Global gas flaring surges again, costs $63bn in lost energy: WB
Washington, UAE -- Global gas flaring surged for a second year in a row, wasting about $63 billion in lost...
Geostrategy
Trump to unveil investments to power AI boom
Washington, United States - US President Donald Trump heads to Pennsylvania on Tuesday to announce energy and infrastructure deals intended...
Research
Economy
US Fed keeps interest rates unchanged in face of Trump criticism
Fed Chair Jerome Powell told reporters the central bank would make better decisions if it waited a few months to...
- For now, he expects to learn more "over the summer," while officials appear increasingly divided on whether they can cut interest rates at all in 2025.
- The Fed kept the benchmark lending rate between 4.25 percent and 4.50 percent at the end of its two-day meeting, with officials penciling in two rate reductions this year.
Geostrategy
MENA Brief | June 19: GCC central banks hold interest rates steady, Diriyah House launched in London
As most currencies in the region are pegged to the US dollar, monetary policy follows the decisions taken in Washington,...
- Saudi-based Cluster2 Airports Company signed a strategic MoU with Airbus. The agreement will see the deployment of the Agnet Turnaround platform across Cluster2’s 22 airports.
- Saudi National Bank (SNB) has issued $1.25 billion in Tier 2 bonds at a 6% profit rate under its $10 billion Euro Medium Term Note program.
Economy
Asian stocks drop after Fed warning, oil dips with Mideast in focus
Hong Kong, China - Asian stocks fell Thursday after the Federal Reserve warned Donald Trump's trade war would likely reignite...
- With Trump increasingly calling for the bank to slash rates, Powell said: "We'll make smarter and better decisions if we just wait a couple of months."
- Hong Kong led losses, falling more than one percent, while Tokyo, Shanghai, Sydney, Singapore, Seoul, Wellington, Taipei, Manila and Jakarta were also in the red
Economy
US Fed set to hold rates steady as it guards against inflation
Washington, United States - The US central bank is expected to hold interest rates steady Wednesday after its key policy...
- The Federal Reserve has kept the benchmark lending rate unchanged this year at a range between 4.25 percent and 4.50 percent
- Beyond inflation data, policymakers are also trying to keep expectations "anchored," a state in which consumers expect price increases to remain low and steady
Economy
Trump says EU not offering ‘fair deal’ on trade
US President Donald Trump said Tuesday that the European Union had yet to offer a "fair deal" on trade, as...
- "We're talking but I don't feel that they're offering a fair deal yet," Trump said of EU speaking to reporters on board Air Force One before returning to the US from G7 meet US
- Shortly after taking office, Trump upended the global economic order by accusing the United States' trading partners of unfair practices and he announced huge global tariffs
Business
Cross-border payments and financial inclusion drive stablecoin popularity
London, United Kingdom -- Stablecoins -- a form of cryptocurrency backed by traditional assets -- are gaining traction, with the...
- Stablecoins play a key role in crypto markets, enabling users to trade digital assets without relying on traditional banks, instead using blockchain.
- Unlike volatile cryptocurrencies like bitcoin, stablecoins track the value of traditional assets -- such as the US dollar or gold -- enabling greater stability.
Economy
Global oil demand to dip in 2030, first drop since Covid: IEA
IEA cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to...
- Total demand is forecast to reach 105.5 million bpd in 2030 after peaking at 105.6 million bpd in 2029.
- Oil demand dropped dramatically in 2020, when countries locked down and shut their borders during the Covid pandemic, falling to 91.7 million bpd.
Economy
Oil prices jump after Trump’s warning, stocks extend gains
Oil prices rallied Tuesday after Donald Trump urged Tehran residents to evacuate, stoking fresh fears of all-out war as Israel...
- Hopes that the deadly conflict can be contained helped most equities rise, while the US president's earlier claim that the Iran wanted to make a nuclear deal also eased fears
- After Friday's surge sparked by Israel's attacks on its regional foe, crude ticked more than one percent lower Monday as traders bet that the battle would not spread
Business
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...
- However, concerns over the conflict spreading appeared to have receded, with both main oil contracts retreating 3.7 percent.
- Analysts said the recent decision by the OPEC+ group of crude producing nations, led by Saudi Arabia and Russia, to raise output again in July also played a role.
Economy
MENA Brief – June 16: Netanyahu eyes Gaza breakthrough, Iran rejects talks, Trump at G7, UAE oil giant bids big
Israeli Prime Minister Benjamin Netanyahu says there’s a fresh opening to free hostages held in Gaza, backing a US-mediated proposal...
- In major energy news, Abu Dhabi’s state-owned oil company has launched an $18.7 billion takeover bid for Australia’s Santos, offering a 28% premium
- The UAE’s economic momentum remains strong: its GDP grew 4% in 2024 to AED1.77 trillion, driven by a 5% rise in non-oil sectors
Global gas flaring surges again, costs $63bn in lost energy: WB
Washington, UAE -- Global gas flaring surged for a second year in a row, wasting about $63 billion in lost...
Geostrategy
Company News
Latest News
US tariffs to kick in Aug 1 barring trade deals: Treasury Secretary
Washington, United States -- US tariffs will kick in on August 1 if trading partners from Taiwan to the European...
Economy
BRICS nations voice ‘serious concerns’ over Trump tariffs
Rio de Janeiro, Brazil -- BRICS leaders meeting in Rio de Janeiro from Sunday are expected to decry US President...
Economy
Meta’s AI talent war raises questions about strategy
New York, United States -- Mark Zuckerberg and Meta are spending billions to recruit top artificial intelligence talent, triggering debates...
Business
Most Read
Economy
G7 to exempt US multinationals from global minimum tax
The deal will see US companies benefit from a "side-by-side" solution under which they will only be taxed at home,...
- Nearly 140 countries struck a deal in 2021 to tax multinational companies, an agreement negotiated under the auspices of he Organization for Economic Co-operation and Development.
- That agreement, deeply criticized by Trump, includes two "pillars," the second of which sets a minimum global tax rate of 15 percent.
Economy
World Bank announces Lebanon, Syria reconstruction projects
Beirut, Lebanon -- The World Bank announced on Wednesday it had approved $250 million to support Lebanon's post-war reconstruction and...
- Lebanon is reeling from last year's devastating war between Israel and Iran-backed Hezbollah, while Syria faces massive needs after the fall of Bashar al-Assad regime.
- The grant comes after Saudi Arabia and Qatar said they would pay off Syria's World Bank debt, and as the country's new rulers press reconstruction efforts.
Economy
US Fed chair signals no rush for rate cuts despite Trump pressure
The Fed has a duty to prevent a one-time spike in prices from becoming an "ongoing inflation problem," said Federal...
- The Fed has held the benchmark lending rate steady since its last reduction in December, bringing the level to a range between 4.25 percent and 4.50 percent.
- Last week, Powell told reporters that it would make smarter decisions if it waited to understand how Trump's tariffs impact the economy.