Asian markets drop as Biden drops out of White House race
Asian markets fell Monday as Joe Biden's decision to drop out of the US presidential race fuelled fresh uncertainty, while...
Economy
Dollar droops before Powell testimony; euro weathers France uncertainty
 The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs...
Economy
Economy
Dubai Supreme Council moots monitoring panel for petroleum trading
Dubai Supreme Council of Energy on Monday discussed establishing a permanent committee to monitor petroleum product trading in Dubai and...
- At its 71st meeting, the Council said that in 2021, savings were equivalent to 6.4 terawatts of electricity, approximately 12.5 percent of business as usual.
- Since 2011, demand-side programs have contributed to avoiding 14.1 million tons of carbon dioxide emissions, saving nearly AED9 billion.Â
Economy
Bezos flays US President for call to lower gasoline prices
Amazon founder Jeff Bezos has criticized President Joe Biden for calling on oil companies to lower sky-high gasoline prices, prompting...
- Soaring gasoline prices in US are sapping Biden's approval rating ahead of legislative elections
- White House Press Secretary said on Sunday that oil prices have dropped about $15 a barrel over the past month
Economy
Turkish inflation hits two-decade high of 78.6%
Inflation in Turkey in June soared to an annual rate of 78.6 percent, the highest in 24 years, official data...
- Economy Minister Nureddin Nebati on Friday "promised" that consumer prices will start dropping in December
- The data showed that headline inflation was driven by a 123.4% jump in the cost of transportation and a 94% increase in non-alcoholic drinks.
Economy
Oil prices may hit $380 a barrel if Russia lowers crude output
Global oil prices may hit $380 a barrel if Russia were to announce crude oil cuts in response to the...
- According to JPMorgan analysts currently Russia enjoys a strong financial position and it can afford to slash daily crude production by 5 million barrels
- It was after Russia’s invasion of Ukraine that the Western allies led by the US imposed several sanctions, and worked out a complicated mechanism to cap the price fetched by Russia
Non-Jordanian workers under deportation allowed to rectify status
The grace period decision included undocumented expats, who are currently still in the Kingdom
- The grace period decision included undocumented expats, who are currently still in the Kingdom
- The ministry said the guest workers must regularise their status and pay work permit fees and fines for delays in issuing these permits
A million pilgrims arrive in Mecca for Hajj, first since pandemic
White-robed worshippers from across the world have packed the streets of Mecca as Islam's holiest city prepares to host the...
- At least 650,000 overseas pilgrims have arrived so far in Saudi Arabia, the authorities said Sunday
- One million vaccinated pilgrims under the age of 65 will attend the hajj under strict sanitary conditions
Economy
Shark kills 1 Austrian, 1 Romanian tourist in Egypt’s Red Sea
Two women, one Austrian and the other Romanian, were killed in a shark attack this week off the coast of...
- The Red Sea is a popular tourist destination, where sharks are common but rarely attack people swimming within authorised limits
- In 2018, a Czech tourist was killed by a shark off a Red Sea beach and a similar attack killed a German tourist in 2015
Economy
Jordan’s GDP grows 2.5 percent in Q1, hospitality sector biggest gainer
Jordan's Gross Domestic Product (GDP) at constant market prices grew by 2.5 percent in quarter one of 2022, compared to...
- The Department of Statistics (DoS) of Jordan said economic sectors rose in quarter one of the current year.
- Hotels and restaurants sector came first with 6.8 percent, followed by construction sector with 5.3 percent.
Economy
Iraq’s June crude oil export revenue $11 billion: Ministry
Iraq received in excess of $11 billion as revenue for crude oil export in June, the Ministry of Oil said....
- Crude oil export in June from oil fields in central and southern Iraq amounted to (97) million (980) thousand and (589) barrels.
- Total exported quantities from Kirkuk fields through Ceyhan port amounted to one million (910) thousand and (887) barrels.
Geostrategy
Arab finance ministers mull over food security, Ukraine war
Foreign ministers of Arab nations discussed in Beirut a range of regional crises, with emphasis on food security and the...
- The discussions of the ministers dealt with the impact of the Ukraine war on the region and food security
- As for the Ukraine war, the Arab diplomats were unanimous in rejection of any politicization of international organizations
Asian markets drop as Biden drops out of White House race
Asian markets fell Monday as Joe Biden's decision to drop out of the US presidential race fuelled fresh uncertainty, while...
Economy
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Sharjah Social Security Fund offers service period purchase option
SHARJAH, UAE - The Sharjah Social Security Fund (SSSF) has allowed the possibility of acquiring the service period for insured...
Business
Saudi-China Entrepreneurs Association and HKTDC sign MoU
Hong Kong - The Saudi Arabia-China Entrepreneurs Association (SCEA) has signed a Memorandum of Understanding (MoU) with the Hong Kong...
Business
IMF to exhort China to shift growth model toward consumption
Washington, US--The International Monetary Fund plans to tell China to boost weak domestic consumption, address its troubled real estate sector,...
Economy
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Geostrategy
Libya flood toll is partly due to years of division, say analysts
TRIPOLI, LIBYA - Over a decade of bloody power battles in Libya have resulted in vital infrastructure falling into disrepair, culminating...
- Libya has been wracked by conflict and division ever since a NATO-backed uprising toppled and killed longtime dictator Moamer Kadhafi in 2011.
- Tripoli-based prime minister blamed the tragedy on the absence of adequate development plans and the "effect of the years" on the dams.
Economy
IMF criticizes Lebanon for failure to adopt reforms
The International Monetary Fund renewed its criticism of Lebanon for failing to enact reforms demanded by creditors in return for...
- In April 2022, Lebanon and the IMF reached conditional agreement on a $3-billion-dollar loan package to bail out the economy.
- But politicians have yet to enact the painful reforms demanded to begin the 46-month financing program.
Business
Dubai real estate transactions worth over $3.4bn in week ending September 15
DUBAI, UAE - A total of 2,329 real estate transactions worth over US$3.4 billion (AED 12.7 billion) were conducted during...
- A total of 549 plots were sold for US$1.1 billion, while 1,780 apartments and villas were purchased for $1.07 billion.
- A plot in Marsa Dubai sold for US$169 million while a plot sold for US$49 million in Business Bay.