Author: Steven Sahiounie

“The United States is dropping the mask of fair competition when it coerces other countries to engage in unilateral protectionism against China,” Wang Yi added The US’ actions against China demonstrate that this country is the largest source of instability in the world, Chinese Foreign Minister Wang Yi said at a meeting with Singapore’s Prime Minister Lee Hsien Loong. “The United States is dropping the mask of fair competition when it coerces other countries to engage in unilateral protectionism against China. These actions will only undermine trust in Washington and prove to the world that the United States has become…

Ivory Coast President Alassane Ouattara emphasized that Cote d’Ivoire would contribute a battalion of 850 and 1,100 men for the operation, and that Benin, Nigeria and other countries would participate, too African Union Commission Chairman Moussa Faki Mahamat has supported the decision of the Economic Community of West African States (ECOWAS) to launch a military operation in Niger, according to the statement published on the website of the African Union. Mahamat expressed concern about the situation in Niger and called for the “immediate release” of President Mohamed Bazoum, his family and members of the government, saying that the conditions of…

According to the report, Turkey insisted during the Saudi round of consultations that, “results cannot be achieved without involving Russia in the process” Turkey may play host to the third round of consultations on resolving the Ukraine crisis following the last meeting in Jeddah, Saudi Arabia, Turkish daily Hurriyet reported. According to an article in the newspaper, the next meeting is scheduled for October. The article notes that, “it should not be surprising if Turkey becomes the host of the third round.” Ankara, as mentioned, fully supports these initiatives because, among other factors, it is a country that “can openly and clearly…

President of Republika Srpska Milorad Dodik said on Thursday he also expected to visit China and meet with Putin there this fall Serbian President Aleksandar Vucic said he planned to visit China in October and possibly meet with Russian President Vladimir Putin there. “By the end of the year, I expect to have serious and important conversations with our very, very important partners. I will pay an important visit to China in October. What will happen there is a big question, because, apparently, the arrival of Russian President Vladimir Putin is also expected,” Vucic said in a broadcast by Happy…

RIYADH: As the mining industry continues to expand in line with Saudi Arabia’s Vision 2030 economic diversification plan, the Kingdom issued 32 licenses in June. According to the Ministry of Industry and Mineral Resources, the new permits included 17 for exploration and 11 for quarrying building materials. The ministry also issued two licenses for mining and small mine exploitation, followed by one each for exploration and surplus mineral ores. This allocation follows the ministry’s issuance of 34 permits in May, 55 in April and 27 in March. The report stated that the total number of mining licenses valid in the sector until…

Diplomatic delegations from Iran and Brazil convened the 12th round of political consultations between the two countries in Brasilia. In the meeting, co-chaired by Iranian Deputy Foreign Minister for Political Affairs Ali Baqeri and the Brazilian Foreign Ministry’s Secretary for Africa and the Middle East Carlos Duarte, the two delegations talked about bilateral relations and various international issues. They also weighed plans to facilitate and diversify economic and trade relations between Tehran and Brasilia, promote their cultural and scientific cooperation, enhance parliamentary interaction, and work on issues related to environmental protection and tourism. “The cooperation between Iran and Brazil in…

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 41.94 points, or 0.37 percent, to close at 11,286.21. The total trading turnover of the benchmark index was SR5.65 billion ($1.5 billion) as 145 of the 228 stocks advanced, while 68 retreated. The Kingdom’s parallel market Nomu also surged 162.71 points, or 0.69 percent, to close at 23,702.46 while MSCI Tadawul Index soared 6.24 points, or 0.43 percent, to close at 1,466.77. The best-performing stock of the day was Gulf Union Alahlia Cooperative Insurance Co. The company’s share price rose 9.95 percent to SR13.48. Other top performers included National…

MOSCOW: Russia’s current account surplus shrank to $25.2 billion in January-July, an 85 percent decrease compared with the same period last year, the central bank said on Wednesday, but up slightly from the figure for the first six months of the year. Russia’s current account surplus hit a record high in 2022, helped by a fall in imports and robust oil and gas exports that kept foreign money flowing in despite Western efforts to isolate the Russian economy over the conflict in Ukraine. But oil and gas revenues, the lifeblood of Russia’s economy, have slumped 41.4 percent year-on-year in the…

RIYADH: In a significant catalyst to Saudi Arabia’s entrepreneurial sector, the Social Development Bank provided SR6.4 billion ($1.7 billion) in financing during the first half of 2023, largely targeting small and medium enterprises. In a board meeting chaired by Saudi Minister of Human Resources and Social Development Ahmed Al-Rajhi, SDB announced that over 150,000 beneficiaries availed the bank’s financial services with a total of SR2.6 billion dedicated to supporting 5,700 SMEs through the first half of the year. The bank reported it enhanced the saving behavior among its clients by 20 percent, with an addition of over 23,000 new savings accounts during the first half of the year. Highlighting the bank’s achievements, Al-Rajhi mentioned that the SDB’s support to enterprises exceeded its initial targets by 30 percent. During the meeting, Ibrahim Al-Rashid,…

RIYADH: In an effort to promote innovative financial services, Saudi Central Bank, which is also known as SAMA, has issued a new license to Loan, a fintech company, to provide consumer microfinance solutions in the Kingdom. With the new licensee, there are now six authorized companies offering consumer microfinance solutions in the Kingdom. According to SAMA, this decision reflects its endeavor to support the finance sector, increase the efficiency of financial transactions, and promote innovative solutions for financial inclusion in Saudi Arabia. The bank added in its statement that it emphasizes the importance of dealing exclusively with authorized financial institutions. …