Author: Steven Sahiounie

 The global inflation crisis put the world’s central banks in lockstep for the past year, raising rates nearly in unison. But the economic landscape has changed, and diverging policies could spell trouble down the road. So how should central banks coordinate when their economies are headed in opposite directions? It’s a topic that is on the table this week as central bankers from around the globe descend on Jackson Hole, Wyoming, to discuss “Structural Shifts in the Global Economy” at the annual economic policy symposium hosted by the Kansas City Federal Reserve. In her speech at the symposium Friday, European Central Bank President…

RIYADH: In a bid to further support Saudi families in their pursuit of homeownership, the Saudi Real Estate Development Fund has deposited SR941 million ($250.8 million) into Sakani accounts during August, as reported by the Saudi Press Agency. The initiative, coordinated by the REDF in collaboration with the Ministry of Municipal, Rural and Housing, underscores the fund’s commitment to supporting Sakani beneficiaries. This financial injection is a part of the fund’s continuous efforts to enhance housing affordability for families and drive the realization of the housing program’s objectives, which are integral to the Saudi Vision 2030 framework. Since its launching…

RIYADH: Saudi Arabia’s ambitious tourism drive gains further momentum as NEOM, the $500-billion giga-project, has appointed JLS Yachts as a “key partner superyacht agency” for Sindalah, the luxurious island development within the megacity. The partnership aims to transform the island into a sought-after destination for yachting enthusiasts worldwide, according to a press release. JLS Yachts will establish an office at the marina on the island, providing a spectrum of services to visitors, including berthing, provisioning and bunkering as well as customs clearance, transportation and travel arrangements. This move follows NEOM’s previous announcement in June, where Monaco-based BWA Yachting was selected to establish an office at the Sindalah marina. Antoni Vives, chief urban…

RIYADH: Cruise Saudi, a wholly-owned venture of the Public Investment Fund, has unveiled a strategic partnership with the leisure services platform, Columbia blue, for the development of its much-anticipated premium cruise line, AROYA Cruises. In a significant move, Cruise Saudi has selected Columbia blue, one of the leading players in the ship management industry, as its designated ship manager for AROYA Cruises. The platform specializes in cruise and expedition passenger vessel management and boasts a large portfolio featuring some of the globe’s most distinguished brands. Under this partnership, Columbia blue will be responsible for AROYA Cruises’ hotel management operations, covering critical areas such…

RIYADH: Oil was headed for a second week of declines even as it rose on Friday, as the dollar firmed before a speech by Federal Reserve Chair Jerome Powell while concerns over tight supply eased. Brent crude rose 39 cents, or 0.5 percent, to $83.75 a barrel by 0624 GMT, while US West Texas Intermediate crude was also up 39 cents, or 0.5 percent, at $79.44 a barrel. For the week, crude prices are set to fall between 1.2 percent and 2.2 percent, a second consecutive week of decline. “No doubt the Fed’s policy outlook will be the key driving force for…

Steven Sahiounie, journalist and political commentator The current government ruling Israel is the most far-right Jewish extremist in history. Senior members in power have been asking for the forced deportation of Palestinians, in a frightening echo of the Nakba of 1948, when three-fourths of the Palestinian population was expelled in a massive ethnic cleansing while the US and western nations stood by in silent complicity. The Israeli Defense Forces have repeatedly attacked refugee camps in the West Bank, especially Jenin. Meanwhile, the Jewish citizens of Israel have been in the street protesting their own issues, which have nothing to do…

RIYADH: A high-level delegation from Saudi Arabia’s Ministry of Industry and Mineral Resources embarked on a mission to bolster cross-border collaboration with Germany, focusing on human capacity development in the industrial and mining sectors. The delegation, led by the Deputy Minister of Industry and Mineral Resources for Human Capability Development, initiated a significant dialogue with prominent German companies during their official visit to the European country, the Saudi Press Agency reported. In partnership with the Human Capability Development Program, the Saudi delegation engaged in strategic discussions with key players in the German business landscape. Meetings were held at…

The Turkish and Ukrainian foreign ministers said, on Friday, that other solutions to the export of Ukrainian grain than the Black Sea grain deal, which ended after Russia quit last month, were less optimal, Reuters reports. The deal brokered by Turkiye and the United Nations last year had allowed the safe Black Sea export of Ukrainian grain. Ankara has been trying to persuade Moscow to return to the agreement. Ukraine announced earlier this month a “humanitarian corridor” in the Black Sea to release cargo ships that have been trapped in its ports since Russia launched a full-scale invasion of Ukraine on 24 February, 2022. The first vessel that…

Ghaith Safia, an international economist, described the UAE’s joining the BRICS Group as an influential addition to the group’s work. In an interview with Sputnik, Safia attributed the reason for the influential addition provided by the UAE to the group’s work to several factors, saying: “The United Arab Emirates is one of the fastest growing countries in the world due to its proximity to active, promising and flexible markets with standards that guarantee business success within a safe and stable environment and in accordance with modern and advanced controls and systems.” He pointed to the distinctive, civilized and open social…

The Acting Governor of the Central Bank of Lebanon, Wassim Mansouri, announced on Friday that the Central Bank intervened to maintain monetary stability, and that the intervention was outside the reserves.According to the National News Agency,  say Mansouri, during a press conference: “The intervention was made by the Central Bank, to maintain monetary stability, during the past month… “Intervention to maintain stability in the exchange rate did not cost Lebanon any amount of reserves, and the measures taken were taken outside the reserves.”He added: “Agreed, and in consultation with Prime Minister Najib Mikatiand Minister of Finance Youssef Al-Khalil, that financial stability…