INSEAD Day 4 - 728x90

Energy

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Parisians vote in anti-SUV parking and pollution referendum

Paris, France -- Parisians were voting on Sunday in a referendum on tripling parking costs for hefty SUV-style cars, a campaign...

Geostrategy

Schneider Electric, Charge&Go ink pact

The aim is to develop EV charging facility in the UAE.

Business
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
Economy

OPEC+ angers US with biggest oil output cut since pandemic

The 13-nation OPEC cartel headed by Riyadh and its 10 allies led by Moscow agreed to reduce output by two...
  • The cut raises fears that it will turbocharge oil prices at a time when countries are already facing soaring energy-fuelled inflation.
  • National Security Advisor Jake Sullivan and top economic advisor Brian Deese said in a statement that Biden was "disappointed by the shortsighted decision by OPEC+".
Economy

EU ‘ready to discuss’ plans to counter rising energy price

The EU is "ready to discuss" a price cap on gas within the bloc to bring down soaring energy costs,...
  • Europe is facing an energy crunch as the price of electricity generation skyrockets because of a massive surge in the price of gas.
  • Russia, which used to be Europe's main gas supplier, has turned off the taps after being hit by EU sanctions over the war in Ukraine.
Economy

Energy crisis feared by Europe long a reality in Iraq

Soaring energy prices fuelled by Russia's war in Ukraine have forced a new reality upon European nations, where people are...
  • The noise of privately owned generators can be heard all over the country as households and businesses try to make up for supply shortfalls from the national electricity company
  • The Middle Eastern country is rich in oil, but endemic corruption and devastating conflict have taken a heavy toll on its infrastructure and forced most of its people to adapt
Geostrategy

Germany to continue with $198bn energy fund despite EU criticism

Germany pushed back against critics of a 200-billion-euro ($198-billion) energy fund, as Berlin faces fresh accusations it is going it...
  • France and key members of the European Commission are asking for EU-wide solutions to the energy crunch aggravated by the Ukraine war.
  • They fear that European countries with high debts cannot afford the largesse demonstrated by Germany, the EU's biggest economy.
Market Report

Asian, European markets surge on interest rate hopes

Asian and European stocks rallied and the dollar dipped as weak US data sparked hopes the Federal Reserve could ease...
  • Monetary tightening by Federal Reserve and other central banks has raised fears that it could plunge countries into recession.
  • Eurozone manufacturing survey data showed a contraction on the back of the region's ongoing energy crisis.
Business

Multiply Group buys 80% of IEH

Firm aims to expand its utilities, energy investments.
  • Multiply Group had recently invested US$2.7 billion in a 7.3 percent stake in the Abu Dhabi National Energy Company.
  • Other investments include 100 percent ownership of PAL Cooling Holding, one of the top players in the UAE’s district cooling industry.

Parisians vote in anti-SUV parking and pollution referendum

Paris, France -- Parisians were voting on Sunday in a referendum on tripling parking costs for hefty SUV-style cars, a campaign...
Geostrategy

Company News

Latest News

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...
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...
Business

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...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Business

UK to revoke plan to attain net zero emissions by 2050

LONDON, UK- The UK looked set to backtrack on Wednesday on policies aimed at achieving net zero emissions by 2050 with...
  • The move comes amid growing concern over the potential financial cost of the government's policies to achieve net zero carbon emissions by mid-century.
  • Prime Minister Sunak said while the government was committed to the net zero target, it would try to achieve it "in a better, more proportionate way".
Business

TotalEnergies, Adani Group set up JV for wind, solar power production in India

PARIS, FRANCE - French firm TotalEnergies and Indian group Adani unveiled plans on Wednesday to create a joint venture to develop wind...
  • The JV will include wind and solar assets that Adani Green Energy Limited already operates and is building and developing in India.
  • TotalEnergies has been developing renewable electricity production, with 19 GW of installed gross production capacity as of July 2023.
Infographics

Aramco, IHC among biggest companies in Middle East

Energy, banking and financial services, and industrial sector companies are among the largest in the Middle East, especially the Gulf...
  • High representation of these sectors is due to the region's rich oil and gas reserves and its growing population and economies.
  • The Middle East is also home to a number of other significant industries, such as tourism, healthcare, and education.