INSEAD Day 4 - 728x90

Energy

Google to invest $6.4bn

The investment is its biggest-ever in Germany.

Pfizer poised to buy Metsera

The pharma giant improved its offer to $10bn.

Ozempic maker lowers outlook

The company posted tepid Q3 results.

Kimberly-Clark to buy Kenvue

The deal is valued at $48.7 billion.

BYD Q3 profit down 33%

This was a 33% year-on-year decrease.

Geopolitical tensions boost oil, weigh on equities

Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...

Market Report

Turkmenistan to supply 2bcm gas to Turkiye: Turkish minister

Ankara, Turkey - Turkish Energy and Natural Resources Minister Alparslan Bayraktar announced on Friday the signing of a memorandum of...

Economy
Economy

UAE economy expected to grow by 3.5 percent in 2023, says UBS

ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross...
  • The bank's positive outlook on the UAE’s medium-term growth prospects is supported by strong demand for its oil exports and energy investments.
  • The bank also expects a strong 4.5 percent expansion for the non-energy part of the economy for this year.
Geostrategy

Renewables helped save $520bn fuel costs globally in 2022: Report

In non-OECD countries, just the saving over the lifetime of new capacity additions in 2022 will reduce costs by up...
  • In addition to these direct cost savings, there would be substantial economic benefits from reducing CO2 emissions and local air pollutants.
  • IRENA’s Director-General Francesco La Camera said the world must add 1,000 GW of renewable power annually on average every year until 2030 to keep 1.5°C within reach.
Geostrategy

French President says change in existing world order would weaken West, Europe

PARIS, FRANCE - Attempts to change the existing world order threaten to weaken the West and especially Europe, French President...
  • Emmanuel Macron said the role of the UN Security Council, International Monetary Fund and World Bank are constantly being challenged.
  • Emmanuel Macron said the role of the UN Security Council, International Monetary Fund and World Bank are constantly being challenged.
Business

Iran inaugurates final phase of country’s largest gas field

The South Pars gas field is one of the world's largest natural gas condensate fields. Iran shares the gas field...
  • Oil Minister Javad Owji said around 50 million cubic meters of gas will be extracted daily from phase 11 of the project "after the completion of the wells".
  • Iran has the world's second largest gas reserves, after Russia, and the world's fourth largest oil reserves.
Business

NIDC drills 195 oil wells in 2 years

Wells were drilled in onshore, offshore operations.
  • The oil and gas wells were put into operation by affiliated companies of the National Iranian Oil Company.
  • 13 wells were completed 201 days sooner than expected due to round-the-clock efforts of NIDC’s employees.
Business

Climate change to be discussed in Dubai COP28 meet, says Egypt minister

Cairo, Egypt - Egyptian Minister of International Cooperation Dr. Rania Al Mashat, said the 28th Conference of the Parties to...
  • noted that international reports indicate that the countries in the Middle East and North Africa region are most vulnerable to climate change risks
  • Al Mashat added that COP28 will see presentations on the most important results and joint action taken over a year within the National Platform for Green Projects
Economy

Jordan oil bill falls in H1 2023 compared to H1 2022, says government

AMMAN, JORDAN  - The value of the Kingdom's oil bill decreased during the first half of 2023 by 15.6 percent,...
  • The value of Jordan’s imports of crude oil, its derivatives and mineral oils went down in the first half of 2023, to reach about JD1.531 billion.
  • In the first half of 2022, the value of imports of crude oil, its derivatives and mineral oils was about JD1.813 billion.
Economy

BRICS secures 47% global oil with Saudi Arabia, UAE, Iran inclusion

Tehran, Iran - The inclusion of Saudi Arabia, the UAE, and Iran, will significantly increase BRICS’ weight in the oil...
  • Together with the existing participants, Russia and Brazil, these countries jointly command 39% of the global oil exports
  • BRICS will also possess nearly half of the world's total oil reserves, amounting to 719.5 billion barrels out of 1.6 trillion
Economy

Saudi Arabia’s output cut stabilizes global oil market

The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent...
  • The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent oil prices from dropping significantly
  • Reducing production may not suffice if demand falls. However, diversifying the economy beyond oil is likely to benefit all sectors by mitigating risks, says a market expert

Turkey’s leader Erdogan in Hungary for NATO, energy talks

Hungary has still not voted to approve the Nordic country's entry into the North Atlantic Treaty Organization, having aligned itself...
  • The two countries have also discussed strengthening their energy cooperation, given that Hungary already receives a large proportion of its gas via the TurkStream pipeline
  • Budapest and Ankara will also be deepening their "strategic partnership", an announcement due to be made official during a visit by Erdogan scheduled for December

Geopolitical tensions boost oil, weigh on equities

Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report

Company News

Latest News

Biggest fuel refinery plant of Africa begins production

Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...
Business

DEWA records 12.5 million digital transactions in 2023

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that its customers conducted around 12.5 million digital transactions in...
Business

Oil prices rise on Red Sea escalation, corporate earnings season

Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Economy

World adds 50% more renewable energy capacity in 2023

The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...
  • The IEA said the largest growth took place in China, with wind power additions rising by 66%
  • Europe, the US and Brazil also hit all-time highs in renewable energy capacity
Business

SEC, Emaar Economic City sign agreements  

RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
  • The two agreements aim to deliver electrical service to the second and third phases of KAEC projects.
  • These aim to provide electrical energy for major projects related to achieving the goals of the Kingdom’s Vision 2030.
Economy

France drops renewables targets in new energy bill

The proposed text affirms "the sustainable choice of using nuclear energy as a competitive and carbon-free" source of electricity. But...
  • The proposed text reaffirms France's commitment to nuclear power to ensure "energy sovereignty"
  • The draft law also drops targets for reducing energy consumption via renovation of buildings.