عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Industry Minister Discusses Localization of Medical Device Manufacturing with Global Firms in Belgium

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (center) during one of his meetings in Brussels on Thursday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (center) during one of his meetings in Brussels on Thursday. (SPA)
TT
TT

Saudi Industry Minister Discusses Localization of Medical Device Manufacturing with Global Firms in Belgium

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (center) during one of his meetings in Brussels on Thursday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (center) during one of his meetings in Brussels on Thursday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held talks in Brussels on Thursday with Pfizer Global President of Emerging Markets Nick Lagunowich and a number of the company’s leaders to discuss ways to boost industrial cooperation and explore opportunities to localize pharmaceutical and vaccine manufacturing in Saudi Arabia.

The meeting addressed areas of cooperation, the exchange of expertise, and the transfer of advanced technologies for the manufacturing of vaccines and biopharmaceuticals to the Kingdom, as well as boosting integration into pharmaceutical supply chains and developing joint investments in high-quality projects that support the Kingdom’s drug security objectives.

Alkhorayef toured Pfizer’s manufacturing units in Brussels, where he was briefed on the company’s operations, key investments, and operational tracks in the pharmaceutical and vaccine industry. Factory officials highlighted its pivotal role in producing vaccines and biopharmaceuticals globally and stressed their interest in transferring similar technologies to the planned factory in the Kingdom.

Alkhorayef also met with the president of Agfa HealthCare to discuss opportunities for cooperation in the manufacturing of medical devices and advanced industrial solutions.

He toured the company’s industrial facilities, reviewing its efforts to develop medical device solutions, digital health data management systems, and the latest radiology technologies, as well as its capabilities in producing specialty chemicals and green hydrogen membranes.

These meetings and field visits are part of the Alkhorayef’s official visit to Belgium and aim to bolster economic partnerships, attract high-quality investments, and transfer advanced technologies in the pharmaceutical and medical industries in line with the objectives of the National Industrial Strategy and Saudi Vision 2030.

Most Viewed

 
 
Business

Britain's Pound, Stocks and Bonds Fall on Political Uncertainty, Global Inflation Angst

A view of 10 Downing Street in London, Britain, 14 May 2026. EPA/NEIL HALL
A view of 10 Downing Street in London, Britain, 14 May 2026. EPA/NEIL HALL
TT
TT

Britain's Pound, Stocks and Bonds Fall on Political Uncertainty, Global Inflation Angst

A view of 10 Downing Street in London, Britain, 14 May 2026. EPA/NEIL HALL
A view of 10 Downing Street in London, Britain, 14 May 2026. EPA/NEIL HALL

British government bonds, stocks and sterling fell on Friday, as domestic political uncertainty clashed with global worries about an inflationary shock, leaving UK assets in the mire.

Sterling fell to a five-week low and is down almost 2% against the dollar this week, set for its biggest weekly drop since November 2024.

British Prime Minister Keir Starmer was in a battle to hold on to power after his health minister Wes Streeting resigned from government, while others positioned themselves to challenge his leadership, following disastrous local election results last week.

Markets are concerned that a ⁠new leader may ⁠be willing to loosen fiscal policy more, with British government borrowing costs up sharply again and UK bank stocks selling off on Friday.

Greater Manchester Mayor Andy Burnham has been offered a path for a possible leadership challenge after another Labour lawmaker said he would resign his parliamentary seat. If Burnham were to win the seat, he could then challenge for ⁠the party leadership.

"Market's fear is that Burnham would be more left leaning, and we could see further increase in deficits," Reuters quoted Jefferies economist Mohit Kumar as saying.

"Our base case is one of a managed exit for Starmer and Burnham likely becoming the next PM," he added.

The domestic political drama has coincided with another rise in energy prices on Friday and growing evidence that the economic damage from the Iran war is hurting.

US inflation data this week has shown consumers and factories are starting to see big increases in price pressures as a result of the war, which has ⁠pushed up the ⁠price of crude by over 50%.

The pound has tended to suffer against the dollar when tensions between Washington and Tehran flare or oil prices rise, given Britain's dependence on energy imports and the economy's sensitivity to higher fuel costs.

It was last down 0.3% on the day at $1.3364 after earlier touching $1.3335, its lowest level in over five weeks.

British bond yields jumped across the curve. The 10-year yield was last up almost 12 basis points (bps) at around 5.11%. Bond yields move inversely with prices.

Stocks also fell. The blue-chip FTSE 100 was last down 0.6%, while the more domestic-oriented FTSE 250 index of midcap stocks was down 1.1%.

UK banks were also down sharply, with Barclays and Lloyds down over 2% each.

Business

Oil Gains after Trump Says Xi Agrees Iran Cannot Have Nuclear Weapons

The current price of gasoline is shown at a gas station in Encinitas, California, US, May 11, 2026. REUTERS/Mike Blake
The current price of gasoline is shown at a gas station in Encinitas, California, US, May 11, 2026. REUTERS/Mike Blake
TT
TT

Oil Gains after Trump Says Xi Agrees Iran Cannot Have Nuclear Weapons

The current price of gasoline is shown at a gas station in Encinitas, California, US, May 11, 2026. REUTERS/Mike Blake
The current price of gasoline is shown at a gas station in Encinitas, California, US, May 11, 2026. REUTERS/Mike Blake

Oil prices gained about 2% after US President Donald Trump said he and China's Xi Jinping agree Iran cannot have nuclear weapons and as concerns persisted over ship attacks and seizures despite Tehran saying about 30 vessels crossed the Strait of Hormuz.

Brent crude oil futures were up $1.77, or 1.67%, to $107.49 a barrel at 0642 GMT. Prices hit a session high of $107.99 earlier in the day.

