Turkish strikes leaves hundreds of Syrian villages without electricity
Qamishli, Syria - Hundreds of northeast Syrian villages and towns have lost power after Turkish strikes pounded electricity stations and infrastructure,...
Geostrategy
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...
Science
‘Carbon neutrality goals are useless if not backed by action’
UNITED NATIONS, UNITED STATES - Carbon neutrality goals are useless if not backed by action, UN Secretary-General Antonio Guterres said...
- Commitments to net zero are worth zero without the plans, policies and actions to back it up, the UN chief said in a video message
- The message's target audience was governments, in particular G20 countries, as well as private actors and financial institutions.
Business
TotalEnergies posts Q3 net profit of US$6.6bn
Firm said surging oil, gas prices helped it post massive profits.
- Net profits at TotalEnergies soared 43 percent from the same period last year with record performances for its natural gas and liquefied natural gas activities.
- The firm has now earned $17.3 billion over the first nine months of the year, more than the $16 billion in profits it posted last year.
Geostrategy
Climate pledges short of limiting temperature rise to 1.5C: UN Official
Paris, France - International climate pledges remain far off track to limit rising temperatures to 1.5 degrees Celsius, according to a...
- The combined climate pledges of more than 190 nations that signed up to the 2015 Paris climate deal put Earth on track to warm by around 2.5C.
- With the planet already battered by climate-enhanced heatwaves, storms and floods after just 1.2C of warming, experts say world is still failing to act.
Geostrategy
Gas production starts at Karish field day before expected Israel-Lebanon deal
Jerusalem---Gas production has started at Karish, an offshore field at the centre of a maritime border deal between Israel and...
- The announcement comes a day before Lebanon and Israel are expected to sign their maritime deal, following lengthy negotiations mediated by Washington.
- Energy assets were fiercely contested in the talks, with Israel ultimately securing full rights over Karish as part of the accord.
Geostrategy
Aramco chief at FII6: World needs realistic, optimal energy transition plan
"The current transition plan isn't working. We are still dependent on coal. We need to have a new consensus on...
- Lord Adair Turner, chair of the Energy Transitions Commission, said Europe was burning more coal this year as it is shot of gas, but transition towards renewables is ongoing.
- Saudi Finance Minister Mohammed Al Jadaan said there is more thinking about renewable energy and a realization that the transition to renewables is not going to take place soon.
Business
Al Seer Marine buys large crude carriers
The firm's total VLCC fleet value is now $245 million.
- VLCC Acrux (previously Elandra Everest) is the name of the third VLCC vessel Al Seer Marine has taken delivery of in October 2022.
- In addition to the three VLCCs, Al Seer Marine recently acquired two liquefied petroleum gas (LPG) tankers valued at US$70 million.
Market Report
Most markets up but China fear casts shadow
Most markets rose on hopes the Federal Reserve would soon slow its pace of interest rate hikes, though the mood...
- Tokyo, Sydney, Seoul and Taipei led gains after a strong performance in New York.
- The rise was sparked by a report the Fed could begin to take its foot off the pedal in its rate hike campaign.
Geostrategy
Sanctioned Iran general tells EU to ‘buy coal’ with assets
The EU's 27 member states have been squabbling for months over measures to lower energy bills as winter nears.
- Ukraine war has pushed energy prices skywards, with Russia withholding gas deliveries to most of Europe in reaction to Western sanctions
- Bagheri called the imposition of EU sanctions a "mistake" similar to those the United States made when it sanctioned him in 2019
Economy
Moroccans protest against cost of living crisis
The protest was organized by the country's main trade union, the UNTM, which is close to the Justice and Development...
- The rally, outside parliament and witnessed by AFP journalists, came after several protests already this week in Rabat and other Moroccan cities
- Consumer price inflation was 8.3 percent year-on-year in September, due in large part to surging food prices, which were up 14.7 percent
Economy
Saudi Crown Prince launches program to make KSA investment hub
Saudi Crown Prince, Prime Minister and Chairman of the Council for Economic and Development Affairs Prince Mohammed bin Salman bin...
- GSCRI will help enable investors to benefit from the Kingdom's resources, capabilities and support and develop these value chains.
- It will also build successful investments, which will give greater flexibility to economies, businesses and consumers around the world.
Turkish strikes leaves hundreds of Syrian villages without electricity
Qamishli, Syria - Hundreds of northeast Syrian villages and towns have lost power after Turkish strikes pounded electricity stations and infrastructure,...
Geostrategy
Company News
Latest News
ExxonMobil Q2 profits $7.9bn
Business
Politicians fail to understand scientific facts of climate, says expert
PARIS, FRANCE - Wavering ambition by governments and a growing belief that science is politically subjective are great causes for concern...
Science
QatarEnergy inks pact with Marubeni
QatarEnergy will supply naphtha to Marubeni for 10 years.
Business
Rising demand for critical metals pose dilemmas for investors
PARIS, FRANCE - Soaring demand for the raw materials needed for the transition towards renewable energy is creating dilemmas for investors...
Business
Most Read
Business
European Union okays lighter pact on curbing car emissions
Brussels, Belgium - EU member countries on Monday adopted a watered-down deal on curbing car emissions, after auto manufacturers complained stricter...
- Led by France and Italy, the 27 nations voted for a less ambitious plan than the one put forward by the European Commission in November 2022
- The European Automobile Manufacturers' Association (ACEA), the sector's main EU lobby group, cautiously welcomed the decision
Business
ADNOC, TAQA complete financial closing on sustainable water supply project
ABU DHABI, UAE - ADNOC and Abu Dhabi National Energy Company (TAQA) have completed the financial closing of their $2.2...
- A consortium comprising Orascom Construction and Metito (the Consortium) will construct a centralized world-class seawater treatment facility.
- ADNOC and TAQA own a joint 51 percent majority stake (25.5 percent each), the Consortium owning the remaining 49 percent stake in the project company.
Geostrategy
Iran criticizes US statement on islands dispute with UAE
Iran said it had called in the Swiss envoy to deliver a protest over a “provocative” US statement on its...
- The islands of Abu Musa and Greater and Lesser Tunb lie near the Strait of Hormuz.
- Iran gained control of the islands under the rule of the Western-backed shah in 1971.