US stocks fall broadly as global central banks raise rates
Updated 22 September 2022
AFP
LONDON: Stocks fell on Wall Street in morning trading on Thursday and added to weekly losses for major indexes as central banks around the world hiked interest rates to fight inflation, according to AP.
The S&P 500 fell 0.6 percent as of 10:19 a.m. Eastern. The Dow Jones Industrial Average fell 98 points, or 0.3 percent, to 30,086 and the Nasdaq fell 1 percent. Every major index is solidly on track for weekly losses.
The losses were broad and led by retailers, technology stocks and industrial companies.
Starbucks fell 3.4 percent and Apple fell 1.2 percent. Energy stocks gained ground as US crude oil prices rose 3.4 percent. Valero Energy rose 1.4 percent.
Bond yields rose. The yield on the 2-year Treasury, which tends to follow expectations for Fed action, rose significantly to 4.12 percent from 4.02 percent late Wednesday. It is trading at its highest level since 2007.
The yield on the 10-year Treasury, which influences mortgage rates, jumped to 3.65 percent from 3.51 percent from late Wednesday.
Central banks in Europe and Asia raised interests a day after the Federal Reserve made another big rate hike and signaled that more were on the way.
Britain’s central bank raised its key interest rate by another half-percentage point.
Switzerland’s central bank raised its benchmark lending rate by its biggest margin to date, 0.75 percentage points, and said it couldn’t rule out more hikes. Central banks in Norway and the Philippines also raised interest rates.
The Fed and other central banks are raising interest rates in to make borrowing more expensive. The goal is to slow economic growth enough to tame inflation, but not so much that economies slip into a recession.
Wall Street is worried that the Fed may be pumping the brakes too hard on an already slowing economy, which makes steering into a recession more likely.
On Wednesday, Fed chair Jerome Powell stressed his resolve to lift rates high enough to drive inflation back toward the central bank’s 2 percent goal. Powell said the Fed has just started to get to that level with this most recent increase.
The US central bank lifted its benchmark rate, which affects many consumer and business loans, to a range of 3 percent to 3.25 percent. That is the fifth rate hike this year and up from zero at the start of the year.
The Fed also released a forecast known as a “dot plot” that showed it expects its benchmark rate to be 4.4 percent by year’s end, a full point higher than envisioned in June.
Using space science to protect Saudi Arabia’s environment
Kingdom is harnessing satellite technology to forecast disasters, boost agriculture
Updated 02 January 2026
Haifa Alshammari
RIYADH: Learning space science has delivered significant environmental benefits worldwide, helping many countries better understand and manage climate challenges.
Saudi Arabia is now taking steps not only to explore the galaxy but also to invest in future generations who can apply space science to pressing environmental issues at home.
Last November, the Space Academy, part of the Saudi Space Agency, launched a series of seminars designed to enhance knowledge and develop skills in space science and technology, with a particular focus on Earth observation.
Running for nearly a month, the program formed part of a broader strategy to nurture national talent, raise scientific awareness, and build data capabilities that support innovation and research across the Kingdom.
Developing space sector can eventually help reduce some of the critical climate issues such as drought and air pollution. (AFP)
As efforts to strengthen the sector continue, important questions remain: How can space science translate into tangible environmental benefits? And how large is the global space economy?
In an interview with Arab News, Fahad Alhussain, co-founder of SeedFord, highlighted the scale of the opportunity and its environmental impact.
“To be frank, the slogan that we always use in space is that ‘saving the Earth from the space.’ It is all about this,” Alhusain told Arab News.
“You can recall a lot of related environmental issues like global warming, related to forests, related to the damage that happens to the environment. Without space, it would be almost impossible to see the magnitude of these damages.”
According to Alhussain, satellites have transformed how experts observe environmental changes on Earth, offering a comprehensive view that was previously impossible.
“By collecting data and using satellites… You can better analyze and measure so many things that help the environment,” said Fahad Alhussain. (Supplied)
He said that “the transformation of technology allows even the non-optical ways of measuring, assessing, and discovering what is going on in the environment … you can even anticipate fire before it happens in the forest.”
“You can detect the ice-melt down, you can get huge amount of information and can see it through the weather maps…there is a huge section in the economy for the environment,” Alhussain commented.
A 2022 report by Ryan Brukardt, a senior partner at McKinsey & Company, published by McKinsey Quarterly, found that more than 160 satellites currently monitor Earth to assess the impacts of global warming and detect activities such as illegal logging.
Brukardt cited NASA as an example of how advanced satellite tools are used to track environmental changes, including shifts in ocean conditions, cloud cover, and precipitation patterns. He also noted that satellite data can help governments determine when immediate action is needed, particularly in response to wildfires.
FASTFACT
Did You Know?
Satellites collect massive amounts of data, and AI is used to help interpret this information more efficiently and predict future outcomes.
The global space economy surpassed $600 billion in 2024 and is projected to exceed $1 trillion by 2030.
Saudi Arabia has established three key entities: the Supreme Space Council, the Saudi Space Agency, and the Communications, Space, and Technology Commission.
Beyond disaster response, satellites offer vital insights for agriculture. According to Brukardt’s report, scientists can use space-based data to monitor crop development and anticipate threats to harvests, such as drought or insect infestations.
These wide-ranging applications explain the rapid growth of the global space economy.
According to World Economic Forum research, the sector is projected to reach $1.8 trillion by 2035, nearly tripling from $630 billion in 2023.
A deeper understanding of space and its applications offers Saudi Arabia, and the world, better tools to anticipate climate challenges, protect ecosystems, and safeguard biodiversity. (Supplied)
For Saudi Arabia, expanding space science capabilities could help address the country’s arid conditions by monitoring desertification and identifying sources of air pollution. Early detection of droughts, heatwaves, and crop stress could support more effective environmental planning and response.
Space-based data could also play a critical role in tracking environmental changes in the Red Sea and surrounding coastal ecosystems, strengthening marine conservation efforts and supporting the Sustainable Development Agenda.
As Alhussain emphasized, advancing knowledge in space science and satellite technology enables experts to measure environmental damage accurately and predict disasters before they occur, allowing for more effective responses.
By investing in space science education and research, the Kingdom can build national expertise, strengthen environmental protection policies, enhance food and water security, and contribute to global efforts to combat climate change—while also benefiting from the rapidly expanding space economy.
Ultimately, a deeper understanding of space and its applications offers Saudi Arabia, and the world, better tools to anticipate climate challenges, protect ecosystems, and safeguard biodiversity.
“By collecting data and using satellites, you can better analyze and measure so many things that help the environment,” said Alhussain.
“There will be patterns where you can warn people, scientists and decision makers to do something about it.”
