Latest news with #AlArabiyaNews'
Al Arabiya
01-05-2025
- Science
- Al Arabiya
The vault that could restart humanity: Inside the Svalbard Global Seed Bank
Imagine this: The world faces a massive disaster – climate chaos, nuclear war, a global crop failure. Civilizations crumble, infrastructure collapses…and yet, far in the icy north of Norway, deep beneath a frozen mountain, lies a vault that could restart agriculture for the entire planet. Yes, this place actually exists. It's called the Svalbard Global Seed Vault – and it might just be the world's most important backup drive. So, what is it, exactly? Let's take a closer look on Pixel with Al Arabiya News' Joanne Serrieh.
Al Arabiya
30-04-2025
- Business
- Al Arabiya
Michael Saylor downplays Trump tariff panic, bets on Bitcoin and US dollar stability
Michael Saylor, the billionaire co-founder of MicroStrategy and one of Bitcoin's most vocal corporate champions, has urged investors to remain calm amid fears that the Trump administration's sweeping tariffs could destabilise the global economy. Speaking to Al Arabiya News' Hadley Gamble, Saylor described the current market climate as 'manic,' cautioning against placing too much faith in 'nominal proclamations' from politicians or commentators. 'It's a mistake to extrapolate linearly based upon everybody's nominal pronunciations,' he said. 'It's not likely that what we think will happen.' While acknowledging the turbulence sparked by the return of aggressive US trade policy under President Donald Trump, Saylor suggested the world was undergoing a necessary 'change in status quo.' He implied that a rebalancing of trade flows, particularly in relation to China's long-running surplus with the United States, was both inevitable and overdue. 'There is definitely change afoot,' he said, but warned that many fears were overstated. Saylor's comments come as financial markets fluctuate wildly in response to tariffs, threatened supply chain disruptions, and dire predictions from economists. Instead of panic, Saylor advised focusing on technological and monetary evolution. 'I'm extraordinarily enthusiastic about digital capital,' he said, calling Bitcoin 'the best investment idea in the world.' He argued that Bitcoin was the superior store of value compared to traditional assets weighed down by risks such as government regulation, currency debasement, and political instability. Today, Bitcoin trades around $63,000, having risen dramatically over the past five years despite its well-publicised volatility. Saylor remains unfazed, describing Bitcoin's rise as 'the relentless passage of time causing intelligent, informed capitalists to strip risk from their portfolios by converting 20th-century assets into digital assets.' Alongside his bullishness on Bitcoin, Saylor also expressed strong confidence in the future of the US dollar. Despite widespread speculation that tariffs, debt accumulation, and political dysfunction could undermine the greenback, Saylor dismissed these concerns outright. 'The US dollar will be the world reserve currency for the rest of our lives, certainly for the next generation, maybe for 100 years,' he said. 'It shows every indication of getting stronger, not weaker.' He pointed to the massive global demand for dollar-backed digital assets such as Tether as evidence of the dollar's enduring supremacy, noting that even in Europe, 99 percent of digital currency demand remains for the dollar rather than the euro. On energy markets, Saylor welcomed the Trump administration's push for US energy dominance, arguing that abundant and reliable power will be critical for the next wave of AI and crypto innovation. 'You can't power the intelligent economy with intermittent energy sources,' he said. 'Massive amounts of cheap electrical power are vital.' Saylor, whose company has spent $30 billion on Bitcoin in the past five months alone, remains undeterred by criticism of his aggressive strategy. 'We are buying billions a week as fast as we can,' he said. 'Our corporate mission is securitising Bitcoin.' When asked what keeps him up at night, Saylor's answer was characteristically straightforward: 'I think about ways to get more Bitcoin.'
