Dutch court upholds $50bn payment award in Yukos case
THE HAGUE, NETHERLANDS - A Dutch court quashed an appeal by Russia in a record $50-billion case on Tuesday, paving the...
Geostrategy
Passenger traffic could exceed earlier figures, says Dubai Airports’ CEO
DUBAI, UAE – The airport here has "every chance" of breaking its record for passenger traffic this year after surpassing pre-pandemic...
Business
Geostrategy
Iran says ‘political’ issues still holding up nuclear deal
Iran said Wednesday that "technical issues" in the now-paused negotiations to restore its 2015 nuclear agreement with world powers have...
- Iran is engaged for a year in negotiations with France, Germany, Britain, Russia and China directly, and the United States indirectly, to revive the 2015 deal
- The US unilaterally withdrew from the agreement in 2018 and reimposed sanctions on Iran, prompting Tehran to step back from nuclear commitments
Analysis
Europe energy market: Will Qatar replace Russia?
The United States has asked Qatar to supply gas to Europe if Russian supplies were disrupted due to Moscow's military...
- Qatar gas exports account for about 106 billion cubic meters, with 80 percent going to Asia and 20 percent to Europe
- Qatar could cover around 13 percent of Russian gas imports to the European Union and the United Kingdom
Geostrategy
Saudi Arabia wants political solution to Russia-Ukraine conflict
Russian President Vladimir Putin on Saturday, April 16, called Saudi Crown Prince Mohammed bin Salman bin Abdulaziz.
- Russian troops entered Ukraine on February 24 to conduct what President Vladimir Putin said was a ‘special operation’
- Since then, Russia has pummeled targets across Ukraine, while suffering losses of its own, like the sinking of its flagship Moskva
Analysis
Policy eyed as Mideast bears brunt of climate change
Disasters caused by climate change since 2000 have killed approximately 2,600 people, affected seven million others, and caused $2 billion...
- Temperatures in the region have risen by 1.5°C over the last three decades, twice the global increase of 0.7°C
- According to the IMF, disasters caused by climate change have killed approximately 2,600 people since 2000
Geostrategy
Iran Guards say ship smuggling fuel seized in Gulf, 7 arrests
Iran's Revolutionary Guards said Friday they seized another vessel smuggling fuel in the Gulf and arrested its seven crew members,...
- The incident comes in the wake of a wave of seizures of vessels in the sea lanes serving the Gulf, where a large portion of the world's oil is produced and shipped.
- Last week, Iran announced its seizure of a foreign boat carrying over 220,000 liters of smuggled fuel and the arrest of its 11 crew members, without giving further details.
Geostrategy
European Space Agency cuts lunar mission cooperation with Russia
The European Space Agency on Wednesday ended cooperation with Russia on three missions to the Moon due to Moscow's invasion...
- The ESA had planned to have a navigation camera called Pilot-D on the Luna-25 probe, whose launch is scheduled for this summer
- The ESA is looking for other options and partners to test the technology that would have formed part of the Russian missions.
Economy
IMF unveils new trust to help ‘vulnerable’ countries
The IMF plans to raise at least $45 billion for a new trust to help ‘low-income and vulnerable middle-income countries’.
- The Washington-based crisis lender's Resilience and Sustainability Trust is expected to come into effect May 1
- It is in addition to a $650 billion boost to reserve assets called Special Drawing Rights allocated earlier this year
Economy
Agencies urge urgent food insecurity action
Major international organizations issued an appeal on Wednesday for urgent measures to deal with rising food insecurity in poor countries.
- The Russian invasion of Ukraine, and Western sanctions on Moscow, have sent energy and food prices soaring
- Meanwhile, rising natural gas prices also have impacted fertilizer production, which in turn has hurt farmers
Economy
IEA lowers world oil demand outlook on China lockdowns
Russian oil supply, meanwhile, is expected to continue to fall in April by 1.5 million barrels per day amid its...
- Rich countries have agreed to tap an additional 120 million barrels of oil from emergency reserves, with half from the United States.
- Prices fell below $100 in recent days as severe lockdowns in Shanghai raised concerns that crude demand from China would fall.
Economy
Sri Lanka declares $51 bn foreign debt as economic crisis worsens
Sri Lanka's snowballing economic crisis began to be felt after the coronavirus pandemic torpedoed vital revenue from tourism and remittances.
- Acute food and fuel shortages, as well as long daily electricity blackouts, have brought widespread suffering to the country's 22 million people.
- The government has struggled to service foreign loans and Tuesday's decision comes ahead of negotiations for an International Monetary Fund bailout.
Dutch court upholds $50bn payment award in Yukos case
THE HAGUE, NETHERLANDS - A Dutch court quashed an appeal by Russia in a record $50-billion case on Tuesday, paving the...
Geostrategy
Company News
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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
Ajman’s exports rise 19 percent in H1 2023
AJMAN, UAE – The Ajman Chamber of Commerce and Industry (ACCI) has revealed that the volume of exports from the...
Business
Stocks fall after Federal Reserve says it may hike interest rates
Global stocks sank after the US Federal Reserve hinted it could hike interest rates again this year to tame inflation...
Market Report
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Geostrategy
WHO tells China to provide ‘full access’ to Covid investigators
GENEVA, SWITZERLAND - The head of the World Health Organization told the Financial Times he was ready to send a new...
- WHO chief said he had already written to China asking "to give us information " and for the organization to send a team "if they allow us to do so".
- He said WHO would not abandon its investigation and has called on China for transparency in sharing data and carrying out investigations.
Geostrategy
Saudi Arabia participates in global meet to bridge digital divide
RIYADH, SAUDI ARABIA – The Kingdom’s Governor of the Communications, Space and Technology Commission (CST) Dr. Mohammed Saud Al-Tamimi participated...
- The meeting aims to enhance the contribution of the communications, space and technology sectors for attaining sustainable development objectives.
- The meeting also aims to propose policies and recommendations to bridge the digital divide and promote and develop the digital economy.
Arts & Culture
Palestine’s pre-historic Tell al-Sultan site on world heritage list, says UNESCO
The United Nations' cultural organization inscribed the "pre-historic site of Tell al-Sultan" located near the occupied West Bank city of...
- The site was inscribed following a three-year candidacy “during which no state party raised any objections”, a UNESCO official said.
- Tell al-Sultan, which predates Egypt's pyramids, is an oval-shaped tell, or mound, located in the Jordan Valley.