Category: General

As global markets continue to grapple with multiple economic and geopolitical events, oil prices experienced a downward trajectory on Monday. The decline in oil prices comes as investor attention shifts back to the demand outlook, fueled by reports of higher producer prices in the US, the world’s largest oil consumer.

By 08:16 GMT, Brent crude futures recorded $82.86 per barrel, a 0.73 percent dip. Meanwhile, U.S. West Texas Intermediate (WTI) crude recorded $78.84 per barrel, a 0.44 percent decrease.

Analysts attribute the drop in oil prices to concerns over inflation and the potential impact of higher interest rates on fuel consumption growth. They pointed to a significant jump in the U.S. producer price index, which surpassed expectations in January. The surge in producer prices, particularly in service sectors, has intensified worries about inflationary pressures.

Moreover, Federal Reserve policymakers on Friday signaled that the U.S. is yet to see a cut in interest rates. Higher rates keep the cost of
buying oil up which contributes to a bearish market trend.

Amidst these economic concerns, geopolitical tensions also weigh heavily on oil prices. Over the weekend, the Middle East witnessed continued turmoil.

Looking ahead, uncertainties persist regarding oil demand, particularly concerning the return of demand from China following the Lunar New Year holiday. Additionally, the International Energy Agency’s warning of slowing demand growth in 2024 has added to market apprehensions, with the agency forecasting a surplus in the market during the year.

Source: National News Agency – Lebanon

New Delhi: The Omani documentary titled ‘Al Zeeg’ won the award for the best social documentary at the Asian Talent International Film Festival, which was held in the Aurangabad, the Republic of India. The festival was held during the period from 15 to 18 February 2024.

As many as 700 films from all over the world took part in the festival.

The documentary ‘Al Zeeg’ is directed by Omani director Salah Al Hadhrami, and produced by the Oman Film Society. It presents, in a cinematic way, the Omani relationship with the profession of cultivating and manufacturing Omani red sugar.

The documentary also addresses the humanitarian, economic and social aspects of this profession.

The documentary ‘Al Zeeg’ also won a number of awards in local, Arab and international festivals, reaching 17 awards.

Source: Oman News Agency

Caretaker Minister of Culture, Judge Mohammad Wissam Al-Mortada, welcomed on Monday at his Sanayeh office, the Ambassador of Bangladesh to Lebanon, Javed Tanveer Khan.

Discussions between the pair reportedly touched on the general situation and the bilateral relations between the two countries at the various levels, especially cultural ones.

Caretaker Minister Mortada later received in his office the Vice President of the Al-Bustan Festival, Laura El-Khazen Lahoud, who briefed him on the preparations for holding the festival event, which is organized annually under the auspices of the Ministry of Culture.

Lahoud extended to the Minister an invitation to attend the Festival’s opening ceremony on the 21st of this month.

Mortada also met with MP Mohammed Yehya, over an array of public issues.

Source: National News Agency – Lebanon

Acting in cooperation with the Embassy of the Sultanate of Oman in Riyadh, Omani firm Voltamp Energy today signed a strategic partnership agreement with Saudi firm Al Sharif Holding Group to establish a factory called ‘Saudi Voltamp’ for the production of high-voltage power transformers.

The two-phase plant, which will be set up in the Saudi western province near the city of Jeddah, has attracted investments worth RO 9.5 million in its first phase.

The first phase of the project will occupy and area of 27,000 square metres (sqm). It is set to produce high-voltage power transformers of up to 132 kilovolts and it is expected to be completed by the end of 2025.

The second phase will expand the compound to 45,000 sqm to enhance the unit’s capacity for the production of high-level voltage transformers of up to 380 kilovolts by 2027.

The signing ceremony was attended by HH Sayyid Faisal bin Turki Al Said, Ambassador of the Sultanate of Oman to the Kingdom of Saudi Arabia. Also present were representatives of Sa
udi government institutions, service sectors and members of the two companies’ boards of directors.

Source: Oman News Agency

Palmyra, In the framework of its ongoing war on terrorism and in pursuance of the remnants of terrorist groups, the security authorities concerned and units of the Syrian Arab Army in Palmyra succeeded, in a special operation, to thwart smuggling a large shipment of Narcotic hashish and Captagon pills by terrorists to outside the country through the Syrian desert.

‘We have carried out a tight ambush for those groups, clashed with them in the Syrian desert, and confiscated their possessions of Narcotic materials prepared for smuggling, consisting of large quantities of narcotic cannabis and Captagon pills,’ a security source in Palmyra told SANA.

The source added that the competent authorities, in cooperation with the army, are determined to perform their duties in pursuing terrorists and thwarting their attempts of smuggling operations.

Source: Syrian Arab News Agency

The Islamic Resistance issued on Monday the following statement: ‘In support of our steadfast Palestinian people in the Gaza Strip, and in support of their valiant and honorable resistance, the Mujahideen of the Islamic Resistance targeted, at 15:45 p.m., on Monday, February 19, 2024, the enemy’s Birkat Risha site, with appropriate weapons, and achieved direct hits.”

The Islamic Resistance later issued another statement, saying, ‘In support of our steadfast Palestinian people in the Gaza Strip, and in support of their valiant and honorable resistance, the Mujahideen of the Islamic Resistance targeted, at 16:15 p.m., on Monday 19, 2024, the enemy’s Ramta site in the occupied Lebanese Shebaa Farms with missile weapons and achieved direct hits”.

The “Islamic Resistance” also issued a statement, announcing, “In support of our steadfast Palestinian people in the Gaza Strip, and in support of their brave and honorable resistance, the Mujahideen of the Islamic Resistance targeted at 16:25 p.m. on Monday 19, 2024,
the enemy’s Al-Sammaqa site in the occupied Lebanese Shebaa Farms, with missile weapons, and achieved direct hits.”

