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...
Economy
UAE announces reduction in fuel prices for January
ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following...
Business
Economy
‘Unit 3 of Barakah Plant linked to UAE’s transmission grid’
The Emirates Nuclear Energy Corporation (ENEC) announced that Unit 3 of the Barakah Nuclear Energy Plant has successfully been connected...
- Unit 3 will add another 1,400 megawatts of zero-carbon emission electricity capacity to the national grid.
- The nuclear sector is a vital part of the UAE’s clean energy system of multiple low-carbon technologies.
Geostrategy
Britain says no energy crisis as people brace for blackouts
Britain, however, relies on gas to create a large proportion of electricity and is therefore particularly exposed to the soaring...
- Households face possible rolling three-hour power cuts if imports run extremely low, the nation's power operator National Grid warned
- A blackout would be more drastic than EU plans for an energy-saving initiative this year to help its member nations survive winter season
Geostrategy
UAE to showcase its nuclear energy success in WANO meeting
The Barakah Plant is spearheading the decarbonization of the UAE’s power sector by generating clean electricity and forms key component...
- The meeting is scheduled to be held in Prague, Czech Republic under the theme “One WANO – A Global Commitment to Nuclear Excellence,”
- Due to the Barakah Nuclear Energy Plant, a major strategic energy infrastructure project, the UAE is recognized as a global nuclear energy leader.
Market Report
Stocks fall, dollar boosted by US jobs data
Stocks mostly slid and the dollar surged after US jobs data showed only a timid slowdown in the labor market,...
- There was a brief rebound at the start of the week as investors hoped data pointing to economic slowdown would allow the Fed to slow down rate hikes.
- Rising interest rates boost the dollar as foreign investors seek to buy dollar-denominated debt.
Geostrategy
EU leaders try for common response to energy crisis
EU leaders meeting in Prague looked to bridge divisions on how to tackle soaring energy prices as they grapple with...
- EU leaders were discussing how to better protect their critical infrastructure in the wake of leaks from the Russia-Europe Nord Stream gas pipelines.
- Europe is facing an energy crunch as the price of electricity generation skyrockets because of a massive surge in gas prices.
Algerian, Spanish gas firms agree to ‘revise’ prices
The Algerian firm said in a statement that Sonatrach and its partner Naturgy have agreed to revise the prices of...
- Algeria, Africa's top natural gas exporter, has signed a flurry of deals with southern European governments and energy firms seeking to offset the Ukraine war fallout
- Spanish gas regulator Enagas says Algeria was the country's second gas supplier (24 percent) in August, behind the United States (26.5 percent)
Geostrategy
Libyan Prime Minister defends oil, gas exploration deal with Turkey
The question of rights to Libya's vast hydrocarbon resources has become more urgent this year as global energy prices have...
- "The Turkish-Libyan MoU is based on previous deals even prior to 2011," Libyan prime minister Abdulhamid Dbeibah said.
- The memorandum of understanding, three years after a controversial maritime border deal, sparked sharp reaction from Greece.
Economy
IMF chief urges action as global recession risks rise
IMF chief Kristalina Georgieva urged global policymakers to take concerted action as the risks of a worldwide recession are driven...
- The IMF chief said that if central banks move too aggressively to tamp down price pressures, it could trigger a prolonged economic downturn.
- Finance ministers and central bank governors from over 180 nations will gather in Washington for a meeting of the IMF and WB.
Economy
Lebanon years away from gas riches despite Israel deal: analysts
With the demand for gas rising worldwide because of an energy crisis sparked by Russia's invasion of Ukraine, Lebanon hopes...
- Following years of US-mediated negotiations, the rival states now appear to be nearing agreement
- A deal would allow "offshore exploration activities to continue, but that doesn't mean that Lebanon has become rich
Economy
Oil prices rise as OPEC+ agrees to cut output by two million barrels a day
Oil prices had slid in recent weeks back to the levels before the war in Ukraine on concerns of a...
- In Vienna, ministers from the 13-nation OPEC cartel and a group of 10 exporters led by Russia agreed to reduce production by two million barrels a day from November
- It is the biggest cut since the height of the Covid pandemic in 2020 and came despite concerns it could fuel inflation further and push central banks to hike interest rates
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...
Economy
Company News
IDB inks pact with IRENA
Business
Latest News
150 dead in Libya after storm Daniel results in floods
"At least 150 people were killed as a result of flooding and torrential rains left by storm Daniel in Derna,...
Geostrategy
Iran-US non-oil trade reaches US$31m in January-July 2023
TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...
Business
Most Read
Economy
Mega projects bet high on diversified future
This TRENDS infographic dives into Saudi Arabia’s ambitious transformation to discover how the Kingdom is reshaping its future with high...
- Saudi Arabia has allocated $250 billion in construction contracts since 2016 as part of its Vision 2030 strategy to diversify economy, attracting tourists and investments
- In 2022, Saudi Arabia emerged as the fastest-growing G20 economy, fueled by a massive $1.25 trillion investment in real estate and infrastructure projects
Geostrategy
Saudi crown prince says ready for economic partnership with BRICS
DUBAI, UAE – Saudi Arabian Crown Prince Mohammed bin Salman in a telephonic conversation with Russian President Vladimir Putin has...
- The Russian president and the Saudi crown prince discussed the outlook for BRICS expansion.
- The two leaders reviewed cooperation between the two countries within the OPEC+ agreement framework.
Business
Masdar, Africa50 sign MoU
The aim is to speed up clean energy transition in Africa.
- Masdar brings its technical expertise and extensive experience in emerging markets and will work with Africa50 to bridge the infrastructure funding gap.
- Africa50 brings its skill in developing projects in the continent and which, combined with Masdar, can help unlock clean energy potential.