Al Arabiya
22-04-2025
- Automotive
- Al Arabiya
Trump's cold shoulder is Europe's wake-up call: Carlos Ghosn
Carlos Ghosn, the ex-Renault-Nissan boss turned international fugitive, says Europe faces a defining moment amid economic uncertainty, Chinese competition, and cooling transatlantic ties. Speaking from Beirut, where he has lived since his dramatic escape from Japan in 2019, Ghosn told Al Arabiya News' Hadley Gamble that Donald Trump's indifference to Europe presents both a risk and a rare opportunity. 'When the president of the United States said, you know, Europe is not [relevant]... it's an opportunity for you to say, no,' he said. 'You reshape yourself. Or do you revamp yourself?' Ghosn, who turned Nissan around and helped forge one of the auto industry's most ambitious global alliances, is now advising startups and lecturing on strategic crisis management. In his view, Europe must decide whether it is willing to change or continue down a path of decline. 'You have... the Europe of the future, the one challenging the outdated ideas and the old-fashioned stuff. And then you have the old Europe who tries to always do a little bit more of what they have done and which put them into the situation where they are.' He called France a cautionary tale. 'Unfortunately, as you know, I'm a French citizen and I'm very sad to see the situation of France today, which is still struggling with the problem which is classical problem of a high debt.' 'At the end of the day, the whole boat is sinking.' Instead, Ghosn pointed to newer EU member states and Italy as examples of rising energy. 'Italy is probably one of the new challengers in Europe... you have Eastern European countries also, [they] are new blood in Europe. They want something completely new.' While Ghosn acknowledges the difficulty of structural reform in the European Union, he says the moment is ripe. 'There are forces in Europe fighting for revamping Europe... but to revamp Europe, you need to get rid of the old stuff that is leading you nowhere.' The economic fog of tariffs and decoupling The former CEO, who once oversaw plants on five continents, warned of the risks posed by global decoupling and protectionism under a second Trump administration. 'I think we are in a situation of high uncertainty. I don't think the end game is obvious.' He said the new wave of tariffs imposed by President Trump, including heavy duties on Chinese products, steel, and semiconductors, have deepened the uncertainty facing multinationals. 'Any very premature decision can cost you much more than staying still until you see what's going on,' he said. 'A lot of companies have a supply chain which is a global supply chain... if you change anything now, not knowing what's gonna happen, it would be very dangerous.' Indeed, analysts warn that tariffs on China and retaliatory actions from Beijing could destabilise the global trade system. The IMF last week cut its global growth forecast citing uncertainty around US industrial policy and its ripple effects. The dollar: dominant but dented On the question of whether the US dollar is at risk of losing its status as the global reserve currency, Ghosn was cautious but clear. 'I don't think personally that there would be a currency that's going to replace the dollar.' Still, he said market psychology could drive short-term shifts. 'If there is a persistent weakness of the dollar, that may be a flight towards gold and towards cryptocurrency... but it can be much more massive if fear starts to grow onto the market.' What happens next? Ghosn, now in his seventies, remains a forceful presence in global business circles. While confined to Lebanon, he continues to mentor startups and consult on strategic growth. He also weighed in on the changing political atmosphere in Lebanon, where a new government led by Prime Minister Nawaf Salam has stirred hopes of economic and administrative reform. 'Lebanon today is better than what Lebanon was a few months ago because the people of Lebanon gained trust into the new leadership that has been nominated.' Asked what comes next, Ghosn stressed agility. 'What you cannot do is feed people with words and promises until the big wins come. People never wait.' 'You need to feed them first with quick wins. They are expecting concrete [results] that they see a modification, something for the better.' Asked whether he would consider a political role himself, Ghosn was firm in his response. 'I'm a nonpolitical person. I'm absolutely not attracted by that.' 'In order to play in politics and to be successful, you need to like politics. And a lot of the reason I don't like politics is... I'm an engineer, and for me, the best road between two different points is a straight line. And you know that in politics it's never a straight line.' he joked.
