Tag: market

  • Saudi Aramco overtakes Microsoft as world’s 2nd largest company by market value

    Saudi Aramco overtakes Microsoft as world’s 2nd largest company by market value

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    Riyadh: Saudi oil giant Aramco has displaced American technology giant Microsoft to become the world’s second-largest company by market value at 7.92 trillion Saudi Riyals (2.11 trillion dollars) as the company’s stock prices hit 36 Saudi Riyals (9.60 dollars) on Wednesday, local media reported.

    Apple still holds the top of the ranking, with a market value of approximately 2.6 trillion dollars, followed by Aramco at 2.11 trillion dollars, then Microsoft at 2.05 trillion dollars.

    According to Arabic daily Al-Arabiya.net, the rise in Saudi Aramco’s shares came after Crown Prince Mohammed bin Salman announced, this month, the transfer of 4 per cent of its shares to Sanabel Investment Company, which is wholly owned by the Public Investment Fund (PIF).

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    Aramco achieved, in 2022, the highest profits since the listing, up by 46.5 per cent, to reach 604 billion Saudi riyals, compared to 412.4 billion Saudi Riyals in 2021.

    It is noteworthy that “Aramco” is the most profitable company in the world, as its profits for the year 2022 exceed the profits of “Apple”, “Microsoft” and “ExxonMobil” combined, according to the classification of the “companies market cap” website.

    The rise of Aramco’s shares also coincided with the rise in crude oil prices, the increase in the company’s sales volumes, the significant increase in profit margins from the refining and chemicals business, as well as the decline in US crude stocks, despite the pessimistic global economic outlook.

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    #Saudi #Aramco #overtakes #Microsoft #worlds #2nd #largest #company #market

    ( With inputs from www.siasat.com )

  • 255,000 Saudi women joined labor market in 15 months

    255,000 Saudi women joined labor market in 15 months

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    Riyadh: About 2.5 million Saudis and expatriates have joined Saudi labor market in the past 15 months, local media reported.

    The reports monitored by the Arabic daily Okaz based on government data that women made up majority of the total number of 428,000 Saudis who were employed in the local labor market during the period from the beginning of the last quarter of 2021 until the end of the year 2022.

    A total of 255000 Saudi women joined the labor market while the number of Saudi men who were employed during the period reached about 173,000.

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    During the 15-month period, the number of expatriates who joined the labor market exceeded 1.62 million. Among them 1.43 million men and 197,000 women.

    It was revealed in the monitoring that the Saudi unemployment rate recorded its lowest historical levels in the fourth quarter of 2022, due to the continuous employment of citizens and residents in the last 15 months.

    The monitoring was based on the data from the General Organization for Social Insurance (GOSI), the Ministry of Human Resources and Social Development (MoHRSD) and the National Information Center (NIC).

    It is noteworthy that the total number of foreign domestic workers in the Kingdom reached 3.6 million by the end of 2022, including 2.63 million men, most of whom are house drivers, servants and house cleaners, while the number of domestic workers reached 972,000.

    During the past few years, Saudi Arabia announced the localization of workers in several economic sectors, as part of the Kingdom’s efforts to reduce the unemployment rate to 7 per cent by 2030, as part of its vision to diversify sources of income and reduce dependence on oil.

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    ( With inputs from www.siasat.com )

  • UK introduces new bill to crack down on Big Tech abusing market power

    UK introduces new bill to crack down on Big Tech abusing market power

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    London: The UK government on Tuesday introduced a new legislation to tame Big Tech from abusing market power and ensure businesses and consumers are protected from rip-offs and can reap the full benefits of the digital economy with confidence.

    Fake reviews that cheat customers, subscription traps that cost more than a billion pounds a year, and new powers for the Competition and Markets Authority (CMA) to tackle businesses that breach consumer rights law are all elements of the far-reaching bill.

    The new powers are aimed at boosting competition in digital markets currently dominated by a small number of firms and tackling fake reviews so customers aren’t cheated by bogus ratings.

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    “From abuse of power by tech giants, to fake reviews, scams and rip-offs like being caught in a subscription trap – consumers deserve better. The new laws we’re delivering will empower the CMA to directly enforce consumer law, strengthen competition in digital markets and ensure that people across the country keep hold of their hard-earned cash,” Business and Trade Minister Kevin Hollinrake said.

    As part of the bill, a Digital Markets Unit (DMU) within the CMA will be given new powers to tackle the excessive dominance that a small number of tech companies have held over consumers and businesses in the UK.

    “This market dominance has stifled innovation and growth across the economy, holding back start-ups and smaller firms from accessing markets and consumers,” said the government.

