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Strategic shale oilfield development will create jobs and enhance regional economic growth significantly The eastern region of China announced two major shale oilfields discovered by Sinopec which hold 180 million tons of proven reserves. The Xinxing and Qintong oilfields gained confirmation from China’s Ministry of Natural Resources thus marking an important move to find shale oil reserves in the country’s continental rift basins.Shale oil primarily consists of liquid hydrocarbons trapped in shale rock formations, which can be extracted for refining. It is commonly found in organic-rich shale as well as in interlayers of carbonate rock, sandstone, and siltstone.This assessment marks…
European shares joined a global market selloff on Tuesday after US tariffs on Canada, Mexico and China took effect, raising concerns that similar levies could be imposed on Europe. The pan-European STOXX 600 index was down 1%, as of 0811 GMT, retreating from previous session’s record high. Last week, US President Donald Trump floated a 25% tariff on cars and other goods from the European Union. Shares of automakers, which are vulnerable to trade duties, declined on Tuesday, with Stellantis dropping 3.6%, BMW losing 3% and Porsche down 1.6%. Defence shares lift European stocks to near record highs The sub-index…
The southern Chinese megacity of Shenzhen has unleashed a barrage of policies aimed at propelling itself to the forefront of the global artificial intelligence and robotics industries, as the metropolis seeks to reaffirm its status as China’s leading technology hub.In a rare move, the city rolled out three major action plans in a single day on Monday, which outline measures to accelerate its adoption of AI, strengthen its smart computing capacity to support local AI businesses, and establish a global lead in robotics, respectively.The first policy focuses on rapidly growing Shenzhen’s AI terminal industry – a field that includes a…
Complications during the countdown, including a Super Heavy booster issue, led to cancel the launch SpaceX has postponed the eighth uncrewed test flight of its Starship rocket system. The launch was originally set to take place within a one-hour window starting at 5:30 PM CT from SpaceX’s facilities in South Texas. However, complications arose during the countdown, including an unspecified issue with the Super Heavy booster, leading to the cancellation of the launch. A new date for this attempt has not yet been announced.SpaceX founder Elon Musk expressed his concerns about the flight on the social media platform X. He…
Europe is on track for a steady growth of 12 percent, with participants from across the continent participating in the upcoming edition of ATMArabian Travel Market (ATM), the leading global event for the travel and tourism industry, is set to welcome a diverse international presence at its upcoming 2025 edition, which will take place at the Dubai World Trade Center from April 28 to May 1.This year’s show will see notable growth in participation from key regions including Asia, the Middle East, Europe, Africa and the Americas, reflecting the continued recovery and rising demand across the global tourism industry.“Asia is…
Dubai’s toll gate operator Salik has revealed its financial outcomes for the three-month and year ending December 31, 2024. Total revenue for the full year 2024 increased by 8.7 percent year-on-year, reaching AED2.3 billion ($626.2 million), while revenue for the fourth quarter climbed by 15.6 percent year-on-year, amounting to AED651 million. EBITDA for the full year reached AED1.6 billion, reflecting a 13.6 percent year-on-year growth. In operational terms, total revenue-generating trips hit 498.1 million, marking an 8.0 percent year-on-year increase, bolstered by the introduction of two new Salik gates.His Excellency Mattar Al Tayer, chairman of the Board of Directors of…
Japan has denied an accusation by US President Donald Trump that it is manipulating the yen to benefit local manufacturers after the American leader suggested he is planning to impose retaliatory tariffs if his demands are not met.Speaking to reporters in the White House on Monday night, Trump singled out Japan and China for criticism.“Whether it is Japan or China, the weak currency against the dollar puts us at a great disadvantage,” Trump said. “It is hard for [US equipment manufacturer] Caterpillar to make tractors when Japan and China are devaluing their currencies.“I used to call the leaders of Japan…
Retailer to leverage Google Cloud’s data analytics and AI capabilities for enhanced efficiencyThe Brands For Less (BFL) Group, a leading off-price retailer in the GCC and Southeast Asia, has announced a strategic partnership with Google Cloud to accelerate its digital transformation journey.This collaboration will empower BFL Group to leverage Google Cloud’s advanced data analytics, artificial intelligence (AI), and machine learning (ML) capabilities to optimize operations, enhance customer experiences, and drive future growth.BFL Group, which has recently sold a 35 percent stake valued at $360 million to TJX Companies, has ambitious expansion plans. By harnessing the power of Google Cloud’s BigQuery,…
Finance Minister Muhammad Aurangzeb on Tuesday confirmed that discussions between the International Monetary Fund (IMF) and Pakistan for the first biannual review of the $7 billion programme had begun, adding that the country was “well-positioned” for the talks. Pakistan and the IMF had reached a three-year, $7bn aid package deal in July, with the new programme set to allow the country to “cement macroeconomic stability and create conditions for stronger, more inclusive and resilient growth”. A nine-member mission from the IMF has began its first biannual review of Pakistan’s $7bn Extended Fund Facility (EFF). “They are here. We will have…
Company’s board declared a base dividend of $21.1 billion for the fourth quarter of 2024, a 4.2 percent annual increaseSaudi Arabia’s state-owned oil giant Aramco reported today its full-year financial results for 2024, revealing a decline of 12.4 percent in net income to $106.2 billion from $121.3 billion in 2023.Aramco attributed this decline to “lower prices and volumes sold of crude oil, as well as lower refined and chemical product prices. This was partially offset by higher volumes sold of refined and chemical products during the year.”Despite the decline in include, the company’s board declared a base dividend of $21.1…