RIYADH: The Red Sea Development Co. will plant 2 million saplings by the end of 2022 to achieve its ambitious target of 15 million plants by 2030, making it one of the most extensive nurseries in the Middle East and North Africa. source
Category: Economy
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US inflation hit a new 40-year high last month of 8.6%
WASHINGTON: The costs of gas, food and other necessities jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6 percent last month from 12 months earlier, faster than April’s year-over-year surge of 8.3 percent, the Labor Department said Friday. On a month-to-month...
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Banque Saudi Fransi-backed MTN program assigned (P)A2 by Moody’s
RIYADH: Banque Saudi Fransi’s $4 billion guaranteed Medium-Term Note program has been assigned a provisional senior unsecured foreign-currency rating of (P)A2 by Moody’s Investors Service. The MTN program is a special-purpose vehicle established by BSF and the rating is aligned with BSF’s A2 long-term deposit ratings, a statement showed. source
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Saudi import tariff increases led to rise in domestic industrial investments: Ministry
RIYADH: Raising Saudi Arabia’s import tariffs on more than 500 items led to an investment increase in goods production and more jobs in the Kingdom, according to the Ministry of Industry and Mineral Resources. The rise on 575 commodities was issued in June 2020, and saw rates increase from zero to 25 percent on some food and beverage...
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Stocks slide, short-end yields jump on hot CPI print
NEW YORK: US stock futures turned negative and European shares fell further on Friday after higher-than-expected US consumer price data for May fueled inflation concerns and likely kept the Federal Reserve on track to aggressively hike interest rates, according to Reuters. The consumer price index increased 1.0 percent last month after gaining 0.3 percent in...
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Amadeus partners with Saudi Tourism Authority to develop destination management in the Kingdom
JEDDAH: Travel technology company Amadeus has signed a deal with the Saudi Tourism Authority to provide a destination management system that would enhance tourism and mobility in the Kingdom. Speaking on the sidelines of the 116th Executive Council of the UN World Tourism Organization, Nashat Bukhari, managing director of Amadeus, Saudi Arabia & Bahrain, told...
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West unlikely to reject Russian energy for years: Vladimir Putin
RIYADH: Russian companies should not start “concreting over their oil-wells” according to Vladimir Putin as he predicted the West will rely on energy from his country for many years. As the EU currently imports around 40 percent of its gas from Russia, the bloc has pledged to reduce its dependency on Russian oil by 90...
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Kuwait’s Mezzan Foods denies CFO claims of 30% price hike in Saudi Arabia
RIYADH: Kuwait’s Mezzan Foods Co. has denied it plans to increase prices in Saudi Arabia after its chief financial officer said there could be a 30 percent rise for some goods. The company issued the clarification after Nabil Ben Ayed said in a television interview that Mezzan was considering the hike for food products in...
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Oil slips on China lockdowns but stays near three-month highs
LONDON: Oil prices dipped on Thursday but still hovered near three-month highs after parts of Shanghai imposed new COVID-19 lockdown measures, although China’s stronger-than-expected exports in May offered a boost to the demand outlook, according to Reuters. Brent crude futures for August had dipped 57 cents or 0.5 percent to $123.01 a barrel by 1327 GMT,...
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Dubai business park operator TECOM to offer 12.5% shares in IPO
RIYADH: TECOM Group, a member of the Dubai Holding group, plans to list its ordinary shares on the Dubai Financial Market on July 5 in an initial public offering. Tecom Group, which owns and operates 10 sector-focused business districts across Dubai, is offering 625 million ordinary shares, representing 12.5 percent of the company’s issued capital,...