    The new digital regime will give the DMU powers to ensure that businesses and consumers are not unfairly disadvantaged by the biggest players, allowing them access to dynamic and thriving digital markets that will ultimately support the economy to grow.

    For example, the biggest tech firms may be instructed by the DMU to provide more choice and transparency to their customers. If firms don’t abide by these rules, the DMU will have the power to fine them up to 10 per cent of their global turnover.

    Firms may be told to give customers greater flexibility when purchasing products online and to break down restrictive technical barriers that block users from using products on different devices and systems.

    “Today’s announcement shows we are proudly pro-growth and pro-innovation across the board in the tech sector, seeking to open up new opportunities for all firms, however small or large they are, while empowering consumers,” Minister for Tech and the Digital Economy Paul Scully said.

    The new powers in this bill help the CMA take swift, decisive action to tackle rip offs, protecting consumers whether they are shopping online or on the high street.

    “The new fining powers will provide an important deterrent to businesses seeking to take advantage of people while also ensuring fair dealing businesses can thrive,” Chief Executive of the CMA Sarah Cardell said.

    New measures will come into effect as soon as possible following parliamentary approval, subject to secondary legislation and the publication of guidance.

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    ( With inputs from www.siasat.com )

  • Five injured in car ramming attack near Jerusalem market

    Five injured in car ramming attack near Jerusalem market

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    Jerusalem: A Palestinian man rammed a car into pedestrians near a street market in Jerusalem, injuring five people before he was shot and killed, Israeli police said in a statement.

    The incident took place on Monday on a busy street next to Jerusalem’s Mahane Yehuda Market, a crowded souk in the city centre, reports Xinhua news agency.

    The suspect, a 39-year-old Palestinian man from the town of Beit Safafa in Jerusalem, was “neutralised” and killed at the scene, according to the statement.

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    CCTV footage shows that the driver deliberately crashed his car into the crowd, and “a preliminary examination has ruled out any mechanical fault in the vehicle”, Israeli police said.

    Israel’s rescue service Magen David Adom said in a statement that a 70-year-old man sustained serious wounds in the attack.

    At a ceremony to mark Israel’s Memorial Day for fallen soldiers, Prime Minister Benjamin Netanyahu said the attack was “another attempt to murder Israeli citizens”.

    “These terrorist attacks come with the expectation that they will overcome us and will uproot us from here, and if they could, they would murder us all. But they will not overcome us; we will overcome them.”

    Following the attack, Israel is on heightened alert ahead of Memorial Day, which commemorates soldiers and civilians who have been killed in conflict and attacks since 1860, the BBC reported.

    The occasion leads into Independence Day on Tuesday night and Wednesday. The day is celebrated with patriotic events, with this year marking Israel’s 75th anniversary.

    Monday’s attack comes amid a surge in Israeli-Palestinian violence this year.

    It came hours after Israeli troops shot and killed a 20-year-old Palestinian man in the Aqbat Jaber refugee camp in the West Bank during an arrest raid.

    Since the start of this year, more than 90 Palestinians — militants and civilians — have been killed by Israeli forces.

    Eighteen Israelis, a Ukrainian and an Italian — all civilians, except for an Israeli paramilitary police officer — have been also killed in attacks by (or suspected to have been carried out by) Palestinians and, in one case, an Israeli Arab.

    (Except for the headline, the story has not been edited by Siasat staff and is published from a syndicated feed.)



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    #injured #car #ramming #attack #Jerusalem #market

    ( With inputs from www.siasat.com )

  • Government to release 100-rupee-coin in market, know release date, and how its different from other coins

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    The coins will be minted under the authority of the Central Government. The official notification by the Ministry of Finance stated: “The coin of One Hundred Rupees denomination shall only be coined at the Mint for issue under the authority of the Central Government on the occasion of “100th Episode of Mann Ki Baat.”

    When will Rs 100 coin be available in the market?

    On April 30, the day of the 100th airing of the radio show Maan Ki Baat, the government will release a commemorative coin. The coin will have a value of Rupee one hundred. Even though commemorative coins are regarded as legal currency, they are not made available for widespread use. They can be obtained from the listed organisations.

    What are the specifications of 100-rupee-coin?

    According to a statement from the Finance Ministry, the coin will be different from other Rs 1, 2, 10, etc coins. It will be round with a 44 mm diameter and 200 serrations. The metal content of the 35-gram coin will be a quaternary alloy with a silver content of 50%, copper at 40%, nickel at 5%, and zinc at 5%.

