Riyadh, Saudi Arabia -  In recent days, speculation has grown about the Biden administration's attempts to broker a normalization agreement between Israel and Saudi Arabia. This potential diplomatic breakthrough, akin to climbing Mount Everest, has significant implications for the Middle East and global geopolitics. While the road ahead is fraught...

PARIS, FRANCE - The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in 2023 as demand is "scaling record highs". World oil demand already hit a record 103 million barrels per day in June and August and "could see yet another peak", the...

The firm works to diversify its business operations.

A highly anticipated report showed July consumer prices rose more than the previous month but less than feared, giving the US central bank room to take a lighter touch with monetary policy after more than a year of tightening.The data also showed closely watched core inflation was easing, while jobless...

Alibaba's revenue amounted to 234.1 billion yuan ($32.5 billion).

Production limitations set by the OPEC + exporters "are continuing to offset concerns over demand," said Fawad Razaqzada, market analyst at Forex.com. Analysts have also cited the retreat in the dollar as a supporting factor for oil prices. Crude is denominated in the US currency.

Iran and Saudi Arabia agreed to resume diplomatic relations and reopen their respective embassies following a China-brokered deal announced in March.

Dubai, UAE - Dubai International Chamber attracted 56 businesses to the emirate during H1 2023, including six multinational corporations and 50 Small and Medium-sized Enterprises (SMEs), local media reports said. It also supported the expansion of 15 local and national companies into global markets, either by increasing their exports or...

Paris, France -- Taiwanese chipmaker TSMC agreed Tuesday on a multibillion-dollar deal to build a plant in Germany, part of a push to put Europe at the center of the global semiconductor industry. The United States and China are embroiled in a fierce rivalry to dominate the chip industry, and Europe...

The investment giant was hit by a drop in the share prices of major holdings.

The dollar remained steady with talk of yet another US interest rate hike, while oil prices retreated following disappointing Chinese trade data. Analysts warned that while the US economy remained in rude health after more than a year of rate hikes, fears of recession remained.

Russia, which was not invited to the summit, said that a resolution was possible if Ukraine "stopped the hostilities and terrorist attacks" and if Western countries stopped arms supplies to Kyiv. It also called on Ukraine to cede its occupied territories to Moscow.

Jeddah, Saudi Arabia-- More than 40 representatives of countries from around the world gathered in Jeddah, pledging to continue holding consultations that could pave the way for peace in Ukraine and end the deadly war. A meeting was held in Jeddah for national security advisors and representatives from over 40...

BUENOS AIRES, ARGENTINA- The Argentine government said it will use a loan from Qatar amounting to $775 million to make a payment to the International Monetary Fund as it awaits approval of a disbursement from the IMF for $7.5 billion. The credit operation would allow Qatar to lend Argentina Special Drawing...

Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves through the oil market, says an expert.

Adidas now expects to end the year with an operating loss of $492m.

Dubai, UAE--Trade in goods and services amounted to US$ 31 trillion in 2022, a 13% rise year-on-year. According to the World Trade Statistical Review 2023, issued by the World Trade Organization, while trade in goods exceeded pre-pandemic levels already in 2021, trade in services caught up in 2022. China remained...

Washington, United States - They are ubiquitous in the United States, controversial in Europe and coveted in South Asia. As heatwaves intensify across the world, air conditioning has taken center stage. For better or for worse, these power-hungry appliances are among the most common adaptations to a warming world. They have...

China accounts for 94 percent of the world's production of gallium -- used in integrated circuits, LEDs and photovoltaic panels -- according to a report by the European Union published this year. For germanium, essential for fiber optics and infrared, China makes up 83 percent of production.

Despite the drop, BP hiked dividend.

The company on Wednesday announced its earnings for 2021 and 2022 -- showing a loss of almost $12 billion -- and returned to the Hong Kong stock market Friday morning. But soon after the opening bell, the firm tanked 69 percent before paring the losses slightly.

Results due to better sales in Japan, North America.

Revenues were recorded at $44.7 billion, up 25 percent.

The IMF said the global inflation picture has improved somewhat, with consumer prices now forecast to increase by 6.8 percent this year, down 0.2 percentage points from the previous forecast in April.

The share of oil exports in total exports decreased from 80.8 percent in May 2022 to 74.1 percent in May 2023, according to General Authority on Statistics (GASTAT). Compared to April 2023, total merchandise exports decreased by SAR 7.0 billion or 6.7 percent.

Dubai, China - The roadshow of Dubai Chamber of Digital Economy across five cities of China  saw the participation of over 200 digital companies, including MNCs with a collective market capitalization exceeding $10 billion.  Led by Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, the delegation held...

NEW DELHI, INDIA - Energy ministers from the group of 20 nations meeting in India on Saturday failed to agree on a roadmap to phase down the use of fossil fuels in the global energy mix. A final statement after the meeting did not even mention coal, a major contributor...

Beijing, China - China's traditional export sectors, such as apparel, home appliances, and furniture, have been surpassed by electric vehicles, lithium-ion batteries, and solar batteries as the primary drivers of foreign trade growth, People's Daily reported. These "new three" industries have contributed to an impressive 61.6 percent year-on-year increase in...

