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Nestle to cut 16,000 jobs

The company's shares shoot up 8%.

Multiply Group buys stake in ISEM

Multiply Group will hold 60.8% of ISEM.

Bosch to cut 13,000 jobs

This is a blow to Germany's ailing car sector.

Aldar ups stake in Aldar Estates

Acquires Modon Holding’s 17.45% stake

Oracle shares up 35%

Huge AI contracts lead to the surge.

Russia to continue voluntary oil export cuts by 300,000 barrels a day until yearend

Moscow, Russia - Russia will continue additional voluntary oil export cuts by 300,000 barrels a day until the end of...
  • Additional cuts are geared to enhance OPEC+ measures to maintain stability and balance on oil markets
  • Russia began to voluntarily cut oil production by 500,000 barrels a day from February’s average back in March

AI to contribute in enhancing low-emissions development

BONN, GERMANY - Artificial intelligence (AI) can make substantial contributions to climate-resilient and low-emissions development. UN Climate Change’s Initiative on...
  • UN Climate Change’s Initiative on Artificial Intelligence for Climate Action explores the role of AI as a tool for climate action in developing countries.
  • It aims to deliver results both on policy and implementation, under the first joint work program of UN Climate Change’s Technology Mechanism.

QatarEnergy inks second 27-year gas supply deal with China’s Sinopec

DOHA, QATAR - Qatar has agreed to supply Sinopec with natural gas for 27 years, the Gulf emirate's state-owned energy company said...
  • Doha will supply three million tonnes of gas a year to Sinopec under the deal.
  • Asian countries led by China, Japan and South Korea are the main market for Qatar's gas.

Global energy meet discusses way forward to net-zero emissions

VIENNA, AUSTRIA – High-level representatives from the member states of the United Nations Industrial Development Organization (UNIDO), international organizations, experts...
  • The two-day forum showcased innovative technologies and transformative solutions to accelerate low-emission, climate-resilient development.
  • The international event aimed to foster new partnerships to scale up investments and technology transfer to developing countries.

Ducab, Somagec ink MoU

The MoU will enable UAE-based firm to enter Angolan market.
  • Ducab Group already supplies its “Made in the UAE” products to 15 countries in Africa.
  • It is constructing over 400 kilometers of 220kV transmission lines in Angola.

Shell reports rise in profits

The company announces a buyback of shares worth $3.5bn.
  • "Shell delivered another quarter of strong operational and financial performance," chief executive Wael Sawan said
  • Over the first nine months of 2023 Shell's profit was down sharply, reflecting lower oil prices year-on-year

Electricity-starved Iraq looks to sun to power its future

To encourage renewable energy, Iraq's Central Bank in 2022 announced the allocation of $750 million in almost zero-interest loans for...
  • A recent World Bank report highlighted that more than 98% of Iraq's electricity is still generated from fossil fuels
  • Authorities in Iraq say they aim to harness green energy to meet a third of the country's needs by 2030

BP rebounds with $4.9bn Q3 profit

The oil giant had posted a net loss of $2.2bn the previous year.
  • However, underlying replacement cost profit excluding exceptional items more than halved to $3.3 billion.
  • "This has been a solid quarter supported by strong underlying operational performance demonstrating our continued focus on delivery," said BP's official

Foreign investments rise in NE China due to several projects

SHENYANG, CHINA – Investments in the country’s northeast have grown over the past years as several multinational corporations put in...
  • Aramco and JV partners NORINCO Group and Panjin Xincheng Industrial Group have a mega Saudi-Chinese petrochemical project in Liaoning Province.
  • The project is a 300,000 barrels per day refinery and a petrochemical complex with an annual production capacity of 1.65 million metric tons.

COP28 wide open to private sector, says climate talks chief

ABU DHABI, UAE -  Upcoming UN climate talks in Dubai will be open to the private sector on an unprecedented scale,...
  • Sultan Al Jaber, the COP28 president has consistently tried to frame the climate crisis as an economic opportunity.
  • He said about 70 ministers and 100 delegations are attending the two-day talks, more than double the usual number.

Concerns and optimism on World Environment Day as Arabian Gulf takes bold initiatives

Political and business leaders in the Arabian Gulf region push for sustainability agenda to secure clean environment for the future...

Latest News

Saboteurs hit Iran pipelines disrupting gas supply: state media

The saboteurs hit pipelines in the cities of Borujen in the southwestern province of Chaharmahal and Bakhtiari, and Safashahr in...

Iran fires first ship-based long-range ballistic missiles

TEHRAN, IRAN - Iran's Islamic Revolutionary Guard Corps (IRGC) said on Tuesday it has launched long-range ballistic missiles from a warship...

IMF, World Bank say Gaza and Red Sea attacks risk to world economy

World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red...

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UN COP29 host Azerbaijan sees a big boom in gas production

Despite the last COP in the United Arab Emirates ending with an unprecedented call to "transition" away from fossil fuels,...
  • Patrick Galey, of Global Witness, said that Azerbaijan is ramping up its gas production when the world urgently "needs to kick its fossil fuel habit"
  • According to Eurostat, Europe, to replace Russian gas, turned to Azerbaijan, whose share of imports grew from 2 percent in 2021 to 4 percent in 2023

Pakistan must move from ‘anarchy and polarization’ after election: army chief

"The nation needs stable hands and a healing touch to move on from the politics of anarchy and polarization, which...
  • The military looms large over Pakistan's political landscape, with generals having run the country for nearly half its history since partition from India in 1947
  • Politicians and political parties rise and fall with the backing of the military, which this year was believed to be backing the party of former prime minister Nawaz Sharif

Scientists in UK create new fusion record

LONDON, UK - Scientists in Britain announced on Thursday they had smashed a record for generating fusion energy in the final...
  • Over 300 scientists and engineers from EUROfusion contributed to JET's landmark experiments over 40 years.
  • Proponents believe it could one day help tackle climate change by providing an abundant, safe and clean source of energy.