Europe’s gas demand at 10-year low, to peak in 2025: report
The invasion of Ukraine by Russia triggered a massive shift by European nations away from Russian natural gas delivered by...
Business
Geostrategy
US could change green subsidies rules as EU fears unemployment
The United States is open to amending lucrative green subsidies that have drawn transatlantic anger for allegedly encouraging job losses...
- Washington's landmark Inflation Reduction Act contains $370 billion in subsidies for green energy and tax cuts for US made electric cars
- Biden defended the act and said it was never intended to disadvantage US allies, and has committed to understanding EU concerns.
Business
DEWA receives 29 EOIs for first phase of desalination project at Hassyan
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has received 29 expressions of interest (EOIs) to implement the first...
- This is the first project implemented by DEWA using the Independent Water Producer model, which will run in phases during 2025 and 2026.
- The firm uses clean solar power to desalinate seawater using the latest Reverse Osmosis technologies, which consume less energy.
Economy
Global government spending on clean energy transitions rises to $1.2 trillion
The increase brings total amount of investment support that governments have allocated to clean energy to $1. 215 billion.
- The increase brings total amount of investment support that governments have allocated to clean energy to $1. 215 billion
- Advanced economies account for nearly 95 percent of the clean energy investment support that has been allocated worldwide
Market Report
Equities boosted by China news before rate calls
Global stocks rose on China's slowing inflation and economic reopening, alongside hopes of less aggressive interest rate hikes next week....
- Traders were setting their sights also on the release of two key US inflation reports ahead of the Federal Reserve's final policy meeting of the year.
- Investors were meanwhile hopeful that central banks in the United States, eurozone and UK will next week ease the pace of interest rate hikes.
Economy
Abu Dhabi Chamber inks 3 pacts to drive economic growth
ABU DHABI, UAE - As part of its participation in the first edition of the Abu Dhabi International Food Exhibition...
- The MoUs are a part of the chamber’s efforts to drive economic growth in Abu Dhabi and support investment in vital sectors.
- As part of its efforts to support start-ups and SMEs, the Abu Dhabi Chamber signed a partnership agreement with the Emirates Development Bank.
Business
Kazakhstan threatens to ban ArcelorMittal after worker death
ALMATY, KAZAKHSTAN - Kazakhstan threatened Thursday to ban global steel giant ArcelorMittal from operating in the Central Asian country after...
- ArcellorMittal, the world's second largest steel producer, operates a dozen factories and mines in this polluted industrial Kazakh region.
- Kazakhstan has in the past imposed fines on ArcelorMittal for non-compliance with ecological standards.
Geostrategy
Libya tells foreign energy firms it’s safe to return
TRIPOLI, LIBYA - Libya's state energy firm urged its foreign oil and gas partners to resume exploration and production Tuesday...
- Rival administrations in east and west have vied for power in Libya since March.
- Libya aims to raise its oil output from around 1.2 million barrels per day currently to 2.0 million bpd by 2027, NOC chairman Farhat Bengdara said.
Geostrategy
UAE, UK experts discuss science, tech help in net-zero agenda
ABU DHABI, UAE - Experts from UK and the UAE participated in a Sci-Tech Virtual Tour of the Emirates science...
- The tour was launched to facilitate business-to-business introductions between stakeholders and investors.
- During the virtual tour, delegates discussed decarbonization, affordability, supply of renewable energy.
Market Report
Oil rises as China eases Covid restrictions, Russia price cap
World oil prices rallied after more easing of Covid containment measures in China and as a price cap on Russian...
- In currency trading, the dollar was mixed against its main rivals.
- The Kremlin insisted the cap would not affect Russia's military campaign in Ukraine.
Economy
UAE secured 40% of Japan’s crude oil needs in October
94.7 percent of 84.58 million barrels imported by Japan originated from five Arab countries: UAE, Saudi Arabia, Kuwait, Qatar, Bahrain...
- 94.7 percent of 84.58 million barrels imported by Japan originated from five Arab countries: UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman
- Oil remains the most significant energy source in Japan, accounting for about 40 percent of the country’s total energy supply, according to the IEA
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Europe’s gas demand at 10-year low, to peak in 2025: report
The invasion of Ukraine by Russia triggered a massive shift by European nations away from Russian natural gas delivered by...
Business
Company News
Latest News
Britain grants 27 new oil and gas exploration licenses in North Sea
London, United Kingdom - Britain on Monday awarded 27 new licenses for oil and gas exploration in the North Sea as...
Economy
1.5C goal on the line as countries gear up for key climate talks
Paris, France -- Facing record-shattering temperatures and a geopolitical tinderbox, countries are scrambling to lay the groundwork for crucial UN climate...
Geostrategy
Oil prices surge 3 percent amid Middle East tensions
New York, United States - Oil prices experienced a 3% surge on Friday, reaching a one-week high, driven by escalating...
Business
Most Read
Economy
Saudi Arabia’s economy exceeds US$1trn mark
RIYADH, SAUDI ARABIA – The gross domestic product of the Kingdom exceeded US$1 trillion which displays strong progress towards meeting...
- This positive outcome is attributed to strong investment from the private and public sectors,
- Non-oil revenue growth, ongoing diversification, and economic resilience efforts has also helped.
Business
QFZ, Samsung C&T ink MoU
The two will collaborate in green, sustainable technologies.
- Both the parties will work together to achieve sustainability objectives within the free zones in Qatar through energy transition.
- QFZ, Samsung C&T will also explore co-investment opportunities in green infrastructure within the free zones.
Interview
Diversification remains crucial for oil-rich nations
Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in...
- Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in an interview
- She highlights the need for a global sustainability approach, emphasizing localized transitions, inclusivity, and the urgency of shifting to sustainable development