Saudi Aramco halts plan to raise production capacity
Tuesday's announcement was not expected to have an immediate effect on production or exports. After a series of oil supply...Business Economy
WEF24: Creative leap diversifies Nigerian economy
Nigeria is diversifying its economy, moving beyond oil to embrace the blue and digital economies, Minister of Art, Culture, and...Economy
European stocks fall on fears of aggressive Fed interest rate hike
Europe's main stock markets slid at the open on Thursday, as a fresh spike in US inflation reinforced expectations of...In initial deals, London's FTSE 100 index lost 0.3 percent to 7,138.54 points compared with the closing level on Wednesday.
In the eurozone, Frankfurt's DAX index slid 0.2 percent to 12,733.34 points and the Paris CAC 40 shed 0.4 percent to 5,977.05.
ADFD, ADEX to give US$92m loan for Bahrain water supply project
Abu Dhabi Fund for Development and the Abu Dhabi Exports Office signed two loan agreements with the Electricity and Water...AED will provide US$ 41mn to the Electricity and Water Authority in Bahrain to finance a water supply network project
ADEX will provide US$ 51 million for the project which aims to enhance the capacity of the water transmission networks
Libya’s state oil company chief resists move to replace him
Libya's Tripoli-based government has named a new head of the state oil company to replace veteran technocrat Mustafa Sanalla, who...Farhat Bengdara and four others will from now on make up the "board of directors of the National Oil Corporation".
Mustafa Sanallla has led the National Oil Corporation since 2014,. The Corporation has largely managed to remain neutral in the face of political wrangling.
European Union cuts growth forecasts as war-stoked inflation surges
The EU executive, which tracks the economy of the 27 countries in the European Union, said GDP growth in the...The commission said the Russian invasion of Ukraine had put "additional upward pressure" on energy and food prices, which were eroding the purchasing power of housholds.
Other factors negatively affecting growth include the "faster than expected" tightening of monetary policy by the European Central Bank, which it says is needed to curb inflation.
Libyans fume at power cuts amid intolerable heat
Mahmud Aguil has a comfortable house in Libya's capital Tripoli, but chronic power outages in the war-battered country and roasting...The electricity crisis is just the latest trial for Libyans after a decade of insecurity, fuel shortages, crumbling infrastructure and economic woes
Supporters of the eastern camp have restricted production at key oil facilities in recent months to pressure Dbeibah to transfer power to Bashagha
Jordan, Greece discuss cooperation in construction, energy, agriculture
The two sides signed several agreements to implement double taxation and the Cultural and Technical Cooperation Program 2022-2025.The two sides signed several agreements to implement double taxation and the Cultural and Technical Cooperation Program 2022-2025
They decided to work for increased cooperation in the economy and commerce, as well as higher education, transportation, energy and agriculture
‘GCC inflation still remains lesser than UK’
The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the...The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the GCC, says Simon Ballard, chief economist of First Abu Dhabi Bank.
Ballard believes GCC governments will need to address the underlying levels of spending support for consumer through continued stimulus packages
US inflation climbs to 9.1%, highest in 40 years
US inflation surged to a fresh peak of 9.1 percent in June, further squeezing American families and heaping pressure on...Government data released Wednesday showed a sharp, faster-than-expected increase in the consumer price index compared to May driven by significant increases in gasoline prices
The war in Ukraine has pushed global energy and food prices higher, and US gas prices at the pump last month hit a record of more than $5 a gallon
Egypt raises fuel prices in quarterly review
The country raised the price of a litre of 80-octance gasoline from EGP7.5 to EGP8 (US$0.424), a litre of 92-octance...The country raised the price of a litre of 80-octance gasoline from EGP7.5 to EGP8 (US$0.424), a litre of 92-octance from EGP8.75 to EGP9.25 (US$0.49)
The fuel committee convenes on a quarterly basis to assess the prices of petroleum products and amends them in accordance with the international price of Brent crude oil
Equities fall, euro slides below $1 on US inflation data
Global stocks fell Wednesday and the euro dipped below $1.00 for the first time in nearly 20 years after data...Stock prices on Wall Street retreated after a sharp uptick in US inflation to 9.1 percent in June increased the risk of a possible recession
The economic prospects for the 19-country eurozone are also darkening as a possible halt to Russian gas supplies increases the risk of recession
