Saudi Arabia
Saudi Arabia’s PIF cuts stake in Nintendo after report said it was considering increase
Nintendo has kept players interested in its ageing Switch console series through key games with characters such as Super Mario and Zelda. Charly Triballeau | AFP | Getty Images Saudi Arabia’s Public Investment Fund (PIF) trimmed its holding in Nintendo Co., a day after reports that a senior executive at the kingdom’s mammoth sovereign wealth […]
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Saudi Arabia slashes growth forecasts, sees wider budget deficits
Riyadh, Saudi Arabia. Xavierarnau | E+ | Getty Images Saudi Arabia cut its growth forecasts and raised its budget deficit estimates for the fiscal years 2024 to 2026, looking ahead to a period of higher spending and lower projected oil revenues. Real gross domestic product is now expected to grow 0.8% this year, a dramatic […]
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Oil alliance OPEC+ zeroes in on group compliance after postponing output hike
Dilara Irem Sancar | Anadolu | Getty Images The OPEC+ alliance is once more cracking down on group compliance with oil output cuts, as it presses ahead with a three-pronged plan of formal and voluntary production trims. Two OPEC+ delegates, who could only comment anonymously because of the sensitivity of the talks, told CNBC that […]
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Podcast: How pro video gaming, or esports, is taking off with big dollars behind it
Video gaming is big business. The global market is expected to reach $187.7 billion in 2024, according to data firm Newzoo. And in the industry, there has been a big effort to boost esports, which is competitive gaming, and turn it into a professional sport on part with soccer or football. Esports involves teams or […]
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OPEC is highly bullish on long-term oil demand growth. Not everyone agrees
The sun sets beyond crude oil storage tanks at the Juaymah tank farm at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. Bloomberg | Bloomberg | Getty Images Global benchmark Brent crude falling below $70 a barrel in early September — its lowest in […]
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Saudi Arabia expects to get access to Nvidia’s high performance chips ‘within the next year’
Saudi Arabia is optimistic about gaining access to U.S. chipmaker Nvidia’s high-performance chips, which would enable it to develop and operate the most advanced artificial intelligence models. Speaking to CNBC on Thursday, a top official at the Saudi Data and AI Authority, Abdulrahman Tariq Habib, said the kingdom expected to make such a stride in […]
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‘Spook the West’: Turkey’s bid for BRICS both a strategic and symbolic step, analysts say
Turkish Foreign Minister Hakan Fidan attends the BRICS+ session on a two-day BRICS foreign ministers summit held in Nizhny Novgorod, Russia on June 11, 2024. Sefa Karacan | Anadolu | Getty Images Turkey’s request to join the BRICS alliance is a move seen as both strategic and symbolic as the Eurasian country of 85 million […]
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Saudi Arabia’s fiscal breakeven oil price is rising fast. What will the kingdom do about it?
An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia, on Wednesday, Oct. 3, 2018. Simon Dawson | Bloomberg | Getty Images Saudi Arabia has a superpower. Not only is it the largest exporter of crude oil in the world; its production costs for […]
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U.S. military says Yemen’s Houthis attacked two crude oil tankers in Red Sea
Tankers located in the waters near Ceuta, Spain are transferring crude oil from Russia to reach the Asian markets in spite of Western sanctions. Europa Press News | Europa Press | Getty Images Yemen’s Iran-backed Houthi rebels attacked two crude oil tankers — the Saudi-flagged Amjad and the Panama-flagged Blue Lagoon I — in the Red Sea on Monday, the U.S. military said, calling the assaults “reckless […]
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No longer a financial reservoir? Saudi Arabia’s spending confirms clear shift in strategy
Riyadh, Saudi Arabia. Xavierarnau | E+ | Getty Images Saudi Arabia is moving full steam ahead with its focus on domestic investment — and with that, higher requirements for foreigners coming to the kingdom to take capital elsewhere. The kingdom’s $925 billion sovereign wealth fund, the Public Investment Fund, saw its assets jump 29% to […]
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