Out of bounds

Out of bounds



Frankfurt
European Bank chief warns of threats to the World Trade
Mario Draghi President of the European Central Bank, he said on Friday that trade and international cooperation are facing risks that may threaten the productivity of even the growth of the advanced economies.
Speaking at the Federal Reserve's annual conference in Jackson Hole, Wyoming, Draghi said that the current monetary easing policy makes it risky to relax financial rules.
"Given the huge costs we all have, the time is not right at all to relax regulations ... but there are times when there is a chance," he said in a speech that did not address current monetary policy.
"Especially when monetary policy is soft, easing regulations may fuel financial imbalances," he said.
The euro had climbed to a two-year high against the dollar on Friday, after ECB President Mario Draghi's speech left no worries about the strength of the single currency, as some analysts expected.
Instead, Draghi's speech at the Central Bank Officers Conference in Jackson Hole, Wyoming, focused on other aspects such as the strength of the global economic recovery.
The euro rose to $ 1.1940, its strongest price since January 2015. The currency hit $ 1.1922 at its latest high of 1 percent.


Saudi
Arabia launches 'low cost' airline
Saudi Arabia has launched Adeel Airlines for low-cost flights, which will enter the Saudi market next month to support the tourism sector. The company, owned by the General Organization of Saudi Arabian Airlines, presented at a ceremony at King Abdulaziz International Airport in Jeddah on Thursday evening its first Airbus A320 aircraft. Adil Airlines will launch its maiden flights on September 23, the Kingdom's national day, and will operate domestic flights before expanding its operations to other parts of the Middle East. Saleh Bin Nasser Al Jasser, General Manager of Saudi Arabian Airlines and Chairman of Adil Airlines said during the ceremony that the new company was born to coincide with "comprehensive development programs in the Kingdom by providing air transport services with a variety of choices suited to all passenger segments."
The Saudi government is seeking to diversify economic resources in the kingdom, which relies heavily on oil, in order to face the decline in prices.
On August 1, Saudi Arabia announced the launch of a massive tourism project to turn 50 islands and a range of sites on the Red Sea coast into tourist resorts.
Saudi Arabia, the world's leading oil exporter, launched in April 2016 its plan to diversify the economy under the name "Vision 2030", which also includes encouraging the creation of small businesses and the development of education and training.


New York
gains modest US stocks
NEW YORK (Reuters) - US stocks rose slightly on Friday, buoyed by high-dividend stocks, after Federal Reserve Chairman Janet Yellen kept silent about monetary policy in a speech expected. The Dow Jones industrial average <.DJI> was up 31.71 points, or 0.15 percent, at 21,815.11. The Standard & Poor's 500 <.SPX> was up 4.26 points, or 0.17 percent, at 2,443.23. The Nasdaq Composite Index <.IXIC> was down 5.68 points, or 0.09 percent, at 6,265.64.

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