US, European stocks lose ground after global technical glitch

WASHINGTON – Ma’an – US stocks continued to decline on Saturday as chaos linked to a global technical glitch due to a software malfunction added to uncertainty in an already volatile market, while European stocks also fell.

The widespread global tech…

WASHINGTON - Ma'an - US stocks continued to decline on Saturday as chaos linked to a global technical glitch due to a software malfunction added to uncertainty in an already volatile market, while European stocks also fell. The widespread global technical glitch has disrupted operations across a range of industries, including airlines, banking and healthcare, after a flaw in a CrowdStrike cybersecurity software program caused Microsoft's Windows operating system to crash. The three major indices on Wall Street suffered losses, with the Dow Jones index falling the most. On a weekly basis, the Nasdaq and SandP 500 indices recorded their worst performance since last April, while the Dow Jones index achieved gains. The SandP 500 fell 0.71%. The Nasdaq Composite Index lost 0.81%. The Dow Jones Industrial Average fell 0.93%. European stocks closed lower on Friday as technology stocks sold off, disappointing earnings and commodity-related shares tumbled, capping a turbulent week that ended with a global techn ical glitch on Friday. The European Stoxx 600 index closed down 0.8%, its lowest level in more than two weeks, and suffered its largest weekly loss since the beginning of this year, amounting to more than 2%. The travel and leisure subindex was among the biggest losers, down 2.1%. Trading in oil, gas, energy, stocks, currencies and bonds returned to normal after a global technical glitch that disrupted operations at financial services firms and banks from London to Singapore. Services provided in various fields, from airlines to healthcare, shipping and financial sectors, gradually returned to work yesterday, Friday. This global disruption has exposed the vulnerabilities arising from the world's shift to interconnected technology in the wake of the Covid pandemic. Source: Maan News Agency

Crowdstrike, the company causing the global technical failure, lost 21% of its value in minutes

Shares of the American company Crowdstrike declined at the beginning of early trading today, Friday, by 21%, meaning that about a quarter of its market value evaporated within a few minutes of the start of trading.

The sharp decline in CrowdStrike sh…

Shares of the American company Crowdstrike declined at the beginning of early trading today, Friday, by 21%, meaning that about a quarter of its market value evaporated within a few minutes of the start of trading. The sharp decline in CrowdStrike shares came in the wake of the technical glitch that struck the world on Friday morning and caused a series of technical problems that led to the suspension of the services of some airlines, banks, stock exchanges and television channels. This defect was found to be the result of an update carried out by the Crowd Strike platform, which led to a crash in the Windows operating system owned by Microsoft. Microsoft shares also fell, as did shares of travel and entertainment companies, as investors assessed the potential disruption for vacationers. Crowdstrike is not widely known because it is a security company that provides its services to large companies and not individuals. It is an American company headquartered in Austin, Texas, listed on the American Stock Ex change, and appears in both the Standard and Poor's 500 and the Nasdaq high-tech indexes. Like many modern technology companies, it has not been around for long, as Crowdstrike was founded only 13 years ago, but it has grown to employ approximately 8,500 people now. As a cybersecurity service provider, they tend to be called upon to deal with the effects of hacking attacks. It has participated in investigations into many prominent cyberattacks in the United States and the world. In its latest earnings report, the company announced nearly 24,000 customers, and each of these customers represents a large organization in its own right, so it is difficult to estimate the number of individual computers affected by the current global technical disruption crisis. Source: National Iraqi News Agency

Makiya: 100 investment opportunities will be presented soon to international companies

The head of the National Investment Commission, Haider Makiya, announced today, Friday, that 100 investment opportunities will soon be offered to international companies throughout Iraq’s governorates.

Makiya said in a statement: ‘The National Invest…

The head of the National Investment Commission, Haider Makiya, announced today, Friday, that 100 investment opportunities will soon be offered to international companies throughout Iraq's governorates. Makiya said in a statement: 'The National Investment Commission and the Iraqi Economic Council have completed all preparations to hold a large investment forum in which about 100 investment opportunities will be presented throughout all governorates of Iraq. Source: National Iraqi News Agency

Oil prices fall $2.48 with anticipation of ceasefire efforts in Gaza

Oil prices fell this evening, Friday, by more than two dollars with renewed hopes for reaching a ceasefire in the Gaza Strip, and the rise in the dollar also contributed to increasing pressure on prices.

