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Global oil market faces surplus throughout ’19 as demand slows: IEA
LONDON — Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday.In its monthly report the Paris-based IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption.“In 1H19, based on our outlook for non-OPEC production and global demand, and assuming flat OPEC production ... the implied stock build is currently 2 million bpd,” the IEA said.Output around the world has swelled since the middle of the year, while an escalating trade dispute...
November 14, 2018

Global oil market faces surplus throughout ’19 as demand slows: IEA

Premier Li Keqiang
China seeks open world economy
SINGAPORE/MANILA — China will further open its economy in the face of rising protectionism, Premier Li Keqiang said as he arrived in Singapore on Monday for meetings with Asia-Pacific leaders that will focus on speeding up work on a major new trade pact.Li’s remarks in an article in Singapore’s Straits Times newspaper came as Singapore’s Prime Minister Lee Hsien Loong called for more regional integration, saying multilateralism was under threat from political pressures.“China has opened its door to the world; we will never close it but open it even wider,” Li said in the article, in which he called for an “open world economy” in the face of “rising protectionism and unilateralism”. He did not directly refer to China’s bruising trade war with the US. Notably absent...
November 14, 2018

China seeks open world economy

From left:  Malaysia's Prime Minister Mahathir Mohamad, Myanmar State Counsellor Aung San Suu Kyi, Vietnam's Prime Minister Nguyen Xuan Phuc, International Monetary Fund (IMF) chief Christine Lagarde, Canada's Prime Minister Justin Trudeau, Singapore's Prime Minister Lee Hsien Loong, Chile President Sebastian Pinera, Thai Prime Minister Prayut Chan-O-Cha, Brunei Sultan Hassanal Bolkiah, Cambodian Prime Minister Hun Sen and Indonesia's President Joko Widodo pose for a group photo before the start a working lunch on the sidelines of the 33rd Association of Southeast Asian Nations (ASEAN) summit in Singapore on Nov. 14, 2018. — AFP
IMF chief sees case for central bank digital currency
SINGAPORE — With growing innovation in the financial sector and a move towards a cash-less society, there is a role for central banks to enter the world of digital currencies, IMF chief Christine Lagarde said Wednesday.Unlike private currencies like bitcoin and ethereum, money created by central banks would be regulated and trustworthy, and could reach all sectors of society, Lagarde said in a speech prepared for the Singapore Fintech Festival.“The key is to harness the benefits while managing the risks,” Lagarde said. “Proper regulation of these entities will remain a pillar of trust.”However, while central banks in several countries are considering e-money, questions remain about whether it makes sense for every country.There “may be a role for the state to supply money to...
November 14, 2018

IMF chief sees case for central bank digital currency

Air Arabia A320
Air Arabia net profit in 9 months surges
AIR Arabia, the first and largest low-cost carrier (LCC) in the Middle East and North Africa, announced Wednesday its financial results for the nine months ending September 30, 2018, demonstrating high levels of profitability and solid operational metrics.During the first nine months of 2018, Air Arabia registered a turnover of AED3 billion, 8 percent increase compared to AED2.8 billion registered during the same period last year. Net profit for the first nine months of this year stood at AED530 million, 17 percent lower than the net profits recorded for the corresponding period in 2017. Air Arabia’s robust financial performance was recorded despite the strong impact of high oil price and currency devaluation on the industry’s bottom line. More than 6.6 million passenger flew with the...
November 14, 2018

Air Arabia net profit in 9 months surges

Surface Go
Microsoft’s ‘hyper-portable, ultra-affordable’ Surface Go now available in Saudi Arabia
MICROSOFT on Wednesday announced the general availability of the Surface Go – the smallest, lightest, most affordable Surface device to date – in Saudi Arabia.Weighing only 1.15 pounds and carrying a vibrant 10-inch display, the Surface Go delivers the versatility and portability of a tablet together with the performance of a laptop, all in a single, compact device. It empowers people to stay connected, pursue their passions and tackle their side projects, without compromising on the performance or quality.The Surface Go is a new entry point for users – a productivity powerhouse, driven by the might of a 7th-generation Intel Pentium Gold Processor 4415Y, in a fan-less design, and capable of delivering up to nine hours of battery life. For the family at home or on the move; the expert...
November 14, 2018

Microsoft’s ‘hyper-portable, ultra-affordable’ Surface Go now available in Saudi Arabia

