Meta is introducing a safer version of Instagram for 14-year-olds, automatically placing teen users into accounts with enhanced privacy settings and parental controls. The move coincides with the progression of online safety and privacy bills in Washington.
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Saudi Arabia’s Public Investment Fund (PIF) pledged a $5 billion investment in Egypt, signaling confidence in Egypt’s economic recovery and a shift toward seeking returns rather than providing financial aid. This follows a broader trend in the Gulf, similar to the UAE’s recent investments in Egypt’s top companies and real estate, moving away from direct handouts.
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Weak demand in China and stockpiles elsewhere have drawn attention after OPEC delayed output increases until December, but the bigger issue is whether OPEC can maintain unity amid rising capacity and competition from renewable energy. Major challenges that could impact OPEC’s long-term relevance li ahead, noting that while not insurmountable, the odds are against the group.
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Saudi Arabia is consolidating its aluminum assets, with Ma’aden acquiring Alcoa’s 25.1% stake in their joint venture and proposing a merger of its aluminum and bauxite units with Bahrain’s Alba, including Aramco’s stake. This move aligns with Riyadh’s Vision 2030 plan to diversify its economy, positioning mining as a key sector alongside oil, gas, and petrochemicals.
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Australia and the UAE have agreed to a trade pact aimed at increasing agricultural and resource exports, potentially boosting Australian exports by $458 million annually, while giving the UAE improved access to critical minerals and green energy investments.
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US officials are expected to raise concerns today about Beijing’s alleged economic overcapacity, arguing that Chinese companies are producing too much and flooding the market with underpriced goods that hurt domestic industries. Beijing dismisses these worries, claiming that Washington’s complaints are merely an attempt to limit China’s growth, a stance that follows earlier warnings from the US Treasury Secretary during an April visit to China.
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Fighting between factions of the powerful Sinaloa drug cartel has underscored the Mexican government’s failure to control violence, with at least 30 people killed in clashes between loyalists of ex-leader Joaquín Guzmán, known as El Chapo, and followers of Ismael “El Mayo” Zambada. The military general in charge of the affected region remarked that peace there “does not depend” on security forces, effectively distancing himself from the violence, just two weeks before incoming President Claudia Sheinbaum, who has pledged to continue her predecessor’s security policies, takes office.
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Blood samples will be transported between Guy’s and St Thomas’ hospitals in London using drones, reducing delivery time from 30 minutes to under two minutes. This six-month trial, conducted by UK startup Apian, marks a significant step towards normalizing commercial drone aviation.
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