1 year ago
The OPEC+ group, led by Saudi Arabia, plans to begin adding oil supply to the market as early as December despite evidence that oil demand growth this year would be lower than OPEC had initially expected. OPEC has now revised down its estimates of global oil demand growth for the third consecutive month, expecting Chinese consumption to continue to underperform earlier projections. Yet, OPEC+ now plans to add in December 180,000 barrels per day (bpd) to the market and to continue reversing throughout 2025 the current production cuts of about 2.2 million bpd. There have been reports that OPEC’s top producer and the leader of the OPEC+ alliance, Saudi Arabia, has ditched its unofficial goal of bringing oil prices to the $100 per barrel mark and could be looking to “discipline” non-OPEC+ producers by returning to fight for market share. This Saudi approach, should the Kingdom pursue it, could sink oil prices and, consequently, the oil revenues for the Russian budget. Considering that oil and gas revenues account for around 30% of Russia’s budget proceeds, low oil prices could significantly dent Moscow’s revenues and its ability to continue pouring huge resources into the war in Ukraine, some analysts say. Russian […]
1 year ago
German Chancellor Olaf Scholz’s Cabinet on Wednesday passed a raft of 30 measures — put forth largely by the Labor and Foreign Ministries — designed to foster immigration from India in an effort to attract skilled workers to fill gaps in Germany’s labor market. A lack of skilled workers, say officials, businesses and economists, is threatening German innovation and economic growth. What did German officials say? German Labor Minister Hubertus Heil, speaking of the government’s targeted efforts, said, “Germany needs more economic dynamism and that requires qualified skilled labor.” Notoriously short-staffed, in part due to shifting demographics in an aging society, Germany has long looked abroad to keep its economy moving forward. “The situation in India is just the opposite,” said Heil earlier this week, “One million new people enter the labor market each month.” Though it is the world’s fifth-largest economy, India’s labor market simply cannot keep pace with the sheer number of potential workers. The situation has prompted India — the most-populous country on the planet — to push for more labor migration. “That is why Germany views India as an especially important partner when it comes to the issue of skilled labor migration,” according to Berlin’s strategy […]
1 year ago
Bahraini women entrepreneurs are embracing digital transformation, adopting advanced tools like AI, digital payments, and e-commerce to boost business growth. This shift highlights their commitment to innovation, enhancing security, and expanding market reach in a rapidly evolving landscape. Visa’s latest survey highlights the rapid digital adoption among women-owned businesses in Bahrain. The Women SMB Digitalization Index for Bahrain reveals that over 80% of women entrepreneurs have integrated digital solutions, with a sharp focus on payment systems, AI, and online presence. Digital Payments and AI Integration Digital payments have seen a significant uptake, with 45% of women entrepreneurs noting increased proficiency in managing payments both in-store and online compared to last year. Additionally, AI adoption is prominent, with over 60% using AI for sales and marketing, 59% for customer service, and 57% for payment and billing. Strengthening Online Presence Women-owned businesses are actively enhancing their digital footprint, with 46% leveraging social media and 41% using dedicated business websites to drive sales. This shift underscores a strong commitment to reaching customers through online platforms. Security and Training Digital security remains a priority, with 59% of entrepreneurs focusing on employee training and 51% investing in advanced security to protect transactions. This highlights the […]
1 year ago
A government prepaid card that allows individuals to make service payments securely has been introduced by the Department of Finance in Ajman. The card, named ‘Sahala’ can be used to pay through the ‘Ajman Pay’ platform. The emirate aims to provide flexible, secure digital payment solutions through “leveraging innovative, cutting-edge technologies”, the authority announced. The new card will also support the digital economy in the emirate and enhance the quality of life of its residents, the authority added. The card was introduced during GITEX 2024, in the presence of Sheikh AbdulAziz Bin Humaid Al Nuaimi, Chairman of the Ajman Tourism Development Department.
