg, citing data from China’s State Administration of Foreign Exchange. Moreover, the country saw a deficit of $16.8 billion in direct investments during the month, the steepest decline since 2016. China has been grappling with economic challenges since mid-2022, with COVID-19 restrictions and a slowdown…

NAIROBI: Kenya has extended an oil supply deal with three Gulf-based companies, which is designed to manage demand for dollars, the energy regulator said on Tuesday. The East African nation entered the deal with Saudi Aramco, Abu Dhabi National Oil Co. and Emirates National Oil Co. in March, switching from an open tender system in which local companies bid to import oil every month. “There was an extension up to December 2024 so this is basically arising out of negotiations that have been happening to drive down the freight and the premium (costs),” said Daniel Kiptoo, the head of the Energy and Petroleum…

RIYADH: Affirming Saudi Arabia’s strong growth prospects in the near term, the Organization for Economic Co-operation and Development revealed that the Kingdom’s gross domestic product is expected to rise by 3.9 percent in 2024. The OECD revealed that Saudi Arabia’s inflation rate is expected to average 2.1 in 2024, a sign that the Kingdom is successfully combating price pressures. Earlier this month, the International Monetary Fund echoed similar views and noted that Saudi Arabia has succeeded in maintaining its average consumer price index despite inflationary pressures faced by several countries across the globe. The report noted that Saudi Arabia will…

NEW YORK: The US Treasury on Tuesday released new principles for “net-zero” financing commitments from banks and asset managers on Tuesday, saying they should align with goals to limit the global average temperature increase to 1.5 degrees Celsius and be backed by credible metrics and targets. The document, released as world leaders, celebrities and business moguls converged on Manhattan to focus attention on the climate crisis during the US General Assembly week, also prescribed that financial institutions should bring their clients’ and portfolio investments into line with temperature limits. The Treasury also announced that several philanthropic groups have pledged…

Truss skirted the topic twice when asked if she wanted to apologize to people facing higher mortgage rates at a speech and Q&A, before the anniversary of her government’s so-called mini-budget. Liz Truss has rejected the idea that she ruined the UK economy when she was prime minister, and sought to blame “groupthink” from the Bank of England, the media, and the civil service. On Saturday, in contrast, in her first televised interview since being ousted from office after a short-lived 49-day tenure, she expressed regrets during a live question-and-answer session on GB News. Truss acknowledged her errors and revealed her lack of readiness for…

Gideon Rachman analyzes how China’s incorporation into the World Trade Center has led to the US and Europe using a protectionist approach, and how although it is tempting for the EU, it still needs Chinese batteries and minerals to produce domestic EVs. According to Gideon Rachman of the Financial Times, When China joined the World Trade Organization, American officials believed time would make China warm up to the US and become more like it, whereas in reality the opposite has occured. In addition, China’s economic growth has led to its increased military strength. This has led many US leaders to regret China’s admission…

Ukraine is prosecuting several European Union member states on its borders over their imposition of a ban on tax-free Ukrainian grain. Ukraine has taken legal action against three of its European Union neighbors, Poland, Slovakia, and Hungary, by filing lawsuits at the World Trade Organization (WTO) over their bans on Ukrainian grain imports. The Central European countries defied a recent decision by the European Commission to lift the import ban, sparking a diplomatic dispute with Ukraine, particularly Poland, which has been a staunch ally of Kiev’s against Russia. Poland warned that in case the bloc refuses to extend the ban, it would…

Financial experts express their concern that the economic situation in the United States would scar American citizens for generations to come. The United States witnessed on Monday its gross national debt surpassing the milestone of $33 trillion for the first time in the country’s history, serving as a clear indicator of the nation’s shaky financial situation. Just three months ago, the United States reached its previous record-high debt level of $32 trillion. This occurred shortly after President Joe Biden signed legislation to uncap Washington’s debt ceiling previously set at $31.4 trillion, thereby preventing a potentially catastrophic American debt default. Washington is currently…

The new batch of restrictive measures is expected to be announced during the first half of October The European Union is in the final stages of crafting its 12th set of Ukraine-related sanctions against Russia, as reported by Bloomberg on Monday, citing sources familiar with the ongoing discussions. According to the news outlet, this forthcoming package of sanctions is expected to concentrate on further measures to hinder Russia’s capacity to circumvent previously imposed restrictions, particularly its efforts to import sanctioned goods through intermediary countries, such as Türkiye and the UAE. Sources claim that the EU’s sanctions list may be expanded…