Economic ties between China and the Gulf region's largest economies, Saudi Arabia and the UAE, have surged since President Xi Jinping's attendance at the first Chinese-Gulf summit in Riyadh seven months ago.

Asian equities wobbled at the end of a draining week as fresh US jobs data put revived bets on two more Federal Reserve interest rate hikes, adding to ongoing worries about China's economy. Investors have largely been on the back foot since Beijing announced a big miss on second-quarter growth.

This month has already seen daily records shattered according to tools run by the European Union and the University of Maine, which combine ground and satellite data into models to generate preliminary estimates. Though they differ slightly from one another, the trend of extreme heat is unmistakable and will likely...

The Saudi energy giant unveiled plans in March to acquire the stake in Rongsheng Petrochemical, valued at $3.4 billion. The deal calls for the supply of 480,000 barrels per day of Saudi crude to an integrated refining and chemicals complex owned by a Rongsheng affiliate.

Avoided by western tourists, Iran is turning to wealthy Arab states and other nearby countries to bolster its sanctions-hit economy. It is also drawing visitors from Russia and China. Owing to the thaw in relations with Saudi Arabia, Iran is now interested in closer ties with the Arab world.

China's President Xi Jinping has pledged stronger ties with Algeria, highlighting the importance of their comprehensive strategic partnership. Algeria, Africa's largest natural gas exporter, has been seeking to join the BRICS economic group, and China has shown support for this goal.

Regional traders extended Monday's retreat sparked by disappointing second-quarter data out of Beijing that missed forecasts badly and highlighted the tough job officials face in getting the country's post-Covid recovery back on track. And while there is an expectation that fresh stimulus measures are in the pipeline, analysts warned that...

Indian Finance Minister Nirmala Sitharaman, chair and host of the summit in Gandhinagar, began by telling finance leaders of "the responsibility we have... to steer the global economy towards strong, sustainable, balanced and inclusive growth". Talks will also focus on "critical global issues such as strengthening the multilateral development banks...

Record heat is forecast around the world from the United States, where tens of millions are battling dangerously high temperatures, to Europe and Japan, in the latest example of the threat from global warming. The heatwaves come after EU's climate monitoring service said the world saw its hottest June on...

Riyadh, Saudi Arabia: Saudi energy and water desalination developer ACWA Power, along with Haji Abdullah Alireza & Co (HAACO) and Al Moayyed Contracting Group (AMCG) signed a contract with a consortium for the $677 million Rabigh 4 Independent Water Plant (IWP) project. The engineering, procurement and construction (EPC) contract was signed...

Group sales grew 18 percent to $772 million in its Q1.

Abu Dhabi Investment Authority ($853 billion) and Kuwait Investment Authority ($803 billion) ranked fourth and fifth respectively, while Saudi Arabia's PIF was sixth in terms of assets. ADIA invests, on behalf of the government of Abu Dhabi, in equities, bonds, real estate and infrastructure., with most of its investments concentrated...

Beijing, China - China's trade in goods with nations along the Belt and Road Initiative in the first half of 2023 increased by 9.8 percent year-on-year, exceeding the nation's total trade growth for the same period by 7.7 percentage points, Chinese news agency Xinhua said. According to data released by...

Vienna, Austria - OPEC Thursday predicted world oil demand to grow by a healthy 2.2 mb/d, to 104.25 mb/d in 2024, raising its 2023 forecast to 2.4 mb/d, following an upward revision of about 0.1 mbn/d from last month's assessment. In its Monthly Oil Market Report, the global organization said...

Microsoft did not identify the targets but a US State Department spokesperson said the department had "detected anomalous activity" and had taken "immediate steps to secure our systems."

Customs spokesman Lyu Daliang also pointed to outside forces having a "direct impact" on Chinese trade, with Beijing engaged in a long-running stand-off with the United States on a number of issues including trade and technology.

Dubai, UAE - Indian officials are concerned about China's growing influence in the Middle East and how it will impact India's national interests in the region, an article carried by Middle East Institute says.  “The difference in strategies being employed by India and its partners in the Middle East, including...

Guangdong, China - A DEWA delegation led by Al Tayer, MD and CEO DEWA, discussed enhancing cooperation and exchanging experiences in energy storage, smart grids, digital transformation, cloud computing, and electric vehicle charging station with Huawei in China. Digital DEWA and Huawei signed an MoU which focuses on accelerating digital...

Iranian foreign ministry spokesman Nasser Kanani has described the three-day trip as "a new turning point" which could bolster economic and trade ties with African nations. He also said on Monday that Tehran and the three African countries share "common political views".

Russia vetoed a nine-month extension of the agreement allowing for the conduit during a vote at the UN headquarters in New York, and then failed to muster enough votes to adopt just a six-month extension. The UN-brokered agreement that allows for the delivery of aid overland from Turkey into rebel-held...

TotalEnergies and the China National Offshore Oil Corporation signed a $10-billion agreement last year to develop Ugandan oilfields and ship the crude through a 1,445-kilometre (900-mile) pipeline to Tanzania's Indian Ocean port of Tanga. The East Africa Crude Oil Pipeline (EACOP) has run into strong opposition from rights activists and...

Share buyback plan values Ant Group at $78.5 billion.