Source: National News Agency – Lebanon

Muscat: The National Center for Statistics and Information (NCSI) launched a new opinion poll aimed at drawing a national framework for dealing with social media by evaluating children’s use of these applications.

The survey, which continues until 20 February 2024, aims to identify the applications most used by children, measure the extent to which families follow the use of these platforms, evaluate their impact on children’s behaviour, determine their areas of use of social media applications, and determine the appropriate age for using these applications among them.

The survey will help develop national plans and programs to regulate children’s use of social media, contribute to raising families’ awareness of the importance of monitoring their children’s use of these platforms, and provide valuable data to decision-makers about children’s online behaviour.

The survey sample covers about 2,500 male and female citizens aged 18 years and above from various governorates of the Sultanate of Oman and educatio
nal levels, which allows obtaining estimates for most indicators at the overall level.

Source: Oman News Agency

Washington: Paramount’s musical biopic ‘Bob Marley: One Love’ ruled in its box office debut, beating expectations with $27.7 million over the traditional weekend and $51 million during the six-day holiday stretch.

It was initially projected to generate $30 million to $35 million, But it experienced an uptick.

While Madame Web, which stars Dakota Johnson and Sydney Sweeney, underperforms for its opening weekend at the global box office.

Source: Oman News Agency

Al-Zahrani – National News Agency correspondent reported that the Israeli enemy air raids targeted a car in the southern town of Al-Ghazieh.

Ambulances rushed to the place.

Source: National News Agency – Lebanon

Sohar: Activities of the Conference on Environmental Law and Sustainable Development Plan 2030 titled ‘Towards Building a Sustainable Economy in the Middle East and North Africa Region,’ began at Sohar University in North Al Batinah Governorate today.

The conference was held under the aegis of the United Nations Environment Programme (UNEP), and in technical cooperation and partnership with SADER Legal Publishing (MENA) and the UNESCO Chair in Environmental Law at Hamad Bin Khalifa University in the State of Qatar.

The opening ceremony of the conference was held under the patronage of Dr. Mahad Said Ba’owain, Minister of Labour.

Dr. Hamdan Sulaiman Al Fazari, Vice Chancellor of Sohar University, explained that the conference aims to bring together specialists in the field of environmental education, university lecturers, trainers and practitioners in the field of environmental law to exchange knowledge and experience on how to enhance the education and practice of environmental law in the region.

He added
that this conference also aims to exchange information and best practices on the role of environmental law in accelerating progress in achieving sustainable development goals (SDGs) in the region.

Public and private institutions, including higher education institutions and universities around the world, are working extensively on various strategic plans to achieve the desired goals in line with the 2030 Sustainable Development Goals and national priorities, Al Fazari said.

The two-day conference will also discuss four main themes. The first theme talks about international environmental law and SDGs. The second theme highlights local and regional approaches, and the multi-stakeholder approach in addressing the latest developments in the field of adopting environmental, social, and governance standards throughout the region. The third theme discusses teaching environmental law to implement SDGs. Finally, the fourth theme deals with practical applications that touch on the current gaps in capacity development
and the needs of ministries and institutions related to environmental law in the region and how to meet and implement them appropriately.

The conference also included a number of workshops on a number of legal topics related to the environment, including the rule of international environmental law, the SDGs, the integrated and multi-stakeholder approach to the SDGs, and enhancing environmental legal education on biodiversity and nature conservation.

The conference provides a platform to share and exchange information on the resources, skills and methodologies required to equip environmental officials and students in the region with law and governance skills with the aim of promoting SDGs in their areas of specialization.

Source: Oman News Agency

Acting in cooperation with the Embassy of the Sultanate of Oman in Riyadh, Omani firm Voltamp Energy today signed a strategic partnership agreement with Saudi firm Al Sharif Holding Group to establish a factory called ‘Saudi Voltamp’ for the production of high-voltage power transformers.

The two-phase plant, which will be set up in the Saudi western province near the city of Jeddah, has attracted investments worth RO 9.5 million in its first phase.

The first phase of the project will occupy and area of 27,000 square metres (sqm). It is set to produce high-voltage power transformers of up to 132 kilovolts and it is expected to be completed by the end of 2025.

The second phase will expand the compound to 45,000 sqm to enhance the unit’s capacity for the production of high-level voltage transformers of up to 380 kilovolts by 2027.

The signing ceremony was attended by HH Sayyid Faisal bin Turki Al Said, Ambassador of the Sultanate of Oman to the Kingdom of Saudi Arabia. Also present were representatives of Sa
udi government institutions, service sectors and members of the two companies’ boards of directors.

Source: Oman News Agency

National News Agency correspondent in Marjeyoun reported that an enemy air raid targeted, a short while ago, the outskirts of the southern border town of Al-Odaisseh toward Al-Owaida area.

Source: National News Agency – Lebanon

Muscat: Sheikh Khalifa Ali Al Harthy, Undersecretary of the Foreign Ministry for Political Affairs received here today Wang Di, Director General of the Department of West Asian and North African Affairs of the Foreign Ministry of the People’s Republic of China.

During the meeting, the two sides discussed aspects of cooperation between the two countries and means of enhancing them in various fields.

They also exchanged views on the latest developments on Israel’s war against the Palestinians in Gaza and its regional and international repercussions.

The meeting was attended by Li Lingbing, Ambassador of the People’s Republic of China to the Sultanate of Oman, Sheikh Abdulaziz Saif Al Hosni, Head of the Asia-Pacific Department and several officials from both sides.

Source: Oman News Agency