US Federal Reserve’s preferred inflation gauge ticks up as fuel costs rise
WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel...
Economy
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange...
Economy
Economy
Sanction-hit Russian carmaker asks Iran for spare parts: Report
A Russian carmaker has asked Iran to supply it with key components it cannot access due to Western sanctions imposed...
- Some Iranian car components, including engine cooling and suspension systems, have already been exported to Russia in recent years.
- Iran has also suffered under stringent economic sanctions, reimposed by the United States in 2018 after Washington unilaterally pulled out of a deal with world powers.
Business
Iran oil minister meets Venezuela President amid rising oil prices
The two countries are said to have discussed ways to ‘overcome’ the effects of US sanctions against both nations.
- Javad Owji's visit to Venezuela came just weeks after a visit by US officials in the midst of rising global oil prices
- In March, a US delegation held a meeting with Maduro, whose very legitimacy as president Washington disputes
Economy
Nigeria says seeking funding for gas pipeline to Morocco
Nigeria and Morocco are still securing funding for a huge pipeline project that aims to carry Nigeria's gas to North...
- OPEC member Nigeria has huge gas resources - the largest proven reserves in Africa and the seventh largest globally
- Fellow OPEC member Algeria, Africa's largest gas exporter, said recently it was ready to supply Europe with more gas
Economy
Outside help conditional on implementing reforms: Lebanon Deputy PM
Lebanese deputy prime minister Saadeh Al-Shami has said that during his meetings last week with World Bank and IMF officials,...
- Saadeh Al-Shami held meetings with IMF, World Bank and European Union officials last week.
- IMF director Kristalina Georgieva showed great interest in the Lebanese situation and her willingness to help Lebanon out of its severe crisis during her meeting with Al-Shami.
Economy
Stock markets slide all across as Fed rate hike looms
Asian and European markets fell in holiday-thinned trade Monday following another tech-led rout on Wall Street, with focus on the...
- Trading floors around the world have been buffeted for months by a perfect storm of crises including China's lockdowns, surging inflation, Fed plans to hike rates
- However, with some commentators warning rates could go as high as three percent, there are also worries the Fed could be too heavy-handed and tip the US economy into recession
Analysis
Eid holidays boost Gulf tourism as COVID curbs ease
From overseas to the domestic circuit, the tourism industry in the Gulf Cooperation Council is witnessing a welcome resurgence, especially...
- Gulf citizens are looking to spend Eid al-Fitr abroad after being compelled to stay home for the past two years
- This year’s Eid al-Fitr holiday witnessed high occupancy in the UAE hotel sector, driven by strong domestic tourism demand
Economy
May Day holiday marred by clashes in Turkey, France
Police and protesters clashed in Turkey and France during May Day rallies on Sunday, as tens of thousands marched across...
- European rallies sparked the most controversy with Turkish protesters gathering at Istanbul's Taksim Square, an area synonymous with anti-government protests
- City officials said the group refused to disperse and 164 were detained, with government-approved rallies elsewhere in Turkey passing off peacefully
Economy
EU to propose phasing out Russian oil in new sanctions wave
The EU will propose a phased-out ban on Russian oil imports as part of a fresh round of sanctions against...
- EU foreign policy chief said Russia's continued attacks in Ukraine make new sanctions "absolutely essential”
- Earlier, European commission banned coal imports from Russia, but Poland and the Baltic states called for an oil embargo as well
Economy
Suez Canal chief says April revenues hit all-time record
The unprecedented income came as the Suez Canal in March increased transit fees for ships passing through the waterway.
- The unprecedented income came as the Suez Canal in March increased transit fees for ships passing through the waterway.
- Adm. Ossama Rabei, head of the Suez Canal Authority, said in a statement that 1,929 vessels sailed through the Canal in April
Geostrategy
Palestinians warn against plans to weaken their UN agency
A proposal by the UN agency for Palestinian refugees to delegate some services to other United Nations agencies has sparked...
- The agency has long been a target of Israeli criticism, with accusations it has fuelled the conflict in part by teaching anti-Zionist messages at its schools
- The agency tasked with assisting Palestinians who were forced from their homes during the war surrounding Israel's creation has faced a funding crunch for years
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US Federal Reserve’s preferred inflation gauge ticks up as fuel costs rise
WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel...
Economy
Company News
Latest News
DP World to invest $510m to develop mega-container terminal in India
New Delhi. India - DP World on Friday signed a concession agreement with the Deendayal Port Authority to develop, operate...
Economy
AI risks repeating social media mistakes, says Microsoft president
NEW DELHI, INDIA - Breakneck development of artificial intelligence risked repeating mistakes made by the tech industry at the start of...
Science
US Federal Reserve prepared to raise interest rates further
The US Federal Reserve is prepared to raise interest rates higher - and hold them there - to bring down...
Economy
Most Read
Business
Borouge’s PP5 unit generates $209m sales in H1 2023
ABU DHABI, UAE - Borouge's Chief Operating Officer Dr. Hasan Karam has said the fifth polypropylene unit (PP5) played a...
- Demand for products made from polypropylene is set to rise in the coming decades thanks to its versatility and recyclability.
- Polypropylene market in Asia, Africa and the Middle East is valued at $10 billion and is predicted to grow by 5.5 percent annually.
Geostrategy
Algerian, South African ministers discuss ways to boost economic cooperation
JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to...
- The two ministers discussed the available opportunities to enhance trade exchange between Algeria and South Africa.
- The aim of trade exchange and joint investment is achieving sustainable development in the region.
Economy
Iraq and Turkmenistan reach preliminary agreement on gas import
Baghdad, Iraq - Iraq has signed a preliminary agreement with Turkmenistan to import gas. The agreement signed by the undersecretary...
- Turkmenistan is known for its status as a key gas producer regionally and globally
- The country’s natural gas reserves are estimated at 50 trillion cubic meters