Trump warns of ‘real starvation’ in Gaza as aid deliveries pick up after Israeli “tactical pause”
Speaking in Scotland after meeting Britain's leader, Trump contradicted Israeli Prime Minister Benjamin Netanyahu, who had earlier dismissed fears of...
Geostrategy
European Union probes UAE oil giant’s purchase of Germany’s Covestro
Brussels, Belgium -- The European Commission on Monday announced an investigation into the takeover of German chemical firm Covestro by...
Business
Business
Aramco posts 39% rise in profits
The third quarters profits were boosted by higher oil prices.
- Its net income totalled $42.4 billion, up from $30.4 billion during the same period last year
- The company's CEO Amin Nasser touted the firm's "strong earnings and record free cash flow" of $45 billion, up from $28.7 billion at this time last year
Business
Toyota leaves net profit forecast unchanged despite production woes
Tokyo, Japan— Toyota kept its annual net profit forecast unchanged on Tuesday, as the weaker yen offsets supply-chain disruptions that have...
- The automaker said it now expects to sell half a million fewer vehicles in the current financial year because of the global chip shortage and other problems
- The country's exporters have reaped the benefits of a cheaper yen, which has lost more than 20 percent of its value against the dollar this year
Economy
UN says Afghanistan poppy cultivation surges as prices rise
More than a year after it took power, Taliban has failed to curb opium poppy cultivation in the country as...
- According to the Vienna-based UNODC, the 2022 poppy crop was also "the most profitable in years"
- The income made by farmers from opium sales more than tripled from $425 million in 2021 to $1.4 billion in 2022, the report said
Economy
Biden threatens tax hit for ‘war profiteering’ oil giants
His comments came days after oil giants ExxonMobil and Chevron reported bumper earnings, reflecting how a surge in crude prices...
- Biden said companies have a "responsibility to act" beyond the narrow self-interest of executive shareholders
- Hefty profits reported earlier by TotalEnergies and Shell have also reignited a European debate on windfall profits taxes
Geostrategy
CIA among targets of new Iran sanctions on US
The Islamic republic has been rocked by protests since the death in custody of Mahsa Amini on September 16, following...
- It comes days after the US placed more than a dozen Iranian officials on its sanctions blacklist for the crackdown on protests
- The sanctions include bans on issuing visas and entry to Iran, as well as "freezing their money and assets under the jurisdiction of the Islamic republic of Iran."
Economy
ILO says global crises will lead to a fall in labor market
The war raging in Ukraine and other overlapping crises are taking a toll on labor markets worldwide, the UN said,...
- In a fresh report, the International Labor Organization cautioned that the outlook for global labor markets has deteriorated in recent months.
- It also warned that excessive policy tightening could cause "undue damage to jobs and incomes in both advanced and developing countries."
Geostrategy
Saudi Arabia, UAE say global investments required for oil production
Saudi Arabia and the United Arab Emirates said the world needs to keep investing in oil production, just days before...
- Sultan Al Jaber, the head of UAE oil giant ADNOC, warned that under-investment could cause a shock to the world economy
- Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said the Gulf countries were both increasing production capacity.
Economy
Most non-oil economies in MENA region seeing ‘gradual slowdown’: IMF
Despite soaring inflation and murky economic prospects worldwide, the IMF maintained its projection of 5.0 percent growth for the region...
- MENA region varies wildly, from low-income states growing at just 0.8 percent to the wealthy Gulf monarchies that are running at 6.5 percent growth.
- "Almost two-thirds of the non-oil countries in the region are witnessing a gradual slowdown," he said, presenting the IMF's latest report which includes Iran but not Israel.
Geostrategy
Ukraine grain exports resume despite Russian pullout from landmark deal
As one of the brokers of the grain deal, Turkey has stepped up diplomacy with the two warring countries in...
- Turkey's defence minister Hulusi Akar said talks were under way with the relevant parties for the agreement to remain in place.
- Ukraine, one of the world's largest grain exporters, was forced to halt almost all deliveries following Russia's invasion in late February.
Geostrategy
Europe’s gas storage reserves now at over 90 percent
With prices falling and ports clogged with liquefied natural gas tankers, fears of a winter heating crisis in Europe have...
- Spanish gas regulator Enagas says the backlog at ports is expected to last at least until this week.
- Europe has made efforts to fill its storage facilities to reduce dependence on Russian gas and sought alternative suppliers.
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Trump warns of ‘real starvation’ in Gaza as aid deliveries pick up after Israeli “tactical pause”
Speaking in Scotland after meeting Britain's leader, Trump contradicted Israeli Prime Minister Benjamin Netanyahu, who had earlier dismissed fears of...
Geostrategy
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Bezos sells $2bn Amazon shares
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Israel seizes Rafah crossing as Gaza truce talks resume
Egypt's state-linked Al-Qahera News reported that mediators from Qatar, the United States and Egypt were meeting with a Hamas delegation.
Geostrategy
Aramco Q1 profit down 14.5%
Despite lower profit, it will pay $31bn in dividends to Saudi government.
Business
Pulitzer Prizes honor coverage of war in Gaza
New York, United States - The war in Gaza featured prominently in Monday's Pulitzer Prizes, which included a special citation for...
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Geostrategy
Israel’s Rafah evacuation order heightens global alarm
The evacuation call followed disagreement between Israel and Hamas over the Palestinian group's demands to end the seven-month war, during...
- Israeli Prime Minister Benjamin Netanyahu has vowed to send ground troops into Rafah regardless of any truce, defying international concerns.
- The foreign ministry in Cairo warned in a statement of "grave humanitarian risks" for more than one million Gazans sheltering there.
Business
Gaza truce talks resume in Egypt, without Israel for now
Mediators from Qatar, Egypt and the United States have been waiting for Hamas to respond to a proposal that, according...
- The WHO says 1.2 million people, half of Gaza's population, have sought refuge in Rafah, which has been repeatedly threatened by Israel with an invasion.
- US has reiterated its objections to a Rafah offensive, saying Israel has not presented a plan to protect the civilians sheltering there.
Hamas says delegation heading to Cairo for truce talks
The hawkish prime minister has insisted he will send ground troops into Rafah, despite strong concerns voiced by UN agencies...
- Foreign mediators have been waiting for a Hamas response to a proposal to halt the fighting for 40 days and exchange hostages for Palestinian captives
- A major stumbling block has been that, while Hamas has demanded a lasting ceasefire, Israeli Prime Minister Benjamin Netanyahu has vowed to continue to fight