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Arab National Bank, Madinah Academy Sign Deal to Set Up Smart Lab

The signing of the partnership agreement in Madinah (Asharq Al-Awsat)
The signing of the partnership agreement in Madinah (Asharq Al-Awsat)
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Arab National Bank, Madinah Academy Sign Deal to Set Up Smart Lab

The signing of the partnership agreement in Madinah (Asharq Al-Awsat)
The signing of the partnership agreement in Madinah (Asharq Al-Awsat)

Madinah Gov. Prince Faisal bin Salman, chairman of the Madac Academy board of trustees, signed on Wednesday a partnership agreement between the academy and the Arab National Bank (ANB).

Under the agreement, the bank will establish a smart laboratory at the academy equipped with the latest technical equipment, such as robots, artificial intelligence and augmented reality, to provide qualitative education to more than 1,000 students per year.

The agreement was signed between Prince Faisal and ANB’s Chairman, Salah Al-Rashed, in the presence of the bank’s CEO, Obeid Al-Rasheed, and Abdulrahman Alawi, the academy’s director.

Al-Rashed expressed appreciation for Prince Faisal for patronizing and supporting the partnership.

He said that the agreement reflects the bank’s concern to provide innovative initiatives and qualitative programs in the social responsibility milieu and contribute to supporting the efforts and activities aiming to improve the educational process - which is one of the main goals of Vision 2030.

For his part, Alawi thanked Prince Faisal for his support for Madac Academy as well as the ANB for the initiative, contributing to achieving the academy’s goals aiming to create a promising generation of creative and distinguished students.

Notably, Madac is a nonprofit project seeking to become a pioneer in improving children’s lives around the world. It also aims to build a future by establishing the best educational systems based on encouraging human knowledge, deepening the Qur’anic values and upgrading the educational process.

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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%.