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'Biban 23' Discusses Importance of Supporting Talent to Boost Economy

iban 23 Forum resumed its activities for the third day through a series of workshops and pioneering sessions - SPA
iban 23 Forum resumed its activities for the third day through a series of workshops and pioneering sessions - SPA
TT
TT

'Biban 23' Discusses Importance of Supporting Talent to Boost Economy

iban 23 Forum resumed its activities for the third day through a series of workshops and pioneering sessions - SPA
iban 23 Forum resumed its activities for the third day through a series of workshops and pioneering sessions - SPA

The third day of the "Biban 23" forum's event saw discussions on the value of assisting small and medium-sized businesses in luring top talent, generating innovative ideas, and creating jobs that will boost the economy.

This came during a panel session on "Financing and Attracting Talent: A Essential Influencer for Growth Leaders."

The speakers discussed the significance of increasing investor and regulator awareness of startups, as well as how to educate, train and make entrepreneurs aware of their options through programs offered by institutions with a connection to the government.

They stressed that failure does not mean the end of the road and that the culture of entrepreneurship must change by supporting them and paving all avenues for their assistance, state news agency SPA reported.

The speakers also highlighted the importance of supporting the successes attained by entrepreneurs. They emphasized the value of financial incentives and training to entice young people to join start-up businesses and contribute to their expansion and profitability.

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Oil Retreats as US and China Growth Concerns Weigh

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
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Oil Retreats as US and China Growth Concerns Weigh

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo

Oil slipped on Monday, weighed down by Moody's downgrade of the US sovereign credit rating and official data that showed slowing growth in China's industrial output and retail sales.

Both developments raised concerns over the outlook for the world's two biggest economies and oil consumers a week after Beijing and Washington's agreement to roll back most tariffs on each other's goods pushed oil prices higher.

"The weaker than expected Chinese data is not helping crude oil, although I would describe the setback as modest," said UBS analyst Giovanni Staunovo, Reuters reported.

Brent crude futures lost 57 cents, or 0.9%, to $64.84 a barrel by 1146 GMT while US West Texas Intermediate crude slipped by 54 cents, or 0.9%, to $61.95. The nearby June WTI contract expires on Tuesday.

Both contracts rose more than 1% last week.

Also weighing on the market were comments from US Treasury Secretary Scott Bessent that President Donald Trump will impose tariffs at the rate he threatened last month on trading partners that do not negotiate in "good faith".

"Today's weakness is simply a continuation of crude's wild ride going nowhere, with the latest move triggered by the Moody's downgrade and not least Scott Bessent's warning," said Ole Hansen of Saxo Bank.

The official Chinese data on Monday showed growth in industrial output slowed in April, though performance was still better than economists had expected.

Investors are keeping an eye on progress in the Iran-US nuclear talks, with uncertainty over the outcome limiting losses in oil prices.

US special envoy Steve Witkoff said on Sunday that any deal must include an agreement not to enrich uranium, a comment that swiftly drew criticism from Tehran.

"The US-Iran nuclear negotiations are not clear cut and may take many months," said John Evans of oil broker PVM.