Author: Steven Sahiounie

China has witnessed the establishment of 36,968 new foreign-invested companies in the first eight months of 2024, marking an 11.5% increase compared to the previous year, according to the Ministry of Commerce. In a statement reported by China’s Xinhua News Agency, the Ministry revealed that total foreign direct investment (FDI) in mainland China during this period reached 580.2 billion yuan (approximately $81.7 billion). However, this represents a 31.5% decrease compared to the same period last year. High-Tech Manufacturing Sector Gains Foreign Investment Despite the overall decline in FDI, the high-tech manufacturing sector attracted significant foreign investment. The sector accounted for…

The “Huachipato” steel plant in Chile, the country’s largest, will close its doors on Monday. After operating for 74 years, the closure will lead to thousands of job losses. Economic Impact on Talcahuano The plant’s closure directly affects 2,700 jobs, including subcontractors. Additionally, around 20,000 indirect jobs are at risk. The closure also marks the end of non-recycled steel production in Chile. For generations, Huachipato was central to life in Talcahuano, a city with 160,000 residents, located 500 kilometers from Santiago. The plant was a landmark in the community. Challenges from Chinese Competition Huachipato produced 800,000 tons of steel annually…

In August 2024, Saudi Arabia’s annual inflation rate increased to 1.6%, up from 1.5% in July, according to a report by the General Authority for Statistics. The rise is mainly attributed to higher prices in the housing, water, electricity, and fuel sectors, which saw an 8.9% increase, as well as a 0.9% rise in food and beverage prices. The report highlighted that actual housing rents experienced a notable surge of 10.7%, which contributed significantly to the overall inflation rate. This marks a continued trend in price increases, as inflation held steady at 1.5% during both June and July. Within the…

The UAE has achieved impressive progress in its clean energy initiatives. Suhail bin Mohammed Faris Al Mazrouei, the Minister of Energy and Infrastructure, highlighted that clean energy now accounts for 27.83% of the nation’s total energy output as of 2023. This marks a step forward toward the 2030 goal of reaching 32%. Growing Renewable Energy Capacity in the UAE Since 2019, the UAE has made significant gains in renewable energy capacity. Specifically, the country has doubled its capacity in just a few years. By 2030, it is expected to triple its installed renewable energy capacity. In fact, 2023 saw a…

The Bahrain Economic Development Board (EDB) has secured an initial investment of over $16 million from Polymatech, an Indian firm specializing in electronics connectors. Polymatech will set up a cutting-edge factory in the Hidd industrial area of Bahrain. Purpose of the Visit This announcement came during the EDB’s recent visit to India. The delegation traveled to Mumbai, Bangalore, and Chennai to showcase Bahrain’s thriving business environment and its potential as a regional technology and industry hub. The EDB aimed to highlight Bahrain’s supportive investment climate. Significance for Bahrain’s Digital Transformation Noor bint Ali Al Khalifa, Minister of Sustainable Development and…

A SpaceX capsule touched down in the Gulf of Mexico near Florida just before dawn. Onboard were billionaire Jared Isaacman, two SpaceX engineers, and a former U.S. Air Force Thunderbird pilot. Historic Spacewalk The crew completed the first-ever private spacewalk while orbiting approximately 740 kilometers above Earth. This altitude surpasses both the International Space Station and the Hubble Space Telescope. The spacecraft reached a peak altitude of 1,408 kilometers following its launch on Tuesday. Isaacman became only the 264th person to conduct a spacewalk since the Soviet Union recorded the first spacewalk in 1965. SpaceX engineer Sara Gillis became the…

Ariel Kliner, a Knesset member from the Likud party, has proposed establishing a security zone in southern Lebanon extending up to the Litani River. In his interview with Maariv, Kliner stressed the need for Israel to reinforce its territorial integrity in response to regional security challenges. Rationale Behind the Proposal Kliner argues that Israel’s current northern borders are insufficient for ensuring the safety of its citizens. He suggests that either Israel must create a security zone extending to the Litani River or face ongoing threats and instability in the north. He believes that Lebanon’s adversarial stance and Hezbollah’s presence necessitate…

Fahd Al-Muwallad, the Saudi international footballer, fell from his apartment balcony in Dubai and was admitted to intensive care. The Saudi Foreign Ministry confirmed this late Saturday, though the precise circumstances of the fall remain unclear. Official Responses The Saudi Consulate in Dubai stated on X (formerly Twitter) that it received notification about Al-Muwallad’s accident at his residence on Thursday, September 12. The consulate is working closely with Dubai Police and is monitoring Al-Muwallad’s health. Club and National Team Involvement Al-Muwallad was injured after playing for Saudi Arabia in the Asian qualifiers for the 2026 World Cup. He participated as…

The Israeli newspaper Haaretz reported on Sunday that the Israeli army recruits African asylum seekers for military service in Gaza. In exchange, they offer these individuals the promise of permanent residency in Israel. The army also tries to lure recruits with salaries equal to those of Israeli soldiers. Some of these African recruits have already taken part in key operations in Gaza. Since the war began on October 7, Israeli forces have lost more than 621 soldiers, and over 3,500 have been injured, according to the latest figures. Sheikh Abdullah bin Zayed Sets Condition for Supporting Gaza’s “post-war day “…

Israeli media reported that one of the brigades independently dropped leaflets in the Al-Wazzani area of southern Lebanon. The leaflets urged residents to leave their homes. This action took place without the approval of the Israeli army. An Israeli army radio correspondent explained that the 769th Brigade under the Northern Command initiated the distribution. They did so without informing higher command. The army’s top leadership and political authorities were unaware of this move. As a result, the military has opened an investigation. The Israeli newspaper Maariv noted that the army admitted the decision bypassed command approval. The Northern Command is…