Five States, Including Saudi Arabia, Launch UN Group of Friends for Digital Cooperation

The initiative aims to lead global support and sustainable growth for the digital economy. SPA
The initiative aims to lead global support and sustainable growth for the digital economy. SPA
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Five States, Including Saudi Arabia, Launch UN Group of Friends for Digital Cooperation

The initiative aims to lead global support and sustainable growth for the digital economy. SPA
The initiative aims to lead global support and sustainable growth for the digital economy. SPA

Five member states of the Digital Cooperation Organization (DCO) including Saudi Arabia, Bahrain, Cyprus, Pakistan, and Rwanda have launched the “United Nations Group of Friends for Digital Cooperation” initiative at the United Nations headquarters in New York.

The event on Saturday was held on the sidelines of the 78th UN General Assembly meetings.

The initiative aims to lead global support and sustainable growth for the digital economy, enabling prosperity and social inclusivity for all on a global scale.

The group emphasized that digital technologies have transformed societies over the past two decades, connecting billions of individuals, governments, and businesses. It underscored the pressing need for digital empowerment makers to achieve the UN Sustainable Development Goals (SDGs). However, the group says, the digital divide still exists and hinders economic growth and sustainable development.

The “Group of Friends for Digital Cooperation” will support collective efforts aimed at enhancing the digital economy and will work on launching initiatives, projects, and events that can stimulate the development of the global digital economy.

The DCO, headquartered in Riyadh, supports the initiative of the group and the launch of its member states.

Secretary-General of the DCO Deemah Al-Yahya emphasized that the Group was established as an initiative from the DCO to facilitate international, multi-stakeholder action and cooperation in the realignment of the 2030 UN SDGs.



Oman Port Hit by Drone to Reopen from Tuesday

General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo
General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo
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Oman Port Hit by Drone to Reopen from Tuesday

General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo
General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo

Danish shipping firm Maersk announced Monday that Oman's port of Salalah, which was hit by a drone at the weekend, would start to reopen from Tuesday.

The Oman authorities said one worker was injured and minor damage caused by the strike on the port, which is run by Maersk subsidiary APM Terminals and is one of the key shipping facilities in the Gulf state.

Maersk said the area damaged was "limited" and that the port's management would take "necessary measures" to progressively build up to full capacity.

Some "constraints" would remain but additional safety and "preventive" measures had been taken because of the strike, it added.


US Stocks Open Higher after Trump Threatens Iran

Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)
Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)
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US Stocks Open Higher after Trump Threatens Iran

Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)
Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)

Wall Street stocks opened higher Monday after US President Donald Trump claimed progress in talks with Iran, even as he threatened to destroy key oil facilities on Kharg Island and to decimate the country's power infrastructure.

International benchmark Brent North Sea crude was up 2.2 percent to $115.02 per barrel on Monday morning, while the main US oil contract, West Texas Intermediate, rose 1.7 percent to $101.35, AFP reported.

All three major US indices started the week on the front foot.

About ten minutes into trading, the tech-rich Nasdaq Composite was up 0.8 percent at 21,124.23, the Dow Jones Industrial Average rose 0.9 percent at 45,566.69, and the broad-based S&P 500 also rose 0.9 percent to 6,426.20.

Art Hogan of B. Riley Wealth Management said investors "would desperately like to see an exit ramp in this war."

Still, even as Trump claims progress towards talks, he is often contradicted by Tehran and the Middle East region remains engulfed by war, with US-Israeli strikes continuing, Iran's retaliation targeting US allies in the Gulf and Israeli strikes against Lebanon expanding.

"The market's going to wake up every day and try to figure out where we are in the war with Iran and what that means for energy prices," said Hogan.

"If in fact, the president's announcement on Truth Social can be even taken a little bit seriously about negotiations going well, then the market would celebrate that."

Hogan added that markets were currently oversold and therefore "very susceptible to any good news, especially as it pertains to this war in Iran."

Monday's gains came after a series of losses last week, with the S&P 500 ending the week lower for the fifth straight week, its longest such run in four years.


Turkish Cenbank Total Reserves Fell $55 billion Since War Began

Turkish Central Bank (official website)
Turkish Central Bank (official website)
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Turkish Cenbank Total Reserves Fell $55 billion Since War Began

Turkish Central Bank (official website)
Turkish Central Bank (official website)

The Turkish Central Bank's total reserves fell by a hefty $22 billion last week to $155.5 billion, bringing their declines since the start of the Iran war to $55 billion, bankers said, Reuters reported.

They said the central bank sold $18 billion in foreign exchange last week, meaning its total forex sales amid the one-month war totaled $44 billion.

The central bank's net reserves fell $22.5 billion last week to $35 billion, the bankers also said.