Oil prices drop, stocks climb as Iran-Israel war fears ease
Israel's surprise strike against Iranian military and nuclear sites on Friday -- killing top commanders and scientists -- sent crude prices...
Business
Iran tells mediators it won’t negotiate ‘while under attack’: official
Mediators Qatar and Oman were told by Iran that Tehran "will not negotiate while under attack", an official briefed on...
Geostrategy
Business
Dubai hosts 7m tourists in a ‘remarkable turnaround’
More than seven million foreign tourists visited Dubai last year, marking a "remarkable turnaround", the government of the Gulf city...
- The figure was up 32 percent on 2020, the first full year of the coronavirus pandemic, Dubai's economy and tourism department said in a statement
- This year, however, missile attacks since last month by Yemeni rebels on the United Arab Emirates of which Dubai is a member have prompted US and UK travel warnings
Geostrategy
Shadowy militant group claims latest UAE drone attack
Alwiyat al-Waad al-Haq (True Pledge Brigades), which is believed to have ties with pro-Iran armed factions in Iraq, said it...
- Alwiyat al-Waad al-Haq (True Pledge Brigades), which is believed to have ties with pro-Iran armed factions in Iraq, said it launched four drones at dawn on Wednesday
- The UAE announced the interception and destruction on Wednesday of three "hostile drones", which follows three previous drone and missile attacks
Business
Meta stock value down $200bn
Mark Zuckerberg lost some $25 billion in value.
- Facebook founder Mark Zuckerberg had some $25 billion in value wiped from his personal holding by the rout on Wall Street
- Meta, which also owns Instagram and WhatsApp, has noted that it faces fierce competition for young users from the likes of TikTok
Economy
At least a year for permanent solution on 5G: US air regulator
Federal Aviation Administration (FAA) chief Steve Dickson, said the agency will "continue to shrink the problem" in the coming months.
- Federal Aviation Administration (FAA) chief Steve Dickson, said the agency will "continue to shrink the problem" in the coming months
- Dickson appeared at a congressional hearing focused on the implementation of 5G service in the United States
Geostrategy
UAE-trained Giants put brakes on Yemen’s Houthi rebels
The Giants Brigades was established in 2015 on Yemen's western coast after the Saudi-led coalition's intervention that same year.
- The UAE, a member of the coalition with strong influence in southern Yemen, began funding, training, and arming the Giants
- This made them a critical component of the Emirati-backed Security Belt force tasked with protecting the south
Geostrategy
IMF will only support a ‘comprehensive program’ for Lebanon
Lebanese officials began talks with the IMF last month to pull the country out of the worst economic crisis in...
- Lebanon’s currency has lost about 90 percent of its value on the black market
- Meanwhile, four out of five Lebanese now live below the poverty line
Geostrategy
Israel signs defense agreement with Bahrain in Gulf first
Defense Minister Benny Gantz, making his first visit to Bahrain, said the memorandum of understanding, that covers intelligence, procurement and...
- Gantz toured the guided missile destroyer USS Cole, which is set to make its way to Abu Dhabi to help defend the UAE.
- The US base in Bahrain lies just across the Gulf from Iran. The waters are crossed by hundreds of oil and cargo vessels every day.
Arts & Culture
The NFT artist who sold a trashcan image for $252,000
The image, by American artist Robness, called "64 gallon toter", depicts a large plastic trashcan with glitching effects, giving it...
- NFTs are unique pieces of computer code stored on a longer chain of code known as a blockchain, with a link to an artwork or other item.
- There is a lot of money to be made in the NFT art world -- auctions and purchases from celebrities contributed to sales worth more than $40 billion last year.
Geostrategy
South Africa tax authority uncovers $1.8 bn gold scam: report
South Africa's tax authority has uncovered a 1.8-billion-dollar gold scam, in which coins and jewelry were illegally smelted into gold...
- Coins and jewelry were illegally smelted into gold bars for sale overseas, the amaBhungane Centre for Investigative Journalism said.
- Sale of gold within South Africa carries a tax, but gold exports do not. So the companies created fake invoices to claim that they had paid tax.
Business
Shell reports huge profit
Net profit stood at $20.1bn in 2021 after a loss of $21.7bn in 2020.
- As lockdowns spread in 2020, oil prices dropped off a cliff, even briefly turning negative
- Prices have since rebounded sharply, with the Brent crude trading at almost $90 per barrel
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Oil prices drop, stocks climb as Iran-Israel war fears ease
Israel's surprise strike against Iranian military and nuclear sites on Friday -- killing top commanders and scientists -- sent crude prices...
Business
Company News
Latest News
Spain to increase UNRWA funding after donors suspend aid
MADRID, SPAIN - Spain said on Monday that it would give an additional US$$3.8 million (3.5 million euros) in aid to...
Geostrategy
Most Read
Business
European markets surge as US jobs data batter rate cut hopes
"The markets continue to forge ahead despite a blowout jobs report from the US last Friday which seems to have...
- Fed policymakers had left traders disappointed last week when they said after a meeting that they were unlikely to loosen policy at their next gathering.
- Most of Asia struggled again, however, with Hong Kong and Shanghai extending a sell-off fueled by growing concerns about the Chinese economy
Geostrategy
Gaza situation ‘indescribable’ as Blinken starts another Mideast tour
On his fifth trip to the region since the war broke out, Blinken will visit Saudi Arabia, Israel and mediators...
- At least 128 people were killed in Israeli strikes overnight to Monday, according to the health ministry in the Hamas-ruled territory.
- UN chief Antonio Guterres announced the creation of a panel to assess UNRWA and "whether the agency is doing everything within its power to ensure neutrality".
Geostrategy
Iran starts construction on new 10MW nuclear research reactor
Tehran, Iran -- Iran said Monday it had started building a new nuclear research reactor in Isfahan, days after it announced...
- The new 10-megawatt research reactor is being constructed to create a powerful neutron source, IRNA said.
- It would have a variety of applications, including fuel and nuclear material tests and the production of industrial radioisotopes and radiopharmaceuticals, it said.