According to the publication, Mexico became the United States' top trading partner by the end of May 2023. Amid tight relations between Washington and Beijing, American businesses reduced their purchases of goods from China by 24% from January through May 2023 compared to the same period last year, reports The Washington Post. Despite the leaders of the two nations' efforts to improve ties,...

SRJ Sports Investment will pour money to arrange new athletic events and to secure commercial rights to host international tournaments. Saudi Arabia's sovereign fund announced foundation of SRJ Sports Investments to finance sports throughout the Middle East and North Africa. "The sovereign fund today announced the establishment of SRJ Sports Investment Company, a sports investment company that...

According to a source in the energy ministry, Saudi Arabia is extending the 1 million bpd voluntary oil output cut that started in July through September. "An official source in the Ministry of Energy announced that the Kingdom of Saudi Arabia will extend the voluntary cut of 1 million bpd, which took effect in July, for another month to include September," the message reads. The cut can be...

Spokesperson for the European Commission Adalbert Jahnz said that the EU possesses sizable stockpiles. After the coup in Niger, the EU does not anticipate any issues with uranium supply because it has ample reserves and there are now enough offers on the global market, said Adalbert Jahnz, a representative of the European Commission, during a briefing in Brussels. "In the near and medium terms,...

The International Energy Agency (IEA) forecasts that the world's coal demand will be roughly stable at 8.388 billion tonnes by the end of this year. "Total global coal demand in 2023 is expected to be unchanged at around 8.388 billion tonnes (+0.4%)," the agency stated in a report. "Weather conditions and the state of the economies of major coal consuming countries will determine whether coal...

The US Federal Reserve has resumed hiking the rate. The range is now 5.25–5.5%, which is the highest level in 22 years. According to a statement on the Fed's website, the US Federal Reserve (Fed) increased its benchmark interest rate by 25 basis points to a range of 5.25-5.5 percent. The base rate is the interest rate at which US commercial banks lend money to one another for brief periods of...

The General Statistics Office data shows that Saudi Arabia's income from oil exports decreased 37.7% in May. The figure was $19.2 billion in May of this year, the lowest since September 2021, and $30.8 billion in May of 2022. The kingdom's proportion in foreign commerce from oil sales has significantly decreased, and currently stands at 74%, down from 81% the year before. Last year, when Russia...

The euro zone's business activity is still declining, and it is doing so more quickly than experts predicted. S&P Global's early estimates indicate that after reaching a high of 49.9 points in June, the composite PMI (leading indicator of GDP dynamics) fell to 48.9 points in July, the lowest level in eight months. Analysts anticipated a drop to 49.7 points that would be less abrupt. The...

Friendly nations like the United States, the Republic of Korea, and Taiwan will not be affected. Japanese authorities will impose stricter controls on the export of high-tech machinery and components used in the manufacture of semiconductors and microchips, reported the country's Ministry of Economy, Trade, and Industry. There are 23 articles on the list of prohibited goods, such as UV...