    The coin obverse face will feature the Lion Capitol of Ashoka Pillar in the centre with “Satyamev Jayate” inscribed below. In Devnagri script the term “Bharat” will be written along on the left periphery and in English the term “INDIA” will be written on the right periphery.

    Additionally, it must display the international numerals for the rupee sign “₹” and the denominational value “100.” On the back of the coin the logo of “100th Episode of Mann Ki Baat” consisting of an image of a microphone with sound waves and the year ‘2023’ will be written on it.  Mann Ki Baat 100’ in Devnagri and in English is written above and below the microphone image, respectively. (DNA)

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    ( With inputs from : roshankashmir.net )

  • Eid Market: Three Days Saw Modest Rs 2500 Cr Expenditure

    Eid Market: Three Days Saw Modest Rs 2500 Cr Expenditure

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    SRINAGAR: With Eid being celebrated on Saturday, the markets are expected to make some good business on Friday, the last day of Ramzan fasting. Markets suffered severely in the last three days because of the downpour.

    In the last three days, Jammu and Kashmir Bank officials said the people withdrew an amount of Rs 2510 crore through 59.72 lakh transactions.  This was despite the fact that the bank’s online operations exhibited a serious crisis, putting its customers at embarrassment in the market.

    Officials said there were 1344650 card transactions – including the ATM card, that saw a withdrawal of Rs 548.18 crore. Besides, there were 21411158 UPI transactions involving the transfer of Rs 355.99 crore. Most of the transfers, however, took place through MPay which saw 2486449 transactions involving Rs 1605 crore.

    Markets sources said the transactions are actually indicating the market mess. “We used to have three times more of this expenditure in the few days ahead of Eid,” one major trader said. “It indicates that people lack enough resources and they are avoiding expenditure.”

    Besides, the markets saw very modest crowds in the last three days, apparently because of the frequent rains and fall in temperature.

    The priority of the people, however, is on purchasing the items of routine requirement, mostly flood. Only a small fraction of people are making purchases in apparel and other things.

    Till evening, it seemed as if it was the last day of Eid. However. The Shawaal crescent was not found anywhere. In Saudi Arabia, the Eid crescent was seen and the region will have Eid on Friday. Indian subcontinent usually celebrates Eid the day after. This day is expected to help markets in making some business.

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    #Eid #Market #Days #Modest #Expenditure

    ( With inputs from : kashmirlife.net )

  • RJR uses California as test market for skirting upcoming national menthol cigarette ban

    RJR uses California as test market for skirting upcoming national menthol cigarette ban

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    210429 menthol cigarettes gty 773

    Menthol cigarettes make up nearly 40 percent of cigarette sales and are particularly popular in minority communities. About 90 percent of Black smokers report using menthol products.

    RJR, whose Newport brand is one of the most popular menthol cigarettes on the market, has been packaging its new cigarettes in blue and green boxes — similar to its menthol predecessors — and aggressively marketing them to menthol smokers.

    “It’s definitely a test case,” for tobacco companies to figure out how to offset lost sales as the government moves to outlaw menthol cigarettes, said Alex Liber, an assistant professor in the department of oncology at Georgetown University’s School of Medicine who studies tobacco sale trends.

    Though RJR’s new cigarettes haven’t entirely replaced the state’s quashed menthol market yet, sales are “rapidly rising,” Liber said.

    Luis Pinto, an RJR spokesperson, said the company’s new products don’t violate California state law because they don’t have a distinguishable taste or aroma other than tobacco. He added that the FDA cleared these products for market, and declined to elaborate.

    RJR sold 2.8 million packs of Camel-branded menthol cigarettes and 2 million packs of Newport-branded menthol cigarettes in California in March 2022, according to Liber’s data. This year, Camel sold 1.4 million “California compliant” packs, and Newport sold about 800,000 “California compliant” packs.

    “The rate of increase month-on-month was huge, effectively starting from zero in December when the [state] ban came into place,” Liber said. “This figure will grow in … April and May of this year.”

    Both the California Department of Public Health and the California Department of Justice say they’re aware of the new products, but public health doesn’t have the power to enforce the ban and the state attorney general wouldn’t comment on a potential investigation.

    Abigail Capobianco, an FDA spokesperson, declined to comment on RJR’s new cigarettes. But she said that at the federal level, the final rule banning menthol cigarettes will be comprehensive. “The final rule will take into consideration all of the public comments, including comments on compliance and enforcement of the rule, such as how [the tobacco industry] may attempt to evade the requirements of the rule,” she said. The ban is expected in August of this year.

    What’s flavored tobacco?

