ISTANBUL — Runaway inflation and a collapsing lira are pushing millions of Turks to the brink of financial ruin and slamming factories, farmers and retailers across the country. More than two-thirds of people in Turkey are struggling to pay for food and cover their rent, according to a survey by Yöneylem Social Research Centre, fueling...
VIENNA — OPEC+ announced on Wednesday that it will cut oil production by 2 million barrels per day, the biggest cut since the start of the pandemic. The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and Non-OPEC Ministerial Meeting took place in person at the OPEC Secretariat in Vienna....
RIYADH — Aiming to sustain its success’s momentum, SHIFT Mobility Solutions application, which specializes in providing Carsharing services around the Kingdom, has recently added King Khalid Airport in Riyadh to its list of service locations. From now on, SHIFT customers will be able to receive their booked cars at the airport using the SHIFT app...
LONDON — The Bank of England has stepped in to stabilize financial markets after the British government’s tax-cutting plans caused economic chaos. In an emergency intervention, the central bank warned of a “material risk to UK financial stability” if market dysfunction continued. It came after the IMF urged the UK government to rethink its fiscal...
Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global leader in cybersecurity solutions, predicts that ransomware groups will increasingly target Linux servers and embedded systems over the coming years. The latest Trend Micro 2022 Midyear Roundup Report recorded a double-digit year-on-year (YoY) increase in attacks on these systems in 1H 2022. Detection of attacks from...
JEDDAH — YORK, a leading provider of integrated solutions that include HVAC equipment, fire and security systems, building management systems and controls, signed an MoU with Almajdiah Residence, a leading real estate developer in Saudi Arabia. The signing took place at YORK’s manufacturing complex in King Abdullah Economic City in Jeddah, by Dr. Mohanad Alshaikh...
The vibrant city of Jeddah recently witnessed the opening of Gravita, an ultra-modern co-working space located in the heart of the city’s commercial district on Prince Mohammed Bin Abdulaziz Street. Gravita gathers like-minded professionals from different disciplines ranging from freelancers to entrepreneurs in startups, SMEs and large enterprises in a revolutionary co-working space. Spread across...
Microsoft for Startups Middle East have announced the third cohort of B2B tech startups for its engaging GrowthX Accelerator program today. Run as part of a strategic partnership between the Abu Dhabi Investment Office (ADIO) and Microsoft, the GrowthX Accelerator offers unmatched training opportunities to growth-stage startups ranging primarily from the Seed to Series A...
WASHINGTON — The UK’s planned tax cuts are likely to increase inequality in the country, according to the International Monetary Fund. In an unusual statement, the UN agency encouraged Britain — a member of the G7 financial group — to rethink how it will support people through its fiscal policy. Chancellor Kwasi Kwarteng has faced...
NEW YORK — Some of Wall Street biggest companies have been fined a total of $1.8bn (£1.7bn) by US financial watchdogs after staff discussed deals and trades on their personal devices and apps. The Securities and Exchange Commission (SEC) says the investigation uncovered “pervasive off-channel communications”. Barclays, UBS and Goldman Sachs were among the 16...