OpenAI has discussed raising money from Saudi Arabia, Indian investors, The Information reports
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The Independent
an hour ago
- The Independent
India signals it will keep buying Russian oil despite Trump tariff threat
India has suggested it will continue purchasing oil from Russia despite US president Donald Trump 's threats to hit Delhi with new tariffs over the imports. Foreign ministry spokesperson Randhir Jaiswal told reporters on Friday that India 's energy decisions were based on market availability and global conditions, adding that ties with Moscow were 'steady and time-tested' and should not be seen through the prism of a third country. Mr Trump said earlier this week that he plans to impose a 25 per cent tariff on Indian goods along with an additional import tax in response to Delhi 's continued buying of Russian crude. The US president has stepped up warnings against nations doing business with Moscow as Washington seeks leverage over Russia 's war in Ukraine. India bought about 68,000 barrels of crude oil a day from Russia in January 2022, but this rose to 1.12 million barrels per day by June that year, peaking at 2.15 million barrels a day in May 2023, according to data from analytics firm Kpler cited by Press Trust of India. Russian supplies at one point made up nearly 40 per cent of India's total oil imports, making Moscow its biggest crude supplier. While the Indian government may not be deterred by Mr Trump's threats, Reuters news agency earlier reported that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd have not sought Russian crude in the past week or so, four sources told Reuters. Reacting to the reports, Mr Trump told reporters: 'I understand that India is no longer going to be buying oil from Russia. That's what I have heard. I don't know if that's right or not. That is a good step. We will see what happens.' He added that despite his tariff announcement, trade deal talks with India were progressing. India consumes around 5.5 million barrels of oil a day, importing roughly 88 per cent of its needs. The world's third-largest crude buyer after China and the US shifted sharply towards Russian supplies after the invasion of Ukraine in February 2022, taking advantage of steep discounts as Western nations turned away from Moscow's energy exports.
Telegraph
4 hours ago
- Telegraph
Weather, quality of life, a sense of community: why I left stagnant Britain for Dubai
I first moved to Dubai before it was in vogue to do so. In 2015, I was fresh out of university, a 21-year-old unsure of where adulthood would take me. So, on a whim, I accepted a job at a restaurant in Dubai and boarded a one-way flight for what I initially planned to be one year of life experience living abroad. Instead I have been here for 10 years now. The Dubai I landed in a decade ago wasn't the same place that saturates the feeds of influencers and reality TV stars today, and where young people from the UK are reportedly fleeing to in their droves. Back then, the place was slower, more spread out, more paperwork-heavy. But the city has worked hard – and fast – to make life more seamless and digitally-driven. There are plenty of opportunities that cater to the growing number of residents who come from the west to work and settle. There is even a government-backed 'Quality of Life Strategy', released in 2024, that encompasses 200 projects: this aims to turn Dubai into the world's best city to live in by 2033. So I'm not surprised that so many young people are now turning to Dubai. According to a recent study from the think tank the Adam Smith Institute, 28 per cent of 18-30 year-olds are either planning to quit the UK or have seriously considered emigrating to a foreign country. Many of them are coming to Dubai, and who can blame them? Britain is plagued by stagnant economic wages and inflation; it is practically impossible to buy a property in London unless you have family wealth or work in finance. While my own surface-level reasons for moving to Dubai ten years ago revolved around safety, sunshine and sun-soaked weekends by the beach, my reasons for staying in the United Arab Emirates are now much stronger. Living in a city that celebrates success and hard work, I quickly climbed the career ladder and landed a job at a top entertainment magazine. Then, earlier this year, I launched my own business. This process took little over a week thanks to the diverse business license opportunities now available to expats. One might say that this is all and good, but what about a sense of community? Isn't Dubai a transient place, a city for people who only care about themselves? This is a false impression. With such a large expat population (over 85 per cent, according to government data), there's a powerful sense of community here that makes friendships feel more genuine and deeply rooted. When I got married last year, to the husband I met eight years before while also chasing his dreams in Dubai, our wedding party was filled with friends from Scotland, South Africa and Singapore. People from all corners of the world who'd been essential support systems through our Dubai years, and whose ambitions and drive to build better lives for themselves mirror our own. We've now established firm roots in Dubai and, as I write this, my husband and I are beginning our third property renovation project. This time, a villa in the heart of the city that we worked hard and saved for determinedly, which we hope to make our family home. Sure, living abroad is still hard at times. The pangs of guilt from missing my mum's birthday or my niece's first day of school are feelings all expats must grapple with. But I'm grateful for the life I've been able to build in Dubai – in terms of better work opportunities and a greater standard of living, it beats living in the UK. And I couldn't imagine living anywhere else.
Reuters
5 hours ago
- Reuters
Saudi chemical maker SABIC reports another surprise loss in Q2
DUBAI, Aug 3 (Reuters) - Saudi chemicals giant SABIC ( opens new tab, one of the world's biggest petrochemicals companies, reported another surprise loss in the second quarter on Sunday, after the company took the decision to shut a cracker in the UK amid a restructuring of its business during an industry slowdown. SABIC reported net loss of 4.07 billion riyals ($1.09 billion) for the three months to June 30, missing analyst expectations of a profit of 504 million riyals, LSEG data showed. Shares declined 1.6% at the open to 53.8 riyals. SABIC, which is 70% owned by oil major Saudi Aramco ( opens new tab, has posted three consecutive losses in quarterly earnings as the chemicals industry grapples with weak demand that has weighed on sales. The company said in its earnings report on Sunday that the loss was mainly attributed to 3.78 billion riyals impairment charges and provisions related to a cracker closure in the United Kingdom, in line with the company portfolio review to reduce cost and improve profitability. SABIC shares are down almost 19% this year on the Saudi exchange. Earlier this month, the company said it was studying strategic options for its National Industrial Gases Company (GAS), including an initial public offering, amid a broad review of its business. SABIC said in a statement that the move was in line with its portfolio optimization and core business focus strategy, adding that an IPO of GAS would be aimed at improving the group's "financial position and the value added for shareholders". ($1 = 3.7511 riyals)