    California law defines a flavored tobacco product as any product that has a “distinguishable taste or aroma, or both, other than the taste or aroma of tobacco, imparted by a tobacco product or any byproduct produced by the tobacco product.”

    There is no federal definition of flavor in tobacco products, but in the proposed language for a national menthol cigarette ban, the FDA defines flavor as “the multisensory experience ( i.e., taste, aroma and cooling or burning sensations in the mouth and throat) of a flavor during use of a tobacco product.”

    “On the proposed federal menthol ban, we strongly believe there are more effective ways to deliver tobacco harm reduction than banning products,” Pinto added.

    Legal experts said the only way these new cigarettes could be sold in California is if they don’t raise new public health issues. They point to the FDA’s substantial equivalence marketing authorization — a pathway for tobacco companies to bring a new product to market that has either the same traits as existing products or is a similar product with minor changes.

    “The FDA is the entity that should enforce this problem,” said Desmond Jenson, the deputy director of the commercial tobacco control program at the Public Health Law Center. “But it is also the unfortunate truth that the FDA created this problem by authorizing these products.”

    Menthol is a naturally occurring chemical in some plants with a minty flavor. It provides a cooling sensation on the body surfaces it touches, which makes it easier for the user to inhale the burning tobacco. They aren’t inherently more harmful than traditional tobacco cigarettes, but they do make it easier to start smoking and they make it harder to quit, according to the CDC.

    Sairam Jabba, a senior research scientist focusing on tobacco regulatory science at Duke University, said that the reason RJR’s new products don’t seem to violate California’s flavor ban is because the state’s flavor definition is vague. “It gives a lot of room for these tobacco companies to go around and add chemicals like the synthetic cooling agents that don’t have a specific aroma or taste, but have the same pharmacological effects as menthol,” he said.

    ‘California compliant’

    RJR says some of its new products, like the Camel Crisp, contain a lab-made chemical called ethyl menthane carboxamide, or WS3. That chemical has less of the minty odor than menthol, but it gives the body the same cooling, soothing effect as conventional menthol cigarettes.

    Other new “California-compliant” cigarette products don’t list WS3 as an ingredient, but RJR’s spokesperson declined further comment, explaining that the company considers many of its ingredients to be proprietary and is only required to list them under a cover-all description of “natural and artificial flavors.”

    In some ways, the vague language of flavored cigarette product definitions is intentional, some experts said. “The last thing that a regulator would want to do … is come up with a definition that inadvertently excluded something that should have been included,” said Mitch Zeller, the former head of the FDA’s Center for Tobacco Products.

    “People were completely blindsided by it, and they’re trying to figure out what to do,” said Phillip Gardiner, co-chair of the African American Tobacco Control Leadership Council, a group that advocates to remove flavored tobacco products.

    The state of play in California doesn’t bode well for the forthcoming federal ban of menthol cigarettes, either, when the responsibility of enforcement will shift to the FDA.

    More than a few federal lawmakers said the FDA’s track record for clearing the market of illegal tobacco products has been dismal. Last month, Senate Majority Whip Dick Durbin (D-Ill.) wrote to the head of FDA and the Department of Justice to ask why the agencies have failed to remove hundreds of vapes without marketing authorization from store shelves. And in March, Rep. James Comer (R-Ky.), chair of the House Committee on Oversight and Accountability, said the committee is probing the FDA’s Center for Tobacco Products in part over its failure to clear the market of unauthorized tobacco products. The FDA said it would address Durbin privately, and did not comment on the CTP investigation. The DOJ did not respond to an inquiry about Durbin’s request.

    It’ll be challenging to enforce a flavored cigarette ban “as there is a population of people, who want mentholated products,” said Dave Dobbins, a former chief operating officer of the Truth Initiative, an advocacy group that focuses on reducing youth smoking, who now consults for the tobacco company Altria.

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    ( With inputs from : www.politico.com )

  • NIT Srinagar Student To Donate Rs 1.23 Lakh Profit Earned From Share Market

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    SRINAGAR: A student from National Institute of Technology (NIT) Srinagar has earned 1.23 lakh profit from his investment in the share market during the past one week and has decided to donate the entire amount among marginalized sections of society.

    Tabrez Alam, 8th-semester student from the Department of Information Technology is all set to donate his profit of investments among marginalized sections of society including students.

    In his message, Director NIT Srinagar Prof Rakesh Sehgal appreciated Tabrez Alam for the noble initiative. Donations can provide essential support to individuals and communities who are struggling with poverty, illness, or other challenges, he said.

