IMF okays $700 million disbursement for cash-strapped Pakistan
Washington, United States - The IMF's executive board approved an immediate disbursement of around $700 million for Pakistan Thursday as part...Economy
Dubai aims to become global creative economy capital
"Dubai transcends economic statistics; it embodies a pursuit of the highest quality of life. Our aspiration is to achieve excellence,...Economy
Yemen president cedes powers to council as ceasefire holds
Houthi spokesman Mohammed Abdulsalam dismissed the move by President Abedrabbo Mansour Hadi as ‘a desperate attempt to rearrange the ranks...A United Nations-brokered truce that started on Saturday has offered a glimmer of hope in the conflict amid the humanitarian crisis
The truce came as peace talks were unfolding in Riyadh without the participation of the Houthis, who refused talks on ‘enemy’ territory
IMF, Lebanon strike conditional deal on $3 bn aid
The IMF announced Thursday a conditional agreement to provide Lebanon with $3 billion in aid to help it emerge from...The country has been battered by triple-digit inflation, soaring poverty rates and the collapse of its currency since a 2020 debt default
Experts reiterated doubts over the willingness of Lebanon's political elite, widely blamed for endemic corruption, to implement the reforms needed to resuscitate the economy
Fuel price fall by five percent as demand takes a hit
The pullback came as US Federal Reserve meeting minutes showed several officials at the central bank favoring a hike in...Brent oil futures for June delivery fell 5.2 percent to $101.07 per barrel, while West Texas Intermediate for delivery in May slid 5.6 percent
Oil executives rejected suggestions they had withheld supply to drive up prices and said they are in the process of increasing investments in response to higher commodity prices.
IMF reaches agreement on $3 billion deal for Lebanon
The country has been battered by triple-digit inflation, soaring poverty rates, and the collapse of its currency since a 2020...PM Najib Mikati said the deal is "a visa stamp for donor countries to begin co-operating with Lebanon and to put Lebanon back on the global finance map".
The aid would be released only after the parliament in Beirut approves a 2022 budget and a new bank secrecy law to fight corruption.
Shell to lose $5 bn
Nations and their companies have axed business ties with Russia over Ukraine.Shell is gradually withdrawing from Russia owing to the war due to the UK government policy.
Shell previously apologized for buying a cargo of Russian oil at a vast discount following the invasion.
EGA, Ma’aden tech cooperation
The two will explore potential collaboration in the aluminum value chain.The two firms will also consider cooperation in managing by-products from processes in the aluminum value chain
EGA has developed its own aluminum smelting technology for more than 25 years.
DFSA regime to provide whistleblowers enhanced legal protection
Enhanced legal protection will be provided to persons who report financial misconduct internally within the entities regulated by Dubai Financial...DFSA regulatory regime for whistleblowing is the first of its kind to be introduced by a financial service regulator in the UAE.
The regime applies to all DFSA Regulated Entities operating in or from the Dubai International Financial Centre.
Rich nations to tap 120m barrels from emergency oil reserves: IEA
The IEA members which include the United States, European countries, Australia and Japan, among others had already pledged last month...IEA, which holds emergency stockpiles totaling 1.5 billion barrels, concurred with the decision to tap oil reserves again
Joe Biden had already announced that the US would release 1 million barrels its oil reserves onto the market every day for six months
Rome unveils €650m boost for electric vehicles
"First the pandemic and now the war (in Ukraine) are putting a severe strain on this sector which represents one...Prime Minister Mario Draghi has chaired the cabinet meeting where the new decree has been adopted and funded by the "automobile fund"
Purchases of low-emission electric or hybrid vehicles will be eligible for a bonus of between €2,000 and €3,000 in Italy
Climate-related health emergencies on the rise in Africa: WHO
Floods, water, and vector-borne diseases have been worsening the health crises in Africa, said WHO's regional director for Africa.The WHO has said health emergencies caused by climate change are increasing in Africa
The UN health agency has called on governments to implement WHO air quality guidelines
