DIRS.INFO The most relevant business & tech news

☆ U.S.-led naval group warns ships to avoid Iranian waters to avoid seizure
▼ + stars: | 2023-08-13 | by ( ) www.reuters.com time to read: +1 min

Attendees hold flags from Iran and the United States as Iranian Americans from across California converge in Los Angeles, California, U.S., January 11, 2020. REUTERS/ Patrick T. Fallon/ File PhotoDUBAI, Aug 13 (Reuters) - A U.S.-led naval coalition in the Gulf has warned ships in the region to stay away from Iranian waters to avoid possible seizure, the U.S. Navy said. "The International Maritime Security Construct is notifying regional mariners of appropriate precautions to minimise the risk of seizure based on current regional tensions, which we seek to de-escalate," Commander Timothy Hawkins, spokesman for the Bahrain-based U.S. Fifth Fleet, said late on Saturday. "Vessels are being advised to transit as far away from Iranian territorial waters as possible." The United States would release some Iranians from U.S. prisons as part of the deal, Iran's mission to the United Nations has said.

Persons: Patrick T, Timothy Hawkins, Yousef Saba, William Mallard Organizations: REUTERS, U.S . Navy, Fifth Fleet, United Nations, Thomson Locations: Iran, United States, California, Los Angeles , California, U.S, DUBAI, Hormuz, Washington, Tehran, South Korea, Bahrain, Oman, United

☆ Crypto exchange Rain to target UAE asset managers after winning licence
▼ + stars: | 2023-07-25 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, July 25 (Reuters) - Middle Eastern crypto exchange Rain said on Tuesday its Abu Dhabi unit obtained a license to operate a virtual assets brokerage and custody service for clients in the United Arab Emirates. Local asset managers have been hesitant to work with crypto firms without a domestic licence, he continued, adding they will now feel more comfortable after it obtained regulatory approval. Rain, which has units registered in Bahrain and Turkey, said it would use the proceeds on regional expansion. The UAE has been trying to attract some of the world's biggest crypto firms. It has also been trying to develop virtual asset regulation to attract new forms of business as economic competition heats up in the Gulf region.

Persons: Coinbase, Yehia Badawy, Badawy, Kleiner Perkins, Hadeel Al Sayegh, Emma Rumney Organizations: United, United Arab Emirates, Abu Dhabi Global, Coinbase Ventures, Thomson Locations: DUBAI, Abu, United Arab, The Bahrain, Abu Dhabi, UAE, Silicon Valley, Bahrain, Turkey, Gulf

☆ Bahrain signs deals to invest $1.3 bln in UK economy
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: 1 min

July 3 (Reuters) - Bahrain has signed a memorandum of understanding for strategic investments and collaborations with Britain that will see the Gulf state's private sector invest 1 billion pounds ($1.3 billion) in Britain, the Bahraini crown prince's social media account said on Monday. The investments will be through Bahraini sovereign wealth fund Mumtalakat, Investcorp, GFH Financial Group, and Osool Asset Management, the twitter account of the crown prince of Bahrain said. ($1 = 0.7881 pounds)Reporting by Yousef Saba and Omar Abdel-Razek Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Yousef Saba, Omar Abdel, Mark Potter Organizations: Bahraini, GFH Financial, Osool Asset Management, Thomson Locations: Bahrain, Britain

☆ Three Teams Drop Out of Tour de Suisse After Cyclist’s Death
▼ + stars: | 2023-06-17 | by ( Andrew Das | ) www.nytimes.com time to read: +1 min

Organizers of the Tour de Suisse cycling race said they would resume the multistage competition on Saturday, one day after a rider died from the injuries that he sustained in a crash during a high-speed mountain descent. The rider, Gino Mäder, was a member of the Bahrain-Victorious team, which announced on Saturday morning that it was withdrawing from the race. Two other teams, Tudor Pro and Intermarché-Circus-Wanty, also said they had decided to leave the race. The Bahrain-Victorious team’s riders, as well as the rest of the competitors, were informed of Mäder’s death on Friday morning — a day after he went off the course and tumbled down a steep ravine. The riders participated in a shortened memorial ride on Friday that replaced the day’s stage, which was called off.

Persons: Gino Mäder Organizations: Tour de Suisse, Tudor, Tour de France Locations: Bahrain

☆ Mader dies after ravine crash on Tour de Suisse
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

June 16 (Reuters) - Swiss rider Gino Mader has died after crashing into a ravine on the descent towards the finish line in Thursday's stage five of the Tour de Suisse, his team Bahrain Victorious said on Friday. Mader, 26, crashed on the descent towards La Punt and fell into a ravine where he was found unresponsive by the race doctor and resuscitated before being air-lifted to hospital. In a Bahrain Victorious statement, team managing director Milan Erzen said: "We are devastated by the loss of our exceptional cyclist, Gino Mader. Mader joined the Bahrain Victorious team in 2021 and won a stage of the Giro d'Italia that year. Stage five of the Tour de Suisse had raised some eyebrows in the peloton because of its fast descent near the finish.

