Press Dossier   By Date  10/08/2022
Biden signs bill to boost US chips, compete with China
WASHINGTON: President Joe Biden on Tuesday signed a landmark bill to provide $52.7 billion in subsidies for US semiconductor production and research and to boost efforts to make the US more competitive with China’s science and technology efforts.
Oil up as Russian pipeline halt revives supply fears
NEW YORK: Oil edged up on Tuesday, reversing an early decline as worries about tightening supply were revived after Russia said oil exports to Europe on the southern leg of the Druzhba pipeline had been suspended since early August. Russian pipeline monopoly Transneft said Ukraine had suspended oil flows via the pipeline leg because Western sanctions had prevented a payment from Moscow for transit fees from going through.
Saudi stocks rise on rosy earnings results: Closing bell
RIYADH: Saudi stocks market started higher on Tuesday — and continued to rise until the end of the day as investors took comfort in corporate earnings reports.
Chemical giant SABIC’s Q2 earnings beat estimates as profit soars to $2.1bn
RIYADH: Saudi chemical giant SABIC has reported a surge in second-quarter profits to SR7.93 billion ($2.1 billion), beating analysts’ average estimate of SR5.9 billion.
Foreign or joint capital constitute 39% of total investments in KSA’s industrial sector, says ministry
RIYADH: Foreign or joint capital represents around 39 percent of the total investments in the Kingdom’s industrial sector, the Saudi Ministry of Industry and Mineral Resources said in a statement. The announcement showed that foreign investments represent 15 percent of the total number of existing and under construction factories as of May 2022.
Dubai’s non-oil sector output hits 20-month high: S&P Global
Dubai’s wholesale and retail industry helped drive the expansion of the city’s non-oil sector in July, as output rose to a 20-month high at the fastest pace in three years, reported S&P Global.
Sharjah Asset Management floats new corporate policy for 2023-2025
The Board of Directors of Sharjah Asset Management Company, investment arm of the Government of Sharjah, has cleared the new institutional strategic plan for the 2023-2025 period, which seeks to enhance the economic and social development of the Emirate of Sharjah, in partnership with various public and private sectors.
Musk sells Tesla shares worth $6.9 billion, cites chance of forced Twitter deal
Tesla Inc Chief Executive Officer Elon Musk sold $6.9 billion worth of shares in the electric vehicle maker, saying the funds could be used to finance a potential Twitter deal if he loses a legal battle with the social media platform.
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