Upon settlement, the price of Brent crude fell…

Oil prices fell this evening, Friday, by more than two dollars with renewed hopes for reaching a ceasefire in the Gaza Strip, and the rise in the dollar also contributed to increasing pressure on prices. Upon settlement, the price of Brent crude fell $2.48, or 2.91%, to $82.85 per barrel. US West Texas Intermediate crude futures also fell $2.69, or 3.25%, to $80.13 per barrel. US Secretary of State Anthony Blinken said on Friday that the long-awaited ceasefire between Israel and the Palestinian Islamic Resistance Movement (Hamas) is on the horizon. Blinken explained, "I believe that we are within the ten-yard zone and heading towards the ultimate goal of an agreement that will result in a ceasefire and the return of the hostages to their homes and put us on a better path to trying to achieve lasting peace and stability." If a ceasefire is reached, the Iran-backed Houthis may ease their attacks on commercial ships in the Red Sea, as the group announced that it is launching attacks in support of the Palesti nians in the war in the Gaza Strip. The dollar rose after stronger-than-expected data on the labor market and manufacturing in the United States this week. The rise in the dollar leads to a decline in demand for oil denominated in the US currency by investors who hold other currencies. Today, Friday, a global technical glitch led to the disruption of work in many industries and sectors, as airlines suspended their flights, some media outlets stopped broadcasting live, and banking and health care services were damaged. Source: National Iraqi News Agency

Crowdstrike, the company causing the global technical failure, lost 21% of its value in minutes

Shares of the American company Crowdstrike declined at the beginning of early trading today, Friday, by 21%, meaning that about a quarter of its market value evaporated within a few minutes of the start of trading.

The sharp decline in CrowdStrike sh…

Shares of the American company Crowdstrike declined at the beginning of early trading today, Friday, by 21%, meaning that about a quarter of its market value evaporated within a few minutes of the start of trading. The sharp decline in CrowdStrike shares came in the wake of the technical glitch that struck the world on Friday morning and caused a series of technical problems that led to the suspension of the services of some airlines, banks, stock exchanges and television channels. This defect was found to be the result of an update carried out by the Crowd Strike platform, which led to a crash in the Windows operating system owned by Microsoft. Microsoft shares also fell, as did shares of travel and entertainment companies, as investors assessed the potential disruption for vacationers. Crowdstrike is not widely known because it is a security company that provides its services to large companies and not individuals. It is an American company headquartered in Austin, Texas, listed on the American Stock Ex change, and appears in both the Standard and Poor's 500 and the Nasdaq high-tech indexes. Like many modern technology companies, it has not been around for long, as Crowdstrike was founded only 13 years ago, but it has grown to employ approximately 8,500 people now. As a cybersecurity service provider, they tend to be called upon to deal with the effects of hacking attacks. It has participated in investigations into many prominent cyberattacks in the United States and the world. In its latest earnings report, the company announced nearly 24,000 customers, and each of these customers represents a large organization in its own right, so it is difficult to estimate the number of individual computers affected by the current global technical disruption crisis. Source: National Iraqi News Agency

Bahrain All Share Index marks 1,979.49 points

Manama, Bahrain All Share Index has closed at 1,979.49 points, marking a decrease of 6.30 points below the previous closing.

This decrease was due to the drop in the communications service sector, the consumer discretionary sector and the materials s…

Manama, Bahrain All Share Index has closed at 1,979.49 points, marking a decrease of 6.30 points below the previous closing. This decrease was due to the drop in the communications service sector, the consumer discretionary sector and the materials sector. Bahrain Islamic Index closed at 792.06 points, marking an increase of 0.51 points above the previous closing. Results indicated that 95 equity transactions took place with a volume of 1,097,047 worth BD 426,762. Investors traded mainly in the materials sector, representing 54.92% of the total value of securities traded. Source: Bahrain News Agency