Tony Douglas, Group Chief Executive Officer of Etihad Aviation Group, and  Krešimir Kučko, Chief Executive Officer of Gulf Air, sign the MoU
Gulf Air and Etihad Airways explore greater cooperation
GULF Air, the national carrier of the Kingdom of Bahrain, and Etihad Airways, the national airline of the United Arab Emirates, are set to explore deeper cooperation following the signing of a Memorandum of Understanding (MOU) at the Bahrain International Airshow.The wide-ranging MOU covers scope to introduce joint codeshare operations between Abu Dhabi and Manama, as well as on the global flight networks beyond the two carriers’ GCC hubs. The MOU also contains plans for greater commercial cooperation in the fields of cargo, engineering, guest experience and the optimisation of pilot training facilities.The MOU was signed on the first day of the Bahrain International Airshow, currently taking place at the Sakhir Airbase, by Tony Douglas, Group Chief Executive Officer of Etihad Aviation...
November 14, 2018

Gulf Air and Etihad Airways explore greater cooperation

iPhady launches 5 th ‘White Friday’ Sale
iPhady, one of Saudi Arabia’s leading e-commerce sites and subsidiary of Al Falak Electronic Equipment & Supplies Co, has announced the fifth edition of its promotion, the “White Friday” Sale, which will be held for seven days — starting from midnight of November 20 until midnight of Nov. 27, 2018. The e-store, which is available through www.iphady.com, will provide attractive offers on smart devices and electronics, including devices such as Microsoft Surface, Surface Pro, Surface Laptop, Surface Book, Surface Go, screens, mobile phone accessories and other lifestyle products, which gives customers a variety of products and options at discounted prices.The promotion comes as Saudi Arabia’s e-commerce market is expected to grow to $10.864 million by 2020 and as part of the...
November 14, 2018

iPhady launches 5 th ‘White Friday’ Sale

Ibrahim Al Mahboub, Acting CEO of Najm for Insurance Services, and Major General Dr. Hamoud Al Faraj, Assistant General Director of the Civil Defense, sign the agreement
Najm and Civil Defense in deal over vehicle damages caused by calamities
NAJM for Insurance Services announced signing a memorandum of understanding with the General Directorate of Civil Defense for inspecting vehicle damages resulting from natural disasters. The agreement was signed last Nov. 12 at the General Directorate of Civil Defense headquarters in Riyadh, and was represented by Ibrahim Al Mahboub, Acting CEO of Najm for Insurance Services, and Major General Dr. Hamoud Al Faraj, Assistant General Director of the Civil Defense. Natural disasters such as flood or heavy winds can cause serious damages to the vehicles and under this agreement, a specialized surveyor from Najm will inspect vehicle damages resulting from natural disasters, only in the cities where the company operates. Whereas vehicle damages caused by natural disasters which result in injury...
November 14, 2018

Najm and Civil Defense in deal over vehicle damages caused by calamities

Montblanc opens boutique at Red Sea Mall
MONTBLANC continues to expand its presence in the Kingdom of Saudi Arabia, celebrating the official opening of its latest boutique together with its longstanding partner Al Hussaini Group. Located in Jeddah’s leading retail location, the Red Sea Mall boutique is the first in the Kingdom to unveil the Maison’s new retail design concept currently being rolled out around the world. The inauguration of the new boutique by Sheikh Mohammed Al Hussaini, CEO of Al Hussaini Group, and Franck Juhel, President of Montblanc Middle East, India and Africa took place during an exclusive reception for VIP customers, media and friends of the Maison.Designed by French designer and interiors architect Noé Duchaufour-Lawrance, the boutique concept narrates Montblanc’s long-standing passion for...
November 14, 2018

Montblanc opens boutique at Red Sea Mall

Youth around world cautiously optimistic about future: Study
RIYADH — New research published by the Misk Foundation has found that, while youth around the world are optimistic about the future, almost half (45%) of those interested in starting their own venture have not done so because they do not have the necessary support. Yo ung people are also concerned about a lack of suitable education and on-the-job training. These are among the main findings of the first Global Youth Index, which was developed by the Economist Intelligence Unit with the support of the Misk Foundation. The index is a tool for understanding ways of empowering young people to become active participants in the knowledge economy.The Global Youth Index (GYI) analyzes the extent to which young people in 25 countries areprepared for the future, based on five domains: education and...
November 14, 2018

Youth around world cautiously optimistic about future: Study

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