Vienna, Austria— Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force. The 13-member Organization of the Petroleum Exporting Countries (OPEC) is due to consult with 10 other oil-producing nations, including...

Morocco is set to chalk up record revenues for a second year running as farmers worldwide scramble for phosphate, made scarce by sanctions against top world producer Russia and a Chinese ban on exports.

Appealing to the international community to help the country as it faces 'one of its hardest moments', UNHCR chief said that Lebanon hosts 'one of the largest refugee populations per capita in the world' and that it needs support. He spoke at the end of a three-day visit to Beirut.

BERLIN, GERMANY - The German government aims to put a stop to energy price hikes it sees as unjustified with planned gas and electricity price controls, Deutsche Presse-Agentur (dpa) reported Saturday. Price increases are to be prohibited until the end of 2023 - unless the supplier can prove "that the...

ROME, ITALY - The world's ability to nourish its burgeoning population is under threat and without broader socioeconomic and environmental change, sustainable agrifood systems will be impossible to achieve, according to a new report by the Food and Agriculture Organization of the United Nations (FAO) issued Saturday. The report, "The...

Two affiliates of ABB pleaded guilty to bribery charges.

Ukraine welcomed a US$60 price cap on Russian oil agreed by the EU, G7 and Australia, saying it would "destroy" Russia's economy. The price cap, previously negotiated on a political level between the G7 group and the European Union, will come into effect with an EU embargo on Russian crude...

PALMDALE, UNITED STATES - The United States on Friday unveiled the B-21 Raider, a high-tech stealth bomber that can carry nuclear and conventional weapons and is designed to be able to fly without a crew on board. The slickly choreographed ceremony at B-21 manufacturer Northrop Grumman's facility in Palmdale, California...

Riyadh, Saudi Arabia— Saudi Arabia has submitted its bid to host the AFC Women’s Asian Cup 2026, a key moment in its sporting history. A football nation, with a deep-rooted passion for the game, Saudi Arabia’s move to bid for the upcoming AFC Women’s Asian Cup builds on its expression...

PARIS, FRANCE - Russia's invasion of Ukraine has driven countries across the world to boost energy efficiency, creating "huge potential" to tackle high prices, security and climate change, the IEA said on Friday. Governments have scaled up fossil fuel subsidies to cushion the impact of rising energy costs on households...

The UAE's Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan has said that the Gulf country is determined to forge a world where prosperity is commonplace.

Traders are growing confident that the Federal Reserve will slow its pace of rate hikes after Fed boss Jerome Powell this week indicated that the days of jumbo 0.75-percentage-point increases were over.

Abu Dhabi, UAE---The Central Bank of the UAE launched an AED-1000 denomination note as part of the country's 51st anniversary celebrations. Made of polymer and using innovative designs and advanced security features, the note is the fourth in the Third Issuance of the National Currency Project. The new banknote will...

Move comes UK imposes windfall tax on energy firms.

LONDON, UNITED KINGDOM - Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a potential Russian oil price cap and an embargo on Russian crude shipments. At their last ministerial session...

Council of Ministers okayed a draft law amending the real estate sale tax law for 2022, aimed at stimulating investment in the sector.

The reading -- the lowest since Eurostat started compiling jobless figures in April 1998 -- was an indicator that the economies of the 19 EU nations using the euro had bounced back after the Covid pandemic. The seasonally adjusted unemployment rate was markedly less than the 7.3 percent recorded a...

Lawmakers in crisis-hit Lebanon failed to elect a new president for an eighth time, despite the deepening impact of the political deadlock on the country's economic woes. Lebanon has been without a head of state for a month after president Michel Aoun left office at the end of October with...

French President Emmanuel Macron repeated his frustration with US subsidies, saying they were hurting European companies by providing an unfair advantage to their American competitors. International trade has bubbled into a point of contention this week as Macron becomes the first foreign leader hosted by President Joe Biden during an...

Global stocks rose as Federal Reserve boss Jerome Powell flagged a moderation in interest rate hikes, while China signaled a softer approach to fighting Covid. Asian and European equities tacked higher as investors eyed news that eurozone unemployment fell to a record 6.5 percent in October. Oil prices climbed before...

GENEVA, SWITZERLAND - Natural catastrophes have caused an estimated US$115 billion of insured losses in 2022 to date, driven by Hurricane Ian and other extreme weather events, reinsurance giant Swiss Re estimated Thursday. Hurricane Ian, the single largest loss-causing event so far this year, caused an estimated insured loss of...

The world must increase financing for nature-based solutions to meet key climate, biodiversity and land degradation goals, a United Nations report said. The "State of Finance for Nature" report published by the UN Environment Program comes as delegates from nearly 200 countries prepare to meet in Montreal to hammer out...

The World Bank estimates that cash transfers to low income countries eased this year as high prices ate up migrants' incomes. The bank said in a report that remittances to lower-income countries went up around five percent to $626 billion, lower than the 10.2 percent jump in 2021.

Reports said that the UAE’s discussions with the Indian government to procure BrahMos are already in advanced stages.

Washington, United States—US economic activity eased in recent weeks, while uncertainty and "increased pessimism" clouded the country's outlook amid high prices and rising interest rates, a report published by the Federal Reserve said Wednesday. The Fed's latest "beige book" survey of economic conditions comes as the US central bank pushes on...

Stocks have risen over the last month, in part on expectations that the Fed would soon pivot on monetary policy. Powell's appearance had been viewed as a potential risk to equities if he had adopted a more hawkish tone. Major indices had been near flat prior to the Powell event,...

