Author: Steven Sahiounie

FRANKFURT: The European Central Bank raised its key interest rate to a record high of 4 percent on Thursday but, with the euro zone economy in the doldrums, signalled this was likely to be its final move in a more-than year-long fight against inflation, according to Reuters. The central bank for the 20 countries that share the euro also raised its forecasts for inflation, which it now expects to come down more slowly toward its 2 percent target over the next two years, while cutting those for economic growth. That illustrated the dilemma the ECB faced at the meeting: prices…

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 32.31 points, or 0.29 percent, to close at 11,154.54. The total trading turnover of the benchmark index was SR7.38 billion ($1.96 billion) as 91 of the listed stocks advanced, while 131 retreated. The Kingdom’s parallel market Nomu also rose 295.44 points, or 1.31 percent, to close at 22,808.41. This comes as 36 of the listed stocks advanced, while as many as 11 retreated. Similarly, the MSCI Tadawul Index also dropped 2.35 points, or 0.16 percent, to close at 1,435.93. The best-performing stock of the day was Aldawaa Medical Services Co. whose share price surged 7.55 percent to SR94. Other…

RIYADH: Saudi Arabia’s services sector is set to benefit from increased global opportunities after the Kingdom’s National Competitiveness Center signed a deal with the World Economic Forum. The two entities signed a cooperation agreement in Geneva on Thursday to promote the commercial sector’s growth and foster increased cross-border transactions, particularly for small and medium enterprises. The agreement falls within the broader efforts of the Kingdom’s trade system to play a pivotal role in realizing the goals of Vision 2030, according to Commerce Minister Majid bin Abdullah Al-Qasabi. In addition to this, the agreement also aims to boost the integration of…

SINGAPORE: Oil prices rebounded on Thursday after falling in the previous session as markets turned their attention back to a tighter crude supply outlook for the rest of 2023, with demand set to stay robust through to next year, according to Reuters. Brent crude futures rose 54 cents, or 0.6 percent, to $92.42 a barrel at 9:30 a.m. Saudi time, while US West Texas Intermediate crude climbed 54 cents, or 0.6 percent, to $89.06. Fears of deficient supplies are underpinning oil prices as producers “adamantly stick to restricted production,” said Priyanka Sachdeva, senior market analyst at Phillip Nova. Saudi Arabia…

According to the organization’s statement, about 20,000 people are still missing The number of victims of heavy rains and floods that hit the northeastern regions of Libya has exceeded 11,000, according to the Libyan Red Crescent. “The death toll from the natural disaster in northeastern Libya has exceeded 11,000, with about 20,000 people still missing,” the organization said in a statement quoted by the Al Arabiya TV channel. Earlier, it was reported that about 8,000 people have been killed as a result of floods and heavy rains in this part of Libya. According to the Red Crescent, at least 2,000 bodies…

The top Russian diplomat said some countries in the Global South had already sent Russia initiatives to resolve the conflict in Ukraine “apparently driven by sincere motives” Moscow will consider all serious proposals to settle the conflict in Ukraine if they meet Russia’s legitimate interests, Russian Foreign Minister Sergey Lavrov said at talks with Myanmar’s Foreign Minister Than Swe. “We are ready to consider any serious proposals that will take into account the realities on the ground and the basic legitimate interests of the Russian Federation,” the Russian minister said in opening remarks. He said some countries in the Global…

Saudi Arabia’s King Salman received a message from Iran’s President Ebrahim Raisi, focusing on ways to strengthen bilateral relations across various sectors. The message was received on behalf of Saudi Arabia’s Minister of Foreign Affairs, Faisal bin Farhan, by his deputy, Walid bin Abdul Karim Al-Khereij, during a meeting with Iran’s Ambassador to the Kingdom Ali Reza Enayati, according to Arab News, citing the Saudi Foreign Ministry. The discussions also involved Saudi Deputy Prime Minister and Minister of Defense, Crown Prince Mohammed bin Salman, and centered on strengthening bilateral ties between the two Muslim nations for mutual benefit, the ministry added. In…

Iran’s President Ebrahim Raisi said the country has proven to be Iraq’s best friend in tough times. Speaking in a meeting with Iraq’s visiting Foreign Minister Fuad Hussein in Tehran on Wednesday, Raisi stressed that Iran cannot tolerate the presence of terrorist groups on the country’s common border with Iraq. He urged Baghdad to honor its relevant security commitments towards Tehran. “During the days that Iraq was besieged by the Daesh (ISIL or ISIS) terrorist group, the Islamic Republic did not withhold any assistance from Iraq, proving itself to be Iraq’s friend during its (the Arab country’s) tough days,”…

The Serbian leader pointed out that during the negotiations “there were not many pleasant, but mostly unpleasant moments,” and it became clear that “Kurti simply avoided the formation of the Community of Serbian Municipalities, and that is the whole point” Serbian President Aleksandar Vucic said that his consultations with Prime Minister of unrecognized Kosovo Albin Kurti held in Brussels on Thursday were unsuccessful. “We had talks, and I think they were unsuccessful in terms of finding a direct way to normalize relations. We all have our proposals. In the end, we accepted the EU’s compromise proposal, which Kurti was not…

The Russian foreign minister added that Moscow “will continue to actively support” the countries of the region in preserving the ASEAN-centered architecture NATO’s plans to influence the Asia-Pacific region pose a particular danger for this region, Russian Foreign Minister Sergey Lavrov said at a press conference following talks with his Burmese counterpart Than Swe. “Of course, NATO’s open plans to infiltrate here (in the Asia-Pacific region – TASS) and establish its own rules pose a particular danger,” the top Russian diplomat said. Lavrov recalled that at the recent East Asia Summit in Jakarta, all the countries of the region clearly…