US West Texas Intermediate futures were up $2.13, or 2.11%, ‌to $103.30 a ‌barrel.

For the week, Brent has climbed nearly 6%, ‌while ⁠WTI has jumped more ⁠than 7%, on uncertainty over the shaky ceasefire in the Iran conflict.

Trump said his patience with Iran is running out and he had agreed in talks with Xi that Tehran cannot be allowed to have a nuclear weapon and must re-open the Strait of Hormuz.

Xi did not comment on his discussions with Trump about Iran, although China's foreign ministry issued a statement.

"This conflict, which ⁠should never have happened, has no reason to continue," ‌the ministry said.

"With the Beijing summit not ‌delivering any breakthrough on Iran, market focus is back on the deadlock and ‌a blockaded Strait, with a tail risk of renewed military escalation," said Vandana ‌Hari, founder of oil market analysis provider Vanda Insights.

Among deals the market was looking for from the summit, Trump said China wants to buy oil from the United States.

In incidents around the Strait of Hormuz, a ship was reported seized by Iranian ‌personnel off the United Arab Emirates and headed for Iranian waters on Thursday, and an Indian cargo vessel carrying ⁠livestock from ⁠Africa to the UAE was sunk on Wednesday in waters off the coast of Oman.

The White House said Trump and Xi had agreed on the need to keep the shipping lane open.

Iran's Revolutionary Guards said 30 vessels had crossed the Strait of Hormuz since Wednesday evening, still far short of 140 that were typical daily before the war, but a substantial increase if confirmed.

Yang An, analyst at Haitong Futures, said the main driver of oil prices was still tight supply.

"Oil prices swung several times yesterday but still closed near the day's high," he said.

"Ships passing through the strait eased some market concerns, but not enough to change the strong trend driven by tight supply."

Business

China Stocks Drift as Trump-Xi Summit Offers Little to Excite Investors

President Donald Trump talks with China's President Xi Jinping at the Zhongnanhai leadership compound, Friday, May 15, 2026, in Beijing. (AP Photo/Mark Schiefelbein, Pool)
President Donald Trump talks with China's President Xi Jinping at the Zhongnanhai leadership compound, Friday, May 15, 2026, in Beijing. (AP Photo/Mark Schiefelbein, Pool)
TT
TT

China Stocks Drift as Trump-Xi Summit Offers Little to Excite Investors

President Donald Trump talks with China's President Xi Jinping at the Zhongnanhai leadership compound, Friday, May 15, 2026, in Beijing. (AP Photo/Mark Schiefelbein, Pool)
President Donald Trump talks with China's President Xi Jinping at the Zhongnanhai leadership compound, Friday, May 15, 2026, in Beijing. (AP Photo/Mark Schiefelbein, Pool)

China stocks wavered on Friday as a summit between US President Donald Trump and China's Xi Jinping entered its last day, having produced few deals between the world's top two economies to excite investors so far.

China’s blue-chip CSI300 Index was largely flat and the Shanghai Composite Index rose 0.1% by the lunch break. Both indexes swung between gains and losses through the morning session but remain close to recent peaks.

Hong Kong’s benchmark Hang Seng fell 0.9% amid a risk-off mood in broader Asian markets, as investors' euphoria over tech stocks gave way to inflation fears amid rising wagers of US rate hikes this year.

Trump and Xi met at the ‌walled-off Zhongnanhai complex, a former imperial garden that houses the offices of Chinese ‌leaders, ⁠before Trump departed.

Traders ⁠were closely watching for any positive signals from the meeting, including a potential easing of tariffs, with the focus on whether a fragile trade truce struck when the leaders last met in October is extended.

"I think we were optimistically looking at the meeting and maybe half expecting some huge trade agreement to be proposed or announced and from that view, it has disappointed," said Nick Twidale, chief market analyst at ATFX Global.

Investor attention will be on whether there are detailed agreements announced after the two-day summit is over.

It ⁠was undecided whether the trade truce will be extended after it expires later ‌this year, US Trade Representative Jamieson Greer told Bloomberg TV ‌on Friday, but added that deals had been firmed up on Chinese purchases of farm goods and beef.

"This (summit) ‌was not a meeting aimed at a full reset of US-China relations," said Cliff Zhao, chief ‌economist at CCB International.

It was more about promoting high-level communication, reducing near-term uncertainty, and setting clearer boundaries for competition, he added.

THORNY GEOPOLITICS

Investors are focusing on geopolitical issues such as Iran and Taiwan, but it’s hard to make substantive progress, said Lynn Song, chief economist for Greater China at ING.

"Actions will speak louder than words, and if we ‌see progress on Iran negotiations or shifts in stance on US arms sales to Taiwan, it may suggest that progress was made at this summit," ⁠said Song.

Trump told Fox ⁠News Channel that China has agreed to buy 200 Boeing jets, a number that was far fewer than analysts had expected. That sent shares of Boeing lower and China's aviation stocks fell more than 2%.

Chip stocks, meanwhile, jumped 4% after China's SMIC said foreign clients were shifting orders back to China. Shares in chip equipment maker Advanced Micro-Fabrication Equipment (AMEC) surged 17% on its strong order expectation.

Data showed China's new yuan loans contracted in April for the first time in nine months, sharply undershooting forecasts as seasonal factors and weak household credit demand dragged on lending in the world's second-largest economy.

In currencies, China's yuan remained close to the three-year high against the dollar it hit on Thursday.

The yuan retreated slightly after the People's Bank of China set the midpoint rate at 6.8415 per dollar, 439 pips weaker than a Reuters' estimate.

The yuan "isn’t likely to be impacted too much by the summit, nor is it likely to be a topic of conversation given the CNY has been on an appreciation trajectory," said ING's Song.