BUSSINESS | Saudi Aramco Third – Quarter Profit Slumps 44.6% As Pandemic Chokes Demand

RIYADH | SAUDIA RABIA – Saudi Arabian state oil giant Aramco on Tuesday reported a 44.6% drop in third-quarter net profit as the coronavirus crisis continued to choke demand and weight on crude prices. Share prices of global oil companies have been hammered this year as investors fret over the impact of the pandemic on … Continue reading BUSSINESS | Saudi Aramco Third – Quarter Profit Slumps 44.6% As Pandemic Chokes Demand

BUSINESS | Qatar Airways Seeks $5 Billion Compensation From Arab Bloc Over Airspace Ban

DUBAI – Qatar Airways is seeking at least $5 billion in compensation from Saudi Arabia, the United Arab Emirates, Egypt and Bahrain for blocking it from their airspace, the state-owned carrier said on Wednesday. The airline has been banned from the airspace of the four countries since June 2017 when they cut ties with Qatar … Continue reading BUSINESS | Qatar Airways Seeks $5 Billion Compensation From Arab Bloc Over Airspace Ban

BUSINESS NEWS | Russia Has No Objection To Earlier OPEC+ Meeting: Sources

LONDON – Russia has no objection to the next meeting of OPEC and its allies, known as OPEC+, being brought forward to June 4 from the following week, three OPEC+ sources familiar with the meeting’s preparations told Reuters on Sunday. Algeria, which currently holds the presidency of the Organization of Petroleum Exporting Countries (OPEC), has … Continue reading BUSINESS NEWS | Russia Has No Objection To Earlier OPEC+ Meeting: Sources

CORONAVIRUS NEWS | Google Launches Coronavirus Website In The United States

RIYADH | SAUDI ARABIA – Alphabet Inc’s Google said on Saturday it launched a United States-focused website with information about coronavirus guidance and testing, as the country works on slowing the spread of the highly contagious virus. The site (google.com/covid19), which consists of resources and links focused on the potentially deadly respiratory illness COVID-19, will … Continue reading CORONAVIRUS NEWS | Google Launches Coronavirus Website In The United States

BUSINESS | Oil Market Set For Record Surplus Amid Virus-Led Demand Slump: Goldman Sachs

LONDON – Goldman Sachs said the oil market could see a record surplus of about 6 million barrels per day by April, considering a bigger – than – expected surge in low-cost output, while a slump in demand was ‘increasingly broad’ triggered by the coronavirus outbreak. Brent was set for its biggest weekly loss since … Continue reading BUSINESS | Oil Market Set For Record Surplus Amid Virus-Led Demand Slump: Goldman Sachs

BUSINESS NEWS | Saudi GDP Growth Projected To See An Uptick This Year, Backed By Non –Oil Sector: Central Bank

RIYADH | Saudi Arabia’s economic growth is projected to see an uptick this year, backed by the non – oil economy, the country’s central bank governor said on Saturday. Saudi Arabian Monetary Authority (SAMA) Governor Ahmed Al-Kholifey, also told an economic conference in Riyadh that it was too early to get the full picture of … Continue reading BUSINESS NEWS | Saudi GDP Growth Projected To See An Uptick This Year, Backed By Non –Oil Sector: Central Bank

Business | Saudi Cabinet Gives Go-Ahead For Businesses To Open 24/7 In Kingdom

Riyadh, Saudi Arabia – The Saudi Cabinet on Tuesday announced that businesses in Saudi Arabia are to be given the option to remain open 24 hours a day. Minister of Commerce and Investment Dr. Majid Al-Qassabi thanked King Salman and the Crown Prince Mohammed bin Salman for the decision, which he said would improve the … Continue reading Business | Saudi Cabinet Gives Go-Ahead For Businesses To Open 24/7 In Kingdom

BUSINESS | BMW and Daimler Team Up On Automated Driving

Bucharest, Romania – Some 1,200 developers at BMV and Daimler will team up to develop automated driving technology, the companies said on Thursday, the latest carmakers forced to pool their development resources at a time of shrinking margins. The strategic partnership will focus on developing technologies for assisted driving systems, automated driving on highways and … Continue reading BUSINESS | BMW and Daimler Team Up On Automated Driving