Category: Market

The Kingdom of Saudi Arabia welcomed on Wednesday the start of the UNs operational plan to salvage the FSO Safer oil tanker and pump out approximately 1.14 million barrels of crude oil.

The Saudi Foreign Ministry also welcomed in a statement the success of UN and international efforts over the past years which culminated in the start of the unloading process and averting an environmental disaster that threatens maritime security and the global economy in the Red Sea.

The Ministry affirmed its continued efforts to work with the United Nations and the Yemeni government to end issues related to the stricken vessel.

The UN announced on Tuesday that it had begun transferring the oil from the FSO Safer off Yemen’s coast into the replacement vessel (Nautica).

Source: Qatar News Agency

Gold prices held steady on Monday as investors awaited a US Federal Reserve meeting this week where the central bank could signal a pause in interest rate hikes from July.

Spot gold was little changed at $1,960.01 per ounce, while US gold futures fell 0.2% to $1,961.80.

The dollar index inched lower, but held near its more than one-week peak hit on July 20, limiting golds rise as a stronger dollar makes the metal more expensive for holders of other currencies.

Among other metals, spot silver rose 0.1% to $24.6 per ounce, platinum and palladium fell 0.1% to $960.78 and $1,289.51 respectively.

Source: Qatar News Agency

Deputy Prime Minister for Foreign Affairs, Fouad Hussein, chaired today the twenty-first session of the Ministerial Council for Economy.

The Council discussed the items on its agenda and took the appropriate decisions in this regard.

The Council hosted the technical deputy of the Ministry of Planning for the purpose of discussing strategic projects such as the Diwaniyah sewage project and finding out the reasons for the delay in this vital project, which serves most of the neighborhoods of the city of Diwaniyah. The Council decided to assign a consulting office to audit the completed and remaining works within a period of one month in order for the Council to take the appropriate decision and remove the obstacles that impede the completion of this important project.

The Council hosted the Director General of Water in the Ministry of Construction and Housing in order to listen to an explanation about the obstacles and problems facing the great Samawah water project, and after extensive discussions, the Council decided to approve the completion of the German company executing the project and cancel the withdrawal of its hand in order to complete the project with the required specifications and as soon as possible to serve the people of the city of Samawah.

The Council also hosted the head of the Iraqi Business Council to discuss the reality of the work of the mixed joint-stock companies. After a presentation made by the head of the business council, the head of the council decided to complete the discussions in detail in the next session, due to the great importance of this issue on the Iraqi economy and the private sector in particular.

The meeting was attended by the Deputy Prime Minister, Minister of Planning, Ministers of Finance, Trade, Agriculture, Labor and Social Affairs, Secretary General of the Council of Ministers, Governor of the Central Bank of Iraq, Chairman of the National Investment Commission, Advisor to the Prime Minister for Legal Affairs and Chairman of the Securities Commission.

Source: National Iraqi News Agency

New Zealands trade surplus narrowed to just 9 million New Zealand dollars ($5.43 million) in June, down from a revised figure of NZ$52 million the month before.

The New Zealand Statistics Office reported that this occurred at a time when both exports and imports of New Zealand declined during the past month compared to the previous month.

Imports were affected by the economic recession in the country, while exports were impacted by the decline in the performance of the global economy.

New Zealand’s exports were particularly affected by the slowdown in the Chinese economy, as China is considered a key market for New Zealand’s exports.

By the end of June, New Zealand’s trade balance recorded an annual deficit of $15.98 billion, compared to a deficit of $17.12 billion during the same period in 2022.

Source: Qatar News Agency

Qatar stock exchange index rose by 17.50 points, or 0.17%, at the beginning of Monday’s trading, to reach a level of 10,512 points compared to the end of Sunday’s trading.

The index recorded an increase in the real estate sector by 1.63%, the transportation sector by 0.99%, the telecommunications sector by 0.65%, the industrial sector by 0.36%, the consumer goods and services sector by 0.09%, and the insurance sector by 0.03%. On the other hand, the bank and financial services sector was down by 0.31%.

At 10:00 am, Qatar Stock Exchange recorded 2636 transactions worth QR 100.861 million, distributed to 54.27 million shares.

Source: Qatar News Agency

Investment Promotion Agency of Qatar (IPA Qatar) affirmed that it has managed to attract foreign direct investment (FDI) and build a world-class business environment that propelled Qatar’s growth on the global stage which contributed to highlighting Qatar’s potential as a distinguished destination that attracts foreign investments.

In a statement issued on Saturday, IPA Qatar said that since its launch four years ago, it has been keen to capitalize on global investment promotion agencies and pursue modern and innovative techniques in promoting and attracting foreign investments to achieve a paradigm shift in the approach of providing services in the field of promoting investments through a clear vision and overarching strategy through which it had focused on developing a national trade mark to build the identity represented in “Invest Qatar” reflecting the essential transformation Qatar is witnessing as an attractive destination to investments and global talents.

The statement added that the IPA Qatar’s achievements have placed Qatar at the top of the FDI Standouts Watchlist for 2023, reinforcing the country’s status as an attractive investment destination.

IPA Qatar stated that in just four years, IPA Qatar engaged over 1,000 potential investors, participated in 150+ events, and formed partnerships with global organizations like Amazon, Iberdrola, Microsoft, and Siemens. This proactive approach yielded significant results, as evidenced by Invest Qatar ranking first among GCC FDI brands in terms of brand awareness with foreign investors outside the GCC, according to an Ipsos survey.