Persons: Gino Mader, Bahrain Victorious, Gino couldn't, Mader, Magnus Sheffield, Milan Erzen, Erzen, Gino, Remco Evenepoel, Martyn Herman, Rohith Nair, Toby Davis Organizations: Tour de Suisse, Bahrain, La, Ineos Grenadiers, Bahrain Victorious, CPA, Twitter, Thomson Locations: Swiss, Chur, La Punt, Bahrain, Espana, London, Bengaluru

☆ Alpine F1 boss warns of 'consequences' of failure
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +3 min

Alpine ended last year fourth but are now sixth with French drivers Esteban Ocon and Pierre Gasly scoring just 14 points from five races. Rossi made clear Alpine team principal Otmar Szafnauer, who joined in February 2022 from Aston Martin, was in the hot seat. Alpine started the season with a target of defending fourth place and closing the huge gap to Red Bull, Ferrari and Mercedes. McLaren, who have former Alpine reserve Oscar Piastri in their line-up after the Australian rejected the French team, are fifth. "When you compound that relatively lower performance and lack of operational excellence you end up in a difficult position."

☆ Miami Grand Prix: How to watch and everything you need to know as F1 returns to Florida
▼ + stars: | 2023-05-07 | by ( Charlie Webster | ) edition.cnn.com time to read: +6 min

Despite more competitive sessions, fans were left disappointed with the lack of overtaking in last week’s Azerbaijan Grand Prix. What happened last yearIn last year’s inaugural Miami Grand Prix, Ferrari locked out the front row in qualifying with Charles Leclerc taking pole position and teammate Carlos Sainz starting P2. Max Verstappen is the only previous winner of the Miami Grand Prix. Only a chaotic Australian Grand Prix, in which Pérez began from the pit lane after crashing in qualifying, has prevented a perfect start for Red Bull. Giuseppe Cacace/AFP/Getty ImagesFlorida-born rookie Logan Sargeant will be hoping to score his first F1 points at his home Grand Prix.

☆ Iran seizes second oil tanker in a week in Gulf, US Navy says
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +3 min

DUBAI, May 3 (Reuters) - Iran has seized a second oil tanker in a week on Wednesday in Gulf waters, the U.S. Navy said, the latest escalation in a series of seizures or attacks on commercial vessels in Gulf waters since 2019. In Iran's first response, Tehran's prosecutor announced the oil tanker was seized on a judicial order following a complaint by a plaintiff, the judiciary's Mizan news agency said. The incident comes after Iran on Thursday seized a Marshall Islands-flagged oil tanker in the Gulf of Oman called the Advantage Sweet. The Niovi oil tanker seized on Wednesday had been travelling from Dubai toward the UAE's Fujairah port when it was forced by IRGCN boats to change course towards Iranian territorial waters, the Navy said. Since 2019, there have been a series of attacks on shipping in the strategic Gulf waters at times of tension between the United States and Iran.

☆ Qatar and Bahrain say they will resume diplomatic ties
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

CAIRO, April 12 (Reuters) - Qatar and Bahrain will resume their diplomatic ties, both Bahrain news agency (BNA) and the Qatari foreign ministry said on Wednesday. The move comes over two years after an Arab boycott of Qatar was lifted. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt in January 2021 ended a 3-1/2-year embargo of Qatar but all but Bahrain restored travel and trade links in 2021. Regional heavyweight Saudi Arabia has led efforts to rebuild ties with Qatar and, along with Egypt, re-established diplomatic relations. Bahrain, a Sunni Muslim-ruled monarchy with a restive Shi'ite population, has deep unease over Qatar's relations with Iran.

