Category: Industry

Manama Bahrain All Share Index closes at 1952.36 points,1.62 points drop Manama, Bahrain All Share Index has closed at at 1,952.36 points marking a decrease of 1.62 points below the previous closing. This decrease was due to the fall in the Materials Sector and Real Estate Sector. Bahrain Islamic Index has closed at 816.23 points marking a decrease of 0.71 points below the previous closing. Results indicated that 72 equity transactions took place with a volume of 1,747,321 worth BD 842,891. Investors traded mainly in the Materials Sector representing %67.06 of the total value of securities traded. Source: Bahrain News Agency

The International Energy Agency announced today, Thursday, that global oil demand recorded its slowest growth rate since 2020 in the first half of 2024, due to the weakness of the economy in China, which prompted the Agency to reduce its expectations for the entire year. Demand increased by 800,000 barrels per day in the first six months of 2024 compared to 2.3 million barrels in the same period last year, according to the agency. For the full year, global oil demand is expected to grow by about 900,000 barrels per day, 70,000 barrels less than the agency's previous estimate, that would take total demand to nearly 103 million barrels per day. Oil prices have fallen this year amid concerns about the global economic outlook. 'The main driver of this decline is China, which is experiencing a rapid slowdown, with consumption contracting year-on-year in July for the fourth consecutive month,' the Paris-based agency added. China is one of the world's largest oil consumers and importers, but the world's second- largest economy is struggling amid weak consumer spending, a property crisis and high unemployment. The agency also pointed to China's shift away from oil in favor of alternative energy. It said that increasing sales of electric vehicles are reducing demand for motor fuel, while the development of a massive high-speed rail network is limiting growth in the domestic air travel sector. Outside China, 'oil demand is weak at best,' the agency said. This week, benchmark Brent North Sea crude fell below $70 a barrel for the first time since December 2021. The Agency added that the price decline prompted key OPEC+ members to postpone a planned plan to increase supply and extend voluntary supply cuts until the end of November. The delay gives OPEC+ 'some time to assess the demand outlook for next year,' in addition to the impact of production disruptions in Libya. But with supply from non-OPEC+ countries rising faster than overall demand, the group 'could look forward to a large surplus, even if additional rest rictions remain in place.' Source: National Iraqi News Agency

President of the Republic Abdul Latif Jamal Rashid affirmed, today, Thursday, Iraq's keenness to enhance economic and investment cooperation with its brothers and friends. A statement by the Presidency of the Republic's media stated: "President of the Republic Abdul Latif Jamal Rashid received, today, Thursday, at Baghdad Palace, the Secretary-General of the Council of Arab Economic Unity, Ambassador Mohammadi Ahmed Al-Ni and his accompanying delegation." During the meeting, according to the statement, efforts to develop and support Arab economic work were reviewed, as well as ways to confront economic challenges in coordination and cooperation with the relevant Iraqi governmental institutions. The President of the Republic stressed Iraq's keenness to enhance economic and investment cooperation with its brothers and friends, and to provide the appropriate environment to contribute to major strategic development projects, explaining: "Iraq stands today on the threshold of a new phase of security stability a nd economic development, and it looks forward to fruitful cooperation and a real economic partnership." For its part, the guest delegation expressed its thanks and appreciation to the President of the Republic and his future vision for improving the reality of joint economic work, expressing its hope for Iraq's support for the work of the Council in order to achieve the higher goals that serve common interests. Source: National Iraqi News Agency

Prime Minister, Mohammed Shia Al-Sudani sponsored the signing ceremony of contracts for three industrial projects, including the establishment of a urea factory, a soda and chlorine factory, and the rehabilitation and operation of the fertilizer factory. Source: National Iraqi News Agency

Oil prices stabilized on Thursday, after concerns about lower demand dispelled the gains made in the previous session, which were driven by the impact of Hurricane "Francine" on production in the United States, the world's largest crude producer. Brent crude futures for November rose 24 cents, or 0.34 %, to $70.86 a barrel. US crude futures for October rose 20 cents, or 0.30 %, to $67.52 a barrel. The Energy Information Administration said yesterday that US oil inventories rose last week as crude imports grew and exports declined. Data showed that gasoline demand fell to its lowest level since May at the same time as demand for distillates declined, with refinery operations declining. Source: National Iraqi News Agency

