Author: News Desk

Tesla Chief Executive Officer Elon Musk said on Tuesday that the company is open to licensing software and supplying powertrains and batteries. Tesla has previously supplied batteries to Mercedes and Toyota Motor under separate partnership deals. Battery manufacturing is an area that analysts and industry officials say the U.S. electric car maker has a competitive edge compared with legacy automakers. “Tesla is open to licensing software and supplying powertrains & batteries. We’re just trying to accelerate sustainable energy, not crush competitors!” Musk said in message on Twitter. It was unclear which types of batteries it will supply. Tesla currently runs…

Middle Eastern fund managers plan to increase investments in Saudi Arabia in the current quarter, according to a Reuters poll, betting on the kingdom’s ability to bounce back from the coronavirus and low oil price shocks. The region, which has imposed strict lockdown measures as it deals with the outbreak, is home to many oil producers, who have seen the price of their main resource tumble as they spend to help support their economies. Half of the eight fund managers polled by Reuters said they would increase their allocations in Saudi Arabia, the Gulf’s largest economy. While Saudi Arabia’s main…

Bahrain has announced that outdoor dining at restaurants and coffee shops and the reopening of training institutions will be allowed from September 3. It was announced yesterday in a meeting of the Government Executive Committee, held remotely. The Government Executive Committee has also decided to reopen all dining services extended by restaurants and coffee-shops from September 24. ♦ Gulf Air welcomes back Kuwait to its network ♦ Eid prayers to be performed at home It was also decided to allow the gradual reopening of tourism restaurants, including those located in 4 and 5-star hotels and those authorised by the Bahrain Tourism and Exhibitions Authority, in…

The U.S. Federal Reserve said on Tuesday it will extend several of its lending facilities through the year-end as the central bank continues to dial back expectations on how quickly the U.S. economy will recover from the novel coronavirus pandemic. The extensions apply to those facilities that were due to expire on or around Sept. 30, the Fed said in a statement. “The three-month extension will facilitate planning by potential facility participants and provide certainty that the facilities will continue to be available to help the economy recover,” the Fed said. Hopes for a quick recovery have been dashed as…

Former President Barack Obama will be joined by actor George Clooney on Tuesday in Obama’s latest effort to boost Democrat Joe Biden’s presidential campaign. Obama and Clooney will engage in a “virtual conversation” according to an invitation to donors obtained by Reuters. Tickets range from $250 to $250,000. In June, Obama held a fundraiser for Biden, Obama’s former vice president, that brought in more than $11 million. Biden will face President Donald Trump in the Nov. 3 general election. The coronavirus pandemic has forced Biden to hold campaign events online or close to his Delaware home. But virtual fundraisers have…

The U.S. homeownership rate rose to its highest level in nearly 12 years in the second quarter as low mortgage rates boosted demand for housing, offsetting record unemployment triggered by the COVID-19 crisis. The homeownership rate rose to 67.9% in the April-June quarter, up from 65.3% in the first quarter, a record increase, according to a report from the Commerce Department released on Tuesday. That was the highest level since the third quarter of 2008 and was up from 64.1% a year ago. Homeownership increased in all four regions last quarter. The report was the latest indication that the housing…

HH Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, ordered the release of 45 prisoners incarcerated by the Fujairah Punitive and Correctional Establishments who are from different nationalities and are deserving of being pardoned. The decision coincides with the advent of Eid Al Adha. Sheikh Hamad’s gesture reflects his keenness to give prisoners a second chance and make their families happy. Major General Mohammed Ahmed bin Ghanim Al Kaabi, Commander-in-Chief of the Fujairah Police, thanked Sheikh Hamad for this gesture, hoping that it will enable the released prisoners to start new lives, contribute to their…

A stellar amateur career, including 23 wins in as many bouts, with two world titles and several accolades, will be put to the side by Muhammad Mokaev in just a few days. The biggest prospect in the sport is set to make his professional debut under the fastest-growing MMA organization in the world. Mokaev is set to face action in Sweden, at BRAVE CF 37, this Saturday. “The Punisher” has been widely recognized across the world as the best pound-for-pound amateur fighter in the world, and will now start off his professional career with BRAVE Combat Federation. However, the…

The Charity Work section at the Sunni Endowments Directorate has distributed the Eid Al-Adha gifts and sacrifices, in coordination with charity societies across the kingdom’s governorates. Sunni Endowments Director, Youssif Noor, said that the charity projects aim to glorify the rituals of the Islamic religion, following in the footsteps of Prophet Mohammed (PBUH), in order to make people happy during the auspicious occasions, and implement the conditions set by those who paid their money for charity work. He indicated that a budget of BD 14,000 has been allocated for Eid gifts, from which 950 needy children have benefited, and another,…

The Supreme Council for Islamic Affairs has congratulated His Majesty King Hamad bin Isa Al Khalifa, His Royal Highness Prince Khalifa bin Salman Al Khalifa, the Prime Minister, His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander, First Deputy Prime Minister, the royal family, the government and people of Bahrain and the Arab and Islamic nations on Eid Al Adha. The Council, holding an online meeting chaired by its president Shaikh Abdulrahman bin Mohammed bin Rashid Al Khalifa, commended the actions, efforts and measures taken by Saudi Arabia to ensure a safe Hajj season.…