Despite sanctions, Iran oil exports hit six-year high: report
Tehran, Iran - Iran managed to sell an average of 1.56 million barrels per day during the first quarter of...
Economy
Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...
Business
Geostrategy
Libya’s state oil company chief resists move to replace him
Libya's Tripoli-based government has named a new head of the state oil company to replace veteran technocrat Mustafa Sanalla, who...
- Farhat Bengdara and four others will from now on make up the "board of directors of the National Oil Corporation".
- Mustafa Sanallla has led the National Oil Corporation since 2014,. The Corporation has largely managed to remain neutral in the face of political wrangling.
Economy
European Union cuts growth forecasts as war-stoked inflation surges
The EU executive, which tracks the economy of the 27 countries in the European Union, said GDP growth in the...
- The commission said the Russian invasion of Ukraine had put "additional upward pressure" on energy and food prices, which were eroding the purchasing power of housholds.
- Other factors negatively affecting growth include the "faster than expected" tightening of monetary policy by the European Central Bank, which it says is needed to curb inflation.
Geostrategy
Libyans fume at power cuts amid intolerable heat
Mahmud Aguil has a comfortable house in Libya's capital Tripoli, but chronic power outages in the war-battered country and roasting...
- The electricity crisis is just the latest trial for Libyans after a decade of insecurity, fuel shortages, crumbling infrastructure and economic woes
- Supporters of the eastern camp have restricted production at key oil facilities in recent months to pressure Dbeibah to transfer power to Bashagha
Geostrategy
Jordan, Greece discuss cooperation in construction, energy, agriculture
The two sides signed several agreements to implement double taxation and the Cultural and Technical Cooperation Program 2022-2025.
- The two sides signed several agreements to implement double taxation and the Cultural and Technical Cooperation Program 2022-2025
- They decided to work for increased cooperation in the economy and commerce, as well as higher education, transportation, energy and agriculture
Business
‘GCC inflation still remains lesser than UK’
The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the...
- The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the GCC, says Simon Ballard, chief economist of First Abu Dhabi Bank.
- Ballard believes GCC governments will need to address the underlying levels of spending support for consumer through continued stimulus packages
Economy
US inflation climbs to 9.1%, highest in 40 years
US inflation surged to a fresh peak of 9.1 percent in June, further squeezing American families and heaping pressure on...
- Government data released Wednesday showed a sharp, faster-than-expected increase in the consumer price index compared to May driven by significant increases in gasoline prices
- The war in Ukraine has pushed global energy and food prices higher, and US gas prices at the pump last month hit a record of more than $5 a gallon
Egypt raises fuel prices in quarterly review
The country raised the price of a litre of 80-octance gasoline from EGP7.5 to EGP8 (US$0.424), a litre of 92-octance...
- The country raised the price of a litre of 80-octance gasoline from EGP7.5 to EGP8 (US$0.424), a litre of 92-octance from EGP8.75 to EGP9.25 (US$0.49)
- The fuel committee convenes on a quarterly basis to assess the prices of petroleum products and amends them in accordance with the international price of Brent crude oil
Economy
Equities fall, euro slides below $1 on US inflation data
Global stocks fell Wednesday and the euro dipped below $1.00 for the first time in nearly 20 years after data...
- Stock prices on Wall Street retreated after a sharp uptick in US inflation to 9.1 percent in June increased the risk of a possible recession
- The economic prospects for the 19-country eurozone are also darkening as a possible halt to Russian gas supplies increases the risk of recession
Business
Creator economy rides on NFTs for growth, expansion
Blockchain technology has put creators at the center and allows them to capture and distribute their value efficiently, safely and...
- Due to high engagement yet low revenues on social media platforms, many creators are looking for new ways to monetize, says Franck Mandon, COO of the MILLION platform
- With a roughly US$ 20 bn market value, it's the fastest-growing sort of small business, with each creator operating more like a startup than an individual, he adds
Economy
Supply risks still haunt market despite high oil prices: IEA
The Paris-based agency cautioned that the global economic recovery could be derailed unless governments take measures to reduce consumption and...
- The IEA now expects oil demand to rise this year to 99.2 million barrels per day (mbd) and to 101.3 mbd next year.
- Meanwhile, supply climbs to 100.1 mbd this year. But even if it hits an expected record of 101.1 mbd next year, it will fall below demand.
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Despite sanctions, Iran oil exports hit six-year high: report
Tehran, Iran - Iran managed to sell an average of 1.56 million barrels per day during the first quarter of...
Economy
Company News
Latest News
US approves most Egypt aid despite rights alarm
Egypt is one of the largest recipients of US military aid, dating to its historic normalization of relations with Israel...
People’s Bank of China cuts bank reserve ratio again to aid recovery
Beijing, China - The People's Bank of China (PBOC) on Friday unveiled its decision to trim the reserve requirement ratio...
Economy
Deals with India add pace to Saudi diversification
Riyadh and New Delhi set a new benchmark in global trade and cooperation with 53 deals across diverse sectors and...
Analysis
Most Read
Geostrategy
Relations with Iran will be strong, says Saudi envoy
TEHRAN, IRAN - Saudi Arabia's Ambassador to Iran Abdullah bin Saud al-Anzi has said that relations between the two countries...
- The Saudi envoy expressed satisfaction with his country's ties with Iran and the two sides' resumption of bilateral diplomatic relations.
- He said that any pact between Saudi Arabia and Iran will lead to the enhancement of peace and security in the entire region.
Economy
Gulf banks to maintain resilience despite challenges, says S&P Global
According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected...
- The report estimated that the GCC banks will report stronger profitability in 2023
- The rating agency expects Saudi banks to achieve a return on assets of 2.2% in 2023
Economy
70% of jet fuels at EU airports will have to be green by 2050
Brussels, Belgium--On Wednesday, Members of European Parliament (MEPs) approved a new law to increase the uptake of sustainable fuels, such...
- The EU is looking to prod the aviation sector to use sustainable aviation fuels in order to cut emissions
- Sustainable aviation fuels will include synthetic fuels, certain biofuels produced from agricultural or forestry residues