Deputy Prime Minister for Energy Affairs, Minister of Oil Hayan Abdul-Ghani discussed with officials of the American company "Honeywell" prospects for enhancing cooperation in the fields of energy and the refining sector. A statement by the Ministry of Oil stated: "Abdul-Ghani visited, on Wednesday, the headquarters of the American company "Honeywell", and met with officials in the company and was briefed on its activities. It is one of the large specialized companies with extensive work in many fields." The minister, according to the statement, held a meeting with the company during which prospects for enhancing cooperation in the fields of energy and the refining sector were discussed. The Minister of Oil signed, in the presence of Prime Minister Mohammed Shia al-Sudani, a memorandum of understanding with the company "Honeywell" in May of this year, specifically for developing Iraqi refineries and supporting the national energy sector. The meeting was attended, according to the statement, by the Underse cretary of the Ministry for Gas Affairs, Ezzat Saber, the Prime Minister's Advisor, Falah Al-Amiri, the Director General of the Department of Studies, Planning and Follow-up, Nasir Aziz, the Director General of the Economic Department, Alaa Al-Yasiri, the Director General of the Southern Refineries Company, Hussam Hussein Wali, the Director of the Research Center, Ali Jassim, the Iraqi Consul in Houston, Hawri Muhammad Gharib Al-Talabani, and representatives of the Iraqi Embassy in America, as well as a number of officials in the Ministry. Source: National Iraqi News Agency

Together - Cryptocurrency trading has become an exciting adventure for many investors around the world. Among all the cryptocurrencies, Bitcoin stands out. It is a new type of decentralized digital currency that has changed the way we think about financial assets. Bitcoin started with the cypherpunk movement in the 1990s, and it began to appear and spread since 2009 by Satoshi Nakamoto. This cryptocurrency allows people to send and receive money with complete security and privacy without the need for intermediaries. The price of Bitcoin has now reached about $ 1.19 trillion with 19.74 million coins in use. This currency is not managed by any government body or single group. Instead, it uses blockchain technology to be always available, secure and fair. This means that all Bitcoin transactions are public and cannot be completed twice. As for the future state, it is likely that there will only be 21 million Bitcoins in existence. The last one will be found by the year 2140. What is cryptocurrency trading? Cry ptocurrency trading refers to the buying, selling, or exchanging of digital currencies for financial gain. This market operates 24/7, giving traders the opportunity to dive into this market at any time. Many investors seek to take advantage of price fluctuations, or in other words, buy when prices are low and sell when they are high. One of the biggest attractions of Bitcoin trading is its high potential for significant financial returns. However, it is important to remember that large profits come with risks. Bitcoin's Rise in Popularity Bitcoin's popularity has surged significantly over the past few years. It accounted for around 60% of the total cryptocurrency market investment value as of late 2023. One reason for this surge is increased interest from institutional investors. Large corporations and investment firms are now buying Bitcoin to diversify their portfolios. This interest is boosting its price significantly, further cementing its position as a leading currency. Some Key Facts About Bitcoin Bitcoin is the most widely traded cryptocurrency in the world, and represents the largest share of the cryptocurrency market. The current price of Bitcoin is $60,245.55, with a 24-hour trading volume of $17.92 billion. This currency has witnessed remarkable development in recent years, as it rose by an astonishing 9,000,000% between 2010 and 2020. Bitcoin has a market cap of $1.19 trillion and a circulating supply of 19.74 million. Bitcoin price has decreased by -1.17% in the last 24 hours, but it will recover and rise soon. Bitcoin price volatility The price of Bitcoin has changed a lot since its inception. It was worth just a fraction of a dollar in 2010. Now, its value changes dramatically. There are many things that affect the price fluctuations of Bitcoin, which makes it an interesting investment. Bitcoin Price Trend Analysis Keeping an eye on real-world estimates and statistics is essential for anyone who wants to trade. Bitcoin's price doesn't stay the same; it changes frequently. In 2023, its price has seen many ups and downs according to CoinMarketCap, ranging from a low of $16,000 in early 2023 to a high of $38,000 by the end of it. In addition, it is necessary to look at the factors that drive these price changes, including: Market demand: The more people want to buy Bitcoin, the more likely it will increase in price. Economic factors: Global economic conditions can affect Bitcoin. Inflation rates or market crashes in traditional commodities usually lead to increased interest in Bitcoin. Technological innovations: or any changes that occur in how this currency is used. Latest Bitcoin Trends to Watch The status and price of Bitcoin change regularly due to several different factors. This is due to the following: Retailer Approval As more businesses accept Bitcoin as a form of payment, this has boosted business and attracted new merchants. The more people use Bitcoin, the more attractive it becomes, and the higher its price will be. Organization talks Countries are discussing how to regulate cryptocurrencies. Understanding the regulations can help traders make better decisions. Developments in this regulation could also significantly boost the value of Bitcoin. Environmental impact Environmental concerns surrounding Bitcoin mining are growing. Efforts to make mining more energy efficient could play a significant role in determining the future price of Bitcoin. Tips for Successful Cryptocurrency Trading For beginners entering the world of cryptocurrency trading , we recommend taking some of the following tips into consideration when trading Bitcoin: Do your research well: Study market conditions and past price charts. Manage your risks: Only invest what you can afford to lose and consider diversifying your investment portfolio. Be aware of trading fees: Some platforms charge different prices for buying or selling Bitcoin. Use a trusted platform: Make sure the trading platform has strong security and a good reputation. Be patient: Emotions can affect your decision-making p rocess, especially when there are price fluctuations. Waiting or sticking to a plan or strategy may lead to better results. Source: Maan News Agency

