Beijing / WAM A team of Chinese and American scientists recently published an assessment of China’s future use of clean hydrogen in its heavy industry and heavy-duty transport, noting that clean hydrogen can significantly reduce carbon emissions, Chinese news agency, Xinhua, reported. According to the study in the journal Nature Energy, clean hydrogen can be both a major energy …
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ABU DHABI / WAM International Holding Company (IHC) announced on Wednesday the completion of a 54% stake acquisition in Emircom, the Middle East’s leading information and communications technology (ICT) provider, through its subsidiary, IHC Digital. This AED250 million transaction comes as part of the IHC’s group-wide strategy to grow its digital assets portfolio and expand into new growth areas. …
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ABU DHABI / WAM Worldwide employment in renewable energy reached 12.7 million last year, a jump of 700,000 new jobs in one year, despite the lingering effects of Covid-19 and the growing energy crisis, according to the “Renewable Energy and Jobs: Annual Review 2022” report. The report identifies domestic market size as a major factor influencing employment generation in …
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SHARJAH / WAM Dana Gas on Thursday announced that its Board of Directors has approved an interim dividend payment to shareholders for the first six months of 2022 of 4.5 fils per share, equivalent to AED315 million, for distribution by the 21st of October 2022. Hamid Jafar, Chairman of the Board, commented, “Today’s interim dividend announcement reflects our ongoing …
Read More »ABU DHABI / WAM The central banks of Saudi Arabia, Kuwait, Qatar, and Bahrain have decided to raise their interest rates, tracking a hike in the US Fed’s benchmark rate. The move came as the US Federal Reserve raised its benchmark interest rate by three-quarters of a percentage point to a range of 3.00%-3.25% on Wednesday- the biggest increase …
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Bloomberg President Joe Biden said he warned Chinese President Xi Jinping it would be a “gigantic mistake†to violate sanctions imposed on Russia, but that there’s been no indication that Beijing has provided weapons to Moscow for its invasion of Ukraine. Biden, according to excerpts from an interview with CBS’s “60 Minutes†airing Sunday, said he spoke with Xi shortly …
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JEDDAH / WAM The Kingdom of Saudi Arabia announced the discovery of new sites for gold and copper ore deposits in the Madinah region. According to the Saudi Press Agency (SPA), the Saudi Geological Survey, represented by the Survey and Mineral Exploration Centre, said that the discoveries of gold ore were within the boundaries of Aba Al-Raha, the shield …
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Bloomberg Oil edged higher in uneven trading, remaining within a narrow price band as traders weighed a souring US economic outlook against risks of supply disruptions from Russia. West Texas Intermediate futures traded near $86 a barrel, struggling to hold onto gains while under pressure from equity markets. Equities slid as Fedex Corp. withdrew an earnings forecast, in what …
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South Korea / WAM South Korea wants to strengthen its relations with the Middle East with a focus on high-tech industries, according to Seoul’s top diplomat. “In the Middle East, we hope to deepen cooperation in high-tech industries,” said Park Jin, Foreign Minister of the Republic of Korea, while hosting a dinner for invited guests, during Jeju Forum for …
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Bloomberg The global economy may face a recession next year caused by an aggressive wave of policy tightening that could yet prove inadequate to temper inflation, the World Bank said in a new report. Policy makers around the world are rolling back monetary and fiscal support at a degree of synchronization not seen in half a century, according to …
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