1 year ago
BitMEX co-founder Arthur Hayes on Wednesday predicted a sharp rise in Bitcoin (BTC) as geopolitical conflicts escalate, driving inflation and increased government spending. In a blog post, Hayes argued that the U.S. government’s financial response to conflicts in the Middle East would spur money printing and fuel the next bull run for the Bitcoin price. “We know that war is inflationary. We understand that the U.S. government must borrow money to sell bombs to Israel,” Hayes wrote. “We know that the Fed and the U.S. commercial banking system will buy this debt by printing money and growing their balance sheets. Therefore, we know that Bitcoin will rise stupendously in fiat terms as the war intensifies.” Hayes emphasizes that global conflicts, especially those involving the U.S., tend to lead to monetary expansion. He suggests that with more dollars entering the economy through government debt, Bitcoin—a decentralized asset—stands to benefit as investors seek protection from inflation. “An intensified Middle Eastern conflict will not destroy any critical physical infrastructure supporting crypto. Bitcoin and crypto will rise as energy prices spike higher. The hundreds of billions or trillions of newly printed dollars will re-energize the Bitcoin bull market,” he noted. Hayes referenced the Arab oil embargo of 1973 and the Iranian […]
1 year ago
A broad overview of America’s beer, spirits, and wine consumption reveals a steady increase since the Dot Com bust, with per capita levels approaching the highs last seen during the inflation-driven misery storm of the 1970s. Economic misery and rising alcohol consumption often go hand in hand. “During periods of recession, US per capita alcohol consumption from beer, spirits and wine has been very resilient. Total beer volume declined in 2009 whilst spirits volume continued to grow,” Goldman’s Olivier Nicolaï told clients in a note on Tuesday. Nicolaï noted, “Within overall US alcohol consumption, beer has been steadily losing share to spirits over the last 20 years. Within the spirits category, tequila has been gaining market share at the expense of vodka over recent years.” Six decades of US per capita alcohol consumption data shows how war and economic misery can impact drinking rates among consumers. From the 1960s to the 1970s, the rate of alcohol consumption soared on a per capita basis, likely due to foreign wars and high inflation. Around the time the Fed regained control of inflation with interest rate hikes in the late 1970s and early 80s, consumption rates eventually topped and fell as easier economic conditions led to boom cycles. […]
1 year ago
The first two Independent Charge Point Operator (CPO) licences for electric vehicle charging stations in Dubai have been issued to Tesla and UAEV, the Dubai Electricity and Water Authority (Dewa) announced on Wednesday during GITEX Global 2024. The awarding of licences to operate EV charging stations “addresses the rising demand for more EV charging stations in Dubai,” said Saeed Mohammed Al Tayer, Dewa managing director and CEO. Al Tayer underscored “the comprehensive regulatory framework reflects DEWA’s commitment to facilitating private sector participation in advancing sustainability and reducing emissions in the mobility sector. “It also encourages investment in green mobility infrastructure in Dubai, contributing to enhanced quality of life, the innovative use of clean energy, and achieving a balance between economic growth and environmental protection,” he added. Dewa launched the region’s first public EV charging infrastructure back in 2014.
1 year ago
Aramco abandons plans for a refinery and chemicals project in Saudi Arabia to concentrate on expanding in Asia, particularly in China. The planned facility in Ras Al Khair, which was set to process 400,000 barrels per day in partnership with Saudi Basic Industries Corporation, an Aramco subsidiary, has been scrapped, as reported by Bloomberg. Additionally, a proposal to relocate the project to Jubail is currently on hold. Three chemical facilities planned for Jubail and Yanbu on the Red Sea are also under review due to concerns about a potential slowdown in domestic demand, the report indicates. This decision aligns with Aramco’s growing investments in Asia, where the company is actively pursuing deals in the chemical sector and finalising long-term oil supply agreements with China. Aramco aims to continue developing its liquids-to-chemicals business, with a goal of increasing throughput in integrated refining and petrochemical complexes to four million barrels per day by 2030. Recently, Aramco announced it is accelerating plans for its liquids-to-chemicals project in Jubail in collaboration with China’s Rongsheng Petrochemical Company. In a related development, King Salman International Airport Development Company (KSIADC) recently signed an agreement with EWPartners, an investment firm backed by Saudi Arabia’s Public Investment Fund, to […]
1 year ago
Google has removed live price charts for Bitcoin and other cryptocurrencies from its search results. Users have noticed that queries like “Bitcoin price” or “Ethereum price” no longer display these charts, a feature that has been available since 2018. This change has been in effect for several days, but it’s unclear whether it’s a temporary glitch or a permanent decision. As of now, Google has not issued an official statement explaining the removal of these charts. It could also be an experiment being conducted by the Google algorithm before the upcoming US election. Click here to read here
1 year ago
On track to post Democrats’ worst presidential-election performance with blacks in 64 years, a desperate Kamala Harris smashed the vote-buying button on Monday, proposing an “Opportunity Agenda” for black men that includes dishing out one million “forgivable loans” at $20,000 each. The loans would be offered to black entrepreneurs “in partnership with trusted organizations like mission-driven lenders and banks with a proven commitment to their communities,” the Harris-Walz campaign said. If these “forgivable loans” are anything like the ones dished out to businesses during the madness of Covid stimulus, they’ll be loans in name only — meaning this is just a blatant wealth redistribution scheme aimed at buying black votes. Unsurprisingly, the campaign provided few details about the program’s requirements — such as just how black one will need to be to qualify: Me when I need a loan forgiven during a Harris Administration https://t.co/u40dxoJ4X7 pic.twitter.com/tkWGKbWMUw — The Right To Bear Memes (@grandoldmemes) October 14, 2024 The pledge comically evidences Harris’ generationally-terrible poll numbers among blacks. Consider that, in 2012, President Obama owned the black vote by an 85-point margin. Today, Harris is up by just 54 points. The numbers are even worse among black men age 18 to 45: Obama won by 81, and Harris is up 41. Among all black men and […]
58 minutes ago
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