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Borouge Q2 net profit $193m

The H1 revenue stood at $2.72 billion.

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

German inflation eases to 7.4% in March as high energy prices slide

German Chancellor Olaf Scholz. (AFP)
  • In March food prices continued to rise by 22.3 percent, up from 21.8 percent in February and 20.2 percent in January
  • In order to help bring energy prices down until 2024, including a cap on gas and electricity prices, Germany has committed $200 billion

Berlin, Germany–Inflation in Germany eased to 7.4 percent in March, mainly thanks to government measures to bring down energy prices, final figures showed on Thursday.

The data from federal statistics agency Destatis confirm a downward trend since annual inflation peaked at 10.4 percent in Europe’s biggest economy in October — revised to 8.8 percent according to a new methodology.

The slowdown has been helped by easing energy prices as a result of European efforts to source liquefied natural gas (LNG) and a huge government relief package in Germany.

Berlin has committed 200 billion euros ($220 billion) to help bring energy prices down until 2024, including a cap on gas and electricity prices.

Energy prices rose by only 3.5 percent year-on-year in March, after jumping by 19.1 percent in February and 23.1 percent in January.

However, food prices continued to rise in March by 22.3 percent, up from 21.8 percent in February and 20.2 percent in January.

“For private households, the renewed increase in food prices was particularly significant in March,” said Ruth Brand, president of Destatis, in a statement.

Inflation remains well above the European Central Bank’s target of two percent.

The ECB has already raised its key rates by 3.5 percentage points since July and does not intend to stop there, despite the recent turmoil in the banking sector.