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.

India plugs into the Gulf region with power cables

India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...

Economy

Gulf nations transition from oil to solar powerhouses

The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing, with...

Economy
Geostrategy

Saudi Arabia says oil production cut not at odds with Russia

Oil producers are grappling with falling prices and high market volatility amid fears of global economic slowdown and the Russian...
  • On Monday, Riyadh said that it would extend a production reduction of one million barrels per day (bpd), which began in July, to August to boost prices.
  • At the same time, its ally in the OPEC+ group of oil producers, Russia, decided to slash exports by 500,000 bpd in August.
Geostrategy

All voices must be heard in transition, sustainability debates: OPEC

Secretary-General of OPEC Haitham Al Ghais, speaking at the 8th OPEC International Seminar in Vienna, reiterated the organization's keenness to...
  • Ghaith said the concept of sustainability relates to how we fulfil the needs of current generations without compromising the needs of future generations.
  • He asserted the importance of oil in the global energy mix and the industry's primary role in reducing carbon emissions.
Economy

Barakah Nuclear Energy Plant refinancing completed with UAE banking partners

Abu Dhabi, UAE - The Barakah One Company (Barakah One) - a joint-venture between the Emirates Nuclear Energy Corporation (ENEC)...
  • Barakah has three reactors currently generating abundant, clean electricity for the UAE, with the fourth unit recently starting its operational readiness phase
  • The refinancing is the next step in the development of the Barakah Plant as the project continues to progress through to full, four-unit commercial operations
Geostrategy

Libyan army commander warns of action over unequal oil revenue

Crude is the main revenue source for Libya, which has been torn by more than a decade of stop-start conflict,...
  • Khalifa Haftar, military head of Libyan eastern command, said "a deadline at the end of August for this committee to complete its mission".
  • Haftar said a committee must be established "to put in place financial arrangements with a view to fair management of public funds" and oil revenues
Business

RAKEZ inks MoU with ICFA to foster trade in food, agriculture

RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA)...
  • This alliance seeks to create opportunities for knowledge exchange, trade promotion, investment, and research and development collaboration.
  • The agreement is set to facilitate promotional activities for trade, market access, and business matchmaking opportunities between UAE and India.
Geostrategy

Kuwait calls for border talks with Iran over gas field

KUWAIT CITY, KUWAIT -  Kuwait reinvited Iran on Monday to talks on their sea borders after Tehran said it was ready...
  • Iran and Kuwait have held unsuccessful talks for many years over their disputed maritime border area, which is rich in natural gas.
  • Saudi Arabia is also a part of the dispute since it shares with Kuwait maritime gas and oil resources in the area.
Business

Oil prices increase after Saudi Arabia and Russia cut crude output

In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd -- a surprise move...
  • Brent crude, the international benchmark, and US counterpart WTI jumped after Riyadh extended a voluntary oil production cut.
  • "It's the usual knee-jerk reaction to reports of production cuts," IG analyst Chris Beauchamp told AFP, when asked about the latest oil-price gains
Economy

OPEC+ strives for market balance, sustainable growth

The international oil bloc’s technical team constantly monitors variables in global oil markets and presents its recommendations to the ministerial...
  • UAE updates energy strategies and aligns with climate goals, helping it rank second in global Green Future Index, says a UAE minister
  • The Gulf country has invested over $50 billion in clean energy projects and pledges an additional $50 billion over the next decade, he adds
Business

Iraq exports crude oil worth over US$7bn in June 2023

BAGHDAD, IRAQ -   Total crude oil exports in June reached over 100 million barrels, the Iraqi government said in a...
  • The majority of these exports - amounting to almost 99 million barrels - originated from the oil fields in central and southern Iraq.
  • The average daily export volume was pegged at over 3.3 million barrels. The average price per barrel for the month was recorded at $71.11.
Geostrategy

France, UAE share vision to shift towards clean energy

PARIS, FRANCE - French Minister of Foreign Trade Olivier Becht said his country and the UAE share a common vision...
  • The UAE and his country are working together on low-carbon energy solutions, the French minister said.
  • The minister highlighted the rising number of natural disasters globally caused by climate change.

India plugs into the Gulf region with power cables

India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
Economy

Company News

Latest News

ACWA Power signs $800m agreement for South Africa renewable project

Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business

Plan to end e-vehicle subsidies sparks anger in Germany

BERLIN, GERMANY -  The German government on Sunday faced a backlash after abruptly ending an electric car subsidy scheme in a...
Geostrategy

IEA boss says COP28 bid farewell to fossil fuels

PARIS, FRANCE - While the UN's COP28 climate summit marked a pivot moment, when the world pledged to say "goodbye" to...
COP28 UAE
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Business

ENEC, CNNC sign MoU

Both the firms will offer their expertise in the sector.
  • The two firms will collaborate on identifying potential development and co-investment opportunities for new international nuclear energy plants.
  • They will form a Joint Working Group to leverage their strengths in project management, nuclear technology development and implementation.

Coal use to decline next year after record high in 2023: IEA

The latest forecast came after nearly 200 countries at the COP28 UN climate talks adopted a deal stating that the...
  • Consumption of the dirtiest fossil fuel rose by 1.4 percent in 2023 to a record 8.5 billion tones, as increases in China, India and Indonesia outweighed falling demand in Europe
  • "We expect to see a trend emerging of declining worldwide coal demand, starting in 2024," the IEA said, as renewable power generation from solar and wind continues to expand
Business

OPEC+ cartel’s grip on oil market loosening as demand slows: IEA

Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up...
  • The Paris-based IEA, which advises oil-consuming nations, noted that prices had fallen by around $25 per barrel since September highs.
  • Efficiency improvements and a booming electric vehicle fleet have also been lowering oil demand, it added.