Arab News Digest

News from the Arab World

China’s CPI up 0.3 pct month on month in JanuaryMellitah Oil and Gas announces its victory in a case before the Paris Court of Appeal against Sicon Company.

BEIJING: China’s consumer price index (CPI), a main gauge of inflation, edged up 0.3 percent month on month in January 2024, official data from the National Bureau of Statistics (NBS) showed Thursday.

According to China Central Television, January witnessed the second consecutive month of growth, with an expansion of 0.2 percentage points compared to the previous month. Notably, urban prices increased by 0.3 percent, while rural prices experienced a 0.2 percent increase. Food prices rose by 0.4 percent, whereas non-food prices saw a 0.2 percent increase.

Additionally, consumer goods prices grew by 0.2 percent, and service prices increased by 0.4 percent.The CPI in January went down 0.8 percent year on year. The drop was affected by the high base effect caused by the timing discrepancy of the Spring Festival compared to the same period last year, according to the NBS.

Yearly, both urban and rural prices decreased by 0.8 percent; food prices dropped by 5.9 percent, while non-food prices increased by 0.4 perc
ent; consumer goods prices decreased by 1.7 percent, and service prices grew by 0.5 percent.

Source: Emirates News Agency

Mellitah Oil and Gas Company announced that it won a case before the Paris Court of Appeal against Sicon Oil and Gas Company, demanding compensation exceeding millions of dollars.

The company said in a statement on its official page on Facebook that the Paris Court of Appeal issued its ruling rejecting the appeal submitted by Sicon Oil and Gas Company in the ruling issued by the Court of Arbitration at the International Chamber of Commerce (ICC – Paris) in the lawsuit filed by the aforementioned company to demand compensation with a total amount of (60,000,000.00) dollars (sixty million US dollars)

The statement confirmed that the court ruled to oblige the company ‘Sicon’ to pay Mellitah Company (30,000.00) thirty thousand euros for its costs, in addition to charging it with the expenses.

Source: Libyan News Agency