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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 …

  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 …

Bloomberg Oil mustered a late comeback after dropping to six-month lows this week as a softer dollar bolstered trader demand across assets. West Texas Intermediate settled above $86 a barrel, finishing a tumultuous week nearly flat with the prior seven days. At the start of the week both benchmarks, WTI and Brent, slipped to lows not seen since the start …

BALMORAL / WAM Queen Elizabeth, Britain’s longest-reigning monarch and the nation’s figurehead for seven decades, has died aged 96, Buckingham Palace said on Thursday, Reuters reported. With her death, her eldest son Charles, the former Prince of Wales, will lead the country in mourning as the new King and head of state for 14 Commonwealth realms.

  GENEVA / WAM The International Air Transport Association (IATA) announced passenger data for July showing that the recovery in air travel continues to be strong. Total traffic in July (measured in revenue passenger kilometers or RPKs) was up 58.8 percent compared to July 2021. Globally, traffic is now at 74.6 percent of pre-crisis levels. Domestic traffic for July 2022 …

  Abu Dhabi / WAM Borouge, a leading petrochemical company providing innovative and differentiated solutions, continues to strengthen its existing value-chain partnerships through several new opportunities in Egypt – a strategic market where the company has long-standing ties. Borouge has contributed to shaping country’s most prominent projects, which are driving demand for energy, infrastructure, and agriculture solutions. In 2020, Borouge …

Manama / WAM Investcorp, a Bahrain-based asset manager which counts Mubadala Investment Company as its biggest shareholder, on Wednesday announced that Investcorp Saudi Pre-IPO Growth Fund LP led the Pre-IPO round in privately-held TruKKer Holding Limited, Mena’s largest digital freight network with a leading position across Saudi Arabia, the UAE, Egypt and neighbouring countries. Investcorp led the initial close of …

  Bloomberg Oil falls this week as prospects for a global economic slowdown weighed heavily on the demand outlook. West Texas Intermediate futures dropped 6.7% for the week amid tightening monetary policy and renewed anti-virus lockdowns in China. Meanwhile, traders shrugged off an announcement by G-7 leaders of plans to cap the price of Russian crude in retaliation for Vladimir …

  Bloomberg Oil rises, paring a hefty weekly decline, as Opec ministers and allies prepare to discuss crude output. West Texas Intermediate futures climbed above $88 a barrel on Friday after slumping almost 11% over the prior three days. Traders shrugged off an announcement by G-7 leaders of plans to cap the price of Russian crude in retaliation for Vladimir …

Bloomberg Reliance Industries Ltd will invest 2 trillion rupees ($25 billion) to roll out its 5G services across India, its billionaire-chairman Mukesh Ambani said as he continues to expand and diversify his $220 billion empire. Reliance Jio Infocomm Ltd., the telecom unit of the retail-to-refining conglomerate will deploy a “standalone 5G” version that doesn’t depend on the earlier 4G network …