Most stock markets in the Middle East ended lower on Sunday, with the Egyptian bourse leading the declines, in response to Friday’s fall in global shares over fears of contagion following the collapse of Silicon Valley Bank (SVB) (SIVB.O). The startup-focused lender became the largest bank to fail since the 2008 financial crisis on Friday, roiling global markets […]
Panama’s Maritime Authority has lifted a suspension on First Quantum Minerals’ operations at the port of Punta Rincon, which the Canadian company uses to export copper concentrate from its key Cobre Panama mine, company sources said late on Friday. Two spokespersons for Minera Panama, First Quantum’s Panama unit, told Reuters the suspension dated Jan. 26 had […]
U.S. President Joe Biden spoke with California Governor Gavin Newsom on Saturday about the Silicon Valley Bank failure and efforts to address the situation, the White House said after the bank’s collapse. A White House statement said Biden discussed with Newsom an emergency declaration he issued on Friday to ensure California has the full support […]
Saudi Arabia’s Public Investment Fund (PIF) is close to a deal to order Boeing commercial jets for the fleet of a new national airline, the Wall Street Journal reported on Saturday, citing people familiar with the matter. The aircraft order is valued at $35 billion, the report said, adding that the deal could be announced […]
Discovering the origins of COVID-19 is a moral imperative and all hypotheses must be explored, the head of the World Health Organization said, in the clearest indication yet that the U.N. body remains committed to finding how the virus arose. A U.S. agency was reported by the Wall Street Journal to have assessed the pandemic had likely […]
Saudi Arabian oil giant Aramco on Sunday reported a record annual net profit of $161.1 billion for 2022, up 46% from the previous year on higher energy prices, increased volumes sold and improved margins for refined products. The profits, which are around triple that of Exxon’s $56 billion, follow similar reports in February from international peers such […]
Saudi Arabia’s Crown Prince Mohammed bin Salman formally announced on Sunday the creation of a new national airline, Riyadh Air, with industry veteran Tony Douglas as its chief executive, as the kingdom moves to compete with regional transport and travel hubs. Riyadh Air will will serve more than 100 destinations around the world by 2030, […]
Cyclone Freddy pummeled Mozambique on Saturday, killing one person, ripping roofs off houses and triggering a lockdown in one port town, a resident and local media said, two weeks after 27 died when the storm first made landfall. Freddy, one of the strongest storms ever recorded in the southern hemisphere, started sweeping onshore by 10pm […]
Over the past 70 years, institutional investors’ ownership of publicly traded US companies has increased dramatically, leaving a large section of the US economy in the hands of a few asset management companies. This column questions the impact of these investors on political donations made by their portfolio firms. After the acquisition of a large […]
One of the segments of the US economy that was affected most by the Great Recession was consumption. This column use individual-level data to understand the channels through which the decline in house values affected consumption during the Great Recession. The authors find that household-level financial constraints, including those that may have existed previously as […]