Ramallah - Ma'an - The Palestinian Central Bureau of Statistics said that the consumer price index in Palestine recorded an increase of 1.72% during August 2024 compared to July 2024, by 1.96% in the Gaza Strip, 1.55%, and 1.32% in Jerusalem. The statistics explained in a statement, today, Thursday, that the increase in prices in Palestine resulted from the increase in the prices of fresh vegetables by 40.53%, the prices of potatoes by 29.69%, the prices of dried vegetables by 24.32%, the prices of eggs by 17.90%, the prices of fresh fruits by 6.24%, the prices of liquid fuels used as fuel for cars (gasoline) by 2.95%, the prices of vegetable oils by 1.90%, and the prices of fresh chicken by 1.52%, despite the decrease in the prices of liquid fuels used as fuel for cars (diesel) by 11.59%. He pointed out that when comparing prices during August 2024 with August 2023, the data indicates an increase in the consumer price index in Palestine by 53.17% (by 248.36% in the Gaza Strip, by 4.70% in Jerusalem, and by 3.00% in the West Bank). The cost of living index in the Gaza Strip rises The consumer price index in the Gaza Strip recorded an increase of 1.96% during August 2024 compared to July 2024. The main reason for the rise in the cost of living index in the Gaza Strip is the rise in commodity prices. The prices of the following commodities in the Gaza Strip rose to an average of: greenhouse tomatoes 20 shekels/kg, zucchini 14 shekels/kg, eggplant 10 shekels/kg, hot peppers 52 shekels/kg, greenhouse cucumbers 15 shekels/kg, potatoes 12 shekels/kg, dried onions 9 shekels/kg, dried garlic 22 shekels/kg, eggs 38 shekels/2kg, Kamaj bread 3.25 shekels/kg, lemons and bananas 11 shekels/kg each, apples 19 shekels/1kg, sea bream 140 shekels/kg, gasoline 160 shekels/liter, and olive oil 60 shekels/kg. It should be noted that the price levels of these commodities are still much higher than they were before the aggression. Israeli occupation of the Gaza Strip. The cost of living index in the West Bank has risen: The cons umer price index in the West Bank recorded an increase of 1.55% during August 2024 compared to July 2024, due to the increase in the prices of fresh vegetables by 38.57%, the prices of potatoes by 19.93%, the prices of eggs by 17.94%, the prices of dried vegetables by 9.96%, the prices of fresh chicken by 9.08%, the prices of fresh fruits by 2.39%, and the prices of vegetable oils by 1.09%, despite the decrease in the prices of liquid fuels used as fuel for cars "diesel" by 2.82%, and "gasoline" by 1.05%. The prices of the following commodities in the West Bank increased to an average of: cluster tomatoes 10 shekels/kg, zucchini 8 shekels/kg, eggplant 4 shekels/kg, cauliflower 7 shekels/kg, cabbage 6 shekels/kg, greenhouse cucumbers 5 shekels/kg, potatoes 6 shekels/kg, eggs 21 shekels/2kg, dried onions 4 shekels/kg, chicken 16 shekels/kg, dates 12 shekels/1kg, avocado 19 shekels/1kg, and olive oil 35 shekels/kg. The cost of living index in Jerusalem is rising: The consumer price index in Jerusalem recorded an increase of 1.32% during August 2024 compared to July 2024, as a result of the increase in the prices of fresh vegetables by 23.92%, the prices of imported cigarettes by 13.29%, the prices of fresh fruits by 4.01%, the prices of dried vegetables by 3.97%, and the prices of cereal flour "white flour" by 2.60%, despite the decrease in the prices of vegetable oils by 4.16%, the prices of liquid fuels used as fuel for cars "diesel" by 0.95%, "gasoline" by 0.95%, and the prices of fresh chicken by 0.82%. The prices of the following goods increased in Jerusalem, reaching an average of: cluster tomatoes 15 shekels/kg, zucchini 12 shekels/kg, eggplant 7 shekels/kg, cauliflower and cabbage 9 shekels/kg each, Marlboro cigarettes 39 shekels/pack of 20 cigarettes, Winston cigarettes 37 shekels/pack of 20 cigarettes, lemons 8 shekels/kg, bananas 6 shekels/1kg, apples 12 shekels/1kg, pears 13 shekels/kg, avocados 25 shekels/1kg, dried onions 5 shekels/kg, and white flour 6 shekels/kg. Source: Maan News Agency