☆ U.S. Navy sends guided-missile submarine to Middle East - statement
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: 1 min

April 8 (Reuters) - The U.S. Navy said on Saturday a nuclear-powered guided-missile submarine was operating in the Middle East in support of the Bahrain-based U.S. Fifth Fleet. The USS Florida entered the region on Thursday and began transiting the Suez Canal, Commander Timothy Hawkins said in a statement. "It is capable of carrying up to 154 Tomahawk land-attack cruise missiles and is deployed to U.S. 5th Fleet to help ensure regional maritime security and stability," Hawkins said. Reporting By Lisa Barrington; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Navy sends guided-missile submarine to Middle East
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: 1 min

April 8 (Reuters) - The U.S. Navy said on Saturday a nuclear-powered guided-missile submarine was operating in the Middle East in support of the Bahrain-based U.S. Fifth Fleet. The USS Florida entered the region on Thursday and began transiting the Suez Canal on Friday, Commander Timothy Hawkins said in a statement. "It is capable of carrying up to 154 Tomahawk land-attack cruise missiles and is deployed to U.S. 5th Fleet to help ensure regional maritime security and stability," Hawkins said. Reporting By Lisa Barrington; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Even from 15th, Verstappen remains a big threat
▼ + stars: | 2023-03-18 | by ( Alan Baldwin | ) www.reuters.com time to read: +2 min

March 18 (Reuters) - Red Bull's Max Verstappen will start the Saudi Arabian Grand Prix in 15th place but none of his rivals were ruling out the Formula One championship leader fighting for victory on Sunday. Mercedes driver George Russell, who qualified third on a circuit where overtaking is relatively easy, expected to see Verstappen in his mirrors. "We saw what Max did last year from 15th in Spa and he's got a faster race car this year." Ferrari's Charles Leclerc, who will start 12th after qualifying second but with a 10 place grid drop, said Red Bull were on another planet. Red Bull boss Christian Horner preferred to praise Perez's pole lap.

☆ F1 Red Bull Car Simulator on Sale for $120k, More Than a Porsche 911
▼ + stars: | 2023-03-15 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Red Bull and F1 unveiled its RB18 simulator on Tuesday – based on Max Verstappen's winning car. It's made "using the same process" as the real F1 car – but still costs more than a Tesla Model S Plaid. F1 and Red Bull unveiled the RB18 car simulator on Tuesday, with "The Champions Edition" retailing for £99,999, or around $120,000. The price of the simulator means it is more expensive than many real high end cars. Second-hand supercars from F1 rivals like Ferrari or McLaren might also be bought for less than the RB18 simulator.

Summary Abraham Accords meant to lead to wider normalisationBut four new Arab partners of Israel now in tough spotHow to deal with rightists without ditching Palestinians? It is expected to be the widest-ranging deal of its kind between Israel and an Arab state. "This is the proof that one can make peace without concessions, without capitulation - but rather, peace, peace, between people who have affection for one another," he said in comments published by the conservative Israel Hayom newspaper. “Arab countries who formed normalisation ties with the state of occupation are required more than ever to revise these agreements,” he told Reuters by phone. Netanyahu has pledged to build on the achievement during his previous term of the Abraham Accords that opened the way for a possible normalisation of relations with other Arab countries.

☆ Egypt leads 2022 gains, Saudi marks first annual loss in 7 years
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +3 min

Dec 29 (Reuters) - The Saudi Arabian stock market ended lower on Wednesday, marking its first annual loss in seven years, while the Egyptian bourse was the Middle East's best performer in 2022. Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 1.1% fall in Al Rajhi Bank (1120.SE). According to Wael Makarem, senior market strategist – MENA at Exness, stock markets have witnessed a difficult period in 2022 as inflation, rising interest rates and the war in Ukraine strongly impacted investor sentiment. The kingdom's largest lender, Saudi National Bank (1180.SE), finished 1.2% higher. Oil prices - a key catalyst for the Gulf's financial markets - surged 80% earlier this year before giving up most gains.

☆ A jet built by China and Pakistan may soon be the most widely operated combat aircraft in the world
▼ + stars: | 2022-11-24 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +6 min

China and Pakistan jointly developed the JF-17 combat jet, which first entered service in 2007. At the same time, China was showcasing the JF-17 at the annual China International Aviation and Aerospace Exhibition in Zuhai, China. The events were the latest attempts by China and Pakistan to market their jointly developed fourth-generation fighter jet to international customers. JF-17 ThunderA Pakistan Air Force JF-17 takes off at a base in northern Pakistan in June 2013. The single-seat, single-engine jet is known in Pakistan as the JF-17 Thunder and as the FC-1 Xiaolong in China.

☆ U.S. moves to shield Saudi crown prince in killing of journalist Jamal Khashoggi
▼ + stars: | 2022-11-18 | by ( The Associated Press | ) www.nbcnews.com time to read: +6 min

The U.S. intelligence community concluded Saudi Arabia’s crown prince had approved the killing of the widely known and respected journalist, who had written critically of Prince Mohammed’s harsh ways of silencing of those he considered rivals or critics. The Biden administration statement Thursday noted visa restrictions and other penalties that it had meted out to lower-ranking Saudi officials in the death. Khashoggi’s fiancée, Hatice Cengiz, and DAWN sued the crown prince, his top aides and others in Washington federal court over their alleged roles in Khashoggi’s killing. Prince Mohammed serves as Saudi Arabia’s de facto ruler in the stead of his aged father, King Salman. The Saudi king in September also temporarily transferred his title of prime minister — a title normally held by the Saudi monarch — to Prince Mohammed.

