US vetoes Gaza ceasefire call at UN
The resolution demanded "an immediate, unconditional and permanent ceasefire" in the war between Israel and the Palestinian group, along with...
Geostrategy
Egypt’s middle class cuts costs as IMF-backed reforms take hold
Cairo, Egypt -- Egypt's economy has been in crisis for years, but as the latest round of International Monetary Fund-backed reforms...
Economy
Geostrategy
WTO predicts modest trade growth for 2024-25 amid geopolitical risks
In 2024 and 2025, inflation is expected to gradually abate, allowing real incomes to grow again in advanced economies, boosting...
- Risks to the forecast are on the downside “due to current geopolitical tensions and policy uncertainty. Middle East troubles have diverted sea shipments between Europe and Asia.
- It added that import demand in real terms was weak in 2023 in most regions, especially in Europe but also in North America and Asia.
Business
AviLease acquires 9 aircraft from Avolon
AviLease had purchased 13 aircraft from Avolon in 2023.
- AviLease aircraft portfolio now comprises 167 owned aircraft, including purchase commitments, and 23 managed aircraft on lease to 48 airlines globally.
- AviLease said the acquired portfolio offers attractive yields and further contributes to the diversification of its portfolio.
Business
ADNOC L&S to pay $136.5m dividend
This is equivalent to 6.78 fils per share, the company said.
- The Company intends to distribute a total dividend amount of $273 million (AED1,002.6 million) for the full year.
- The H1 2024 dividend will be paid to shareholders who own ADNOC L&S shares on the record date of 17th October 2024.
Geostrategy
October 7 anniversary: Hamas praises ‘glorious’ moment in its resistance, Netanyahu says ‘we will win’
Hamas called the Palestinian resistance a testament of resilience against Israeli aggression, while Netanyahu reaffirmed Israel's commitment to crush Hamas...
- Last year's October 7 attack resulted in the deaths of 1,205 people, according to an AFP tally based on Israeli official figures that include hostages killed in captivity
- At least 41,870 Palestinians, a majority of them civilians, have been killed in Israel's military campaign in the Gaza Strip since the war began
Geostrategy
Dubai’s night beaches a cool solution to summer heat
With temperatures regularly topping 40 degrees Celsius, outdoor activities are severely limited. More than one million people have visited the...
- For residents of Dubai, a coast-hugging, desert metropolis of about 3.7 million people, the hot season from June to October is an annual trial.
- The city now has more than 800 meters (yards) of designated night beaches fitted with shark nets and illuminated by giant, bright floodlights.
Business
Casino operator Wynn wins UAE’s first commercial gaming license
Dubai, United Arab Emirates -- US casino operator Wynn has received the first commercial gaming operator's license to be issued in...
- The license was issued by the General Commercial Gaming Regulatory Authority, which was set up last year to allow for commercial gaming licenses to be issued in the Gulf Arab state
- Wynn operates casinos in Las Vegas and Boston as well as in Macau, a Chinese territory close to Hong Kong.
Business
‘TAQA’ prices $1.75bn dual tranche
The 12-year senior unsecured notes are sized $850m.
- The 7-year notes, sized at US$900 million and maturing on 9th October 2031, are conventional bonds bearing a coupon rate of 4.375 percent.
- Proceeds from these bonds will be used for general corporate purposes.
Geostrategy
Libya’s eastern administration lifts oil production, export blockade
The Benghazi-based administration, which controls most of Libya's oilfields, said in a Facebook post it was "lifting the force majeure...
- Libya is struggling to recover from years of conflict after the 2011 NATO-backed uprising that overthrew Moamer Kadhafi
- It remains split between a United Nations-recognized government of Prime Minister Abdulhamid Dbeibah and the rival authority in the east backed by military strongman Khalifa Haftar
Geostrategy
Israel declares UN chief ‘persona non grata’ over Iran attack response
"Anyone who cannot unequivocally condemn Iran's heinous attack on Israel does not deserve to step foot on Israeli soil," said...
- Following Iran's missile attack on Israel late Tuesday, Guterres condemned the "broadening conflict in the Middle East", slamming "escalation after escalation" in the region.
- Israel has been a harsh critic of the UN, with ties between the state and the international body souring even more after the October 7 Hamas attacks.
Geostrategy
G7 says diplomatic solution is still possible in Middle East
Rome, Italy -- The G7 on Wednesday vowed to work together to reduce tensions in the Middle East and said a...
- Italian Prime Minister Giorgia Meloni called a telephone meeting of the body Wednesday to address the escalating Mideast crisis.
- "In a constantly evolving scenario, it was agreed to work together to promote a reduction of tensions at the regional level," said the statement released by the Italian government.
US vetoes Gaza ceasefire call at UN
The resolution demanded "an immediate, unconditional and permanent ceasefire" in the war between Israel and the Palestinian group, along with...
Geostrategy
Company News
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What impact will Donald Trump have on the world economy?
Paris, France -- Donald Trump's return to the White House with his protectionist policies poses threats for the global economy, with...
Geostrategy
Saudi Aramco’s quarterly profit drops 15% on low oil prices
Riyadh, Saudi Arabia -- Energy giant Saudi Aramco reported a 15 percent year-on-year drop in third-quarter profit on Tuesday, citing prices...
Business
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Geostrategy
B-52 bombers arrive in Middle East: US military
Washington, United States -- American B-52 bombers have arrived in the Middle East, the US military said Saturday, a day after...
- "B-52 Stratofortress strategic bombers from Minot Air Force Base's 5th Bomb Wing arrived in the US Central Command area of responsibility," the military said.
- The United States announced on Friday evening that it was sending the bombers, fighter and tanker aircraft and ballistic missile defense destroyers to the Middle East.
Geostrategy
Pro-Palestinian protesters take Israel sculptures from UK university
London, United Kingdom -- A pro-Palestinian group took two sculptures of Israel's first president from a UK university in a protest marking...
- "Today, Palestine Action have marked 107 years since the Balfour Declaration, by taking two sculptures of Israel's first president, Chaim Weizmann," the protest group said.
- Palestine Action also sprayed the London office of charity Jewish National Fund (JNF) with red paint.
Geostrategy
Saudi, US FM says could move ‘quite quickly’ on some deals with US
Since last year Saudi Arabia has been bargaining hard for a defense pact with the United States as well as...
- Crown Prince Mohammed bin Salman last month ruled out recognizing Israel without the establishment of a Palestinian state.
- Foreign Minister Prince Faisal bin Farhan reiterated that normalization was "off the table until we have a resolution to Palestinian statehood".