Author: africaforce

MENA Newswire News Desk: Saudi Arabia’s non-oil activities surged by 4.9% year-on-year in the second quarter of 2024, propelled by robust growth in the financial and insurance sectors, according to the General Authority for Statistics (GASTAT). This expansion comes as part of the Kingdom’s ongoing efforts to diversify its economy, reducing its reliance on oil revenues. The financial, insurance, and business services sectors led the growth with a 7.1% increase compared to the same period in 2023. This strong performance reflects Saudi Arabia’s strategic plan, Vision 2030, which aims to broaden the nation’s economic foundation. Non-oil activities also recorded a 2.1% rise compared to…

MENA Newswire News Desk: India’s foreign exchange reserves have reached a historic peak of $683.987 billion, reflecting an increase of $2.299 billion for the week ending August 30, according to the Reserve Bank of India (RBI). This new high surpasses the previous record of $681.688 billion, demonstrating a consistent upward trajectory in the country’s forex reserves. The RBI’s data reveals that foreign currency assets (FCA), the largest component of the reserves, rose by $1.485 billion to a total of $599.037 billion. Additionally, India’s gold reserves increased by $862 million, bringing the total to $61.859 billion. This growth in reserves enhances India’s ability to…

TEWKSBURY, MA / ACCESSWIRE / September 5, 2024 / Cambridge Isotope Laboratories, Inc. (CIL), the global leader in 13Cand 13C urea production, is excited to announce the startup of its North Star project, significantly increasing the company’s production capabilities. CIS Aerial CIS Aerial The North Star project commenced in mid-2020 as the world’s largest 13C production cascade. After the complex build of phase one finished in March 2024, CIL began to introduce naturally abundant product into the front end of the distillation cascade. With each stage of the cascade, the predicted enrichment has exceeded expectations, and the overall performance has…

MENA Newswire News Desk: A tiny asteroid, approximately 3 feet in diameter, is expected to collide with Earth today. However, scientists assure the public that the space rock will harmlessly burn up in the atmosphere as it enters over the western Pacific Ocean near Luzon Island in the Philippines. The European Space Agency (ESA) confirmed the event, which is set to occur around 12:46 p.m. ET (1646 GMT). Image used for illustration purposes. The asteroid, identified as 2024 RW1, was discovered this morning by Jacqueline Fazekas, a research technologist at the Catalina Sky Survey, a NASA-funded project dedicated to tracking near-Earth objects. This marks only the ninth…

China announced on Tuesday that it will initiate an anti-dumping investigation into canola imports from Canada. The move comes shortly after Canada imposed significant tariffs on Chinese electric vehicles (EVs), leading to a sharp increase in domestic rapeseed oil futures in China. Last week, Canada followed the United States and the European Union by announcing a 100% tariff on imports of Chinese electric vehicles, along with a 25% tariff on steel and aluminum from China. This has escalated trade tensions between the two countries, with China strongly condemning Canada’s actions. A spokesperson from China’s Ministry of Commerce expressed strong opposition, calling the measures discriminatory…

China has issued a stern warning to Japan, threatening significant economic retaliation if Tokyo proceeds with additional restrictions on the sale and servicing of chipmaking equipment to Chinese firms. The move complicates ongoing US-led efforts to curb China’s access to advanced semiconductor technology. Japanese officials have been briefed on the potential consequences by senior Chinese representatives in recent meetings, according to sources familiar with the discussions. A key concern within Japan is the potential impact on Toyota Motor Corp., which has expressed fears that Beijing could respond to new semiconductor restrictions by cutting off Japan’s access to critical minerals essential for…

The S&P 500 rebounded in August after a rocky start, ending the month with a 2.3% gain. This marked a reversal from the early August slump, where the index dropped by 6.1% in the first three trading sessions. Despite the volatility, 71% of stocks in the S&P 500 posted gains for the month, with 52 of them rising by double digits. Kellanova led the charge after accepting an $83.50 per share buyout offer from Mars, pushing its stock up 38.6% for the year. Starbucks was another standout, with its shares surging 21.3% in August, largely due to the announcement of Brian Nicol as the new CEO. Nicol,…

China’s economic foundations are under intense strain as key sectors struggle to maintain momentum. Factory activity contracted for a fourth consecutive month in August, signaling deepening deflationary pressures. The National Bureau of Statistics (NBS) reported that the official manufacturing purchasing managers’ index (PMI) fell to 49.1 from 49.4 in July, marking a continued slump that has persisted for most of 2023. The ongoing downturn in the property market is exacerbating the economic challenges. Residential sales figures reveal a worsening slump, with the value of new-home sales by the top 100 real estate companies plummeting by 26.8% year-over-year in August. This decline, coupled…

India is set to unveil its largest deep-water port, Vadhvan, in Maharashtra on Friday, with Prime Minister Narendra Modi slated to lay the foundation stone, according to a report by Asian News International (ANI). The port, located in Palghar, is expected to significantly enhance India’s maritime capabilities and bolster its position in global trade. This development is part of a broader strategy under PM Modi’s leadership, which has propelled India to the forefront of the global economy. Under his administration, India has emerged as a superpower and one of the top five economies in the world. The country’s growth trajectory, which had been…

The International Air Transport Association (IATA) reported a significant rise in global air cargo demand for July 2024, continuing a trend of robust year-over-year growth. According to the latest data, total air cargo demand, measured in cargo tonne-kilometers (CTKs), surged by 13.6% compared to the same period in 2023. This marks the eighth consecutive month of double-digit annual growth, with demand levels approaching the record highs last seen in 2021. International traffic played a crucial role in this surge, with a 14.3% increase in demand. Capacity, measured in available capacity tonne-kilometers (ACTKs), also saw an increase, rising by 8.3% year-over-year. Notably, international…