Dubai, UAE— Dubai Multi Commodities Centre (DMCC) has signed an agreement with the Katowice Special Economic Zone (KSEZ) to create new business opportunities and expand upon the UAE-Poland strong economic relations. The agreement will see DMCC and KSEZ work closely together to exchange knowledge and professional expertise, in turn further...

The US economy grew more than initially reported in the third quarter this year, with government data released Wednesday reflecting upward revisions to retail spending and some forms of investment. GDP growth in the July to September period came in at 2.9 percent, annualized, better than the 2.6 percent figure...

Saudi Arabia's Zakat, Tax and Customs Authority has extended the period of Cancellation of Fines and Exemption of Penalties Initiative for taxpayers

Boosted by soaring energy and food bills triggered by Russia's war in Ukraine, the rate of price increases had hit a new historic record every month since November 21. The November figure will decrease pressure on the European Central Bank to further increase interest rates, although its president has expressed...

Britain's Trade Secretary Kemi Badenoch and Ukrainian Economy Minister Yulia Svyrydenko will meet in London to unveil the deal, the government said in a statement. "Trading digitally is particularly important in the current conflict, where damage to Ukrainian infrastructure and warfare makes it much harder to trade physically," the statement...

Non-oil trade exchange between the UAE and Cameroon grew by 33.5 percent between 2012 and 2021, reaching $522 million by the end of last year

The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine.

More than 400 migrant workers died in labor accidents in Qatar in the build up to the World Cup, according to the head of country's delivery and legacy organizing committee. The official revealed this during a British television interview when asked how many workers had died doing work for the...

The bloc's exports of halal products equaled US$275 billion, while their imports totaled US$338 billion last year, says the 2022 Annual OIC Halal Economy Report.

The EU announced the discovery of a sophisticated US$2.3-billion VAT tax fraud that triggered raids in 14 countries, including France, Germany, Greece and Spain. Over 600 people participated in the scheme, "believed to be the biggest VAT carousel fraud ever investigated in the EU," according to the European Public Prosecutor's...

LONDON, UK - Britain on Tuesday ousted China's nuclear firm CGN from construction of its new Sizewell C nuclear power station, which will now be built with remaining French partner EDF. The announcement came one day after Prime Minister Rishi Sunak warned that the "golden era" of UK-China relations was...

BERLIN, GERMANY - Russian missile strikes on energy infrastructure in Ukraine constituted a "war crime", German Justice Minister Marco Buschmann said Tuesday after hosting talks with his G7 counterparts. A Russian campaign of missile strikes has severely damaged Ukraine's energy infrastructure and plunged millions into darkness as the country endures...

Bank will use funds for core business, give cash to investors.

Thanks to a strong rebound in domestic activities and higher oil prices, the latest IMF report suggests the GCC economies to expand further than previously expected.

QatarEnergy's partner, US firm ConocoPhillips, will supply the gas from Qatar's North Field East and South projects from 2026 to the Brunsbuttel LNG terminal being developed in northern Germany, said Saad Sherida al-Kaabi, Qatar's energy minister and CEO of QatarEnergy.

During Q3-2022, non-interest income declined to a four-quarter low of $7.4 billion as compared to $7.8 billion during Q2-2022.

Abu Dhabi, UAE— Aldar Properties has partnered with Nobu Hospitality to launch a new luxury hotel, branded residences, and a fine dining experience to anchor Aldar’s extremely desirable destination, Mamsha Al Saadiyat. The agreement will see Aldar develop the 5-star hotel featuring 165 luxurious guest rooms and suites, including the...

At the 38th Ministerial Session of COMCEC, leaders of Islamic countries discuss ways to enhance bilateral and trade relations to help region and the world evade recession.

Saudi Arabia announced plans for a new airport in Riyadh while advancing the kingdom's ambitious aviation goals. The airport, set to accommodate 120 million travelers by 2030 and 185 million travelers by 2050, will be named after 86-year-old King Salman and was announced by Crown Prince Mohammed bin Salman.

DUBAI, UAE - UAE's Ministry of Health and Prevention (MoHAP) has launched the National Nutrition Strategy 2022-2030 to establish sustainable nutritional systems, provide safe and supportive nutritional environments at all ages and strengthen food governance. The Ministry has also launched the strategy’s operational plan. This comes as part of MoHAP’s...

ALMATY, KAZAKHSTAN - Kazakhstan warned Monday it could nationalize struggling energy companies in the oil-rich Central Asian country after the latest blackout there left thousands without electricity in freezing temperatures. The vast ex-Soviet country is a net exporter of energy, but high gas prices this year fueled historic and bloody...

ABU DHABI, UAE - Abu Dhabi Islamic Bank (ADIB) announced that its retail customers were able to conveniently participate in the subscription of initial public offerings (IPOs) that were issued this year through its mobile app. ADIB said that 80 percent of clients subscribed IPOs that were issued in 2022...

ABU DHABI, UAE - Abu Dhabi Airports Monday said that in Q3 2022 passenger traffic totaled 4.7 million passengers, a rise of 250 percent compared to the 1.3 million passengers in Q3 2021. Abu Dhabi Airports, the operator of the five airports in the Emirate of Abu Dhabi, in its...

Doha, Qatar---Qatar's merchandise trade balance recorded a surplus of QR 25.1 billion ($6.8 billion) in October this year, an increase of 18.5 percent year-on-year. The trade balance, which is the difference between total exports and imports, however, decreased by 6 billion riyals, or 19.2 percent, compared to September 2022. The Planning...