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  • Saudi Wealth Fund Takes $16 Billion Hit From SoftBank, Tech

    Saudi Arabia’s sovereign wealth fund reported a $15.6 billion comprehensive loss in 2022 after the value of its investments in SoftBank Vision Fund plunged and other tech ventures were hit by a market downturn. In addition to $11 billion of losses on investments — announced by the fund last month — the amount includes figures for operations, taxes and other expenses, according to an annual financial report published Sunday. The Public Investment Fund, or PIF, made income of $25.4 billion the year before.

  • Group of 14 US-Sanctioned Iraqi Banks Warn of ‘Negative Consequences’

    A group of 14 private Iraqi banks sanctioned by the US Treasury Department warned of "negative consequences" by depriving them of dealing in dollars. The 14 banks have been banned from undertaking dollar transactions but can continue to use Iraqi dinars and other foreign currencies. The sanctioned banks said in a joint statement that they deal in dollars with the Central Bank, under the supervision of the US Federal Reserve, and will apply the best auditing standards and investigation of financial transactions.

  • Lebanon: Truce efforts fail to end Palestinian fighting in Ain al-Hilweh camp

    Tensions between Palestinian factions remain high in Lebanon's Ain al-Hilweh refugee camp, after a ceasefire aimed at ending three days of fighting was breached on Tuesday. Clashes between Palestinian armed groups broke out in the refugee camp, in the coastal city of Saida, following a failed assassination attempt on a senior member of a local rival of Fatah, which controls security in the camp.

  • ‘Barbie’ Postponed in Middle East, Could Face Ban in Saudi Arabia

    Leading regional exhibitor Vox Cinemas – which is Warner Bros.’ local distribution partner – has pushed back the release of the hit Greta Gerwig film to Aug. 31 after initially setting a July 19 rollout out date for “Barbie” in the Middle East that would have allowed local audiences to see the film two days before its U.S. release. The reason for the delay, according to a knowledgeable source, is that Warner Bros. has been trying to work out edits requested by censors related to alleged LGBTQ-related narration and dialogue in “Barbie.”

  • How concrete, asphalt and urban heat islands add to the misery of heat waves

    During heat waves, a substantial amount of the sun's energy is absorbed and reflected by surfaces exposed to its rays, leading to their temperatures increasing significantly. These warm surfaces then transfer their heat to the surrounding air, increasing the overall air temperature. While some permeable and moist surfaces, like grass or soil, absorb less heat, other construction materials like asphalt or concrete are capable of absorbing as much as 95% of the sun's energy, which is then radiated back into the surrounding atmosphere.

  • Saudi Arabia announces major visa changes for Pakistan, Lebanon and 10 other countries

    A circular published by the kingdom’s civil aviation authority, GACA, said Saudi visa stickers would be replaced by a printed e-visa featuring a QR code. The code will contain all the data required and information on the passenger. The e-visa will replace the stickers for labour, visit or residency visas.

  • Saudi Arabia announces major visa changes for Pakistan, Lebanon and 10 other countries

    A circular published by the kingdom’s civil aviation authority, GACA, said Saudi visa stickers would be replaced by a printed e-visa featuring a QR code. The code will contain all the data required and information on the passenger. The e-visa will replace the stickers for labour, visit or residency visas.

  • US officials to meet Taliban to discuss security and human rights

    US officials are set to meet with representatives of the Taliban and "technocratic professionals" from Afghan ministries during a visit to Doha this week, the State Department said on Wednesday, and the discussions will include security, narcotics, and women's rights. The Biden administration’s special representative for Afghanistan, Thomas West, and special envoy for Afghan Women, Girls, and Human Rights, Rina Amiri, will travel on Wednesday for visits to Astana, Kazakhstan, and Doha, Qatar.

  • Iran’s Central Bank Governor Announces Continued Decline in Inflation Rate

    Iran's central bank governor Mohammadreza Farzin announced on July 25 the continuation of a downward trend in the country's inflation rate, citing increased stability in currency markets and significant decreases in Tehran housing prices. Speaking at a periodic meeting with economists, Farzin said inflation took a downward turn starting in June and forecasts show a decline continuing this month. He added that month-to-month inflation settling around 30% would also bring down the annual inflation rate.

  • U.S. Bans 14 Iraqi Banks in Crackdown on Iran Dollar Trade

    The U.S. has barred 14 Iraqi banks from conducting dollar transactions, U.S. officials said, part of a sweeping crackdown on the siphoning of U.S. currency to Iran and other sanctioned Middle East countries. The ban, which was imposed Wednesday by the Treasury Department and the Federal Reserve Bank of New York, is likely to provoke new tensions between Baghdad and Washington and could spark more economic turmoil for ordinary Iraqis.