Al Arabiya
13-04-2025
- Business
- Al Arabiya
Exclusive President Trump won't declare war on OPEC, says US energy secretary
US Energy Secretary Chris Wright has downplayed the recent plunge in oil prices and ruled out any conflict with OPEC, despite growing concerns among Gulf producers about the impact of tumbling crude markets. Speaking to Al Arabiya News' Hadley Gamble in Riyadh on Sunday, Wright insisted that lower oil prices – which briefly dipped below $60 a barrel following fresh Trump administration tariffs – are not a reflection of long-term weakness, but rather a result of 'overblown pessimism' about global growth. 'Oil prices are sort of this… people looking ahead in the marketplace,' Wright said. 'I think what you're seeing today is… probably an overly large concern about economic growth going forward.' Brent crude has dropped by as much as $10 a barrel since the Trump administration escalated its trade war with China and introduced sweeping tariffs on foreign vehicles, steel, and general goods, spooking investors and hitting demand forecasts. Wright defended the tariffs, saying they are part of a larger push to 'reindustrialize America.' 'If you're in finance or advertising or media, it hasn't rained on your parade,' he said. 'But for so many Americans, we've shrunk the jobs and economic opportunities for them… President Trump is adamantly focused on bringing those jobs, that investment, back into our country.' Despite growing unease in energy markets, Wright rejected any suggestion that Trump might target OPEC. 'Oh, I don't see that happening at all,' he said. 'The nations here in the Middle East, I think, fundamentally want the same thing we want… The only way to have some of the 7 billion people [around the world] live like you and I, it's just massively more energy in the world.' Wright, a former CEO of Liberty Energy – North America's second largest fracking company – offered a nuanced view of the US shale industry, acknowledging the pain some producers are facing at current prices, but insisting that the sector remains resilient. 'There's a portfolio of drilling locations. The best operators with the best locations have very low break even prices… The lower quality operators that have… lower quality marginal… I mean, resources that are much lower quality, their price to break even is much higher,' he said. 'It's more a continuum. There's not a one price it works and one price it doesn't work.' Wright said oil and gas innovation has consistently lowered break-even thresholds over the past decade, crediting 'American technology, American innovation, American efficiency and supply chain.' He also dismissed suggestions that the Trump administration's energy policy is undermining shale. 'They're wrong. That's concerns about short term… people always take a trend, however long that trend is, and extrapolate that trend. The world just doesn't work that way.' 'I can't predict oil prices, that's for sure,' he said. 'But oil prices are a function of market expectations.' Wright painted a bullish picture for the future, pointing to Trump's economic agenda as a catalyst for stronger global demand. 'I see no reason we won't have the same results here [as in his first term], but I think even better this time.' Wright also addressed the prospect about a return to Russian energy in Europe. 'I think there's pretty strong resolve there that… we hitched our wagon to Russia, and it didn't work out well, and we don't have any intention of going right back to that,' he said. 'He's [Putin] lost his largest export market for natural gas to Europe. He's got lower oil prices. He's become a pariah around the world… It's in Russia's best interest to get to a peace agreement.' he added. Although the main focus of Wright's trip is oil and gas, he also revealed that Washington is working on a broader energy partnership with Saudi Arabia that includes a potential commercial nuclear deal. A specific agreement will take 'months, not weeks,' he said, and would require a '123 Agreement' under US law. But the message to Gulf producers was unequivocal: America is back. 'American partnership is back. It's stronger,' Wright said. 'We're not shutting your industry… Our interest is America is a strong, resolute ally. American leadership is going to lead to strong economic growth, which leads to strong growth in energy demand, which is great for energy producers and for energy consumers.'
