Energy transition led Saudi Arabia to halt oil expansion, says official
RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to...
Business
Hamas, Saudi warn of calamity if Israeli troops attack Rafah
Prime Minister Benjamin Netanyahu this week said he had ordered troops to prepare to go in to the city, crowded...
Geostrategy
Geostrategy
Russia invasion kills dozens on first day in Ukraine
US President Joe Biden announced export controls against Russia to cut off more than half of the country's high-tech imports,...
- Across Ukraine, at least 137 "heroes" were killed after the first day of fighting, said President Volodymyr Zelensky
- He also called up conscripts and reservists nationwide to fight in a general mobilization, even as 100,000 people were displaced
Business
Aluminum price hits record high on Ukraine Attack
Aluminum has beaten the previous peak in price hike of $3,380.15, reached in July 2008.
- The lightweight metal price has been increased as high as $3,382.50 per tone
- Analyst Daniel Briesemann said that the rise in price of the metal was expected
Geostrategy
Russia attack on Ukraine turns Europe eyes to Saudi Arabia, Qatar
Qatar and Saudi Arabia host American troops, but their economic and political relations with Russia have grown over the years.
- Russian gas accounts for about 40 percent of the European market, leaving it highly exposed to supply disruptions due to the conflict
- A similar logic applies to the 2.3 million barrels of Russian crude that heads west each day through a network of pipelines
Geostrategy
Russia launches full-scale invasion of Ukraine as US vows ‘support’
Russian air strikes hit military facilities across the country and ground forces moved in from the north, south and east,...
- Weeks of intense diplomacy to avert war failed to deter Putin, who had massed more than 150,000 troops along the borders of Ukraine.
- Ukraine has around 200,000 military personnel, and could boost that with up to 250,000 reservists. But Moscow's forces are much larger.
Geostrategy
US declares Russia’s prized Nord Stream 2 pipeline ‘dead’
Although the pipeline is seen as an efficient way to supply energy to the European Union, which depends heavily on...
- Built to funnel Russian natural gas to Germany under the Baltic Sea, Nord Stream 2 has long been controversial
- The pipeline is completely built, but has not been put in use and for now at least it won't be
Geostrategy
Oil nears $100 as Western powers prepare sanctions against Russia
The jump in oil prices is compounding worries about inflation around the world, with the US Federal Reserve coming under...
- That has in turn battered equity markets in recent months, and the latest developments out of Europe led to another day of hefty selling on Tuesday.
- Russia's recognition of the breakaway regions of Ukraine will "strongly increase" economic uncertainty for the EU, its economy commissioner Paolo Gentiloni said.
Geostrategy
Amid troop buildup, Biden says Putin has decided to invade Ukraine
There were growing fears that only a spark — which Washington warns could be a deliberate "false flag" incident created...
- The Kremlin insists it has no plans to attack its neighbor, which has angered Russia by seeking long-term integration with NATO and the EU
- However, the US says that with an estimated 149,000 Russian troops, as well as separatists, on Ukraine's borders, it's only a matter of when
Analysis
Global trade hit record $28.5trn in 2021: UNCTAD
The UNCTAD’s Global Trade Update said all major trading economies saw imports and exports rise above pre-pandemic levels in the...
- The global trade volume in the year gone by was an increase of 25 percent on 2020
- It was also 13 percent higher compared to 2019, before the Covid-19 pandemic struck
Business
Air travel momentum up as countries lift Covid restrictions: IATA
Air travel recovery was gaining momentum as countries were lifting restrictions, with a sharp 11-percentage-point increase for international tickets sold...
- There was an 11-percentage-point increase for international tickets sold in recent weeks.
- The 11-percentage point improvement between the January and February periods is the fastest such increase for any two-week period since the crisis began.
Geostrategy
Islamic Development Bank sets up fund for providing aid to Afghanistan
The Islamic Development Bank (IsDB) approved the establishment of the Afghanistan Humanitarian Trust Fund (AHTF), which will channel humanitarian and...
- The Afghanistan Humanitarian Trust Fund will be administered by the bank and receive contributions from member states.
- For project financing, it approved $337.63 million for transport, agriculture, and human capital development projects in Guinea, Cote d’Ivoire, and Senegal.
Energy transition led Saudi Arabia to halt oil expansion, says official
RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to...
Business
Company News
Ready for prisoner swap with US, says Iran
Geostrategy
Latest News
Iran’s non-oil export to ECO countries from Mar 21 to July 22 2023 reaches $3.6bn
TEHRAN, IRAN – Iran’s export of non-oil products to the Economic Cooperation Organization (ECO) member states in the first four...
Geostrategy
Bitay to expand in UAE’s burgeoning crypto market
DUBAI, UAE – Bitay, a cryptocurrency platform from Turkey, announced its expansion into the UAE's burgeoning crypto market.The UAE, which...
Business
Most Read
Geostrategy
EU okays updated Pfizer and BioNTech’s anti-Covid vaccine
Adults and children over five require a single shot "irrespective of their Covid-19 vaccination history" while younger children may get...
- The European Medicines Agency said it "has recommended authorizing an adapted Comirnaty vaccine targeting the Omicron XBB.1.5 subvariant".
- Known as Comirnaty Omicron XBB.1.5, the mRNA vaccine is to be used to prevent Covid-19 in adults and children from six months.
Business
Iran’s non-oil exports reach US$19.3bn in March to July 2023
TEHRAN, IRAN - Some 56 million tons of non-oil goods, valued at US$19.3 billion, were exported in the first five...
- Also 14.4 million tons of non-oil goods, valued at US$24.2 billion were imported into the country from March 21, 2023 to July 22, 2023.
- In this period, China, Iraq, the United Arab Emirates (UAE), Turkey and India were Iran’s main export markets respectively.
Geostrategy
There are no frozen assets abroad, says Iranian President
TEHRAN, IRAN – Iran President Ebrahim Raisi on Tuesday said that the country’s money is only blocked in South Korea...
- Iran has forged strong relations with Islamic and other like-minded countries.
- The country is keen on membership in regional and extra-regional alliances.