IPA Qatar continued to play a strategic role in strengthening a favorable business environment for investors and bolstering the FDI ecosystem in Qatar. The country recorded a remarkable 70% annual FDI growth from 2019 to 2022. Notably, in 2022 Qatar attracted $29.78 billion in foreign investments resulting in 13,972 jobs across diverse sectors, including business services, technology, financial services, and other industries. Such achievements have placed Qatar at the top of the FDI Standouts Watchlist for 2023, reinforcing the country’s status as an attractive investment destination.

In addition to its instrumental role in attracting investment, IPA Qatar actively engages in policy advocacy. To date, the Agency has made over 70 policy recommendations, aimed at creating a better business environment and promoting sustainable economic growth. Through 85 publications in eight languages, the Agency has showcased the country’s unique strengths and opportunities to investors worldwide.

Source: Qatar News Agency

American technology companies held a meeting at the White House and agreed to a pledge regarding the use of Artificial Intelligence, the Biden administration said today.

The companies that met at the White House today included some of the biggest tech names like Apple, Meta, Microsoft, Amazon, Alphabet, and OpenAI, in addition to smaller AI companies like Anthropic and Inflection.

The companies pledged to test their AI systems extensively before releasing them, share information about how to reduce risks, and invest in cybersecurity.

They also agreed to distinguish AI-created content created content by embedding a watermark, so that users can know the technology has been used and avoid any misinformation that could result from the use of the technology.

Source: Qatar News Agency

Kuwait’s trade surplus with Japan narrowed 33.4 percent from a year earlier to JPY 67.9 billion (USD 487 million) in June, down for the third consecutive month due to weak exports, government data showed on Thursday.

But Kuwait stayed in black ink with Japan for 15 years and five months, as exports offset imports in value, the Finance Ministry said in a preliminary report.

Overall Kuwaiti exports to the world’s third-biggest economy plunged 22.7 percent year-on-year to JPY 93.0 billion (USD 667 million), down for the second straight month. Imports from Japan jumped 36.4 percent to JPY 25.1 billion (USD 180 million), up for the 14th month in a row.

Middle East’s trade surplus with Japan narrowed 47.8 percent to JPY 606.9 billion (USD 4.4 billion) last month, with Japan-bound exports from the region sliding 35.4 percent from a year earlier.

Crude oil, refined products, liquefied natural gas (LNG) and other natural resources, which accounted for 94.7 percent of the region’s total exports to Japan, plunged 35.5 percent. The region’s overall imports from Japan jumped 30.0 percent on demand for automobiles and machinery.

Japan’s global trade balance returned to surplus for the first time in 23 months at JPY 43.0 billion (USD 300 million) in June, thanks to robust exports to the US and lower energy bills.

Exports increased 1.5 percent from the year before buoyed by shipments of automobiles, construction and mining machines, and semiconductor production equipment.

Imports shrank 12.9 percent as energy prices, especially crude oil, coal and LNG went declined. China remained Japan’s biggest trade partner, followed by the US. The trade data are measured on a customs-cleared basis before adjustment for seasonal factors.

Source: Kuwait News Agency

Wheat prices rose Thursday for the third day in a row after Russia threatened to treat ships destined for Ukrainian ports as military cargo, deepening fears of a global food security crisis. Wheat futures were the most traded on the Chicago Stock Exchange, rising by 1.4 per cent, at 737.6 cents a bushel, recording the highest level in 3 weeks. According to CNBC, the increase in wheat prices comes after a jump of 8.5 per cent in the previous session, the largest daily gain in more than a year with the escalation of geopolitical tensions. Wheat prices are still below the peak levels of 1177.5 cents per bushel recorded in May 2022.

Source: Jordan News Agency

Microsoft has officially unveiled Bing Chat Enterprise, a version of Bing Chat with business-focused data privacy and governance controls.

With Bing Chat Enterprise, chat data isnt saved, Microsoft cant view a customers employee or business data and customer data isnt used to train the underlying AI models.

“Weve heard from many corporate customers who are excited to empower their organizations with powerful new AI tools but are concerned that their companies data will not be protected,” said Frank X. Shaw, Microsofts chief communications officer.

Source: Qatar News Agency

European Union (EU) annual inflation was 6.4 percent in June, down from 7.1 percent in May. A year earlier, the rate was 9.6 percent.

The euro area annual inflation rate was 5.5 percent in June, down from 6.1 percent in May. A year earlier, the rate was 8.6 percent, according to figures published by Eurostat, the EUآ’s statistical office, on Wednesday.

Compared with May, annual inflation fell in twenty five EU Member States, remained stable in one and rose in one.

In June, the highest contribution to the annual euro area inflation rate came from food, drinks and tobacco, followed by services, non-energy industrial goods and energy, it noted.

Source: Kuwait News Agency

Global oil prices fell Wednesday after rising in early Asian trading, as markets balance concerns about demand in the US, China’s pledge to support economic growth, decline in Russian supplies and decline in US inventories. According CNBC, Brent crude futures fell 22 cents to $79.41 a barrel, and US West Texas Intermediate crude fell 32 cents to $75.43.

Source: Jordan News Agency