    “By donating, individuals can inspire others to give and contribute to creating a culture of generosity and compassion,” Prof. Sehgal said, adding that NIT Srinagar students should become a ray of hope for the society.

    Institute’s Registrar, Prof. Syed Kaiser Bukhari said donation is a powerful tool for creating positive change in the world and helping those in need. By giving to others, we can make a difference in their lives and contribute to building a better future for all, he said.

    Prof. Bukhari said helping society at the time of need is essential for building a strong and resilient community. Addressing systemic issues that contribute to social and economic inequality requires sustained limitless efforts. Such things are the need of the hour, he said.

    Hailing from Dhaka Champaran district of Bihar, Tabrez stated that he had invested around 5 lakh in the share market. Now has decided to share his entire profit among the marginalized sections of society including poor students, he said.

    “I want to help people who are suffering in our society. Although it is a small contribution, I am trying my best to do my part,” he said.

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    #NIT #Srinagar #Student #Donate #Lakh #Profit #Earned #Share #Market

    ( With inputs from : kashmirlife.net )

  • Youth stabbed to death near Delhi’s posh Khan Market, shock in area

    Youth stabbed to death near Delhi’s posh Khan Market, shock in area

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    New Delhi: A 20-year-old youth was stabbed to death near the Khan Market on Sunday evening, sending shock waves in the posh shopping locale, police said.

    The victim, identified as Akash, was attacked on the road in front of Lokanayak Bhawan around 8 p.m., a police official said.

    “The assailant stabbed Akash on the upper right side of his abdomen.

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    “Local residents found him in a critical condition and rushed him to RML hospital where he was declared dead by the doctors,” the official said.

    The police have initiated a probe into the incident, but the motive behind the attack remains unclear. “Although it appears to be a result of personal enmity, we are investigating all angles,” the official added.

    The incident has rocked the area, known for its high-end shopping and dining experiences.

    A video capturing the incident has gone viral on social media, causing many to raise concerns about the prevailing law and order situation.

    Akash’s brother is employed at a salon, while his father works in housekeeping, as per police.



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    #Youth #stabbed #death #Delhis #posh #Khan #Market #shock #area

    ( With inputs from www.siasat.com )

  • Google slapped with $32 mn fine for unfair practices in app market

    Google slapped with $32 mn fine for unfair practices in app market

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    Seoul: South Korea’s antitrust regulator on Tuesday slapped a fine of 42.1 billion won (more than $31.8 million) on Google and its regional arms for unfair business practices aimed at solidifying its dominance in the Korean mobile gaming app market.

    The punishment came as the U.S.-based global tech giant made shady agreements with South Korean mobile game companies between June 2016 and April 2018, banning them from releasing their content on One Store, according to the Fair Trade Commission (FTC).

    One Store is a major homegrown app market launched in January 2016 by South Korea’s three mobile carriers, along with Naver Corp, reports Yonhap news agency.

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    “Google analysed that the launch of a competitive and comprehensive app market, One Store, will have a major impact on its sales in South Korea,” the FTC said.

    Under the agreement, the US behemoth asked game companies to release their content exclusively on its platform Google Play, in return for having the content appear on the market as “featured,” along with providing other marketing benefits.

    Being aware of a potential violation of fair trade rules, Google also internally required its employees to delete related emails, and discuss issues offline to avoid leaving traces of such agreements, the FTC said.

    The regulator said that the agreement helped Google solidify its dominance in the local app market.

    According to the data compiled by the FTC, Google, which accounted for around 80 to 85 percent of the local app market in terms of amount spent in 2016, was able to expand its presence to 90 to 95 per cent in 2018.

    On the other hand, One Store fell from 15-20 percent to only 5-10 per cent over the period, the FTC added.

    “The availability of the same game in multiple app stores promotes competition, including diversifying content and consumer benefits,” the regulator said.

    “By blocking the release of games on One Store, Google has hindered innovation and consumer benefits in the app market and mobile gaming sector.”

    The fine, along with a corrective order, will be imposed on Google, Google Korea and Google Asia Pacific.

    Google said it does not agree with the Korean FTC’s decision, claiming it has not violated any local competition laws.

    “We compete vigorously with other app markets and are proud of the benefits we deliver to developers, including the gaming industry and everyday users, through Google Play,” the U.S. tech giant said in a statement. “Unlike some mobile operating systems, Android gives developers complete control over how they distribute their apps.”

    “Google makes substantial investments in the success of developers, and we respectfully disagree with the KFTC’s conclusions,” it said.
    It said it will determine its future course of action against the FTC after carefully reviewing the written decision.

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    ( With inputs from www.siasat.com )