RIYADH: Saudi Aramco shares surged to the maximum allowed 10 percent above their listing price on their debut in Riyadh on Wednesday. The stock jumped to SR35.2 ($9.39), up from the initial public offering (IPO) price of SR32 ($8.53), hitting the daily limit permitted by the Tadawul stock exchange and giving the company a valuation…
MELBOURNE, Australia: The US Army plans to fund construction of rare earths processing facilities, part of an urgent push by Washington to secure domestic supply of the minerals used to make military weapons and electronics, according to a government document seen by Reuters. The move would mark the first financial investment by the US military…
DUBAI: Signs are starting to emerge of a backlash against the oil and gas sector for its contribution to global warming, putting the industry at risk of being labeled the “new Big Tobacco,” according to prominent energy industry figures. Majid Jafar, CEO of Crescent Petroleum, the region’s first and largest privately owned oil and gas company,…
DUBAI: Signs are starting to emerge of a backlash against the oil and gas sector for its contribution to global warming, putting the industry at risk of being labeled the “new Big Tobacco,” according to prominent energy industry figures. Majid Jafar, CEO of Crescent Petroleum, the region’s first and largest privately owned oil and gas company,…
RIYADH: Saudi businesses have welcomed spending plans of SR1.02 trillion ($272 billion) next year, announced by King Salman. The Council of Saudi Chambers praised the efforts of the monarch, Crown Prince Mohammed bin Salman and others in reaching an agreement on the 2020 budget. The government has predicted revenues of SR833 billion and a deficit of…
RIYADH: After King Salman announced Saudi Arabia’s budget for 2020 on Monday, Crown Prince Mohammed bin Salman highlighted some of its key elements and their implications, along with his thoughts on the ongoing implementation of economic reforms in the Kingdom. He said that the government’s economic transformation of the country is progressing steadily in accordance…
BEIJING: China said on Monday that it hoped to make a trade deal with the US as soon as possible, amid intense discussions before fresh US tariffs on Chinese imports are due to kick in at the end of the week. Beijing hopes it can reach a trade agreement with the US that satisfies both sides,…
BEIJING: China said on Monday that it hoped to make a trade deal with the US as soon as possible, amid intense discussions before fresh US tariffs on Chinese imports are due to kick in at the end of the week. Beijing hopes it can reach a trade agreement with the US that satisfies both sides,…
BEIJING: China’s trade with the US sank again in November as negotiators worked on the first stage of a possible deal to end a tariff war. Exports to the US fell 23 percent from a year earlier to $35.6 billion, customs data showed Sunday. Imports of American goods were off 2.8 percent at $11 billion, giving…
BEIJING: China’s trade with the US sank again in November as negotiators worked on the first stage of a possible deal to end a tariff war. Exports to the US fell 23 percent from a year earlier to $35.6 billion, customs data showed Sunday. Imports of American goods were off 2.8 percent at $11 billion, giving…
PARIS: France is ready to go to the World Trade Organization to challenge US President Donald Trump’s threat to put tariffs on French goods in a row over a French tax on internet companies, its finance minister said on Sunday. “We are ready to take this to an international court, notably the WTO, because the national…
JAKARTA: Big changes are expected in Indonesia's upstream oil and gas sector with a new leadership poised to draw more foreign investment. In an exclusive interview with Arab News, the vice chairman of the industry’s regulating body explains what will happen, when, and why one of the investors should be Saudi Aramco. What investors are…
JAKARTA: Big changes are expected in Indonesia's upstream oil and gas sector with a new leadership poised to draw more foreign investment. In an exclusive interview with Arab News, the vice chairman of the industry’s regulating body explains what will happen, when, and why one of the investors should be Saudi Aramco. What investors are…
At a recent “swing through” the Middle East, Torsten Muller-Otvos, the chief executive of luxury car maker Rolls-Royce, was asked what he regarded as his “perfect drive.” The 59-year-old German listed the coast of Cornwall in the UK, the south of France, as well as an urban tour in the shape of a night auto-clubbing…
TOKYO: Japanese households cut their spending for the first time in almost a year in October as a sales tax hike prompted consumers to rein in expenses and natural disasters disrupted business. Household spending dropped 5.1 percent in October from a year earlier, government data showed on Friday. It is the first fall in household spending…
COLOMBO: The Maldives is seeking a “diplomatic” solution to restructure its Chinese debt as the small but strategically located atoll nation struggles with repayments, the foreign ministry has said. Former strongman president Abdulla Yameen relied heavily on Beijing to provide financial support during his five-year term and his successor’s party has accused China of a land…
TOKYO: Weeks after his billion-dollar bailout of WeWork, SoftBank Group Corp’s founder and CEO Masayoshi Son reiterated his belief in an instinct-led investing style, in a discussion with Alibaba Group Holding Inc’s co-founder Jack Ma. SoftBank owns 26 percent of China’s Alibaba, with its origin in a $20 million investment in 2000, and the stake is…
LONDON: Disruption to shipping from the long-anticipated switch to more environmentally friendly marine fuels has finally arrived, exacerbated by logistical problems as much as any shortage of the cleaner fuel. New International Maritime Organization (IMO) rules, referred to as IMO 2020, aim to stop ships from using fuels containing more than 0.5 percent sulfur unless…
AMMAN: A persistent sinus problem prompted a Jordanian entrepreneur to launch an eco-friendly dry-cleaning service that could help end the widespread use of a dangerous chemical. “Dry cleaning” is somewhat of a misnomer because it is not really dry. It is true that no water is involved in the process, but the main cleaning agent…
AMMAN: A persistent sinus problem prompted a Jordanian entrepreneur to launch an eco-friendly dry-cleaning service that could help end the widespread use of a dangerous chemical. “Dry cleaning” is somewhat of a misnomer because it is not really dry. It is true that no water is involved in the process, but the main cleaning agent…
