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Saudi Arabia Stresses Global Hydrogen Production Capacity

Saudi Arabia and Germany sign a memorandum of understanding for cooperation in the production of clean hydrogen. (SPA)
Saudi Arabia and Germany sign a memorandum of understanding for cooperation in the production of clean hydrogen. (SPA)
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Saudi Arabia Stresses Global Hydrogen Production Capacity

Saudi Arabia and Germany sign a memorandum of understanding for cooperation in the production of clean hydrogen. (SPA)
Saudi Arabia and Germany sign a memorandum of understanding for cooperation in the production of clean hydrogen. (SPA)

Saudi Arabia and Germany signed on Thursday a memorandum of understanding for cooperation in the production of clean hydrogen and the establishment of a joint fund to innovate related technologies, in a step aimed at reducing emissions and activating the circular carbon economy.

“We have abundant energy sources for producing green and blue hydrogen... We have the ingredients to lead the world in hydrogen production,” Saudi Energy Minister Prince Abdulaziz bin Salman said in remarks on the occasion.

The Saudi and German sides signed the MoU in the presence of the German Minister of Economic Affairs and Energy, Peter Altmaier.

Prince Abdulaziz described the step as part of the strategic efforts and great commitment to confront climate change and reduce global emissions rates.

This goal has prompted the Kingdom to adopt the concept of circular carbon economy endorsed by world leaders at the G20 summit last year, which was hosted by Saudi Arabia.

He stressed during the virtual signing ceremony that hydrogen was a main source of energy and offered great and promising opportunities for investment in the coming decades.

He pointed in this regard to the efforts of the giant NEOM project to achieve leadership in the production of green hydrogen and green fuels globally and to become the most prominent destination in the world in providing sustainable solutions that stimulate investors and attract the best minds with the aim to accelerate human development.

The MoU provides for strengthening German-Saudi cooperation in the field of clean hydrogen fuel generation, processing, use, transport and joint marketing. It also seeks to enhance the exchange of information and technical expertise between the two parties, encourage joint investments and research, and support the sale of Saudi hydrogen fuel, and the products that enter into its manufacture, such as industrial kerosene used to produce electricity in Germany.

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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.