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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.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

World Bank preparing $3 bn emergency aid package for Ukraine

Chernihiv outskirts in Ukraine following a Russian BM-21 Grad attack on Feb 28.
  • The World Bank will provide $350 million immediately to alleviate Ukraine's humanitarian crisis
  • The IMF has said it will consider Ukraine's latest request for emergency financing 'as early as next week'

The World Bank announced on Tuesday that it is preparing a $3 billion aid package for war-torn Ukraine, which will including at least $350 million in immediate funds.

The first tranche of the aid “will be submitted to the Board for approval this week, followed by $200 million in fast-disbursing support for health and education,” World Bank President David Malpass said in a joint statement with IMF Managing Director Kristalina Georgieva.

The International Monetary Fund and World Bank in recent days had pledged to provide further support to Ukraine and have moved quickly to put that promise into motion.

The IMF, which has an ongoing $2.2 billion financing program with the country through June, will consider the country’s latest request for emergency financing “as early as next week,” the statement said.

The leaders of the global crisis lenders deplored Russia’s invasion of its neighbor and the impact it is having on the people and economy.

“We are deeply shocked and saddened by the devastating human and economic toll brought by the war in Ukraine,” they said, noting the “significant spillovers to other countries” including higher commodity prices that “risk further fueling inflation.”

In addition, the economic sanctions imposed on Russia “will also have a significant economic impact.”

The Group of Seven finance ministers and central bankers met early Tuesday and promised to mobilize support for Kyiv while considering additional measures to further isolate Moscow.

Oil prices have soared to over $106 a barrel on Tuesday as the fighting intensified and hundreds of thousands of people fled Ukraine.