Business
Saudi Arabia’s net foreign direct investment rises 5.6% in first quarter By Reuters
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DUBAI (Reuters) – Net foreign direct investment (FDI) inflows to Saudi Arabia rose 5.6% to 9.5 billion riyals ($2.53 billion) in the first quarter of 2024, government data showed on Sunday.
Inflows were up 0.6% to 17 billion riyals in the first three months compared with a year earlier, while outflows fell by 5.1% to about 7.5 billion riyals.
The kingdom hopes to attract $100 billion in FDI by 2030 to boost non-oil gross domestic product as part of a wider strategy by de facto ruler Crown Prince Mohammed bin Salman to diversify the economy away from its reliance on exports.
Earlier this month, over half of the shares offered under Saudi Aramco (TADAWUL:)’s $11.2 billion secondary share sale were sold to foreign investors.
The oil giant has also helped lift FDI previously, but even with those deals FDI remained far from the 2030 goal, peaking at $32.8 billion in 2022 and reaching $19.2 billion last year.
($1 = 3.7516 riyals)
Business
Ad-supported Murdoch Netflix rival to launch in the UK
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Rupert Murdoch’s Fox Corporation is entering the UK’s highly competitive free, ad-supported video streaming market.
Tubi will compete with the likes of Netflix, Disney+, ITVX, Channel 4’s streaming platform as well as the BBC iPlayer.
The platform has been quickly gaining market share in the US where, according to Fox, it has almost 80 million monthly active users.
In the UK, Tubi says it will offer more than 20,000 films and TV series, including content from Disney, Lionsgate, NBCUniversal and Sony Pictures Entertainment.
The platform will also include a selection of British, Indian and Nigerian content.
UK viewers will be able to access content on the Tubi webpage and via a smartphone app.
Fox Corporation bought Tubi in 2020 for $440m (£348m) as the US media giant looked to attract younger audiences.
In recent years, streaming companies like Netflix, Amazon Prime Video and Disney+ have launched ad-supported services and raised subscription prices as they tried to boost revenues.
The moves came as they faced pressure to spend more money to grow their libraries of content as they try to attract more customers in an increasingly competitive market.
In March, Mr Murdoch’s TalkTV network announced that it would stop broadcasting as a terrestrial television channel and became a strictly online service.
The network launched in 2022 but struggled to attract viewers on its linear platform.
Mr Murdoch had hoped the network would shake up the broadcasting establishment by offering an opinion-led alternative to established outlets.
The media tycoon played a pivotal role in the development of the UK’s broadcasting industry by launching Sky in 1984.
Some commentators saw TalkTV as an attempt by Mr Murdoch to recreate his success with Sky.
Mr Murdoch’s 21st Century Fox sold its 39% stake in Sky to NBCUniversal’s owner Comcast in 2018 after losing a battle for control of the network.
Business
Biden knocks Supreme Court ruling on presidential immunity By Reuters
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By Andrea Shalal
WASHINGTON (Reuters) -U.S. President Joe Biden on Monday criticized the Supreme Court ruling on presidential immunity that was seen as a win for his rival, former President Donald Trump, in forceful remarks from the White House.
The U.S. Supreme Court found on Monday that Trump cannot be prosecuted for any actions that were within his constitutional powers as president, but can be for private acts, in a landmark ruling recognizing for the first time any form of presidential immunity from prosecution.
“This nation was founded on the principle that there are no kings in America,” Biden said, adding that no one is above the law. With the Supreme Court decision, he said, “That fundamentally changed.”
Biden is running for re-election against Trump and has been sharply critical of his rival’s actions related to the Jan. 6, 2021, raid on the U.S. Capitol by Trump’s supporters, who believed Trump’s false claims that he had won the 2020 election.
Biden, 81, was making his first set of remarks at the White House since his shaky debate against Trump last week led to calls for him to step aside as the Democratic Party’s standard-bearer for the election.
After he stumbled over his words on the Atlanta debate stage, his remarks and comportment will be scrutinized for signs that he is up to the job of running for re-election and of governing the country for four more years.
Business
Hedge fund Millennium Management’s 2024 return hits 6.9% by end of June
![](https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fwww.ft.com%2F__origami%2Fservice%2Fimage%2Fv2%2Fimages%2Fraw%2Fhttps%253A%252F%252Fd1e00ek4ebabms.cloudfront.net%252Fproduction%252Fe208a811-8a4e-430b-a35d-d30826286ed3.jpg%3Fsource%3Dnext-article%26fit%3Dscale-down%26quality%3Dhighest%26width%3D700%26dpr%3D1?source=next-opengraph&fit=scale-down&width=900)
Hedge fund Millennium Management’s 2024 return hits 6.9% by end of June
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