The Department of Foreign Economic Relations at the Ministry of Trade discussed with a Singaporean delegation headed by (Samuel Tan), Head of the West Asia and North Africa Department at the Singaporean Ministry of Foreign Affairs, ways to enhance and develop economic and trade relations between the two countries after a period of interruption. According to a statement by the Ministry of Trade, "The department discussed with the Singaporean delegation the development road project and the possibility of Singaporean companies participating, resolving trade disputes and the Singaporean side's experience in this field, and expanding the role of the private sector in the trade exchange process to achieve common interests. The statement continued that "the meeting also touched on the issues of digital trade and artificial intelligence, in addition to the possibility of holding a Singaporean exhibition in Iraq." For its part, the Singaporean delegation inquired about the possibility of Iraq exporting agricultural and food materials to Singapore, where the department explained that this matter requires identifying the required materials through diplomatic channels. Source: National Iraqi News Agency

Turkish Minister of Energy and Natural Resources Alparslan Bayraktar announced that his country has "great cooperation potential" with Iraq in the energy sector. The Turkish Minister of Energy said in a press interview today in Ankara: There are currently three joint projects with Iraq in the energy sector aimed at making Turkey "more efficient and active" in investing in the oil and natural gas sector. Bayraktar added: Turkey can play a greater role in oil trade and transportation, as well as playing an "important role" in transforming the development road project into an energy road as well. He pointed out that the "Development Road" project is a land and railway road extending from Iraq to Turkey and its ports, with a length of 1,200 kilometers inside Iraq, and aims to transport goods between Europe and the Gulf countries. Bayraktar stated that "it is beneficial for Iraq to have an alternative and an opportunity to diversify the methods of transporting oil to global markets via the Turkish port of Ceyh an to the Mediterranean Sea, in addition to the port of Basra." He added: "There are no technical obstacles to this, nor any commercial obstacles, and therefore a serious political will must be shown for further cooperation. Source: National Iraqi News Agency