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ISAB Inaugurates its First Session in Riyadh

Several food safety experts from Britain, Australia, Italy, Ireland, and Korea attended the meeting. (SPA)
Several food safety experts from Britain, Australia, Italy, Ireland, and Korea attended the meeting. (SPA)
TT
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ISAB Inaugurates its First Session in Riyadh

Several food safety experts from Britain, Australia, Italy, Ireland, and Korea attended the meeting. (SPA)
Several food safety experts from Britain, Australia, Italy, Ireland, and Korea attended the meeting. (SPA)

CEO of the Saudi Food and Drug Authority (SFDA), Dr. Hisham bin Saad Al-Jadhey, inaugurated on Tuesday the first session of the International Scientific Advisory Board (ISAB) for Food Safety at SFDA's headquarters in Riyadh.

The event will run from February 13 to 15. Several food safety experts from Britain, Australia, Italy, Ireland, and Korea attended the session.

Al-Jadhey emphasized the importance of the council's role in discussing and providing scientific support and consultation, in addition to offering necessary recommendations that serve the major issues related to local and imported food safety.

The meeting also highlighted key achievements of the authority's third strategic plan, as well as the objectives and projects of its fourth strategic plan from 2023 to 2027, and its vision to be one of the leading international entities in all its specialties.

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.