☆ Pope Francis thrills small Gulf Catholic community with big Mass
▼ + stars: | 2022-11-05 | by ( Philip Pullella | ) www.reuters.com time to read: +4 min

[1/5] Pope Francis greets people as he attends a holy mass at Bahrain National Stadium during his apostolic journey, in Riffa, Bahrain, November 5, 2022. REUTERS/Hamad I MohammedAWALI, Bahrain, Nov 5 (Reuters) - Pope Francis said Mass for thousands of Catholics in Bahrain on Saturday, thrilling members of the small foreign Catholic community from around the Gulf and urging them to show kindness to their hosts, even if they feel sometimes badly treated. "This is a miracle," said Mary Grace Fortes, 36, a Filipino who works at the reception of a hotel in Bahrain. The prayers of the faithful during the Mass were read in languages spoken by foreign workers including Tagalog, Swahili, Malayalam, Tamil and Konkani. The Mass was attended by one of the sons of King Hamad bin Isa Al Khalifa and several government ministers.

☆ Pope, in Bahrain, condemns rearmament pushing world to 'the brink'
▼ + stars: | 2022-11-04 | by ( Philip Pullella | ) www.reuters.com time to read: +4 min

AWALI, Bahrain, Nov 4 (Reuters) - Pope Francis on Friday appealed to religious leaders to help bring the world back from "the brink of a delicate precipice" and oppose a new race to rearm that he said was redesigning Cold War-era spheres of influence. The visit continues the pope's policy of improving ties with the Islamic world following a historic visit to Abu Dhabi in 2019, the first by any pope to the Arabian peninsula. Apparently referring to Ukraine, Francis condemned a situation where "a few potentates are caught up in a resolute struggle for partisan interests, reviving obsolete rhetoric, redesigning spheres of influence and opposing blocs". The cathedral was built on land donated by the king and one of the monarch's sons welcomed him to the church. On Saturday, the pope was due to say Mass for an estimated 30,000 people at Bahrain's National Stadium.

☆ Too late for a Saudi rethink? Critics say oil cut was a predictable blow for Biden
▼ + stars: | 2022-10-15 | by ( Hyder Abbasi | ) www.nbcnews.com time to read: +6 min

The cut is also seen as helping Russia, the world’s second-largest oil exporter, finance its war in Ukraine. “It failed both on blood and on oil,” Dr. Khalid Aljabri, a Saudi rights activist, told NBC News Thursday by telephone. Lina Alhathloul / TwitterAs a presidential candidate, Biden made no bones about his stance on the U.S.-Saudi relationship. Shortly after announcing his candidacy, he declared he was going to “cancel the blank check” the Trump administration had given Saudi Arabia during its war in Yemen, in which thousands of people have lost their lives. The U.S. has several options on how it can respond to Saudi Arabia, such as “freezing all arms sales and security cooperation, to withdrawing U.S. troops from Saudi Arabia,” Sheline said.

On Wednesday, OPEC+, the oil cartel led by Saudi Arabia and Russia, agreed to slash production by 2 million barrels per day, twice as much as analysts had predicted, in the biggest cut since the Covid-19 pandemic. “Saudi Arabia is looking to head off a repeat of 2008 when the market crash sent the global economy into a recession and oil prices suddenly plummeted, requiring emergency action by OPEC,” said Wald. Analysts also say Saudi Arabia cannot afford to let oil prices go below a certain level for budgetary reasons. For its budget to break even, global oil prices must be at around $79 a barrel, according to the International Monetary Fund. That was a warning sign for Saudi Arabia and other oil exporters, who depend on oil for a majority of their revenue.

☆ Why the current oil boom for Arab states may be their last
▼ + stars: | 2022-09-19 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +11 min

During previous oil booms, Gulf states were seen as squandering their wealth on wasteful and inefficient investments, building sprees and buying weapons, as well as handouts to citizens . Gulf states appear to be working on diversifying. Since the last oil boom that ended in 2014, four of the six Gulf states have introduced value-added tax and the UAE has gone further by starting a corporate income levy . None of the Gulf states have an income tax. Critics counter that it is in the oil exporters' interest to push that narrative, but oil states have pointed to the rise in crude demand that coincided with the removal of Covid-19 restrictions around the world.

Search resuls for: "The Bahrain"

22 mentions found