Al Arabiya
13-04-2025
- Business
- Al Arabiya
Exclusive US-Saudi nuclear agreement just ‘months away,' says energy secretary
The United States is edging closer to a landmark energy partnership with Saudi Arabia that could pave the way for commercial nuclear development in the Kingdom, Energy Secretary Chris Wright told Al Arabiya News in an exclusive interview on Sunday. Speaking to Al Arabiya News' Hadley Gamble ahead of President Donald Trump's planned visit to the Kingdom next month, Wright confirmed that the US is preparing to sign a broad energy cooperation agreement within weeks, with a specific deal on nuclear likely to follow within months. 'I think in the short run, we'll sign a broader agreement about cooperation across the energy space, in partnerships, in investments, in investigations. Nuclear is certainly one of those areas,' Wright said. 'To get a specific agreement to partner on commercial nuclear development in Saudi Arabia, that'll take a little bit longer, that'll be months, not weeks, but you're gonna get there. I think, I think it's likely.' Such a deal will hinge on Saudi Arabia signing a so-called '123 Agreement' with the United States – a prerequisite for any US nuclear cooperation under the Atomic Energy Act. These agreements are legally binding and designed to ensure that civilian nuclear cooperation does not contribute to weapons proliferation. 'Yeah, absolutely,' Wright said when asked if a 123 Agreement would be required. 'That won't happen without that agreement. We'll need a 123 agreement and a broader, specific framework for how we're going to cooperate together and how things will work.' The US energy secretary's visit to Riyadh reflects a reinvigorated approach to the Gulf from the Trump administration, mirroring the president's first overseas visit to Saudi Arabia during his first term. The timing and tone of Wright's remarks suggest a deliberate reset of US energy diplomacy in the region. Beyond nuclear cooperation, Wright emphasized the importance of dialogue across the energy spectrum. 'We've talked oil, we've talked natural gas, we've talked solar, we've talked energy storage, we've talked moving water, we've talked to industry,' he said. Wright, who was formerly CEO of Liberty Energy – North America's second largest hydraulic fracturing company – also weighed in on oil market dynamics amid recent price drops. 'Oil prices are sort of like this... People looking ahead in the marketplace," he explained. "I think you're seeing reflected in the oil price, probably an overly large concern about economic growth going forward.' 'I'm quite bullish on President Trump's agenda and what it'll mean for economic growth, not just in the United States [but] in the world,' he said. 'President Trump's a master negotiator. I think we saw it in his first term, that where people had concerns and anxieties about his policies, ultimately they led to strong economic growth. I see no reason we won't have the same results here, but I think even better this time.' He also sought to reassure Saudi audiences about the long-term outlook: 'I think global demand is going to grow faster than people think in the next few years because of better economic agreements and wider flow of investments across the world and better economic growth. But yeah, I think the outlook for Saudi Arabia is quite bright indeed.' Wright did not shy away from criticising the previous administration's energy policies, saying: 'They got wrong thinking, you know, as they said, an all of government approach to stop hydrocarbons, or they called it, you know, in the interest of climate change.' 'They didn't pursue policies that were in the interest of climate change. The biggest reducer of greenhouse gas emissions has been the growth of natural gas. They even did a study in my Department of Energy showing increased exports of natural gas with lower greenhouse gas emissions. And so they buried that report. Four months later, said they were going to study the issue and pause it in the meantime. They really had an anti-hydrocarbon agenda, maybe in the mistaken belief that if we oppose hydrocarbons, somehow a new energy system will magically appear.' 'You can't hamper, hamstring, or stand in the way of the existing energy system. Let new energy technologies grow and thrive and compete in the marketplace. The world just needs a lot more energy, not less energy. They were focused on energy subtraction. We're focused on energy addition.' President Trump is expected to visit Saudi Arabia next month, signalling deeper strategic alignment and economic engagement with the Gulf. For Wright, the renewed focus is clear: 'American partnership is back. It's stronger. We're not shutting your industry or not visiting you because we think you're somehow against the world interests. Our interest is America is a strong, resolute ally. American leadership is going to lead to strong economic growth, which leads to strong growth in energy demand, which is great for energy producers and for energy consumers.' Wright's comments mark a return to what he described as 'common sense' energy policy in the United States – one where hydrocarbons, renewables, and nuclear energy are developed side by side, not pitted against each other by ideology.
